Assets Under Management (AUM) - The firm's AUM decreased by approximately 43% from June 30, 2008, to March 31, 2009, primarily due to general market conditions [120]. - During the first quarter of 2020, AUM levels decreased by approximately 24% from February 19, 2020, to March 31, 2020, due to sharp global equity market declines related to the COVID-19 pandemic [120]. - In 2022, the firm's assets declined by approximately 27% as a result of persistent inflation, interest rate increases, and geopolitical tensions [120]. - As of December 31, 2025, the company's assets under management (AUM) increased to $179.9 billion, a rise of $18.7 billion, or 12%, from $161.2 billion at the end of 2024 [252]. - The average AUM for the year ended December 31, 2025, was $173.0 billion, reflecting an 8.0% increase from $160.2 billion in 2024 [252]. - Total Assets Under Management (AUM) reached $179,928 million, including $123 million for which Artisan Partners provides investment models to managed account sponsors [268]. - As of December 31, 2025, total assets under management (AUM) reached $179.9 billion, with equity, credit, and alternative assets contributing $158.0 billion, $17.9 billion, and $4.0 billion respectively [274]. Investment Performance - Approximately 88% of the company's AUM is managed in long-only equity investment strategies, exposing it to greater risk during market declines [143]. - Investment returns contributed $33.4 billion to the AUM in 2025, significantly impacting the overall growth despite net outflows [261]. - The Global Opportunities Strategy has an AUM of $16,537 million with a 1-year return of 10.14% and a 5-year average annual return of 5.25% [267]. - The Non-U.S. Growth Strategy reported a 1-year return of 37.93% and a 3-year return of 21.19%, with an AUM of $15,475 million [267]. - The Developing World Strategy achieved a 1-year return of 9.15% and a 3-year return of 22.93%, with an AUM of $4,283 million [268]. - The Global Value Strategy has an AUM of $36,280 million, with a 1-year return of 35.45% and a 5-year average annual return of 14.65% [267]. - The Emerging Markets Local Opportunities Strategy reported a 1-year return of 25.39% and an AUM of $1,861 million [268]. - The Credit Opportunities Strategy achieved a 1-year return of 11.06% and has an AUM of $367 million [267]. - The Global Equity Strategy has an AUM of $432 million with a remarkable 1-year return of 47.84% [267]. - The Sustainable Emerging Markets Strategy reported a 1-year return of 43.91% and an AUM of $2,537 million [267]. - The Antero Peak Strategy achieved a 1-year return of 21.80% with an AUM of $2,220 million [268]. Revenue and Financial Performance - The company generated $1,196.7 million in revenue for the year ended December 31, 2025, representing a 7.6% increase from $1,111.8 million in 2024 [252]. - The GAAP operating margin was 33.4% in 2025, compared to 33.0% in 2024, while the adjusted operating margin improved to 35.3% from 33.8% [252]. - Total revenues for the year ended December 31, 2025, were $1.2 billion, with management fees making up $1.2 billion and performance fees at $29.1 million [283]. - Approximately 80% of investment advisory fees were earned from clients located in the United States for the years ended December 31, 2025, 2024, and 2023 [284]. - The weighted average fee rate for Artisan Funds and Artisan Global Funds was 0.883% for the year ended December 31, 2025, slightly decreasing from 0.901% in 2023 [279]. Client Flows and Relationships - Net client cash flows for 2025 were $(12.7) billion, compared to $(3.7) billion in 2024, indicating increased outflows [258]. - Gross client cash inflows for 2025 were $27.0 billion, while gross client cash outflows were $39.7 billion [261]. - The company experienced net outflows of $15.6 billion in equity strategies in 2025, primarily due to weaker performance and client reallocations [261]. - The intermediated wealth distribution channel accounted for 61.4% of total AUM as of December 31, 2025, up from 58.6% in 2024 [271]. - The institutional channel represented 38.6% of total AUM as of December 31, 2025, a decrease from 41.4% in 2024 [271]. Operational and Regulatory Risks - The firm may offer lower fees to retain current assets and attract additional assets, which could exert downward pressure on fees [126]. - The firm has experienced competition for skilled investment professionals, which could impact its ability to execute business strategies [105]. - Poor investment performance can lead to a loss of AUM, negatively impacting revenues and financial condition [114]. - The investment management industry is facing transformative pressures, including a shift towards passive investment strategies and increased fee competition [133]. - The company is subject to extensive regulatory scrutiny, including from the SEC and other regulatory bodies, which could lead to significant operational costs and legal liabilities [165]. - The company is experiencing increased operational and regulatory risks associated with newer investment strategies offered through private funds [145]. - Employee misconduct or perceived misconduct could expose the company to significant legal liability and reputational harm [157]. - The company relies heavily on internal and third-party technology systems for operations, increasing the risk of operational disruptions and cybersecurity incidents [172]. Dividends and Shareholder Returns - The company declared a dividend of $1.58 per share of Class A common stock for Q1 2026, consisting of a variable quarterly dividend of $1.01 per share and a special annual dividend of $0.57 per share [237]. - The variable quarterly dividend of $1.01 per share represents approximately 80% of the cash generated in the fourth quarter of 2025 [237]. - The company expects to pay a quarterly dividend of approximately 80% of the cash generated from operations, subject to Board approval [237]. - The company’s stockholders would have experienced an 8% annual total return as of December 31, 2025, if all dividends were retained, compared to an 11% annual total return if all dividends were reinvested [236]. Cybersecurity and Risk Management - The company has a comprehensive cybersecurity risk management strategy integrated into its overall risk management framework [207]. - The company has not experienced any known material cybersecurity breach or threat that resulted in or is reasonably likely to result in any material loss or impact on its business strategy, results of operations, or financial condition [212]. - The Audit Committee oversees cybersecurity risk management and receives quarterly reports on significant cybersecurity events or trends impacting the company [219]. - The information security governance team reports to senior management on the results of its annual cybersecurity risk assessment [215]. - The company maintains a robust information security program that includes periodic internal audits and independent third-party reviews [210].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) Commission file number: 1-13648 _______________________________________________________________________________________________________________ Balchem Corporation (Exact name of Registrant as specified in its charter) 5 Paragon Drive, Montvale, NJ 07645 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (845) 326-5600 Securities registered pursuant to Section 12( ...

