Category: Residential Housing Market

MIL-OSI USA: Kugler, Economic Outlook

Source: US State of New York Federal Reserve

Thank you, Reamonn. It is an honor and a privilege to be asked to speak in the beautiful country of Ireland and here at the Central Bank of Ireland. The histories of the U.S. and Ireland are intertwined. Our friendship is enduring, and our economies are closely tied. The Irish economy and the Bank stand as examples of the benefits of being open to international connections and the sharing of the best ideas and practices. I am delighted to have the opportunity to meet with my counterparts here and continue this great friendship. It is also wonderful to see many members of the National Association for Business Economics (NABE). NABE and its members have made many important contributions to the field of economics; as such, I always enjoy speaking to this esteemed group.1
I am particularly delighted to contribute to this conference on trade, technology, and policy. As an academic, part of my research has investigated the link between trade and productivity. And in my current role, I have highlighted these themes in several of my recent speeches, including the role of recent advancements in technology, such as artificial intelligence, as well as the role of business formation in terms of boosting U.S. productivity over the past few years.2 Today, I would like to focus my attention on the current outlook for the U.S. economy and how I am thinking about the path of monetary policy. Of course, given current developments, I will focus on the role played by trade policy and how it may affect the economy and productivity going forward.
While the latest data show a resilient economy, I expect growth this year to be slower than last. Labor market conditions have been mostly stable. Inflation remains above the Federal Open Market Committee’s (FOMC) 2 percent target, and further progress on disinflation has been slow. Looking ahead, I am monitoring the effects of changing trade policies, as I see them as likely having a significant effect on the U.S. and global economies in the near future.
Trade policies are evolving and are likely to continue shifting, even as recently as this morning. Still, they appear likely to generate significant economic effects even if tariffs stay close to the currently announced levels, and the uncertainty associated with these tariffs has already generated effects on the economy through front-loading, sentiment, and expectations. Let me start by describing how I see current economic conditions.
Economic ActivityRegarding overall economic activity, it is currently hard to judge the underlying pace of growth of the U.S. economy, as the gross domestic product (GDP) release for the first quarter showed strong evidence of front-loading of imports ahead of tariffs. GDP contracted at a 0.3 percent annual rate in the first quarter after expanding 2.5 percent during 2024. However, the latest GDP figure likely overstates the deceleration in activity, as a 41.3 percent surge in imports apparently did not get fully picked up in the inventory data or other components of spending. The size of the swings in imports may make the measurement of activity more difficult.
It is helpful to look at private domestic final purchases (PDFP), a measure of demand in the private sector: It rose at a rate of 3 percent in the first quarter—similar to the pace recorded last year. Still, the strength in PDFP also likely reflects some pull-forward of purchases by businesses and consumers to get ahead of tariffs.
The Federal Reserve’s April Beige Book and conversations with contacts also point toward front-loading in auto sales or other high-end goods. However, the Beige Book and various indicators of consumer and business confidence also point to a downbeat tone about underlying economic activity down the road. For instance, the Beige Book notes that several Districts see a deterioration in demand for travel and other nonfinancial services and indicates that businesses may put investments on hold moving forward. Several other economic indicators that I track suggest some signs of declining economic activity in the future. For instance, the Institute for Supply Management’s manufacturing purchasing managers index for April shows that new orders have been declining since February.
Labor MarketOn the employment side of our mandate, conditions seem to be mostly stable. The most recent employment report showed that employers created 177,000 new jobs in April, in line with the average of the previous six months. The unemployment rate was 4.2 percent—still within the narrow and historically low range of 4 to 4.2 percent—where it has remained since May of 2024. In addition, the pace of layoffs remains modest. New applications for unemployment benefits have remained relatively stable at historically low levels. However, I am carefully watching other sources of data for any signs that the labor market could be shifting, given the broader uncertainty. Some forward-looking measures of layoffs have increased, such as the number of mentions of the word “layoff” in the Beige Book.
In terms of the demand for workers, the U.S. Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed that the vacancy rate—the number of vacant jobs as a percentage of total employment and vacant jobs—declined to 4.3 percent in March, the lowest in six months. The government data showed that the ratio of vacancies to the number of unemployed Americans was 1.0 in March, below its 2019 average of 1.2—also indicating the continuing easing of U.S. labor markets. Overall, job growth remains positive, and unemployment is still low, but I am watching a broad range of incoming readings carefully.
InflationOn the other side of our dual mandate is inflation. After two years of notable progress following U.S. inflation reaching its pandemic-era peak, progress on disinflation has slowed since last summer. Inflation remains somewhat above the FOMC’s 2 percent goal. At the Fed, the inflation reading we track most closely is the personal consumption expenditures (PCE) price index. The March report, released on April 30, showed that the 12-month change in the PCE price index was 2.3 percent; the core PCE price index—which excludes food and energy prices—rose 2.6 percent over the same period.
To help me judge the path of future inflation, I pay careful attention to two subcategories of the index. One is core goods prices, which exclude volatile food and energy prices. The second is nonhousing market-based services, which are based on transactions such as car maintenance and haircuts, not imputed prices. Goods inflation was negative for most of 2024—as was the norm for several years before the pandemic—but it was positive early this year. In contrast, nonhousing market services inflation stayed elevated through March, coming in at 3.4 percent. That category often provides a good signal of inflationary pressures across all nonhousing services. Looking ahead, I find it critical to monitor not only the most up-to-date data but also the changing economic policies around the world.
Economic Effects of Global Policy ChangesTo pause briefly, I would like to take a moment to discuss the Fed’s structure. The Fed operates independently from the elected government in Washington. We make our policies to best achieve the goals given to us by Congress of maximum employment and price stability. As such, it is not my role to comment on the policies offered by the U.S. government or any government around the world. Rather, I make assessments of the likely effects of these policies, observe the behavior of the U.S. and world economies, and develop views about the best U.S. monetary policy to achieve our dual-mandate goals.
The U.S. is implementing policy changes in trade, immigration, fiscal policy, and regulation, and other economies are also changing their policies in the areas of trade and fiscal spending, particularly in defense, which could stimulate aggregate demand. But given that the most important changes have occurred so far in the area of trade policy, today I would like to discuss some important economic channels through which changes in tariffs may affect the U.S. economy.
Although higher tariffs on U.S. imported goods may affect our macroeconomy through many channels, some of which I will describe next, I think they will primarily act as a negative supply shock, raising prices and decreasing economic activity. While uncertainty remains about the ultimate level of the average tariff rate, currently announced average tariffs in the U.S. are still much higher than they were in the past many decades. If tariffs remain significantly larger relative to earlier in the year, the same is likely to be true for the economic effects, which will include higher inflation and slower growth.
How do I expect this to play out? In the near term, higher import costs will raise prices for both consumer goods and inputs to production. On their own, imported goods represent about 11 percent of U.S. GDP. However, given that several intermediate goods, such as aluminum and steel have been tariffed, and they affect costs in many sectors of the economy, prices of many goods and services are also likely to be affected. In addition, in conversations with business contacts, I have heard that firms are paying attention to the price sensitivity of consumers across the entire catalog of items sold and may spread price increases to less price-sensitive items to avoid reducing their profit margins. A Federal Reserve Bank of Dallas survey of Texas business executives found that 55 percent of respondents expect to pass through most or all of the costs from higher tariffs to customers.3 Of those expecting to pass on costs, 26 percent expect to pass through the higher tariff cost upon the announcement of tariffs, and 64 percent expect this pass-through to occur within the first three months after the tariffs take effect. That would suggest that price increases may be observed soon.
Given these expected price increases, real incomes will fall, and operating costs will rise, which will lead consumers to demand fewer final goods and services and firms to demand fewer inputs. Ultimately, I see the U.S. as likely to experience lower growth and higher inflation. Over time, there could also be significant effects on productivity. As firms adjust to the higher input costs and lower demand, they may cut back on capital investment and shift to a less-efficient combination of inputs. Additionally, less-efficient domestic firms may increase their market share.4 All of this may result in a decrease in potential output growth, lowering the underlying pace of economic activity in the U.S.
In addition to any direct effect from actual global policy changes, consumers, businesses, and market participants have reported high levels of uncertainty about which policies may be ultimately chosen and how long they will remain in place. In fact, in recent months, several measures of economic uncertainty have risen sharply.
There are several types of measures that quantify economic uncertainty, with two types having gained prominence among economists closely monitoring the U.S. economic outlook.5 Some are based on financial market transactions, such as the Chicago Board Options Exchange’s Volatility Index, popularly called the VIX. Others are based on the occurrence of certain keywords associated with the concept of uncertainty in newspapers of wide circulation, such as the economic policy uncertainty and trade policy uncertainty readings.6 These measures of uncertainty have reached historical highs in recent months. Similarly, I also saw the word “uncertainty” being highly cited in the Beige Book I reviewed before the FOMC’s policy meeting last week.7
In times of heightened uncertainty, businesses may delay investment decisions, and consumers may increase precautionary savings and postpone discretionary purchases. Moreover, the economic research literature has documented that these decisions from businesses and consumers reverberate through the economy, pushing down aggregate demand. Firms, anticipating lower demand for their services and products, may post fewer job openings and cut back on investments to expand capacity. While the labor market has remained broadly resilient, the JOLTS data for March showed that job openings fell. Workers, therefore, may have a more difficult time finding employment, decreasing economy-wide income and aggregate demand.8 This lower aggregate demand may then exert downward pressure on inflation, though probably not by enough to offset the effect from the adverse supply shock that I previously mentioned. For example, recent data show that prices for accommodations and airfares have fallen, consistent with an increasing number of anecdotal reports of weaker consumer demand for discretionary travel services.
I am also monitoring the effect of policy changes on another important channel: inflation expectations. For instance, consumers and businesses have reported tariffs as an important reason for having increased their near-term inflation expectations. Several surveys, including those from the Conference Board and the Federal Reserve Banks of Atlanta and New York, have found that consumers and businesses expect higher inflation one year from now. Another closely watched survey from the University of Michigan showed that one-year-ahead inflation expectations in April were higher than in the pandemic period. This increase in short-run expectations may give businesses more leeway to raise prices.
Most longer-run measures, including those from the Philadelphia Fed’s Survey of Professional Forecasters and the New York Fed’s Survey of Consumer Expectations, show either stability or much smaller increases in inflation expectations, which does provide some comfort to me. Additionally, inflation compensation, which is based on yields from Treasury Inflation-Protected Securities, has increased only for short-term maturities, such as one year ahead, and has shown stability in maturities over the five years starting five years from now. Still, I have taken note of the increase in longer-term inflation expectations from the Michigan survey, which reached the highest level since June 1991. Given these developments, I am keeping a close watch on inflation, because as I have indicated in the past, I believe it is critical to keep long-term inflation expectations very well anchored at 2 percent.
Looking globally, international developments do not seem to be adding inflationary pressures to the U.S. Economic growth in most developed economies remains moderate, and domestic inflation in those countries has declined from elevated levels. In Europe, activity data point to modest growth as the region deals with headwinds stemming from past energy shocks and competitive pressures from elsewhere in the world. The New York Fed’s Global Supply Chain Pressure Index has been relatively stable since the beginning of the year. Oil prices have declined significantly since January.
Monetary PolicyI have discussed a lot of data and developments with you today. To summarize, the U.S. economy has remained resilient up until now, with a still-stable labor market. Meanwhile, the disinflationary process has slowed. This comes against a backdrop of heightened uncertainty as households, businesses, and, indeed, monetary policymakers process the changes to economic policies that are happening around the world. Going forward, I will continue to closely monitor the direct effects of global economic policies on prices and employment, as well as the indirect economic effects from uncertainty, inflation expectations, and productivity.
U.S. monetary policymakers on the FOMC met last week in Washington. At that meeting, the Committee voted to maintain its policy rate at 4-1/4 to 4-1/2 percent. Given the upside risks to inflation and given that I still view our policy stance as somewhat restrictive, I supported the decision to keep rates at that level. With inflation and employment potentially moving in opposite directions down the road, I will closely monitor developments as I consider the future path of policy.
I view our current stance of monetary policy as well positioned for any changes in the macroeconomic environment. I remain committed to achieving both of our dual-mandate goals of maximum employment and stable prices.
Thank you for your attention today—and thank you very much for inviting me to speak to you here in Dublin. It has been an honor and a privilege. I look forward to your questions.

1. The views expressed here are my own and not necessarily those of my colleagues on the Federal Open Market Committee. Return to text
2. See Adriana D. Kugler (2025), “Entrepreneurship and Aggregate Productivity,” speech delivered at the 2025 Miami Economic Forum, Economic Club of Miami, Miami, Florida, February 7. Also, see Adriana D. Kugler (2024), “A Year in Review: A Tale of Two Supply Shocks,” speech delivered at the Detroit Economic Club, Detroit, Michigan, December 3. Return to text
3. The special questions included in the survey of Texas business executives is available on the Federal Reserve Bank of Dallas’ website at https://www.dallasfed.org/research/surveys/tbos/2025/2504q#tab-all. Return to text
4. For the effects of tariffs on productivity, see Marcela Eslava, John Haltiwanger, Adriana Kugler, and Maurice Kugler (2013), “Trade and Market Selection: Evidence from Manufacturing Plants in Colombia,” Review of Economic Dynamics, vol. 16 (January), pp. 135–58; Marcela Eslava, John Haltiwanger, Adriana Kugler, and Maurice Kugler (2004), “The Effects of Structural Reforms on Productivity and Profitability Enhancing Reallocation: Evidence from Colombia,” Journal of Development Economics, vol. 75 (December), pp. 333–71; and Davide Furceri, Swarnali A. Hannan, Jonathan D. Ostry, and Andrew K. Rose (2022), “The Macroeconomy after Tariffs,” World Bank Economic Review, vol. 36 (May), pp. 361–81. Return to text
5. For a literature review on quantifying uncertainty, see Danilo Cascaldi-Garcia, Cisil Sarisoy, Juan M. Londono, Bo Sun, Deepa D. Datta, Thiago Ferreira, Olesya Grishchenko, Mohammad R. Jahan-Parvar, Francesca Loria, Sai Ma, Marius Rodriguez, Ilknur Zer, and John Rogers (2023), “What Is Certain about Uncertainty?” Journal of Economic Literature, vol. 61 (June), pp. 624–54. Return to text
6. For more details on the economic policy uncertainty index, see Scott R. Baker, Nicholas Bloom, and Steven J. Davis (2016), “Measuring Economic Policy Uncertainty,” Quarterly Journal of Economics, vol. 131 (November), pp. 1593–1636. For more details on the trade policy uncertainty index, see Dario Caldara, Matteo Iacoviello, Patrick Molligo, Andrea Prestipino, and Andrea Raffo (2020), “The Economic Effects of Trade Policy Uncertainty,” Journal of Monetary Economics, vol. 109 (January), pp. 38–59. Return to text
7. The April 2025 Beige Book is available on the Federal Reserve Board’s website at https://www.federalreserve.gov/monetarypolicy/beigebook202504-summary.htm. Return to text
8. For studies documenting how uncertainty shocks may act as adverse aggregate demand shocks, see Sylvain Leduc and Zheng Liu (2016), “Uncertainty Shocks Are Aggregate Demand Shocks,” Journal of Monetary Economics, vol. 82 (September), pp. 20–35, as well as Susanto Basu and Brent Bundick (2017), “Uncertainty Shocks in a Model of Effective Demand,” Econometrica, vol. 85 (May), pp. 937–58. Return to text

MIL OSI USA News –

May 13, 2025
MIL-OSI United Kingdom: Poll shows huge majority of Scots back rent controls and housing protections

Source: Scottish Greens

12 May 2025 Housing

Homes are for living in, not for profiteering.

More in Housing

The overwhelming majority of people in Scotland want rent controls to ensure rogue landlords cannot keep hiking rents, according to polling commissioned by the Scottish Greens.

The polling, carried out by Diffley, shows that 74% of people support rent controls and 83% believe that rents are too high compared to income levels in Scotland.

It also shows- that over two thirds (69%) support Green plans to force landlords to sell long-term derelict land and housing that they are sitting on.

Amendments proposed by Maggie Chapman MSP to the Housing (Scotland) Bill would create robust rent controls across Scotland, ensuring that rents can’t rise faster than incomes, if MSPs back them.

These protections put people over landlord profits, putting money back into people’s pockets and supporting renters through the ongoing cost of living crisis when bills and other costs are soaring.

Scottish Green MSP Maggie Chapman said:

“It is no wonder that there is such strong support for rent controls. The housing market is completely broken and it is renters who are paying the price. It underlines just how crucial it is that we take action.

“We’ve all seen how much damage is being done by rogue landlords who have been given carte blanche to line their pockets through massive rent increases.

“Not only does this hurt renters, often pushing them into poverty or even homelessness, but it hurts our economy as people have less money to spend.

“This is why the Scottish Greens implemented a rent freeze and eviction ban during Covid, saving people thousands of pounds, and it’s why we so strongly opposed the SNP ending the protections that we put in place afterwards.

“With the Housing Bill going through parliament we have the opportunity to stop the exploitation of renters and end rip-off rents. We must seize it.

“We must offer people and their families some financial stability, and less worry about losing the roof over their heads. Homes are for living in and not for profiteering. We need to make unaffordable rent hikes become a thing of the past.”

MIL OSI United Kingdom –

May 12, 2025
MIL-OSI USA: Attorney General James Secures Conviction of Former Mortgage Broker for Role in Queens Deed Theft Ring
Source: US State of New York

EW YORK – New York Attorney General Letitia James today announced that she won her case against former mortgage bank branch manager Stacie Saunders for her role in a Queens deed theft ring that stole homes in Jamaica and St. Albans, Queens, owned by elderly or disabled New Yorkers or their estates. Saunders was part of a deed theft ring that fraudulently sold three homes without the knowledge and permission of the rightful property owners, yielding over $1 million from the sale proceeds. After a two-week trial, a jury in Queens found Saunders guilty of all charges. Saunders is the final defendant to be convicted in the Office of the Attorney General’s (OAG) investigation into the Queens deed theft ring led by Marcus Wilcher. All five defendants charged by OAG have since been convicted.

“Deed theft is a heartless crime that targets the most valuable assets in vulnerable communities,” said Attorney General James. “With the conviction of Stacie Saunders, my office is proud to have secured justice for the elderly New Yorkers that Saunders and her co-conspirators targeted with their predatory scheme. We will always work to combat deed theft and keep New Yorkers in their homes.”

Saunders, who was also a licensed real estate salesperson, is the last to be convicted in a deed theft ring that stole three homes in Jamaica and St. Albans, Queens, and attempted to steal an additional home from an elderly homeowner in Jamaica in 2019. The ring included Wilcher, disbarred attorney Anyekache Hercules, Jerry Currin, and Dean Lloyd. Wilcher located homes in Jamaica and St. Albans in poor or run-down condition with absentee owners. Hercules created forged legal documents used to steal and sell the properties and Saunders then marketed the homes to investors at prices significantly below the market rate for quick sales. After an investor expressed interest in purchasing a home, Wilcher would secure personal information about the real owners, including Social Security numbers and birth dates, to create falsified driver’s licenses, social security cards, and bank cards. Wilcher then found people to impersonate the owners of the properties at contract signings and closings. Saunders arranged attorneys, collected closing documents, and scheduled the closings to fraudulently sell the homes.

After the sales were finalized, the defendants opened bank accounts in the names of the homes’ real owners and used these bank accounts and other entities and LLCs they controlled to funnel more than $1 million in proceeds to themselves.

After a two-week trial, a jury in Queens convicted Saunders of 18 total counts, including:
- Three counts of Grand Larceny in the Second Degree, a class C felony;
- Two counts of Attempted Grand Larceny in the Second Degree, a class D felony;
- One count of Scheme to Defraud in the First Degree, a class E felony;
- Five counts of Money Laundering in the Second Degree, a class C felony;
- Two counts of Forgery in the Second Degree, a class D felony;
- Three counts of Offering a False Instrument for Filing in the First Degree, a class E felony; and
- Two counts of Conspiracy in the Fourth Degree, a class E felony.
The maximum sentence on the top count is five to 15 years in prison, with the possibility of consecutive sentences. Saunders will be sentenced on June 11, 2025 by Judge Leigh Cheng.

In December 2022, Attorney General James announced the arrests and indictments of Wilcher, Saunders, Hercules, Currin, and Lloyd. Hercules, who was previously convicted of Grand Larceny in Kings County in 2018, pleaded guilty to Scheme to Defraud in the First Degree and was sentenced to one and a half to three years in prison. Wilcher pleaded guilty to Grand Larceny in the Second Degree and sentenced to three to nine years in prison for the thefts of five homes in July 2024. Jerry Currin and Dean Lloyd pleaded guilty to felony counts of Offering a False Instrument for Filing in the First Degree.

This is the latest in Attorney General James’ efforts to protect New York homeowners from deed theft and other housing-related scams. In February, Attorney General James announced the indictment and arraignment of Satwattie Martinez and Joseph Uwagba for their roles in a deed theft and forgery scam that stole the home and personal funds of an elderly Queens resident. In October 2024, Attorney General James announced the arrests and indictments of Marcia Campbell, her husband Fred Campbell, and their associate Frank Palmer for their roles in a deed theft scheme and a series of real estate investment scams that stole over $250,000 from vulnerable New Yorkers. In September 2024, Attorney General James announced a win after the New York County Supreme Court denied Joseph Makhani’s motion to dismiss the case against him for deed theft. In April 2023, Attorney General James announced two pieces of legislation to strengthen protections and remedies for victims of deed theft, which have both been signed into law. In February 2021, Attorney General James announced an $800,000 grant to combat deed theft in vulnerable neighborhoods. Attorney General James also launched the Protect Our Homes initiative in January 2020 and announced the formation of an interagency law enforcement task force to respond to deed theft and other real estate fraud.

The case was investigated for OAG by Detective Supervisor Anna Ospanova, Assistant Chief Samuel Scotellaro, and Deputy Chief Juanita Bright of the Major Investigations Unit. The Investigations Bureau is led by Chief Oliver Pu-Folkes.

Assistant Attorneys General Nicholas Kyriacou and Aida Vernon handled the prosecution in this matter under the supervision of Public Integrity Bureau Chief Gerard Murphy, Deputy Bureau Chief Kiran Heer, and Real Estate Enforcement Unit Section Chief Nick Batsidis, with assistance from Senior Analyst Crystal Bisbano. The audit was undertaken by Principal Auditor Investigator Danielle Dudley under the supervision of Deputy Chief Auditor Sandy Bizzarro. The audit team is led by Chief Auditor Kristen Fabbri. Both the Investigations Bureau and the Public Integrity Bureau are part of the Division for Criminal Justice. The Division for Criminal Justice is led by Chief Deputy Attorney General José Maldonado and overseen by First Deputy Attorney General Jennifer Levy.

MIL OSI USA News –
May 10, 2025
MIL-OSI USA: $500M To Expand Families’ Access to Affordable Homes
Source: US State of New York

overnor Kathy Hochul today signed new legislation as part of the FY26 Enacted Budget that will make owning and renting a home more affordable. As part of the FY 2026 Enacted Budget, Governor Hochul announced more than $1.5 billion in new state funding for housing statewide, including investing $100 million for pro-housing communities to fund critical infrastructure projects to support housing development, $100 million to promote mixed income housing development, $50 million for the first year of the Housing Access Voucher Program to address households that are homelessness or at risk of imminent homelessness, and $50 million for building more affordable starter homes, among other housing initiatives.

“New Yorkers deserve a fair chance at achieving the American dream, whether it is buying their first home or renting their first apartment, and this bold plan does just that,” Governor Hochul said. “As part of my FY 2026 Enacted Budget, I secured over $500 million in capital for housing to uplift local economies and level the playing field so families can have more access to safe and affordable homes.”

Helping Families Achieve The Dream Of Owning Their Own Home

Disincentivizing Institutional Investors from Buying Up One- and Two-Family Homes
Nationally, private equity firms own more than 500,000 homes. According to some estimates, private equity firms are expected to own up to 40 percent of the single-family rental market by 2030. When large investors hold a disproportionate share of a local housing market it removes opportunities for homeownership, exacerbating the existing scarcity and driving up prices for remaining homes on the market. These consequences are felt most intensely by first-time and low- or moderate-income homebuyers.

To help level the playing field and increase the opportunities for everyday individuals and families to purchase a home, Governor Hochul signed legislation to disincentivize large investment entities who own 10+ single- and two-family homes and act as a fiduciary for at least $30 million in assets under management from buying single- and two-family homes en masse, and will require a 90-day waiting period for institutional investors to make an offer on one- or two-family homes.

The prohibition would also apply to an entity that receives funding from a covered institutional investor, other than in the form of a standard mortgage. Nonprofits, land banks, community land trusts, and foreclosure sales would be exempted. With the New York State Attorney General’s enforcement, covered entities that violate the waiting period would be subject to $250,000 penalties, and to $10,000 penalties for failing to provide required notices.

Additionally, Governor Hochul signed legislation to prohibit institutional investors from claiming depreciation tax deductions for single- and two-family homes, or claiming interest deductions with respect to such homes, to disincentivize their accumulation of single- and two-family homes. The legislation also requires the New York Department of State (DOS) to provide notice when establishing a “cease and desist zone” in which homeowners who opt into coverage are prohibited from being solicited to sell their homes. The notice requirements will require information about the zone to be posted on DOS’ website when a zone is established and annually included in a local newspaper within the area of the zone.

Provide Starter Home Innovation Funding
Oftentimes, homes being built by the market today are larger and therefore less affordable than a traditional starter home. An undersupply of homes limits mobility within the market, preventing young families from becoming homeowners and older New Yorkers from downsizing. Governor Hochul’s budget will include $50 million in capital funding to incentivize the building of more starter homes, including innovative approaches to homebuilding such as the use of factory-built and modular development.

$40 Million to Support the Homeowner Protection Program (HOPP)
The Homeowner Protection Program is a state-wide network of housing counseling and legal services organizations serving every county in New York. The network provides critical services to at-risk homeowners struggling to maintain their housing and avoid foreclosure. HOPP is also a front line defense in gentrifying neighborhoods helping to prevent fraud and deed theft for vulnerable homeowners. This $40 million in funding will ensure that this network can continue to serve thousands of homeowners, preserving millions of dollars in equity and stabilizing communities.

Expand and Strengthen the Resilient and Ready Programs
Severe weather events are leaving New York homeowners in need of urgent repairs and long-term resilience measures. Governor Hochul secured $50 million in new funding for the Rapid Response Home Repair Program and Resilient Retrofits Program, which have provided vital assistance, helping over 1,300 homeowners to date recover and prepare for future disasters.

Create an Affordable Homebuyer Tax Incentive
Even when homes are developed for the express purpose of being sold to low- and moderate-income homebuyers, local property tax assessments value the homes at fair market value, presenting challenges to creating homes these homebuyers can afford to purchase. The Governor has secured agreement for an affordable homebuyer property tax incentive at local opt-in for homes built with assistance from governmental entities, nonprofits, land banks, or community land trusts, and sold to low- and moderate-income homebuyers. This will aid such homebuyers by making their dream of homeownership more attainable by bringing down costs and increasing the supply of these homes.

Strengthen Laws and Policies To Combat Home Appraisal Discrimination
For many New Yorkers, their largest investment and most valuable asset is their home. Homes provide families with a safe place to live and an opportunity to build generational wealth. For too long, pervasive appraisal bias throughout the housing industry has unjustly stripped families of color of this opportunity, widening racial homeownership and wealth gaps. Governor Hochul secured agreement on legislation that will make it a violation of the State’s Human Rights Law to discriminate when providing real estate appraisals or in making such services available. The law will further enable DOS to fine appraisers for violations, in addition to other existing remedies, with half of those fines going to a fund to support fair housing enforcement. Additionally, the budget includes $4 million in new state support for fair housing testing.

Unlocking Local Development

Create $100 Million New York State Pro-Housing Supply Fund
Governor Hochul signed Executive Order 30 in July 2023 creating the Pro-Housing Communities Program, which recognizes and rewards municipalities actively working to unlock their housing potential and encourages others to follow suit. In the State Fiscal Year 2025 Enacted Budget, Governor Hochul made the “Pro-Housing Community” designation a requirement for accessing up to $650 million in State discretionary programs. So far, 300 localities have been certified, with more than 420 submitting letters of intent from all corners of New York State. To further support localities that are doing their part to address the housing crisis, Governor Hochul is creating a $100 million Pro-Housing Supply fund for certified Pro-Housing Communities to assist with critical infrastructure projects necessary to create new housing, such as sewer and water infrastructure upgrades.

