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Warren Library directors speak out against Ohio bill to change how libraries are funded

Warren Library directors speak out against Ohio bill to change how libraries are funded

Yahoo06-04-2025
WARREN, Ohio (WKBN) — Ohio may change the way it funds public libraries through House Bill 96, and local library directors say it's a setback.
The state's operating budget for the 2026-27 fiscal year is still in its early stages, but changes to public libraries is still drawing criticism.
Currently, libraries are funded through the Public Library Fund, which is 1.7% of the state's total revenue for the year. Now, the state is looking to change that to a flat rate.
'What we are essentially proposing is to have a flat rate amount moving forward of that's roughly at the same percentage. That would be, in the fiscal year of 2026, $485 million,' said Ohio House Rep. David Thomas.
Ohio's House of Representatives also proposed $495 million for the library in 2027. That's less than what is currently projected for 2025– $530 million. In 2024, the Public Library Fund was $489.3 million.
Gov. Mike DeWine proposed $531 million for 2026 and $549 million for 2027, but the House rejected his proposal.
Executive directors of the Warren-Trumbull County Public Library say that change could lead to layoffs or program cuts.
'Trumbull County stands to lose upwards of at least $1 million in library funding annually. For us here, it's probably going to be cutting programs, and there's a possibility — and we're not saying it's certain — but there's a possibility we will have to close a branch,' said Executive Director Jim Wilkins.
Thomas says the flat rate will give public libraries a consistent budget for the year rather than relying on estimates.
'We've had years where there was an estimate of a certain number, and actually, the revenue came in a $30 million to $40 million less. Libraries said we cut them that time, too, but really, it was actually — because it was a percent, it was much less than it was estimated. So, having a flat amount, having a line item makes it much more stable for them to budget themselves,' Thomas said.
'It actually does not help us. It's actually more of a benefit for us to be given a percentage, and when the economy grows, it does better for us,' said Kim Garret,
Warren Library directors say they have one of the most trafficked libraries in the state and that their services are essential to the community.
'1.2 million people visited Trumbull County Libraries, all of us. That will fill the Ohio [State University] Stadium where the Buckeyes play 12.5 times. That's a lot of people who come in here and use the library, and across the state, we have the highest percent of usage than any state in the union,' Wilkins said.
'Libraries provide an essential service. I love local libraries. There's always the balancing of the taxpayer as well. So, we have to balance the taxpayer dollars with all the essential services we all want and expect,' Thomas said.
The Ohio House of Representatives will release its second version of House Bill 96 early next week. Then, a vote will take place.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Trump Tells Purple Heart Recipients: ‘It Wasn't That Easy for Me Either'

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Ready Capital Corporation Reports Second Quarter 2025 Results
Ready Capital Corporation Reports Second Quarter 2025 Results

Yahoo

time2 days ago

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Ready Capital Corporation Reports Second Quarter 2025 Results

