UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 000-52024 ALPHATEC HOLDINGS, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 20-2463898 (State or Other Jurisdiction o ...

Table of Contents | UNITED STATES | | | --- | --- | | SECURITIES AND EXCHANGE COMMISSION | | | Washington, D.C. 20549 | | | FORM 10-K | | | (Mark One) | | | ☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) | | OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the Fiscal Year Ended December 31, 2025 | | | OR | | | ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) | | OF THE SECURITIES EXCHANGE ACT OF 1934 | | | For the transition period from | to | | Commission File No. 001-36502 | | | COMMERCE BANCSHARE ...

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 001-33829 Keurig Dr Pepper Inc. (Exact name of registrant as specified in its charter) Delaware 98-0517725 (State or other jurisdiction of incorpora ...

Financial Liabilities and Reinsurance - As of December 31, 2025, total liabilities for insurance products amounted to $31.1 billion, payable over an extended period[89]. - Total reinsurance receivables as of December 31, 2025, were $3,677.5 million, with the principal reinsurer being Wilton Reassurance Company at $2,350.2 million[93]. - The policy risk retention limit of the insurance subsidiaries was generally $0.8 million or less, with reinsurance ceded to third parties representing 9.0% of gross combined life insurance in force[92]. Regulatory Compliance and Oversight - The company is subject to extensive regulation and supervision by insurance regulators across all 50 states, ensuring compliance with financial and business conduct standards[109]. - The NAIC's principle-based reserving approach for life insurance and annuity contracts has been adopted, effective January 1, 2020, with further implementation expected for additional products[115]. - The NAIC's RBC requirements assess the risk inherent in an insurer's business, with a formula that applies prescribed factors to various risk elements to determine minimum capital requirements[140]. - The NAIC increased the RBC factor for structured security residual tranches from 30% to 45%, effective for year-end 2024 RBC filings[142]. - The NAIC's Financial Condition (E) Committee is conducting a holistic review of the insurance regulatory framework to enhance oversight of insurers' investments in complex assets, focusing on the SVO's discretion and reliance on credit rating providers[123]. Employee Relations and Well-being - The company employs approximately 3,300 full-time associates, with no collective bargaining agreements in place, indicating favorable employee relations[96]. - The company focuses on attracting and retaining talented associates through professional development, fair compensation practices, and a supportive work environment[98]. - The company has implemented a comprehensive well-being program that includes medical, dental, and vision insurance, as well as mental health counseling and financial coaching[103]. Community Involvement - The company is committed to community involvement, supporting organizations that address the health and financial wellness of middle-income Americans[108]. Climate and Environmental Regulations - The NYDFS expects insurers to integrate climate-related financial risks into their governance frameworks and risk management processes[180]. - In September 2023, California passed a law requiring firms with annual revenues over $1.0 billion to publicly report greenhouse gas emissions starting in 2026[182]. - The NAIC adopted a new standard for insurers to report climate-related risks as part of its annual Climate Risk Disclosure Survey, applicable to insurers with over $100 million in direct premium[183]. Tax Legislation - The Inflation Reduction Act introduced a 15% minimum tax based on financial statement income and a 1% excise tax on share buybacks, effective for tax years beginning in 2023[191]. - The SECURE 2.0 Act of 2022 introduces new requirements for retirement plans aimed at expanding coverage and increasing savings[192]. - The One Big Beautiful Bill Act of 2025 provides a permanent extension of certain provisions of the Tax Cuts and Jobs Act, impacting the timing of tax deductions[193]. - The company's income tax expense includes deferred income taxes from temporary differences and net operating loss carryforwards, which depend on future taxable income generation[190]. Capital and Solvency Requirements - CNO Bermuda Re is required to maintain a minimum solvency margin of the greater of $0.5 million, 1.5% of assets, or 25% of its enhanced capital requirement (ECR)[148]. - CNO Bermuda Re must maintain statutory economic capital and surplus at a level equal to or in excess of its ECR, which is determined by the Bermuda Solvency Capital Requirement (BSCR) model[149]. - The BSCR model establishes capital requirements based on various risk categories, including fixed income investment risk and operational risk[150]. - The target capital level (TCL) set by the Bermuda Monetary Authority (BMA) is 120% of an insurer's ECR, serving as an early warning tool for regulatory oversight[151]. - CNO Bermuda Re has entered into a Capital and Liquidity Maintenance Agreement with CDOC, which includes conditions for capital contributions if statutory economic capital falls below 150% of its ECR[152]. Legislative Developments - The Dodd-Frank Act established the Financial Stability Oversight Council (FSOC), which can designate non-bank financial institutions as systemically important, subjecting them to heightened supervision[170]. - In November 2023, the FSOC adopted guidance simplifying the process for designating non-bank financial companies as systemically important financial institutions (SIFIs)[171]. - Colorado enacted a law in 2021 prohibiting unfair discrimination in the use of external consumer data and information sources, with regulations effective November 14, 2023[167]. Insurance Product Monitoring - The company is monitoring developments related to federal legislation that may affect its annuity and life insurance products[188]. - The company’s insurance subsidiaries complied with state investment regulations as of December 31, 2025, ensuring diversification and adherence to regulatory limits[155].