Provide Communities Technical Assistance to Become Pro-Housing
Without resources, some communities may not have the ability to design and adopt pro-housing policies such as master plans, zoning text updates, and streamlined permitting procedures. To help ensure more localities that want to promote housing growth have the ability to do so, Governor Hochul will provide $5.25 million in new grant funding to offer technical assistance to communities seeking to foster housing growth and associated municipal development.

$1 Billion in State Funding for New York City To Secure “City of Yes”
As New York City confronts a generational housing crisis with a 1.4 percent rental vacancy rate, the citywide rezoning will enable the creation of 80,000 new homes over the next 15 years and invest $5 billion. As part of Governor Hochul’s FY26 Enacted Budget, the State is investing $1 billion towards the development and preservation of affordable housing throughout New York City.

Strengthening Investment in Communities

Launch New York State’s First Mixed-Income Revolving Loan Fund
With major forthcoming economic investments in Upstate New York, such as Micron’s $100 billion investment in Clay, the state continues to need an all-of-the-above approach to the housing supply to address acute housing needs and accommodate job growth. Too often, however, communities do not have the tools to create mixed income rental housing, leaving many developments permit-ready but unable to secure financing. To bridge this gap and unlock more housing, Governor Hochul is launching the State’s first revolving loan fund to spur mixed-income rental development. With a $100 million State investment for upstate and New York City, the fund will fill construction financing gaps by providing a lower-cost and more flexible form of capital than is generally available in market financing. The funding will revolve and self-sustain over time through repayments once projects have converted to permanent financing after construction.

Double New York State Low Income Housing Credits
Modeled after the federal Low Income Housing Tax Credit Program, the New York State Low Income Housing Tax Credit Program (SLIHC) was signed into law in 2000 and has been critical to supporting the development of housing for low-and middle-income households. Governor Hochul will build on this success by proposing to double the amount of the tax credits available through the SLIHC program, making it the largest state low-income housing tax credit program in America. This action alone will generate upwards of $210 million in private investment in affordable housing per year.

Unlock Historic Tax Credits by Decoupling and Expanding Eligibility
Currently, New York State law requires Federal and State Historic Tax credits to be coupled together to the same investor and be available only in certain census tracts. These factors depress the economic value of both tax credits and needlessly turn investment away from housing projects, a problem felt especially acutely in upstate New York communities. Governor Hochul’s budget agreement will unlock the maximum value of the tax credits and eliminate the census tract eligibility requirement.

Empower Communities to Redevelop Vacant Properties Into Housing
Many municipalities struggle to acquire and redevelop vacant and abandoned buildings. Many of these properties are in a significant state of disrepair due to years of neglect and are located in neighborhoods that lack the local economic conditions necessary to incentivize redevelopment by the private sector. Consequently, the investment required to redevelop these properties can exceed their value and the resulting funding gap prevents the property from being rehabilitated. Governor Hochul will better equip communities to fight back against blight while creating more affordable housing opportunities, by securing agreement to authorize localities across the state to adopt a tax exemption to incentivize redevelopment of these properties into affordable homes. The budget also includes $50 million in total funding for Land Banks and $30 million for Infill development.

Protecting Housing Affordability

Housing Access Voucher Program Pilot
As part of the FY26 Enacted Budget, Governor Hochul is investing $50 million for the first year of a four-year pilot program for state-funded vouchers for homeless families or families at imminent risk of losing their housing. Vouchers would be available to households making 50 percent of area median income. HCR will administer the program through local partners outside of New York City, with the NYC Housing Preservation and Development (HPD) and/or the New York City Housing Authority (NYCHA) administering the program within New York City. The vouchers will be a critical new tool to help New Yorkers escape or evade homelessness and housing insecurity.

Reduce Shelter Rent Taxes for Mitchell-Lama Residents
Mitchell-Lama Program supports 105,000 units of housing that are affordable to low- and middle-income families. Currently, Mitchell-Lama developments can receive a shelter rent tax abatement to reduce their share of local property taxes. However, the current tax abatement is often insufficient to address escalating increases in insurance, utility, and taxes that endanger building quality and the financial health of this critical supply of affordable housing. To provide much needed relief, Governor Hochul’s budget agreement includes legislation that will reduce Mitchell-Lama shelter rent taxes by at least half in New York City and allow for the same by local opt-in in the rest of the state.

Preserving Public Housing Statewide
As part of the budget, Governor Hochul has secured $225 million to fund capital improvements for the New York City Housing Authority (NYCHA), including $25 million for vacant NYCHA units, and $75 million public housing authorities outside New York City, providing vital support to this essential housing stock and critical quality of life improvements for the residents who call it home.

Expand Capital to Maintain and Improve Supportive Housing
The Homeless Housing and Assistance Program (HHAP) was among the first programs in the country more than four decades ago to dedicate significant capital resources to creating housing, including permanent affordable and supportive housing, specifically for homeless individuals. Tens of thousands of units have been built since its inception, and today, requests for funding exceed what is available. To meet the growing demand for supportive housing and maintain existing units that provide a safe place to live for many of the most housing insecure and vulnerable New Yorkers, Governor Hochul has secured an increase in funding for HHAP.

Increase Funding for Supportive Housing
Governor Hochul has made landmark investments to expand supportive housing across New York State, recognizing that stable housing is the foundation for stable health and a stable life. Providers of supportive housing utilize two key State-funded programs to provide vital services to tens of thousands of New Yorkers, such as people with serious mental illness and substance use disorders who would otherwise be homeless. The Empire State Supportive Housing Initiative (ESSHI) has financed the supportive services and operating costs of over 9,600 units of safe and permanent housing for individuals and families in need, and the New York State Supportive Housing Program (NYSSHP) supports over 20,000 people living safely and stably in affordable housing. However, providers of supportive housing have not been immune to the impact of rising costs, which threatens future housing acquisition and their ability to provide the supportive services that make these programs unique and successful in helping people to remain stably housed. To ensure that New York State’s supportive housing stock and services remain viable and accessible to those who need them most, Governor Hochul has secured increases to take steps to stabilize both programs.

Extend Security Deposit Protections to Rent-Regulated Tenants
In 2019, New York State provided market-rate tenants statewide with protections for security deposits, including requiring the return of remaining security deposits within 14 days of vacating the unit and allowing tenants to request an inspection to determine what needs to be remedied to receive a security deposit back in full. Rent-regulated tenants were erroneously left out from receiving these important protections. The Governor has secured agreement to grant rent-regulated tenants the same protections for their security deposits as all other tenants.

Preserve Expiring Affordable Housing in New York City
The FY26 Enacted Budget includes legislation that would allow for certain large 100+ unit rental buildings in New York City that currently include affordable units to partially convert to condominiums in order to preserve its expiring affordable units as permanently affordable or increase the amount of existing permanently affordable units in a building. The conversions would be subject to approval by HCR or NYC HPD and have ongoing regulatory oversight over the affordable units, which would be owned by separate nonprofits. The New York State Attorney General’s office would further have an oversight role in approving the conversions. The affordable units could subsequently convert to affordable homeownership units, as well. This legislation is meant to help preserve affordable housing supply that would otherwise be lost when tax breaks expire, or increase the supply of existing permanently affordable units, while also increasing
omeownership opportunities.

Help Affordable Housing Access Captive Insurance to Lower Costs
Insurance costs for affordable housing have skyrocketed, with many owners reporting paying higher premiums for less coverage and renters bearing an increasing share of costs. In recent years, private insurance captives, which are similar to self-insurance and allow for tailored risk management, have been created specifically for affordable housing owners. However, these insurance captives often have eligibility standards for participation, which nonprofits may struggle to meet. Governor Hochul will provide assistance to nonprofit affordable housing owners to undertake repairs and other steps needed to be eligible for such captives.

Additional Capital Investments
In addition to advancing these critical policy actions, the FY 2026 Budget includes more than $1.525 billion in new capital funding to support housing statewide, including but not limited to:
- $225 million for capital improvements of New York City Housing Authority developments.
- $110 million for capital improvements for Mitchell-Lamas.
- $75 million for capital improvements of public housing authorities outside of New York City.
- $100 million for mixed income revolving loan funds; $50 million for upstate and $50 million for New York City.
- $40 million for Land Banks to redevelop vacant or abandoned properties.
- $40 million for capital awards to upgrade vacant rental units outside of New York City.
- $30 million for Infill Housing to fund development of small homes within unused and underutilized lands with existing development patterns.
- $20 million to preserve distressed affordable housing in New York City.
- $10 million for capital improvements of rural housing subsidized by the Federal USDA 515 program.
- $10 million for small multifamily rental developments (SRDI).
MIL OSI USA News –
May 10, 2025

MIL-OSI: Ready Capital Corporation Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

– GAAP EARNINGS PER COMMON SHARE FROM CONTINUING OPERATIONS OF $0.47 –
– DISTRIBUTABLE LOSS PER COMMON SHARE OF $(0.09) –
– DISTRIBUTABLE EARNINGS PER COMMON SHARE BEFORE REALIZED LOSSES OF $0.00 –

NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Ready Capital Corporation (“Ready Capital” or the “Company”) (NYSE: RC), a multi-strategy real estate finance company that originates, acquires, finances, and services lower-to-middle-market (“LMM”) investor and owner-occupied commercial real estate loans, today reported financial results for the quarter ended March 31, 2025.

“Market volatility, tariff implementations, declining consumer confidence and increased recession expectations provide headwinds for our business”, said Thomas Capasse, Ready Capital’s Chairman and Chief Executive Officer. “Despite this challenging macroeconomic environment, the Company continues to take decisive actions to reset the balance sheet and restore profitability.”

First Quarter Highlights

LMM commercial real estate originations of $79 million
Small Business Lending (“SBL”) loan originations of $387 million, including $343 million of Small Business Administration 7(a) loans
Declared and paid dividend of $0.125 per share in cash
Book value of $10.61 per share of common stock as of March 31, 2025
Completed the acquisition of United Development Funding IV, a real estate investment trust providing capital solutions to residential real estate developers and regional homebuilders
Acquired approximately 3.4 million shares of the Company’s common stock at an average price of $5.02 per share as part of stock repurchase program
Closed a private placement of $220 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028

Subsequent Events

On April 16, 2025, ReadyCap Holdings issued an additional $50.0 million in aggregate principal amount of its 9.375% Senior Secured Notes due 2028. The Company used the net proceeds from the issuance of such notes to repay its indebtedness.

Use of Non-GAAP Financial Information

In addition to the results presented in accordance with U.S. GAAP, this press release includes distributable earnings, formerly referred to as core earnings, which is a non-U.S. GAAP financial measure. The Company defines distributable earnings as net income adjusted for unrealized gains and losses related to certain mortgage backed securities (“MBS”) not retained by us as part of our loan origination business, realized gains and losses on sales of certain MBS, unrealized gains and losses related to residential mortgage servicing rights (“MSR”) from discontinued operations, unrealized changes in our current expected credit loss reserve, unrealized gains or losses on de-designated cash flow hedges, unrealized gains or losses on foreign exchange hedges, unrealized gains or losses on certain unconsolidated joint ventures, non-cash compensation expense related to our stock-based incentive plan, and one-time non-recurring gains or losses, such as gains or losses on discontinued operations, bargain purchase gains, or merger related expenses.

The Company believes that this non-U.S. GAAP financial information, in addition to the related U.S. GAAP measures, provides investors greater transparency into the information used by management in its financial and operational decision-making, including the determination of dividends. However, because distributable earnings is an incomplete measure of the Company’s financial performance and involves differences from net income computed in accordance with U.S. GAAP, it should be considered along with, but not as an alternative to, the Company’s net income computed in accordance with U.S. GAAP as a measure of the Company’s financial performance. In addition, because not all companies use identical calculations, the Company’s presentation of distributable earnings may not be comparable to other similarly-titled measures of other companies.

In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains and losses on MBS acquired by the Company in the secondary market but is not adjusted to exclude unrealized gains and losses on MBS retained by Ready Capital as part of its loan origination businesses, where the Company transfers originated loans into an MBS securitization and the Company retains an interest in the securitization. In calculating distributable earnings, the Company does not adjust Net Income (in accordance with U.S. GAAP) to take into account unrealized gains and losses on MBS retained by us as part of the loan origination businesses because the unrealized gains and losses that are generated in the loan origination and securitization process are considered to be a fundamental part of this business and an indicator of the ongoing performance and credit quality of the Company’s historical loan originations. In calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude realized gains and losses on certain MBS securities considered to be non-distributable. Certain MBS positions are considered to be non-distributable due to a variety of reasons which may include collateral type, duration, and size.

In addition, in calculating distributable earnings, Net Income (in accordance with U.S. GAAP) is adjusted to exclude unrealized gains or losses on residential MSRs, held at fair value from discontinued operations. Servicing rights relating to the Company’s small business commercial business are accounted for under ASC 860, Transfer and Servicing. In calculating distributable earnings, the Company does not exclude realized gains or losses on commercial MSRs, as servicing income is a fundamental part of Ready Capital’s business and is an indicator of the ongoing performance.

To qualify as a REIT, the Company must distribute to its stockholders each calendar year at least 90% of its REIT taxable income (including certain items of non-cash income), determined without regard to the deduction for dividends paid and excluding net capital gain. There are certain items, including net income generated from the creation of MSRs, that are included in distributable earnings but are not included in the calculation of the current year’s taxable income. These differences may result in certain items that are recognized in the current period’s calculation of distributable earnings not being included in taxable income, and thus not subject to the REIT dividend distribution requirement until future years.

The table below reconciles Net Income computed in accordance with U.S. GAAP to Distributable Earnings.

(in thousands)	Three Months Ended March 31, 2025
Net Income	$	81,965
Reconciling items:
Unrealized loss on MSR – discontinued operations		8,952
Unrealized loss on joint ventures		5,639
Decrease in CECL reserve		(112,127	)
Increase in valuation allowance		99,718
Non-recurring REO impairment		2,346
Non-cash compensation		1,785
Merger transaction costs and other non-recurring expenses		2,993
Bargain purchase gain		(102,471	)
Realized losses on sale of investments		20,084
Total reconciling items	$	(73,081	)
Income tax adjustments		(4,744	)
Distributable earnings before realized losses	$	4,140
Realized losses on sale of investments, net of tax		(15,524	)
Distributable loss	$	(11,384	)
Less: Distributable earnings attributable to non-controlling interests		1,985
Less: Income attributable to participating shares		2,228
Distributable loss attributable to common stockholders	$	(15,597	)
Distributable earnings before realized losses on investments, net of tax per common share – basic and diluted	$	0.00
Distributable loss per common share – basic and diluted	$	(0.09	)

U.S. GAAP return on equity is based on U.S. GAAP net income, while distributable return on equity is based on distributable earnings, which adjusts U.S. GAAP net income for the items Din the distributable earnings reconciliation above.

Webcast and Earnings Conference Call

Management will host a webcast and conference call on Friday, May 9, 2025 at 8:30am ET to provide a general business update and discuss the financial results for the quarter ended March 31, 2025. During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. The webcast of the conference call will be available in the Investor Relations section of the Company’s website at www.readycapital.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.

To Participate in the Telephone Conference Call:

Dial in at least five minutes prior to start time.

Domestic: 1-877-407-0792
International: 1-201-689-8263

Conference Call Playback:

Domestic: 1-844-512-2921
International: 1-412-317-6671
Replay Pin #: 13750797

The playback can be accessed through May 23, 2025.

Safe Harbor Statement

This press release contains statements that constitute “forward-looking statements,” as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; the Company can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, applicable regulatory changes; general volatility of the capital markets; changes in the Company’s investment objectives and business strategy; the availability of financing on acceptable terms or at all; the availability, terms and deployment of capital; the availability of suitable investment opportunities; changes in the interest rates or the general economy; increased rates of default and/or decreased recovery rates on investments; changes in interest rates, interest rate spreads, the yield curve or prepayment rates; changes in prepayments of Company’s assets; the degree and nature of competition, including competition for the Company’s target assets; and other factors, including those set forth in the Risk Factors section of the Company’s most recent Annual Report on Form 10-K filed with the SEC, and other reports filed by the Company with the SEC, copies of which are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Ready Capital Corporation

Ready Capital Corporation (NYSE: RC) is a multi-strategy real estate finance company that originates, acquires, finances and services lower-to-middle-market investor and owner occupied commercial real estate loans. The Company specializes in loans backed by commercial real estate, including agency multifamily, investor, construction, and bridge as well as U.S. Small Business Administration loans under its Section 7(a) program and government guaranteed loans focused on the United States Department of Agriculture. Headquartered in New York, New York, the Company employs approximately 500 professionals nationwide.

Contact
Investor Relations
Ready Capital Corporation
212-257-4666
InvestorRelations@readycapital.com

Additional information can be found on the Company’s website at www.readycapital.com.


READY CAPITAL CORPORATION UNAUDITED CONSOLIDATED BALANCE SHEETS

(in thousands)	March 31, 2025			December 31, 2024
Assets
Cash and cash equivalents	$	205,917		$	143,803
Restricted cash		39,603			30,560
Loans, net (including $2,018 and $3,533 held at fair value)		4,354,017			3,378,149
Loans, held for sale (including $81,789 and $128,531 held at fair value and net of valuation allowance of $158,068 and $97,620)		528,726			241,626
Mortgage-backed securities		31,415			31,006
Investment in unconsolidated joint ventures (including $6,371 and $6,577 held at fair value)		170,920			161,561
Derivative instruments		6,907			7,963
Servicing rights		129,814			128,440
Real estate owned, held for sale		199,910			193,437
Other assets		399,702			362,486
Assets of consolidated VIEs		3,723,738			5,175,295
Assets held for sale		185,782			287,595
Total Assets	$	9,976,451		$	10,141,921
Liabilities
Secured borrowings		2,713,415			2,035,176
Securitized debt obligations of consolidated VIEs, net		2,574,139			3,580,513
Senior secured notes, net		671,510			437,847
Corporate debt, net		817,156			895,265
Guaranteed loan financing		668,847			691,118
Contingent consideration		15,982			573
Derivative instruments		575			352
Dividends payable		23,929			43,168
Loan participations sold		98,128			95,578
Due to third parties		1,071			1,442
Accounts payable and other accrued liabilities		185,533			188,051
Liabilities held for sale		156,614			228,735
Total Liabilities	$	7,926,899		$	8,197,818
Preferred stock Series C, liquidation preference $25.00 per share		8,361			8,361

Commitments & contingencies

Stockholders’ Equity
Preferred stock Series E, liquidation preference $25.00 per share		111,378			111,378
Common stock, $0.0001 par value, 500,000,000 shares authorized, 172,507,227 and 162,792,372 shares issued and outstanding, respectively		17			17
Additional paid-in capital		2,302,101			2,250,291
Retained earnings (deficit)		(450,276	)		(505,089	)
Accumulated other comprehensive loss		(21,673	)		(18,552	)
Total Ready Capital Corporation equity		1,941,547			1,838,045
Non-controlling interests		99,644			97,697
Total Stockholders’ Equity	$	2,041,191		$	1,935,742
Total Liabilities, Redeemable Preferred Stock, and Stockholders’ Equity	$	9,976,451		$	10,141,921



READY CAPITAL CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended March 31,
(in thousands, except share data)		2025			2024
Interest income	$	154,967		$	232,354
Interest expense		(140,466	)		(183,805	)
Net interest income before recovery of loan losses	$	14,501		$	48,549
Recovery of loan losses		109,568			26,544
Net interest income after recovery of loan losses	$	124,069		$	75,093
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned		10,669			18,868
Net unrealized gain (loss) on financial instruments		(1,750	)		4,632
Valuation allowance, loans held for sale		(99,718	)		(146,180	)
Servicing income, net of amortization and impairment of $5,294 and $3,697		6,456			3,758
Gain on bargain purchase		102,471			—
Income (loss) on unconsolidated joint ventures		(3,982	)		468
Other income		11,590			15,826
Total non-interest income (expense)	$	25,736		$	(102,628	)
Non-interest expense
Employee compensation and benefits		(21,254	)		(18,414	)
Allocated employee compensation and benefits from related party		(3,276	)		(2,500	)
Professional fees		(5,488	)		(7,065	)
Management fees – related party		(5,577	)		(6,648	)
Loan servicing expense		(15,844	)		(12,794	)
Transaction related expenses		(2,694	)		(650	)
Impairment on real estate		(2,346	)		(16,972	)
Other operating expenses		(16,123	)		(13,215	)
Total non-interest expense	$	(72,602	)	$	(78,258	)
Income (loss) from continuing operations before benefit (provision) for income taxes		77,203			(105,793	)
Income tax benefit		5,207			30,211
Net income (loss) from continuing operations	$	82,410		$	(75,582	)
Discontinued operations
Income (loss) from discontinued operations before benefit for income taxes		(594	)		1,887
Income tax benefit (provision)		149			(472	)
Net income (loss) from discontinued operations	$	(445	)	$	1,415
Net income (loss)	$	81,965		$	(74,167	)
Less: Dividends on preferred stock		1,999			1,999
Less: Net income attributable to non-controlling interest		2,460			117
Net income (loss) attributable to Ready Capital Corporation	$	77,506		$	(76,283	)

Earnings per common share from continuing operations – basic	$	0.47		$	(0.45	)
Earnings per common share from discontinued operations – basic	$	0.00		$	0.01
Total earnings per common share – basic	$	0.47		$	(0.44	)

Earnings per common share from continuing operations – diluted	$	0.46		$	(0.45	)
Earnings per common share from discontinued operations – diluted	$	0.00		$	0.01
Total earnings per common share – diluted	$	0.46		$	(0.44	)

Weighted-average shares outstanding
Basic		165,166,276			172,032,866
Diluted		167,723,519			173,104,415

Dividends declared per share of common stock	$	0.125		$	0.30



READY CAPITAL CORPORATION UNAUDITED SEGMENT REPORTING

	Three Months Ended March 31, 2025
(in thousands)	LMM Commercial Real Estate			Small Business Lending			Corporate-Other			Consolidated
Interest income	$	124,973		$	29,994		$	—		$	154,967
Interest expense		(120,354	)		(20,112	)		—			(140,466	)
Net interest income before recovery of (provision for) loan losses	$	4,619		$	9,882		$	—		$	14,501
Recovery of (provision for) loan losses		117,941			(8,373	)		—			109,568
Net interest income after recovery of (provision for) loan losses	$	122,560		$	1,509		$	—		$	124,069
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned		(14,600	)		25,269			—			10,669
Net unrealized gain (loss) on financial instruments		(604	)		(1,146	)		—			(1,750	)
Valuation allowance, loans held for sale		(99,718	)		—			—			(99,718	)
Servicing income, net		1,415			5,041			—			6,456
Gain on bargain purchase		—			—			102,471			102,471
Income (loss) on unconsolidated joint ventures		(4,005	)		23			—			(3,982	)
Other income		3,037			7,262			1,291			11,590
Total non-interest income (loss)	$	(114,475	)	$	36,449		$	103,762		$	25,736
Non-interest expense
Employee compensation and benefits		(5,871	)		(15,304	)		(79	)		(21,254	)
Allocated employee compensation and benefits from related party		(328	)		—			(2,948	)		(3,276	)
Professional fees		(818	)		(2,905	)		(1,765	)		(5,488	)
Management fees – related party		—			—			(5,577	)		(5,577	)
Loan servicing expense		(15,064	)		(780	)		—			(15,844	)
Transaction related expenses		—			—			(2,694	)		(2,694	)
Impairment on real estate		(2,346	)		—			—			(2,346	)
Other operating expenses		(3,336	)		(11,071	)		(1,716	)		(16,123	)
Total non-interest expense	$	(27,763	)	$	(30,060	)	$	(14,779	)	$	(72,602	)
Income (loss) before provision for income taxes	$	(19,678	)	$	7,898		$	88,983		$	77,203
Total assets	$	7,897,270		$	1,510,635		$	382,764		$	9,790,669

The MIL Network –

May 9, 2025

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

Source: GlobeNewswire (MIL-OSI)

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

FINANCIAL RESULTS

All amounts in $000’s except per share amounts (on weighted average basis for period numbers)	Quarter Ended March 31, 2025	Quarter Ended December 31, 2024	Quarter Ended March 31, 2024

Net Investment Income (“NII”)	$83,489	$86,431	$94,375
NII per Common Share	$0.19	$0.20	$0.23
Interest as % of Total Investment Income	93.3%	91.0%	91.0%

Net Income (Loss) Applicable to Common Shareholders	$(171,331)	$(30,993)	$113,891
Net Income (Loss) per Common Share	$(0.39)	$(0.07)	$0.27

Distributions to Common Shareholders	$59,966	$65,554	$74,685
Distributions per Common Share	$0.135	$0.15	$0.18
Cumulative Paid and Declared Distributions to Common Shareholders⁽¹⁾	$4,527,079	$4,445,060	$4,263,149
Cumulative Paid and Declared Distributions per Common Share⁽¹⁾	$21.57	$21.39	$21.00
Multiple of Net Asset Value (“NAV”) per Common Share⁽¹⁾	3.0x	2.7x	2.3x

Total Assets	$6,996,312	$7,234,855	$7,905,794
Total Liabilities	$2,118,522	$2,164,305	$2,603,811
Preferred Stock	$1,632,426	$1,630,514	$1,559,764
Net Asset Value (“NAV”) to Common Shareholders	$3,245,364	$3,440,036	$3,742,219
NAV per Common Share	$7.25	$7.84	$8.99

Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments	$1,716,035	$1,879,738	$1,101,604

Net of Cash Debt to Total Assets	28.7%	28.1%	31.2%
Net of Cash Debt to Equity Ratio⁽²⁾	40.8%	39.8%	46.2%
Net of Cash Asset Coverage of Debt Ratio⁽²⁾	345%	351%	316%

Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity	87.5%	91.9%	77.7%
Unsecured and Non-Recourse Debt as % of Total Debt	100.0%	100.0%	100.0%

⁽¹⁾	Declared dividends are through the August 2025 distribution. May through August 2025 distributions are estimated based on shares outstanding as of 5/7/2025.
⁽²⁾	Including our preferred stock as equity.

CASH COMMON SHAREHOLDER DISTRIBUTION DECLARATION

Prospect is declaring distributions to common shareholders as follows:

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

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

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

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

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

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

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

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

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

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

PORTFOLIO UPDATE AND INVESTMENT ACTIVITY

All amounts in $000’s except per unit amounts	As of March 31, 2025	As of December 31, 2024	As of March 31, 2024

Total Investments (at fair value)	$6,901,364	$7,132,928	$7,806,712
Number of Portfolio Companies	114	114	122
Number of Industries	33	33	36

First Lien Debt	65.5%	64.9%	59.0%
Second Lien Debt	10.5%	10.2%	14.6%
Subordinated Structured Notes	4.2%	5.8%	7.3%
Unsecured Debt	0.1%	0.1%	0.1%
Equity Investments	19.7%	19.0%	19.0%
Mix of Investments with Underlying Collateral Security	80.2%	80.9%	80.9%

Annualized Current Yield – All Investments	9.2%	9.1%	9.7%
Annualized Current Yield – Performing Interest Bearing Investments	11.5%	11.2%	12.1%

Non-Accrual Loans as % of Total Assets ⁽¹⁾	0.6%	0.4%	0.4%

Middle-Market Loan Portfolio Company Weighted Average EBITDA⁽²⁾	$97,732	$101,418	$107,796
Middle-Market Loan Portfolio Company Weighted Average Net Leverage Ratio⁽²⁾	5.6x	5.6x	5.1x

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

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

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

Total Originations	$65,577	$196,144	$134,956

Middle-Market Lending	75.5%	81.0%	67.7%
Middle-Market Lending / Buyouts	—%	4.9%	14.5%
Real Estate	21.3%	14.1%	17.8%
Subordinated Structured Notes	—%	—%	—%

Total Repayments and Sales	$20,348	$191,656	$383,363

Originations, Net of Repayments and Sales	$45,229	$4,488	$(248,407)

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

CAPITAL AND LIQUIDITY

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

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

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

	As of	As of
All amounts in $000’s	March 31, 2025	December 31, 2024
Net of Cash Debt to Total Assets Ratio	28.7%	28.1%
Net of Cash Debt to Equity Ratio⁽¹⁾	40.8%	39.8%
% of Interest-Bearing Assets at Floating Rates	77.5%	79.8%
Unsecured Debt + Preferred Equity as % of Total Debt + Preferred Equity	87.5%	91.9%

Balance Sheet Cash + Undrawn Revolving Credit Facility Commitments	$1,716,035	$1,879,738

Unencumbered Assets	$4,440,135	$4,763,601
% of Total Assets	63.5%	65.8%

⁽¹⁾	Including our preferred stock as equity.

