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 ☐ 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 001-32216 ADAMAS TRUST, INC. (Exact name of registrant as specified in its charter) 90 Par ...

Real Estate Portfolio - As of December 31, 2025, the company owned 471 single-family rental properties, primarily located in Illinois and Maryland[35]. - The company targets middle-market multi-family apartment communities located in secondary and tertiary markets for its investments[37]. - The multi-family investment portfolio consists of credit-oriented investments, including preferred equity investments and cross-collateralized mezzanine lending investments[37]. - As of December 31, 2025, 100% of the company's Mezzanine Lending assets were structured as preferred equity investments[40]. - The company has consolidated its cross-collateralized mezzanine lending investment, owning approximately 27% common equity interest and $144.1 million of preferred equity interests in the entity[41]. Financial Performance - As of December 31, 2025, the company had approximately $12.6 billion in total assets, an increase from approximately $9.2 billion as of December 31, 2024[404]. - The investment securities portfolio included $8.8 billion in total investment securities as of December 31, 2025, compared to $5.7 billion as of December 31, 2024[405][407]. - The fair value of Agency RMBS increased to $6.6 billion as of December 31, 2025, from $3.1 billion as of December 31, 2024[406][407]. - The weighted average yield on investment securities was 5.82% as of December 31, 2025, compared to 5.94% as of December 31, 2024[406][407]. - The company reported a cumulative deficit of $1.41 billion as of December 31, 2025, an improvement from a deficit of $1.43 billion in 2024[461]. Leverage and Debt - The company's maximum leverage ratios are 15:1 for liquid Agency securities, between 1:1 and 4:1 for illiquid assets, and 8:1 for residential loans, with a target total debt leverage ratio not exceeding 6:1[45]. - The company’s recourse leverage ratio was approximately 5.0 to 1 as of December 31, 2025, and the portfolio recourse leverage ratio was approximately 4.7 to 1[46]. - The company had total contractual obligations of approximately $7.34 billion as of December 31, 2025, including projected interest payments[497]. - The company had $100.0 million in 2026 Senior Notes outstanding, bearing interest at 5.75% per year, maturing on April 30, 2026[477]. - The company had $60.0 million in 2029 Senior Notes outstanding, bearing interest at 9.125% per year, maturing on July 1, 2029[478]. Risk Management - The company employs derivative instruments, including interest rate swaps and TBAs, as part of its risk management strategy to manage exposure to interest rates and market conditions[52]. - The company primarily uses interest rate swaps to hedge variable cash flows associated with its variable-rate borrowings[54]. - The company utilizes model-based risk analysis to evaluate the sensitivity of its assets and liabilities to changes in interest rates and other market factors[58]. - The company may be required to enter into interest rate cap contracts related to variable-rate mortgages, impacting its liquidity[486]. Employee and Operations - As of December 31, 2025, the company had 221 full-time employees, with 160 (72%) directly engaged in operations[60]. - The company has adopted a Code of Business Conduct and Ethics applicable to its executive officers and employees[74]. - The company incurs significant ongoing costs to comply with various laws and regulations, although these have not had a material adverse effect on its business[62]. - The company’s operations are subject to supervision and regulation by governmental authorities, impacting lending activities and consumer protections[61]. Investment Strategy - The company may invest in other multi-family investments and structured investments based on market conditions while maintaining its REIT qualification[44]. - The company relies on exemptions from registration as an investment company under the Investment Company Act, requiring at least 55% of its assets to be qualifying real estate assets[67]. - The company has a preferred equity investment in a Consolidated VIE valued at $17,344 as of December 31, 2025, with a weighted average preferred return rate of 13.86%[440]. - The business purpose rental loan strategy accounted for $1.57 billion in fair value with a weighted average coupon of 7.05% as of December 31, 2025[418]. Cash Flow and Financing Activities - The company generated net cash flows from operating activities totaling $134.0 million during the year ended December 31, 2025[468]. - Net cash flows used in investing activities were $2.9 billion, primarily due to purchases of investment securities and residential loans[469]. - Net cash flows provided by financing activities were $2.8 billion, mainly from proceeds received from repurchase agreements and warehouse facilities[472]. - The company may utilize debt securities offerings as a source of liquidity, in addition to equity offerings[487]. Stockholder Equity and Repurchase Programs - The company's stockholders' equity increased to $1.43 billion as of December 31, 2025, compared to $1.39 billion in 2024, marking an increase of approximately 2.0%[461]. - The preferred stock repurchase program approved in March 2023 allows for repurchases of up to $100.0 million, with $97.6 million remaining available as of December 31, 2025[488]. - The common stock repurchase program was increased to $246.0 million in March 2023, with $188.2 million remaining available as of December 31, 2025[489]. - The company repurchased 231,200 shares of its common stock for a total cost of approximately $1.5 million, representing an average repurchase price of $6.50 per common share[489].