Catastrophe Risk and Reinsurance - The company has incurred significant losses from catastrophe events multiple times in its history, with the unpredictability of such events posing a risk to earnings and stockholders' equity [127]. - The company's reinsurance coverage currently exhausts at $3.1 billion for earthquake events and $100 million for continental U.S. hurricane events, with a retention of $20 million for earthquake events and $11 million for hurricane events [131]. - As of December 31, 2025, the company had $468.7 million of aggregate reinsurance recoverables, indicating reliance on reinsurance for risk management [133]. - The company closed a $525 million catastrophe bond in Q2 2025, effective June 1, 2025 through June 1, 2028, to enhance its reinsurance coverage for earthquake events [143]. - The company may face increased costs or limitations in purchasing reinsurance during hard market cycles, which could adversely impact its business and results of operations [142]. - The company is exposed to risks from unpredictable catastrophe events, including those caused by climate change, which could limit its ability to underwrite new insurance policies [124]. Competition and Market Position - The company faces intense competition in the insurance industry, which may result in pricing pressure and reduced underwriting margins [124]. - The company faces intense competition from larger specialty insurance companies and public enterprises, which may result in pricing pressure and reduced underwriting margins [170]. - Increased competition in the insurance industry may arise from new entrants and federal regulatory reforms, potentially affecting pricing and business retention [172]. Financial Performance and Risk Management - The reserve for losses and loss adjustment expenses is based on estimates and assumptions, which may prove inadequate, potentially impacting net income and stockholders' equity [134]. - The company relies on third-party data for risk modeling, which may lead to materially higher actual losses if estimates are incorrect [149]. - The company’s risk management approach relies on subjective variables and models that may not accurately predict actual outcomes, introducing uncertainty into loss estimates [151]. - The concentration of business in California exposes the company to greater regulatory and economic risks compared to insurers with a more diversified premium base [160]. - The company’s written premium in future years could be materially adversely affected if actual renewals of existing policies do not meet expectations [174]. Growth and Expansion - The company’s employee base has approximately doubled in the last twelve months, indicating significant growth and potential challenges in managing this expansion [181]. - Recent acquisitions include Gray Surety in January 2026 and FIA and AAP in 2025, which are part of the company’s strategy to expand its business [182]. - The company faces risks related to the evaluation and integration of acquired businesses, which could impact financial performance and operational efficiency [183]. Economic and Regulatory Environment - Economic downturns, particularly in California, could adversely affect the company’s financial condition and results of operations [196]. - The company is subject to extensive regulations that may adversely affect its ability to achieve business objectives and could result in penalties for non-compliance [224]. - U.S. insurance subsidiaries must maintain risk-based capital at required levels to avoid regulatory actions, including supervision or liquidation [228]. - The Bermuda subsidiary is subject to the Economic Substance Act 2018, which may require changes to business operations to comply with regulations [229]. Investment Risks - The company’s investment portfolio performance is subject to various risks, including interest rate fluctuations and credit quality considerations [199]. - The company faces risks from potential investment losses due to economic downturns, which could lead to impairments in the fixed income portfolio [207]. - The company may need to sell investments to meet liquidity requirements, which could result in significant realized losses depending on market conditions [210]. - The estimated fair value of the company's fixed maturities was $1.2 billion, with a 100-basis point increase in interest rates potentially causing a 3.8% decline in value [454]. - The company's fixed maturity portfolio has an average rating of "AA−," with approximately 71.3% rated "A−" or better, indicating a focus on high credit quality investments [452]. Cybersecurity and Compliance - Increased regulatory scrutiny around cybersecurity incidents could exacerbate potential harm to the company's business and reputation [217]. - The company is required to comply with cybersecurity regulations, which mandate the establishment and maintenance of a cybersecurity program [238]. - Compliance with the Sarbanes-Oxley Act and Dodd-Frank Act has increased regulatory demands and operating costs for the company [255]. - The company incurs significant costs as a public company, including legal and accounting expenses, which divert management's time from revenue-generating activities [253]. Legal and Tax Risks - The company faces risks associated with litigation, which could have an adverse effect on its business and financial condition [247]. - Changes in tax laws could negatively impact the company's results of operations and profitability by increasing tax expenses [241]. - The use of credit scoring in pricing and underwriting is subject to legal and regulatory scrutiny, which could decrease profitability if restrictions are enacted [248]. Dividend Policy - The company does not intend to declare and pay cash dividends in the foreseeable future, relying on its insurance subsidiaries for any potential dividends [244].