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

All amounts in $000’s	Principal	Coupon	Maturity
Debt Issuances
Prospect Capital InterNotes^®	$2,366	7.00% – 7.50%	March 2028 – April 2030
Total Debt Issuances	$2,366

Debt Repurchases/Repayments
Prospect Capital InterNotes^®	$3,302	2.50% – 5.50%	February 2025 – March 2052
2026 Notes	$33,325	3.706%	January 2026
2025 Notes	$156,168	6.375%	March 2025
Total Debt Repurchases/Repayments	$192,795

Net Debt Repurchases/Repayments	$(190,429)

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

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

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

DIVIDEND REINVESTMENT PLAN

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

Shares held with a broker or financial institution

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

Shares registered directly with our transfer agent

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

EARNINGS CONFERENCE CALL

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


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

	March 31, 2025			June 30, 2024
	(Unaudited)			(Audited)
Assets
Investments at fair value:
Control investments (amortized cost of $3,339,028 and $3,280,415, respectively)	$	3,702,161		$	3,872,575
Affiliate investments (amortized cost of $11,735 and $11,594, respectively)		22,693			18,069
Non-control/non-affiliate investments (amortized cost of $3,604,248 and $4,155,165, respectively)		3,176,510			3,827,599
Total investments at fair value (amortized cost of $6,955,011 and $7,447,174, respectively)		6,901,364			7,718,243
Cash and cash equivalents (restricted cash of $2,300 and $3,974, respectively)		54,498			85,872
Receivables for:
Interest, net		16,176			26,936
Other		1,910			1,091
Deferred financing costs on Revolving Credit Facility		20,018			22,975
Prepaid expenses		1,576			1,162
Due from broker		715			734
Due from Affiliate		55			79
Total Assets		6,996,312			7,857,092
Liabilities
Revolving Credit Facility		459,963			794,796
Public Notes (less unamortized discount and debt issuance costs of $8,841 and $12,433, respectively)		934,106			987,567
Prospect Capital InterNotes® (less unamortized debt issuance costs of $8,975 and $7,999, respectively)		633,923			496,029
Convertible Notes (less unamortized debt issuance costs of $0 and $649, respectively)		—			155,519
Due to Prospect Capital Management		39,781			58,624
Interest payable		21,709			21,294
Dividends payable		20,460			25,804
Accrued expenses		3,674			3,591
Due to Prospect Administration		2,809			5,433
Due to broker		1,748			10,272
Other liabilities		349			242
Total Liabilities		2,118,522			2,559,171
Commitments and Contingencies
Preferred Stock, par value $0.001 per share (847,900,000 and 647,900,000 shares of preferred stock authorized, with 80,000,000 and 80,000,000 as Series A1, 80,000,000 and 80,000,000 as Series M1, 80,000,000 and 80,000,000 as Series M2, 20,000,000 and 20,000,000 as Series AA1, 20,000,000 and 20,000,000 as Series MM1, 1,000,000 and 1,000,000 as Series A2, 6,900,000 and 6,900,000 as Series A, 80,000,000 and 80,000,000 as Series A3, 80,000,000 and 80,000,000 as Series M3, 90,000,000 and 80,000,000 as Series A4, 90,000,000 and 80,000,000 as Series M4, 20,000,000 and 20,000,000 as Series AA2, 20,000,000 and 20,000,000 as Series MM2, 90,000,000 and 0 as Series A5, and 90,000,000 and 0 as Series M5, each as of March 31, 2025 and June 30, 2024; 27,423,137 and 28,932,457 Series A1 shares issued and outstanding, 1,226,738 and 1,788,851 Series M1 shares issued and outstanding, 0 and 0 Series M2 shares issued and outstanding, 0 and 0 Series AA1 shares issued and outstanding, 0 and 0 Series MM1 shares issued and outstanding, 163,000 and 164,000 Series A2 shares issued and outstanding, 5,251,157 and 5,251,157 Series A shares issued and outstanding, 24,283,306 and 24,810,648 Series A3 shares issued and outstanding, 2,321,362 and 3,351,101 Series M3 shares issued and outstanding, 2,208,613 and 1,401,747 Series M4 shares issued and outstanding, 6,982,590 and 3,766,166 Series A4 issued and outstanding, 0 and 0 Series AA2 shares issued and outstanding, 0 and 0 Series MM2 shares issued and outstanding, 1,029,762 and 0 Series A5 issued and outstanding, and 193,289 and 0 Series M5 issued and outstanding as of March 31, 2025 and June 30, 2024, respectively) at carrying value plus cumulative accrued and unpaid dividends		1,632,426			1,586,188
Net Assets Applicable to Common Shares	$	3,245,364		$	3,711,733
Components of Net Assets Applicable to Common Shares and Net Assets, respectively
Common stock, par value $0.001 per share (1,152,100,000 and 1,352,100,000 common shares authorized; 447,344,378 and 424,846,963 issued and outstanding, respectively)		447			425
Paid-in capital in excess of par		4,304,253			4,208,607
Distributions in excess of earnings		(1,059,336	)		(497,299	)
Net Assets Applicable to Common Shares	$	3,245,364		$	3,711,733
Net Asset Value Per Common Share	$	7.25		$	8.74


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

	Three Months Ended March 31,						Nine Months Ended March 31,
		2025			2024			2025			2024
Investment Income
Interest income (excluding payment-in-kind (“PIK”) interest income):
Control investments	$	60,584		$	47,295		$	170,352		$	138,111
Non-control/non-affiliate investments		75,874			97,665			257,943			309,770
Structured credit securities		3,272			4,748			11,505			30,317
Total interest income (excluding PIK interest income)		139,730			149,708			439,800			478,198
PIK interest income:
Control investments		8,915			21,210			42,509			72,161
Non-control/non-affiliate investments		10,611			13,014			30,360			30,651
Total PIK Interest Income		19,526			34,224			72,869			102,812
Total interest income		159,256			183,932			512,669			581,010
Dividend income:
Control investments		4,387			510			8,774			737
Affiliate investments		—			—			141			1,307
Non-control/non-affiliate investments		3,366			1,469			8,209			4,334
Total dividend income		7,753			1,979			17,124			6,378
Other income:
Control investments		416			14,192			15,799			55,553
Non-control/non-affiliate investments		3,291			2,112			6,898			6,461
Total other income		3,707			16,304			22,697			62,014
Total Investment Income		170,716			202,215			552,490			649,402
Operating Expenses
Base management fee		35,578			39,218			111,253			117,594
Income incentive fee		4,207			17,390			33,519			61,332
Interest and credit facility expenses		36,151			39,841			113,890			120,478
Allocation of overhead from Prospect Administration		5,318			5,708			16,734			20,073
Audit, compliance and tax related fees		583			583			2,383			2,079
Directors’ fees		150			150			450			416
Other general and administrative expenses		5,240			4,950			14,464			10,516
Total Operating Expenses		87,227			107,840			292,693			332,488
Net Investment Income		83,489			94,375			259,797			316,914
Net Realized and Net Change in Unrealized Gains (Losses) from Investments
Net realized gains (losses)
Control investments		4			1,186			6,374			1,039
Non-control/non-affiliate investments		(63,184	)		(70,949	)		(216,577	)		(278,168	)
Net realized gains (losses)		(63,180	)		(69,763	)		(210,203	)		(277,129	)
Net change in unrealized gains (losses)
Control investments		(73,292	)		125,827			(217,121	)		8,592
Affiliate investments		2,481			(487	)		4,483			2,101
Non-control/non-affiliate investments		(90,058	)		(5,523	)		(112,078	)		183,012
Net change in unrealized gains (losses)		(160,869	)		119,817			(324,716	)		193,705
Net Realized and Net Change in Unrealized Gains (Losses) from Investments		(224,049	)		50,054			(534,919	)		(83,424	)
Net realized gains (losses) on extinguishment of debt		644			(68	)		1,128			(212	)
Net Increase (Decrease) in Net Assets Resulting from Operations		(139,916	)		144,361			(273,994	)		233,278
Preferred Stock dividends		(26,698	)		(24,812	)		(80,083	)		(72,033	)
Net gain (loss) on redemptions of Preferred Stock		(1,586	)		(925	)		(188	)		(46	)
Gain (loss) on Accretion to Redemption Value of Preferred Stock		(3,131	)		(4,733	)		(13,128	)		(4,733	)
Net Increase (Decrease) in Net Assets Resulting from Operations applicable to Common Stockholders	$	(171,331	)	$	113,891		$	(367,393	)	$	156,466


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

	Three Months Ended March 31,								Nine Months Ended March 31,
		2025				2024				2025				2024
Per Share Data
Net asset value per common share at beginning of period	$	7.84			$	8.92			$	8.74			$	9.24
Net investment income⁽¹⁾		0.19				0.23				0.60				0.77
Net realized and change in unrealized gains (losses)⁽¹⁾		(0.51	)			0.11				(1.25	)			(0.22	)
Net increase (decrease) from operations		(0.33	)	₍₇₎		0.34				(0.66	)	₍₇₎		0.56		₍₇₎
Distributions of net investment income to preferred stockholders		(0.06	)	₍₄₎		(0.06	)	₍₃₎		(0.18	)	₍₄₎		(0.18	)	₍₃₎
Distributions of capital gains to preferred stockholders		—		₍₄₎		—		₍₃₎		—		₍₄₎		—		₍₃₎
Total distributions to preferred stockholders		(0.06	)			(0.06	)			(0.18	)			(0.18	)
Net increase (decrease) from operations applicable to common stockholders		(0.39	)			0.27		₍₇₎		(0.84	)			0.38
Distributions of net investment income to common stockholders		(0.14	)	₍₄₎		(0.18	)	₍₃₎		(0.47	)	₍₄₎		(0.52	)	₍₃₎
Return of capital to common stockholders		—		₍₄₎		—		₍₃₎		—		₍₄₎		(0.02	)	₍₃₎₍₆₎
Total distributions to common stockholders		(0.14	)			(0.18	)			(0.47	)			(0.54	)
Common stock transactions⁽²⁾		(0.08	)			(0.03	)			(0.21	)			(0.09	)
Net asset value per common share at end of period	$	7.25		₍₇₎	$	8.99		₍₇₎	$	7.25		₍₇₎	$	8.99

(1)	Per share data amount is based on the basic weighted average number of common shares outstanding for the year/period presented (except for dividends to stockholders which is based on actual rate per share). Realized gains (losses) is inclusive of net realized losses (gains) on investments, realized losses (gains) from extinguishment of debt and realized gains (losses) from the repurchases and redemptions of preferred stock.
(2)	Common stock transactions include the effect of our issuance of common stock in public offerings (net of underwriting and offering costs), shares issued in connection with our common stock dividend reinvestment plan, common shares issued to acquire investments, common shares repurchased below net asset value pursuant to our Repurchase Program, and common shares issued pursuant to the Holder Optional Conversion of our 5.50% Preferred Stock and 6.50% Preferred Stock.
(3)	Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2024.
(4)	Tax character of distributions is not yet finalized for the respective fiscal period and will not be finalized until we file our tax return for our tax year ending August 31, 2025.
(5)	Diluted net decrease from operations applicable to common stockholders was $0.39 for the three months ended March 31, 2025. Diluted net increase from operations applicable to common stockholders was $0.20 for the three months ended March 31, 2024. Diluted net decrease from operations applicable to common stockholders was $0.84 for the nine months ended March 31, 2025. Diluted net increase from operations applicable to common stockholders was $0.33 for the nine months ended March 31, 2024.
(6)	The amounts reflected for the respective fiscal periods were updated based on tax information received subsequent to our Form 10-K filing for the year ended June 30, 2023 and our Form 10-Q filing for March 31, 2024. Certain reclassifications have been made in the presentation of prior period amounts.
(7)	Does not foot due to rounding.

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

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

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

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

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

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

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

PRIMARY ORIGINATION STRATEGIES

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

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

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

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

About Prospect Capital Corporation

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

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

Caution Concerning Forward-Looking Statements

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

For additional information, contact:

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

The MIL Network –

May 9, 2025

MIL-OSI: Applied Releases Commercial Lines Premium Rate Index Findings for Q1 2025
Source: GlobeNewswire (MIL-OSI)

Toronto, ON, May 08, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced the first quarter 2025 results of the Applied Commercial Index™, the Canadian insurance industry’s premium rate index. Overall, the magnitude of rate increases was down across all lines relative to average premium renewals in the same quarter last year with 3.85% in Q1 2025 down from 6.14% in Q1 2024. All lines of business saw decreases compared to the same quarter last year.

Quarter over quarter, Q1 2025 results showed average renewal rate change decreased across all lines of the most commonly placed Commercial Lines categories, including Real Estate Property, Business and Professional Services, Construction, Hospitality Services, and Retail Services.

Significant findings include:
- Business and Professional Services: Q1 2025 premium renewal rate change average was 3.99%, down from the Q4 2024 average of 5.48%.
- Construction, Erection, and Installation Services: Premium renewal rate change average was 3.85% for the quarter, down from the Q4 2024 average of 4.78%.
- Hospitality Services: Q1 2025 premium renewal rate change average was 3.08%, down from the Q4 2024 average of 3.79%.
- Real Estate Property: Premium renewal rate change average was 3.58% for the quarter, down from the Q4 2024 average of 4.59%.
- Retail Services: Premium renewal rate change averaged 4.57%, down relative to the Q4 2024 average of 6.84%.
“This quarter’s average premium renewal rate change across all industries have somewhat dissipated, limiting the tailwind they provided over the recent period and therefore putting a greater focus on margins,” said Steve Whitelaw, SVP and general manager, Canada, Applied Systems. “As brokers begin their renewal conversations, the Applied Commercial Index will help them focus on specific lines that will foster more profitable growth opportunities.”

Access the complete quarterly report here.

# # #

Applied Commercial Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Commercial Index.

About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

The MIL Network –
May 9, 2025
MIL-OSI USA: Making Homeownership More Affordable Statewide

Source: US State of New York

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Create $100 Million New York State Pro-Housing Supply Fund

Governor Hochul signed Executive Order 30 in July 2023 creating the Pro-Housing Community Program, which recognizes and rewards municipalities actively working to unlock their housing potential and encourages others to follow suit. In the State Fiscal Year 2025 Enacted Budget, Governor Hochul made the “Pro-Housing Community” designation a requirement for accessing up to $650 million in State discretionary programs. To date, nearly 470 localities have submitted letters of intent, and 300 municipalities from all corners of New York State have received Pro Housing certification. To further support localities that are doing their part to address the housing crisis, Governor Hochul is creating a $100 million Pro-Housing Supply fund for certified Pro-Housing Communities to assist with critical infrastructure projects necessary to create new housing, such as sewer and water infrastructure upgrades.

Provide Communities Technical Assistance to Become Pro-Housing

Without resources, some communities may not have the ability to design and adopt pro-housing policies such as master plans, zoning text updates, and streamlined permitting procedures. To help ensure more localities that want to promote housing growth have the ability to do so, Governor Hochul will provide $5.25 million in new grant funding to offer technical assistance to communities seeking to foster housing growth and associated municipal development.

Launch New York State’s First Mixed-Income Revolving Loan Fund

With major forthcoming economic investments in Upstate New York, such as Micron’s $100 billion investment in Clay, the state continues to need an all-of-the-above approach to the housing supply to address acute housing needs and accommodate job growth. Too often, however, Upstate communities do not have the tools to create mixed income rental housing, leaving many developments permit-ready but unable to secure financing. To bridge this gap and unlock more housing, Governor Hochul is launching the State’s first revolving loan fund to spur mixed-income rental development outside New York City. With a $50 million State investment, the fund will fill construction financing gaps by providing a lower-cost and more flexible form of capital than is generally available in market financing. The funding will revolve and self-sustain over time through repayments once projects have converted to permanent financing after construction.

Housing Access Voucher Program Pilot

As part of the FY26 Enacted Budget, Governor Hochul is investing $50 million for the first year of a four-year pilot program for state-funded vouchers for homeless families or families at imminent risk of losing their housing. Vouchers would be available to households making 50 percent of area median income. HCR will administer the program through local partners outside of New York City, with the NYC Housing Preservation and Development (HPD) and/or the New York City Housing Authority (NYCHA) administering the program within New York City. The vouchers will be a critical new tool to help New Yorkers escape or evade homelessness and housing insecurity.

Provide Starter Home Innovation Funding

Oftentimes, homes being built by the market today are larger and therefore less affordable than a traditional starter home. An undersupply of smaller, affordable homes limits mobility within the market, preventing young families from becoming homeowners and older New Yorkers from downsizing. Governor Hochul secured $50 million in capital funding to incentivize the building of more starter homes, including innovative approaches to homebuilding such as the use of factory-built and modular development.

$40 Million to Support the Homeowner Protection Program (HOPP)

The Homeowner Protection Program is a state-wide network of housing counseling and legal services organizations serving every county in New York. The network provides critical services to at-risk homeowners struggling to maintain their housing and avoid foreclosure. HOPP is also a front line defense in gentrifying neighborhoods helping to prevent fraud and deed theft for vulnerable homeowners. This funding will ensure that this network can continue to serve thousands of homeowners, preserving millions of dollars in equity and stabilizing communities.

Expand and Strengthen the Resilient and Ready Programs

Severe weather events are leaving New York homeowners in need of urgent repairs and long-term resilience measures. Governor Hochul secured $50 million in new funding for the Rapid Response Home Repair Program and Resilient Retrofits Program, which have provided vital assistance, helping over 1,300 homeowners to date recover and prepare for future disasters.

Disincentivizing Institutional Investors from Buying Up One- and Two-Family Homes

Nationally, private equity firms own more than 500,000 homes. According to some estimates, private equity firms are expected to own up to 40 percent of the single-family rental market by 2030. When large investors hold a disproportionate share of a local housing market it removes opportunities for homeownership, exacerbating the existing scarcity and driving up prices for remaining homes on the market. These consequences are felt most intensely by first-time and low- or moderate-income homebuyers.

To help level the playing field and increase the opportunities for everyday individuals and families to purchase a home, Governor Hochul signed legislation to disincentivize large investment entities who own 10+ single- and two-family homes and act as a fiduciary for at least $30 million in assets under management from buying single- and two-family homes en masse, and will require a 90-day waiting period for institutional investors to make an offer on one- or two-family homes.

The prohibition would also apply to an entity that receives funding from a covered institutional investor, other than in the form of a standard mortgage. Nonprofits, land banks, community land trusts, and foreclosure sales would be exempted. With the New York State Attorney General’s enforcement, covered entities that violate the waiting period would be subject to $250,000 penalties, and to $10,000 penalties for failing to provide required notices.

Additionally, Governor Hochul signed legislation to prohibit institutional investors from claiming depreciation tax deductions for single- and two-family homes, or claiming interest deductions with respect to such homes, to disincentivize their accumulation of single- and two-family homes. The legislation also requires the New York Department of State (DOS) to provide notice when establishing a “cease and desist zone” in which homeowners who opt into coverage are prohibited from being solicited to sell their homes. The notice requirements will require information about the zone to be posted on DOS’ website when a zone is established and annually included in a local newspaper within the area of the zone.

A safe and affordable home is a basic human right, and the only way to help New Yorkers achieve the American dream of homeownership is to build more housing and support our local communities.”

Governor Hochul

Strengthen Laws and Policies To Combat Home Appraisal Discrimination

For many New Yorkers, their largest investment and most valuable asset is their home. Homes provide families with a safe place to live and an opportunity to build generational wealth. For too long, pervasive appraisal bias throughout the housing industry has unjustly stripped families of color of this opportunity, widening racial homeownership and wealth gaps. Governor Hochul secured agreement on legislation that will make it a violation of the State’s Human Rights Law to discriminate when providing real estate appraisals or in making such services available. The law will further enable DOS to fine appraisers for violations, in addition to other existing remedies, with half of those fines going to a fund to support fair housing enforcement. Governor Hochul also will be taking other administrative actions to diversify the appraiser workforce.

Create an Affordable Homebuyer Tax Incentive

Even when homes are developed for the express purpose of being sold to low- and moderate-income homebuyers, local property tax assessments value the homes at fair market value, presenting challenges to creating homes these homebuyers can afford to purchase. The Governor secured an affordable homebuyer property tax incentive at local opt-in for homes built with assistance from governmental entities, nonprofits, land banks, or community land trusts, and sold to low- and moderate-income homebuyers. This will aid such homebuyers by making their dream of homeownership more attainable by bringing down costs and increasing the supply of these homes.

Double New York State Low Income Housing Credits Annually

Modeled after the federal Low Income Housing Tax Credit Program, the New York State Low Income Housing Tax Credit Program (SLIHC) was signed into law in 2000 and has been critical to supporting the development of housing for low-and middle-income households. Governor Hochul is building on this success by including legislation in the Enacted Budget to double the amount of the tax credits available each year through the SLIHC program, making it the largest state low-income housing tax credit program in America. This action alone will generate upwards of $210 million in private investment in affordable housing per year.

Unlock Historic Tax Credits by Decoupling and Expanding Eligibility

Currently, New York State law requires Federal and State Historic Tax credits to be coupled together to the same investor and be available only in certain census tracts. These factors depress the economic value of both tax credits and needlessly turn investment away from housing projects, a problem felt especially acutely in upstate New York communities. Governor Hochul signed legislation that can unlock the maximum value of the tax credits by allowing for transferring the State credit to a different entity than the federal credit, and by eliminating the census tract eligibility requirement for affordable housing.

Empower Communities to Redevelop Vacant Properties into Housing

Many municipalities struggle with vacant and abandoned buildings that are in a significant state of disrepair in neighborhoods that lack the local economic conditions necessary to incentivize redevelopment by the private sector. Consequently, the investment required to redevelop these properties can exceed their value and the resulting funding gap prevents the property from being rehabilitated. To help communities fight back against vacant properties and revitalize neighborhoods, Governor Hochul secured agreement to authorize localities across the state to adopt a tax exemption to incentivize redevelopment of these properties into affordable homes.

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Governor Hochul’s Housing Agenda

Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. Nearly 60,000 homes have been created or preserved to date.

The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro-Housing certification is now a requirement for localities to access up to $650 million in discretionary funding. Currently, more than 300 communities have been certified, including the city of Syracuse.

MIL OSI USA News –

May 9, 2025

MIL-OSI: Live Ventures Reports Fiscal Second Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, May 08, 2025 (GLOBE NEWSWIRE) — Live Ventures Incorporated (Nasdaq: LIVE) (“Live Ventures” or the “Company”), a diversified holding company, today announced financial results for its fiscal second quarter 2025 ended March 31, 2025.

Fiscal Second Quarter 2025 Key Highlights:

Revenue was $107.0 million, compared to $118.6 million in the prior year period
Operating income increased $2.9 million to $2.1 million, compared to an operating loss of $0.8 million in the prior year period
Successfully negotiated a $19 million reduction on the balance owed under the Flooring Liquidators, Inc. (“Flooring Liquidators”) seller note, which, when including the cancellation of accrued interest and other items, resulted in a $22.8 million net gain for Live Ventures
Income before provision for income taxes was $21.1 million, compared to the prior year period loss before benefit from income taxes of $4.5 million. Income before provision for income taxes for the second quarter of 2025 includes the $22.8 million gain as described above
Adjusted EBITDA¹ increased $2.0 million to $6.4 million, compared to $4.5 million in the prior year period
Repurchased 31,323 shares of the Company’s common stock at an average price of $8.28 per share
Total assets of $393.6 million and stockholders’ equity of $88.9 million as of March 31, 2025
Approximately $26.6 million of cash and availability under the Company’s credit facilities as of March 31, 2025

“Continuing the trend from the first quarter of fiscal year 2025, our Retail-Entertainment and Steel Manufacturing segments delivered improved operating performance in the second quarter, with higher operating income and operating margin compared to the same period last year. At the same time, ongoing softness in the new home construction and home refurbishment markets continued to pressure our Retail-Flooring and Flooring Manufacturing segments, where reduced consumer demand impacted performance,” commented David Verret, Chief Financial Officer of Live Ventures.

“We are pleased with the operational improvements in our Retail-Entertainment and Steel Manufacturing segments during the first half of the year,” stated Jon Isaac, President and Chief Executive Officer of Live Ventures. “In response to our flooring businesses’ industry-specific challenges, we are implementing measures to enhance efficiency. In the second quarter, we initiated large cost-reduction initiatives in the Retail-Flooring segment, which have already resulted in significant savings. We remain focused on operational excellence and are confident in the long-term fundamentals of our businesses.”


Second Quarter FY 2025 Financial Summary (in thousands except per share amounts)
	For the three months ended March 31,
		2025		2024		% Change
Revenue	$	107,013	$	118,626		-9.8	%
Operating income (loss)	$	2,092	$	(838	)	N/A
Income (loss) before provision for income taxes	$	21,103	$	(4,498	)	N/A
Net income (loss)	$	15,866	$	(3,281	)	N/A
Diluted earnings (loss) per share	$	5.05	$	(1.04	)	N/A
Adjusted EBITDA¹	$	6,446	$	4,457		44.6	%

Revenue decreased approximately $11.6 million, or 9.8%, to approximately $107.0 million for the quarter ended March 31, 2025, compared to revenue of approximately $118.6 million in the prior year period. The decrease is attributable to the Retail-Flooring, Flooring Manufacturing, and Steel Manufacturing segments, which decreased by approximately $13.2 million in the aggregate.

Operating income increased approximately $2.9 million, to approximately $2.1 million for the quarter ended March 31, 2025, compared with an operating loss of approximately $0.8 million in the prior year period. Operating income increased primarily due to lower general and administrative expenses and sales and marketing expenses resulting from cost reduction initiatives at the Retail-Flooring segment and lower general and administrative expenses in the Corporate and Other segment.

For the quarter ended March 31, 2025, income before provision for income taxes was $21.1 million, compared to the prior year period loss before benefit from income taxes of $4.5 million. The increase in income before provision for income taxes is primarily attributable to a $22.8 million gain on a modification of the Flooring Liquidators seller note.

Adjusted EBITDA¹ for the quarter ended March 31, 2025 was approximately $6.4 million, an increase of approximately $2.0 million, or 44.6%, compared to the prior year period Adjusted EBITDA of $4.5 million. Adjusted EBITDA increased primarily due to lower operating expenses at the Retail-Flooring segment resulting from cost reduction initiatives.

As of March 31, 2025, the Company had total cash availability of $26.6 million, consisting of cash on hand of $6.9 million and availability under its various lines of credit of $19.7 million.

Second Quarter FY 2025 Segment Results (in thousands)

	For the three months ended March 31,
		2025			2024		% Change
Revenue
Retail – Entertainment	$	18,467		$	16,842		9.6	%
Retail – Flooring		27,399			32,032		-14.5	%
Flooring Manufacturing		29,820			34,180		-12.8	%
Steel Manufacturing		31,321			35,488		-11.7	%
Corporate & Other		6			84		-92.9	%
Total Revenue	$	107,013		$	118,626		-9.8	%

	For the three months ended March 31,
		2025			2024		% Change
Operating Income (loss)
Retail – Entertainment	$	2,498		$	1,784		40.0	%
Retail – Flooring		(2,741	)		(3,023	)	9.3	%
Flooring Manufacturing		1,483			1,978		-25.0	%
Steel Manufacturing		2,196			872		151.8	%
Corporate & Other		(1,344	)		(2,449	)	45.2	%
Total Operating Income	$	2,092		$	(838	)	N/A

	For the three months ended March 31,
		2025			2024		% Change
Adjusted EBITDA¹
Retail – Entertainment	$	2,755		$	2,153		28.0	%
Retail – Flooring		(1,778	)		(1,849	)	3.8	%
Flooring Manufacturing		2,272			2,897		-21.6	%
Steel Manufacturing		3,742			2,331		60.5	%
Corporate & Other		(545	)		(1,075	)	49.3	%
Total Adjusted EBITDA¹	$	6,446		$	4,457		44.6	%

Adjusted EBITDA¹ as a percentage of revenue
Retail – Entertainment		14.9	%		12.8	%
Retail – Flooring		-6.5	%		-5.8	%
Flooring Manufacturing		7.6	%		8.5	%
Steel Manufacturing		11.9	%		6.6	%
Corporate & Other	N/A			N/A
Total Adjusted EBITDA¹		6.0	%		3.8	%
as a percentage of revenue

Retail – Entertainment

The Retail-Entertainment segment revenue for the quarter ended March 31, 2025 was approximately $18.5 million, an increase of approximately $1.6 million, or 9.6%, compared to prior year period revenue of approximately $16.8 million. Revenue increased primarily due to changes in product mix toward new products, which generally have higher selling prices. Gross margin increased to 59.1% for the quarter ended March 31, 2025, compared to 58.4% for the prior year period. The change in product mix contributed to the increase in gross margin. Operating income for the quarter ended March 31, 2025 was approximately $2.5 million, compared to operating income of approximately $1.8 million for the prior year period.

Retail – Flooring

The Retail-Flooring segment revenue for the quarter ended March 31, 2025 was approximately $27.4 million, a decrease of approximately $4.6 million, or 14.5%, compared to the prior year period revenue of approximately $32.0 million. The decrease in revenue was primarily attributable to the disposition of certain Johnson Floor & Home Carpet One stores in May 2024. Gross margin for the quarter ended March 31, 2025 was 34.4%, compared to 36.5% for the prior year period. The decrease in gross margin was primarily driven by a change in product mix. Operating loss for the quarter ended March 31, 2025 was approximately $2.7 million, compared to an operating loss of approximately $3.0 million for the prior year period.

Flooring Manufacturing

The Flooring Manufacturing segment revenue for the quarter ended March 31, 2025 was approximately $29.8 million, a decrease of approximately $4.4 million, or 12.8%, compared to prior year period revenue of approximately $34.2 million. The decrease in revenue was primarily due to reduced consumer demand, as a result of the ongoing weakness in the housing market and uncertainty about the current economic outlook. Gross margin was 27.5% for the quarter ended March 31, 2025, compared to 25.6% for the prior year period. The increase in gross margin was primarily due to changes in product mix. Operating income for the quarter ended March 31, 2025 was approximately $1.5 million, compared to approximately $2.0 million in the prior year period.

Steel Manufacturing

The Steel Manufacturing segment revenue for the quarter ended March 31, 2025 was approximately $31.3 million, a decrease of approximately $4.2 million, or 11.7%, compared to prior year period revenue of approximately $35.5 million. The decline was primarily driven by lower sales volumes at certain business units, partially offset by incremental revenue of $3.8 million at Central Steel Fabricators, LLC (“Central Steel”), which was acquired in May 2024. Gross margin was 21.2% for the quarter ended March 31, 2025, compared to 14.3% for the prior year period. The increase in gross margin was primarily due to strategic price increases as well as the acquisition of Central Steel. Operating income for the quarter ended March 31, 2025 was approximately $2.2 million, compared to approximately $0.9 million in the prior year period.

Corporate and Other

The Corporate and Other segment operating loss was approximately $1.3 million and $2.4 million for the quarters ended March 31, 2025 and 2024, respectively.

Six Months FY 2025 Financial Summary (in thousands except per share amounts)
	For the six months ended March 31,
		2025		2024		% Change
Revenue	$	218,521	$	236,219		-7.5	%
Operating income	$	2,854	$	2,703		5.6	%
Income (loss) before provision for income taxes	$	21,676	$	(5,404	)	N/A
Net income (loss)	$	16,358	$	(3,963	)	N/A
Diluted earnings (loss) per share	$	5.20	$	(1.25	)	N/A
Adjusted EBITDA¹	$	12,191	$	13,153		-7.3	%

Revenue decreased approximately $17.7 million, or 7.5%, to approximately $218.5 million for the six months ended March 31, 2025, compared to revenue of approximately $236.2 million in the prior year period. The decrease is attributable to the Flooring Manufacturing, Retail-Flooring, and Steel Manufacturing segments, which decreased by approximately $20.0 million in the aggregate.

Operating income increased approximately 5.6% to approximately $2.9 million for the six months ended March 31, 2025, compared with operating income of approximately $2.7 million in the prior year period. The increase in operating income is primarily attributable to lower sales and marketing expenses in the Retail-Flooring segment and lower general and administrative expenses in the Corporate and Other segment.

For the six months ended March 31, 2025, income before provision for income taxes was approximately $21.7 million, compared with a loss before benefit from income taxes of approximately $5.4 million. The increase in income before provision for income taxes is primarily attributable to the $22.8 million gain on the modification of the Flooring Liquidators seller note and the $2.8 million gain on the settlement of the earnout liability related to the Precision Metal Works, Inc. (“PMW”) acquisition and a $0.7 million gain on the settlement of the PMW seller notes, both in the first quarter of fiscal year 2025.

Adjusted EBITDA¹ for the six months ended March 31, 2025 was approximately $12.2 million, a decrease of approximately $1.0 million, or 7.3%, compared to the prior year period Adjusted EBITDA of $13.2 million. The decrease in adjusted EBITDA is primarily due to a decrease in gross profit.

Six Months FY 2025 Segment Results (in thousands)

	For the six months ended March 31,
		2025			2024		% Change
Revenue
Retail – Entertainment	$	39,740		$	37,428		6.2	%
Retail – Flooring		59,146			66,351		-10.9	%
Flooring Manufacturing		55,815			63,425		-12.0	%
Steel Manufacturing		63,757			68,841		-7.4	%
Corporate & Other		63			174		-63.8	%
Total Revenue	$	218,521		$	236,219		-7.5	%

	For the six months ended March 31,
		2025			2024		% Change
Operating Income (loss)
Retail – Entertainment	$	5,905		$	4,973		18.7	%
Retail – Flooring		(4,914	)		(2,935	)	-67.4	%
Flooring Manufacturing		1,401			2,923		-52.1	%
Steel Manufacturing		3,362			1,855		81.2	%
Corporate & Other		(2,900	)		(4,113	)	29.5	%
Total Operating Income	$	2,854		$	2,703		5.6	%

	For the six months ended March 31,
		2025			2024		% Change
Adjusted EBITDA¹
Retail – Entertainment	$	6,565		$	5,867		11.9	%
Retail – Flooring		(2,749	)		(546	)	N/A
Flooring Manufacturing		3,023			4,774		-36.7	%
Steel Manufacturing		6,543			5,133		27.5	%
Corporate & Other		(1,191	)		(2,075	)	42.6	%
Total Adjusted EBITDA¹	$	12,191		$	13,153		-7.3	%

Adjusted EBITDA¹ as a percentage of revenue
Retail – Entertainment		16.5	%		15.7	%
Retail – Flooring		-4.6	%		-0.8	%
Flooring Manufacturing		5.4	%		7.5	%
Steel Manufacturing		10.3	%		7.5	%
Corporate & Other	N/A			N/A
Total Adjusted EBITDA¹		5.6	%		5.6	%
as a percentage of revenue

Retail – Entertainment

The Retail-Entertainment segment revenue for the six months ended March 31, 2025 was approximately $39.7 million, an increase of approximately $2.3 million, or 6.2%, compared to prior year period revenue of approximately $37.4 million. Revenue increased primarily due to changes in product mix toward new products, which generally have higher selling prices. Gross margin increased to 57.8% for the six months ended March 31, 2025, compared to 57.1% for the prior year period. The change in product mix contributed to the increase in gross margin. Operating income for the six months ended March 31, 2025 was approximately $5.9 million, compared to operating income of approximately $5.0 million for the prior year period.

Retail – Flooring

The Retail-Flooring segment revenue for the six months ended March 31, 2025 was approximately $59.1 million, a decrease of approximately $7.2 million, or 10.9%, compared to the prior year period revenue of approximately $66.4 million. The decrease was primarily attributable to the disposition of certain Johnson Floor & Home Carpet One stores in May 2024. Gross margin for the six months ended March 31, 2025 was 35.9%, compared to 37.3% for the prior year period. The decrease in gross margin was primarily driven by a change in product mix. Operating loss for the six months ended March 31, 2025 was approximately $4.9 million, compared to an operating loss of approximately $2.9 million for the prior year period. The increase in operating loss was primarily due to the decrease in revenues and gross margin, partially offset by cost reduction initiatives implemented during the second quarter of fiscal 2025.

Flooring Manufacturing

The Flooring Manufacturing segment revenue for the six months ended March 31, 2025 was approximately $55.8 million, a decrease of approximately $7.6 million, or 12.0%, compared to prior year period revenue of approximately $63.4 million. The decrease in revenue was primarily due to reduced consumer demand as a result of the ongoing weakness in the housing market and uncertainty about the current economic outlook. Gross margin was 24.6% for the six months ended March 31, 2025, compared to 23.9% for the prior year period. The increase in gross margin was primarily due to changes in product mix. Operating income for the six months ended March 31, 2025 was approximately $1.4 million, compared to operating income of approximately $2.9 million for the prior year period.

Steel Manufacturing

The Steel Manufacturing segment revenue for the six months ended March 31, 2025 was approximately $63.8 million, a decrease of approximately $5.0 million or 7.4%, compared to prior year period revenue of approximately $68.8 million. The decline was primarily driven by lower sales volumes at certain business units partially offset by incremental revenue of $6.9 million at Central Steel, which was acquired in May 2024. Gross margin was 19.7% for the six months ended March 31, 2025, compared to 15.0% for the prior year period. The increase in gross margin was primarily due to strategic price increases, as well as the acquisition of Central Steel. Operating income for the six months ended March 31, 2025 was approximately $3.4 million, compared to operating income of approximately $1.9 million in the prior year period.

Corporate and Other

The Corporate and Other segment operating loss was approximately $2.9 million and $4.1 million for the six months ended March 31, 2025 and 2024, respectively.

Non-GAAP Financial Information

Adjusted EBITDA

We evaluate the performance of our operations based on financial measures, such as “Adjusted EBITDA,” which is a non-GAAP financial measure. We define Adjusted EBITDA as net income (loss) before interest expense, interest income, income taxes, depreciation, amortization, stock-based compensation, and other non-cash or nonrecurring charges. We believe that Adjusted EBITDA is an important indicator of the operational strength and performance of the business, including the business’s ability to fund acquisitions and other capital expenditures and to service its debt. Additionally, this measure is used by management to evaluate operating results and perform analytical comparisons and identify strategies to improve performance. Adjusted EBITDA is also a measure that is customarily used by financial analysts to evaluate a company’s financial performance, subject to certain adjustments. Adjusted EBITDA does not represent cash flows from operations, as defined by generally accepted accounting principles (“GAAP”), should not be construed as an alternative to net income or loss, and is indicative neither of our results of operations, nor of cash flow available to fund our cash needs. It is, however, a measurement that the Company believes is useful to investors in analyzing its operating performance. Accordingly, Adjusted EBITDA should be considered in addition to, but not as a substitute for, net income, cash flow provided by operating activities, and other measures of financial performance prepared in accordance with GAAP. As companies often define non-GAAP financial measures differently, Adjusted EBITDA, as calculated by Live Ventures Incorporated, should not be compared to any similarly titled measures reported by other companies.

Forward-Looking and Cautionary Statements

The use of the word “Company” refers to Live Ventures and its wholly owned subsidiaries. Certain statements in this press release contain or may suggest “forward-looking” information within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” created by those sections. Words such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements are intended to identify forward-looking statements. Live Ventures may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. Additionally, new risk factors emerge from time to time, and it is not possible for us to predict all such risk factors, or to assess the impact such risk factors might have on our business. Live Ventures undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

About Live Ventures Incorporated

Live Ventures is a diversified holding company with a strategic focus on value-oriented acquisitions of domestic middle-market companies. Live Ventures’ acquisition strategy is sector-agnostic and focuses on well-run, closely held businesses with a demonstrated track record of earnings growth and cash flow generation. The Company looks for opportunities to partner with management teams of its acquired businesses to build increased stockholder value through a disciplined buy-build-hold long-term focused strategy. Live Ventures was founded in 1968. In late 2011, Jon Isaac, Chief Executive Officer and strategic investor, joined the Company’s Board of Directors and later refocused it into a diversified holding company. The Company’s current portfolio of diversified operating subsidiaries includes companies in the textile, flooring, tools, steel, and entertainment industries.

Contact:
Live Ventures Incorporated
Greg Powell, Director of Investor Relations
725.500.5597
gpowell@liveventures.com
www.liveventures.com

Source: Live Ventures Incorporated


CONSOLIDATED BALANCE SHEETS (UNAUDITED) (dollars in thousands, except per share amounts)

	March 31, 2025			September 30, 2024
	(Unaudited)
Assets
Cash	$	6,931		$	4,601
Trade receivables, net of allowance for doubtful accounts of $2.1 million at March 31, 2025 and $1.5 million at September 30, 2024		41,205			46,861
Inventories, net		122,304			126,350
Prepaid expenses and other current assets		3,754			4,123
Total current assets		174,194			181,935
Property and equipment, net		80,540			82,869
Right of use asset – operating leases		53,547			55,701
Deposits and other assets		1,557			787
Intangible assets, net		22,591			25,103
Goodwill		61,152			61,152
Total assets	$	393,581		$	407,547
Liabilities and Stockholders’ Equity
Liabilities:
Accounts payable	$	28,368		$	31,002
Accrued liabilities		31,164			31,740
Income taxes payable		211			948
Current portion of lease obligations – operating leases		13,203			12,885
Current portion of lease obligations – finance leases		553			368
Current portion of long-term debt		41,423			43,816
Current portion of notes payable related parties		10,070			6,400
Current portion of seller notes – related parties		—			2,500
Total current liabilities		124,992			129,659
Long-term debt, net of current portion		53,687			54,994
Lease obligation long term – operating leases		44,942			50,111
Lease obligation long term – finance leases		42,236			41,677
Notes payable related parties, net of current portion		6,894			4,934
Seller notes – related parties		18,143			40,361
Deferred tax liability		10,607			6,267
Other non-current obligations		3,149			6,655
Total liabilities		304,650			334,658
Commitments and contingencies
Stockholders’ equity:
Series E convertible preferred stock, $0.001 par value, 200,000 shares authorized, 47,840 shares issued and outstanding at March 31, 2025 and September 30, 2024, with a liquidation preference of $0.30 per share outstanding		—			—
Common stock, $0.001 par value, 10,000,000 shares authorized, 3,084,351 and 3,131,360 shares issued and outstanding at March 31, 2025 and September 30, 2024, respectively		2			2
Paid in capital		69,792			69,692
Treasury stock common 741,696 and 694,687 shares as of March 31, 2025 and September 30, 2024, respectively		(9,488	)		(9,072	)
Treasury stock Series E preferred 80,000 shares as of March 31, 2025 and September 30, 2024		(7	)		(7	)
Retained earnings		28,632			12,274
Total stockholders’ equity		88,931			72,889
Total liabilities and stockholders’ equity	$	393,581		$	407,547


LIVE VENTURES, INCORPORATED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (dollars in thousands, except per share)

	For the Three Months Ended March 31,						For the Six Months Ended March 31,
		2025			2024			2025			2024
Revenue	$	107,013		$	118,626		$	218,521		$	236,219
Cost of revenue		71,865			83,159			148,011			164,425
Gross profit		35,148			35,467			70,510			71,794

Operating expenses:
General and administrative expenses		28,321			29,824			58,392			57,503
Sales and marketing expenses		4,735			6,481			9,264			11,588
Total operating expenses		33,056			36,305			67,656			69,091
Operating income (loss)		2,092			(838	)		2,854			2,703
Other expense:
Interest expense, net		(3,933	)		(4,167	)		(8,095	)		(8,330	)
Gain on extinguishment of debt		—			—			713			—
Gain on settlement of earnout liability		—			—			2,840			—
Gain on modification of seller note		22,784			—			22,784			—
Other income		160			507			580			223
Total other income (expense), net		19,011			(3,660	)		18,822			(8,107	)
Income (loss) before provision for income taxes		21,103			(4,498	)		21,676			(5,404	)
Provision for (benefit from) income taxes		5,237			(1,217	)		5,318			(1,441	)
Net income (loss)	$	15,866		$	(3,281	)	$	16,358		$	(3,963	)

Income (loss) per share:
Basic	$	5.10		$	(1.04	)	$	5.25		$	(1.25	)
Diluted	$	5.05		$	(1.04	)	$	5.20		$	(1.25	)

Weighted average common shares outstanding:
Basic		3,109,362			3,154,771			3,113,864			3,159,180
Diluted		3,138,717			3,154,771			3,143,219			3,159,180


LIVE VENTURES INCORPORATED NON-GAAP MEASURES RECONCILIATION

Adjusted EBITDA The following table provides a reconciliation of Net (loss) income to total Adjusted EBITDA¹ for the periods indicated (dollars in thousands):

	For the Three Months Ended						For the Six Months Ended
	March 31, 2025			March 31, 2024			March 31, 2025			March 31, 2024
Net income (loss)	$	15,866		$	(3,281	)	$	16,358		$	(3,963	)
Depreciation and amortization		4,401			4,188			8,816			8,483
Stock-based compensation		49			50			100			100
Interest expense, net		3,933			4,167			8,095			8,330
Income tax expense (benefit)		5,237			(1,217	)		5,318			(1,441	)
Gain on extinguishment of debt		—			—			(713	)		—
Gain on modification of seller note		(22,784	)		—			(22,784	)		—
Gain on settlement of earnout liability		—			—			(2,840	)		—
Acquisition costs		—			468			—			874
Debt acquisition costs		—			—			—			183
Other non-recurring charges		(256	)		82			(159	)		587
Adjusted EBITDA	$	6,446		$	4,457		$	12,191		$	13,153

¹ Adjusted EBITDA is a non-GAAP measure. A reconciliation of the non-GAAP measures is included below.

The MIL Network –

May 9, 2025

MIL-OSI Europe: Highlights – The impact of tax policies on the housing crisis in the EU – Subcommittee on Tax Matters

Source: European Parliament

On 19 May 2025, from 16:30 to 18:30, the HOUS Committee and the FISC Subcommittee will host a joint public hearing on ‘The impact of tax policies on the housing crisis in the EU’.

The purpose of the hearing is be to explore the intersection of EU tax matters and the housing crisis. Experts, key sector representatives, and Members of the European Parliament will examine whether some tax practices affect the affordability and accessibility of housing in the EU and which tax policies could contribute to addressing both the immediate challenges and long-term structural issues in the housing sector.

The public hearing will be structured around two panels. The first panel will bring together HOUS and FISC Members with experts to explore the link between taxation and affordability and how tax policies can shape access to housing in the EU. The second panel will focus on how tax policies can contribute to rebalancing the housing market.

MIL OSI Europe News –

May 8, 2025
MIL-OSI Europe: Hearings – The impact of tax policies on the housing crisis in the EU – 19-05-2025 – Subcommittee on Tax Matters – Special committee on the Housing Crisis in the European Union

Source: European Parliament

On 19 May 2025, from 16:30 to 18:30, the HOUS Committee and the FISC Subcommittee will host a joint public hearing on ‘The impact of tax policies on the housing crisis in the EU’.

The purpose of the hearing is be to explore the intersection of EU tax matters and the housing crisis. Experts, key sector representatives, and Members of the European Parliament will examine whether some tax practices affect the affordability and accessibility of housing in the EU and which tax policies could contribute to addressing both the immediate challenges and long-term structural issues in the housing sector.

The public hearing will be structured around two panels. The first panel will bring together HOUS and FISC Members with experts to explore the link between taxation and affordability and how tax policies can shape access to housing in the EU. The second panel will focus on how tax policies can contribute to rebalancing the housing market.

MIL OSI Europe News –

May 8, 2025

MIL-OSI: YieldMax™ Introduces Option Income Strategy ETF on Robinhood Markets, Inc. (HOOD)

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

YieldMax™ HOOD Option Income Strategy ETF (NYSE Arca: HOOY)

HOOY seeks to generate current income by pursuing options-based strategies on Robinhood Markets, Inc. (HOOD). HOOY is managed by Tidal Financial Group. HOOY does not invest directly in HOOD.

HOOY is the newest member of the YieldMax™ ETF family and like all YieldMax™ ETFs, aims to deliver current income to investors. With respect to distributions, HOOY will be a Group C ETF, and its first distribution is expected to be announced on May 28, 2025. Please see the table below for distribution information for all outstanding YieldMax™ ETFs.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per Share	Distribution Rate^2,4	30-Day SEC Yield³	ROC⁵
CHPY	YieldMax™ Semiconductor Portfolio Option Income ETF	*Weekly*	$0.3767	–	–	97.94%
GPTY	YieldMax™ AI & Tech Portfolio Option Income ETF	*Weekly*	$0.2738	35.61%	0.00%	100.00%
LFGY	YieldMax™ Crypto Industry & Tech Portfolio Option Income ETF	*Weekly*	$0.7511	105.48%	0.00%	100.00%
QDTY	YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF	*Weekly*	$0.2841	36.92%	0.00%	100.00%
RDTY	YieldMax™ R2000 0DTE Covered Call Strategy ETF	*Weekly*	$0.4634	55.54%	0.00%	100.00%
SDTY	YieldMax™ S&P 500 0DTE Covered Call Strategy ETF	*Weekly*	$0.2714	33.51%	0.00%	100.00%
ULTY	YieldMax™ Ultra Option Income Strategy ETF	*Weekly*	$0.1181	103.33%	0.00%	100.00%
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	*Weekly*	$0.1059	36.97%	70.00%	94.72%
YMAX	YieldMax™ Universe Fund of Option Income ETFs	*Weekly*	$0.1679	66.24%	95.10%	89.73%
BIGY	YieldMax™ Target 12™ Big 50 Option Income ETF	Monthly	$0.4609	12.17%	0.18%	66.89%
RNTY*	YieldMax™ Target 12™ Real Estate Option Income ETF	Monthly	–	–	–	–
SOXY	YieldMax™ Target 12™ Semiconductor Option Income ETF	Monthly	$0.4384	11.99%	0.12%	100.00%
ABNY	YieldMax™ ABNB Option Income Strategy ETF	Every 4 weeks	$0.6020	67.26%	3.22%	94.97%
AIYY	YieldMax™ AI Option Income Strategy ETF	Every 4 weeks	$0.3245	87.29%	3.75%	96.09%
AMDY	YieldMax™ AMD Option Income Strategy ETF	Every 4 weeks	$0.3365	62.11%	3.31%	94.47%
AMZY	YieldMax™ AMZN Option Income Strategy ETF	Every 4 weeks	$0.7963	65.77%	3.68%	94.99%
APLY	YieldMax™ AAPL Option Income Strategy ETF	Every 4 weeks	$0.6512	63.24%	3.13%	94.81%
BABO	YieldMax™ BABA Option Income Strategy ETF	Every 4 weeks	$0.6587	49.99%	4.01%	91.80%
CONY	YieldMax™ COIN Option Income Strategy ETF	Every 4 weeks	$0.6510	115.53%	3.39%	96.77%
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	Every 4 weeks	$0.5616	116.94%	1.81%	0.00%
CVNY	YieldMax™ CVNA Option Income Strategy ETF	Every 4 weeks	$2.6816	88.82%	2.37%	68.30%
DIPS	YieldMax™ Short NVDA Option Income Strategy ETF	Every 4 weeks	$0.6186	76.30%	2.19%	0.00%
DISO	YieldMax™ DIS Option Income Strategy ETF	Every 4 weeks	$0.5291	49.63%	3.72%	94.23%
FBY	YieldMax™ META Option Income Strategy ETF	Every 4 weeks	$0.5216	43.30%	3.86%	91.40%
FEAT	YieldMax™ Dorsey Wright Featured 5 Income ETF	Every 4 weeks	$1.6435	59.38%	55.86%	0.00%
FIAT	YieldMax™ Short COIN Option Income Strategy ETF	Every 4 weeks	$0.5618	105.46%	1.14%	0.00%
FIVY	YieldMax™ Dorsey Wright Hybrid 5 Income ETF	Every 4 weeks	$1.0283	35.56%	38.10%	0.00%
GDXY	YieldMax™ Gold Miners Option Income Strategy ETF	Every 4 weeks	$0.7284	60.35%	2.66%	0.00%
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	Every 4 weeks	$0.3729	41.63%	3.52%	90.74%
JPMO	YieldMax™ JPM Option Income Strategy ETF	Every 4 weeks	$0.5612	46.19%	3.39%	92.60%
MARO	YieldMax™ MARA Option Income Strategy ETF	Every 4 weeks	$1.8468	110.67%	3.33%	97.16%
MRNY	YieldMax™ MRNA Option Income Strategy ETF	Every 4 weeks	$0.1261	71.18%	4.27%	0.00%
MSFO	YieldMax™ MSFT Option Income Strategy ETF	Every 4 weeks	$0.5255	40.57%	3.26%	92.04%
MSTY	YieldMax™ MSTR Option Income Strategy ETF	Every 4 weeks	$2.3734	123.15%	1.00%	98.39%
NFLY	YieldMax™ NFLX Option Income Strategy ETF	Every 4 weeks	$0.9230	65.94%	2.79%	95.72%
NVDY	YieldMax™ NVDA Option Income Strategy ETF	Every 4 weeks	$0.6734	57.41%	3.56%	85.30%
OARK	YieldMax™ Innovation Option Income Strategy ETF	Every 4 weeks	$0.2923	51.00%	3.10%	93.61%
PLTY	YieldMax™ PLTR Option Income Strategy ETF	Every 4 weeks	$4.6556	95.97%	2.36%	98.08%
PYPY	YieldMax™ PYPL Option Income Strategy ETF	Every 4 weeks	$0.5519	56.42%	3.54%	94.52%
SMCY	YieldMax™ SMCI Option Income Strategy ETF	Every 4 weeks	$1.4128	100.24%	3.85%	97.08%
SNOY	YieldMax™ SNOW Option Income Strategy ETF	Every 4 weeks	$0.6864	56.07%	2.87%	94.51%
TSLY	YieldMax™ TSLA Option Income Strategy ETF	Every 4 weeks	$0.6598	103.22%	3.27%	96.85%
TSMY	YieldMax™ TSM Option Income Strategy ETF	Every 4 weeks	$0.5635	49.99%	3.43%	16.38%
WNTR	YieldMax™ Short MSTR Option Income Strategy ETF	Every 4 weeks	$2.7190	85.90%	3.26%	95.65%
XOMO	YieldMax™ XOM Option Income Strategy ETF	Every 4 weeks	$0.3500	35.44%	3.42%	90.74%
XYZY	YieldMax™ XYZ Option Income Strategy ETF	Every 4 weeks	$0.4140	59.93%	3.80%	95.54%
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Every 4 weeks	$0.4110	49.16%	1.20%	30.49%
YQQQ	YieldMax™ Short N100 Option Income Strategy ETF	Every 4 weeks	$0.4357	34.61%	2.97%	91.77%

Standardized Performance and Fund details can be obtained by clicking the ETF Ticker in the table above or by visiting us at www.yieldmaxetfs.com

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH, YQQQ and WNTR are hereinafter referred to as the “Short ETFs.”

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

*The inception date for RNTY is April 16, 2025.

¹All YieldMax™ ETFs shown in the table above (except YMAX, YMAG, FEAT, FIVY and ULTY) have a gross expense ratio of 0.99%. YMAX and FEAT have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. YMAG has a management fee of 0.29% and Acquired Fund Fees and Expenses of 0.83% for a gross expense ratio of 1.12%. FIVY has a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.59% for a gross expense ratio of 0.88%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs. ULTY has a gross expense ratio of 1.40%, and a net expense ratio after the fee waiver of 1.30%. The Advisor has agreed to a fee waiver of 0.10% through at least February 28, 2026.

²The Distribution Rate shown is as of close on May 7, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended April 30, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

⁵ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Important Information

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures

Investing involves risk. Principal loss is possible.

Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

Russell 2000 Index Risks. The Index, which consists of small-cap U.S. companies, is particularly susceptible to economic changes, as these firms often have less financial resilience than larger companies. Market volatility can disproportionately affect these smaller businesses, leading to significant price swings. Additionally, these companies are often more exposed to specific industry risks and have less diverse revenue streams. They can also be more vulnerable to changes in domestic regulatory or policy environments.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX®, SNOW, ABNB, BABA, TSM, SMCI, PLTR, MARA, CVNA, HOOD), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to GPTY)

Artificial Intelligence Risk. Issuers engaged in artificial intelligence typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an artificial intelligence company.

Technology Sector Risk. The Fund will invest substantially in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

Risk Disclosure (applicable only to MARO)

Digital Assets Risk: The Fund does not invest directly in Bitcoin or any other digital assets. The Fund does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. The Fund does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than the Fund. Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX®), which subjects the Fund to some of the same risks as if it owned GDX®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA, MSTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to CHPY)

Semiconductor Industry Risk. Semiconductor companies may face intense competition, both domestically and internationally, and such competition may have an adverse effect on their profit margins. Semiconductor companies may have limited product lines, markets, financial resources or personnel. Semiconductor companies’ supply chain and operations are dependent on the availability of materials that meet exacting standards and the use of third parties to provide components and services.