Business Operations and Strategy - The Company sold its industrial motors and generators businesses for $444.0 million on April 30, 2024, which represented the substantial majority of the Industrial Systems operating segment[24]. - The total purchase price for the acquisition of Altra was $5.1 billion, completed on March 27, 2023, which is expected to generate significant revenue and cost synergies[26]. - The Company operates in three segments: Automation & Motion Control, Industrial Powertrain Solutions, and Power Efficiency Solutions, each serving diverse markets[17]. - The Company plans to leverage its strong free cash flows to enhance growth and raise shareholder returns, maintaining a long track record of strong free cash flow generation[30]. - The Company aims to double its new product vitality in the medium term, focusing on serving secular growth markets and enhancing energy efficiency[23]. - The Company is focused on improving business durability by increasing the consistency of sales performance and targeting markets with secular growth tailwinds[23]. - The Company emphasizes innovation through research and development, targeting energy efficiency and smart product solutions to gain market share[34]. - The company is expanding into new markets, which requires significant investment and carries risks related to demand fluctuations and supply chain disruptions[99]. - The company plans to continue making acquisitions as part of its growth strategy, but successful integration and realization of anticipated benefits are uncertain[110]. Financial Performance - The company reported annual net sales of $5.9 billion for the year ended December 31, 2025, compared to $6.0 billion for the year ended December 31, 2024, reflecting a slight decrease[174]. - Net sales for 2025 were $5,934.5 million, a decrease of $99.3 million, or 1.6%, compared to 2024, primarily due to divestitures impacting sales by 2.8%[195]. - Gross profit for 2025 increased by $26.8 million, or 1.2%, driven by a $41.9 million increase in Industrial Powertrain Solutions and a $26.8 million increase in Power Efficiency Solutions[195]. - Operating expenses for 2025 totaled $1,537.0 million, a decrease of $24.0 million, or 1.5%, primarily due to the impact of divestitures[195]. - Cash flow provided by operating activities was $990.8 million in 2025, an increase of $381.4 million from 2024, driven by cash proceeds from the sale of receivables[203]. - Cash flow used in investing activities was $71.0 million in 2025, compared to cash flow provided by investing activities of $275.4 million in 2024, mainly due to proceeds from the sale of the industrial motors and generators businesses in 2024[205]. - Cash flow used in financing activities decreased to $814.1 million in 2025 from $1,095.8 million in 2024, with net debt repayments of $709.4 million in 2025, down by $228.9 million compared to 2024[207]. - The effective tax rate for 2025 was 20.3%, consistent with the effective tax rate for 2024 of 20.0%[199]. Workforce and Training - As of December 31, 2025, the company employed approximately 29,200 associates worldwide, with about 28,700 being full-time[42]. - In 2025, 99.6% of global employees completed training on the company's Code of Business Conduct and Ethics[46]. - The company has a structured annual goal-setting process for associates, linking performance to pay through evaluations and coaching[45]. - The company conducted a global associate engagement survey in 2025 and executed a robust action plan in response[47]. Environmental and Social Responsibility - The company aims to achieve carbon neutrality across its absolute Scope 1 and 2 emissions by 2032[49]. - The company is focused on innovation and product design to increase overall energy efficiency and reduce Scope 3 emissions associated with product use[49]. - The company allocated $1.1 million to charitable organizations across the US, Mexico, and Canada in 2025[48]. - The company has committed to achieving absolute Scope 1 and Scope 2 carbon emission neutrality by 2032 and aims for net zero across all scopes in the long term[80]. Risks and Challenges - The company is dependent on a limited number of suppliers for key materials, which may affect its business and results of operations[57]. - The volatility in prices and availability of raw materials such as steel, copper, and rare earth magnets may adversely affect gross margins[58]. - A significant portion of revenue is dependent on several key OEM customers and distributors, and any loss or reduction in purchases could materially affect the business[62]. - The company faces demand uncertainty as many orders are placed through purchase orders rather than long-term contracts, leading to unpredictable revenue patterns[63]. - The company relies on estimated demand forecasts, and inaccuracies in these