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Transcontinental Realty Investors, Inc. Reports Second Quarter 2019 Results

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Transcontinental Realty Investors, Inc. (NYSE: TCI), a Dallas-based real estate investment company, today reported results of operations for the second quarter ended June 30, 2019. For the three months ended June 30, 2019, we reported net loss applicable to common shares of $6.3 million or ($0.73) per diluted loss per share compared to a net income applicable to common shares of $7.0 million or ($0.81) per share for the same period ended 2018.

We would like to take a brief moment to share with you our recent successes for TCI and affiliated Companies and thank you for your steadfast dedication to the company.

2018 and 2019 have been met with unprecedented expansion and repositioning for Pillar, TCI, SPC, and affiliated Companies. We ended 2018 with our largest and most strategic transactions, the newly created subsidiary Victory Abode Apartments, LLC (VAA) Joint Venture and Bond Series B raised on the Tel Aviv Stock Exchange. In 2019, the company recently raised an additional $78 million bond series C on the Tel Aviv Stock Exchange. This expanded offering creates additional financial strength to our already thriving organization. With these existing and newly engaged projects and our continuously burgeoning multifamily asset base, we are committed to the continued growth and education of our staff.

The JVs primary focus is to create a business platform that will allow dramatic expansion in the multifamily arena. The intent is to increase the overall size of the portfolio over the next several years through strategic buildout of its robust development pipeline alongside opportunistic acquisitions.

All of these initiatives further demonstrate our ability to increase shareholder value, aligning with the strategic direction we announced three years ago. Our company has been dramatically transformed to a highly viable operating company with solid development capabilities in the multifamily arena. Our main goal has always been to act in the best interest of the company and protect asset value for its investors. We continue to invest in new development projects and grow the companys asset base.

Revenues

Rental and other property revenues were $11.8 million for the three months ended June 30, 2019, compared to $31.6 million for the same period in 2018. The $19.8 million decrease is primarily due to a decrease in the amount of multifamily residential apartment buildings currently in our portfolio of nine as compared to fifty-three multifamily residential apartment buildings for the same period a year ago as a result of the deconsolidation of forty-nine residential apartment properties that were sold into the VAA Joint Venture during the fourth quarter of 2018. As the assets are now treated as unconsolidated investments, our share of rental revenues is part of income from unconsolidated investments in the current period and are no longer treated as rental income.

Expenses

Property operating expenses decreased by $8.2 million to $7.3 million for the three months ended June 30, 2019 as compared to $15.5 million for the same period in 2018. The decrease in property operating expenses is primarily due to the deconsolidation of forty-nine residential apartment properties that were sold into the VAA Joint Venture during the fourth quarter of 2018 which resulted in a decrease in salary and related payroll expenses of $1.8 million, real estate taxes of approximately $2.4 million, management fees paid to third parties of $0.7 million, and other general property operating and maintenance expenses of $3.3 million.

Depreciation and amortization decreased by $3.1 million to $3.4 million during the three months ended June 30, 2019 as compared to $6.5 million for the three months ended June 30, 2018. This decrease is primarily due to the deconsolidation of the residential apartments in connection with our previous sale and contribution of our interests to the VAA Joint Venture.

General and administrative expense was $3.3 million for the three months ended June 30, 2019 and $2.2 million for the same period in 2018. The increase of $1.1 million in general and administrative expenses is due primarily to increases in fees paid to our Advisors of $0.9 million and professional fees of $0.2 million.

Other income (expense)

Interest income was $4.9 million for the three months ended June 30, 2019, compared to $3.5 million for the same period in 2018. The increase of $1.4 million was due primarily to an increase of $1.3 million in interest on the receivables owed by our Advisors.

Other income was $0.7 million for the three months ended June 30, 2019, compared to $7.5 million for the same period in 2018. The decrease of $6.8 million was due primarily to cash proceeds of $0.2 million received during the quarter ended June 30, 2019, from the collection of tax increment incentives related to infrastructure development work at Mercer Crossing, located in Farmers Branch, Texas, and other miscellaneous income of $0.5 million, compared to insurance proceeds received during the second quarter of 2018 of approximately $6.6 million as a result of damages caused by a hurricane to one of our properties that was subsequently sold during the same quarter.

