Table of Contents Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control ove ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ______ Commission file number 001-41322 BLUEROCK HOMES TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 87 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________ FORM 10-K ____________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number 0-18914 _________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 001-40397 ___________________________ ZeroStack Corp. (Exact Name of Registrant as Specified in Its Charter) Province of Ontario Not App ...

Exhibit 99.1 SAUL CENTERS, INC. 7501 Wisconsin Avenue, Suite 1500E, Bethesda, Maryland 20814-6522 (301) 986-6200 Saul Centers, Inc. Reports Fourth Quarter and Full Year 2025 Earnings February 27, 2026, Bethesda, MD. Saul Centers, Inc. (NYSE: BFS) (the "Company"), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended December 31, 2025 ("2025 Quarter"). Total revenue for the 2025 Quarter increased to $75.1 million from $67.9 million for the quarter ended December 3 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-35538 The Carlyle Group Inc. (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(g) ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number: 001-04604 HEICO CORPORATION (Exact name of registrant as specified in its charter) (I.R.S. Employer Identification No.) 3000 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to _______ Commission File Number: 001-04604 HEICO CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporat ...

Advertising Market Dynamics - The company relies heavily on advertising agencies and advertisers, with two holding companies representing over 10% of gross billings for 2025[80] - The demand for Connected TV (CTV) inventory has been a significant driver of growth, and the company expects this trend to continue[82] - The company faces intense competition in the advertising market, with new technologies and methods of buying advertising posing challenges[90] - The market for programmatic ad buying is relatively new and evolving, which could impact the company's growth prospects if it develops slower than expected[94] - Economic downturns and macroeconomic conditions could adversely affect the demand for advertising and the financial health of clients[84] - Changes in advertising budget allocations and marketing strategies could impact the company's client base and revenue generation[127] - The reliance on third-party cookies and identifiers for digital advertising may be restricted, adversely affecting revenue generation capabilities[118] - Increased scrutiny and transparency regarding data collection practices may lead to more users opting out, potentially reducing the effectiveness of targeted advertising[126] Technology and Innovation - The company has invested significantly in enhancing its programmatic television offering, including workforce expansion and new features[88] - The company is investing in its OpenPath offering to provide clients with direct connections to publishers, aiming to improve inventory access[86] - The introduction of new offerings utilizing AI and machine learning may raise technological, security, and legal risks, potentially affecting the reputation and demand for the company's platform[98] - The complexity of the platform requires significant training for new sales and client service personnel, impacting the ability to add new clients and increase sales[146] - The company is investing in technology and security services to mitigate potential security vulnerabilities as it expands its offerings[135] - The company regularly makes improvements to its platform to maintain competitiveness and may implement new offerings or engage in business transactions in the future[192] Financial Performance and Risks - The company may experience revenue growth that does not keep pace with increased spending on its platform due to pricing competition and other factors[96] - The company has limited visibility into future advertising revenue streams due to the non-exclusive nature of client relationships[76] - The company has limited access to quality advertising inventory, which is crucial for maintaining client retention and financial performance[85] - Fluctuations in operational results are expected due to various factors, including changes in demand for programmatic advertising and pricing dynamics[127] - The company may experience difficulties in forecasting future revenue, costs, and expenses due to external factors beyond its control[128] - The collections and payments cycle may increasingly consume working capital, impacting financial condition if borrowing terms are not favorable[151] - Disputes with clients over platform operations and billing could lead to write-offs for credit loss or revenue reductions, adversely affecting financial performance[152] - The company may not be able to secure additional financing on favorable terms, which could impair growth and lead to significant dilution for existing stockholders if additional equity is issued[199] - Tax liabilities may exceed expectations due to changing tax laws and potential audits, which could negatively impact financial condition and results of operations[200] Regulatory and Compliance Challenges - Compliance with evolving privacy and data protection laws may incur additional costs and require changes to the company's platform and business model, adversely affecting operations[104] - The global regulatory landscape regarding personal data privacy is evolving, with potential new legislation impacting the online advertising ecosystem and increasing compliance obligations[105] - State laws requiring businesses to honor consumer opt-out rights could reduce data availability, impacting the value of the company's offerings[107] - The GDPR imposes significant penalties for breaches, with fines up to €20 million or 4% of total worldwide annual turnover, necessitating substantial compliance efforts[111] - The company anticipates ongoing scrutiny and enforcement actions related to data privacy, which may increase operational costs and limit business expansion[108] - The company faces legal risks related to clients' adherence to data privacy laws, which could lead to adverse publicity and regulatory scrutiny if compliance is not met[113] - Adapting to evolving privacy obligations may incur substantial expenses and divert resources from other operations, potentially affecting business performance[114] - Regulatory changes regarding political advertising and data privacy could impose additional compliance costs and operational burdens[116] Cybersecurity and Data Protection - Cybersecurity risks threaten the confidentiality and integrity of user and client data, with unauthorized access potentially leading to significant reputational harm and legal liabilities[99] - The company experiences varying degrees of cyberattacks, necessitating ongoing investment in security measures, although absolute security cannot be guaranteed[100] - The company must navigate complex data residency and cross-border transfer restrictions, which may lead to operational changes and additional costs[112] - The company is subject to anti-bribery and anti-corruption laws, and non-compliance could result in criminal penalties, significant fines, and reputational harm[171] Growth and Expansion Strategies - The company plans to invest in technology development, expand into new channels like CTV, and explore strategic acquisitions to support growth[153] - International operations present additional risks, including regulatory compliance and economic challenges, which could adversely affect business performance[161] - The company is expanding internationally, but limited operating experience in foreign markets may hinder growth and increase operational risks[158] - Future acquisitions and strategic investments may disrupt the business and could involve risks such as regulatory hurdles and integration challenges, potentially harming financial condition and results of operations[196] Market and Stock Performance - The market price of the company's Class A common stock has historically experienced high volatility, influenced by various factors beyond operating performance[176] - Substantial future sales of common stock by directors or significant stockholders could lead to a decline in the market price of Class A common stock[178] - The dual-class structure of the company's common stock allows Class B stockholders to control approximately 49.9% of the voting power, limiting the influence of Class A stockholders on corporate matters[180] - The company’s governing documents may discourage takeover attempts and other corporate governance changes, potentially affecting stockholder rights[183] - The company has authorized a share repurchase program without an expiration date, but it does not guarantee the enhancement of long-term stockholder value or mitigate the dilutive effect of employee equity awards[190] Operational Challenges - Long sales cycles make it difficult to project when new clients will be obtained and when revenue will be generated from them[149] - The company faces payment-related risks, particularly from advertising agencies that may not pay until they receive payment from their advertisers, leading to potential credit risks[150] - Maintaining corporate culture during rapid expansion is crucial for innovation and effective operations, with potential risks to employee satisfaction and client service[164] - Operational, performance, and internal control issues could lead to negative publicity, damage to brand reputation, and loss of clients[134] - The company relies on third-party technology and systems, which may cause errors or failures in platform offerings[132] - Failure to meet standards and provide trusted services could harm the company's brand and reputation, affecting business and financial condition[136] - The company relies on third-party technology and services, and disruptions could negatively impact platform functionality and business operations[156] - The company may face challenges in enforcing proprietary rights, which could erode competitive advantages and harm business[165]