forecasts could adversely affect revenue and financial condition[69]. - The introduction of evolving technologies, particularly in AI and machine learning, poses risks related to compliance, security, and competitive disadvantage[61]. - Climate change and related regulations could disrupt operations and increase costs, impacting the overall business strategy[76]. - The company is subject to various financial covenants that could limit its ability to borrow additional funds or take advantage of business opportunities[75]. - The company’s performance is vulnerable to general economic conditions, which could affect its ability to service debt and fund liquidity needs[72]. - The company is exposed to risks from commodity, currency, and interest rate fluctuations, which may adversely impact financial performance[117]. - Foreign currency fluctuations could affect revenues and operating costs, as net assets and earnings from foreign subsidiaries are translated into US Dollars[118]. - The company is subject to various tax laws and regulations, and claims from taxing authorities could adversely impact operating results and financial position[119]. - Required cash contributions to pension plans may increase, impacting cash available for other obligations and overall financial condition[120]. - The company faces significant pressure from customers to reduce costs, which could adversely affect gross margins if cost savings are not generated[100]. - Unfavorable changes in political and regulatory climates in countries where the company operates could materially affect its financial condition and cash flows[102]. - The company faces risks related to labor disputes, which could disrupt operations and increase labor costs if unionized workers engage in strikes or work stoppages[106]. - Integration costs and challenges from past and future acquisitions, such as the Altra Transaction, could adversely affect future results and the market price of the company's common stock[107][108]. Cybersecurity and Compliance - Operations are highly dependent on IT infrastructure, and any failures or breaches could significantly impact business operations and revenue[82]. - Cybersecurity threats are increasing, and the company may face unauthorized disclosures of information, leading to financial liability and reputational damage[83]. - The company has established a comprehensive cybersecurity program to manage risks and protect information systems[142][150]. - Cybersecurity threats have not materially affected the company to date, but the threat environment is increasingly challenging[153]. - The company is subject to various domestic and foreign laws regarding improper payments and data privacy, which could lead to civil or criminal penalties[132][133]. - Compliance with evolving data privacy laws, including GDPR, may increase operational costs and expose the company to significant fines for non-compliance[134]. - The company is subject to environmental laws that could impose significant costs and liabilities for non-compliance[136][138]. Corporate Governance and Financial Management - The company maintains a flexible global manufacturing presence, which aids in navigating geopolitical and supply chain disruptions[23]. - The company has approximately $4.8 billion in aggregate debt outstanding as of December 31, 2025, which includes debt from the Altra Transaction[73]. - The company has a share repurchase program authorized for up to $500 million, with $145 million remaining available as of December 31, 2025[164]. - The company did not repurchase any shares during 2025, but purchased 332,439 shares for $50 million in 2024[164]. - The company maintained a current ratio of 2.1:1 as of December 31, 2025, down from 2.3:1 in 2024, indicating a decrease in short-term liquidity[208]. - The company repatriated approximately $457.4 million of foreign cash in 2025 to support debt repayment, with $429.7 million of cash held by foreign subsidiaries available for domestic operations if needed[208]. - The company had no borrowings under the 2025 Term Facility as of December 31, 2025, but borrowed $850.0 million on February 12, 2026, to refinance the 2026 Senior Notes[210]. - The company had $1,500.0 million of available borrowing capacity under the 2025 Revolving Facility as of December 31, 2025, with a non-use fee applicable on the unused amount[211]. - The company plans to use cash generated from operations to fund interest obligations and reduce debt principal over time[213]. - The company had $1,100.0 million of 2026 Senior Notes maturing on February 16, 2026, which were refinanced through the 2025 Term Facility[212].

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: 001-37352 Virtu Financial, Inc. (Exact name of registrant as specified in its charter) Delaware 32-0420206 (State or other jurisdiction ...

