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: 001-32269 EXTRA SPACE STORAGE INC. (Exact name of registrant as specified in its charter) Maryland 20-1076777 (State or other jurisdic ...

Acquisitions and Growth - Asbury Automotive Group completed the acquisition of The Herb Chambers Companies for approximately $1.76 billion, increasing its footprint in the northeast region of the United States[27]. - The company also acquired the Jim Koons Automotive Companies for about $1.50 billion, diversifying its geographic mix into the greater Washington-Baltimore region[29]. - The company has experienced significant growth through acquisitions, including the Koons acquisition in 2023 and the Herb Chambers acquisition in 2025, leading to increased sales and assets[99]. - The acquisition of the Herb Chambers dealership group, which includes 33 dealerships and 52 franchises, is expected to positively contribute to the company's overall revenue objectives[63]. - The Company completed the Herb Chambers acquisition on July 21, 2025, for approximately $1.76 billion, acquiring 33 dealerships and three collision centers[217]. Financial Performance - Consolidated revenue for the year ended December 31, 2025, increased to $18.00 billion, up from $17.19 billion in the prior year, representing a growth of 4.7%[222]. - Consolidated gross profit for the year ended December 31, 2025, rose to $3.07 billion, compared to $2.95 billion for the prior year, marking an increase of 4.1%[222]. - The increase in revenue and gross profit was primarily driven by the Herb Chambers acquisition and growth in parts and services gross profit, despite lower gross profit per vehicle sold for new vehicles[222]. - The company recognized asset impairment charges of $141.0 million associated with manufacturer franchise rights and goodwill for the year ended December 31, 2025[108]. - The company's transaction-adjusted net leverage ratio was 3.2x as of December 31, 2025, compared to 2.9x as of December 31, 2024, indicating an increase in leverage[60]. Revenue Sources - As of December 31, 2025, Asbury operated 223 new vehicle franchises across 15 states, with a diverse revenue base that includes new and used vehicle sales, parts and services, and finance and insurance products[40]. - New vehicle revenues for the year ended December 31, 2025, included 32% from luxury franchises, 40% from import franchises, and 28% from domestic franchises[40]. - The company's Dealerships segment revenues are primarily derived from new vehicle sales, used vehicle sales, parts and service, and third-party vehicle financing[209]. - The TCA segment revenues are derived from the sale of various vehicle protection products, including vehicle service contracts and GAP[211]. Operational Strategy - The company emphasizes a diversified mix of products and services to minimize reliance on any single manufacturer and maintain profitability[25]. - The company is focused on improving profitability through the integration of TCA's full-suite F&I products across its dealership portfolio, anticipating higher profitability than third-party F&I products[56]. - The company invests in technology to enhance customer experience and operational efficiency, aiming for a more efficient guest experience at a lower cost[55]. - The company evaluates its dealership network continuously, making strategic investments to enhance capacity and customer experience[61]. - The company aims to create an inclusive workplace culture to attract and retain talented employees[84]. Market and Economic Conditions - The automotive retail industry is highly competitive, with the company relying on advertising, service reputation, and local branding to maintain its market position[64]. - The automotive retail industry is sensitive to economic conditions, with inflation impacting costs and consumer demand, potentially reducing profit margins[112]. - Economic conditions such as increasing interest rates and rising inflation may adversely impact demand for the Company's products and services[218]. - The automotive industry is experiencing technological advances, including electrification, which could impact sales and profitability[138]. Regulatory and Compliance Issues - The company is subject to various environmental laws and regulations, which may incur costs and capital expenditures for compliance[80]. - The company is facing significant regulatory pressure from the CFPB and FTC, which could materially impact its finance and insurance business[165]. - The FTC has initiated an administrative proceeding against the company and three of its dealerships, alleging violations of the FTC Act and Equal Credit Opportunity Act[165]. - The company is involved in numerous legal proceedings that could adversely affect its business and financial condition[172]. Employee and Talent Management - As of December 31, 2025, the company employed approximately 15,000 full-time and part-time employees, with no collective bargaining agreements in place[83]. - The company offers competitive compensation and benefits, including health, dental, and vision benefits, 401(k) match, and paid time off[90]. - The company has implemented a training curriculum for all store positions and guest experience training for all employees in 2024[88]. - The company emphasizes attracting and retaining top talent, investing in employee training and development to drive growth and optimize operations[57]. Risks and Challenges - Supply chain disruptions from natural disasters, pandemics, or geopolitical events could materially affect the flow of vehicle and parts inventories[121]. - Changes in consumer preferences, particularly towards electric and hybrid vehicles, could impact new and used vehicle sales volumes and profitability[116]. - The company may face limitations on acquiring additional franchises based on performance standards set by manufacturers[128]. - A decline in credit ratings or disruptions in credit markets could limit the company's liquidity and operational capabilities[149].

