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 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: 001-8966 H2O AMERICA (Exact name of registrant as specified in its charter) Delaware 77-0066628 (State or other jurisdiction of i ...

Financial Position - The company has fixed-rate borrowings of $3.4 billion as of December 31, 2025, with no variable-rate borrowings [309]. - The company maintains a $7.0 billion multi-currency line of credit, with the option to increase it to $10.0 billion, to provide temporary liquidity in case of a clearing firm default [314]. - The company has a committed facility of up to $750.0 million for foreign currency conversions, subject to annual renewal [316]. - The clearing house has designated $150.0 million of corporate contributions to cover potential defaults by clearing firms [325]. Performance Bond and Risk Management - Aggregate performance bond deposits for clearing firms amounted to $347.3 billion, including cash performance bond deposits and letters of credit [317]. - The company has established performance bond requirements to cover at least 99% of expected price changes for a given product within a historical period [311]. - The company has assessment powers that could require non-defaulting clearing firms to contribute up to 550% of their existing guaranty fund requirements in the event of multiple defaults [320]. - The company has policies in place to monitor financial requirements for clearing firms, but these may not prevent defaults [312]. - The company assesses non-defaulting clearing firms based on potential obligations from the failure of the third and fourth largest clearing firms [325]. Foreign Currency Transactions - Aggregate transaction losses for foreign currency transactions were $(6.0) million in 2025, $(3.0) million in 2024, and $(12.9) million in 2023, indicating fluctuations in foreign currency gains/losses [324]. - Aggregate translation gains (losses) for 2025, 2024, and 2023 were $163.2 million, $(61.0) million, and $70.8 million, respectively [326]. - The exposure to foreign currency risk related to performance bond deposits is considered minimal and not expected to materially impact financial condition or operating results [327]. Credit Risk - The company is exposed to significant credit risk from third parties, including clearing firms and their customers, which may default on obligations [310]. - BrokerTec Americas had a collateral balance of $200.0 million at the Fixed Income Clearing Corporation as of December 31, 2025 [321].

Investment Overview - The company has originated approximately $9.88 billion in aggregate principal amount of debt and equity investments from its formation in 2012 through December 31, 2025[403]. - As of December 31, 2025, the total investments amounted to $3,395.17 million, with a fair value of $3,261.72 million, compared to $3,673.58 million and $3,475.26 million as of December 31, 2024[419]. - The portfolio includes $3,088.32 million in first lien/senior secured debt, $138.15 million in first lien/last-out unitranche, and $50.61 million in second lien/senior secured debt as of December 31, 2025[419]. - The company focuses on lending to middle-market companies, defined as those with annual EBITDA between $5 million and $200 million[406]. - The company’s investment strategy involves leading negotiations and structuring loans, typically with maturities ranging from three to ten years and investment sizes from $10 million to $75 million or more[407]. Financial Performance - The company generates revenues primarily through interest income from investments, with additional income from various fees, including commitment and origination fees[412]. - As of December 31, 2025, the total portfolio weighted average yield at amortized cost was 9.3%, down from 10.1% in 2024, and at fair value it was 10.5%, down from 13.2% in 2024[421]. - The weighted average yield on debt and income-producing investments at amortized cost was 9.9% as of December 31, 2025, down from 11.2% in 2024[422]. - The median EBITDA of portfolio companies increased to $71.75 million in 2025 from $66.14 million in 2024[422]. - Total investment income decreased from $434.37 million in 2024 to $365.57 million in 2025, a decline of approximately 15.9%[435]. - Net investment income after taxes fell from $252.55 million in 2024 to $181.57 million in 2025, representing a decrease of about 28.1%[438]. - The net increase in net assets from operations was $119.27 million in 2025, compared to $62.87 million in 2024, indicating a significant improvement[435]. Investment Quality - As of December 31, 2025, 97.2% of total investments were performing, compared to 95.5% in 2024[431]. - The fair value of investments graded as Grade 2 decreased to $2,991.99 million (91.7% of total) in 2025 from $3,238.74 million (93.2% of total) in 2024[428]. - The increase in Grade 3 investments was primarily due to $98.72 million being downgraded from Grade 2 due to financial underperformance[430]. - The weighted average interest coverage improved to 2.0x in 2025 from 1.8x in 2024[422]. Leverage and Debt Management - The company’s leverage strategy includes a senior secured revolving credit agreement and various notes, allowing it to borrow money to increase yield, subject to an asset coverage ratio of at least 150%[417]. - The asset coverage ratio was 175%, down from 181% in 2024, indicating a slight decrease in financial leverage[447]. - The company has $505.00 million borrowed under the Revolving Credit Facility to fully repay the 2026 Notes on January 15, 2026[480]. - The 2025 Notes, amounting to $360.00 million, were fully repaid on February 10, 2025, using proceeds from the Revolving Credit Facility[464]. - The company issued $400.00 million of 6.375% unsecured notes due 2027, with interest payable semi-annually starting September 11, 2024[467]. Risk Management - The company may originate "covenant-lite" loans, which have fewer financial maintenance covenants, potentially increasing risk in case of borrower default[405]. - The company expects net investment income to be affected by the difference between the rates at which it invests and borrows, indicating sensitivity to interest rate changes[486]. - Interest rate sensitivity analysis shows that a 300 basis point increase in interest rates could result in a net income increase of $41.49 million, while a 300 basis point decrease could lead to a net income decrease of $34.60 million[489]. - The company regularly measures its exposure to interest rate risk and manages it by comparing interest rate sensitive assets to liabilities[488]. - The company has entered into interest rate swaps to mitigate the impact of changes in market interest rates on its net asset value[487]. Shareholder Value - The company declared a quarterly base distribution of $0.32 per share, payable on or about April 28, 2026[483]. - The company has a stock repurchase program authorized for up to $75.00 million, aimed at repurchasing shares when trading below the NAV per share[454]. - The dividend reinvestment plan allows automatic reinvestment of cash distributions unless stockholders opt out, enhancing shareholder value[456]. Operational Changes - The Board of Directors reduced its size from seven to six directors effective February 25, 2026, due to a vacancy from a former director's retirement[484]. - The company plans to utilize existing and future funds primarily for investments in portfolio companies and general corporate purposes[448].

Exhibit 10.1 Execution Version CREDIT AGREEMENT among FTAI INFRASTRUCTURE INC., as the Borrower, The Guarantors from time to time party hereto, The Several Lenders from time to time party hereto ALTER DOMUS (US) LLC, as Administrative Agent BARCLAYS BANK PLC, DEUTSCHE BANK SECURITIES INC. and MORGAN STANLEY SENIOR FUNDING, INC., as Joint Bookrunners and BMO CAPITAL MARKETS CORP., CITIZENS BANK, N.A. and JEFFERIES FINANCE LLC, as Lead Managers, Dated as of February 25, 2026 TABLE OF CONTENTS | SECTION 1. | D ...

Revenue Growth - Formula 1 revenue increased 14% to $3.9 billion for the year, with operating income growing 28% to $632 million and Adjusted OIBDA rising 20% to $946 million[1]. - MotoGP revenue also increased 14% to $573 million, with operating income growing 86% to $54 million and Adjusted OIBDA increasing 15% to $201 million on a pro forma basis[1]. - Liberty Media's consolidated revenue for 2025 was $4.48 billion, up from $3.65 billion in 2024, representing a 23% increase[7]. - Total revenue for 2025 reached $4,482 million, a 22.7% increase from $3,653 million in 2024[48]. - Motorsport revenue increased to $4,105 million in 2025, up 23.7% from $3,318 million in 2024[48]. Attendance and Viewership - F1 fan attendance reached 6.75 million, up 4% compared to 2024, while live viewership increased by 21%[1]. - MotoGP fan attendance exceeded 3.66 million, marking a 21% increase compared to 2024, with cumulative TV viewership up 9%[1]. - The Las Vegas Grand Prix sold out, attracting over 300,000 attendees and generating 1.8 billion social impressions[1]. Financial Performance - Operating income for 2025 was $577 million, compared to $287 million in 2024, reflecting a 101.0% increase[48]. - Net earnings attributable to Liberty stockholders for 2025 were $555 million, a significant recovery from a loss of $2,063 million in 2024[48]. - Adjusted OIBDA for 2025 was $1,068 million, up from $774 million in 2024, indicating a 37.9% increase[54]. - Cash flows from operating activities improved to $908 million in 2025, compared to $567 million in 2024[50]. Debt and Cash Management - Total cash and cash equivalents decreased to $1,055 million as of December 31, 2025, down from $2,631 million in 2024[1]. - Total debt as of December 31, 2025, was $5,100 million, slightly down from $5,164 million in the previous quarter[1]. - Interest expense increased to $249 million in 2025 from $208 million in 2024, reflecting higher borrowing costs[48]. - The company reported a net cash used by investing activities of $3,202 million in 2025, compared to $292 million in 2024[50]. Race and Revenue Streams - Primary Formula 1 revenue streams for 2025 comprised 26.7% from race promotion, 31.3% from media rights fees, and 21.7% from sponsorship fees[11]. - The number of races in 2025 included 24 for the full year and 7 in the fourth quarter, compared to 24 and 6 in 2024 respectively[12]. - The number of races held in 2025 was 22, compared to 20 in 2024, contributing to increased race promotion revenue[1]. - Primary MotoGP revenue for the year ended December 31, 2025, was $502 million, a 15% increase compared to $435 million in 2024[1]. - Total motorsport revenue increased to $573 million in 2025, reflecting a 14% growth from $503 million in 2024[1]. Corporate Actions - Liberty Media completed the split-off of Liberty Live Holdings on December 15, 2025, resulting in separate trading of the two companies[3]. - Liberty Media's remaining repurchase authorization for common stock is $1.1 billion as of February 1, 2026[1]. - The company incurred $3,267 million in cash for acquisitions in 2025, a substantial increase from $205 million in 2024[50]. - Team payments as a percentage of pre-team payment Adjusted OIBDA decreased from 61.5% in 2024 to 59.7% in 2025[16]. - MotoGP leverage improved to 4.7x as of December 31, 2025, compared to 5.6x in the previous quarter[1].

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): 1 "2025 was an exceptional and productive year for Liberty, and we are excited about the opportunities ahead," said Derek Chang, Liberty Media President & CEO. "We delivered on our key strategic obje ...

LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): Exhibit 99.1 1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 ...

Exhibit 99.1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 million, up 4% compared to 2024 and live viewership up 21% compared to 2024 o Announced the return of the Portugal Grand Prix in 2027 and 2028 and extended the Barcelona-Catalunya Grand Prix through 2032 on rotation with the Belgium Grand Prix o Entered into new multi-year sponsorship agreement with ...

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): 1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 ...

Exhibit 99.1 LIBERTY MEDIA CORPORATION REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL AND OPERATING RESULTS Englewood, Colorado, February 26, 2026 - Liberty Media Corporation ("Liberty Media" or "Liberty") (NASDAQ: FWONA, FWONK) today reported fourth quarter and year end 2025 results. Headlines include (1): 1 ● Formula 1 o For the year, F1 revenue increased 14% to $3.9 billion, operating income grew 28% to $632 million and Adjusted OIBDA (2) increased 20% to $946 million o 2025 F1 fan attendance of 6.75 ...