The products of semiconductor companies may face obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Capital equipment expenditures could be substantial, and equipment generally suffers from rapid obsolescence. Companies in the semiconductor industry are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights would adversely affect the profitability of these companies.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

The MIL Network –

May 8, 2025

MIL-OSI Economics: Pål Longva: Policy rate kept unchanged

Source: Bank for International Settlements

Presentation accompanying the speech

Chart 1: Policy rate kept unchanged at 4.5 percent

Norges Bank is tasked with keeping inflation low and stable. The operational target is inflation of close to 2 percent over time. We are also mandated to help keep employment as high as possible and to promote economic stability.

When inflation surged three years ago, we raised the policy rate sharply and rapidly. The policy rate has been held at 4.5 percent for more than a year. Inflation has fallen markedly from the peak but is still above target. Unemployment has edged up in recent years, albeit from a low level.

At yesterday’s monetary policy meeting, the Monetary Policy and Financial Stability Committee decided to keep the policy rate unchanged at 4.5 percent.

There is uncertainty about future economic developments, but the Committee’s current assessment of the outlook implies that the policy rate will most likely be reduced in the course of 2025.

We have not made new forecasts for this monetary policy meeting but have assessed new information about economic developments against the forecasts presented in March. I will now provide an account of these assessments, starting with international developments.

The global economy is marked by uncertainty about future trade policies. The US has raised tariffs on a range of goods, and some countries have responded with counter-measures. Trade barriers are now more extensive, and the global growth outlook appears to be weaker than assumed in the March Monetary Policy Report. While higher tariffs alone could push up inflation, lower global growth could dampen inflation.

Interest rate expectations have fallen internationally since March. Oil and gas prices and prices for a number of other commodities have fallen.

Global trade uncertainty has led to large movements in financial markets. Major equity indices fell sharply at the beginning of April but have since largely been reversed. Increased market stress and the fall in oil prices coincided with the krone weakening somewhat.

Tariffs have also risen for Norway. The US has imposed a tariff of 10 percent on many Norwegian goods and has announced an increase to 15 percent. The direct effect on growth in the Norwegian economy is likely limited, but global trade uncertainty could dampen activity.

Chart 2: Registered unemployment is little changed

So far, activity in the Norwegian economy has been broadly as expected. Activity in the primary housing market appears to have picked up a little recently but is still at a low level. House prices have been lower than projected. The employment rate is high, and employment is somewhat higher than expected. In recent months, registered unemployment has shown little change.

Chart 3: Inflation is still above target

Since the end of 2024, inflation in Norway has risen somewhat. In March, consumer price inflation fell to 2.6 percent. Inflation adjusted for tax changes and excluding energy products was stable at 3.4 percent. This was in line with our expectations. Overall inflation is primarily being driven by the rise in prices for food and services. The wage norm for manufacturing in 2025 is close to the Bank’s projection of overall annual wage growth. High growth in business costs is likely to stoke inflation ahead. Since the March Report, the krone has been weaker than expected. A weaker krone means higher prices for imported goods.

In summary, our assessment is that a restrictive monetary policy is still needed to bring inflation down to target within a reasonable time horizon. If the policy rate is lowered prematurely, prices may continue to rise rapidly. On the other hand, an overly tight monetary policy could restrict the economy more than needed to bring inflation down to target.

Since March, developments in the Norwegian economy have been broadly as expected. Trade barriers have, however, become more extensive, and there is uncertainty about future trade policies. This may pull the interest rate outlook in different directions. On the one hand, the global growth outlook appears to be weaker, and oil prices have fallen. Norway’s main trading partners are now expected to make more rate cuts than previously. On the other hand, the krone has weakened somewhat and been weaker than assumed.

The uncertainty surrounding the outlook is greater than normal, and the future path of the policy rate will depend on economic developments. The Committee will have received more information ahead of its next monetary policy meeting in June when new forecasts will also be presented.

MIL OSI Economics –

May 8, 2025
MIL-OSI USA: Cramer, Gallego Introduce Bipartisan Legislation to Improve Home Appraisal Process

US Senate News:

Source: United States Senator Kevin Cramer (R-ND)
WASHINGTON, D.C. – U.S. Senators Kevin Cramer (R-ND) and Ruben Gallego (D-AZ) introduced their bipartisan Appraisal Industry Improvement Act to improve access to housing in rural communities. This legislation comes as rural housing markets experience a shortage of trained appraisers and an aging appraiser workforce. Two thirds of appraisers are older than 51, while only 13% are younger than 35. These dynamics contribute to worker shortages, resulting in delays for appraisals and extending the homebuying process for purchasers and sellers. North Dakotans have experienced an average wait time of 21 days for home appraisals, while the national average is between six to nine days.
To support the home appraisal workforce and speed up the appraisal process, the bill will add state credentialed trainee appraisers to the national Appraiser Registry run by the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council as well as add representation from the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture Rural Housing Service. It also allows ASC grants for state appraiser certification and licensing agencies to support education and training to address appraiser industry workforce needs. The legislation authorizes ASC to decrease annual registry fees if they determine the fees adversely impact functions and renews licensed residential appraisers’ ability to conduct appraisals on FHA properties.
“Housing markets, and especially rural markets like the ones we see across North Dakota, are negatively impacted by a shortage of trained appraisers,”said Cramer. “Our economy has a labor crunch and appraisers are no exception. Adding state-licensed appraisers to the national registry and supporting training and education efforts are solutions to speeding up the homebuying process. This bill improves access to the housing market without decreasing the quality of appraisals.”
“Appraisals are a critical part of the home buying and selling process, but right now a shortage of licensed appraisers is delaying home purchases and raising costs for Arizonans, particularly in rural and tribal areas,” said Gallego. “As I work to ensure the dream of homeownership is within reach for every hardworking family, I’m proud to help introduce this commonsense, bipartisan bill to boost the appraisals workforce and improve service to underserved areas.”
Click here for bill text.

MIL OSI USA News –

May 8, 2025

MIL-OSI: Global Net Lease Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

– Successfully Closed First Phase of Multi-Tenant Portfolio Sale Resulting in $1.1 Billion of Gross Proceeds; On Track to Close Remaining Multi-Tenant Portfolio Sale by End of Q2’25

– Reduced Net Debt by $833 Million in Q1’25; Improved Net Debt to Adjusted EBITDA to 6.7x

– Repurchased 7.9 Million Shares at a Weighted Average Price of $7.50 Totaling $59 Million as of May 2, 2025

– Reaffirms 2025 Guidance

NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”), an internally managed real estate investment trust that focuses on acquiring and managing a globally diversified portfolio of strategically located commercial real estate properties, announced today its financial and operating results for the quarter ended March 31, 2025.

First Quarter 2025 Highlights

Successfully closed the first phase of the sale of the multi-tenant portfolio, consisting of 59 unencumbered assets, with the net proceeds used to pay down $850 million of the Revolving Credit Facility
Remain on track to close the remaining two phases of the multi-tenant portfolio sale, consisting of 41 encumbered assets, by the end of the second quarter 2025, after which GNL expects to begin realizing G&A savings and enhanced portfolio metrics
Revenue was $132.4 million in first quarter 2025, compared to $147.9 million in first quarter 2024, primarily as a result of asset dispositions
Net loss attributable to common stockholders was $200.3 million, compared to a net loss of $34.7 million in first quarter 2024, primarily caused by the timing and purchase price allocation associated with the partial completion of the multi-tenant portfolio sale
Net loss attributable to common stockholders is expected to significantly improve upon completion of the sale of the remaining multi-tenant portfolio
Core Funds from Operations (“Core FFO”) was $35.0 million compared to $56.6 million in first quarter 2024, primarily as a result of asset dispositions, including the multi-tenant portfolio sale
Adjusted Funds from Operations (“AFFO”)¹ was $66.2 million, or $0.29 per share, compared to $75.0 million in first quarter 2024, or $0.33 per share, primarily as a result of asset dispositions, including the multi-tenant portfolio sale
2025 closed plus disposition pipeline totals $2.1 billion² at a cash cap rate of 8.3% and a weighted average lease term of 5.2 years; maintains focus on using net proceeds from non-core asset sales to reduce leverage and strengthen the balance sheet
Reduced Net Debt by $1.5 billion since first quarter 2024, including $833.2 million in first quarter 2025, improving Net Debt to Adjusted EBITDA from 8.4x to 6.7x over the same period
As of May 2, 2025, the Company has repurchased 7.9 million shares of its outstanding common stock under its Share Repurchase Program announced in February 2025, at a weighted average price of $7.50, for a total of $59.4 million; this includes 2.4 million shares for a total of $19.4 million repurchased in first quarter 2025
Leased over 826,000 square feet across the single-tenant portfolio, resulting in nearly $6.1 million of new straight-line rent
Single-tenant renewal leasing spread of 8.2% with a weighted average lease term of 6.6 years; new leases completed in the single-tenant portfolio in the quarter had a weighted average lease term of 5.0 years
Weighted average annual rent increase of 1.5% provides organic rental growth, excluding 18.7% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases
Sector-leading 60% of annualized straight-line rent comes from investment-grade or implied investment-grade tenants³

“The first quarter of 2025 was a pivotal period in GNL’s transformation as we took important steps to streamline our portfolio, strengthen the balance sheet, and enhance financial flexibility,” said Michael Weil, CEO of GNL. “We believe with lower leverage, greater liquidity, and disciplined execution and capital allocation, GNL is better positioned to operate more efficiently and pursue new opportunities aligned with our strategic vision. These foundational initiatives are not only aimed at improving near-term metrics, but at building lasting resilience and long-term value for shareholders. As we continue executing on our strategy, we believe these efforts will help narrow the trading gap between GNL and our net lease peers. We look forward to completing the final two phases of the multi-tenant portfolio sale in the second quarter and carrying that momentum into the second half of 2025 and beyond.”

Full Year 2025 Guidance Update⁴

The Company reaffirms its 2025 AFFO per Share guidance range of $0.90 to $0.96 and Net Debt to Adjusted EBITDA range of 6.5x to 7.1x.

Summary of Results

	Three Months Ended March 31,
(In thousands, except per share data)		2025			2024
Revenue from tenants	$	132,415		$	147,880

Net loss attributable to common stockholders	$	(200,315	)	$	(34,687	)
Net loss per diluted common share	$	(0.87	)	$	(0.15	)

NAREIT defined FFO attributable to common stockholders	$	32,961		$	55,773
NAREIT defined FFO per diluted common share	$	0.14		$	0.24

Core FFO attributable to common stockholders	$	34,967		$	56,592
Core FFO per diluted common share	$	0.15		$	0.25

AFFO attributable to common stockholders	$	66,220		$	74,964
AFFO per diluted common share	$	0.29		$	0.33

Property Portfolio

As of March 31, 2025, the Company’s portfolio of 1,045 net lease properties is located in ten countries and territories, and is comprised of 51.3 million rentable square feet. As a result of the agreement to sell 100 of the 101 properties in its former multi-tenant retail segment in connection with the Multi-Tenant Retail Disposition, the Company has determined that as of March 31, 2025, the Company operates in three remaining reportable segments based on property type: (1) Industrial & Distribution, (2) Retail (formerly known as “Single-Tenant Retail”) and (3) Office. The real estate portfolio metrics include (inclusive of the properties to be sold in the remaining two phases of the multi-tenant portfolio sale):

95% leased (98%⁵ adjusting for vacant properties sold shortly after the first quarter of 2025) with a remaining weighted-average lease term of 6.3 years⁶
86% of the portfolio contains contractual rent increases based on annualized straight-line rent
60% of portfolio annualized straight-line rent derived from investment grade and implied investment grade rated tenants
76% U.S. and Canada, 24% Europe (based on annualized straight-line rent)
40% Industrial & Distribution, 25% Retail, 22% Office and 13% related to the remaining 41 properties in the Multi-Tenant Retail Portfolio that are expected to be sold in the second quarter of 2025 (based on an annualized straight-line rent)

Capital Structure and Liquidity Resources⁷

As of March 31, 2025, the Company had liquidity of $499.1 million and $1.4 billion of capacity under its revolving credit facility. The Company had net debt of $3.7 billion⁸, including $2.3 billion of gross mortgage debt. The Company successfully reduced its outstanding net debt balance by $833.2 million from fourth quarter 2024.

As of March 31, 2025, the percentage of debt that is fixed rate (including variable rate debt fixed with swaps) was 91%. The Company’s total combined debt had a weighted average interest rate of 4.2% (4.4% when including mortgages classified as part of discontinued operations) resulting in an interest coverage ratio of 2.5 times⁹. Weighted-average debt maturity was 2.7 years as of March 31, 2025.

Footnotes/Definitions

¹ While we consider AFFO a useful indicator of our performance, we do not consider AFFO as an alternative to net income (loss) or as a measure of liquidity. Furthermore, other REITs may define AFFO differently than we do. Projected AFFO per share data included in this release is for informational purposes only and should not be relied upon as indicative of future dividends or as a measure of future liquidity.
² Closed plus disposition pipeline of $2.1 billion as of May 1, 2025. Includes $1.9 billion of closed plus pipeline occupied dispositions at a cash cap rate of 8.3% and $201 million of closed plus pipeline vacant dispositions. The properties included in our disposition pipeline for such purposes include those for which we have entered into purchase and sale agreements (“PSAs”) or non-binding letters of intents (“LOIs”). There can be no assurance that the transactions contemplated by such PSAs or LOIs will be completed on the terms contemplated, if at all.
³ As used herein, “Investment Grade Rating” includes both actual investment grade ratings of the tenant or guarantor, if available, or implied investment grade. Implied Investment Grade may include actual ratings of tenant parent, guarantor parent (regardless of whether or not the parent has guaranteed the tenant’s obligation under the lease) or by using a proprietary Moody’s analytical tool, which generates an implied rating by measuring a company’s probability of default. The term “parent” for these purposes includes any entity, including any governmental entity, owning more than 50% of the voting stock in a tenant or a guarantor. Ratings information is as of March 31, 2025. Comprised of 33.3% leased to tenants with an actual investment grade rating and 26.8% leased to tenants with an Implied Investment Grade rating based on annualized cash rent as of March 31, 2025.
⁴ We do not provide guidance on net income. We only provide guidance on AFFO per share and our Net Debt to Adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share or our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliations as a result of their unknown effect, timing and potential significance. Examples of such items include impairment of assets, gains and losses from sales of assets, and depreciation and amortization from new acquisitions and other non-recurring expenses.
⁵ First quarter 2025 occupancy was temporarily impacted by the vacancy of Contractor’s Steel, a privately-owned and operated full-service steel supplier that occupied nearly 1.4 million square feet. Following their departure and subsequent to the first quarter of 2025, GNL sold all five vacant properties, which helped minimize vacancy downtime. Including the sale of these properties, GNL’s pro-forma first quarter of 2025 occupancy would be 98% compared to the 95% provided in company filings.
⁶ Weighted-average remaining lease term in years is based on square feet as of March 31, 2025.
⁷ During the three months ended March 31, 2025, the Company did not sell any shares of Common Stock or Series B Preferred Stock through its Common Stock or Series B Preferred Stock “at-the-market” programs. However, as of May 2, 2025, the Company had repurchased 7.9 million shares of its outstanding common stock under its Share Repurchase Program for a total of $59.4 million, including 2.4 million shares repurchased in the first quarter of 2025 for a net amount of $19.4 million.
⁸ Comprised of the principal amount of GNL’s outstanding debt totaling $3.9 billion less cash and cash equivalents totaling $147.0 million, as of March 31, 2025.
⁹ The interest coverage ratio is calculated by dividing adjusted EBITDA for the applicable quarter by cash paid for interest (calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net). Management believes that Interest Coverage Ratio is a useful supplemental measure of our ability to service our debt obligations. Adjusted EBITDA and Cash Paid for Interest are Non-GAAP metrics and are reconciled below.

Conference Call

GNL will host a webcast and conference call on May 8, 2025 at 11:00 a.m. ET to discuss its financial and operating results.

To listen to the live call, please go to GNL’s “Investor Relations” section of the website at least 15 minutes prior to the start of the call to register and download any necessary audio software.

Dial-in instructions for the conference call and the replay are outlined below.

Conference Call Details

Live Call

Dial-In (Toll Free): 1-877-407-0792
International Dial-In: 1-201-689-8263

Conference Replay*

For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website at www.globalnetlease.com

Or dial in below:

Domestic Dial-In (Toll Free): 1-844-512-2921

International Dial-In: 1-412-317-6671

Conference Number: 13750622

*Available from 2:00 p.m. ET on May 8, 2025 through August 8, 2025.

Supplemental Schedules

The Company will furnish supplemental information packages with the Securities and Exchange Commission (the “SEC”) to provide additional disclosure and financial information. Once posted, the supplemental package can be found under the “Presentations” tab in the Investor Relations section of GNL’s website at www.globalnetlease.com and on the SEC website at www.sec.gov.

About Global Net Lease, Inc.

Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, United Kingdom, and Western and Northern Europe. Additional information about GNL can be found on its website at www.globalnetlease.com.

Forward-Looking Statements

The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks that any potential future acquisition or disposition (including the proposed closing of the encumbered properties portion of the multi-tenant portfolio) by the Company is subject to market conditions, capital availability and timing considerations and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements are set forth in the “Risk Factors” and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

Contacts:

Investors and Media:
Email: investorrelations@globalnetlease.com
Phone: (332) 265-2020


Global Net Lease, Inc. Consolidated Balance Sheets (Unaudited) (In thousands)
	March 31, 2025			December 31, 2024
ASSETS
Real estate investments, at cost:
Land	$	755,520		$	802,317
Buildings, fixtures and improvements		3,972,434			4,120,664
Construction in progress		2,024			3,364
Acquired intangible lease assets		648,368			695,597
Total real estate investments, at cost		5,378,346			5,621,942
Less accumulated depreciation and amortization		(1,016,159	)		(999,909	)
Total real estate investments, net		4,362,187			4,622,033
Real estate assets held for sale		171,675			17,406
Assets related to discontinued operations		670,483			1,816,131
Cash and cash equivalents		147,047			159,698
Restricted cash		59,144			64,510
Derivative assets, at fair value		327			2,471
Unbilled straight-line rent		92,757			89,804
Operating lease right-of-use asset		67,461			66,163
Prepaid expenses and other assets		51,360			51,504
Multi-tenant disposition receivable, net		108,729			—
Deferred tax assets		4,915			4,866
Goodwill		44,842			51,370
Deferred financing costs, net		8,407			9,808
Total Assets	$	5,789,334		$	6,955,764

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	1,774,116		$	1,768,608
Revolving credit facility		547,406			1,390,292
Senior notes, net		911,416			906,101
Acquired intangible lease liabilities, net		20,441			24,353
Derivative liabilities, at fair value		2,679			3,719
Accounts payable and accrued expenses		47,789			52,878
Operating lease liability		40,673			40,080
Prepaid rent		14,389			13,571
Deferred tax liability		5,991			5,477
Dividends payable		11,990			11,909
Real estate liabilities held for sale		1,377			—
Liabilities related to discontinued operations		495,515			551,818
Total Liabilities		3,873,782			4,768,806
Commitments and contingencies		—			—
Stockholders’ Equity:
7.25% Series A cumulative redeemable preferred stock		68			68
6.875% Series B cumulative redeemable perpetual preferred stock		47			47
7.50% Series D cumulative redeemable perpetual preferred stock		79			79
7.375% Series E cumulative redeemable perpetual preferred stock		46			46
Common stock		3,617			3,640
Additional paid-in capital		4,342,134			4,359,264
Accumulated other comprehensive loss		(15,755	)		(25,844	)
Accumulated deficit		(2,414,684	)		(2,150,342	)
Total Stockholders’ Equity		1,915,552			2,186,958
Total Liabilities and Equity	$	5,789,334		$	6,955,764

Global Net Lease, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share data)
	Three Months Ended March 31,
		2025			2024
Revenue from tenants	$	132,415		$	147,880

Expenses:
Property operating		13,953			17,796
Impairment charges		60,315			4,327
Merger, transaction and other costs		1,579			753
General and administrative		16,203			14,663
Equity-based compensation		3,093			1,973
Depreciation and amortization		56,334			57,172
Goodwill impairment		7,134			—
Total expenses		158,611			96,684
Operating (loss) income before gain on dispositions of real estate investments		(26,196	)		51,196
(Loss) gain on dispositions of real estate investments		(1,678	)		5,868
Operating (loss) income		(27,874	)		57,064
Other income (expense):
Interest expense		(53,437	)		(64,593	)
Loss on extinguishment and modification of debt		(418	)		(58	)
(Loss) gain on derivative instruments		(3,856	)		1,588
Unrealized (losses) gains on undesignated foreign currency advances and other hedge ineffectiveness		(6,351	)		1,032
Other income (expense)		48			(40	)
Total other expense, net		(64,014	)		(62,071	)
Net loss before income taxes		(91,888	)		(5,007	)
Income tax provision		(3,280	)		(2,358	)
Loss from continuing operations		(95,168	)		(7,365	)
Loss from discontinued operations		(94,211	)		(16,386	)
Net loss		(189,379	)		(23,751	)
Preferred stock dividends		(10,936	)		(10,936	)
Net loss attributable to common stockholders	$	(200,315	)	$	(34,687	)

Basic and Diluted Loss Per Share:
Net loss per share from continuing operations	$	(0.46	)	$	(0.08	)
Net loss per share from discontinued operations		(0.41	)		(0.07	)
Net loss per share attributable to common stockholders — Basic and Diluted^[1]	$	(0.87	)	$	(0.15	)

Weighted average shares outstanding — Basic and Diluted		230,264			230,320

Global Net Lease, Inc. Quarterly Reconciliation of Non-GAAP Measures (Unaudited) (In thousands)
	Three Months Ended March 31,
		2025			2024
Adjusted EBITDA
Net loss	$	(189,379	)	$	(23,751	)
Depreciation and amortization		56,334			57,172
Interest expense		53,437			64,593
Income tax expense		3,280			2,358
Discontinued operations adjustments		47,219			53,018
EBITDA		(29,109	)		153,390
Impairment charges		60,315			4,327
Equity-based compensation		3,093			1,973
Merger, transaction and other costs		1,579			753
Loss (gain) on dispositions of real estate investments		1,678			(5,867	)
Loss (gain) on derivative instruments		3,856			(1,588	)
Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness		6,351			(1,032	)
Loss on extinguishment and modification of debt		418			58
Other (income) expense		(48	)		40
Expenses attributable to European tax restructuring^[1]		—			469
Transition costs related to the REIT Merger and Internalization^[2]		—			2,826
Goodwill impairment^[3]		7,134			—
Discontinued operations adjustments		83,149			(16	)
Adjusted EBITDA		138,416			155,333
Net operating income (NOI)
General and administrative		16,203			14,663
Expenses attributable to European tax restructuring^[1]		—			(469	)
Transition costs related to the Merger and Internalization^[2]		—			(2,826	)
Discontinued operations adjustments		1,255			1,514
NOI		155,874			168,215
Amortization related to above- and below- market lease intangibles and right-of-use assets, net		160			2,225
Straight-line rent		(5,235	)		(4,562	)
Cash NOI	$	150,799		$	165,878

Cash Paid for Interest:
Interest Expense – continuing operations	$	53,437		$	64,593
Interest Expense – discontinued operations		17,457			18,160
Non-cash portion of interest expense		(2,486	)		(2,394	)
Amortization of discounts on mortgages and senior notes		(13,960	)		(15,338	)
Total cash paid for interest	$	54,448		$	65,021

_____________ ^[1] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts. ^[2] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased Adjusted EBITDA for these amounts. ^[3] This is a non-cash item and is added back as it is not considered indicative of operating performance.

Global Net Lease, Inc. Quarterly Reconciliation of Non-GAAP Measures (Unaudited) (In thousands)
	Three Months Ended March 31,
		2025			2024
Net loss attributable to stockholders (in accordance with GAAP)	$	(200,315	)	$	(34,687	)
Impairment charges		60,315			4,327
Depreciation and amortization		56,334			57,172
Loss (gain) on dispositions of real estate investments		1,678			(5,867	)
Discontinued operations FFO adjustments		114,949			34,828
FFO (defined by NAREIT)		32,961			55,773
Merger, transaction and other costs		1,579			753
Loss on extinguishment and modification of debt		418			58
Discontinued operations Core FFO adjustments		9			8
Core FFO attributable to common stockholders		34,967			56,592
Non-cash equity-based compensation		3,093			1,973
Non-cash portion of interest expense		2,486			2,394
Amortization related to above- and below-market lease intangibles and right-of-use assets, net		160			2,225
Straight-line rent		(5,235	)		(4,562	)
Unrealized losses (gains) on undesignated foreign currency advances and other hedge ineffectiveness		6,351			(1,032	)
Eliminate unrealized losses (gains) on foreign currency transactions^[1]		3,304			(1,259	)
Amortization of discounts on mortgages and senior notes		13,960			15,338
Expenses attributable to European tax restructuring^[2]		—			469
Transition costs related to the REIT Merger and Internalization^[3]		—			2,826
Goodwill impairment^[4]		7,134			—
Adjusted funds from operations (AFFO) attributable to common stockholders	$	66,220		$	74,964

_____________ ^[1] For AFFO purposes, we add back unrealized (gain) loss. For the three months ended March 31, 2025, loss on derivative instruments was $3.9 million, which consisted of unrealized losses of $3.3 million and realized losses of $0.6 million. For the three months ended March 31, 2024, the gain on derivative instruments was $1.6 million which consisted of unrealized gains of $1.3 million and realized gains of $0.3 million. ^[2] Amounts relate to costs incurred related to the tax restructuring of our European entities. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts. ^[3] Amounts include costs related to (i) compensation incurred for our former Co-Chief Executive Officer who retired effective March 31, 2024; (ii) a transition service agreement with our former advisor and; (iii) insurance premiums related to expiring directors and officers insurance of former RTL directors. We do not consider these expenses to be part of our normal operating performance and have, accordingly, increased AFFO for these amounts. ^[4] This is a non-cash item and is added back as it is not considered indicative of operating performance.

The following table provides operating financial information for the Company’s reportable segments:

	Three Months Ended March 31,
(In thousands)		2025		2024
Industrial & Distribution:
Revenue from tenants	$	58,009	$	61,994
Property operating expense		5,257		4,644
Net Operating Income	$	52,752	$	57,350

Retail^[^{1], [2]}:
Revenue from tenants	$	36,958	$	42,595
Property operating expense		3,906		5,098
Net Operating Income	$	33,052	$	37,497

Office^[^2]:
Revenue from tenants	$	37,448	$	35,096
Property operating expense		4,790		5,258
Net Operating Income	$	32,658	$	29,838

Multi-Tenant Retail^[^3]:
Revenue from tenants	$	—	$	8,195
Property operating expense		—		2,796
Net Operating Income	$	—	$	5,399

_____________ ^[1] Amounts in the Retail segment reflect the reclassification and inclusion of one property that was previously part of the Multi-Tenant Retail segment, which is not included in the Multi-Tenant Retail Disposition. ^[2] Amounts in the Retail segment and Office segment reflect changes to the reclassification of one tenant from the Office segment to the Retail segment to conform to the current year presentation based on a re-evaluation of the property type. ^[3] Reflects former Multi-Tenant Retail properties that were sold individually prior to December 31, 2024. Does not include the Multi-Tenant Retail Portfolio which is presented as a discontinued operation.

Caution on Use of Non-GAAP Measures

Funds from Operations (“FFO”), Core Funds from Operations (“Core FFO”), Adjusted Funds from Operations (“AFFO”), Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”), Net Operating Income (“NOI”) and Cash Net Operating Income (“Cash NOI”) and Cash Paid for Interest should not be construed to be more relevant or accurate than the current GAAP methodology in calculating net income or in its applicability in evaluating our operating performance. The method utilized to evaluate the value and performance of real estate under GAAP should be construed as a more relevant measure of operational performance and considered more prominently than the non-GAAP measures.

Other REITs may not define FFO in accordance with the current National Association of Real Estate Investment Trusts (“NAREIT”) definition (as we do), or may interpret the current NAREIT definition differently than we do, or may calculate Core FFO or AFFO differently than we do. Consequently, our presentation of FFO, Core FFO and AFFO may not be comparable to other similarly-titled measures presented by other REITs in our peer group.

We consider FFO, Core FFO and AFFO useful indicators of our performance. Because FFO, Core FFO and AFFO calculations exclude such factors as depreciation and amortization of real estate assets and gain or loss from sales of operating real estate assets (which can vary among owners of identical assets in similar conditions based on historical cost accounting and useful-life estimates), FFO, Core FFO and AFFO presentations facilitate comparisons of operating performance between periods and between other REITs.