Mortgage and loan interest expense was $7.6 million for the three months ended June 30, 2019 as compared to $14.2 million for the same period in 2018. The decrease of $6.6 million is due to the deconsolidation of residential apartment properties into the VAA Joint Venture which were encumbered by mortgage debt.

Foreign currency transaction was a loss of $2.3 million for the three months ended June 30, 2019 as compared to a gain of $5.9 million for the same period in 2018. The foreign currency loss is due primarily to a decrease in the exchange rate of our Israel New Shekels (NIS) denominated corporate bonds registered on the Tel-Aviv Stock Exchange. The exchange rate of the NIS to USD went from 3.63 at the beginning of the second quarter to an exchange rate of 3.58 at June 30, 2019. As of June 30, 2019, we have outstanding bonds of $159.4 million (or NIS 570 million) and accrued interest payable of approximately $2.8 million (or NIS 10.1 million).

Loss from unconsolidated investments was a net of $0.2 million for the three months ended June 30, 2019 as compared to a loss of $0.009 million for the three months ended June 30, 2018. The loss from unconsolidated investments during the second quarter just ended was driven primarily from our share in the losses reported by our VAA Joint Venture of $0.2 million.

Loss from the sale of income-producing property increased for the three months ended June 30, 2019 as compared to the prior period. In the current period, we sold a multifamily residential property, located in Mary Ester, Florida for a sales price of $3.1 million and recorded a loss of $0.08 million. There were no apartment sales for the three months ended June 30, 2018.

Gain on land sales increased for the three months ended June 30, 2019 as compared to the prior period. In the current period, we sold 41.6 acres of land for an aggregate sales price of $7.6 million and recorded a gain of $2.1 million. There were no land sales for the three months ended June 30, 2018.

About Transcontinental Realty Investors, Inc.

Transcontinental Realty Investors, Inc., a Dallas-based real estate investment company, holds a diverse portfolio of equity real estate located across the U.S., including apartments, office buildings, shopping centers, and developed and undeveloped land. The Company invests in real estate through direct ownership, leases and partnerships and invests in mortgage loans on real estate. For more information, visit the Companys website at www.transconrealty-invest.com.

 

TRANSCONTINENTAL REALTY INVESTORS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2019

 

2018

 

2019

 

2018

 

(dollars in thousands, except per share amounts)

Revenues:

 

 

Rental and other property revenues (including $203 and $208 for the three months and $413 and $415 for the six months ended 2019 and 2018, respectively, from related parties)

 

$

11,840

 

$

31,607

 

 

$

23,769

 

$

62,689

 

 

 

Expenses:

 

 

Property operating expenses (including $246 and $231 for the three months ended and $504 and 458 for the six months ended 2019 and 2018, respectively, from related parties)

 

 

7,322

 

 

15,492

 

 

 

13,319

 

 

29,947

 

Depreciation and amortization

 

 

3,439

 

 

6,522

 

 

 

6,548

 

 

12,968

 

General and administrative (including $919 and $1,187 for the three months ended and $2,420 and $2,280 for the six months ended 2019 and 2018, respectively, from related parties)

 

 

3,334

 

 

2,173

 

 

 

5,662

 

 

4,365

 

Net income fee to related party

 

 

90

 

 

53

 

 

 

190

 

 

106

 

Advisory fee to related party

 

 

1,035

 

 

2,726

 

 

 

2,683

 

 

5,474

 

Total operating expenses

 

 

15,220

 

 

26,966

 

 

 

28,402

 

 

52,860

 

Net operating (loss) income

 

 

(3,380

)

 

4,641

 

 

 

(4,633

)

 

9,829

 

 

 

Other income (expenses):

 

 

Interest income (including $4,580 and $3,486 for the three months ended and $8,892 and $6,722 for the six months ended 2019 and 2018, respectively, from related parties)

 

 

4,878

 

 

3,544

 

 

 

9,436

 

 

7,420

 

Other income

 

 

688

 

 

7,482

 

 

 

4,580

 

 

9,308

 

Mortgage and loan interest (including $513 and $327 for the three months ended and $1,003 and $645 for the six months ended 2019 and 2018, respectively, from related parties)

