Assets Under Management (AUM) - Total Assets Under Management (AUM) for Annuities segment increased to $152.745 billion in 2025 from $149.120 billion in 2024, reflecting a growth of approximately 1.8%[29] - Life segment AUM rose to $15.821 billion in 2025, up from $15.751 billion in 2024, indicating a slight increase of 0.4%[29] - Run-off segment AUM remained stable at $26.900 billion in 2025 compared to $26.370 billion in 2024, showing a marginal increase of 2.0%[29] - Corporate & Other segment AUM decreased to $10.691 billion in 2025 from $11.782 billion in 2024, representing a decline of approximately 9.2%[29] Insurance Liabilities - Total insurance liabilities for annuity products reached $138.737 billion in 2025, compared to $138.210 billion in 2024, marking a growth of 0.4%[32] - The total insurance liabilities for life insurance products increased from $15,455 million in 2024 to $16,043 million in 2025, reflecting a growth of approximately 3.8%[82] - The total insurance liabilities for the Run-off segment increased from $26,880 million in 2024 to $26,885 million in 2025, indicating a slight growth[95] Annuity Products and Revenue - Variable annuity contracts generated fee revenue of $2.5 billion in 2025, down from $2.6 billion in 2024, reflecting a decrease of approximately 3.8%[44] - Shield Annuities deposits reached $8,008 million in 2025, up from $7,671 million in 2024 and $6,857 million in 2023, indicating a growing consumer demand[57] - Total deposits for variable annuities, including GMWBs and GMDBs, amounted to $8,715 million in 2025, compared to $8,300 million in 2024 and $7,503 million in 2023[57] Risk Management and Reinsurance - The company maintains a strong capital base and excess liquidity at the holding company to support financial strength ratings and risk management strategies[27] - The company’s reinsurance strategy includes ceding certain risks to third-party reinsurers to limit losses and provide capacity for future growth[97] - The company retains liability up to a specified amount under excess of retention reinsurance agreements, with the reinsurer responsible for amounts above that[100] - The total reinsurance recoverables amount to $6.47 billion as of December 31, 2025, with MetLife, Inc. holding the largest share at $3.399 billion[103] Regulatory Environment - The company is subject to risk-based capital (RBC) requirements, which assess the minimum statutory capital needed based on size and risk profile, ensuring compliance with regulatory standards[127] - The NAIC adopted Actuarial Guideline LV ("AG 55") for asset adequacy testing, effective for year-end 2025 reporting, which may impact future business operations[130] - The NAIC established a new principle-based reserving framework for non-variable annuities, effective January 1, 2026, with a three-year implementation period[131] - The NAIC's amendments to the Valuation Manual require the use of a new Generator of Economic Scenarios ("GOES") for market risk calculations, effective January 1, 2026, with adoption required by December 31, 2026[132] Sales and Distribution - The relative percentage of annuity sales by independent financial planners was 57% for the year ended December 31, 2025, with the top five distributors contributing 15%, 13%, 12%, 11%, and 7% of total deposits[115] - Life insurance sales were predominantly distributed through financial intermediaries, accounting for 88% of total sales in 2025, with the top five distributors producing 28%, 25%, 20%, 10%, and 4% of sales[116][117] Corporate Social Responsibility and Employee Engagement - Brighthouse Financial established the Brighthouse Financial Foundation in 2017 to improve financial security and opportunities in communities, providing resources to tax-exempt organizations[206] - The company launched Brighthouse Scholar Connections, Inc. in 2022 to offer scholarships to historically underrepresented or disadvantaged students, with employees serving as mentors[206] - The company is committed to fostering an inclusive workplace to attract and retain diverse talent, enhancing its competitive position[204] Leadership and Governance - Brighthouse Financial's executive team includes Eric T. Steigerwalt as President and CEO since August 2017, with extensive experience in financial services[208] - The company emphasizes the importance of monitoring its website for material disclosures in compliance with SEC regulations[212] - Brighthouse Financial cautions against relying on forward-looking statements, highlighting the risks and uncertainties associated with such statements[214]

Financial Strength and Regulatory Compliance - SiriusPoint's insurance and reinsurance subsidiaries have received strong financial strength ratings, with "A-" (Excellent) from AM Best and "A3" from Moody's, all with a positive outlook[93][94]. - The company maintains a minimum solvency margin (MSM) of at least $100 million for Class 4 insurers, which is the greater of specified percentages of net written premium or loss reserves[110]. - SiriusPoint is required to maintain a minimum liquidity ratio of 75% of relevant liabilities for general business insurers[109]. - The Bermuda Monetary Authority (BMA) mandates that insurers file annual statutory financial returns, including a capital and solvency return, within four months after the financial year-end[105]. - The company utilizes a risk-based capital model (BSCR) to determine capital requirements, ensuring that statutory economic capital and surplus meet or exceed the enhanced capital requirement (ECR)[112][111]. - SiriusPoint's