As a result, we believe that the use of FFO, Core FFO and AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance including relative to our peers and a more informed and appropriate basis on which to make decisions involving operating, financing, and investing activities. However, FFO, Core FFO and AFFO are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Investors are cautioned that FFO, Core FFO and AFFO should only be used to assess the sustainability of our operating performance excluding these activities, as they exclude certain costs that have a negative effect on our operating performance during the periods in which these costs are incurred.

Funds from Operations, Core Funds from Operations and Adjusted Funds from Operations

Funds From Operations

Due to certain unique operating characteristics of real estate companies, as discussed below, NAREIT, an industry trade group, has promulgated a measure known as FFO, which we believe to be an appropriate supplemental measure to reflect the operating performance of a REIT. FFO is not equivalent to net income or loss as determined under GAAP.

We calculate FFO, a non-GAAP measure, consistent with the standards established over time by the Board of Governors of NAREIT, as restated in a White Paper approved by the Board of Governors of NAREIT effective in December 2018 (the “White Paper”). The White Paper defines FFO as net income or loss computed in accordance with GAAP, excluding depreciation and amortization related to real estate, gain and loss from the sale of certain real estate assets, gain and loss from change in control and impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to exclude the proportionate share of the non-controlling interest to arrive at FFO, Core FFO, AFFO and NOI attributable to stockholders, as applicable. Our FFO calculation complies with NAREIT’s definition.

FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and loss (gain) on dispositions of real estate investments.

The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, and straight-line amortization of intangibles, which implies that the value of a real estate asset diminishes predictably over time. We believe that, because real estate values historically rise and fall with market conditions, including inflation, interest rates, unemployment and consumer spending, presentations of operating results for a REIT using historical accounting for depreciation and certain other items may be less informative. Historical accounting for real estate involves the use of GAAP. Any other method of accounting for real estate such as the fair value method cannot be construed to be any more accurate or relevant than the comparable methodologies of real estate valuation found in GAAP. Nevertheless, we believe that the use of FFO, which excludes the impact of real estate related depreciation and amortization, among other things, provides a more complete understanding of our performance to investors and to management, and when compared year over year, reflects the impact on our operations from trends in occupancy rates, rental rates, operating costs, general and administrative expenses, and interest costs, which may not be immediately apparent from net income.

Core Funds From Operations

In calculating Core FFO, we start with FFO, then we exclude certain non-core items such as merger, transaction and other costs, as well as certain other costs that are considered to be non-core, such as debt extinguishment or modification costs. The purchase of properties, and the corresponding expenses associated with that process, is a key operational feature of our core business plan to generate operational income and cash flows in order to make dividend payments to stockholders. In evaluating investments in real estate, we differentiate the costs to acquire the investment from the subsequent operations of the investment. We also add back non-cash write-offs of deferred financing costs, prepayment penalties and certain other costs incurred with the early extinguishment or modification of debt which are included in net income but are considered financing cash flows when paid in the statement of cash flows. We consider these write-offs and prepayment penalties to be capital transactions and not indicative of operations. By excluding expensed acquisition, transaction and other costs as well as non-core costs, we believe Core FFO provides useful supplemental information that is comparable for each type of real estate investment and is consistent with management’s analysis of the investing and operating performance of our properties.

Core FFO includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for acquisition and transaction costs and loss on extinguishment of debt.

Adjusted Funds From Operations

In calculating AFFO, we start with Core FFO, then we exclude certain income or expense items from AFFO that we consider more reflective of investing activities, other non-cash income and expense items and the income and expense effects of other activities or items, including items that were paid in cash that are not a fundamental attribute of our business plan or were one time or non-recurring items. These items include, for example, early extinguishment or modification of debt and other items excluded in Core FFO as well as unrealized gain and loss, which may not ultimately be realized, such as gain or loss on derivative instruments, gain or loss on foreign currency transactions, and gain or loss on investments. In addition, by excluding non-cash income and expense items such as amortization of above-market and below-market leases intangibles, amortization of deferred financing costs, straight-line rent and equity-based compensation from AFFO, we believe we provide useful information regarding income and expense items which have a direct impact on our ongoing operating performance. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. We also include the realized gain or loss on foreign currency exchange contracts for AFFO as such items are part of our ongoing operations and affect our current operating performance.

In calculating AFFO, we also exclude certain expenses which under GAAP are treated as operating expenses in determining operating net income. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications and merger related expenses) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are excluded by us as we believe they are not reflective of our on-going performance. Further, under GAAP, certain contemplated non-cash fair value and other non-cash adjustments are considered operating non-cash adjustments to net income. In addition, as discussed above, we view gain and loss from fair value adjustments as items which are unrealized and may not ultimately be realized and not reflective of ongoing operations and are therefore typically adjusted for when assessing operating performance. Excluding income and expense items detailed above from our calculation of AFFO provides information consistent with management’s analysis of our operating performance. Additionally, fair value adjustments, which are based on the impact of current market fluctuations and underlying assessments of general market conditions, but can also result from operational factors such as rental and occupancy rates, may not be directly related or attributable to our current operating performance. By excluding such changes that may reflect anticipated and unrealized gain or loss, we believe AFFO provides useful supplemental information. By providing AFFO, we believe we are presenting useful information that can be used to, among other things, assess our performance without the impact of transactions or other items that are not related to our portfolio of properties. AFFO presented by us may not be comparable to AFFO reported by other REITs that define AFFO differently. Furthermore, we believe that in order to facilitate a clear understanding of our operating results, AFFO should be examined in conjunction with net income (loss) calculated in accordance with GAAP and presented in our consolidated financial statements. AFFO should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity or ability to make distributions.

Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, Net Operating Income, Cash Net Operating Income and Cash Paid for Interest

We believe that Adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization adjusted for acquisition, transaction and other costs, other non-cash items and including our pro-rata share from unconsolidated joint ventures, is an appropriate measure of our ability to incur and service debt. We also exclude revenue attributable to the reimbursement by third parties of financing costs that we originally incurred because these revenues are not, in our view, related to operating performance. All paid and accrued acquisition, transaction and other costs (including prepayment penalties for debt extinguishments or modifications) and certain other expenses, including expenses related to our European tax restructuring and transition costs related to the Merger and Internalization, negatively impact our operating performance during the period in which expenses are incurred or properties are acquired and will also have negative effects on returns to investors, but are not reflective of on-going performance. Adjusted EBITDA should not be considered as an alternative to cash flows from operating activities, as a measure of our liquidity or as an alternative to net income (loss) as calculated in accordance with GAAP as an indicator of our operating activities. Other REITs may calculate Adjusted EBITDA differently and our calculation should not be compared to that of other REITs.

EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for depreciation and amortization and interest expense. Adjusted EBITDA includes adjustments related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, which includes adjustments for merger, transaction and other costs, (loss) gain on dispositions of real estate investments, loss (gain) on derivative instruments, loss on extinguishment of debt and other income (expense).

NOI is a non-GAAP financial measure equal to net income (loss), the most directly comparable GAAP financial measure, less discontinued operations, interest, other income and income from preferred equity investments and investment securities, plus corporate general and administrative expense, acquisition, transaction and other costs, depreciation and amortization, other non-cash expenses and interest expense. We use NOI internally as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. Therefore, we believe NOI is a useful measure for evaluating the operating performance of our real estate assets and to make decisions about resource allocations. Further, we believe NOI is useful to investors as a performance measure because, when compared across periods, NOI reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition activity on an unlevered basis, providing perspective not immediately apparent from net income. NOI excludes certain components from net income in order to provide results that are more closely related to a property’s results of operations. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. In addition, depreciation and amortization, because of historical cost accounting and useful life estimates, may distort operating performance at the property level. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. We believe that in order to facilitate a clear understanding of our operating results, NOI should be examined in conjunction with net income (loss) as presented in our consolidated financial statements. NOI should not be considered as an alternative to net income (loss) as an indication of our performance or to cash flows as a measure of our liquidity.

Cash NOI is a non-GAAP financial measure that is intended to reflect the performance of our properties. We define Cash NOI as net operating income (which is separately defined herein) excluding amortization of above/below market lease intangibles and straight-line rent adjustments that are included in GAAP lease revenues. We believe that Cash NOI is a helpful measure that both investors and management can use to evaluate the current financial performance of our properties and it allows for comparison of our operating performance between periods and to other REITs. Cash NOI should not be considered as an alternative to net income, as an indication of our financial performance, or to cash flows as a measure of liquidity or our ability to fund all needs. The method by which we calculate and present Cash NOI may not be directly comparable to the way other REITs calculate and present Cash NOI.

Cash NOI includes all of the adjustments described above for Adjusted EBITDA related to the treatment of the sale of the Multi-Tenant Retail Portfolio as a discontinued operation, as well as adjustments for general and administrative expenses.

Cash Paid for Interest is calculated based on the interest expense less non-cash portion of interest expense and amortization of mortgage (discount) premium, net. Management believes that Cash Paid for Interest provides useful information to investors to assess our overall solvency and financial flexibility. Cash Paid for Interest should not be considered as an alternative to interest expense as determined in accordance with GAAP or any other GAAP financial measures and should only be considered together with and as a supplement to our financial information prepared in accordance with GAAP.

The MIL Network –

May 8, 2025

MIL-OSI USA: Proposition 123 Land Banking Funds to Support New Housing Options Coloradans can Afford Across the State
Source: US State of Colorado

DENVER – Today, Gov. Jared Polis, the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced 21 recipients of voter-approved Proposition 123 Land Banking funds. This funding is intended to support Colorado communities as they acquire and preserve land for an estimated 1,892 home ownership and multi-family rental apartments, including plans in Colorado Springs, Fort Collins, Fruita, Montrose, and Pagosa Springs.

“These funds are an important first step to create 1,892 homes people can afford across the state, helping more Coloradans live where they want to live — close to their jobs, schools, and the places they love.” said Gov. Jared Polis.

Among the recipients, the Boulder Housing Coalition plans to acquire and convert an historic Denver mansion into affordable housing supporting households with incomes 30 – 80% of the Area Median Income (AMI). A Montrose project by Community Options Inc. plans to serve neurodiverse households with incomes 40 – 60% of AMI. And the proposed Bradley Ridge Apartments in Colorado Springs will include an early childhood education center and serve households earning at or below 60% AMI.

“A strong economy includes good-paying jobs and housing for every income level. The recipients announced today will introduce new home ownership and rental opportunities in communities across the state, meeting a wide variety of needs, including those transitioning out of homelessness, neurodiverse families, and childcare opportunities. We are excited to support strong economies across the state,” said Eve Lieberman, OEDIT Executive Director.

Availability of land is considered one of the most significant barriers to affordable housing development. The Land Banking program provides grants to local and tribal governments and forgivable loans to nonprofits with a demonstrated history of providing affordable housing to support the acquisition and preservation of land for affordable for-sale and rental housing development.

“The funds awarded through the Land Banking program are an investment in a stronger Colorado, supporting communities in securing the land they need to respond to local housing needs. These efforts lay the foundation for greater housing stability and economic prosperity,” said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA.

A total of $47,994,762 will be awarded to 21 recipients, who will be required to complete statutory milestones over the coming years including achieving proper zoning, finalizing development plans, and securing development funding and permits. The Area Median Incomes (AMIs) proposed by the recipients range from 20% AMI for those transitioning out of homelessness up to 100% AMI for homeownership. The awardees include:
- Boulder Housing Coalition: 19 rental units for the 1350 N Logan, Denver, $430,000 Broomfield Housing Alliance: 72 rental units for the 11795 Colmans Way,
- Broomfield, $3,500,000
- Commerce City Housing Authority: 120 rental and homeownership units for The Foundry, Commerce City, $4,750,000
- Commun Denver: 173 rental and homeownership units for the Loretto Commons, Denver, $2,500,000
- Community Options Inc.: 50 rental units for the TBD Hilltop Apartments, Montrose, $1,250,000
- Elevation Community Land Trust II: 44 homeownership units for the Miners Haus, Golden, $1,400,000
- Fairview Housing Partners Ltd: 144 rental units for the Flats at Sand Creek, Colorado Springs, $4,050,000
- Foothills Regional Housing: 220 rental units for the Ridge Road, Wheat Ridge, $2,100,000
- GES Coalition, Inc.: 60 rental and homeownership units for the Brighton Blvd-GESC, Denver, $3,571,429
- Habitat for Humanity Fort Collins: eight homeownership units for the Bloom Cottages, Fort Collins, $600,000
- Habitat for Humanity of Metro Denver, Inc.: 40 homeownership units for the Calvary Flats Affordable Homes, Golden, $1,200,000
- Habitat for Humanity St Vrain: 35 homeownership units for the Habitat 15th and Terry Street Neighborhood, Longmont, $1,558,333 Metro Caring: 139 rental units for the Metro Caring Affordable Housing, Denver, $3,485,000 Pagosa Springs Community Development Corporation: 11 rental and homeownership units for the Affordable Housing Phase 4, Bonita Dr., Pagosa Springs, $200,000 Pikes Peak Real Estate Foundation: 336 rental units for the Bradley Ridge Apartments, Colorado Springs, $4,850,000 The City of Fruita: 100 rental and homeownership units for The Fruita Commons, Fruita, $1,500,000
- The Inn Between of Longmont: 40 rental units for the 1886 Hover, Longmont, $1,750,000 The NHP Foundation: 158 rental units for the Liora, Denver, $3,850,000
- Thistle Community Housing: 48 rental and homeownership units for the Fairways Phase II, Boulder, $2,600,000
- Urban Land Conservancy II: 66 rental units for the Liberty House, Denver, $2,450,000
- West Colfax Lampstand: 9 homeownership units for the Flats at Harlan, Lakewood, $400,000
Applications were evaluated according to priorities outlined in statute, including high-density housing, mixed-income housing, and environmental sustainability. The selection process also considered accessibility to transit and walkable access to community services, readiness to proceed, financial feasibility, geographic distribution, and total number of units proposed, all priorities outlined by the Governor’s Executive Order to address Colorado’s housing supply.

The Land Banking program is part of the Affordable Housing Financing Fund, established by Proposition 123, managed by OEDIT and administered by CHFA. Ongoing updates are available by signing up to receive newsletter updates.

About the Colorado Affordable Housing Financing Fund

Passed by voters in November 2022, Proposition 123 established the State Affordable Housing Fund to advance the development and preservation of affordable housing in Colorado. The measure directs 40% of those funds to the Colorado Affordable Housing Support Fund administered by the state Department of Local Affairs (DOLA) and 60% of funds to the Colorado Affordable Housing Financing Fund managed by OEDIT. OEDIT selected Colorado Housing and Finance Authority (CHFA) to serve as the Affordable Housing Financing Fund third-party administrator. The Affordable Housing Financing Fund consists of three programs: Land Banking, Equity and Concessionary Debt.

About the Colorado Office of Economic Development and International Trade (OEDIT)

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

About Colorado Housing and Finance Authority (CHFA)

For more than 50 years, CHFA has strengthened Colorado by investing in affordable housing and community development. CHFA invests in affordable homeownership, the development and preservation of affordable rental housing, helps small- and medium-sized businesses access capital, offers technical assistance and financial support to strengthen local communities, and supports mission-aligned nonprofits through philanthropic investment. CHFA is not a state agency. CHFA is a self-sustaining public enterprise. For more information about CHFA, please visit chfainfo.com or call 1.800.877.chfa (2432).

MIL OSI USA News –
May 8, 2025
MIL-OSI: Principal Protocol Announces Innovative RWA-DeFi Concept with 100% Asset-Backed Valuation

Source: GlobeNewswire (MIL-OSI)

Singapore, May 07, 2025 (GLOBE NEWSWIRE) — Principal Protocol (PRN), a new project blending traditional RWA with Defi concepts, has announced an innovative approach to tokenizing real-world assets, including a 100% asset-backed valuation for the projects it offers. The company aims to disrupt the decentralized finance landscape and democratize access to RWA investments. An ongoing private sale for the PRINCIPAL token (PRN) should help fund the project’s expansion and development.

Principal Protocol’s “Digitized Estates” concept focuses mainly on real estate assets, seeking to eliminate geographical barriers and provide greater liquidity. The project leverages blockchain technology and smart contracts to enable fractional ownership of real estate assets through digital NFT tokens.

All PRN projects are tokenized into NFTs and issued to the buyers. The participants then access rewards depending on the RWA asset’s performance and potential returns. Principal Protocol has multiple safety nets in place to protect its RWA projects’ valuations. These safeguards include a bi-annual valuation of each project and a protocol-owned Crypto Reserve of various blue chip coins. This way, buyers can rely on several precautions guarding their participation in a tokenized RWA.

PRN will periodically acquire real estate property and structure it into a fixed number of Non-fungible Tokens (NFT). The project will then distribute rewards via automatic airdrops to the NFT holders’ wallets every financial quarter. Also, Principal Protocol plans to integrate a DeFi platform, enabling NFT holders to stake their holdings as collateral on Defi platforms and protocols.

PRN will place each acquired property project under an SPV company wholly owned by Principal Protocol to ensure actual ownership. Every property will benefit from proper accounting records published quarterly and accessible to the individual project NFT holders via specific channels. Lastly, PRN will distribute individual project net profits as rewards on the blockchain.

Principal Protocol believes that its approach rewards participants with perks and benefits that are difficult to find in other projects, such as:

Global Accessibility

PRN makes participation in global real estate markets available, opening the doors to communities that didn’t previously have access to them.

Liquidity

The project relies on sturdy blockchain for easy token trading, potentially increasing liquidity better than traditional options.

Fractional Ownership

Principal Protocol lets participants own fractions of high-value properties, reducing the barrier to entry.

Transparency

PRN’s use of smart contracts ensures a transparent distribution of benefits and rewards.

Efficiency

PRN’s seamless blend of RWA and DeFi via blockchain technology creates a secure, decentralized environment. Reduced intermediaries and streamlined processes can lead to cost savings.

The PRN Token is the backbone of Principal Protocol and its rapidly growing ecosystem. The team has set a maximum supply of 100,000,000 PRN tokens distributed as follows:

– Ecosystem – 50,000,000 (50%)

– Team – 10,000,000 (10%)

– Advisors – 5,000,000 (5%)

– Marketing – 5,000,000 (5%)

– Reserves – 20,000,000 (20%)

– Private Sales – 10,000,000 (10%)

As Principal Protocol scales its platform, it aims to diversify its portfolio, integrate DeFi, and develop a Real Estate Attestation Chain. The latter will enable users globally to double-check the validity and authenticity of title deeds and various real estate documentation on the chain. The project has an ambitious roadmap ahead with several important milestones:

– Mobile App beta test launch (June 2025)

– Mobile App launch (July 2025)

– Defi platform integration (August 2025)

– Platform scaling (October 2025)

– Asset class diversification (Jan 2026)

– Development of Real Estate Attestation Chain (June 2026)

– Initial Public Offering (Jan 2027)

About Principal Protocol (PRN)

Principal Protocol aims to bridge DeFi and RWA and democratize access to real estate assets via its Digitized Estates concept. Behind the project is a professional team with solid expertise in relevant industries and areas, including real estate, blockchain, marketing, and entrepreneurship.

PRN’s web app beta is currently live at app.prnpl.io.

You can contact Principal Protocol here to learn more about the ongoing PRN token private sale: jason@prnpl.io

For ongoing updates and community engagement, follow Principal Protocol here: Website, X, and Telegram.

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities

The MIL Network –

May 8, 2025
MIL-OSI New Zealand: Property Market Analysis – NZ’s regional property markets diverge since peak – Cotality

Source: Cotality – Kelvin Davidson, Chief Property Economist for Cotality NZ (formerly CoreLogic)

In this Pulse article, Kelvin Davidson, Chief Property Economist for Cotality NZ (formerly CoreLogic), explores the significant regional divergences that have emerged since the post-COVID peaks.

Following the dramatic growth in property values during the COVID-era boom, New Zealand’s housing market has entered a more fragmented phase. While national indicators suggest a stabilisation in values, the underlying regional picture tells a far more complex story — one marked by stark divergences in performance, resilience, and recovery.

New analysis from Cotality reveals that while some regional markets have already surged past previous highs, others — particularly in parts of Auckland and Wellington — remain well below their cyclical peaks.

In fact, over a dozen areas are still more than 20% off their highs, highlighting how uneven the past few years have been across the country.

As mortgage rates ease and affordability improves in select locations, this Pulse takes a closer look at the forces shaping these regional variations — shedding light on affordability trends, economic drivers, and standout performers such as Hamilton, Queenstown, and much of Canterbury.Some areas are back to peak, others languishing

Cotality’s latest hedonic Home Value Index shows there were three areas that set their own new record highs for property values in April – New Plymouth at $711,699, Westland at $493,500, and Kaikoura at $775,443. While the early signs of growth have recently re-emerged in many other parts of the country – driven by lower mortgage rates – the gap compared to where property values were at the peak remains significant.Indeed, 13 areas still have property values more than 20% below the peak, all of them either in the Auckland or Wellington regions, apart from Wairoa (-21%).

Both Lower Hutt and Upper Hutt sit at -24% compared to the peak, with Wellington City at -23% and Porirua -22%. Waitakere is -23%, with Papakura and Manukau at -22% apiece. ‘Rural’ areas of Wellington Region such as South Wairarapa and Carterton sit at -21%.

A story of South Island affordability?

Another distinct trend that stands out is the north-south split – with the South emerging as a clear winner when it comes to affordability.

Take areas such as Grey, Buller, Clutha, and Gore, where the current figure for mortgage payments as a percentage of gross median household income is less than 30% (versus 46% nationally).

By contrast, Tauranga’s mortgage affordability measure is still 54% and Kapiti Coast sits at the same level.

“Affordability remains a key pillar of housing demand, and in many South Island regions we’re seeing that balance become a little more favourable for buyers,” said Kelvin Davidson, Chief Property Economist at Cotality NZ.

Areas of interest

Hamilton’s recent strength. Compared to the other main centres in the North Island, Hamilton hasn’t fallen as far (-10% from the peak) in the past three years or so and has been showing stronger signs of growth more recently too.

Since January, values are up by +2.1% in Hamilton, matching Christchurch’s figure, and ahead of Auckland at +0.9% and Tauranga (which has edged down by -0.4%). The buoyancy of the surrounding rural economy at present may be supporting Hamilton’s market, with other factors potentially including the increased connectivity to Auckland via improved roading.

Queenstown’s continued prominence. Despite an elevated median value of $1.66m, well ahead of second-placed North Shore (Auckland) at $1.31m, Queenstown has remained a reasonably buoyant market – ‘only’ down by 5% from the peak – still appealing to overseas buyers who can navigate the rules and also wealthy domestic investors.

Canterbury’s resilience. Of the 17 areas that are back within 5% of their peak, eight are in Canterbury, including Christchurch, Waimakariri, Ashburton, and Timaru. This comes even though new housing supply volumes have been high across large parts of the Region and signals that property demand has been rising to match construction.

Looking ahead

While some of New Zealand’s largest urban centres remain well below their recent market peaks, a return to strong growth is not guaranteed. Structural factors—such as Auckland’s substantial pipeline of new townhouse developments and ongoing fiscal tightening in Wellington—may continue to weigh on short-term performance.

Nevertheless, improved mortgage affordability and early signs of broader economic recovery are likely to support renewed value growth across many parts of the country in 2025, including Auckland and Wellington. As market fundamentals continue to evolve, buyers and investors alike will be watching closely for signs of renewed momentum.

MIL OSI New Zealand News –

May 8, 2025

MIL-OSI: OP Financial Group’s Interim Report for 1 January–31 March 2025: OP Financial Group reports a good first quarter in an uncertain operating environment

Source: GlobeNewswire (MIL-OSI)

OP Financial Group
Interim Report 1 January–31 March 2025
Stock Exchange Release 7 May 2025 9.00 am EEST

OP Financial Group’s Interim Report for 1 January–31 March 2025: OP Financial Group reports a good first quarter in an uncertain operating environment

Operating profit decreased by 31% to EUR 423 million (618).
Net interest income decreased by 11% to EUR 631 million (709). Insurance service result was EUR 2 million (-10) and net commissions and fees were EUR 206 million (205). Income from customer business, that is, net interest income, insurance service result and net commissions and fees, decreased by a total of 7% to EUR 839 million (904).
Impairment loss on receivables reversed came to EUR 24 million (-39), representing -0.10% of the loan and guarantee portfolio (0.15).
Investment income decreased by 88% to EUR 19 million (151).
Total expenses grew by 10% to EUR 590 million (537). The cost/income ratio weakened to 60% (45).
In the year to March, the loan portfolio grew by 1% to EUR 99.1 billion (98.4). Deposits increased by 5% to EUR 77.5 billion (73.6).
The CET1 ratio was 20.0% (21.5), which exceeds the minimum regulatory requirement by 6.9 percentage points. The changes in the collateral management process decreased capital adequacy. The changes in the EU Capital Requirements Regulation (CRR3), which took effect on 1 January 2025, caused a slight reduction in the capital adequacy of OP Financial Group.
The Retail Banking segment’s operating profit decreased by 23% to EUR 291 million (379). Net interest income decreased by 17% to EUR 464 million (558). Impairment loss on receivables reversed came to EUR 26 million (-27). Net commissions and fees increased by 2% to EUR 190 million (187). The cost/income ratio weakened to 60% (46). In the year to March, the loan portfolio grew by 0.4% to EUR 71.0 billion (70.6). Deposits increased by 4% to EUR 64.0 billion (61.8). Assets under management grew by 6% to EUR 94.4 billion (89.4).
Corporate Banking segment’s operating profit grew by 13% to EUR 145 million (129). Net interest income decreased by 0.5% to EUR 165 million (166). Impairment loss on receivables decreased by 89% to EUR 1 million (12). Net commissions and fees decreased by 10% to EUR 21 million (23). The cost/income ratio was 33% (32). In the year to March, the loan portfolio grew by 1% to EUR 28.2 billion (27.8). Deposits increased 14% by to EUR 14.2 billion (12.5).
The Insurance segment’s operating loss was EUR -14 million (118). The insurance service result grew to EUR 2 million (-10). Investment income fell to EUR -17 million (129). The combined ratio reported by non-life insurance improved to 99.5% (108.9).
Group Functions’ operating profit was EUR 23 million (-5). Net interest income grew to EUR 2 million (-6).
OP Financial Group increased the OP bonuses to be earned by owner-customers for 2025 by 40% compared to the normal level of 2022. Additionally, owner-customers get daily banking services without monthly charges in 2025. Together, these benefits added up to EUR 104 million in value for owner-customers during the reporting period.
Outlook: OP Financial Group’s operating profit for 2025 is expected to be at a good level but lower than that for 2023 and 2024. For more detailed information on the outlook, see “Outlook”.

OP Financial Group’s key indicators

€ million	Q1/2025	Q1/2024	Change, %	Q1–4/2024
Operating profit, € million	423	618	-31.4	2,486
Retail Banking***	291	379	-23.4	1,328
Corporate Banking***	145	129	12.8	520
Insurance	-14	118	-111.5	578
Group Functions	23	-5	–	19
New OP bonuses accrued to owner-customers, € million	-81	-75	7.6	-314
Total income**	989	1,194	-17.1	4,844
Total expenses	-590	-537	10.0	-2,262
Cost/income ratio, %/*	59.7	45.0	14.7	46.7
Return on equity (ROE), %*	7.5	12.1	-4.5	11.6
Return on equity, excluding OP bonuses, %*	8.8	13.4	-4.6	13.0
Return on assets (ROA), %*	0.85	1.25	-0.40	1.24
Return on assets, excluding OP bonuses, %*	0.99	1.39	-0.39	1.39
	31 Mar 2025	31 Mar 2024	Change, %	31 Dec 2024
CET1 ratio, %*	20.0	19.6	0.3	21.5
Loan portfolio, € billion	99.1	98.4	0.7	98.9
Deposits, € billion	77.5	73.6	5.4	77.7
Assets under management, € billion****	94.4	89.4	5.6	93.3
Ratio of non-performing exposures to exposures, %*	2.48	3.04	-0.56	2.64
Ratio of impairment loss on receivables to loan and guarantee portfolio, %*	-0.10	0.15	-0.25	0.09
Owner-customers (1,000)	2,121	2,095	1.3	2,115

Comparatives for the income statement items are based on the corresponding figures in 2024. Unless otherwise specified, figures from 31 December 2024 are used as comparatives for balance-sheet and other cross-sectional items.
* Change in ratio, percentage point(s).
** OP bonuses to owner-customers, which were previously shown on a separate line in the income statement, have been divided under the following items based on their accrual: interest income, interest expenses, and commission income from mutual funds. The line ‘OP bonuses to owner-customers’ is no longer shown in the income statement. Comparative information of Q1 2024 has been adjusted accordingly. For more detailed information on the change, see Note 1 to the Half-year Financial Report 1 January–30 June 2024, Accounting policies and changes in accounting policies and presentation.
*** As of 1 January 2025, OP Asset Management Ltd, OP Fund Management Company Ltd and OP Real Estate Asset Management Ltd, including subsidiaries, are reported as part of the Retail Banking segment. Comparative information of 2024 has been adjusted accordingly.
**** The presentation of assets under management was changed at the beginning of 2025. Comparatives have been adjusted to correspond to the current definition.

