Financial Performance - LiveWire's net loss for the year ended December 31, 2025, was $75,114 thousand, a decrease from $93,925 thousand in 2024, reflecting a 20.0% improvement [326]. - The Electric Motorcycles segment reported an operating loss of $73,831 thousand for 2025, compared to a loss of $105,500 thousand in 2024, marking a 30.0% reduction [327]. - The STACYC segment's operating loss was $1,653 thousand in 2025, down from $4,856 thousand in 2024, representing a 66.0% improvement [328]. - Revenue for the year ended December 31, 2025 decreased by $2,317 thousand, or 27.6%, to $6,064 thousand from $8,381 thousand for the year ended December 31, 2024 [349]. - Electric motorcycles revenue decreased by $2,953 thousand, or 38.6%, to $4,691 thousand in 2025, while parts, accessories, and apparel revenue increased by $636 thousand, or 86.3%, to $1,373 thousand [348]. Sales Performance - Total Wholesale Motorcycle Unit Sales increased to 589 units in 2025 from 511 units in 2024, a growth of 15.3% [336]. - Company Retail Motorcycle Unit Sales decreased to 64 units in 2025 from 101 units in 2024, a decline of 36.6% [336]. - Total Retail Motorcycle Unit Sales rose to 844 units in 2025, up from 492 units in 2024, an increase of 71.5% [336]. - Electric Balance Bike and Electric Bike Unit Sales totaled 21,633 units in 2025, compared to 18,549 units in 2024, reflecting a growth of 11.2% [336]. - STACYC segment revenue increased by $1,356 thousand, or 7.4%, to $19,608 thousand in 2025 from $18,252 thousand in 2024 [354]. - Electric balance bikes and electric bikes revenue increased by $1,765 thousand, or 12.6%, to $15,808 thousand in 2025 [353]. Cost Management - Cost of goods sold for the year ended December 31, 2025 decreased by $8,960 thousand, or 33.2%, to $18,058 thousand from $27,018 thousand for the year ended December 31, 2024 [350]. - Selling, administrative, and engineering expenses decreased by $25,026 thousand, or 28.8%, to $61,837 thousand in 2025 from $86,863 thousand in 2024 [351]. Cash Flow and Financing - As of December 31, 2025, LiveWire's cash and cash equivalents were $82,777 thousand, an increase from $64,437 thousand as of December 31, 2024 [358]. - The Company entered into a Term Loan Agreement with H-D providing access of up to $75 million, with a maturity date of December 15, 2027 [362]. - The effective interest rate for the Term Loan was 7.64% for the year ended December 31, 2025 [363]. - LiveWire does not expect to generate positive cash flow from operations over the next twelve months [359]. - Net cash used by operating activities decreased by $40,311 thousand to $53,548 thousand in 2025 compared to $93,859 thousand in 2024 [369]. - Net cash used in investing activities decreased by $4,257 thousand to $3,811 thousand in 2025 compared to $8,068 thousand in 2024 [370]. - Net cash provided by financing activities increased by $77,179 thousand to $75,735 thousand in 2025, driven by borrowings under the Term Loan of $75.0 million [371]. - LiveWire's overall increase in cash during 2025 was primarily due to an increase in net cash provided by financing activities [368]. Future Plans and Strategies - LiveWire plans to launch two new 125 cc-equivalent mini-motos, the S4 Honcho products, in spring 2026 to expand market access and affordability [329]. - LiveWire's focus for 2026 includes continued network expansion, cost savings, and product innovation aimed at profitability [333]. - The company expects capital expenditures between $3 million and $8 million in 2026 [366]. - The company continues to explore additional means for raising capital to support ongoing operations and future investments [365]. Inventory and Liabilities - The company has a liability of $6,080 thousand for excess inventory components held by H-D as of December 31, 2025 [367]. - LiveWire is subject to certain payments under the Contract Manufacturing Agreement with H-D if minimum purchase commitments are not met starting in 2027 [367].

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 | | ...