Bermuda-licensed subsidiaries are subject to the Insurance Act, which imposes solvency and liquidity standards, as well as auditing and reporting requirements[99][98]. - SiriusPoint Bermuda is designated as the Designated Insurer for group supervisory and solvency purposes, required to comply with group insurance solvency rules[126]. - The Regulatory Group must maintain available statutory economic capital and surplus at least equal to or exceeding the value of its group ECR, with a target capital level set at 120% of group ECR[128]. - The BMA requires all registered insurers to notify of any material changes, including amalgamations or acquisitions, allowing a 30-day period for objections[130]. - SiriusPoint must file quarterly group financial returns and appoint a qualified group actuary approved by the BMA[129]. - The GSSA assesses the quality and quantity of capital required to cover risks, including stress testing and reflecting all assets and liabilities[128]. - SiriusPoint's U.S.-based insurance subsidiaries are regulated by state authorities, which have broad supervisory powers over solvency and financial reporting[142]. - SiriusPoint's U.S. domiciled subsidiaries exceeded all required Risk-Based Capital (RBC) regulatory thresholds as of December 31, 2025[144]. - None of SiriusPoint's U.S.-based insurance and reinsurance subsidiaries are currently subject to regulatory scrutiny based on their respective Insurance Regulatory Information System (IRIS) ratios[145]. - SiriusPoint's U.S.-based insurance and reinsurance subsidiaries have filed their Own Risk and Solvency Assessment with the Domiciliary States[147]. - The Dodd-Frank Act established the Federal Insurance Office (FIO) to monitor the insurance industry and could lead to changes in regulation for certain insurers and reinsurers[161]. - The Solvency II Regulation imposes economic risk-based solvency requirements across all member states in the European Economic Area (EEA) to ensure financial soundness of insurance and reinsurance undertakings[169]. - SiriusPoint International is subject to regulation and supervision by the Swedish Financial Supervisory Authority (SFSA) and must comply with Solvency II Regulation requirements[173]. - The SFSA has broad supervisory powers, including the ability to sanction non-compliance with regulations[174]. - The change of control requirements in the U.K. for dual regulated insurance companies require prior regulatory consent for acquisitions exceeding 10%[195]. Investment and Financial Performance - SiriusPoint's investment policy aims to optimize risk-adjusted after-tax net investment income while maintaining a high-quality, diversified portfolio[86]. - SiriusPoint's investment portfolio is designed to hold cash and fixed income investments amounting to no less than 100% of policyholder liabilities[87]. - The company employs currency forwards to hedge its net exposure across various currencies, although it does not apply hedge accounting to these instruments[88]. - SiriusPoint's investment/finance units monitor compliance with investment rules applicable to each insurance and reinsurance subsidiary[155]. - The Terrorism Risk Insurance Act provides a federal backstop for U.S.-based property and casualty insurers against terrorism-related losses[158]. - Other revenues for the year ended December 31, 2025, included a gain of $222.4 million from the sale of Armada and $107.4 million of service fee revenue from MGAs, compared to $95.9 million and $90.1 million respectively for the year ended December 31, 2024[458]. - Interest expense for the year ended December 31, 2025, was $79.7 million, an increase from $69.6 million in 2024, driven by $47.9 million related to debt obligations and $30.7 million from funds withheld interest[465]. - The foreign exchange losses for the year ended December 31, 2025, amounted to $25.2 million, compared to foreign exchange gains of $10.0 million in 2024, primarily due to underwriting activities[468]. - Income tax expense increased to $81.2 million for the year ended December 31, 2025, from $30.7 million in 2024, driven by higher income in taxable jurisdictions and the taxable gain on the sale of Armada[471]. - The estimated Bermuda Solvency Capital Requirement (BSCR) ratio for SiriusPoint is projected to be 247% for the year ended December 31, 2025, up from 228% in 2024[515]. - SiriusPoint's ability to pay dividends is constrained by regulatory requirements and the need to maintain capital levels to support insurance operations[515]. - The company may need to raise additional funds through public or private equity or debt financing if cash flow from operations is insufficient[519]. Operational and Workforce Insights - The workforce as of December 31, 2025, was 1,099 employees, an increase from 1,072 employees in 2024, with 50% located outside North America and 58% being female[211]. - The company maintained a stable employment status with 94% of employees in full-time roles as of December 31, 2025[212]. - SiriusPoint's overall employee engagement score improved to 82 in 2025, with a Net Promoter Score of 29, up from -24 in 2023[198]. - The company achieved a 91% response rate in its third enterprise-wide engagement survey conducted in 2025[198]. - The company continued to strengthen its performance management approach, emphasizing clarity and accountability, with enhancements designed to improve alignment on goals and recognition of strong performance[207]. - Leadership development remained a priority, with investments in targeted workshops and a formal mentoring program established