Comments by the President and Group Chief Executive Officer:

Geopolitical tensions and the trade war are making the economic outlook uncertain

In the first quarter of 2025, the business environment was marked by uncertainty and an exceptionally tense geopolitical situation. The war in Ukraine has continued for more than three years, no solution is in sight for the Middle-East conflict, and the trade war ignited by US tariff rises is creating exceptional uncertainty in the world economy. As the tectonic plates of geopolitics and world trade structures shift, it is difficult to see where they will settle. The golden age of globalisation, which began in the late nineties, already appears to be over for now; free global trade seems unlikely to return to its former course. Mounting trade barriers will slow global growth and increase inflationary pressures.

Due to the uncertainty, the most recent analyses revise economic forecasts downwards: OP Financial Group’s latest projection envisages GDP growth of 1% in Finland this year. The world economy is expected to grow by only 2.5%, which is a relative slowdown in terms of global growth. However, given the exceptional uncertainty in growth prospects, positive changes in the outlook are also possible.

Gloomy economic expectations have spurred cuts in interest rates and the markets expect short-term market rates to keep falling in the euro zone. Conversely, long-term rates have risen due to concerns that public debt will continue to rise in the euro zone.

The uncertainty seems to be dampening consumer confidence and companies’ willingness to invest. Despite this, the housing market continues its gradual recovery.

The trade war has magnified the unusual volatility in stock market prices. In many markets, the early-year rise in stock prices was wiped out as Q1 ended: in late March, the global equity index was 2.1% lower than at the end of 2024. European share markets defied this trend, rising by 5.2% after the year-end; the Nasdaq Helsinki closed 4.2% higher.

OP Financial Group performed well, despite the turbulence in capital markets

Regardless of the challenging business environment, OP Financial Group’s profitability remained high and its operating profit was EUR 423 million. This represents a decrease of 31% compared to the same period in 2024. Our strong profit performance will enable us to continue providing outstanding benefits for our more than 2.1 million owner-customers in 2025. This year again, we will use benefits to help ease the strain on households in economically challenging times. We will pay 40% extra (compared to the normal level of 2022) on OP bonuses earned in 2025 and will not charge our owner-customers monthly fees for daily services throughout the year. Together, these benefits will add up to more than EUR 400 million in value for our owner-customers. Being customer-owned, OP Financial Group will continue to share its financial success through a range of financial and other benefits for owner-customers.

Strong capital adequacy and excellent liquidity provide security in the uncertain and often unpredictable business environment. At the end of March, OP Financial Group’s CET1 ratio was 20.0%, which exceeds the minimum regulatory requirement by 6.9 percentage points. OP Financial Group is one of the most financially solid large banks in Europe. Furthermore, our liquidity remained excellent. Strong capital adequacy, excellent liquidity and broad trust among customers and other stakeholders are vital for banks and insurance companies, particularly in these uncertain times. All of these are in excellent shape at OP Financial Group.

Income from OP Financial Group’s business operations was EUR 989 million in January–March, which was 17% less year-on-year. In particular, net interest income fell by 11% due to decreases in market rates. Net commissions and fees were at the same level year-on-year.

The insurance service result was a EUR 2 million profit, compared to a EUR 10 million loss for Q1 in 2024. This was due to a more favourable claims trend than a year earlier, although the insurance service result for this year’s Q1 was weighed down by growing operating expenses and the poor profitability of health insurance.

Due to turbulence in the markets, income from investment activities was modest at EUR 19 million, compared to EUR 151 million at the end of March last year.

Totalling EUR 590 million, OP Financial Group’s expenses were higher by 10% year-on-year, mainly due to rising personnel costs and higher investments in ICT development. At 60%, OP Financial Group’s cost-income ratio clearly deteriorated compared to Q1 2024.

Of the three business segments, the best performer was Corporate Banking, which had an operating profit of EUR 145 million in January–March, a year-on-year increase of 13%. Despite a 23% decrease, Retail Banking’s operating profit of EUR 291 million was also a good performance. The segment was particularly affected by falling market rates: net interest income decreased by 17%. Due to a poor investment result, the Insurance segment recorded a EUR 14 million operating loss. This compares to the segment’s operating profit of EUR 118 million for Q1 in 2024.

Both deposit and loan volumes are growing – impairment loss on receivables was exceptionally positive

The deposit portfolio grew by 5% year-on-year, total deposits being EUR 77.5 billion at the end of March. OP Financial Group’s market share of deposits has been growing markedly over the last couple of years.

Moreover, its loan portfolio, which grew by around 1% year-on-year, was EUR 99.1 billion: with this, the Group held onto its position as Finland’s leading provider of home loans. The home loan market has shown signs of recovery in recent months: for example, the euro amount of new home loans granted by OP Financial Group in March 2025 was 28% higher than in March 2024. OP’s home loan customers have continued to repay their loans diligently and on schedule. The number of loan modification applications was lower than in the same period in 2024. Year-on-year, the number of corporate loans under special monitoring declined.

The ratio of non-performing exposures to the loan and guarantee portfolio decreased to 2.5%. Exceptionally, reversals of impairment loss on receivables totalled EUR 24 million in January–March, compared to EUR -39 million recognised for Q1 a year earlier.

Savings and investments are growing strongly – OP First Investment for babies incentivises long-term investment

Alongside our aim to coach our customers in making better financial choices, we have focused on making personal financial management easier for them, while enabling and supporting long-term saving and investing. Wealth management is one of our growth focus areas and we aim to make a clear growth leap in this business activity. Despite the volatility on stock markets, our customers retained a strong interest in securing their financial futures and accumulating wealth.

Customers were interested in systematically investing in funds – they made almost 57,000 new systematic investment agreements with us, which is a 22% increase compared to Q1 in 2024. There are already more than 1.4 million OP mutual fund unitholders. In addition, the number of active equity investors grew by 34%. Reaching almost EUR 94 billion in value, investment assets managed by OP Financial Group grew by 6% compared to January–March 2024.

OP Financial Group member cooperative banks will make an OP First Investment donation – a EUR 100 investment in the OP-World Index fund – to every baby born in Finland this year. The wellbeing of children and youths is one of OP’s values and part of its approach to corporate responsibility. With OP First Investment, we want to encourage families to engage in systematic, long-term saving and investment. Based on last year’s figures, the estimated aggregate value of OP First Investment donations may exceed EUR 4.3 million. OP First Investment can be received from May 2025, when it will become available for babies born in 2025 (including those born before May).

The mild winter had a positive impact on claims, but health insurance claims expenditure continued to grow considerably

Pohjola Insurance’s premiums written grew by 1% compared to the first quarter of last year. Premiums written grew by more than 8% regarding personal customers, but decreased by 2% in the case of corporate customers.

Pohjola Insurance’s claims expenditure fell by 16% year-on-year. Due to the mild winter, building claims were 36% down and compensation paid for vehicle claims was 2% lower than for Q1 in 2024. On the other hand, health insurance compensation grew by 14% compared to the first three months of last year.

Compensation was paid for a total of 94% of all claims, which was the same level as a year earlier.

Use of digital services is still growing – phone number-based payment is becoming more versatile

Use of digital services grew substantially again. Our personal and corporate customers increasingly use digital channels for banking and insurance. OP-mobile was logged into more than 60 million times in March. The app already has more than 1.7 million active users. Use of OP Aina – which was launched in June last year as a personal assistant for customers using OP-mobile – grew in the first quarter to 1.5 million service interactions. We use OP Aina to provide customers with services that are even more personalised than before and continuously available.

Siirto Brand Oy, a joint venture between OP and Nordea, began operating: the company provides Finnish solutions for easy and secure payment. With just a phone number, users can make payments to friends or online stores, and a feature for ordering recurring or single e-invoices is planned. These services will expand opportunities to make account-based payments in Finland. Siirto already has 1.5 million registered users.

A historically large structural change is underway among OP cooperative banks

New plans were published during the first quarter for mergers between OP cooperative banks around Finland. The mergers announced and decided so far will reduce the number of OP cooperative banks from 93 at the end of 2024 to 54 by the end of 2025. In addition, several projects (both published and unpublished) for mergers between OP cooperative banks are being planned.

Key drivers of mergers between OP cooperative banks include ensuring that they can provide the most comprehensive, highest quality banking services possible in their operating regions, while keeping pace with the increase in banking regulations.

In uncertain times, we need pioneers that point the way to futures filled with hope

OP Financial Group is in excellent shape to support customers in various ways in the uncertain business environment. We want to be a pioneer pointing the way to futures filled with hope in Finnish society – we will pursue this objective through a number of measures this year. An example is our new partnership with the Hive coding school, through which we aim to promote work-based immigration and the training of people from diverse backgrounds for high-level roles in IT. The future success and wellbeing of Finland and its people depend on stepping up work-based immigration and solving the challenges posed by the ageing of society, as Finland’s working-age population decreases.

My warm thanks to all our customers for the trust they showed in OP Financial Group in early 2025. We aim to continue being worthy of the confidence you place in us. I would also like to thank our employees and governing bodies for their excellent work in the first quarter of 2025.

Timo Ritakallio
President and Group CEO

January–March

OP Financial Group’s operating profit was EUR 423 million (618), down by 31.4% or EUR 194 million year on year. Income from customer business (net interest income, net commissions and fees and insurance service result) decreased by a total of 7.2% to EUR 839 million (904). The cost/income ratio weakened to 59.7% (45.0). New OP bonuses accrued to owner-customers increased by 7.6% to EUR 81 million.

As a result of lower market interest rates, net interest income decreased by 11.0% to EUR 631 million. Net interest income reported by the Retail Banking segment decreased by 16.9% to EUR 464 million and that by the Corporate Banking segment decreased by 0.5% to EUR 165 million. OP Financial Group’s loan portfolio grew by 0.7% to EUR 99.1 billion while deposits grew by 5.4% to EUR 77.5 billion, year on year. Household deposits increased by 4.1% year on year, to EUR 49.0 billion. New loans drawn down by customers during the reporting period totalled EUR 6.1 billion (4.5).

Impairment loss on receivables reversed came to EUR 24 million (-39). Final credit losses totalled EUR 16 million (12). At the end of the reporting period, loss allowance was EUR 784 million (824), of which management overlay accounted for EUR 58 million (77). Non-performing exposures decreased, accounting for 2.5% (3.0) of total exposures. Impairment loss on loans and receivables accounted for -0.10% (0.15) of the loan and guarantee portfolio.

Net commissions and fees grew by 0.4% to EUR 206 million. Owner-customers’ use of daily banking services has been free of monthly charges since October 2023. Net commissions and fees for payment transfer services increased by EUR 3 million to EUR 58 million, and those for mutual funds by EUR 2 million to EUR 46 million.

The insurance service result was EUR 2 million (-10). Insurance service result includes EUR 142 million (129) in operating expenses. Non-life insurance net insurance revenue, including the reinsurer’s share, decreased by 1.1% to EUR 419 million. Net claims incurred after the reinsurer’s share decreased by 15.8% to EUR 287 million. The combined ratio reported by non-life insurance improved to 99.5% (108.9).

Investment income (net investment income, net insurance finance expenses and income from financial assets held for trading) decreased by a total of 87.5% to EUR 19 million. Investment income decreased as a result of the decrease in the value of equity investments and notes and bonds in particular. Net investment income together with net finance income describe investment profitability in the insurance business. The combined return on investments at fair value of OP Financial Group’s insurance companies was -1.1% (2.0).

Net income from financial assets recognised at fair value through profit or loss, or notes and bonds, shares and derivatives, totalled EUR -448 million (744). Net income from investment contract liabilities totalled EUR 184 million (-359). Net insurance finance expenses totalled EUR 229 million (-250).

In banking, net income from financial assets held for trading came to EUR 53 million (8) as a result of changes in the value of derivatives.

Other operating income totalled EUR -11 million (9). A EUR 23 million valuation adjustment in patient insurance policies with full risk for own account decreased other operating income.

Total expenses grew by 10.0% to EUR 590 million. Personnel costs rose by 9.4% to EUR 280 million. The increase was affected by headcount growth and pay increases. OP Financial Group’s personnel increased by more than 800 year on year. The number of employees increased in areas such as sales, customer service, service development, risk management and compliance. Depreciation/amortisation and impairment loss on PPE and intangible assets decreased by 4.1% to EUR 32 million. Other operating expenses increased by 12.4% to EUR 278 million. ICT costs totalled EUR 139 million (123). Development costs were EUR 101 million (83) and capitalised development expenditure EUR 13 million (14). Charges of financial authorities were EUR 1 million (1). The EU’s Single Resolution Board (SRB) does not collect stability contributions from banks for 2025.

At EUR 73 million (69), OP bonuses for owner-customers are included in earnings and are divided under the following items based on their accrual: EUR 33 million (35) under interest income, EUR 22 million (19) under interest expenses, EUR 13 million (11) under commission income from mutual funds, and EUR 4 million (4) under the insurance service result.

Income tax amounted to EUR 85 million (125). The effective tax rate for the reporting period was 20.1% (20.3). Comprehensive income after tax totalled EUR 362 million (509).

OP Financial Group’s equity amounted to EUR 18.2 billion (18.1). Equity included EUR 3.1 billion (3.3) in Profit Shares, terminated Profit Shares accounting for EUR 0.2 billion (0.4).

OP Financial Group’s funding position and liquidity are strong. The Group’s LCR was 202% (193) and NSFR was 129% (129).

OP Cooperative’s Annual Cooperative Meeting

On 9 April 2025, OP Cooperative held its Annual Cooperative Meeting which elected members of the Supervisory Council, the auditor and the sustainability reporting assurer.

The Supervisory Council comprises 36 members. The Annual Cooperative Meeting re-elected the following members to the Supervisory Council who were due to resign: Managing Director Jouni Hautala, Lawyer Taija Jurmu, Managing Director Pekka Lehtonen, Vicar Toivo Loikkanen, Managing Director Kari Mäkelä, Chair of the Board of Directors Annukka Nikola, Managing Director Ulf Nylund, Managing Director Teemu Sarhemaa and Managing Director Ari Väänänen.

New Supervisory Council members elected were entrepreneur Erkki Haavisto, Managing Director Sanna Metsänranta, Managing Director Pertti Purola, Product Manager Sanna Tefke, Director of Rural Administration Hannu Tölli and Managing Director Mikko Vepsäläinen.

At its reorganising meeting on 9 April 2025, the Supervisory Council elected the Chairs of the Supervisory Council. Chair of the Board of Directors Annukka Nikola was elected as Chair and Lawyer Taija Jurmu and Managing Director Ari Väänänen as Vice Chairs of the Supervisory Council.

The Annual Cooperative Meeting elected PricewaterhouseCoopers Oy, an audit firm, to act as auditor for the financial year 2025, with APA Lauri Kallaskari as the chief auditor.

The Annual Cooperative Meeting elected PricewaterhouseCoopers Oy, a sustainability audit firm, to assure OP Financial Group’s sustainability reporting for the financial year 2025, with Tiina Puukkoniemi, ASA, acting as the chief authorised sustainability auditor.

Outlook

The global economic outlook has weakened due to increased tariffs and a higher level of uncertainty. The Finnish economy is likely to grow less than previously expected and the outlook is exceptionally uncertain. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment of OP Financial Group and its customers.

OP Financial Group’s operating profit for 2025 is expected to be at a good level but lower than that for 2023 and 2024.

The most significant uncertainties affecting OP Financial Group’s earnings performance are associated with developments in the business environment, changes in the interest rate and investment environment, and developments in impairment loss on receivables. Forward-looking statements in this Interim Report expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view on developments in the economy, and actual results may differ materially from those expressed in the forward-looking statements.

Press conference

OP Financial Group’s financial performance will be presented to the media by the President and Group Chief Executive Officer Timo Ritakallio in a press conference on 7 May 2025 at 11am at Gebhardinaukio 1, Vallila, Helsinki. Media enquiries: OP Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

OP Corporate Bank plc and OP Mortgage Bank plc will publish their own interim reports.

Schedule for 2025 Interim Reports and Half-year Financial Report:

Half-year Financial Report 1 January–30 June 2025	30 July 2025
Interim Report 1 January–30 September 2025	28 October 2025
OP Amalgamation Pillar 3 Disclosures 31 March 2025	Week 19
OP Amalgamation Pillar 3 Disclosures 30 June 2025	Week 33
OP Amalgamation Pillar 3 Disclosures 30 September 2025	Week 45

Helsinki, 7 May 2025

OP Cooperative
Board of Directors

Additional information:

Timo Ritakallio, President and Group Chief Executive Officer, tel. +358 (0)10 252 4500
Mikko Timonen, Chief Financial Officer, tel. +358 (0)10 252 1325
Piia Kumpulainen, Chief Communications Officer, tel. +358 10 252 7317

DISTRIBUTION

Nasdaq Helsinki Ltd
Euronext Dublin (Irish Stock Exchange)
London Stock Exchange
Major media
op.fi

OP Financial Group is Finland’s largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. www.op.fi

The MIL Network –

May 7, 2025

MIL-OSI New Zealand: Economy – Risks to the financial system have increased – Reserve Bank of NZ

Source: Reserve Bank of New Zealand

7 May 2025 – Risks to the financial system have increased over the past six months, Reserve Bank Governor Christian Hawkesby says in releasing the May 2025 Financial Stability Report.

“Financial stability is critical for ensuring that New Zealanders can safely save, borrow, and manage financial risk,” Mr Hawkesby says. “While the global economic environment has become more volatile, our financial institutions are in a strong position to support the economy.”

Geopolitical risks have escalated, particularly following the US imposition of sweeping tariffs on goods imports from many countries, including New Zealand. These developments have heightened financial market volatility and pose a material risk to global economic activity.

Domestically, economic activity remains subdued. Previously high interest rates, rising unemployment, and a weak housing market continue to weigh on demand. However, lower borrowing costs and high agricultural export prices are supporting debt serviceability.

Banks have strong capital and liquidity buffers in place to maintain credit flows even if conditions deteriorate further. They also remain profitable, with non-performing loans expected to decline as mortgage rates reprice lower.

General insurers are experiencing more stable conditions. Our recent insurance stress test highlighted improved resilience in the sector, but also the challenges of extreme seismic events for New Zealand.

Progress is continuing on the implementation of the Deposit Takers Act 2023. Several strands of this work will help to promote competition and efficiency in the deposit-taking sector.

“Work on the review of key bank capital settings is well underway, with the release of the Terms of Reference today. This outlines the purpose, approach, and scope of the review, to ensure the right settings are in place to support financial stability and promote the wellbeing and prosperity of New Zealand,” Mr Hawkesby says. “We will engage leading international experts to inform and challenge our review.”

The Depositor Compensation Scheme will come into effect on 1 July 2025. This will protect depositors’ funds in the event of a deposit taker failure and is a significant milestone for enhancing trust and competition in the financial system.

More information:

What is a Stress Test?

Stress Tests are a critical tool we use to assess potential vulnerabilities, support risk management, and inform policy and supervisory decisions

MIL OSI New Zealand News –

May 7, 2025
MIL-OSI Europe: Economic and Social Committee demands immediate action to tackle cost-of-living crisis
Source: European Union 2

The European Economic and Social Committee (EESC) demands urgent action from the European Commission and EU Member States to dismantle barriers fragmenting the single market and keeping living costs high, even as inflation rates fall.

Despite steadily decreasing inflation in Europe, cost of living remains a concern, as millions of Europeans — especially the 94.6 million people at risk of poverty or social exclusion — continue to struggle with elevated prices.

In its opinion How single market dysfunctionalities contribute to the rising cost of living, adopted at its plenary session on 29 April, the EESC identified single market fragmentation as a major driver of persistently high costs and called for swift measures to strengthen competition, lower prices and boost investment.

‘The cost of living in Europe is fuelled by dysfunctionalities in the single market. We call for urgent action to tackle barriers that affect the costs of products (such as territorial supply constraints), and to speed up proceedings against national rules that infringe EU law,’ said Emilie Prouzet, rapporteur of the opinion.

Beyond territorial supply constraints (TSCs), the EESC pointed the finger at geo-blocking and diverging national rules as two of the main culprits of the dysfunction and fragmentation plaguing the single market. Despite the European Commission’s efforts to prohibit geo-blocking and address TSCs, these practices continue to create disparities in prices and product availability across Member States.

Fragmentation not only increases costs for businesses and consumers but also limits the variety of products available. The lack of harmonisation in financial markets, telecommunications, energy and pharmaceuticals further exacerbates market fragmentation.

The EESC pointed out that despite the fact that the single market boosts the EU’s GDP by 6-8%, fragmentation still costs the economy up to EUR 500 billion every year, which could be unlocked if the single market were completed. This figure can be broken down into EUR 228 billion each year for goods, and EUR 279 billion for services.

According to IMF estimates, non-tariff barriers within the EU are equivalent to customs duties of around 44% for goods and 110% for services. New barriers continue to emerge, further driving up costs for businesses and consumers.

To tackle this, the EESC has called for the following:
- Immediate removal of regulatory and non-regulatory barriers limiting the free movement of goods, services, capital, and people.
- Faster enforcement of EU rules that would see the Commission speed up infringement proceedings and use interim injunctions against clear violations of EU law.
- Elimination of territorial supply constraints that artificially inflate prices for consumers.
- Completion of the Capital Markets Union to unlock private and public investment across the EU.
- Promotion of labour mobility and digitalisation to enhance worker protection and economic opportunities.
- Better infrastructure integration in the energy and telecommunications sectors to create a truly unified market.
- Assessment of housing market barriers to tackle rising housing costs.
- Removal of healthcare market restrictions to guarantee affordable access to medicines.
This opinion is part of a wider EESC initiative tackling the cost-of-living crisis across seven policy areas, providing targeted recommendations for EU and national policymakers, civil society and stakeholders.
MIL OSI Europe News –
May 7, 2025
MIL-OSI United Kingdom: The Cambridge Growth Company has appointed Buro Happold, Prior + Partners and other technical experts to develop a growth strategy for Greater Cambridge
Source: United Kingdom – Government Statements

News story

The Cambridge Growth Company has appointed Buro Happold, Prior + Partners and other technical experts to develop a growth strategy for Greater Cambridge

The Cambridge Growth Company (CGC) is pleased to announce the appointment of Buro Happold, Prior + Partners and others to prepare a vision, supported by a robust evidence base that will underpin a long-term growth strategy for Greater Cambridge.
Published on behalf of the Cambridge Growth Company

CGC will work collaboratively with locally elected leaders and the Mayor of Cambridgeshire and Peterborough. It will also access support from a number of government departments where required, to pursue infrastructure-led growth.

This appointment marks a significant step towards shaping a sustainable and strategic future for the Greater Cambridge region working in parallel with but extending over a longer period than the emerging Local Plan. The Local Plan is being developed by the Greater Cambridge Shared Planning Service representing Cambridge City Council and South Cambridgeshire District Council.

The development of the evidence base has commenced as a first step in defining a vision for the future of Greater Cambridge that is sustainable, inclusive and innovative. By drawing on insights into the knowledge economy, infrastructure, housing, employment, transport, and the natural environment, the evidence base will act as a foundation for identifying challenges and opportunities, policy development and a future spatial strategy. Key areas of focus will be overcoming transport congestion and water scarcity.

CGC is based in the city and has already commenced recruitment for a number of additional executive roles within the company to build its capacity and expertise over the coming months. These roles will be advertised locally in coming weeks.

Buro Happold – Integrated consulting engineers and advisors is a globally recognised consultancy specialising in strategic planning, economics, infrastructure, design, engineering, environment and sustainability and strategic advisory services. With a strong track record in delivering large-scale city strategies, new communities and urban transformation projects.

Buro Happold leads the team to shape the evidence base, strategy and implementation plan. Their contributions will ensure that the evidence base is grounded in data-driven insights, technical analysis and best practices for sustainable growth.

Roger Savage, Project Director said:

We look forward to working with local partners on addressing the challenges of the area. In developing the evidence base for the Growth Company we will consider ways which planning for growth can deliver a quality of life dividend for existing and future communities through investment in the environment and infrastructure.

Prior + Partners is an acclaimed urban planning, masterplanning and economic consultancy known for its role in shaping major urban regeneration and expansion projects. Their experience in spatial planning, placemaking, data analytics and policy advisory will be instrumental in aligning the evidence base with Greater Cambridge’s unique needs, ensuring that growth is managed effectively and equitably.

They will be supported by a multidisciplinary team with technical expertise and local knowledge, including BNP Paribas Real Estate, CBA, LUC, Peter Studdert, Turner and Townsend and Womble, and Bond Dickinson.

By partnering with these leading experts in urban strategy and infrastructure planning, the Cambridge Growth Company is laying the groundwork to help Greater Cambridge realise its full potential.

For further information please refer to CGC’s new website.

Note to editors

Cambridge Growth Company

The Minister of State for Housing and Planning, Matthew Pennycook MP appointed Peter Freeman to chair the Cambridge Growth Company in October 2024. The government then committed £10 million to the CGC at the 2024 Autumn Statement.

The CGC’s mission is to support Greater Cambridge in the creation of a delivery programme to bring forward an ambitious vision for long term growth. This vision will maximise the potential for the benefit of the city and the UK through enabling further growth of Cambridge’s knowledge and innovation industries.

The CGC, which is supported by an Advisory Council consisting of elected local leaders and a range of local experts, will work with local government to establish the best long-term business model to fund infrastructural improvements — water supplies, the transport network, education, health, and the natural environment, ensuring that as much as possible is delivered from the increase in the land value of the sites to be developed.

The intention is that the CGC in its current form transitions into a growth and delivery vehicle that has the capacity and capability to take a long-term approach to delivery.

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Published 6 May 2025
MIL OSI United Kingdom –
May 7, 2025
MIL-OSI United Kingdom: The Cambridge Growth Company have appointed Buro Happold, Prior + Partners and other technical experts to develop a growth strategy for Greater Cambridge
Source: United Kingdom – Executive Government & Departments

News story

The Cambridge Growth Company have appointed Buro Happold, Prior + Partners and other technical experts to develop a growth strategy for Greater Cambridge

The Cambridge Growth Company (CGC) is pleased to announce the appointment of Buro Happold, Prior + Partners and others to prepare a vision, supported by a robust evidence base that will underpin a long-term growth strategy for Greater Cambridge.
Published on behalf of the Cambridge Growth Company

CGC will work collaboratively with locally elected leaders and the Mayor of Cambridgeshire and Peterborough. It will also access support from a number of government departments where required, to pursue infrastructure-led growth.

This appointment marks a significant step towards shaping a sustainable and strategic future for the Greater Cambridge region working in parallel with but extending over a longer period than the emerging Local Plan. The Local Plan is being developed by the Greater Cambridge Shared Planning Service representing Cambridge City Council and South Cambridgeshire District Council.

The development of the evidence base has commenced as a first step in defining a vision for the future of Greater Cambridge that is sustainable, inclusive and innovative. By drawing on insights into the knowledge economy, infrastructure, housing, employment, transport, and the natural environment, the evidence base will act as a foundation for identifying challenges and opportunities, policy development and a future spatial strategy. Key areas of focus will be overcoming transport congestion and water scarcity.

CGC is based in the city and has already commenced recruitment for a number of additional executive roles within the company to build its capacity and expertise over the coming months. These roles will be advertised locally in coming weeks.

Buro Happold – Integrated consulting engineers and advisors is a globally recognised consultancy specialising in strategic planning, economics, infrastructure, design, engineering, environment and sustainability and strategic advisory services. With a strong track record in delivering large-scale city strategies, new communities and urban transformation projects.

Buro Happold leads the team to shape the evidence base, strategy and implementation plan. Their contributions will ensure that the evidence base is grounded in data-driven insights, technical analysis and best practices for sustainable growth.

