Financial Performance - Generated fourth quarter revenue of $1.10 billion, a decrease of 4.9% quarter-over-quarter, but an increase of 9.7% year-over-year[5] - Full-year 2025 net sales were $4.57 billion, a decrease of 0.6% compared to 2024[11] - Net sales for Q4 2025 reached $1,104.8 million, a 9.7% increase from $1,007.4 million in Q4 2024[32] - In Q4 2025, carbon steel net sales were $538 million, down 7.9% quarter-over-quarter but up 5.5% year-over-year[23] - For FY 2025, carbon steel net sales totaled $2.263 billion, a decrease of 5.0% compared to FY 2024[24] Profitability - Net loss attributable to Ryerson Holding Corporation for Q4 2025 was $37.9 million, or $1.18 per diluted share, compared to a net loss of $14.8 million in Q3 2025[10] - Gross profit for Q4 2025 was $168.9 million, down from $191.1 million in Q4 2024, reflecting a gross profit margin decrease[32] - Operating loss for Q4 2025 was $(37.9) million compared to an operating profit of $2.6 million in Q4 2024[32] - Adjusted EBITDA, excluding LIFO, was $20.4 million in Q4 2025, down 49.4% from Q3 2025[10] - Adjusted EBITDA for Q4 2025 was $(2.1) million, while for Q4 2024 it was $35.7 million, indicating a significant decline[35] Cash Flow and Assets - Cash flow provided by operating activities in Q4 2025 was $112.7 million, up from $92.2 million in Q4 2024[32] - Free cash flow for Q4 2025 was $91.9 million, with a free cash flow yield of 11.3%, compared to 11.7% in Q4 2024[40] - Total current assets as of December 31, 2025, were $1,222.8 million, slightly up from $1,207.6 million as of December 31, 2024[34] - Total liabilities as of December 31, 2025, were $1,641.1 million, compared to $1,615.0 million as of December 31, 2024[34] - Total equity decreased to $763.6 million as of December 31, 2025, from $824.5 million as of December 31, 2024[34] Market and Shareholder Information - Declared a first quarter 2026 dividend of $0.1875 per share, payable to shareholders of record as of March 5, 2026[5] - Market capitalization as of December 31, 2025, was $810.4 million, an increase from $589.5 million at the end of 2024[40] - Adjusted diluted loss per share for the year ended December 31, 2025, was $(1.56), compared to $(0.18) in 2024[38] Future Projections - Ryerson expects same-store customer shipments to increase by 13% to 15% in the first quarter, with net sales projected between $1.26 billion and $1.30 billion[21] - The combined company anticipates first quarter 2026 revenue in the range of $1.52 billion to $1.58 billion, with Adjusted EBITDA, excluding LIFO, between $63 million and $67 million[22] - EBITDA for Q1 2026 is projected to be between $48 million and $52 million, with adjusted EBITDA excluding LIFO expense expected to range from $63 million to $67 million[42] - Ryerson anticipates gross margin expansion in Q1 2026 as inventory cost increases from Q4 2025 are realized[21] - The company expects to generate net income of $10 million to $12 million before merger-related fees in the first quarter[21] Merger and Financing - Completed merger with Olympic Steel, projected to generate $120 million in annual run-rate synergies over the next two years[5] - Extended and expanded credit facility from $1.3 billion to $1.8 billion, enhancing financial stability and growth opportunities[5] - Olympic Steel is expected to generate revenue of $260 million to $280 million in the last six weeks of the quarter[22] Shipping and Pricing - Tons shipped in Q4 2025 were 461, down 4.9% from Q3 2025, but up 3.1% compared to Q4 2024[4] - Average selling price per ton was $2,397, flat compared to Q3 2025, and up 6.3% year-over-year[4] - Average selling prices for carbon steel in Q4 2025 were $1,490 per ton, a decrease of 2.8% quarter-over-quarter but an increase of 3.2% year-over-year[23] - Tons shipped in Q4 2025 totaled 461,000, an increase from 447,000 tons in Q4 2024[32]