for 25 mentor relationships[202]. Insurance Segment Performance - Gross written premium increased by $512.1 million, or 16.1%, to $2,313.5 million for the year ended December 31, 2025 compared to $1,840.8 million in 2024[479]. - Net written premium rose by $436.7 million, or 18.7%, to $1,650.2 million for the year ended December 31, 2025 compared to $1,236.2 million in 2024[479]. - Net earned premium increased by $392.4 million, or 17.8%, to $1,481.6 million for the year ended December 31, 2025 compared to $1,154.0 million in 2024[479]. - Underwriting income for 2025 was $214.3 million with a combined ratio of 91.7%, compared to $200.0 million and 91.0% in 2024[480]. - Services revenue for 2025 was $224.4 million, a slight increase from $222.9 million in 2024, driven by growth in IMG's travel business[481]. - The attritional loss ratio improved to 59.0% in 2025 from 59.8% in 2024, contributing an additional income of $20.7 million[480]. - Catastrophe losses increased by $19.6 million in 2025, primarily due to the California wildfires[480]. - The company continues to expand its Insurance & Services segment, which includes Accident & Health, Property & Casualty, and Other Specialties[483]. - Gross written premium in the Insurance & Services segment increased by $472.7 million, or 25.7%, to $2,313.5 million for the year ended December 31, 2025, compared to $1,840.8 million in 2024[486]. - Underwriting income rose by $48.6 million to $123.8 million for the year ended December 31, 2025, driven by premium growth and an improved attritional loss ratio[491]. - The Reinsurance segment's gross written premium increased by $39.4 million, or 2.9%, to $1,375.0 million for the year ended December 31, 2025, compared to $1,335.6 million in 2024[494]. - The combined ratio for the Insurance & Services segment improved to 91.7% in 2025 from 93.5% in 2024, reflecting a decrease of 1.8 percentage points[1]. - Catastrophe losses in the Reinsurance segment were $67.1 million, contributing 6.0 percentage points to the combined ratio for the year ended December 31, 2025[496]. - The loss ratio for the Reinsurance segment increased to 59.1% in 2025 from 53.0% in 2024, reflecting a rise of 6.1 percentage points[493]. Shareholder and Dividend Information - SiriusPoint Bermuda Insurance Company Ltd. declared dividends of $701.6 million to SiriusPoint for the year ended December 31, 2025, compared to $804.0 million in 2024[512]. - SiriusPoint paid dividends of $16.0 million to Series B preference shareholders in 2025, consistent with 2024, while no dividends were paid to common shareholders[513]. - As of December 31, 2025, the company has equity stakes in 18 entities, including MGAs and Insurtech, underwriting a wide range of insurance lines[484]. - The carrying value of the 2017 SEK Subordinated Notes was $292.6 million as of December 31, 2025, up from $244.3 million in 2024[524]. - SiriusPoint entered into a $400.0 million senior unsecured revolving credit facility on December 19, 2024, with no outstanding borrowings as of December 31, 2025[517]. - The liquidity sources for SiriusPoint's operating subsidiaries include net written premium, reinsurance recoveries, and investment income[516]. - SiriusPoint's subsidiaries had a dividend/distribution capacity of approximately $694.7 million as of December 31, 2025, expected to provide sufficient liquidity for the foreseeable future[512].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) þ 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 o 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 001-16191 10400 Clean Street Eden Prairie, Minnesota 55344 (Address of principal executive offices) (Zip Code) TEN ...

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 no: 001-38903 POSTAL REALTY TRUST, INC. (Exact name of registrant as specified in its charter) Maryland 83-2586114 (S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-38399 AdaptHealth Corp. OR WASHINGTON, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 (Exact name of registrant as specified in its charter) | Delaware | 82-3677704 | | --- | --- | | (State of Other Jurisdiction of incorporation or Organiz ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or Other jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) 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 UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37850 ATOMERA INCORPORATED ( ...

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 27, 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: 1-14092 THE BOSTON BEER COMPANY, INC. (Exact name of registrant as specified in its charter) Massachusetts 04-32 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K x 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 o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to _______________ 2560 General Armistead Avenue, Audubon, PA 19403-5214 (610) 930-1800 Commission File No. 001-35621 GLOBUS MEDICAL, INC. (Exact name of regis ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) 000-31311 (Commission file number) PDF SOLUTIONS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of (I.R.S. Employer Incorporation or organization) Identification No.) 2858 De La Cruz Blvd. 95050 Santa Clara, California (Zip Code) (Address of Registrant's principal executive of ices) (408) 280-7900 (Registrant's telephone number, including area code) Securi ...

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 ☐ 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: 001-35558 CARDIFF ONCOLOGY, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or or ...