Insurance Market Dynamics - The Insurance Entities' monthly weighted average renewal retention rate for the year ended December 31, 2025, was 92.5%[37] - The company competes with both small regional insurers and large national insurers, with competition showing signs of normalization after recent market dislocations[30] - Legislative changes in Florida have led to a reduction in solicited and litigated claims, positively impacting the insurance market[45] - The property and casualty insurance industry is highly competitive, with competitors potentially lowering rates, which can reduce underwriting margins and sales[99] Financial Performance and Risks - The company has experienced higher direct premiums written in the second and third quarters, reflecting seasonal trends in the Florida residential real estate market and hurricane season[43] - The concentration of policies in Florida exposes the Company to significant risks from hurricanes and other catastrophic events, impacting financial performance[67] - Unanticipated increases in claim severity and frequency adversely affect profitability and financial condition, influenced by inflation, supply chain disruptions, and economic factors[77] - The company must adequately price risks to avoid underwriting losses, which could deplete surplus and capital[74] - Actual claims incurred may exceed established reserves, adversely affecting operating results and financial condition[71] - Rising claim costs driven by labor shortages and material costs have led to upward adjustments in estimated losses[73] Regulatory Environment - The Company is subject to comprehensive regulatory oversight, including periodic reporting to regulators and regulatory examinations to ensure compliance with statutory requirements[55] - Regulatory changes in Florida have produced notable benefits for claims arising after December 2022, although pre-reform claims remain costly and difficult to resolve[68] - The insurance entities are subject to extensive regulations that may increase operating costs and limit growth and profitability, impacting revenue and net profit goals[114][115] - Regulatory authorities have broad discretion to deny or revoke licenses, which could adversely affect the company's ability to operate and its reputation[117] Risk Management Strategies - The company utilizes excess of loss reinsurance to limit potential exposures to catastrophic events, which is a key strategic priority[39] - The company utilizes various risk mitigation strategies, but inherent limitations exist, and no assurance can be given that these strategies will effectively manage future losses[78] - The effectiveness of claims management is crucial, as failures in this area could lead to litigation, regulatory penalties, and damage to reputation[93] Investment Portfolio - The company's overall financial performance is influenced by the returns on its investment portfolio, which can be volatile and independent of insurance operations[113] - The investment portfolio is primarily composed of available-for-sale debt securities and equity securities, which are sensitive to market conditions, particularly interest rates and equity price changes[336] - As of December 31, 2025, the total amortized cost of fixed income financial instruments is $1,466,145, compared to $1,353,532 as of December 31, 2024, reflecting an increase of 8.3%[340] - The fair market value of fixed income financial instruments as of December 31, 2025, is $1,431,028, up from $1,269,079 in 2024, indicating a growth of 12.8%[340] - The coupon rate for the total portfolio is 3.64% as of December 31, 2025, compared to 3.30% in 2024, showing an increase of 10.3%[340] - The book yield for the total portfolio is 3.67% as of December 31, 2025, up from 3.03% in 2024, representing a rise of 21.2%[340] - The fair value of common stock in the equity securities portfolio increased to $37,509 (43.9%) in 2025 from $14,409 (18.5%) in 2024, a significant increase of 160.5%[341] - The fair value of mutual funds and other equity securities decreased to $47,911 (56.1%) in 2025 from $63,343 (81.5%) in 2024, a decline of 24.4%[341] - The total fair value of equity securities rose to $85,420 in 2025, compared to $77,752 in 2024, marking an increase of 9.3%[341] Operational Challenges - The Company had 929 full-time employees as of December 31, 2025, with 89% based in Florida and approximately 54% working in claims management operations[58] - The company faces significant exposure to catastrophic events, which can lead to substantial losses and variability in financial results due to climate change impacts[64] - The company may face challenges in adapting to technological changes, particularly in AI, which could affect competitive positioning and operational efficiency[109] - Higher mortgage rates and declining affordability have strained the housing market, leading to decreased activity and potential reductions in policy sales and renewals[89] Debt and Financial Obligations - The company issued $100 million of 5.625% Senior Unsecured Notes due 2026, and its ability to service this debt depends on cash flow generated from operations[128] - The company must comply with Risk-Based Capital (RBC) standards, and failure to meet these requirements could lead to regulatory actions that adversely affect financial condition[125][126] Cybersecurity and Litigation Risks - Cybersecurity threats, including data breaches and cyberattacks, pose significant risks to the company's operations and reputation, necessitating substantial resources for protection[106] - The company faces credit risk from reinsurers, which could adversely affect operating results and financial condition if recoverables are not collected[86] - The company is subject to civil litigation and administrative actions, particularly in Florida, which has seen high rates of first-party litigation[94] - The company faces risks from litigation and regulatory actions that could result in substantial settlements or judgments, negatively impacting financial condition and reputation[96]