 

 

(7,646

)

 

(14,175

)

 

 

(15,605

)

 

(28,268

)

Foreign currency transaction (loss) gain

 

 

(2,325

)

 

5,889

 

 

 

(8,143

)

 

7,645

 

Equity loss from VAA

 

 

(236

)

 

 

 

 

(1,291

)

 

 

Earnings (losses) from other unconsolidated investees

 

 

2

 

 

(9

)

 

 

(5

)

 

2

 

Total other (expenses) income

 

 

(4,639

)

 

2,731

 

 

 

(11,028

)

 

(3,893

)

(Loss) income before gain on land sales, non-controlling interest, and taxes

 

 

(8,019

)

 

7,372

 

 

 

(15,661

)

 

5,936

 

 
Loss on sale of income producing properties

 

 

(80

)

 

 

 

 

(80

)

 

 

Gain on land sales

 

 

2,133

 

 

 

 

 

4,349

 

 

1,335

 

Net (loss) income from continuing operations before taxes

 

 

(5,966

)

 

7,372

 

 

 

(11,392

)

 

7,271

 

Net (loss) income from continuing operations

 

(5,966

)

 

7,372

 

 

 

(11,392

)

 

7,271

 

Net (loss) income

 

 

(5,966

)

 

7,372

 

 

 

(11,392

)

 

7,271

 

Net (income) attributable to non-controlling interest

 

 

(379

)

 

(126

)

 

 

(562

)

 

(258

)

Net (loss) income attributable to Transcontinental Realty Investors, Inc.

 

 

(6,345

)

 

7,246

 

 

 

(11,954

)

 

7,013

 

Preferred dividend requirement

 

 

 

 

(224

)

 

 

 

 

(446

)

Net (loss) income applicable to common shares

 

$

(6,345

)

$

7,022

 

 

$

(11,954

)

$

6,567

 

 

 

(Loss) earnings per share – basic

 

 

Net (loss) income from continuing operations

 

$

(0.73

)

$

0.81

 

 

$

(1.37

)

$

0.75

 

Net (loss) income applicable to common shares

 

$

(0.73

)

$

0.81

 

 

$

(1.37

)

$

0.75

 

 

 

(Loss) earnings per share – diluted

 

 

Net (loss) income from continuing operations

 

$

(0.73

)

$

0.81

 

 

$

(1.37

)

$

0.75

 

Net (loss) income applicable to common shares

 

$

(0.73

)

$

0.81

 

 

$

(1.37

)

$

0.75

 

 

 

Weighted average common shares used in computing earnings per share

 

8,717,767

 

 

8,717,767

 

 

 

8,717,767

 

 

8,717,767

 

Weighted average common shares used in computing diluted earnings per share

 

8,717,767

 

 

8,717,767

 

 

 

8,717,767

 

 

8,717,767

 

Amounts attributable to Transcontinental Realty Investors, Inc.

 

 

 

 

 

 

Net (loss) income from continuing operations

 

$

(6,345

)

$

7,246

 

 

$

(11,954

)

$

7,013

 

Net (loss) income applicable to Transcontinental Realty, Investors, Inc.

 

$

(6,345

)

$

7,246

 

 

$

(11,954

)

$

7,013

 

 

TRANSCONTINENTAL REALTY INVESTORS, INC.

CONSOLIDATED BALANCE SHEETS

June 30,

 

December 31,

2019

 

2018

(unaudited)

(audited)

 

(dollars in thousands, except share and par value amounts)

Assets

Real estate, at cost

$

454,350

 

$

461,718

 

Real estate subject to sales contracts at cost

 

1,626

 

 

2,014

 

Real estate held for sale at cost, net of depreciation

 

14,737

 

 

 

 

Less accumulated depreciation

 

(84,213

)

 

(79,228

)

 

Total real estate

 

386,500

 

 

384,504

 

 

Notes and interest receivable (including $68,687 in 2019 and $51,945 in 2018 from related parties)

 

116,864

 

 

83,541

 

Cash and cash equivalents

 

37,579

 

 

36,358

 

Restricted cash

 

44,602

 

 

70,207

 

Investment in VAA

 

