UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended December 31, 2025 Commission File Number 1-12984 EAGLE MATERIALS INC. (Exact name of registrant as specified in its charter) Delaware (State of Incorporation) 75-2520779 (I.R.S. Employer Identification No.) 5960 Berkshire Lane, Suite 900, Dallas, Texas 75225 (Address of principal executive offices) (214) 432-2 ...

Financial Performance - Fourth Quarter 2025 EPS was $1.28, an 11% increase from $1.15 in 4Q 2024, with a net income of $56.3 million compared to $55.9 million in the prior year[1][2] - Net interest income decreased to $92.1 million from $94.3 million in 4Q 2024, with a net interest margin of 4.30%, down from 4.55% in the prior year[1][13] - Total revenue for the three months ended December 31, 2025, was $172,611, a slight decrease from $174,613 in September 2025 and an increase from $159,598 in December 2024[55] - Adjusted total revenue for the year ended December 31, 2025, was $534,550, compared to $503,104 in 2024, reflecting growth in revenue[55] Loan and Deposit Growth - Ending loans reached $7.12 billion, a 16% increase year-over-year from $6.11 billion in 4Q 2024, and a 7% increase from $6.67 billion in 3Q 2025[1][8] - Consumer fintech loans totaled $1.10 billion, representing 15.1% of total loans, marking a 142% increase from $454.4 million in 4Q 2024[1][9] - Average deposits were $7.60 billion, a 1% increase from $7.55 billion in 4Q 2024, with 95% of deposits sourced from fintech partnerships[1][10][11] - Total deposits reached $8,165,496 thousand, reflecting a 5.38% increase from $7,746,046 thousand year-over-year[35] Credit Quality - Provision for credit losses on non-consumer fintech loans was $0.9 million in 4Q 2025, a decrease from $5.7 million in 3Q 2025[15][16] - The allowance for credit losses was $66.2 million as of December 31, 2025, up from $44.9 million at the end of 2024, with consumer fintech loans coverage at 2.84% and non-fintech loans at 0.58%[17] - Total net charge-offs for Q4 2025 were $39.2 million, a decrease from $40.8 million in Q3 2025, resulting in a charge-off ratio of 2.29%[18] - Non-fintech loans net charge-offs were $0.6 million for Q4 2025, down from $3.3 million in Q3 2025, with a charge-off ratio of 0.04%[19] - Nonperforming loans to total loans decreased to 1.04% as of December 31, 2025, down from 1.35% in September 2025 and 0.55% in December 2024[46] Non-Interest Income - Non-interest income accounted for 46.7% of total revenue, up from 40.9% in 4Q 2024, with fintech fees contributing 20.8% of total revenue[1][4] - Non-interest income for Q4 2025 was $80.5 million, driven by a $3.7 million increase in fintech fees, which accounted for 27% of total revenues excluding credit enhancement income[21] - Non-interest income as a percentage of total revenue (excluding credit enhancement) was 30.4% for the three months ended December 31, 2025, compared to 30.1% in September 2025 and 26.9% in December 2024[55] - Fintech fees as a percentage of total revenue (excluding credit enhancement) were 27.2% for the three months ended December 31, 2025, compared to 26.0% in September 2025 and 25.0% in December 2024[55] Shareholder Returns - Share repurchases totaled $150 million for 2,173,518 shares, representing 5% of issued shares, at an average cost of $69.01[1][4] - The company repurchased 2,173,518 shares at an average cost of $69.01 per share, totaling $150.0 million in Q4 2025, with a full-year capital return of $375.0 million[29] Guidance and Outlook - The company initiated guidance for 2026 at $5.90 EPS, targeting at least $1.75 for 4Q 2026, and a preliminary outlook of $8.25 for 2027[3] Efficiency and Expenses - Total non-interest expense increased by $4.4 million, or 8%, from Q4 2024, primarily due to legal costs related to a settlement[22] - The efficiency ratio was 42.5% for Q4 2025, compared to 41.8% in Q3 2025 and 40.2% in Q4 2024[23] Asset and Liability Management - Total assets increased to $9,352,425 thousand as of December 31, 2025, up from $8,727,543 thousand a year earlier, representing a growth of 7.15%[35] - Total liabilities increased to $8,662,629 thousand as of December 31, 2025, up from $7,937,760 thousand a year prior, marking a growth of 9.14%[35] - Shareholders' equity decreased to $689,796 thousand from $789,783 thousand year-over-year, a decline of 12.59%[35] Capital Adequacy - The total allowance for credit losses on loans to total loans was 0.93% as of December 31, 2025, compared to 0.96% in September 2025 and 0.73% in December 2024[46] - Total capital to risk-weighted assets ratio was 12.19% as of December 31, 2025, compared to 15.13% in September 2025, indicating a decrease in capital adequacy[48]

Financial Performance - Net income attributable to common shareholders for Q4 2025 was $41.9 million, or $0.48 per share, with net investment income of $93.6 million[2]. - Full-year 2025 net income attributable to common shareholders was $86.1 million, down from $119.2 million in 2024, with diluted earnings per share of $0.99[7]. - For the quarter ended December 31, 2025, net income attributable to common shareholders was $41,907,000, a decrease of 12.8% from $47,841,000 in the previous quarter[38]. - Basic earnings per common share for the quarter ended December 31, 2025, was $0.48, down from $0.55 in the previous quarter, a decrease of 12.7%[38]. - The company reported a net interest expense of $19,482,000 for the year ended December 31, 2025, compared to a net interest expense of $79,396,000 in 2024, showing improvement[40]. Investment and Loans - Loans acquired totaled $5.5 billion in unpaid principal balance (UPB), an 18% increase from the prior quarter[4]. - PMT acquired $3.7 billion in UPB of conventional conforming and non-Agency eligible loans, a 10% increase from the prior quarter[24]. - PMT generated approximately $528 million of net new investments in non-Agency senior and subordinate bonds during the year[7]. - Loan origination fees for the year ended December 31, 2025, were $12,525,000, down from $15,085,000 in 2024, a decrease of 16.9%[40]. Revenue and Expenses - Interest income for the Interest Rate Sensitive Strategies segment totaled $189.0 million, up from $173.8 million in the prior quarter[20]. - Interest income increased to $39.4 million from $33.1 million in the prior quarter, while interest expense rose to $33.1 million from $28.2 million[25]. - Total expenses for the year ended December 31, 2025, were $213,643,000, an increase from $191,546,000 in 2024, representing an increase of 11.5%[40]. - Segment revenues were $16.4 million, including net gains on loans acquired for sale of $7.2 million, net interest income of $6.3 million, and other income of $2.9 million[25]. - Segment expenses were $17.4 million, up from $13.7 million in the prior quarter, primarily due to increased private label securitization activity[26]. - Corporate revenues remained unchanged at $0.9 million, while corporate expenses increased to $15.7 million from $14.3 million in the prior quarter[27]. Assets and Liabilities - Total assets increased to $21.35 billion from $18.53 billion in the prior quarter[36]. - Loans held for investment at fair value rose to $8.53 billion from $5.98 billion in the prior quarter[36]. - Total liabilities increased to $19.46 billion from $16.65 billion in the prior quarter[36]. - Total shareholders' equity was $1.89 billion, slightly up from $1.88 billion in the prior quarter[36]. Tax and Fair Value - PMT recorded a tax benefit of $16.2 million, mainly due to net fair value declines on MSR and interest rate hedges[28]. - The company experienced a net loss of $77,612,000 in the change in fair value of mortgage servicing rights for the quarter ended December 31, 2025[38]. Shareholder Information - Book value per common share increased to $15.25 at December 31, 2025, up from $15.16 at September 30, 2025[4]. - The weighted average shares outstanding for the quarter remained stable at 87,017,000, consistent with the previous quarter[38]. - The weighted average fulfillment fee rate in the fourth quarter was 18 basis points, unchanged from the prior quarter[26]. Gains and Losses - The company reported net gains on investments and financings of $213,113,000 for the year 2025, significantly higher than $61,050,000 in 2024[40].

Financial Performance - Net income for Q4 2025 was $106.8 million, or $1.97 per share, on total net revenues of $538.0 million[2]. - Full-year 2025 net income was $501.1 million, a 61% increase from $311.4 million in 2024, with a return on equity of 12%[5]. - Total net revenue for 2025 was $2.0 billion, up 25% from $1.6 billion in 2024[5]. - Net income for the quarter ended December 31, 2025, was $106,831 thousand, a decrease of 41.1% compared to $181,503 thousand in the previous quarter[35]. - Basic earnings per share for the quarter was $2.05, down from $3.51 in the previous quarter, indicating a decline of 41.7%[35]. Loan Activity - Total loan acquisitions and originations reached $42.2 billion in unpaid principal balance (UPB), up 16% from the prior quarter and 18% year-over-year[3]. - PFSI's production of newly originated loans in 2025 totaled $145 billion in UPB, maintaining its position as a top lender in the nation[29]. - Total locks, including those for PMT, were $46.8 billion in UPB, up 8% from the prior quarter and 29% from Q4 2024[3]. - Loan origination fees for the quarter increased to $68,437 thousand, up from $61,696 thousand in the previous quarter, marking an increase of 12.4%[35]. Servicing Portfolio - Servicing portfolio grew to $733.6 billion in UPB, up 2% from Q3 2025 and 10% from Q4 2024[5]. - As of December 31, 2025, PFSI's total loans serviced amounted to $733.6 billion, an increase from $665.8 billion in the fourth quarter of 2024[17]. - Revenue from net loan servicing fees totaled $149.8 million, down from $241.2 million in the prior quarter and $189.3 million in Q4 2024[18]. Income Segments - Production segment pretax income was $127.3 million, up 4% from the prior quarter and 63% from Q4 2024[3]. - The servicing segment pretax income was $37.3 million, down from $157.4 million in the prior quarter[3]. - The servicing segment pretax income was $37.3 million, a significant decrease from $157.4 million in the prior quarter and $87.3 million in Q4 2024[17]. Expenses and Liabilities - Total expenses for the company were $403.6 million, up from $396.5 million in the prior quarter due to higher expenses in both production and servicing segments[26]. - Total expenses for the quarter were $403,600 thousand, an increase from $396,524 thousand in the previous quarter, reflecting a 1.7% rise[35]. - Total liabilities rose to $25,079,713 thousand as of December 31, 2025, compared to $21,193,234 thousand in the previous quarter, reflecting a 18.4% increase[33]. Assets and Equity - Total assets increased to $29,388,689 thousand as of December 31, 2025, up from $25,401,120 thousand in the previous quarter, representing a 11.6% increase[33]. - Average PMT shareholders' equity was $1.8 billion for Q4 2025, unchanged from Q3 2025 and slightly down from Q4 2024[24]. - Retained earnings increased to $4,212,101 thousand as of December 31, 2025, compared to $4,121,201 thousand in the previous quarter[33]. Interest and Tax - Net interest expense increased to $19.2 million compared to $15.1 million in the prior quarter and $19.5 million in Q4 2024[20]. - The effective tax rate for the company was 20.5 percent, with a future expected tax provision rate of 25.1 percent[27]. Other Financial Activities - Issued $2.35 billion of unsecured senior notes with maturities ranging from 2032 to 2034[5]. - The company completed the sale of an MSR portfolio totaling $24.4 billion in UPB[5]. - The company recorded net valuation-related gains of $1.0 million, consisting of MSR fair value gains of $40.4 million and hedging losses of $39.4 million[18].

Exhibit 99.1 Apple reports first quarter results All-time records for total company revenue and EPS iPhone and Services revenue reach new all-time highs CUPERTINO, CALIFORNIA — Apple today announced financial results for its fiscal 2026 first quarter ended December 27, 2025. The Company posted quarterly revenue of $143.8 billion, up 16 percent year over year. Diluted earnings per share was $2.84, up 19 percent year over year. ® "Today, Apple is proud to report a remarkable, record-breaking quarter, with rev ...

Financial Performance - Hilltop Holdings reported Q4 2025 income attributable to common stockholders of $41.6 million, or $0.69 per diluted share, a 17.2% increase from $35.5 million, or $0.55 per diluted share, in Q4 2024[1]. - For the full year 2025, income attributable to common stockholders was $165.6 million, or $2.64 per diluted share, compared to $113.2 million, or $1.74 per diluted share, in 2024, representing a 46.3% increase[1]. - Net income for Q4 2025 was $42.9 million, compared to $46.7 million in Q3 2025, representing a decline of 8.0%[10]. - Earnings per share (EPS) for Q4 2025 was $0.69, unchanged from Q3 2025[10]. - Return on average stockholders' equity for Q4 2025 was 7.60%, up from 6.50% in Q4 2024[12]. Dividends and Stock Repurchase - The Board declared a quarterly cash dividend of $0.20 per common share, an 11% increase from the prior quarter, payable on February 27, 2026[2]. - Hilltop repurchased $60.8 million worth of common stock in Q4 2025, averaging $33.77 per share, and a total of $184.0 million for the year, averaging $32.26 per share[2]. - The company declared cash dividends of $0.18 per common share for Q4 2025, consistent with Q3 2025[10]. - The dividend payout ratio for Q4 2025 was 26.17%, compared to 31.08% in Q4 2024[12]. Asset and Liability Management - Hilltop's total assets grew to $15.8 billion at December 31, 2025, up from $15.6 billion at September 30, 2025[8]. - Total assets decreased to $15.65 billion in Q4 2025 from $16.32 billion in Q4 2024[18]. - Total capital to risk-weighted assets for Hilltop was 22.20% as of December 31, 2025, a decrease from 22.90% in September 2025[11]. - Interest-bearing deposits rose to $7,960,778 thousand in 2025, with an interest expense of $228,275 thousand, compared to $7,822,536 thousand and $275,291 thousand in 2024, showing a shift in cost structure[19]. Income and Expenses - Noninterest income for Q4 2025 was $217.4 million, an 11.1% increase from $195.6 million in Q4 2024[8]. - Total noninterest expense was $268.9 million, a decrease of 1.1% compared to $271.9 million in Q3 2025[10]. - Net interest income after provision for credit losses was $104.7 million, down from $114.9 million in Q3 2025, reflecting a decrease of 9.1%[10]. - Noninterest income totaled $217.4 million, slightly down from $217.8 million in Q3 2025, indicating a marginal decline of 0.2%[10]. Credit Quality and Provisions - The provision for credit losses in Q4 2025 was $7.8 million, compared to a reversal of $5.9 million in Q4 2024, indicating a shift in credit quality[5]. - The provision for credit losses was $7.8 million, compared to a reversal of $2.5 million in Q3 2025, indicating a significant shift in credit quality[10]. - The allowance for credit losses improved to $99,869 thousand in 2025 from $110,123 thousand in 2024, indicating better credit quality management[19]. - Non-performing assets as a percentage of total assets decreased to 0.39% in Q4 2025 from 0.56% in Q4 2024[17]. Operational Metrics - Hilltop's Tier 1 capital ratio was 12.78% as of December 31, 2025, down from 13.13% in September 2025[11]. - The efficiency ratio improved to 54.1% in Q4 2025, down from 57.8% in Q4 2024[12]. - Total mortgage loan originations reached $2.43 billion in Q4 2025, an increase from $2.25 billion in Q4 2024[12]. - Net revenue for the Broker-Dealer Segment was $138.37 million in Q4 2025, up from $126.37 million in Q4 2024[12]. Future Outlook and Strategic Plans - Hilltop Holdings plans to continue expanding its business and consumer banking services through PlainsCapital Bank and its mortgage lending subsidiary, PrimeLending[22]. - The company will host a conference call on January 30, 2026, to discuss its fourth quarter and full year 2025 financial results, indicating transparency and engagement with stakeholders[21]. - Forward-looking statements highlight potential risks including credit risks, changes in interest rates, and competition in the financial services industry, which could impact future performance[23].

Financial Performance - Net income for Q4'25 was $34,260,000, a decrease of 6% from Q3'25 and an increase of 9% from Q4'24, with total net income for the twelve months reaching $144,878,000, up 20% year-over-year[23]. - Adjusted net income for Q4'25 was $47,741,000, reflecting a 6% increase from Q3'25 and a 17% increase from Q4'24, with total adjusted net income for the twelve months at $169,473,000, up 28% year-over-year[23]. - Net income for Q4 2025 was $34,260, a decrease of 5.5% from Q3'25 and an increase of 0.5% from Q4'24[33]. - Net interest income for Q4'25 was $176,244,000, a significant increase of 32% from Q3'25 and 52% from Q4'24, with total net interest income for the twelve months at $556,308,000, up 29% year-over-year[23]. - Total noninterest income increased to $28,631 in Q4'25, up 20.5% year-over-year from $17,068 in Q4'24[33]. - Total noninterest expense for Q4'25 was $130,546, an increase of 28.5% from $101,987 in Q3'25[33]. - Total customer funding, including deposits and securities sold under agreements to repurchase, increased to $16.52 billion from $12.18 billion, a growth of 35.7%[31]. Loan and Deposit Growth - Fourth quarter annualized organic loan growth was 15%[1]. - Loans increased by $1.7 billion during the fourth quarter, totaling $12.6 billion as of December 31, 2025[11]. - Total loans increased to $12,627,984,000 in 4Q'25, up 15.2% from $10,964,173,000 in 3Q'25[28]. - Total deposits increased to $16.3 billion as of December 31, 2025, up $3.2 billion from September 30, 2025, including $3.5 billion from the VBI acquisition[15]. - Average noninterest bearing demand deposits rose 15% to $4.1 billion in Q4 2025 from $3.5 billion in Q3 2025, and increased 20% from $3.4 billion in Q4 2024[15]. - Total deposits rose to $16,256,343 thousand as of December 31, 2025, an increase of 24.4% from $13,090,319 thousand at September 30, 2025[26]. Asset Management and Efficiency - The efficiency ratio improved to 63.36% in the fourth quarter of 2025, compared to 64.44% in the prior quarter[11]. - Adjusted efficiency ratio improved to 54.50% in Q4'25 from 57.63% in Q3'25[33]. - The company emphasized the importance of non-GAAP financial measures for a clearer understanding of performance trends and comparisons with other financial institutions[32]. - The return on average assets (GAAP basis) decreased to 0.64% in Q4'25 from 0.88% in Q3'25, while the adjusted return on average assets was 0.89%[23]. Credit Quality and Provisions - The provision for credit losses was $29.3 million, primarily due to the acquisition of VBI, which included a day-one loan loss provision of $22.7 million[9]. - Net charge-offs were $0.9 million in Q4 2025, or three basis points annualized, down from $3.2 million in Q3 2025 and $6.1 million in Q4 2024[15]. - The allowance for credit losses was $178,803 thousand, up from $147,453 thousand, indicating a proactive approach to risk management[26]. - Nonperforming loans rose to $72,001,000 in 4Q'25, compared to $60,562,000 in 3Q'25, an increase of 19.5%[28]. Acquisitions and Expansion - The acquisition of Villages Bancorporation, Inc. added approximately $4.4 billion in assets, including $1.2 billion in loans and $3.5 billion in deposits[1][5]. - The company expanded its branch footprint with new locations in Bradenton, FL, and its first branch in the greater Atlanta market[6]. - Seacoast operates 104 full-service branches across Florida and recently acquired 19 branches in The Villages® community, which will operate under the name Citizens First Bank until system conversion in 2026[17]. - The company issued 9,923,263 common shares and 11,250 Series A non-voting convertible preferred shares in the acquisition of Villages Bancorporation, Inc. on October 1, 2025[27]. Capital and Shareholder Equity - The Tier 1 capital ratio was 14.4% at December 31, 2025, compared to 14.5% at September 30, 2025, and 14.8% at December 31, 2024[15]. - Tangible equity to tangible assets was 9.31% at December 31, 2025, down from 9.76% at September 30, 2025, due to capital invested in the VBI acquisition[15]. - Total shareholders' equity increased to $3,055,787 thousand as of December 31, 2025, from $2,378,132 thousand at September 30, 2025, a rise of 28.4%[26].