Financial Performance - Attruby generated $362.4 million in U.S. net product revenues in 2025, reflecting increasing patient adoption and prescriber utilization [44]. - Beyonttra contributed $105 million in license and services revenue in 2025 following approvals in Europe and Japan [47]. - BridgeBio has obtained FDA approval for three products and has treated over 8,500 patients with its approved medicines [21]. - The company received gross cash proceeds of $500.0 million in December 2024 following FDA approval of Attruby on November 22, 2024 [184]. Market Potential - The total global addressable market for ATTR therapeutic interventions could exceed $20.0 billion, with diagnosed ATTR-CM patients in the U.S. growing from fewer than 5,000 in 2019 to more than 50,000 in 2025 [48]. - The estimated global prevalence of ATTRwt-CM and ATTRv-CM is over 400,000 and 40,000 patients, respectively, indicating significant underdiagnosis in the population [53]. - The market opportunity for achondroplasia and other FGFR-driven skeletal dysplasias is estimated to exceed $5.0 billion globally [82]. - The total global market opportunity for hypochondroplasia is expected to approach that of achondroplasia, driven by growing awareness and clinical trials [120]. Clinical Development - Positive Phase 3 results for infigratinib in achondroplasia, BBP-418 in limb-girdle muscular dystrophy type 2I/R9, and encaleret in autosomal dominant hypocalcemia type 1 are expected to lead to NDA submissions in 2026 [42]. - The Phase 3 PROPEL 3 study for low-dose infigratinib showed a statistically significant improvement in annualized height velocity of +2.10 cm/year compared to placebo [79]. - Enrollment in the Phase 2 portion of the ACCEL 2/3 trial for hypochondroplasia has been completed, with proof-of-concept results expected in the second half of 2026 [122]. - The company plans to initiate a registrational Phase 3 study for encaleret in pediatric ADH1 in Q1 2026 [99]. Regulatory and Compliance - The company is subject to extensive government regulations regarding the research, development, and marketing of drug products, which require significant time and financial resources [186]. - The FDA regulates drugs and biologics under the Federal Food, Drug, and Cosmetic Act, requiring substantial data to demonstrate quality, safety, and efficacy before marketing [188]. - The FDA targets ten months for the initial review of a new molecular entity NDA or original BLA, and six months for priority review applications [203]. - Manufacturers must comply with ongoing FDA regulations post-approval, including monitoring adverse experiences and adhering to advertising standards [219]. Competitive Landscape - Acoramidis (Attruby/Beyonttra) competes with Pfizer's Vyndaqel and Alnylam's vutrisiran for the treatment of ATTR-CM [137]. - The company faces competition from established pharmaceutical and biotechnology companies, which may have greater resources [135][136]. Partnerships and Agreements - Bayer License Agreement granted an exclusive license for acoramidis with an upfront payment of $135.0 million and potential milestone payments up to $600.0 million through 2026 [156]. - Eidos received an upfront payment of $25.0 million from Alexion for the license to commercialize Beyonttra in Japan, with a regulatory milestone payment of $30.0 million recognized in June 2025 [160]. - QED entered into a license agreement with Kyowa Kirin for infigratinib, receiving an upfront payment of $100.0 million and potential milestone payments up to $81.4 million [168]. Product Development and Innovation - The decentralized hub-and-spoke model allows multiple programs to advance concurrently, enhancing the probability of success over time [33]. - BBP-812 has the potential to become the first disease-modifying therapy for Canavan disease, having received multiple designations from the FDA and EMA [124]. - BridgeBio has initiated a next-generation depleter program for ATTR-CM, which could expand the addressable patient population by removing existing amyloid deposits [127].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) No. 41-0449260 (I.R.S. Employer Identification No.) 333 Market Street, San Francisco, California 94105 (Address of principal executive offices) (Zip code) Registrant's telephone number, including area code: 415-371-2921 Securities registered pursuant to Section 12(b) of the Act: Annual Report Pursuant ...

Table of Contents 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 AND 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 Commission file number: 1-11314 LTC PROPERTIES, INC. (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organi ...

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 001-37979 VERRA MOBILITY CORPORATION (Exact name of registrant as specified in its charter) Delaware 81-3563824 (State of I ...

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 Commission File Number: 001-12209 RANGE RESOURCES CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 34-1312571 (State or Other Jurisdiction of Incorporation or Organization) (IRS ...