67,078

 

 

68,399

 

Investment in other unconsolidated investees

 

22,167

 

 

22,172

 

Receivable from related party

 

125,430

 

 

133,642

 

Other assets

 

53,667

 

 

63,557

 

Total assets

$

853,887

 

$

862,380

 

 

Liabilities and Shareholders Equity

Liabilities:

Notes and interest payable

$

283,780

 

$

277,237

 

Bonds and bond interest payable

 

157,328

 

 

158,574

 

Deferred revenue (including $13,837 in 2019 and $17,522 in 2018 to related parties)

 

13,837

 

 

17,522

 

Deferred tax liability

 

2,000

 

 

2,000

 

Accounts payable and other liabilities (including $931 in 2019 and $3 in 2018 to related parties)

 

28,045

 

 

26,646

 

Total liabilities

 

484,990

 

 

481,979

 

 

Shareholders equity:

Common stock, $0.01 par value, authorized 10,000,000 shares; issued 8,717,967 shares in 2019 and 2018; outstanding 8,717,767 shares in 2019 and 2018

 

87

 

 

87

 

Treasury stock at cost, 200 shares in 2019 and 2018

 

(2

)

 

(2

)

Paid-in capital

 

257,938

 

 

258,050

 

Retained earnings

 

89,631

 

 

101,585

 

Total Transcontinental Realty Investors, Inc. shareholders’ equity

 

347,654

 

 

359,720

 

Non-controlling interest

 

21,243

 

 

20,681

 

Total shareholders’ equity

 

368,897

 

 

380,401

 

Total liabilities and shareholders’ equity

$

853,887

 

$

862,380

 

 

Transcontinental Realty Investors, Inc.

Investor Relations

Michele Rougon (800) 400-6407

[email protected]

News

Long-Term Damage Happening to Canada’s Airlines: CUPE

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Monday’s financial update from Ottawa provided no support for Canada’s struggling airlines.

CUPE local 4070 represents 4,100 cabin crew members at WestJet and its affiliates. The union joined business, industry experts and others this week in sounding the alarm about the future of Canada’s airlines.

After months of inaction, Canada remains the only G7 country with no relief package for airlines,” said CUPE 4070 President Chris Rauenbusch.

“Our voices are raw from screaming about this issue: if the Liberals don’t do something immediately, Canada will be without airlines.” Rauenbusch said the Liberal approach of prioritizing regional service above all is the wrong approach. Rauenbusch said regional service thrives when airlines have thriving networks to connect to.

“Viewing regional service in isolation simply won’t work.”

Canadas airlines are losing market-share to well-supported carriers from around the world,” said Rauenbusch. “Over 100,000 Canadians employed by airlines are waiting for action, and we’re not seeing anything.

In a statement this week, the National Airlines Council of Canada (NACC) said, This lack of action does not reflect the economic importance of the sector to Canada’s overall recovery, nor the need to ensure Canada’s largest carriers can continue to compete internationally.

“If the Liberals keep ignoring the airline sector, we will never return to work,” said Rauenbusch. “And Canadians will travel on foreign carriers supported by foreign governments. This is not how we return our country to stability.

LA/meaa/COPE 458

Lou Arab

Communications Representative

780.271.2722

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Protegrity Partners With Servian, Expanding Global Reach in Australia and New Zealand

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Protegrity, the data-security solutions provider, has partnered with Servian, one of Australias leading IT consultancies, to deliver effective data protection to companies across Australia and New Zealand (ANZ) that are implementing AI, analytics, customer engagement, and cloud solutions. A primary objective for Protegrity and Servian is securing data for companies using Snowflake, a cloud data platform provider and Protegrity partner. Snowflake has grown rapidly in the ANZ market and its partnership with Protegrity enables customers to deploy Protegrity’s data de-identification technology to protect any data housed in Snowflake’s managed cloud data warehouse. Servian and Protegrity will also work with joint customers to ensure compliance with evolving data privacy regulations and uphold the privacy of individuals while empowering companies to unlock the full potential of their data.

Protegritys data protection offerings are closely aligned with our mission to enable customers to use data and analytics to further establish their competitive advantage, said Tristan Sander, Partner at Servian. We look forward to working with Protegrity to deliver market-leading data security solutions to our customers.