Business Operations - YUM operates over 63,000 restaurants across 155 countries, with system sales totaling $68.295 billion in 2025[18] - Approximately 97% of YUM's restaurant units are operated by independent franchisees, with 40% of franchised units in mainland China operating under master franchise agreements[29] - The company has a Master License Agreement with Yum China, its largest franchisee, which is crucial for its operations in mainland China[65] - The company has approximately 61,000 franchise restaurants globally, employing over 1 million people, creating numerous part-time, entry-level opportunities[50] - YUM's KFC division has 33,897 units, with 99% operated by franchisees, while the Habit Burger & Grill division has 384 units, with only 22% franchised[18] - The company does not consider its operations to be seasonal, indicating stable performance throughout the year[43] Financial Performance - System sales growth for 2025 was reported at +4%, with same-store sales growth of +3%[194] - Company sales reached $2,945 million in 2025, a 15% increase from $2,552 million in 2024[196] - Net income for 2025 was $1,559 million, reflecting a 5% increase compared to $1,486 million in 2024[196] - Diluted EPS for 2025 was $5.55, up 6% from $5.22 in 2024[196] - Franchise sales increased to $65,350 million in 2025, compared to $62,914 million in 2024, marking a growth of 3.4%[198] - Core operating profit for 2025 was $2,684 million, compared to $2,572 million in 2024, indicating a growth of 4.4%[201] Strategic Initiatives - The company is reviewing strategic options for the Pizza Hut brand, aiming to complete this review in 2026[17] - The company emphasizes a strategy focused on customer needs, franchisee performance, and leveraging technology for growth[27] - The company has initiated a process to explore strategic options for the Pizza Hut brand to maximize long-term value creation, with no assurance of a successful transaction outcome[72] - Significant expenses are expected in connection with the strategic review of Pizza Hut, which may divert management's attention and disrupt business operations[74] Technology and Digital Sales - Digital sales approached $40 billion in 2025, accounting for nearly 60% of overall system sales[36] - The Byte by Yum! platform was introduced in 2025, enhancing operational efficiency and customer experience through AI-driven solutions[35] - The company is investing significantly in digital and technology capabilities, including AI, but faces risks related to the rapidly evolving legal and regulatory landscape[95] - There is an increasing dependence on digital commerce and delivery platforms, and any failure to effectively implement these initiatives could adversely affect sales growth[96] Risks and Challenges - The company faces risks related to food safety and potential catastrophic events, which could disrupt operations and affect growth prospects[56][57] - The company may face significant tax liabilities related to the Yum China spin-off if the IRS challenges the tax-free status of the transaction[129][130] - The company faces significant foreign currency risks, particularly with fluctuations in the value of the U.S. dollar against currencies like the Chinese Renminbi, which could adversely affect reported earnings[82] - Cybersecurity incidents pose a risk to the company's financial results and growth prospects, with a ransomware attack in January 2023 impacting certain IT systems and resulting in the closure of fewer than 300 restaurants for one day[86] - The company faces challenges due to labor shortages and increased labor costs, which may adversely affect operations and growth prospects[110] Market Environment - The retail food industry is highly competitive, with various types of competitors, and the company does not constitute a significant portion of the industry in terms of system units or sales[44] - The company’s growth may be impacted by franchisee financial distress, which could hinder new unit development and operational profitability[61][69] - The company is subject to evolving ESG expectations, which may increase compliance costs and management focus, potentially impacting financial results[119] Employee Engagement and Culture - The company is focused on building a culture of engagement and opportunity among employees, which is integral to its growth strategy[51][54] - As of December 31, 2025, the company employed approximately 49,000 persons, with about 90% working in restaurants, and 80% of U.S. restaurant general managers promoted from within[49][50] Legal and Regulatory Compliance - The company is subject to numerous global data privacy laws, including the E.U.'s GDPR, which impose strict requirements and significant penalties for noncompliance[90] - Compliance with Payment Card Industry Data Security Standards is critical; failure to do so could result in civil liability and increased costs[89] - Legal and regulatory complexities, including labor laws and health regulations, may adversely affect business operations and growth prospects[123] Capital Structure and Shareholder Returns - As of December 31, 2025, the company's total outstanding short-term borrowings and long-term debt was approximately $12.0 billion[137] - The Company declared and paid four cash dividends of $0.71 per share in 2025, with a new dividend of $0.75 per share declared for March 6, 2026[171] - The Company has remaining capacity to repurchase up to $1.1 billion of Common Stock under the authorized $2.0 billion share repurchase program[172]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K 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: 001-35477 Regional Management Corp. (Exact name of registrant as specified in its charter) Delaware 57-0847115 (State or other jurisdiction of incorporation or organization) 979 Batesville Road, Suite B Greer, South Caroli ...