Sales and Revenue - Revenues for the three months ended December 31, 2025 decreased 62.6% to $7,133,602 compared to $19,072,571 for the same period in 2024, primarily due to decreased orders from Amazon and supply chain disruptions[239]. - Revenues for the six months ended December 31, 2025 decreased 49.7% to $19,151,069 compared to $38,081,092 for the same period in 2024, driven by decreased Amazon orders and supply chain issues[249]. Profit and Loss - Gross profit for the three months ended December 31, 2025 was $3,138,922, down from $8,389,886 in the same period of 2024, with a gross profit margin of 44% for product sales[241]. - Gross profit for the six months ended December 31, 2025 was $7,945,446, with a gross profit margin of 41.5%, down from 44.3% in the same period of 2024[251]. - Net loss attributable to iPower Inc. for the three months ended December 31, 2025 was $(1,193,281), a significant increase in loss compared to $218,819 in the same period of 2024[245]. Operating Expenses - Operating expenses for the three months ended December 31, 2025 decreased 27.6% to $5,576,899, attributed to reduced selling and fulfillment expenses and a cost-cutting plan[242]. - Operating expenses for the six months ended December 31, 2025 decreased 36.2% to $12,078,602, mainly due to reduced selling, fulfillment, and general administrative expenses[252]. Cash Flow and Financial Position - As of December 31, 2025, cash and cash equivalents were $2,011,738, reflecting a slight increase from $2,007,890 as of June 30, 2025, due to operational cash flow[257]. - The company believes that existing cash and cash equivalents will be sufficient to finance operations for the next 12 months, although future performance is subject to economic uncertainties[258]. - Net cash provided by operating activities for the six months ended December 31, 2025, was $763,906, a significant improvement from $(1,387,926) in the same period of 2024[262]. - Net cash used in investing activities increased to $5,593,628 for the six months ended December 31, 2025, compared to $664,366 in 2024, primarily due to payments for joint ventures and software development[263]. - Net cash provided by financing activities was $4,822,051 for the six months ended December 31, 2025, compared to $(2,558,389) in 2024, driven by proceeds from convertible note financing[264]. Strategic Initiatives - iPower's sales channels include Amazon Vendor Central, Amazon Seller Central (3P), Walmart.com, TikTok, Temu, and its own e-commerce websites[214]. - The company has initiated a Digital Treasury Strategy, planning to create a business focused on digital assets, with no predictions on its long-term success[217][236]. - iPower purchased 15.1 Bitcoin at an average price of $87,686.33 per BTC, totaling approximately $1,325,400, and 301.1 Ethereum at an average price of $2,934.67 per ETH, totaling approximately $883,600 under the Digital Treasury Strategy[235]. - iPower is expanding its product catalog through in-house development and partnerships, focusing on home goods, pet products, and consumer electronics[215]. - The company plans to increase the size of its in-house product catalog, which is expected to positively impact its margin profile and cash generation capabilities[259]. - The company anticipates that cash flow from operations will improve as supply chain operations normalize and new suppliers transition to more favorable credit terms[259]. Financing and Capital Structure - A reverse stock split of 1-for-30 was approved, effective October 27, 2025, reducing the number of shares while maintaining the total number of authorized shares[221][222]. - The company issued three promissory notes totaling $2 million with a 6.5% interest rate, used to pay off an existing asset-backed lending facility[224][225]. - A Convertible Note Facility was established, with an aggregate original principal amount of $30 million, including a series A senior secured convertible note of $5,184,024[229]. - The Convertible Notes are convertible at a fixed price of $17.70 per share, with an alternate conversion price based on recent trading VWAP[231]. - Stockholders approved an increase in authorized shares from 200 million to 1 billion, allowing for more flexibility in future financing[227]. Economic and Market Conditions - Global economic disruptions have led to increased costs and delays in inventory acquisition, impacting profit margins[219]. - The company evaluates the creditworthiness of customers and maintains an allowance for credit losses based on historical data and economic conditions[272]. Tax and Accounting - The Company accounts for income taxes under the asset and liability method, recognizing deferred tax assets and liabilities for future tax consequences[289]. - Major tax jurisdictions identified include U.S. federal, Nevada, and California, with certain tax attribute carryforwards subject to review[290]. - The Company believes its income tax filing positions will be sustained on audit, with no material changes anticipated to its financial position[291]. - No reserves for uncertain income tax positions have been recorded pursuant to ASC 740, Income Taxes[291]. - The Company does not anticipate that recently issued but not yet effective accounting standards will materially affect its consolidated financial position[292]. - As a "smaller reporting company," the Company is not required to provide detailed market risk disclosures[293].