Protegrity has witnessed a growing demand for data security solutions in ANZ as companies in the region have become increasingly mindful of how they manage their data and comply with GDPR and other codified expectations “ including the Australian Privacy Principles Act and the Asia Pacific Economic Cooperation (APEC) Cross Border Privacy Rules (CBPR) “ to protect customer privacy. The prominent expansion of Snowflake in ANZ has also contributed to Protegritys visibility in the region. Protegrity for Snowflake provides the control businesses need to protect data in the cloud beyond encryption and data masking. With Protegrity’s format-preserving data protection, data and analytics professionals can perform analytics directly on de-identified data without having to unprotect or re-identify the data.

Weve seen an increasing demand from companies in the ANZ region who are implementing AI, analytics, and cloud technologies, said Protegrity President and CEO Rick Farnell. Protegrity is purpose-built for hybrid-cloud and multi-cloud environments and our proven data-protection capabilities enable businesses to extract intelligence-driven insights from their most sensitive data and deliver better customer experiences. Together, Protegrity, Servian, and Snowflake are embarking on a journey to safely accelerate the democratization of data, allowing our mutual customers to further their innovation while protecting sensitive data “ no matter where it resides.

Register today for an on-demand webinar with Protegrity, Servian, and Snowflake to learn how this partnership gives companies the confidence to use and share data across business lines while reducing the risk of breaches of sensitive data.

Follow Protegrity

Website: protegrity.com

Twitter: @Protegrity

LinkedIn: linkedin.com/company/protegrity/

About Protegrity

Protegrity, a global leader in data security, protects sensitive data everywhere and future-proofs businesses as data-privacy regulations evolve. Maintaining privacy today across distributed data has become impossibly complicated. With Protegrity, enterprises can secure data wherever it resides, control how its protected, and have confidence that data is safe, even if a breach occurs. The Protegrity Data Protection Platform is a modern alternative to traditionally complex data-protection methods that leave gaps in security. Whether encrypting, tokenizing, or applying privacy models, Protegrity protects data at the speed of business. Deep integrations with Snowflake, Amazon Redshift, Teradata, Oracle, Microsoft SQL Server, Cloudera, Databricks, and many other enterprise applications ensure that data remains fully protected in hybrid-cloud, multi-cloud, and on-premises environments without performance penalties. The platforms fine-grained data protection anonymizes personally identifiable information (PII) thats used in AI and machine learning models, providing faster access to critical analytics data and dramatically shortening the time to business insights. Protegrity protects the sensitive data of over one billion individuals across global enterprises, including five of the worlds 40 largest banks, five out of 10 of the top health insurance providers, and three of the worlds leading multinational companies. With more than two decades of industry-leading innovation, Protegrity allows businesses to finally tap into the value of their data and accelerate digital transformation timelines “ without jeopardizing individuals fundamental right to privacy.

Andrew Smith

Bhava Communications for Protegrity

[email protected]

310-941-7251

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To Help Fleet Customers Make the Switch to Electric Vehicles, PG&E Introduces EV Fleet Savings Calculator

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Today, Pacific Gas and Electric Company (PG&E) announced a new online tool for companies and organizations considering transitioning their fleets to electric vehicles (EVs). PG&Es new EV Fleet Savings Calculator allows business customers and public agencies with medium- to heavy-duty fleet vehicles to explore EV investment estimates based on their own fleet sizes, infrastructure, budget and other factors.

Transportation is the single largest source of climate-related pollution in California, contributing to 41% of greenhouse-gas emissions across the state. Heavy- and medium-duty vehicles often use diesel, which is a highly polluting fuel. EVs are four times more efficient than diesel and natural gas engines and offer significant fuel cost savings.

Expanding the use of electric vehicles is essential for California to achieve its bold climate and clean-air goals. PG&E has been an active partner in helping make EVs an option for millions of Californians, including for our business and public agency customers who are transitioning their fleets to electric vehicles. Reducing vehicle emissions is good for our state and good for the environment in which we all live,” said PG&E Corporation Interim CEO Bill Smith.