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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. Investor Relations Ready Capital Corporation212-257-4666 InvestorRelations@ Additional information can be found on the Company's website at READY CAPITAL CORPORATIONUNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands) June 30, 2025 December 31, 2024 Assets Cash and cash equivalents $ 162,935 $ 143,803 Restricted cash 56,769 30,560 Loans, net (including $1,263 and $3,533 held at fair value) 5,066,694 3,378,149 Loans, held for sale (including $134,541 and $128,531 held at fair value and net of valuation allowance of $212,693 and $97,620) 632,784 241,626 Mortgage-backed securities 32,310 31,006 Investment in unconsolidated joint ventures (including $6,163 and $6,577 held at fair value) 169,369 161,561 Derivative instruments 5,754 7,963 Servicing rights 124,283 128,440 Real estate owned, held for sale 199,790 193,437 Other assets 462,711 362,486 Assets of consolidated VIEs 2,395,398 5,175,295 Assets held for sale — 287,595 Total Assets $ 9,308,797 $ 10,141,921 Liabilities Secured borrowings 3,506,670 2,035,176 Securitized debt obligations of consolidated VIEs, net 1,513,297 3,580,513 Senior secured notes, net 720,893 437,847 Corporate debt, net 666,136 895,265 Guaranteed loan financing 629,380 691,118 Contingent consideration 17,189 573 Derivative instruments 1,986 352 Dividends payable 22,917 43,168 Loan participations sold 101,863 95,578 Due to third parties 9,791 1,442 Accounts payable and other accrued liabilities 184,652 188,051 Liabilities held for sale — 228,735 Total Liabilities $ 7,374,774 $ 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, 164,326,387 and 162,792,372 shares issued and outstanding, respectively 17 17 Additional paid-in capital 2,267,540 2,250,291 Retained earnings (deficit) (528,524 ) (505,089 ) Accumulated other comprehensive loss (23,293 ) (18,552 ) Total Ready Capital Corporation equity 1,827,118 1,838,045 Non-controlling interests 98,544 97,697 Total Stockholders' Equity $ 1,925,662 $ 1,935,742 Total Liabilities, Redeemable Preferred Stock, and Stockholders' Equity $ 9,308,797 $ 10,141,921 READY CAPITAL CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share data) 2025 2024 2025 2024 Interest income $ 152,735 $ 234,119 $ 307,702 $ 466,473 Interest expense (135,837 ) (183,167 ) (276,303 ) (366,972 ) Net interest income before (provision for) recovery of loan losses $ 16,898 $ 50,952 $ 31,399 $ 99,501 (Provision for) recovery of loan losses (8,640 ) 18,871 100,928 45,415 Net interest income after (provision for) recovery of loan losses $ 8,258 $ 69,823 $ 132,327 $ 144,916 Non-interest income Net realized gain (loss) on financial instruments and real estate owned 18,214 7,250 28,883 26,118 Net unrealized gain (loss) on financial instruments (1,614 ) (1,357 ) (3,364 ) 3,275 Valuation allowance, loans held for sale (39,746 ) (80,987 ) (139,464 ) (227,167 ) Servicing income, net of amortization and impairment of $12,874 and $18,168 for the three and six months ended June 30, 2025, and $4,678 and $8,375 for the three and six months ended June 30, 2024, respectively (304 ) 3,271 6,152 7,029 Gain (loss) on bargain purchase (14,381 ) (18,306 ) 88,090 (18,306 ) Income (loss) on unconsolidated joint ventures (144 ) 1,139 (4,126 ) 1,607 Other income 11,304 6,597 22,894 22,423 Total non-interest income (expense) $ (26,671 ) $ (82,393 ) $ (935 ) $ (185,021 ) Non-interest expense Employee compensation and benefits (23,159 ) (17,799 ) (44,413 ) (36,213 ) Allocated employee compensation and benefits from related party (3,600 ) (3,000 ) (6,876 ) (5,500 ) Professional fees (6,368 ) (6,033 ) (11,856 ) (13,098 ) Management fees – related party (5,072 ) (6,198 ) (10,649 ) (12,846 ) Loan servicing expense (11,038 ) (11,012 ) (26,882 ) (23,806 ) Transaction related expenses (639 ) (1,592 ) (3,333 ) (2,242 ) Impairment on real estate (4,268 ) (9,130 ) (6,614 ) (26,102 ) Other operating expenses (16,133 ) (12,672 ) (32,256 ) (25,887 ) Total non-interest expense $ (70,277 ) $ (67,436 ) $ (142,879 ) $ (145,694 ) Loss from continuing operations before benefit for income taxes (88,690 ) (80,006 ) (11,487 ) (185,799 ) Income tax benefit 39,939 48,579 45,146 78,790 Net income (loss) from continuing operations $ (48,751 ) $ (31,427 ) $ 33,659 $ (107,009 ) Discontinued operations Income (loss) from discontinued operations before benefit for income taxes (6,567 ) (3,699 ) (7,161 ) (1,812 ) Income tax benefit (provision) 1,641 925 1,790 453 Net income (loss) from discontinued operations $ (4,926 ) $ (2,774 ) $ (5,371 ) $ (1,359 ) Net income (loss) $ (53,677 ) $ (34,201 ) $ 28,288 $ (108,368 ) Less: Dividends on preferred stock 1,999 1,999 3,998 3,998 Less: Net income attributable to non-controlling interest 1,814 1,820 4,274 1,937 Net income (loss) attributable to Ready Capital Corporation $ (57,490 ) $ (38,020 ) $ 20,016 $ (114,303 ) Earnings per common share from continuing operations - basic $ (0.31 ) $ (0.21 ) $ 0.15 $ (0.67 ) Earnings per