Roger Savage, Project Director said:

We look forward to working with local partners on addressing the challenges of the area. In developing the evidence base for the Growth Company we will consider ways which planning for growth can deliver a quality of life dividend for existing and future communities through investment in the environment and infrastructure.

Prior + Partners is an acclaimed urban planning, masterplanning and economic consultancy known for its role in shaping major urban regeneration and expansion projects. Their experience in spatial planning, placemaking, data analytics and policy advisory will be instrumental in aligning the evidence base with Greater Cambridge’s unique needs, ensuring that growth is managed effectively and equitably.

They will be supported by a multidisciplinary team with technical expertise and local knowledge, including BNP Paribas Real Estate, CBA, LUC, Peter Studdert, Turner and Townsend and Womble, and Bond Dickinson.

By partnering with these leading experts in urban strategy and infrastructure planning, the Cambridge Growth Company is laying the groundwork to help Greater Cambridge realise its full potential.

For further information please refer to CGC’s new website – www.thecgc.org.uk.

Note to editors

Cambridge Growth Company

The Minister of State for Housing and Planning, Matthew Pennycook MP appointed Peter Freeman to chair the Cambridge Growth Company in October 2024. The government then committed £10 million to the CGC at the 2024 Autumn Statement.

The CGC’s mission is to support Greater Cambridge in the creation of a delivery programme to bring forward an ambitious vision for long term growth. This vision will maximise the potential for the benefit of the city and the UK through enabling further growth of Cambridge’s knowledge and innovation industries.

The CGC, which is supported by an Advisory Council consisting of elected local leaders and a range of local experts, will work with local government to establish the best long-term business model to fund infrastructural improvements — water supplies, the transport network, education, health, and the natural environment, ensuring that as much as possible is delivered from the increase in the land value of the sites to be developed.

The intention is that the CGC in its current form transitions into a growth and delivery vehicle that has the capacity and capability to take a long-term approach to delivery.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 6 May 2025
MIL OSI United Kingdom –
May 7, 2025
MIL-OSI: RentRedi Launches “The Rental Pro” Newsletter to Help Landlords Grow Their Rental Businesses
Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) — RentRedi, the fastest-growing all-in-one property management software that makes renting easy for both landlords and renters, announces The Rental Pro newsletter, offering a powerful monthly resource designed to provide landlords, investors, real estate agents, and property managers with expert insights, real estate data, and actionable strategies. Delivered monthly, The Rental Pro is open to anyone interested in real estate investing or rental housing—not just RentRedi customers.

The Rental Pro marks a strategic evolution with a strong focus on investment growth. The newsletter is tailored specifically to those navigating the rental housing market, offering in-depth exclusive rental market data, expert commentary, and actionable advice that helps readers make smarter investment decisions, improve operations, and unlock new opportunities in real estate investing.

“The Rental Pro Newsletter is designed for real estate investors who want to work smarter, not harder—and grow faster because of it,” said RentRedi Co-founder and CEO Ryan Barone. “We’re giving them the tools, insights, and strategies to stay ahead of the curve and scale with confidence.”

Whether you’re managing a single-family home or expanding a multi-unit portfolio, this newsletter offers guidance that fuels sustainable business growth.

What readers will learn:
- How to identify trends and capitalize on market opportunities
- Ways to streamline property operations and reduce overhead
- Insights into pricing strategies, maintenance planning, and tenant retention
- Exclusive data reports and expert analysis not found anywhere else
- Tips for navigating regulations, leveraging tech, and scaling smarter
With The Rental Pro, RentRedi continues its mission to make property management not only more accessible and efficient, but also more strategic and growth-oriented.

To subscribe to The Rental Pro, visit: rentredi.com/newsletter.

About RentRedi

RentRedi offers an award-winning, comprehensive property management platform that simplifies the renting process for landlords and renters by automating and streamlining processes. DIY landlords can quickly grow their rental businesses by using RentRedi’s all-in-one web and mobile app for rent collection, market listings, tenant screening, lease signing, maintenance coordination, and accounting. Tenants enjoy the convenience and benefits of RentRedi’s easy-to-use mobile app that allows them to pay rent, set up auto-pay, build credit by reporting rent payments to all three major credit bureaus, prequalify and sign leases, and submit 24/7 maintenance requests.

Founded in 2016, RentRedi is VC-backed and a proven leader in the PropTech market. The company ranks No. 180 on the Inc. 5000 list and No. 13 on the Inc. 5000 Regionals list. It was also named an Inc. Power Partner in 2023 and 2024, and to Fast Company’s Next Big Things in Tech list in 2024, as well as HousingWire’s Tech100 list in 2025. To date, RentRedi has more than $28 billion in assets under management with nearly 200,000 landlords and tenants using its platform. The company partners with technology leaders such as Zillow, TransUnion, Experian, Equifax, Realtor.com, Lessen, Thumbtack, Plaid, and Stripe to create the best customer experience possible. For more information visit RentRedi.com.

The MIL Network –
May 6, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on BIGY ($0.4609) and SOXY ($0.4384)

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ Target 12™ ETFs listed in the table below. The Fund seeks to generate income with a 12% target annual income level.

ETF Ticker¹	ETF Name	Distribution Frequency	Distribution per Share	Distribution Rate²	30-Day SEC Yield³	ROC⁴	Ex-Date & Record Date	Payment Date
BIGY	YieldMax™ Target 12™ Big 50 Option Income ETF	Monthly	$0.4609	12.00%	0.18%	66.89%	5/7/25	5/8/25
RNTY*	YieldMax™ Target 12™ Real Estate Option Income ETF	Monthly	–	–	–	–	–	–
SOXY	YieldMax™ Target 12™ Semiconductor Option Income ETF	Monthly	$0.4384	12.00%	0.12%	100.00%	5/7/25	5/8/25

You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

*The inception date for RNTY is April 16, 2025.

¹Each ETF’s strategy will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF.

²The Distribution Rate shown is as of close on May 5, 2025. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended April 30, 2025, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴ROC refers to Return of Capital. The ROC percentage is the portion of the distribution that represents an investor’s original investment.

Standardized Performance

For BIGY, click here. For SOXY, click here. For RNTY, click here.

Important Information

This material must be preceded or accompanied by the prospectus. For all prospectuses, click here.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Important Information
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures

Investing involves risk. Principal loss is possible.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, or YieldMax™ ETFs.

The MIL Network –

May 6, 2025

MIL-OSI Russia: Iceland: Staff Concluding Statement of the 2025 Article IV Mission
Source: IMF – News in Russian

May 6, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Washington, DC: An International Monetary Fund mission, led by Magnus Saxegaard and comprising Thomas Gade, Amit Kara, and Yurii Sholomytskyi, conducted discussions for the 2024 Article IV consultation with Iceland virtually during April 7-11, 2025, and in Reykjavik, Iceland, during April 28 to May 5, 2025. At the conclusion of the visit, the mission issued the following statement:

A successful tightening of macroeconomic policies has slowed the economy and reduced imbalances accumulated after the pandemic. The challenges now are to fully return inflation back to target while ensuring a soft landing for the economy; to build resilience by gradually increasing fiscal buffers; and to strengthen productivity and further diversify the economy to support medium-term growth and reduce Iceland’s vulnerability to shocks.

The economy slowed sharply in 2024, but growth is expected to pick up in 2025 and medium-term prospects remain favorable. Growth slowed to 0.5 percent in 2024 (from 5.6 percent in 2023) due largely to idiosyncratic factors (e.g., a disappointing fishing season and constraints on energy supply) that reduced exports, as well as subdued consumption growth. Growth is expected to rise to 1.8 percent in 2025 and 2.4 percent in 2026 supported by a recovery in exports, higher real wages, and continued monetary easing. The direct impact of escalating global trade tensions is projected to be limited given that most goods exports are destined for Europe; this projection assumes that the pharmaceutical sector, which is more reliant on the US market, remains exempt from tariffs. However, Iceland will be indirectly affected by lower growth in its trading partners. Inflation is projected to remain sticky due to elevated inflation expectations and still high wage growth, declining gradually to the Central Bank of Iceland’s (CBI’s) 2.5 percent inflation target in the second half of 2026. The medium-term growth outlook is positive, with the expansion of higher value-added export-oriented sectors expected to boost productivity growth, and migrant labor inflows facilitating a modest increase in employment.

Risks to growth are tilted to the downside while risks to inflation are broadly balanced. The impact of rising trade tensions could be larger than projected if US tariffs are extended to pharmaceuticals products, or if Iceland is affected by potential EU retaliation. Also, a reduction in the number of tourists travelling to and from the US could negatively impact tourism. Inflation could rise if trade tensions trigger supply chain disruptions or capital flight weakens the exchange rate. Conversely, capital inflows could put upward pressure on the exchange rate and weaken competitiveness. On the domestic side, attacks on physical or digital infrastructure could disrupt payment flows and thus economic activity and financial stability. A continuation of recent years’ dry weather could curtail energy supply and weaken exports. Second-round effects from higher wage growth could keep inflation elevated, while a premature loosening of monetary policy could further de-anchor inflation expectations. Upside risk include a reduction in household savings that would bolster consumption, and a faster-than-anticipated expansion of activity in pharmaceuticals and aquaculture.

Fiscal Policy: Building Buffers to Bolster Resilience

The authorities’ fiscal targets are suitably ambitious. The Medium-Term Fiscal Strategy (MTFS) projects a general government deficit this year of 1.3 percent of GDP, close to staff’s projection of 1.2 percent of GDP and down from 3.5 percent of GDP in 2024. The resulting 0.6 percentage point contractionary fiscal impulse is appropriate given still elevated inflation. The authorities’ medium-term fiscal targets, which entail turning the fiscal deficit into a surplus by 2028, are suitably ambitious considering that Iceland’s public indebtedness is higher than that of most Nordic countries despite the economy being more shock prone.

The consolidation measures in the MTFS will help the authorities achieve their fiscal targets. Staff welcomes that this year’s MTFS identifies all fiscal measures planned by the authorities to achieve their medium-term fiscal targets; this significantly increases the credibility of the consolidation. Measures appropriately include a combination of expenditure reductions (e.g., streamlining operations and merging of institutions) and revenue measures (e.g., expanding kilometer-based taxation to all vehicles and increasing natural resource rent taxation on tourism and fisheries). Staff projections that only include measures that have been presented to Parliament in a legislative proposal, indicate that about 0.5 percent of GDP in additional measures will be needed over the next five years to meet the authorities’ targets. The measures outlined in the MTFS would cover this gap, but additional fiscal effort could be necessary if spending increases more than anticipated or if the yield from revenue measures falls short of expectations (see below).

Increasing infrastructure spending while safeguarding fiscal sustainability would bolster Iceland’s growth prospects. The government’s intention to scale up public investment is welcome given infrastructure gaps in transport and energy. However, the MTFS projects a medium-term decline in government investment as a share of GDP compared to recent years. Staff recommends to, at a minimum, maintain the current level of government investment within the MTFS deficit targets. As noted in the MTFS, identifying opportunities for Iceland’s pension funds to scale up their financing of infrastructure in a manner consistent with their fiduciary duties could help complement these efforts, though care should be taken to contain any increase in fiscal risks. Partnering with multilateral investment banks or international infrastructure funds could provide useful expertise with private financing of infrastructure projects. Streamlining permitting and licensing procedures would help speed up infrastructure deployment.

Additional fiscal effort could be required if planned measures fall short of expectations, or to scale up government investment. In such a scenario, the authorities could consider: (i) increasing the preferential VAT rate and/or limiting the items that benefit from it; (ii) increasing housing taxation (see below); (iii) streamlining R&D incentives including by reassessing the 2020 increase in the ceiling on eligible business R&D expenditure (see below); and (iv) carrying out a comprehensive review of public expenditure to identify potential savings.

Activation of revised fiscal rules in 2026 is welcome; however, their credibility would be enhanced by strengthening the Fiscal Council.
- The revised fiscal framework—which broadly aligns with staff’s recommendations in the 2024 Article IV—includes a net expenditure growth rule instead of the previous budget balance rule. It preserves the 30 percent of GDP net debt ceiling though the speed at which this is to be achieved will be more flexible than in the past. The revised framework will allow the authorities to factor in the state of the economy in their consolidation plans and reduce procyclicality.
- The Fiscal Council, which will be responsible for monitoring compliance with the fiscal rules, should be tasked with evaluating the macroeconomic and fiscal projections underpinning the MTFS. The intention is also that the Council will be responsible for monitoring productivity developments and for making proposals for reforms. This would require a significant increase in the capacity and resources of the Fiscal Council.
- To bolster transparency and enable the Fiscal Council to monitor fiscal developments and compliance with the fiscal rules on an ongoing basis, the authorities should start publishing fiscal data corresponding to the coverage of the fiscal rules on a quarterly rather than annual basis as is currently the case, and ensure that these data are independently verifiable. Expanding the coverage of the budget and the fiscal rules to encompass the entirety of the central government would facilitate these efforts. This would also reduce incentives to shift spending and borrowing to parts of the government not covered by the fiscal rules.
Monetary Policy: Calibrating the Pace of Monetary Easing

As inflation declines toward the target, the policy rate should be reduced. The current monetary stance is appropriately tight given still elevated inflation and inflation expectations. Staff’s inflation forecast, which envisions reaching the 2.5 percent target in the second half of 2026, is in the IMF’s view consistent with a 250 basis points reduction in the policy rate over the next 4–5 quarters. This policy trajectory, which maintains a tight policy stance (but progressively less so) until inflation expectations become reanchored to the inflation target, would balance the trade-offs between bringing inflation sustainably to target and the risk to the economy from an overly restrictive policy stance. Persistent wage increases above productivity growth or a rise in imported inflation would warrant a more gradual easing of the monetary policy stance, while indications that inflation is likely to undershoot the target on a sustained basis would call for a more rapid reduction in the policy rate. The current elevated uncertainty suggests the pace of monetary easing should be guided more than usual by incoming data. As uncertainty declines the CBI should transition to a more forecast-based inflation targeting environment to increase predictability and reduce financial market volatility.

The CBI’s decision to commence regular purchases of foreign exchange is opportune given current favorable market conditions and will strengthen its ability to stabilize the foreign exchange market during times of stress. The purchase program, which will be revised as conditions warrant, will help offset a projected decline in reserve coverage over the next two years. Staff agree that, given the current uncertain external environment and the shock prone nature of the economy, it is prudent to maintain a level of reserves well above the lower end of the 100-150 percent of the Fund’s Reserve Adequacy (ARA) range. As noted in the 2024 Article IV consultation, the authorities should also explore options to gradually deepen the foreign currency derivatives market when conditions allow, to encourage greater participation of foreign investors in the domestic bond market and to facilitate hedging of foreign currency risk.

Financial Sector: Maintaining a Robust Financial System

The banking system remains resilient and systemic risks are contained, but pockets of vulnerabilities remain that require continued vigilance. Financial institutions are well capitalized and have ample liquidity buffers, while non-performing loans remain low compared to their pre-pandemic average. The financial cycle has decelerated but remains somewhat elevated, while the CBI’s domestic systemic risk indicator has increased slightly although it is below its long-term average. These indicators suggest risks are primarily concentrated in the housing market. An abrupt fall in house prices combined with higher-for-longer interest rates and an economic slowdown could result in a deterioration in asset quality. Risks are partially mitigated by conservative loan-to-value ratios and the strong equity position of most borrowers. Corporate credit risk has increased modestly, including in the hospitality sector, and could rise further if rising trading tensions trigger a decline in tourist arrivals. Meanwhile, cybersecurity threats are an increasing concern, and staff welcomes the authorities’ efforts to enhance operational security and enhance the resilience of the domestic payment system.

The current macroprudential stance is broadly appropriate, though there may be scope for some easing if financial conditions improve as anticipated. Overall capital requirements on Icelandic banks are relatively high compared to other European countries, bolstering banks’ resilience in a shock prone economy. While these requirements are broadly appropriate given still elevated risks in the housing market, there may be scope for some easing if systemic risks recede. It would be prudent to defer such a decision until the impact of the Capital Requirements Regulation (CRR) III—expected to take effect by mid-2025—is clear. Any easing of the macroprudential stance should take care to safeguard the availability of releasable capital under the countercyclical capital buffer (CCyB). Borrower-based measures (BBMs) have contributed to contain household credit risk and should remain on hold for now. The government’s plans to reduce the prevalence of CPI-indexed mortgage loans should be carefully timed given the beneficial impact indexation has had on borrower resilience and financial stability.

Sustaining the momentum in implementing Financial Sector Assessment Program (FSAP) recommendations will require continued efforts. Staff welcomes the significant progress achieved in implementing the recommendations from the 2023 FSAP. Since the 2024 Article IV, progress has been made on operationalizing an Emergency Liquidity Assistance (ELA) framework, while efforts are ongoing with technical assistance from the Fund to enhance AML/CFT supervision of banks. Steps have been taken to strengthen the supervision of pension funds, but more progress is needed on legislative changes to enhance pension fund governance, internal risk controls, and risk management. Focusing on incremental changes rather than comprehensive reforms may facilitate progress moving forward. Further steps are also needed to safeguard the independence and effectiveness of the CBI’s supervisory activities, including through a streamlined and independent budgetary process for financial supervision and improved legal protection for supervisors. Lastly, efforts should continue to strengthen the CBI’s and the financial sector’s operational risk management capacity.

Structural Policies to Boost Productivity and Diversify the Economy

Investments in physical and human capital, along with continued efforts to promote innovation and improve allocative efficiency are needed to sustain productivity growth.
- While the level of labor productivity is high, productivity growth has slowed since the global financial crisis due to lower total factor productivity (TFP) growth and decreasing capital intensity. Staff analysis suggests this is largely the result of a lower share of jobs in high productivity sectors (likely due to the financial sector shrinking to more sustainable levels and the expansion of the tourism sector) rather than a decline in within-sector productivity growth. Meanwhile, the share of fast-growing firms that can drive economy-wide productivity gains is below the EU average.
- The authorities’ ambition to increase productivity growth is welcome. To achieve this they should: (i) focus on improving infrastructure to facilitate firms’ access to domestic and international markets; (ii) continue their efforts to promote innovation and the creation of more high-growth businesses; (iii) work with stakeholders in the labor market to strengthen incentives for pursuing higher education in fields where there is a shortage of skills; and (iv) streamline professional licensing requirements for foreign nationals.
Incentives to promote innovation and diversification of the economy are bearing fruit, but there is scope to improve the efficiency of R&D support schemes. Generous tax incentives have made Iceland one of the most attractive jurisdictions in the OECD for R&D investment and contributed to the emergence of several fast-growing innovative firms. However, the sharp increase in public R&D spending has raised concerns about budgetary costs and efficiency. Plans to revise the R&D legislation provide an opportunity to clarify eligibility criteria and thus increase the predictability of the scheme. Also, as noted previously, there may be merit in reassessing the 2020 increase in the ceilings on eligible business R&D expenditures given that it primarily benefits medium and large firms where research suggests R&D support has less impact. Allowing businesses to deduct R&D expenses from payroll taxes could bolster the impact of the scheme given evidence that payroll tax offsets have a greater impact on firms’ R&D tax expenditure. This would also reduce administrative costs by eliminating the need for refunds to loss-making companies.

Integration of Artificial Intelligence (AI) could bolster productivity growth. Iceland’s strong digital infrastructure, relatively high levels of human capital, and robust legal framework suggest that it is well placed to benefit from AI. Staff analysis indicates that the proportion of jobs that are well positioned to take advantage of productivity gains from AI is higher than in other advanced economies. Conversely, the share of jobs at risk of displacement from AI is smaller, though still significant. To mitigate potential disruptions to the labor market the authorities should provide opportunities for re-skilling and scale up active labor market policies to facilitate the movement of workers between sectors and provide support to the most vulnerable.

Further efforts are needed to develop a housing strategy that meets the needs of Iceland’s growing population. The government’s plans to tighten control over short-term rentals and increase the supply of housing could help improve housing affordability. Targeted homeowner assistance programs can play a complementary role, though such programs would need to be designed in a way that minimizes fiscal risks and risks to macroeconomic and financial stability. Housing taxation can also play a supportive role in reducing housing market imbalances. For instance, increasing capital gains taxation on secondary homes and investment properties and raising the tax rate on vacant lots in urban areas could not only raise revenue but also play a supportive role in curbing speculative demand and incentivizing supply.

The IMF team would like to thank the authorities and other interlocutors for their generous hospitality and constructive dialogue.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Boris Balabanov

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/05/mcs-iceland-staff-concluding-statement-of-the-2025-article-iv-mission

MIL OSI
MIL OSI Russia News –
May 6, 2025
MIL-OSI: 1 in 3 Canadians say down payments are blocking homeownership

Source: GlobeNewswire (MIL-OSI)

TORONTO and MONTREAL, May 06, 2025 (GLOBE NEWSWIRE) — As rent prices outpace inflation and wages lag, one-in-three (32%) Canadians say saving for a down payment is the biggest barrier keeping them out of the housing market, according to a new survey from CPA Canada and BDO Debt Solutions.

Another 30 per cent of Canadians point to the ongoing cost of mortgage payments as their main obstacle to owning a home, while just 10 per cent of respondents say they prefer the flexibility of renting.

With 43 per cent of all respondents reporting the high cost of living as their top financial challenge—and another 14 per cent pointing to paying down debt—many Canadians are struggling to manage day-to-day expenses, let alone save for a home.

“Like sucking the oxygen out of a room, rising housing costs in Canada leave little left for consumers to spend in the overall economy,” says David-Alexandre Brassard, Chief Economist at CPA Canada. “High down payments restrict access to real estate investments and exacerbate wealth inequality, leading to social consequences.”

The financial impact of the housing market is also evident in the growing reliance on credit and shrinking emergency savings, says Nancy Snedden, Licensed Insolvency Trustee and President at BDO Debt Solutions.

“The dream of owning a first home is slipping away for many Canadians. With the cost of living on the rise, saving for a home has become increasingly challenging,” says Snedden. “It’s concerning that only two per cent of non-homeowners in Canada are able to make their emergency fund a financial priority, while many are relying on credit to cover their expenses.”

The results also reveal a clear generational divide: while three quarters (74%) of Canadians aged 55 and older own their homes, that number drops to 63 per cent for those aged 35 to 54, and just 31 per cent for Canadians aged 18 to 34.

“Homeownership is closely tied to financial stability and wealth accumulation,” says Li Zhang, Financial Literacy Leader at CPA Canada. “This is reflected in the behaviour of Canadians: homeowners are more likely to save for retirement and invest, while renters often live paycheque to paycheque. Only four per cent of renters report prioritizing lifestyle spending—most are simply struggling to cover the basics.”

Nearly half of homeowners are focused on savings, compared with just 12 per cent of renters and non-homeowners. In fact, 28 per cent of homeowners say their top financial goal is saving for retirement or long-term investments.

To schedule an interview with one of our spokespeople, please contact media@cpacanada.ca.

Survey methodology

Leger conducted the 2025 Housing Market OMNIbus online survey from Feb. 7 to Feb. 10, 2025, among 1,590 randomly selected Canadians aged 18 and over.

The MIL Network –

May 6, 2025
MIL-OSI: Onity Group to Present at Upcoming Investor Conferences

Source: GlobeNewswire (MIL-OSI)

WEST PALM BEACH, Fla., May 05, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced that executive management will participate in two upcoming conferences in May 2025.

Glen Messina, Chair, President and Chief Executive Officer, and Sean O’Neil, Executive Vice President and Chief Financial Officer, will meet with investors at the following conferences:

BTIG 5^thAnnual Housing Ecosystem Conference
Date: Wednesday, May 7, 2025
For more information, please contact USCorporateAccess@btig.com. Please note participants must be pre-registered to attend.

KBW Real Estate Finance & Technology Conference
Date: Tuesday, May 20, 2025
Virtual conference
For more information, please contact kbwevents@kbw.com.

An investor presentation will be made available on the Events & Presentations section of the Company’s shareholder relations page at onitygroup.com prior to the meetings on May 7 and May 20, 2025.

About Onity Group

Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

For Further Information Contact:

Valerie Haertel, VP, Investor Relations
(561) 570-2969
shareholderrelations@onitygroup.com

The MIL Network –

May 6, 2025
MIL-OSI: Hyperscale Data Announces Preliminary $25 Million in Revenue for Q1 2025, Provides Full-Year Guidance of $115–$125 Million

Source: GlobeNewswire (MIL-OSI)

LAS VEGAS, May 05, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced preliminary financial results for the first quarter of 2025, which ended March 31, 2025, with revenue surpassing $25 million. The Company also issued guidance for the full fiscal year 2025, projecting revenue between $115 million and $125 million. The Company notes year-over-year growth at its subsidiaries, Ault Global Real Estate Equities, Inc., Circle 8 Crane Services, LLC and TurnOnGreen, Inc.

In the first quarter, Hyperscale Data recognized a significant one-time gain of approximately $9.7 million due to the deconsolidation of Avalanche International, Corp. Additionally, the Company is continuing to transition its Michigan data center into a cutting-edge artificial intelligence (“AI”) data center, positioning itself at the forefront of AI infrastructure and service growth.

“2025 is off to a strong start with growth across several of our core businesses,” said William B. Horne, Chief Executive Officer of Hyperscale Data. “Our transition of the Michigan facility to an AI data center and partial divestment of non-core assets are key milestones as we position Hyperscale Data for long-term success.”

The Company’s strategic transition and focus on high-growth sectors are designed to ensure that Hyperscale Data is prepared to capture emerging opportunities and deliver sustained value to its stockholders. The Company encourages stockholders to read the About Hyperscale Data, Inc. section for information regarding the upcoming divestiture of certain Company assets.

For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

About Hyperscale Data, Inc.

Through its wholly owned subsidiary Sentinum, Inc., Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data’s other wholly owned subsidiary, Ault Capital Group, Inc. (“ACG”), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

Hyperscale Data expects to divest itself of ACG on or about December 31, 2025 (the “Divestiture”). Upon the occurrence of the Divestiture, the Company would solely be an owner and operator of data centers to support high-performance computing services, though it may at that time continue to mine Bitcoin. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Convertible Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be stockholders of ACG upon the occurrence of the Divestiture.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at hyperscaledata.com.

Hyperscale Data Investor Contact:
IR@hyperscaledata.com or 1-888-753-2235

The MIL Network –

May 5, 2025
MIL-OSI United Kingdom: Greens unveil plan to end rip-off rents

Source: Scottish Greens

05 May 2025 Housing

Housing is for living in, not for grotesque profiteering.

More in Housing

Scotland needs robust rent controls that will save renters money, say the Scottish Greens who have published plans to end rip-off rents with their proposals in the upcoming Housing (Scotland) Bill.

Independent analysis from the Scottish Parliament Information Centre shows that renters in a two bedroom flat would have saved at least £1000 per year if the model proposed by the Greens had been in place since 2019. It shows that someone renting a two-bedroom property in Lothian would now be at least £272 a month better off.

Amendments lodged by the Scottish Greens would mean that rent will increase no more than the cost-of-living or increases in wages. And for those areas where rents are already too high, Councils could put in place lower increases, freezes or rent reductions.

Along with proposals to end winter evictions, allowing tenants to withhold rent for poor quality properties, and to force absentee landlords to sell derelict properties for housing, Greens are working to ensure that everyone has a warm, safe and affordable home.

Scottish Green MSP Maggie Chapman said:

“Nobody should be put in a position where the lion’s share of their income is being spent on paying rent, leaving them with very little left to pay for food, heating and electricity bills, or to simply enjoy their lives.

“All parties agree that we are in a housing emergency, but we need to start acting like it. The proposals we have published will ensure a robust system of rent controls that will support tenants and end rip off rents.

“Our proposals would give stability to households and families on the frontline of the crisis, and make sure rents are fairer across the board going forward.

“By tying rents to average earnings, we are establishing an important principle that rents should not rise faster than renters’ ability to pay.

“Homes are for living in, not for grotesque profiteering. The Housing Bill was introduced by the Scottish Greens. It gives us the opportunity to transform the broken housing market and protect renters all across our country.”

MIL OSI United Kingdom –

May 5, 2025

Category: Residential Housing Market

More in Housing

The Cambridge Growth Company has appointed Buro Happold, Prior + Partners and other technical experts to develop a growth strategy for Greater Cambridge

Published on behalf of the Cambridge Growth Company

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Cambridge Growth Company

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The Cambridge Growth Company have appointed Buro Happold, Prior + Partners and other technical experts to develop a growth strategy for Greater Cambridge

Published on behalf of the Cambridge Growth Company

Note to editors

Cambridge Growth Company

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Updates to this page

IMF Communications Department

MEDIA RELATIONS

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