Financial Performance - Revenue for fiscal Q2 2026 was $7.1 million, reflecting a strategic supply chain restructuring and a shift to predominantly U.S.-based sourcing[1] - Gross profit was $3.1 million, with a stable gross margin of 44.0%, indicating strong core economics despite lower revenue[5] - Total revenues for the three months ended December 31, 2025, were $7,133,602, a decrease from $19,072,571 in the same period of 2024[19] - Gross profit for the three months ended December 31, 2025, was $3,138,922, compared to $8,389,886 in the same period of 2024, reflecting a significant decline[19] - The net loss attributable to IPOWER for the three months ended December 31, 2025, was $1,193,281, compared to a net income of $218,819 in the same period of 2024[19] - Earnings per share (basic) for the three months ended December 31, 2025, were $(1.08), compared to $0.21 in the same period of 2024[19] - The company reported a comprehensive loss attributable to IPOWER of $1,193,660 for the three months ended December 31, 2025[19] Operating Expenses - Total operating expenses decreased by 28% year-over-year to $5.6 million, driven by personnel reductions and tighter expense controls[7] - Operating expenses totaled $5,576,899 for the three months ended December 31, 2025, compared to $7,706,279 in the same period of 2024[19] Debt and Cash Position - Cash and cash equivalents stood at $2.0 million, with total debt approximately $8.4 million, including $5.8 million of convertible notes[8] - The company experienced a loss on extinguishment of debt amounting to $24,100 for the three months ended December 31, 2025[19] Strategic Initiatives - iPower implemented a Digital Asset Treasury strategy, raising $6.5 million in gross proceeds from a convertible note offering[2] - The divestiture of Global Product Marketing Inc. for approximately $2.3 million was completed, reducing future operating expenses[9] - A $2 million share repurchase program was authorized, reflecting confidence in the company's strengthened balance sheet[11] - The transition to a U.S.-based supply chain aims to improve supply chain transparency and enhance long-term gross margin durability[4] - Management expects the streamlined operating model to provide a stronger and more resilient foundation going forward[10]

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( ...

Financial Performance - Collection pricing increased by 5.0% for fiscal year 2025 compared to fiscal year 2024, helping to offset cost inflation[27] - The company closed on nine acquisitions in fiscal year 2025, contributing over $110 million in total annualized revenues[39] - National Accounts volumes increased by 6.6% in fiscal year 2025 compared to fiscal year 2024, reflecting strong demand for resource management services[36] - In fiscal year 2025, revenues from the Eastern, Western, Mid-Atlantic, and Resource Solutions segments were $472.6 million, $663.2 million, $341.1 million, and $360.0 million respectively[65] - The company experiences seasonal revenue fluctuations, with higher revenues typically occurring in late spring, summer, and early fall[106] Acquisitions and Growth - The company has acquired 76 solid waste collection, transfer, and recycling businesses since 2018, generating over $925 million in total annualized revenues[39] - The company has grown its workforce to approximately 5,600 employees as of January 31, 2026, following its acquisition activities[51] - The company focuses on creating long-term value through a balanced growth strategy, including acquisitions and new contracts[38] - The Eastern region has expanded primarily through acquisitions and organic growth since 1996, while the Mid-Atlantic region began operations in fiscal year 2023 with the acquisition of four subsidiaries from GFL Environmental Inc.[63] Environmental Compliance and Regulations - The company is currently in substantial compliance with applicable federal, state, and local environmental laws, with no anticipated material costs for future compliance[111] - The Resource Conservation and Recovery Act (RCRA) regulates the generation and disposal of solid waste, classifying waste as hazardous or non-hazardous, with hazardous waste subject to more extensive regulations[112] - The company’s landfills and transfer stations regularly test leachate, which is generally not classified as hazardous waste under federal law[115] - The Clean Water Act requires the company to obtain discharge permits if pollutants from solid waste management facilities are released into navigable waters[117] - The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) imposes strict liability for cleanup costs of hazardous substances, which could significantly impact the company if found responsible[120] - The Clean Air Act regulates emissions from landfills, with potential future regulations focusing on greenhouse gas emissions, including methane[122][124] - State and local regulations may impose stricter requirements than federal laws, affecting the company's operations and compliance costs[131] - Ongoing trends at state and local levels mandate waste reduction and recycling, potentially limiting the types of waste accepted at landfills[136] - The company is subject to extended producer responsibility (EPR) regulations in several states, which may impact financial and operational responsibilities for product management[137] - Changes in water quality standards and regulations for emerging contaminants could increase compliance costs and operational efforts for the company[138] - New York has enacted GHG emissions reporting requirements that will begin in June 2027, potentially expanding the company's obligations for climate-related disclosures[139] Operational Efficiency and Technology - The company continues to invest in technology, with a successful rollout of its "Lead to Cash" project to a majority of acquired Mid-Atlantic businesses in fiscal year 2025[46] - The company operates several transfer stations to enhance service capabilities and reduce costs by improving collection personnel utilization[68] - The Resource Solutions segment leverages core competencies in materials processing and recycling to serve larger commercial and industrial customers[64] - The company has developed new e-commerce capabilities and enhanced customer self-service tools to improve customer engagement and service delivery[95] - The company has aligned its sales and marketing strategies with customer-facing teams to support profitable and sustainable growth initiatives[94] Safety and Workforce Development - The company is committed to enhancing employee safety and well-being through comprehensive health and safety programs[52] - The company has trained and certified over 350 diesel technicians since launching its in-house Diesel Technician school in fiscal year 2023[60] - The company has increased its focus on Core Values training to support workforce growth and ensure cultural continuity[61] Landfill Operations and Capacity - The company operates eight Subtitle D landfills and one C&D landfill, with a total estimated remaining capacity of 48,545 tons as of the end of fiscal year 2025[71] - The Waste USA Landfill in Vermont is permitted to accept up to 0.6 million tons of waste annually and houses a landfill gas-to-energy plant with a capacity of 8.0 MW[75] - The Ontario County Landfill is permitted to accept up to 0.9 million tons of waste annually and has a landfill gas-to-energy facility with a capacity of 11.2 MW[79] - The Hyland Landfill is permitted to accept up to 0.5 million tons of waste annually and is set to replace its former gas-to-energy project with a new RNG facility[78] - Chemung County Landfill is permitted to accept up to 0.4 million tons of municipal solid waste and 20.5 thousand tons of C&D material annually[81] - McKean Landfill is permitted to accept approximately 1.6 million tons of municipal solid waste, C&D material, and certain pre-approved special waste annually[82] - The Southbridge Landfill has been fully closed as of August 2024 and has entered its post-closure period, housing a landfill gas-to-energy facility with a capacity of 1.6 MW[83] Market Competition - The solid waste services industry is competitive, with the company competing against large national companies and regional firms[92] - The solid waste services industry is highly competitive, with the company competing against large national firms and regional players on service quality and pricing[92]