common share from discontinued operations - basic $ (0.03 ) $ (0.02 ) $ (0.03 ) $ (0.01 ) Total earnings per common share - basic $ (0.34 ) $ (0.23 ) $ 0.12 $ (0.68 ) Earnings per common share from continuing operations - diluted $ (0.31 ) $ (0.21 ) $ 0.15 $ (0.67 ) Earnings per common share from discontinued operations - diluted $ (0.03 ) $ (0.02 ) $ (0.03 ) $ (0.01 ) Total earnings per common share - diluted $ (0.34 ) $ (0.23 ) $ 0.12 $ (0.68 ) Weighted-average shares outstanding Basic 167,749,917 168,653,741 166,465,234 170,343,303 Diluted 170,673,088 169,863,975 169,320,001 171,513,556 Dividends declared per share of common stock $ 0.125 $ 0.30 $ 0.25 $ 0.60 READY CAPITAL CORPORATION UNAUDITED SEGMENT REPORTING Three Months Ended June 30, 2025 (in thousands) LMM Commercial Real Estate Small Business Lending Corporate-Other Consolidated Interest income $ 122,268 $ 30,467 $ — $ 152,735 Interest expense (116,088 ) (19,749 ) — (135,837 ) Net interest income before provision for loan losses $ 6,180 $ 10,718 $ — $ 16,898 Provision for loan losses (5,146 ) (3,494 ) — (8,640 ) Net interest income after provision for loan losses $ 1,034 $ 7,224 $ — $ 8,258 Non-interest income Net realized gain (loss) on financial instruments and real estate owned 2,766 15,448 — 18,214 Net unrealized gain (loss) on financial instruments (4,128 ) 3,380 (866 ) (1,614 ) Valuation allowance, loans held for sale (39,746 ) — — (39,746 ) Servicing income, net 1,931 (2,235 ) — (304 ) Loss on bargain purchase — — (14,381 ) (14,381 ) Income on unconsolidated joint ventures (155 ) 11 — (144 ) Other income 2,775 7,522 1,007 11,304 Total non-interest income (loss) $ (36,557 ) $ 24,126 $ (14,240 ) $ (26,671 ) Non-interest expense Employee compensation and benefits (6,479 ) (14,435 ) (2,245 ) (23,159 ) Allocated employee compensation and benefits from related party (360 ) — (3,240 ) (3,600 ) Professional fees (929 ) (3,291 ) (2,148 ) (6,368 ) Management fees – related party — — (5,072 ) (5,072 ) Loan servicing expense (11,013 ) (25 ) — (11,038 ) Transaction related expenses — — (639 ) (639 ) Impairment on real estate (4,268 ) — — (4,268 ) Other operating expenses (4,472 ) (9,972 ) (1,689 ) (16,133 ) Total non-interest expense $ (27,521 ) $ (27,723 ) $ (15,033 ) $ (70,277 ) Income (loss) before provision for income taxes $ (63,044 ) $ 3,627 $ (29,273 ) $ (88,690 ) Total assets $ 7,377,104 $ 1,530,810 $ 400,883 $ 9,308,797 READY CAPITAL CORPORATIONUNAUDITED SEGMENT REPORTING Six Months Ended June 30, 2025 (in thousands) LMMCommercialReal Estate Small BusinessLending Corporate-Other Consolidated Interest income $ 247,241 $ 60,461 $ — $ 307,702 Interest expense (236,442 ) (39,861 ) — (276,303 ) Net interest income before recovery of (provision for) loan losses $ 10,799 $ 20,600 $ — $ 31,399 Recovery of (provision for) loan losses 112,795 (11,867 ) — 100,928 Net interest income after recovery of (provision for) loan losses $ 123,594 $ 8,733 $ — $ 132,327 Non-interest income Net realized gain (loss) on financial instruments and real estate owned (11,834 ) 40,717 — 28,883 Net unrealized gain (loss) on financial instruments (4,732 ) 2,234 (866 ) (3,364 ) Valuation allowance, loans held for sale (139,464 ) — — (139,464 ) Servicing income, net 3,346 2,806 — 6,152 Gain on bargain purchase — — 88,090 88,090 Income (loss) on unconsolidated joint ventures (4,160 ) 34 — (4,126 ) Other income 5,812 14,784 2,298 22,894 Total non-interest income (loss) $ (151,032 ) $ 60,575 $ 89,522 $ (935 ) Non-interest expense Employee compensation and benefits (12,350 ) (29,739 ) (2,324 ) (44,413 ) Allocated employee compensation and benefits from related party (688 ) — (6,188 ) (6,876 ) Professional fees (1,747 ) (6,196 ) (3,913 ) (11,856 ) Management fees – related party — — (10,649 ) (10,649 ) Loan servicing expense (26,077 ) (805 ) — (26,882 ) Transaction related expenses — — (3,333 ) (3,333 ) Impairment on real estate (6,614 ) — — (6,614 ) Other operating expenses (7,808 ) (21,043 ) (3,405 ) (32,256 ) Total non-interest expense $ (55,284 ) $ (57,783 ) $ (29,812 ) $ (142,879 ) Income (loss) before provision for income taxes $ (82,722 ) $ 11,525 $ 59,710 $ (11,487 ) Total assets $ 7,377,104 $ 1,530,810 $ 400,883 $ 9,308,797 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

Thomas Borer: Switzerland Needs New Tariff Strategy
Thomas Borer: Switzerland Needs New Tariff Strategy

Bloomberg

time3 days ago

  • Bloomberg

Thomas Borer: Switzerland Needs New Tariff Strategy

The only way that Switzerland will lower its US export tariffs is by reducing its trade surplus with the United States says Thomas Borer, former Swiss Ambassador to Germany and Founder and Managing Partner of Dr Borer & Partner. Borer says to do this, it should move Swiss gold smelters to the US, invest more in the US pharmaceutical sector, and pledge to buy more American goods such as LNG, arms, and agricultural produce. Thomas Borer spoke to Francine Lacqua on 'Bloomberg: The Pulse'. (Source: Bloomberg)

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