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 000-23211 CAS ...

☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period 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 0-13928 U.S. GLOBAL INVESTORS, INC. Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) (Sta ...

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 ☐ 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: 1-13991 MFA FINANCIAL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ...

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 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 1-9810 Accendra Health, Inc. (Exact name of registrant as specified in its charter) Virginia 54-1701843 (State or other jurisdiction of (I.R ...

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 For the transition period from to Commission File No. 001-7784 Lumen Technologies, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...

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 For the transition period from to Commission File Number: 001-35897 Voya Financial, Inc. | (Exact name of registrant as specified in its charter) | | | | | --- | --- | --- | --- | | ...

Customer Concentration and Sales - The company's 10 largest customers accounted for approximately 40% of total sales in 2025, with the largest customer being Shaw, a major consumer of Nylon 6 resin and caprolactam [100]. - The company is exposed to risks associated with customer concentration, and the loss of significant customers could have a detrimental effect on financial performance [100]. Economic and Market Risks - The company faces significant risks from economic volatility, including inflation and potential recessionary pressures, which could adversely affect sales and margins [90]. - Economic conditions and credit availability could impact the financial situation of raw material suppliers, affecting the company's ability to run production facilities at intended rates [97]. - The company is subject to risks related to international trade policies, which could affect its competitive position and demand for products [140]. - The imposition of tariffs and trade barriers could increase product prices and decrease customer demand, adversely affecting the company's financial results [141]. Operational and Production Risks - Fluctuations in raw material prices, such as cumene, natural gas, and sulfur, are critical to product costs, and inability to offset these costs could negatively impact financial results [95]. - The company relies on third-party transportation for raw materials and product shipments, and disruptions in this area could materially affect operations and financial condition [99]. - The company has experienced operational issues in the past, which could lead to unplanned downtime and negatively impact production and financial performance [92]. - Hazards associated with chemical manufacturing could lead to operational interruptions, adversely affecting productivity and profitability [105]. Financial and Capital Risks - The capital-intensive nature of the industry may require additional financing for growth and development, which may not be available on favorable terms [101]. - The company may need to make significant cash contributions to its defined benefit pension plan, which could adversely impact financial condition and cash flow [124]. - The company may need to record significant impairment charges related to goodwill, intangibles, and other long-lived assets due to various indicators such as performance changes and stock price declines [125]. - The company has restrictive covenants associated with its indebtedness that limit its ability to incur additional debt, pay dividends, or make investments [127]. - A breach of covenants could result in an event of default, leading to accelerated repayment obligations that may adversely affect the company's financial condition [129]. Regulatory and Compliance Risks - The company faces potential liabilities related to environmental regulations and may incur substantial costs if found in violation of these laws [130]. - Changes in environmental regulations could require additional capital expenditures, impacting the company's operating costs and efficiency [133]. - The company must maintain effective internal controls over financial reporting, and failure to do so could result in penalties and a decline in stock price [142]. - Difficulties in implementing internal controls may harm the company's operating results and reporting obligations, potentially affecting profitability [144]. Competitive and Technological Risks - Competition in the industry is intense, with factors such as price, product quality, and service influencing market position, and failure to innovate could adversely affect business [102]. - The adoption of AI technologies is increasing in the industry, and competitors deploying AI more effectively may gain operational advantages [121]. Cybersecurity and External Risks - The company is exposed to cybersecurity threats that could disrupt operations and result in significant financial losses [118]. - The company is exposed to risks from events beyond its control, which could adversely impact its financial condition and results of operations [126]. Shareholder and Stock Price Risks - The stock price may fluctuate significantly due to various factors, including operational results, business strategies, competition, and macroeconomic conditions [147]. - Stockholder activism could lead to increased costs and management distraction, adversely impacting business and financial results [148]. - The company cannot guarantee the timing or amount of dividends, which may be limited by the terms of its indebtedness [150]. - Future stockholder ownership percentage may be diluted due to common stock-based equity awards and potential capital-raising equity issuances [151]. - Certain provisions in the company's governing documents may discourage or prevent hostile takeovers, even if they offer stockholders a premium [152]. Interest Rate Risks - The company is exposed to interest rate risk primarily through its Revolving Credit Facility, which bears interest at floating rates [284]. - A 25-basis point fluctuation in interest rates could result in an increase or decrease of approximately $0.5 million in interest expense based on current borrowing levels [285].

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 1-11356 RADIAN GROUP INC. Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessm ...