Financial Performance - Full year 2025 net income available to common shareholders (NIAC) increased 29% to $956 million, or $1.87 EPS, compared to $738 million, or $1.36 EPS in 2024[1] - Fourth quarter 2025 NIAC was $257 million, or $0.52 EPS, a 1% increase from $254 million, or $0.50 EPS in the third quarter 2025[3] - Adjusted net income rose by 13% to $1,008 million compared to $891 million in the previous year[15] - Earnings per share (EPS) increased by 38% to $1.87 from $1.36[15] - Net income attributable to common shareholders increased by 29% to $956 million from $738 million[15] - The company returned $894 million of capital to shareholders in 2025 through share repurchases at an average price of $21.16 per share[13] - The company achieved a net income of $266 million in Q4 2025, representing a 57% increase year-over-year[38] - Earnings per share (EPS) for Q4 2025 was $0.52, a 73% increase compared to $0.30 in Q4 2024[38] Revenue and Income - Total revenue for 2025 was $3.42 billion, a 7% increase from $3.19 billion in 2024[38] - Noninterest income for 2025 was $797 million, an increase of $118 million, driven by fixed income revenue growth of $18 million and mortgage banking revenue improvement of $8 million[8] - Total revenue (FTE) for Q4 2025 was $892 million, an 8% increase from Q4 2024, with total revenue for 2025 reaching $3,434 million, up 4% from 2024[41] - Adjusted total noninterest income in Q4 2025 was $212 million, a 12% increase year-over-year, with total noninterest income for 2025 reaching $797 million, up 3% from 2024[41] Interest Income and Expenses - Net interest income (FTE) for 2025 was $2.6 billion, up $110 million, or 4%, with a net interest margin improvement to 3.47%, an increase of 12 basis points from the prior year[7] - Interest income decreased to $4,200 million from $4,367 million, a decline of 4%[15] - Interest expense for Q4 2025 was $375 million, a decrease of 7% compared to Q4 2024[55] - The cost of total deposits was 1.92% in Q4 2025, down 19 basis points from Q3 2025[55] Asset and Loan Growth - Average loan and lease balances increased by $0.6 billion to $62.6 billion, with period-end loans and leases at $64.2 billion, up $1.6 billion from the previous year[10] - Total assets increased by $684 million (1%) from Q3 2025 to $83,876 million, and by $1,725 million (2%) compared to Q4 2024[51] - Loans and leases, net of unearned income rose by $1,098 million (2%) quarter-over-quarter, reaching $64,156 million, and increased by $1,590 million (3%) year-over-year[51] - Average loans grew by 1% to $62.6 billion from $62.0 billion[15] Credit Quality and Losses - Provision for credit losses expense decreased to $65 million from $150 million in 2024, with net charge-offs consistent year-over-year at $120 million[12] - Net charge-offs increased to $120 million from $112 million, a rise of 7%[15] - The allowance for loan and lease losses decreased to $738 million in 4Q25, down 5% from $777 million in 3Q25 and down 9% from $815 million in 4Q24[62] - Total nonperforming loans and leases amounted to $604 million, showing no significant change from the previous quarter[57] Efficiency and Ratios - Efficiency ratio improved to 60.66% from 62.06%, a decrease of 140 basis points[15] - The CET1 ratio at year-end 2025 was 10.64%, down from 11.20% at the end of 2024, with total capital ratio at 13.4%[13] - The effective tax rate for 2025 was 22.1%, compared to 21.0% in 2024[14] - The adjusted efficiency ratio for Q4 2025 was 60.7%, slightly improved from 61.4% in Q4 2024[41] Segment Performance - Net income for the Wholesale segment was $35 million in 4Q25, down 10% from $39 million in 3Q25, but up 59% from $22 million in 4Q24[69] - The Corporate segment reported a net loss of $73 million in 4Q25, an improvement of 14% from a loss of $85 million in 3Q25[73] - Total revenue for the Wholesale segment reached $135 million in 4Q25, a slight increase of 1% compared to $134 million in 3Q25 and a 23% increase from $111 million in 4Q24[69] Deposits and Funding - Average deposits remained flat at $65.4 billion, while period-end deposits increased by 3% to $67.5 billion compared to year-end 2024[11] - Total deposits grew by $1,952 million (3%) from Q3 2025 to $67,477 million, and increased by $1,896 million (3%) compared to Q4 2024[51] - Noninterest-bearing deposits decreased by $200 million (1%) from Q3 2025 to $15,823 million, and by $198 million (1%) year-over-year[51]

Financial Performance - Net earnings for Q1 2026 increased to $7.6 million, or $0.39 per share, compared to $1.1 million, or $0.06 per share in the prior year quarter [4]. - Net earnings for the three months ended December 27, 2025, were $7,593 million, a significant increase from $1,081 million in the same period last year [26]. - Gross margin expanded by 400 basis points to 11.3% from 7.3% in the prior year quarter, attributed to wider spreads, higher shipment volumes, and lower unit manufacturing costs [5]. Sales and Revenue - Net sales rose by 23.3% to $159.9 million from $129.7 million in the prior year quarter, driven by an 18.8% increase in average selling prices and a 3.8% rise in shipments [5]. - Accounts receivable increased to $14,118 million from $8,866 million year-over-year, indicating a growth in sales [26]. Cash Flow and Dividends - Operating activities used $0.7 million of cash during the quarter, a significant decrease from generating $19.0 million in the prior year quarter, primarily due to changes in net working capital [6]. - The company paid a special cash dividend totaling $19.4 million, or $1.00 per share, in addition to its regular quarterly cash dividend of $0.03 per share [10]. - Cash dividends paid amounted to $19,978 million, slightly down from $20,014 million in the same period last year [26]. Capital Expenditures and Investments - Capital expenditures for Q1 2026 decreased to $1.5 million from $2.7 million in the prior year quarter, with total expected capital outlays for fiscal 2026 around $20.0 million [9]. - Cash flows from investing activities showed a net cash used of $1,617 million, down from $73,939 million in the previous year, primarily due to the acquisition of businesses [26]. Financial Position - The company ended the quarter with a net cash balance of $15.6 million and no debt outstanding [8]. - Cash and cash equivalents at the end of the period were $15,589 million, down from $35,951 million at the end of the same period last year [26]. - The net decrease in cash and cash equivalents was $23,041 million, compared to a decrease of $75,587 million in the prior year [26]. Market Outlook - Positive momentum is noted with a strengthening outlook, despite concerns about the competitive steel price premium in the U.S. relative to the global market [11]. - The company anticipates solid opportunities in 2026, supported by infrastructure spending and data center activity, despite softening residential markets [11]. - Approximately 10% of revenues are directly affected by import competition, indicating a relatively insulated position against global market fluctuations [11]. Inventory and Expenses - Inventories saw a significant decrease of $34,511 million, contrasting with an increase of $2,640 million in the previous year [26]. - The company reported stock-based compensation expense of $441 million, up from $345 million in the prior year [26]. - The principal payments on long-term debt remained consistent at $67 million, matching the previous year's figure [26].

Operational Performance - VAALCO Energy, Inc. provided an operational and financial update for 2025, highlighting production and sales volumes[5] - The company reported a successful drilling update in Gabon, indicating positive operational performance[5] Financial Stability - As of December 31, 2025, VAALCO Energy, Inc. experienced an increase in cash at bank, reflecting improved financial stability[5] - The update included a positive accounts receivables report, suggesting effective collection processes[5]

Financial Performance - Net revenue for Q4 2025 was NT$1,046.09 billion, a 5.7% increase from NT$989.92 billion in Q3 2025 and a 20.5% increase from NT$868.46 billion in Q4 2024[6] - For the full year 2025, net revenue was NT$3,809.05 billion, a 31.6% increase from 2024, with US dollar revenue increasing 35.9% to US$122.42 billion[6] - Net revenue for Q4 2025 reached $33.731 billion, a 5.7% increase from Q3 2025 and a 20.5% increase year-over-year from Q4 2024[74] - Net revenue for 2025 reached USD 122,424 million, a significant increase from USD 89,431 million in 2024, representing a growth of 36.5%[76] Profitability Metrics - Gross margin improved to 62.3% in Q4 2025, up 2.8 percentage points from Q3 2025 and 3.3 percentage points from Q4 2024[6] - Operating income reached NT$564.90 billion in Q4 2025, reflecting a 12.8% increase from Q3 2025 and a 32.7% increase from Q4 2024[6] - Net income attributable to shareholders was NT$505.74 billion in Q4 2025, up 11.8% from Q3 2025 and up 35.0% from Q4 2024[6] - The operating margin for Q4 2025 was 54.0%, up 3.4 percentage points from Q3 2025 and up 5.0 percentage points from Q4 2024[6] - Net profit margin improved to 48.3% in Q4 2025, up from 45.7% in Q3 2025 and 43.1% in Q4 2024[15] - Gross profit for Q4 2025 was $21.023 billion, representing a gross margin of 62.3%, up from 59.5% in Q3 2025 and 59.0% in Q4 2024[74] - Net income for 2025 was USD 55,133 million, which is 45.0% of net revenue, compared to 40.5% in 2024[76] Expenses and Investments - Research and development expenses for Q4 2025 were NT$64.86 billion, contributing to total operating expenses of NT$88.19 billion[11] - Total operating expenses increased by NT$0.43 billion to NT$88.19 billion in 4Q25, representing 8.4% of net revenue, down from 8.9% in 3Q25[12] - Research and development expenses for 2025 were USD 7,920 million, accounting for 6.5% of net revenue, slightly down from 7.1% in 2024[76] - The company is investing $200 million in research and development for new technologies over the next year[72] Cash Flow and Assets - Cash from operating activities for 4Q25 was NT$725.51 billion, significantly higher than NT$426.83 billion in 3Q25[53] - Free cash flow for 4Q25 was NT$368.60 billion, compared to NT$139.38 billion in 3Q25[53] - Total assets increased to NT$7,933.02 billion, up from NT$7,354.11 billion in 3Q25[52] - Total cash and cash equivalents at the end of 2025 were USD 88,959 million, up from USD 68,382 million at the beginning of the year[79] Shareholder Returns - Earnings per share (EPS) for 2025 was NT$66.25, up from NT$45.25 in 2024[15] - EPS for 4Q25 was NT$19.50, up 11.8% from 3Q25 and 35.0% from Q4 2024[35] - Cash dividends for 2025 were NT$466.78 billion, up 28.6% from the previous year[54] - The company declared a cash dividend of NT$6.00 for the third quarter of 2025, with key dates set for March 2026[29] Future Outlook - For Q1 2026, TSMC expects revenue between US$34.6 billion and US$35.8 billion, with a gross profit margin forecasted between 63% and 65%[55][66] - The company plans a capital budget of US$52 billion to US$56 billion for 2026[65][66] - The company anticipates continued growth in revenue and profitability driven by strong demand in the semiconductor market[74] Market and Operational Insights - Advanced technologies (7-nanometer and above) accounted for 77% of total wafer revenue in Q4 2025[64] - The company deployed 305 distinct process technologies and manufactured 12,682 products for 534 customers in 2025[68] - Market expansion efforts have led to a 30% increase in market share in the Asia-Pacific region[72] - Operational efficiency initiatives have reduced costs by 5%, contributing to improved profit margins[72]

Financial Performance - Matson, Inc. announced preliminary earnings for Q4 2025, with a focus on financial performance and operational metrics[5] - Specific financial figures and performance metrics will be detailed in the attached press release and investor presentation[5] Investor Communication - The company has posted an investor presentation on its website, providing detailed insights into its financial condition and future outlook[5]

Financial Performance - Net income for Q4 2025 was $118.2 million, with an adjusted net income of $117.9 million, reflecting a year-over-year increase of 18% in annual income to $475.4 million[2][12] - Total revenue (net) reached $282.1 million in Q4 2025, up from $258.4 million in Q4 2024, demonstrating consistent quarterly growth throughout the year[3][6] - Diluted earnings per share (DEPS) for Q4 2025 was $0.60, consistent with the adjusted DEPS, marking a significant increase from $0.51 in Q4 2024[3][17] - Net income for the quarter was $118.2 million, down from $123.6 million in the previous quarter, with total net income for the year at $475.4 million[54] - GAAP net income available to common shareholders for the year ended December 31, 2025, was $475,441 thousand, an increase from $402,241 thousand in 2024, reflecting a growth of 18.2%[67] - Total pre-tax net income for Q4 2025 was $153,323,000, up from $129,454,000 in Q4 2024, marking a 18.4% increase[69] Operational Efficiency - The efficiency ratio improved to 39.54% in Q4 2025, indicating effective operational management, with a sub-40% efficiency ratio for the quarter[2][21] - The efficiency ratio improved to 39.54% for the quarter ended December 31, 2025, down from 42.74% in the previous year, indicating enhanced operational efficiency[59] - Non-interest expense for the quarter was $114.4 million, slightly down from $114.8 million in the previous quarter, with total non-interest expense for the year at $458.2 million[54] Loan and Deposit Growth - Loan growth for Q4 2025 was $400.2 million, contributing to total loans receivable of $15.69 billion, a record for the company[2][23] - The Company reported a $400.2 million increase in loans during Q4 2025, with organic loan growth of $164.3 million in community banking and $235.9 million in Centennial CFG, totaling $2.01 billion in loans as of December 31, 2025[24] - Total deposits increased to $17.48 billion at the end of Q4 2025, up from $17.33 billion at the end of Q3 2025[23] - Loans receivable reached $15,686,209 thousand, up from $14,764,500 thousand year-over-year, indicating an increase of about 6.25%[52] - Total deposits rose to $17,479,957 thousand, compared to $17,146,297 thousand in the previous year, marking an increase of approximately 1.94%[52] Asset Quality - Non-performing loans to total loans were 0.54% as of December 31, 2025, down from 0.56% at September 30, 2025, while non-performing assets to total assets also decreased from 0.56% to 0.55% in the same period[25] - The Company's allowance for credit losses on loans was $297.6 million at December 31, 2025, representing 1.90% of total loans, an increase from 1.87% at September 30, 2025[28] - Non-performing loans totaled $85.0 million and non-performing assets were $124.8 million as of December 31, 2025, showing a slight decrease from the previous quarter[28] Capital Management - The company maintained a common equity tier 1 capital ratio of 16.3% and a total risk-based capital ratio of 19.1% as of December 31, 2025[3][23] - Shareholders' equity increased by approximately $81.9 million to $4.30 billion at December 31, 2025, driven by a $77.0 million increase in retained earnings[29] - The book value per common share reached a record $21.88 at December 31, 2025, up from $21.41 at September 30, 2025[29] - The tangible book value per common share increased to $14.60 as of December 31, 2025, compared to $12.68 in 2024, representing a growth of 15.1%[56] Shareholder Returns - The Company repurchased 540,706 shares of common stock during Q4 2025, resulting in a shareholder buyback yield of 0.27%, compared to 0.18% in the previous quarter[31] - A cash dividend of $0.21 per share was declared, reflecting a 5.0% increase from the $0.20 dividend paid in Q3 2025[31] - The company reported a shareholder buyback yield of 1.46% for the year ended December 31, 2025, compared to 1.69% in 2024, indicating a slight decrease in buyback activity[56] Acquisition Plans - The company is set to acquire Mountain Commerce Bancshares, Inc. and its bank subsidiary, with the transaction expected to close in the first half of 2026, pending necessary approvals[35] - The company is in the process of acquiring MCBI, with potential risks including regulatory approvals and integration challenges[45] - The proposed acquisition may incur higher costs than anticipated, influenced by various economic factors[45] - The company anticipates that the benefits from the acquisition may take longer to realize than expected due to market conditions[45] - The company continues to focus on integrating its operations and exploring additional acquisition opportunities to enhance growth[45] Interest Income and Expense - Total interest income for the quarter was $323.6 million, slightly up from $323.5 million in the previous quarter, while total interest income for the year reached $1.3 billion[54] - Net interest income after credit loss expense was $231.6 million for the quarter, compared to $226.2 million in the previous quarter, with a total of $892.4 million for the year[54] - Total interest expense for the quarter was $92.0 million, compared to $97.4 million in the previous quarter, with total interest expense for the year at $386.5 million[54] - The company reported a net interest spread of 3.77% for 2025, up from 3.43% in 2024, indicating better profitability on interest-earning assets[65] Market Performance - Market capitalization at the beginning of Q4 2025 was $5,571,959 thousand, slightly down from $5,613,422 thousand in Q3 2025[73] - The price per share at the beginning of Q4 2025 was $28.30, compared to $28.46 in Q3 2025[73]

Financial Performance - Consolidated net sales for the three months ended November 30, 2025, were approximately $1,210,000, a decrease of 26% compared to $1,636,000 for the same period in 2024[41] - For the six months ended November 30, 2025, consolidated net sales were approximately $2,590,000, down 25% from $3,444,000 for the same period in 2024[41] - Gross profit for the three months ended November 30, 2025, was $51,000, down from $437,000 in the same period of 2024, indicating a significant decline in profitability[81] - The company reported a net loss of $1,320,000 for the three months ended November 30, 2025, compared to a net loss of $950,000 for the same period in 2024[81] - Total operating expenses for the six months ended November 30, 2025, were $2,966,000, slightly down from $3,087,000 in 2024[81] - For the three months ended November 30, 2025, total revenues were $1,210,000, a decrease from $1,636,000 in the same period of 2024, representing a decline of approximately 26%[90] - For the six months ended November 30, 2025, total revenues were $2,590,000, down from $3,444,000 in the same period of 2024, indicating a decrease of about 25%[90] Cash and Assets - As of November 30, 2025, the company had an accumulated deficit of approximately $54,486,000 and cash and cash equivalents of approximately $2,543,000[31] - As of November 30, 2025, total gross receivables were approximately $1,043,000, with four key customers accounting for 75% of gross accounts receivable[43] - Net inventory as of November 30, 2025, was approximately $1,524,000, with inventory reserves recorded at approximately $434,000[52] - The company had approximately $30,000 in advances from domestic customers as of November 30, 2025, representing prepayments for future shipments[69] - As of November 30, 2025, the company had approximately $469,000 of gross inventory located in Mexicali, Mexico[90] Financing and Investments - The company sold 391,125 shares of common stock during the six months ended November 30, 2025, resulting in gross proceeds of approximately $1,432,000[33] - The company intends to use net proceeds from the 2024 ATM Offering for general corporate purposes, including sales and marketing activities, clinical studies, and product development[34] - The company invested approximately $165,000 into a privately held Polish distributor, owning approximately 6% of the distributor[59] - The company filed a Shelf Registration allowing the issuance of up to $20,000,000 in common stock, with a prospectus supplement filed for $5,500,000 through the 2024 ATM Offering[88] - During the six months ended November 30, 2025, the company sold 391,125 shares at prices ranging from $3.34 to $4.02, resulting in gross proceeds of approximately $1,432,000 and net proceeds of $1,395,000 after expenses[89] Operational Challenges - The company has incurred net losses and negative cash flows from operations, raising substantial doubt about its ability to continue as a going concern[35] - The company is actively pursuing strategies to increase sales, reduce expenses, and seek additional financing to address capital needs[37] Expenses and Costs - Share-based compensation expenses for the six months ended November 30, 2025, were approximately $145,000, a decrease of 37.5% from $232,000 in 2024[64] - Research and development costs for the three months ended November 30, 2025, were $193,000, compared to $257,000 for the same period in 2024, reflecting a reduction of 25%[72] - The company reported operating lease costs of $88,000 for both the three months ended November 30, 2025, and 2024, with total lease costs remaining consistent at $93,000[97] Legal and Compliance - There were no material legal proceedings pending as of November 30, 2025, indicating a stable legal environment for the company[100] - The company is currently evaluating the impact of new accounting standards issued by the FASB on its financial statements and disclosures[86][87] Stock Options - The weighted average exercise price of options outstanding as of November 30, 2025, was $17.85, reflecting a change from $19.29 at the beginning of the period[64] - The total number of options outstanding increased to 444,708 as of November 30, 2025, from 413,866 at the end of May 2025[64] - The weighted-average remaining lease term as of November 30, 2025, was 0.77 years, with a weighted-average discount rate of 6.50%[98]

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 fiscal year ended October 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: 000-33385 CALAVO GROWERS, INC. (Exact name of registrant as specified in its charter) California 33-0945304 (State or other jurisd ...

Financial Performance - Total revenue for the nine months ended November 30, 2025, was $22,902,695, a decrease of 9.1% compared to $25,366,825 for the same period in 2024[13] - Gross profit for the nine months ended November 30, 2025, was $454,364, down from $1,426,487 in 2024, reflecting a gross margin decline[13] - Net loss attributable to the Company's stockholders for the nine months ended November 30, 2025, was $5,219,763, compared to a net loss of $5,004,934 in 2024, indicating a 4.3% increase in losses[13] - The company reported a comprehensive loss of $4,827,305 for the nine months ended November 30, 2025, compared to $5,103,319 in 2024, reflecting a slight improvement[13] - For the nine months ended November 30, 2025, FingerMotion, Inc. reported a net loss of $5,253,897 compared to a net loss of $5,009,095 for the same period in 2024, indicating an increase in losses[18] - The net loss for the nine months ended November 30, 2025, was $5,253,897, compared to a net loss of $5,009,095 for the same period in 2024[76] Assets and Liabilities - Total current assets increased to $50,953,944 as of November 30, 2025, from $42,037,360 as of February 28, 2025, representing a growth of 21.5%[11] - Total liabilities rose to $43,713,994 as of November 30, 2025, compared to $35,161,495 as of February 28, 2025, marking an increase of 24.3%[11] - Cash and cash equivalents decreased significantly to $24,214 from $1,128,135, indicating a liquidity challenge[11] - Accounts receivable increased to $44,247,007 as of November 30, 2025, from $32,659,437 as of February 28, 2025, showing a rise of 35.5%[11] - The company reported an accumulated deficit of $39,407,147 as of November 30, 2025, compared to $34,187,384 as of February 28, 2025[76] Equity and Shares - The weighted average common shares outstanding increased to 59,050,988 for the nine months ended November 30, 2025, compared to 52,898,259 in 2024, reflecting a dilution effect[13] - The company issued common stock for professional services amounting to $172,105 during the nine months ended November 30, 2025[18] - FingerMotion, Inc. reported a total of $3,321,900 in proceeds from the issuance of common stock during the nine months ended November 30, 2025[18] - The company issued 51,296 shares of common stock under a Sales Agreement from October 23, 2025, to November 30, 2025, generating gross cash proceeds of $80,087[103] - As of November 30, 2025, the total number of outstanding shares was 61,217,225, with no preferred shares issued[104] Research and Development - Research and development expenses for the nine months ended November 30, 2025, were $335,402, down from $506,001 in 2024, indicating a reduction in investment in innovation[13] - Research and development expenses for the Company include costs related to the integration of its Mobile Integrated Command and Communication Platform into emergency response vehicles[67] VIE and Subsidiaries - The Company utilizes variable interest entities (VIEs) to maintain operational control over certain subsidiaries in compliance with PRC regulations, ensuring consolidation of their financial results[24][34] - The VIE Agreements allow the Company to consolidate the financial results of JiuGe Technology in its financial statements[161] - JiuGe Technology has established contracts with China Unicom and China Mobile to provide mobile data services in key provinces, enhancing service offerings and potentially expanding into additional provinces[164] - The total assets of the VIE's subsidiaries increased to $46,033,705 as of November 30, 2025, from $34,671,823 as of February 28, 2025, representing a growth of about 32.7%[38] Loans and Financing - On June 1, 2024, Finger Motion Company Limited entered into a loan agreement for a short-term loan facility of SGD$370,000 with an interest rate of 1.67% per month[135] - The Company repaid two short-term loans totaling SGD$620,000 on February 14, 2025[138] - A short-term loan of SGD$500,000 was repaid on July 21, 2025[139] - Another short-term loan of SGD$500,000 was repaid on August 1, 2025, with an extension of the final tranche of SGD$500,000 at an increased interest rate of 2% per month[140] Revenue Recognition and Accounting - The Company recognizes revenue when specific conditions are met, including the provision of services and the probability of fee collection[65] - The Company is currently evaluating the impact of recently issued accounting standards on its consolidated financial statements and related disclosures[73] Operational Developments - The Company expanded its telecommunications product offerings, including mobile payment services and a new Mobile Device Protection product as part of subscription plans for 5G devices[187] - The RCS platform development aims to enhance user experience on 5G infrastructure, with ongoing discussions for necessary approvals before launch[189] - The Company launched the "Sapientus" big data insights platform in July 2020, targeting the insurance and financial services industries with data-driven solutions[190] - The C2 Platform for public safety agencies has seen advancements, with pilot deployments and partnerships established for real-time data sharing and situational awareness[198] - The DaGe platform for automotive services expanded its network of service providers and EV charging stations, contributing to revenue growth through increased transaction volumes[201] Risks and Compliance - The company is subject to risks regarding the validity of the VIE Agreements under Chinese law, which could impact operations and share value[174] - The Company has not been required to obtain permissions from Chinese authorities for its operations as of the date of the report[157]

Financial Performance - Estimated book value per share as of December 31, 2025, is $7.54, with total stockholders' equity approximately $1.4 billion[4] - Estimated net income per share for the quarter ended December 31, 2025, is $0.62, including $0.43 per share of net realized and unrealized gains on RMBS and derivative instruments[5] - Total dividends declared during the quarter were $0.36 per share, indicating a payout ratio of approximately 58% based on estimated net income[5] - Estimated total return on equity for the quarter ended December 31, 2025, is 7.8%, comprising $0.57 per share from dividends and an increase in book value[6] - The estimated total return on equity includes a $0.21 increase in book value per share from September 30, 2025[6] Shareholder Information - The company had 181,985,900 shares of common stock outstanding as of December 31, 2025, up from 148,239,401 shares as of September 30, 2025[3] RMBS Portfolio - The RMBS portfolio characteristics include a total of $10.68 billion in mortgage assets with an average coupon of 5.62%[11] - The company’s RMBS portfolio is primarily composed of Agency RMBS, focusing on traditional pass-through and structured RMBS[8] - Total mortgage assets amounted to $10,628.7 million, with Fannie Mae assets at $5,690.965 million (53.5%) and Freddie Mac assets at $4,937.693 million (46.5%)[14] - Whole pool assets represented 94.0% of total mortgage assets, amounting to $9,993.971 million[15] - Non-whole pool assets accounted for 6.0% of total mortgage assets, valued at $634.687 million[15] Borrowings - Total borrowings reached $10,115.466 million with a weighted average rate of 3.98%[16] - The largest counterparty for borrowings was Citigroup Global Markets Inc. with $527.566 million, accounting for 5.2% of total borrowings[16] - The longest maturity of borrowings is 11/13/2026, with an average maturity of 39 days[16] - The average repo rate across borrowings was 4.03%[16] Futures Contracts - Five-year Treasury futures contracts valued at $109.30 with a market value of the short position at $133.9 million[12] - Ten-year Treasury futures contracts valued at $112.44 with a market value of the short position at $101.2 million[12] Risk Factors - Forward-looking statements indicate that actual results may differ and are subject to review by the company's independent registered public accounting firm[9] - Rate shock grand total recorded at $(30,087) thousand[13] Investment Management - The company’s investment strategy is managed by Bimini Advisors, LLC, a registered investment adviser[8]