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 001-32975 ____________________________________________________ ...

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 ☐ 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: 001-41183 Evolution Metals & Technologies Corp. (Exact name of registrant as specified in its charter) (formerly Welsbach Technology Metals ...

Manufacturing Capacity and Production Plans - EM&T aims to develop approximately 55,000 tonnes per year of rare earth magnet manufacturing capacity in the United States within two years, with no reliance on China[54]. - The company plans to develop approximately 78,000 tonnes per year of battery-grade carbonates, sulfates, and precursor cathode active materials (pCAM) in the United States within two years[54]. - EM&T's U.S. industrial campus will support operational synergies across the full lifecycle of its products, including processing, production, and manufacturing[46]. - EM&T's integrated platform includes rare earth magnet manufacturing, lithium-ion battery materials recycling, and U.S. government and commercial e-waste processing[55]. - The company believes that its business model, focused on recycling high-performance rare earth magnets and lithium-ion batteries, represents a practical pathway for large-scale domestic production[54]. - EM&T's operations are designed to recover high-value base and precious metals from U.S. government classified and commercial end-of-life electronic waste[43]. - The company plans to source a significant portion of its rare earth feedstock from electronic scrap generated by U.S. government agencies and commercial markets[67]. - EM&T's automation capabilities are intended to reduce labor intensity, improve process consistency, and lower unit operating costs across its operations[51]. - The company believes that integrating battery recycling with rare earth magnet processing creates operational synergies, particularly in hydrometallurgical processing[61]. Market Insights and Growth Projections - The global rare earth magnet market was valued at approximately $10.46 billion in 2023 and is expected to grow to approximately $15.05 billion by 2030, representing a compound annual growth rate of approximately 6.26%[92]. - The global battery market was valued at approximately $125.35 billion in 2023 and is projected to grow to approximately $367.97 billion by 2030, indicating rapid growth in electrified transportation and energy storage systems[88]. - The global lithium-ion battery recycling market was valued at approximately $3.79 billion in 2023 and is projected to grow to approximately $23.21 billion by 2032, reflecting a compound annual growth rate of approximately 22.75%[90]. - EM&T believes that global lithium demand is increasing by approximately 250,000 to 300,000 tonnes of lithium carbonate equivalent per year, highlighting potential supply shortfalls by 2030[91]. - EM&T estimates that non-China rare earth magnet producers have announced approximately 30,000 tonnes per year of planned manufacturing capacity, representing about 15% of projected global demand outside China[101]. - EM&T believes that many announced projects for rare earth magnet production may not reach meaningful commercial production until approximately 2028 to 2030 due to various challenges[102]. Intellectual Property and Competitive Advantages - EM&T owns valuable intellectual property (IP) including patents related to recycling processes, magnet manufacturing, and AI-driven smart machines[106]. - Handa Lab holds several key patents, including the Intelligent Autonomous Charging System (registered on April 4, 2024) and the Pick Up System of Autonomous Charging Robot for Electric Vehicle (registered on September 19, 2023)[109]. - KCM holds a patent for a Compound for Bonded Magnet Resin and Manufacturing Method, enhancing capabilities in sustainable magnetic materials, registered on February 6, 2013[110]. - The patents are valid for 20 years from their filing dates, with expiration dates ranging from 2033 to 2044, providing significant competitive advantages[113]. Mergers and Acquisitions - On January 5, 2026, EM completed a merger with WTMA, resulting in WTMA changing its name to Evolution Metals & Technologies Corp[116]. - As part of the merger, EM acquired Handa Lab, KCM, KMMI, and NS World, enhancing its market position in the REE supply chain[116]. - EM contributed $78,870,000 to the capital of Korea NewCo as part of the merger transactions[122]. - The acquisition of EM Member Units from Korean Companies is valued at $48,118,084, with payment contingent on future capital raises[126]. - The merger and related transactions were part of a structured plan to enhance EM's operational capabilities and market reach[128]. Financial Performance and Challenges - EM&T has incurred operating losses since the Business Combination and expects to continue incurring significant expenses as it integrates subsidiaries and scales production capacity[145]. - The company anticipates substantial operating costs, including R&D expenses and capital expenditures, until it achieves sufficient scale and market adoption of its products[146]. - EM&T's future revenue growth will depend on factors such as global demand for critical materials, pricing pressure, and customer adoption of its products[148]. - The company faces challenges in securing reliable and cost-effective volumes of spent lithium-ion batteries, which are critical for its operations[159]. - The success of EM&T's growth strategy is subject to uncertainties, including potential delays in acquisitions and challenges in developing new products[152]. - Investors may have difficulty evaluating EM&T's business due to its limited operating history as a consolidated company following the Business Combination[141]. - The company must effectively execute its growth and go-to-market strategies to achieve sustained profitability and long-term commercial success[150]. - EM&T's ability to continue operations may be adversely affected if it cannot generate sufficient revenues or raise additional capital as needed[149]. - The company's quarterly net sales and operating results are expected to fluctuate significantly, impacting stock price if investor expectations are not met[181]. - EM&T's future performance relies on assumptions that may prove inaccurate, potentially leading to significant deviations from anticipated results[185]. - The expected addressable market for EM&T's products may not materialize as projected, affecting financial performance[188]. - Fluctuations in demand and prices for battery metals and rare earth elements could significantly impact EM&T's profitability[190]. - Integration of recently acquired subsidiaries may present operational challenges that could disrupt ongoing business operations[174]. - A prolonged economic downturn could lead to reduced revenue and limit access to development funds for battery metals and rare earth elements[191]. - Demand for products is closely linked to sectors like electric vehicles and robotics, with potential negative impacts from market slowdowns[192]. - Industry consolidation may increase competition, affecting revenue and market share for EM&T[196]. - The company faces risks from labor relations, which could disrupt operations and reduce revenues[199]. - A shortage of skilled technicians and engineers may increase operating costs and hinder production levels[201]. - Fluctuations in raw material costs could adversely affect profit margins and production volumes[204]. - Disruptions in transportation services could impair the ability to supply products, negatively impacting operations[205]. - The emergence of substitutes for EM&T's products could diminish revenue generation potential[209]. Regulatory and Cybersecurity Risks - Compliance with the Investment Company Act could impose burdensome requirements, complicating operations and growth plans[211]. - Cybersecurity threats pose significant risks to EM&T's operations, potentially leading to operational disruptions, reputational harm, and increased regulatory scrutiny[230]. - The company relies on third-party service providers and cloud platforms, which may be subject to disruptions or breaches, impacting the integrity of systems essential for operations[229]. - EM&T's patent applications may not result in issued patents, and existing patents may be contested or limited, affecting the company's ability to protect its technology[224]. - The company may incur substantial costs to enhance security measures in response to evolving cyber threats, which could materially affect its financial condition and operations[233]. - EM&T's common stock price may be volatile due to various market and industry factors, potentially reducing its market price regardless of operational performance[234]. - Failure to meet Nasdaq's continued listing requirements could result in delisting of EM&T's common stock, negatively impacting stockholder ability to trade[235].

