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 001-40321 ALKAMI TECHNOLOGY, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 45-3060776 Stat ...

Financial Performance - Fourth quarter net investment income was $0.44 per share, with a net increase in net assets resulting from operations of $0.32 per share[7]. - Total investment income for 2025 was $207,858, down from $224,040 in 2024, representing a decrease of about 7.24%[29]. - Net investment income for 2025 was $93,338, compared to $122,388 in 2024, a decrease of approximately 23.77%[30]. - Net increase in net assets resulting from operations for 2025 was $65,614, down from $116,323 in 2024, a decrease of approximately 43.59%[30]. Portfolio Investments - The fair value of the company's portfolio investments remained stable at $2.0 billion, with an increase in the number of portfolio companies from 213 to 227[6]. - The company funded $80.4 million in portfolio investments during the fourth quarter, compared to $36.3 million in the previous quarter[11]. - New gross commitments at par for 2025 were $302,546, significantly lower than $955,309 in 2024, a decrease of about 68.32%[32]. - Net funded investment activity for 2025 was $(105,462), a substantial decline from $433,617 in 2024[32]. - The number of new portfolio companies increased to 58 in 2025 from 68 in 2024, a decrease of about 14.71%[32]. Shareholder Value - The company declared a first quarter distribution of $0.40 per share, consisting of a regular distribution of $0.36 per share and a supplemental distribution of $0.04 per share[4]. - The board authorized a $50 million share repurchase program to enhance shareholder value[5]. - The company paid a fourth quarter regular distribution of $0.45 per share, reflecting a 10.1% total annualized distribution yield based on the fourth quarter NAV per share[7]. Debt and Liabilities - As of December 31, 2025, the company's debt to equity ratio was 1.27x, compared to 1.25x at the end of the previous quarter[18]. - Total liabilities increased slightly from $1,173,405 in 2024 to $1,179,289 in 2025, an increase of about 0.50%[26]. Asset Changes - Total assets decreased from $2,143,725 in 2024 to $2,054,469 in 2025, a decline of approximately 4.15%[26]. - Total net assets decreased from $970,320 in 2024 to $875,180 in 2025, a decline of approximately 9.81%[27]. Investment Losses - The company recorded a net realized loss on investments of $(6.0) million for the full year, an improvement from a net realized loss of $(13.2) million in the previous year[16]. - The company experienced a net change in unrealized loss of $(21.6) million for the full year, compared to a net change in unrealized gain of $7.3 million in the previous year[16]. Investment Yields - The weighted average yield of debt and income-producing investments decreased to 9.48% from 10.33% year-over-year[12]. - The weighted average annual interest rate on new debt investments at par decreased to 9.21% in 2025 from 10.11% in 2024[32].

Revenue Performance - Preliminary, unaudited ORLADEYO net revenue for Q4 2025 was $151 million, representing a 22% year-over-year increase and a 36% increase on a comparable basis, excluding European ORLADEYO revenue for Q4 2024[12] - Preliminary, unaudited ORLADEYO net revenue for the full year 2025 was $601 million, reflecting a 37% year-over-year growth; excluding European ORLADEYO revenue, the net revenue was $563 million, marking a 43% increase on a comparable basis[12] Financial Position - As of December 31, 2025, the company reported preliminary, unaudited cash, cash equivalents, restricted cash, and investments totaling $338 million[12]

Financial Performance - Scripps reported Q4 2025 revenue of $560 million, a decrease of 23% or $168 million from the prior-year quarter[7]. - Loss attributable to shareholders was $44.9 million or 51 cents per share, compared to income of $80.3 million or 92 cents per share in the prior-year quarter[8]. - Operating revenues for Q4 2025 were $560,258, a decrease of 23.1% from $728,379 in Q4 2024[26]. - Total operating revenues for the year ended December 31, 2025 were $2,150,585, a decline of 14.3% from $2,509,772 in 2024[26]. - Net income for the three months ended December 31, 2025, was a loss of $28,501 compared to a profit of $95,387 in 2024, representing a significant decrease[38]. - Adjusted EBITDA for the three months ended December 31, 2025, was $86,374, down from $229,347 in 2024, indicating a decline of approximately 62.3%[41]. Revenue Segments - Core advertising revenue increased by 12% to $165 million in Q4 2025, with the largest category, services, up 20%[14]. - Scripps Networks segment revenue was $199 million, down 7.7% from the prior-year quarter, while segment profit increased to $63.5 million[12]. - Local Media segment revenues fell by 29.6% to $359,952 in Q4 2025, compared to $511,003 in Q4 2024[34]. - Scripps Networks segment revenues decreased by 7.7% to $199,489 in Q4 2025, down from $216,139 in Q4 2024[34]. - Political advertising revenue in the Local Media segment plummeted by 94.8% to $9,009 in Q4 2025, down from $174,359 in Q4 2024[35]. Costs and Expenses - Employee compensation and benefits in the Scripps Networks segment decreased by 26.7% to $21,807 in Q4 2025, compared to $29,736 in Q4 2024[35]. - Restructuring costs for Q4 2025 were $2,353, significantly lower than $14,872 in Q4 2024[34]. - Interest expense increased to $59,346 for the three months ended December 31, 2025, compared to $48,862 in 2024, an increase of about 21.4%[41]. - Capital expenditures for the three months ended December 31, 2025, were $13,748, compared to $10,980 in 2024, reflecting an increase of approximately 25.4%[42]. Debt and Liabilities - Total debt as of December 31 was $2.6 billion, with cash and cash equivalents totaling $27.9 million[14]. - Total current liabilities decreased from $482,394 in 2024 to $453,601 in 2025, a reduction of approximately 5.97%[36]. - Long-term debt (less current portion) increased slightly from $2,560,560 in 2024 to $2,585,534 in 2025, an increase of about 0.98%[36]. - The company did not declare or provide payment for any of the 2025 quarterly preferred stock dividends, totaling $117 million in undeclared and unpaid cumulative dividends[16]. Future Outlook - The company expects political advertising revenue to reach nearly $11 billion in the 2026 midterm election cycle, with Scripps well-positioned to capture a significant share[4]. - The transformation plan targets annualized enterprise EBITDA growth of $125-$150 million by 2028, with early benefits expected in the second half of 2026[5]. - For the full year 2026, Scripps anticipates interest payments of $180-$190 million and capital expenditures of $60-$70 million[20]. Assets and Shareholder Information - Total assets decreased from $5,198,575 in 2024 to $5,008,628 in 2025, a decline of approximately 3.65%[36]. - Basic weighted-average shares outstanding increased to 88,757 in 2025 from 86,312 in 2024, an increase of approximately 2.83%[38]. - The company reported a loss on extinguishment of debt of $2,404 for the three months ended December 31, 2025, with no such loss reported in 2024[41].

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