Financial Performance - Citigroup reported net income of $14.3 billion, or $6.99 per share, in 2025, compared to $12.7 billion, or $5.94 per share, in the prior year, reflecting a 12.6% increase in net income[37]. - Citigroup's net income for 2025 was $16.1 billion, or $7.97 per share, representing a 13% increase from the prior year[38]. - Citigroup's net income attributable to common shareholders increased to $14,306 million in 2025, compared to $12,682 million in 2024, marking a growth of 12.8%[68]. - Net income from continuing operations was $14.455 billion, reflecting a 13% increase compared to 2024, with notable growth in Banking and Wealth segments[90]. - Net income for 2025 reached $1.49 billion, representing a 49% increase compared to 2024[150]. - Net income increased by 124% to $3.1 billion[168]. - Net loss for 2025 was $4.5 billion, compared to a net loss of $2.4 billion in 2024, representing an increase of 83%[197]. Revenue Growth - Revenues for Citigroup in 2025 were $85.2 billion, a 6% increase year-over-year, driven by an 11% rise in net interest income[39]. - Total revenues, net of interest expense, rose to $85,225 million in 2025, up 5.6% from $80,722 million in 2024[68]. - Total revenues increased by 32% to $8.215 billion, driven by growth in Investment Banking and Corporate Lending[134]. - Total revenues increased by 14% to $8.56 billion, driven by growth in Citigold, the Private Bank, and Wealth at Work[151]. - Total revenues decreased by 41% to $4.4 billion in 2025, driven by lower revenues in Corporate/Other and Legacy Franchises[197]. Operational Metrics - Average loans increased by 5% to $716 billion in 2025, primarily due to growth in Markets, USPB, and Services[40]. - Average deposits rose by 4% to approximately $1.4 trillion, mainly driven by an increase in Services[41]. - Average loans across business lines increased to $93 billion, a 9% rise from the previous year, with TTS loans specifically growing by 10%[97]. - Average loans decreased to $82 billion, a 7% decline compared to 2024[130]. - Average mortgage loans increased by 14% to $49 billion[171]. Expenses and Provisions - Operating expenses were $55.1 billion, up 3% from the previous year, influenced by higher compensation and technology investments[42]. - Total operating expenses increased by 7% to $14.08 billion, primarily due to higher compensation and benefits[122]. - Provisions for credit losses were $10.3 billion, reflecting net credit losses of $9.1 billion, a 1% increase from the prior year[44]. - Provisions for credit losses were $720 million, reflecting a net ACL build of $636 million and net credit losses of $84 million[138]. - Provisions for credit losses were $1.5 billion, reflecting a 24% increase in net credit losses to $1.2 billion, driven by higher consumer lending volume[203]. Capital and Equity - The Common Equity Tier 1 (CET1) Capital ratio was 13.2% as of December 31, 2025, down from 13.6% the previous year[47]. - Citigroup's balance sheet overview indicates a strong capital position, supporting ongoing investments and strategic initiatives[14]. - Common equity increased by $1.5 billion, or 1%, to $14.3 billion, driven by $14.3 billion in net income and a $1.7 billion increase from the 25% Banamex equity interest sale[86]. - The company completed the sale of 25% of Banamex's outstanding common shares, increasing stockholders' equity by approximately $1.7 billion[182]. Strategic Initiatives - The company made significant progress on its strategic priorities in 2025 and early 2026, indicating improved business performance[37]. - Citigroup's transformation strategy aims to position the company as a leader in wealth management and a valued personal bank in the U.S.[10]. - The divestiture of Banamex remains a strategic priority, with plans for an IPO and additional private sales[180]. - The company has exited nine markets as part of its strategic refresh, including substantial wind-downs in China and Russia[194]. Market Presence - The company is focused on expanding its market presence in nearly 160 countries and jurisdictions, enhancing its global footprint[9]. - Citigroup's transformation-related expenses increased by 14% to approximately $3.3 billion in 2025, driven by investments in data and controls[56]. Efficiency Metrics - The efficiency ratio improved to 64.7% in 2025, down from 66.4% in 2024, indicating better cost management[71]. - The efficiency ratio improved to 51%, down from 54% in 2024, indicating better cost management[95]. - Efficiency ratio improved to 54%, down from 72% in the previous year[134]. - Efficiency ratio improved to 76%, down from 85% in the previous year[150].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 001-35662 ___________________________________________ Washington, D.C. 20549 ___________________________________________ FORM 10-K ___________________________________________ x Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange ...