Financial Performance - Net sales for the second quarter of fiscal 2026 increased by 4.6% to $314.8 million, compared to $301.1 million in the same quarter of fiscal 2025[80]. - Gross profit increased by $6.9 million, or 13.2%, to $59.2 million for the second quarter of fiscal 2026, with a gross profit margin of 18.8%[99]. - Net income for the second quarter of fiscal 2026 was $18.0 million, or $1.54 per common share basic, compared to $13.6 million, or $1.17 per common share basic, for the second quarter of fiscal 2025[113]. - Income from operations was $53.0 million, or 8.6% of net sales, for the first twenty-six weeks of fiscal 2026, compared to $36.4 million, or 6.3% of net sales, for the same period in fiscal 2025[107]. Sales and Volume - Sales volume decreased by 9.7% in the second quarter of fiscal 2026, with a significant decline attributed to granola sold in the contract manufacturing channel[88]. - Sales volume for the first twenty-six weeks of fiscal 2026 decreased by 5.3%, with declines in bars, granola, trail mix, and cashews, while walnuts, peanuts, pecans, and almonds saw increases[89]. - Net sales in the consumer distribution channel increased by $24.5 million, or 5.1%, while sales volume decreased by 6.8% in the first twenty-six weeks of fiscal 2026 compared to the same period in fiscal 2025[94]. Expenses and Margins - Total operating expenses for the second quarter of fiscal 2026 increased by 0.9%, but as a percentage of net sales, they decreased to 10.5% from 10.9%[83]. - Operating expenses as a percentage of net sales decreased to 9.8% for the first twenty-six weeks of fiscal 2026, down from 10.8% in the same period of fiscal 2025[104]. - Interest expense decreased to $0.5 million for the second quarter of fiscal 2026, down from $0.8 million in the same quarter of fiscal 2025 due to lower average debt levels[108]. Inventory and Costs - The total value of inventories on hand at the end of the second quarter of fiscal 2026 increased by 14.4% to $29.6 million compared to the same period in fiscal 2025[84]. - Total inventories decreased by $19.2 million, or 7.5%, from the inventory balance at June 26, 2025, but increased by $29.6 million, or 14.4%, from the balance at December 26, 2024[119]. - Raw nut and dried fruit input stocks decreased by 2.7 million pounds, or 4.5%, at December 25, 2025, while the weighted average cost per pound of raw nut input stocks increased by 11.8% compared to the end of the second quarter of fiscal 2025[120]. Capital Expenditures and Investments - The company plans significant capital investments in equipment and infrastructure improvements starting in the second quarter of fiscal 2025 to expand production capabilities[69]. - Cash used in investing activities was $46.3 million during the first twenty-six weeks of fiscal 2026, up from $25.6 million in the same period last year[121]. - Capital asset purchases totaled $47.3 million in the first twenty-six weeks of fiscal 2026, compared to $25.5 million in the prior year[121]. - Total capital expenditures for fiscal 2026 are expected to be approximately $112.0 million, including equipment purchases and upgrades[121]. Financing and Debt - Cash used in financing activities was $46.5 million during the first twenty-six weeks of fiscal 2026, compared to cash provided of $5.6 million in the same period last year[122]. - Net repayments under the Credit Facility were $47.6 million in the first twenty-six weeks of fiscal 2026, compared to net borrowings of $29.3 million in the prior year[122]. - As of December 25, 2025, the weighted average interest rate for the Credit Facility was 6.7%[128]. - The Company had $134.7 million of available credit under the Credit Facility as of December 25, 2025[128]. - The Equipment Loan allows financing of up to $50.0 million for equipment purchases, with an interest rate of SOFR plus an applicable margin of 1.49%[130]. - As of December 25, 2025, $26.2 million of the debt obligation under the Equipment Loan was outstanding[132]. Market and Consumer Trends - The company continues to face challenges from higher food and input costs, ongoing supply chain volatility, and macroeconomic uncertainties impacting consumer demand[71]. - Branded products accounted for approximately 20% of total consumer sales during the second quarter of fiscal 2026, with Fisher branded products making up 78% of branded sales[91]. - Branded products accounted for approximately 17% of total consumer sales in the first twenty-six weeks of fiscal 2026, down from 19% in fiscal 2025[93].

Exhibit 99.1 Investor/Media Contacts James A. Dowd, President, CEO Justin K. Bigham, Executive Vice President, CFO Telephone: (315) 343-0057 Pathfinder Bancorp, Inc. Announces Financial Results for Fourth Quarter and Full Year 2025 Pathfinder enters 2026 with improved earnings outlook following a proactive comprehensive commercial loan review and corresponding risk-based reserve build OSWEGO, N.Y., January 29, 2026 (GLOBE NEWSWIRE) -- Pathfinder Bancorp, Inc. ("Pathfinder" or the "Company") (NASDAQ: PBHC) a ...