Assets Under Management - As of December 31, 2025, total assets under management (AUM) were approximately $1.5 billion, an increase of $72.1 million compared to the previous year[147] - Average AUM for the six months ended December 31, 2025, was approximately $1.4 billion, a decrease of $49.3 million from $1.5 billion for the same period in 2024[147] Operating Revenues - Total consolidated operating revenues for the three months ended December 31, 2025, increased by $279,000, or 12.5 percent, compared to the same period in 2024[157] - Total consolidated operating revenues increased by $373,000, or 8.5 percent, for the six months ended December 31, 2025, compared to the same period in 2024[165] Net Income and Loss - The net loss for the three months ended December 31, 2025, was $846,000 ($(0.07) per share), compared to a net loss of $86,000 ($(0.01) per share) for the same period in 2024[156] - The Company recorded net income of $661,000 ($0.05 per share) for the six months ended December 31, 2025, an increase of approximately $432,000 compared to $229,000 ($0.02 per share) for the same period in 2024[164] Investment Income - Net investment income totaled $541,000 for the three months ended December 31, 2025, an increase from $354,000 in the prior year period[160] - Net investment income totaled $2.8 million in the current period, compared with $1.3 million in the prior year period, reflecting a significant increase[168] Expenses - Total consolidated operating expenses decreased by $122,000, or 2.2 percent, for the six months ended December 31, 2025, primarily due to a $298,000, or 10.3 percent, reduction in general and administrative expenses[166] Tax Expenses and Benefits - Income tax expense was $1.4 million for the three months ended December 31, 2025, compared to an income tax benefit of $30,000 for the same period in 2024, representing a change of $1.4 million[160] - The Company expects to record an offsetting $1.3 million tax benefit in the quarter ending March 31, 2026, due to a tax accounting method change[163] - The Company expects to record an offsetting $1.3 million benefit in the quarter ending March 31, 2026, related to tax adjustments[172] Cash and Working Capital - The Company had net working capital of approximately $36.7 million as of December 31, 2025, a decrease of $580,000, or 1.6 percent, since June 30, 2025[173] - Cash and cash equivalents increased by $675,000, or 2.7 percent, to approximately $25.2 million since June 30, 2025[174] Shareholders' Equity - Consolidated shareholders' equity decreased by $1.0 million, or 2.3 percent, to $44.2 million since June 30, 2025, primarily due to stock repurchases[174] Credit Facilities - The Company has access to a $1.0 million credit facility, which remained unutilized as of December 31, 2025[175] Investment Management Fees - The average annualized investment management fee rate was 79 basis points for the three months ended December 31, 2025, compared to 56 basis points for the same period in 2024[151] - The average investment management fee for equity funds was 89 basis points for the three months ended December 31, 2025, compared to 68 basis points for the same period in 2024[152]

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 ...