Financial Position - As of December 31, 2025, the Company's total assets were $8.3 billion, total loans were $6.8 billion, total deposits were $7.4 billion, and stockholders' equity was $743.1 million[17]. - As of December 31, 2025, the Company had a total loan portfolio of $6.7 billion, with 98.6% consisting of commercial real estate (CRE) and commercial and industrial (C&I) loans[149]. - The Company's minimum required capital conservation buffer was at 2.5% of risk-weighted assets as of December 31, 2025[105]. - The capital standards require a common equity Tier 1 capital ratio of at least 4.5%, a Tier 1 capital ratio of at least 6%, and a total capital to risk-weighted assets ratio of at least 8%[102]. - The Company maintains a zero loss expectation for nearly all of its held-to-maturity (HTM) securities portfolio as of December 31, 2025[67]. Loan Portfolio and Industry Focus - The Company focuses on middle-market businesses with annual revenues of $5 million to $400 million and real estate entrepreneurs with a net worth of $50 million or more[20][24]. - At December 31, 2025, 43.1% of the Company's real estate loan portfolio, amounting to $2.5 billion, consisted of loans to the healthcare industry, primarily for nursing and residential care facilities[36]. - At December 31, 2025, $302.9 million, or 34.7% of the Company's C&I loan portfolio, was allocated to the healthcare industry, with $212.3 million, or 70.1%, specifically for nursing and residential care facilities[44]. - The Company intends to continue emphasizing CRE and C&I lending, which involves higher risks due to the dependence on the successful operation of the underlying properties or businesses[149]. - The Company is required to comply with heightened risk management practices for its CRE portfolio due to regulatory focus, which could impact loan originations and profitability[151]. Funding and Deposits - The Company has a diversified funding strategy, generating stable deposits through various services, including corporate cash management and tailored financial solutions for government entities[29]. - The Company generates deposits from various sources, including traditional commercial banking products and tailored financial solutions for government entities[71]. - The Company has established deposit concentration thresholds to minimize reliance on any single depositor base[71]. - The Company has developed a strong deposit franchise through long-standing client relationships and a commitment to tailored banking solutions[29]. Regulatory Environment - The Company is subject to extensive regulation and supervision by the NYDFS and FRB, with compliance requirements impacting its operations[86]. - The Company is required to file periodic reports and is subject to periodic examination by the NYDFS and FRB[121]. - The federal banking agencies have increased regulatory scrutiny of the BSA and anti-money laundering programs maintained by financial institutions[128]. - The Company is subject to the rules of Visa, Mastercard, and other payment networks, which could impose fines for non-compliance[131]. - Compliance with the Dodd-Frank Act has resulted in additional operating burdens that may adversely affect the Company's financial condition and growth prospects[211]. Operational Risks - The Company faces operational risks related to its reliance on technology systems, which are essential for processing transactions and managing business operations[173]. - Cybersecurity threats could lead to financial losses and damage to the company's reputation, despite ongoing investments in security measures[176]. - The Company maintains internal controls and insurance to mitigate operational risks, but failures could materially affect its business and financial results[184]. - The unexpected loss of key personnel could adversely affect the Company's business due to their skills and industry experience, potentially leading to increased compensation costs to retain employees[185][187]. Employee and Corporate Culture - As of December 31, 2025, the Company employed 326 full-time employees and 2 part-time employees, reflecting a net increase of 35 employees, or approximately 10.6% from the prior year[73]. - The Company has been recognized as a Great Place to Work-Certified®️ in 2025, reflecting its commitment to employee engagement and community service[79]. - The Company is focused on integrating talent and culture into its long-term corporate strategy to mitigate risk and create shareholder value[74]. Economic and Market Risks - A downturn in economic conditions could lead to higher loan delinquencies and charge-offs, adversely affecting net income and financial condition[160]. - The company's loan portfolio is significantly affected by local economic conditions, particularly in New York, which could increase rates of delinquencies and defaults[164]. - Changes in monetary policy by the Federal Reserve may adversely affect net interest income and profitability, with interest rates remaining elevated[165]. - Inflation risk may decrease the value of assets and increase non-interest expenses, negatively impacting the company's financial condition[159]. Strategic Initiatives - The Company plans to open a new banking center in West Palm Beach, Florida, in the second quarter of 2026, expanding its physical footprint[21]. - The Company aims to differentiate itself through excellent service, competitive products, and timely lending decisions, focusing on underserved markets[25]. - The Company aims to convert lending clients into full retail clients to expand its retail presence[49]. - The Company is making significant investments in digital infrastructure and information technology systems for its digital transformation, which could adversely impact its business if unsuccessful[182]. Compliance and Legal Matters - The Company exited the crypto-asset business in 2023 and the GPG BaaS business in 2024[47]. - The Company exited its GPG BaaS business in 2024 and recorded a $10 million regulatory reserve related to an investigation by the Attorney General of Washington[212]. - Legislative and regulatory changes may increase costs and impact the Company's ability to offer new products and services, affecting overall profitability[214].

Commission file number 001-34096 Dime Community Bancshares, Inc. (Exact name of registrant as specified in its charter) | New York | 11-2934195 | | --- | --- | | (State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification number) | | 898 Veterans Memorial Highway, Suite 560, Hauppauge, NY | 11788 | | (Address of principal executive offices) | (Zip Code) | Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT P ...

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 28, 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 1-15295 TELEDYNE TECHNOLOGIES INCORPORATED (Exact name of registrant as specified in its charter) Delaware 25-1843385 ( ...

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 001-42436 MOUNTAIN LAKE ACQUISITION CORP. (Exact name of Registrant as specified in its Charter) Cayman Islands 98-1796213 (State or othe ...