PG&Es own commitment to further electrify its vehicle fleet by 2030 includes 100% of its light-duty fleet, 10% of its medium-duty fleet and 5% of its heavy-duty fleet.

In addition to the new EV Fleet Savings Calculator, PG&E offers business and public agency customers innovative rate options as well as its EV charging infrastructure program for fleets.

PG&Es New Tool for Electrifying Medium- and Heavy-Duty Fleet Vehicles

For customers with fleets that are making the transition to electric, an essential step in the process is understanding the costs and potential cost savings when deploying EVs. PG&Es new EV Fleet Savings Calculator, using calculations based on PG&Es new Business EV Rate, allows business and public agency customers to evaluate their fleet plans by analyzing how much they can save by switching to EVs.

The tool helps customers better understand key total cost of ownership factors including incentives, energy costs, infrastructure considerations and participation in Californias statewide Low Carbon Fuel Standard (LCFS). After customers input information on vehicles and usage, the tool offers recommendations for charging infrastructure, charging schedule based on fleet needs, how much they can save on fuel costs, revenue they could generate from LCFS, and estimated reductions in greenhouse-gas emissions.

PG&Es Business EV Rate

This year, PG&E launched its new Business EV Rate to support charging needs for businesses and public agencies, as well as apartment buildings and other public locations. On average, EV customers on the new rate can save up to 40% on charging costs compared to previous rate options, although actual bill impacts will vary for each customer depending on types of vehicles and charging patterns.

Customers on PG&Es Business EV Rate achieve cost savings through a new feature called a subscription charge, which allows customers to choose the amount of kilowatt power they need for their charging stations, similar to choosing a data plan for a phone bill. This subscription charge can be much lower than current rate options, and allows customers to have simpler, more consistent monthly costs.

On the Business EV Rate, customers pay for the electricity used by the EV chargers and the monthly subscription charge. Customers can always adjust their subscription levels up or down to meet their changing needs for EV charging.

Access to more affordable rates and greater bill certainty will help innovative California businesses make new investments in EV charging infrastructure and expand their EV fleets. Learn more at pge.com/businessevrate

PG&Es EV Fleet Program

PG&Es EV Fleet program helps customers with medium-duty, heavy-duty and off-road fleets begin to transition their fleet vehicles to clean electricity to save money, eliminate tailpipe emissions and simplify maintenance. By 2024, the program aims to help more than 700 organizations deploy more than 6,500 EVs across numerous medium- and heavy-duty fleet categories.

Through the EV Fleet program, PG&E builds the electrical infrastructure for customers medium- to heavy-duty EVs from the utility pole (electric service) to the customer meter or to the charger depending on which ownership option the customer chooses. PG&E comprehensively helps customers across all facets of EV charging including available incentives and rebates, site design and permitting, construction and activation, and maintenance and upgrades.

Customers are encouraged to reach out to PG&E early as they consider electrifying their fleets. Customers can submit an interest form and learn more at pge.com/evfleet.

PG&E Ongoing Support for EV Customers

Today, approximately 303,000 EVs are registered in PG&Es service area “ roughly one in every five EVs in the nation. PG&E continues to make it easier for customers to consider EVs through special rates, a total cost of ownership tool, and rebates, as well as the construction of a charging infrastructure through its EV Charge Network, EV Fleet and EV Fast Charge programs. These programs are each working toward the states larger goals of 250,000 charging stations, including 10,000 fast chargers, and 200 hydrogen fueling stations statewide by 2025.

To learn more about PG&Es support for customers with EVs, rates for EV drivers and other resources, visit pge.com/ev.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in San Francisco, with more than 23,000 employees, the company delivers some of the nation’s cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

MEDIA RELATIONS:

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Efforts to provide broadband in unserved areas of Georgia have taken another big step forward with a joint announcement in...

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News53 mins ago

Steele Expands Industry-Leading Risk Data & Insights Platform Through info4c Acquisition

Steele Compliance Solutions, Inc., the global leader in ethics and compliance management for the worlds largest multinational enterprises and financial...

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News1 hour ago

KBRA Assigns Preliminary Ratings to ABPCI Direct Lending Fund ABS I Ltd

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by ABPCI Direct Lending Fund ABS...