Financial Performance - Gross premiums written for Q4 2025 were $1,318.0 million, a decrease of 7.1% from Q3 2025 and an increase of 3.3% year-over-year[8]. - Net premiums written for Q4 2025 were $1,129.5 million, reflecting a 4% increase compared to the same quarter last year[8]. - Underwriting income before tax for Q4 2025 was $76.0 million, significantly up from $16.7 million in Q3 2025[8]. - Net income available to common stockholders for Q4 2025 was $152.9 million, compared to $113.0 million in Q3 2025, marking a 35% increase[8]. - Total revenues for Q4 2025 were $1,364.9 million, up 8.6% from $1,256.4 million in Q4 2024[10]. - Net income available to common stockholders for Q4 2025 was $152.9 million, representing a 64.1% increase compared to $93.2 million in Q4 2024[10]. - Non-GAAP operating income for Q4 2025 was $156.2 million, compared to $106.7 million in Q3 2025, reflecting strong operational performance[8]. - Non-GAAP operating income for Q4 2025 was $156.2 million, a 57.0% increase from $99.6 million in Q4 2024[10]. - Year-to-date net income available to common stockholders was $457.2 million, compared to $197.8 million for the same period in 2024, representing a 131% increase[48]. Asset and Liability Management - Total assets at the end of Q4 2025 reached $15,155.7 million, up from $14,980.4 million in Q3 2025[8]. - Total assets as of December 31, 2025, were $15,155.7 million, an increase from $13,514.2 million a year earlier[12]. - Total liabilities increased to $11,546.7 million as of December 31, 2025, compared to $10,394.1 million in the previous year[12]. - Retained earnings rose to $3,500.8 million as of December 31, 2025, up from $3,139.5 million a year ago[12]. - Common stockholders' equity increased to $3,409.0 million from $2,920.1 million year-over-year, reflecting a growth of 16.7%[15]. Underwriting Performance - The GAAP combined ratio improved to 93.8% in Q4 2025, down from 98.6% in Q3 2025, indicating better underwriting performance[8]. - The combined ratio improved to 93.8% from 98.5% year-over-year, indicating better underwriting performance[19]. - The combined ratio improved to 92.9% in Q4 2025, down from 100.2% in Q4 2024, indicating better underwriting performance[22]. - The underwriting income for the quarter ended December 31, 2025, showed a loss of $36.5 million, an improvement from a loss of $113.7 million in the same quarter of 2024[25]. - The combined ratio for the quarter ended December 31, 2025, was 111.5%, down from 123.7% in the same quarter of 2024, indicating improved operational efficiency[25]. Investment Performance - Total invested assets increased to $11,302.4 million in Q4 2025, compared to $11,051.5 million in Q3 2025[8]. - Net investment income for the year-to-date was $421.2 million, compared to $362.6 million in the previous year, marking a 16.1% increase[15]. - Total net investment income after-tax for the quarter ended December 31, 2025, was $114.2 million, up from $97.3 million in the same quarter of 2024, marking a 17.5% increase[38]. - The average investment yield for total portfolio after-tax was 4.1% for the quarter ended December 31, 2025, consistent with the previous quarter[38]. - The company reported a net realized and unrealized investment gain of $4.1 million in Q4 2025, a recovery from a loss of $8.1 million in Q3 2025[48]. Dividends and Shareholder Returns - The company declared dividends of $0.43 per common share in Q4 2025, up from $0.38 in Q3 2025[8]. - Non-GAAP operating income per diluted common share for Q4 2025 was $2.57, a 47% increase from $1.75 in Q3 2025[48]. - The company reported a dividend ratio of 1.1% for the year-to-date December 31, 2025, compared to 0.1% in the same period of 2024[25]. Risk Management - Net catastrophe losses for Q4 2025 were $12.8 million, a decrease from $19.8 million in Q4 2024, reflecting better risk management[22]. - Non-catastrophe property loss and loss expenses were $110.4 million in Q4 2025, down from $124.1 million in Q4 2024, indicating improved operational efficiency[22]. - The net catastrophe losses for the quarter ended December 31, 2025, were reported at 0%, compared to 0.2% in the prior year quarter[25].