UNITED STATES SECURITIES AND EXCHANGE COMMISSION | North Carolina | 56-1421916 | | --- | --- | | (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | | 205 SE Broad St., Southern Pines, North Carolina | 28387 | | (Address of Principal Executive Offices) | (Zip Code) | | (Registrant's telephone number, including area code) | (910) 246-2500 | Securities Registered Pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol | Name of each e ...

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: 001-35931 Constellium SE (Exact name of registrant as specified in its charter) France 98-0667516 (State or other j ...

Exhibit 99.1 LandBridge Announces Fourth Quarter and Fiscal Year 2025 Results Delivers Q4 revenue growth of 56% year-over-year and 12% quarter-over-quarter and full year 2025 year-over- year revenue growth of 81% Announces full year 2026 EBITDA outlook of $205 million to $225 million Declares quarterly cash dividend of $0.12 per share, representing a 20% increase Announces $50 million share repurchase authorization HOUSTON—(BUSINESS WIRE)—LandBridge Company LLC (NYSE: LB) (the "Company," or "LandBridge") to ...

Investment Strategy and Valuation - The Adviser employs an investment rating system on a scale of 1 to 4 to monitor expected returns on portfolio investments [79]. - The quarterly fair valuation process includes delivering updated financial information to an independent third-party pricing service for valuation [84]. - Fair value is determined based on market prices for publicly-traded securities and good faith assessments for non-public securities [82]. - The Adviser utilizes a multi-step valuation process for investments without readily available market quotations, involving internal and external valuation techniques [83]. - The company focuses on investments with attractive exit possibilities, including repayment, IPOs, mergers, or sales [93]. - The Adviser integrates sustainability considerations into the investment decision-making process, assessing potential financial and reputational risks [94]. Fees and Incentives - The base management fee is set at an annual rate of 1.50% of the average weekly value of gross assets, excluding cash and cash equivalents [111]. - The incentive fee consists of components based on a percentage of income and capital gains, allowing for independent payment of each component [113]. - The Adviser may temporarily or permanently waive fees, with any deferred fees being paid without interest [110]. - The subordinated income incentive fee is 17.5% of the Company's pre-incentive fee net investment income for the preceding quarter, subject to a hurdle rate of 1.75% per quarter (7.0% annualized) [114]. - The Adviser will receive a catch-up fee once the pre-incentive fee net investment income exceeds the hurdle rate, until it reaches 2.12% (8.48% annualized) of net assets [114]. - The incentive fee on capital gains is 20% of the Company's realized capital gains, calculated net of all realized capital losses and unrealized capital depreciation [117]. - No subordinated income incentive fee will be payable if the pre-incentive fee net investment income does not exceed the hurdle rate [118]. - The Company will accrue for the incentive fee on capital gains quarterly, including unrealized gains in the calculation [119]. Regulatory and Compliance - The Advisory Agreement was re-approved for an additional one-year term on April 17, 2025, after reviewing the nature and quality of services provided by the Adviser [125]. - The Adviser oversees the Company's day-to-day operations, including accounting, legal services, and investor relations [127]. - The Company reimburses the Adviser for necessary expenses related to administration and operations, reviewed quarterly by the Board [128]. - The Company is regulated as a BDC under the 1940 Act, which imposes restrictions on transactions with affiliates [134]. - The company is subject to reporting and disclosure requirements under the Securities Exchange Act of 1934, including filing quarterly, annual, and current reports [157]. - The company is required to monitor compliance with the Sarbanes-Oxley Act and corporate governance regulations set by the NYSE [158][160]. - The company has no employees and relies on the Adviser and its affiliates for management and oversight of investment operations [179]. Capital Structure and Financing - The company is permitted to issue multiple classes of debt and one class of stock senior to its common stock if its asset coverage is at least 150% immediately after each issuance, increasing the maximum debt to equity ratio from 1.0x to 2.0x [150]. - The company may borrow amounts up to 5% of the value of its total assets for temporary purposes without regard to asset coverage [150]. - The company has established credit facilities and entered into financing arrangements to facilitate investments and timely payment of expenses [145]. - The company may enter into total return swap agreements to add leverage to its portfolio without owning the underlying securities [147]. - The company is allowed to invest in cash equivalents and U.S. government securities as temporary investments pending investment in Qualifying Assets [142]. - The company must provide significant managerial assistance to portfolio companies to count their securities as Qualifying Assets [140]. - The company is subject to restrictions on the issuance of warrants, options, or rights to purchase shares, which cannot exceed 25% of its total outstanding shares [143]. - The company may co-invest in transactions with affiliated entities under certain conditions, ensuring fairness and consistency with its investment objectives [149]. Taxation and Distribution Requirements - The company is subject to a 4% nondeductible federal excise tax on certain undistributed income unless it meets the Annual Distribution Requirement [163]. - To maintain qualification as a RIC, the company must distribute at least 90% of its investment company taxable income each tax year [161]. - The company has previously incurred excise tax on undistributed income and may not always distribute sufficient amounts to avoid this tax [167]. - The company must satisfy the 90% Income Test to qualify as a RIC, deriving at least 90% of its gross income from specified sources [172]. - The company may need to sell assets or raise additional debt to meet distribution requirements, which could occur at non-advantageous times [174]. Interest Rate and Currency Risks - Changes in interest rates can significantly affect the company's net interest income and the value of its investment portfolio [528]. - The company borrows at a floating rate based on benchmark interest rates, with fixed rates for certain notes, including 3.400% Notes due 2026 and 2.625% Notes due 2027 [529]. - A 250 basis point increase in interest rates would result in a $202 million increase in interest income and a $116 million increase in interest expense, leading to an $86 million increase in net interest income, representing a 15.5% change [531]. - The company expects long-term investments to be financed primarily with equity and debt, utilizing interest rate risk management techniques to minimize exposure to interest rate fluctuations [532]. - As of December 31, 2025, the net contractual amount of foreign currency forward contracts totaled $220 million, all related to hedging foreign currency denominated debt investments [538]. - A 10% unfavorable change in foreign currency exchange rates would reduce the fair value of investments denominated in foreign currencies by $79.2 million [535]. - The company has outstanding borrowings in foreign currencies totaling €361 million, £180 million, and AUD3 million under its Senior Secured Revolving Credit Facility [538]. - The company utilizes derivative instruments, including foreign currency forward contracts and cross currency swaps, to manage fluctuations in foreign currency exchange rates [536]. - The company is typically a net receiver of foreign currencies related to international investment positions, benefiting from a weaker U.S. dollar [536]. - Changes in interest rates or hedging transactions could have a material adverse effect on the company's business and financial condition [532]. - The company may face risks regarding portfolio valuation, impacting financial results [539].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ 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 Commission File Number 1-11527 SERVICE PROPERTIES TRUST (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) Maryland 04-3262075 (I.R.S. Emp ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________________________________________________________________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 28, 2025 ☐ 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 ...

Exhibit 99.1 Houston, February 25, 2026 – Crescent Energy Company (NYSE: CRGY) ("Crescent" or the "Company"), today announced financial and operating results for the fourth quarter and full year 2025. A supplemental slide deck can be found at www.crescentenergyco.com. The Company plans to host a conference call and webcast at 10 a.m. CT on Thursday, February 26, 2026. Details can be found in this release. Crescent reported $9 million of net income and $131 million of Adjusted Net Income in the fourth quarte ...

Business Segments - The Company operates through three reportable segments: Live and Historical Racing, Wagering Services and Solutions, and Gaming[13]. - The Live and Historical Racing segment includes revenue from pari-mutuel wagering, simulcast fees, and event-related services at Churchill Downs Racetrack and other properties[14][15]. - The Gaming segment generates revenue from various gaming operations, including slot machines and table games, supporting the casino license[46]. - The company operates a total of 14,335 gaming terminals across its properties, with 646,000 square feet of casino space[47]. Investments and Developments - The Company is investing up to $30 million to renovate the Finish Line Suites and The Mansion for the 152nd Kentucky Derby in May 2026[22]. - The Company plans to invest $280-$300 million to build a new facility at Churchill Downs Racetrack, expected to be completed by the 2028 Kentucky Derby[22]. - Derby City Gaming was expanded in Q2 2023, adding a 123-room hotel and a VIP gaming area[25]. - The company opened the Terre Haute Casino Resort in Indiana in April 2024, which includes a hotel and a retail sportsbook[49]. - The company plans to sell 15-20 acres of land at Calder Casino for future retail development[48]. Racing Operations - Churchill Downs Racetrack conducts approximately 80 live race days each year and features one of the largest 4K video boards in the world[17]. - The Fair Grounds Race Course in Louisiana conducts approximately 75 live racing days each year and operates 13 off-track betting facilities[51]. Market Access and Technology - Exacta, acquired in August 2023, provides central determinant system technology for historical racing machines across multiple states[44]. - The company has executed strategic market access agreements for sports betting with Bet365 in Pennsylvania and Golden Nugget in Indiana[45]. Employment and Workforce - As of December 31, 2025, the company employed approximately 9,000 team members, including about 6,600 full-time employees[68]. Equity Investments - The company has a 61.3% equity ownership in Rivers Casino Des Plaines, which has 1,510 gaming terminals and 120 table games[57]. - The company has a 50% equity investment in Miami Valley Gaming and Racing in Ohio, which features a harness racetrack and retail sportsbook[58]. Regulatory Environment - The gaming industry is highly regulated, with gaming laws designed to protect consumers and ensure the integrity of the industry[86]. - Changes in gaming laws or regulations could have a material adverse impact on the company's gaming operations[87]. - The company is required to maintain responsible accounting practices and procedures, including reliable record-keeping and filing periodic reports with gaming regulators[89]. - The company pays substantial license fees and taxes in various jurisdictions, which are based on factors such as a percentage of gaming revenue received[102]. - The company must report and obtain approval for material loans, leases, and sales of securities from gaming authorities[101]. - The company is subject to environmental laws and regulations that may require significant capital expenditures for compliance[104]. Financial Risks - The company is exposed to market risks from adverse changes in general economic trends, which can affect consumer confidence and discretionary spending[298]. - As of December 31, 2025, the company had $2.1 billion outstanding under its Credit Agreement, which bears interest at SOFR-based variable rates[299]. - A one-percentage point increase in the SOFR rate would reduce net income and cash flows from operating activities by $14.7 million[299]. Gaming Operations - The company operates 540,000 square feet of historical racing entertainment venues with a total of 10,190 historical racing machines[23]. - Sports betting is operational in 39 states and the District of Columbia as of December 31, 2025, with the company active in eleven states for retail sports betting[82]. - iGaming is authorized in seven states, with potential expansion as Maine authorized it in January 2026[84]. - The company has faced legal challenges regarding historical horse racing operations in Louisiana, impacting revenue comparability[79].

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ 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 For the transition period from to Commission File Number: 001-35074 SUMMIT HOTEL PROPERTIES, INC. (Exact name of registrant as specified in its charter) of incorporation or organization) Maryland 27-296251 ...

Exhibit 99.2 Financial Results and Supplemental Information FOURTH QUARTER 2025 February 25, 2026 Table of Contents QUARTERLY RESULTS Service Properties Trust Announces Fourth Quarter 2025 Financial Results ... . . . . . . . . Fourth Quarter 2025 Highlights . 5 Full Year 2026 Guidance FINANCIALS Key Financial Data. Consolidated Statements of Income (Loss) 10 Consolidated Balance Sheets 11 Debt Summary 12 Debt Maturity Schedule 13 Leverage Ratios, Coverage Ratios and Debt Covenants ... 14 Capital Expenditure ...