Portfolio Overview - As of December 31, 2025, Douglas Emmett, Inc. owned a total portfolio of 18.0 million square feet of office space and 5,445 multifamily apartment units, with 1,035 units under development[18]. - Douglas Emmett, Inc. operates 70 office properties and 15 multifamily properties, including 52 wholly-owned office properties and 12 residential properties[18]. - At December 31, 2025, the company managed and owned equity interests in six consolidated joint ventures, totaling 4.6 million square feet of office space and 793 apartments[23]. - The multifamily portfolio consists of 4,410 units, with an overall leased percentage of 99.5% and an annualized rent of $180,570,960[184]. - As of December 31, 2025, the In-Service Portfolio includes 69 office properties with a total rentable square footage of 17,526,068, and a multifamily portfolio of 13 properties with 4,410 units[204]. Market Position and Strategy - The company holds a 39% market share of Class A office space in its targeted submarkets, indicating a strong competitive position[20]. - The company has a disciplined strategy for acquiring substantial market share in each submarket, enhancing its pricing power and investment opportunities[20]. - The company is committed to increasing its market share in existing submarkets and may explore new submarkets with similar characteristics[18]. Financial Performance - The annualized rent totals $644,022,179, with an average annualized rent per leased square foot of $47.65[162]. - The company declared a consistent dividend of $0.19 per share for each quarter in both 2024 and 2025[192]. - The common stock of the company closed at $10.99 on December 31, 2025[191]. - The total return on the company's stock from December 31, 2020, to December 31, 2025, was 48.13%, compared to 196.16% for the S&P 500[199]. Leasing and Occupancy - The company has a leasing percentage of 80.4%, with 51.1% of office leases being 2,500 square feet or less[168]. - The leased rate for the office portfolio stands at 80.4%, while the occupancy rate is at 78.0%, and the multifamily portfolio has a leased rate of 99.5%[204]. - As of December 31, 2025, 19.7% of the square footage in the total office portfolio was available for lease, and 11.7% was scheduled to expire in 2026[87]. - The average straight-line rental rate for the office portfolio decreased to $44.14 in 2025 from $50.50 in 2024, reflecting a significant change in rental dynamics[214]. Employee and Corporate Culture - The company employed approximately 778 people as of December 31, 2025[50]. - More than a quarter of employees received equity compensation in 2025, promoting a sense of ownership[53]. - The company has a culture of openness and teamwork, with programs like the Daily Exchange for employee training[51]. Sustainability and Environmental Initiatives - As of December 31, 2024, over 84% of stabilized eligible office space qualified for "ENERGY STAR Certification," indicating energy efficiency in the top 25% of buildings nationwide[40]. - The company has implemented water conservation initiatives, including low flow faucets and toilets, and waterless urinals[42]. - The company focuses on sustainable development, avoiding environmentally protected areas and using brownfield sites[47]. - The company has installed almost 400 electric vehicle charging stations and plans to add more[46]. Risks and Challenges - The company faces risks related to inflation, geographic concentration, and competition in the real estate market[58]. - The company has approximately $5.6 billion of debt outstanding as of December 31, 2025, with $1.6 billion being floating rate debt, exposing it to interest rate fluctuation risk[71]. - The company may experience rent roll-down due to competitive pricing pressure, adversely affecting operating results and cash flows[75]. - The geographic concentration of properties in Los Angeles County and Honolulu increases exposure to local economic and regulatory risks[68]. - The company may face challenges in maintaining and renovating properties, which could reduce cash flows and competitiveness[77]. Cybersecurity and Risk Management - The cybersecurity risk management program is integrated into the overall enterprise risk management program, focusing on protecting critical systems and information[153]. - The company has not experienced any material cybersecurity incidents to date, but ongoing risks remain that could materially affect operations and financial condition[155]. - The management team, led by the CIO with 35 years of experience, is responsible for assessing and managing significant cybersecurity risks[158]. Development and Capital Expenditures - The company is developing a mixed-use community at 10900 Wilshire Boulevard, which will include up to 323 apartment units and a conversion of an existing office tower[211]. - Recurring capital expenditures for the office portfolio in 2025 total $2,825,003, with expenditures per square foot at $0.19[180]. - Recurring capital expenditures for the multifamily portfolio in 2025 amount to $3,356,058, averaging $762 per unit[186]. Regulatory and Taxation Risks - Legislative or regulatory changes affecting REITs could have a negative impact on the company's ability to maintain its REIT qualification and affect cash distributions[72]. - Property taxes could increase due to changes in tax rates or reassessments, adversely impacting cash flows[127]. - Legislative efforts to amend Proposition 13 could lead to substantial increases in assessed property values and taxes, affecting financial results[128].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-K 3700 West Juneau Avenue Milwaukee, Wisconsin 53208 (Address of principal executive office) (Zip Code) (650) 447-8424 (Registrant's Telephone Number, including area code) ☒ 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 001-41511 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (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: 001-41770 Washington, D.C. 20549 ____________________________________ FORM 10-K VERALTO CORPORATION (Exact name of registrant as specified in its charter) | Delaware | | ...