Financial Performance - Hamilton reported a net income of $577 million for 2025, representing a 44% increase compared to the previous year, with a return on average equity of 22%[2] - Net income attributable to common shareholders increased by $176.2 million, or 44.0%, to $576.7 million[11] - Net income for 2025 prior to non-controlling interest was $840,029,000, compared to $613,158,000 in 2024, marking an increase of about 37%[32] - In Q4 2025, net income was $172.2 million, or $1.69 per diluted share, with an annualized return on average equity of 25.1%[6] - Net income attributable to common shareholders for Q4 2025 was $172,185 thousand, significantly higher than $33,920 thousand in Q4 2024, marking a growth of 408.5%[25] Premiums and Underwriting - Gross premiums written grew by 21% to $2.9 billion, while net premiums earned increased by 21.6% to $2.1 billion compared to 2024[6] - The combined ratio for the year was 92.9%, indicating strong underwriting performance[6] - The combined ratio for the year was 92.9%, an increase of 1.6 percentage points from 91.3% in 2024[11] - The combined ratio for the company indicates underwriting profitability, with a ratio under 100% suggesting a positive performance[41] - The attritional loss ratio for Q4 2025 was 56.5%, an increase of 5.3 points from the previous year, driven by more large losses[7] Shareholder Returns - A special dividend of $2.00 per common share was declared, resulting in an aggregate payment of approximately $206 million[3] - The company repurchased common shares totaling $93.4 million in 2025, with $7.7 million repurchased in Q4[6] Asset and Equity Growth - Book value per share rose by 24% to $28.50, reflecting a 64% increase since the company's listing in 2023[2] - Total shareholders' equity increased to $2.8 billion from $2.3 billion at December 31, 2024[17] - Total assets increased to $9,571,613 thousand in 2025 from $7,796,033 thousand in 2024, representing a growth of 22.5%[24] - Cash and cash equivalents rose to $1,062,359 thousand in 2025, compared to $996,493 thousand in 2024, indicating a growth of 6.6%[24] Revenue and Investment Income - Total revenues for 2025 reached $2,905,524 thousand, a 24.7% increase from $2,329,924 thousand in 2024[25] - Net investment income for the year 2025 was $88,021 thousand, up from $63,267 thousand in 2024, a growth of 39.2%[25] - Total net realized and unrealized gains on investments for 2025 reached $775,132,000, compared to $574,674,000 in 2024, reflecting a growth of approximately 35%[32] Operational Efficiency - Corporate expenses for 2025 totaled $57,167,000, a decrease from $61,111,000 in 2024, representing a reduction of approximately 6%[36] - Other underwriting expenses for Q4 2025 were $57,079,000, down from $69,674,000 in Q4 2024, showing a decrease of about 18%[37] Market Outlook and Risks - The company anticipates continued growth in its market position and profitability, driven by strategic initiatives and operational efficiencies[42] - Risks include competitive pressures, regulatory changes, and macroeconomic factors that could impact future performance and strategic execution[43]

Shareholder Information - As of December 31, 2025, the company's common stock was held by 1,406 shareholders of record, with no dividends paid or anticipated in the foreseeable future [154]. - The company repurchased 32.2 million shares for $5.6 billion during 2025, with approximately 45.9 million shares remaining under the existing repurchase authorization [233]. - The company’s stock performance over five years shows a cumulative total shareholder return compared to the S&P 500 and NASDAQ indices, with no cash dividends declared [157]. Acquisitions and Business Strategy - The company acquired StoneCastle Cash Management, LLC and other businesses for an aggregate purchase price of $856 million, enhancing its deposit funding solutions and expanding the Clover platform [171][168]. - The company expects to divest businesses not aligned with its market or financial strategies, while pursuing acquisitions that meet strategic needs [167]. - The company acquired several businesses in 2025 for a total purchase price of $856 million, funded through available cash and commercial paper [234]. Financial Performance - Total revenue increased by $737 million, or 4%, in 2025 compared to 2024, with Merchant segment growth of 5% and Financial segment growth of 2% [210]. - Total expenses increased by $798 million, or 5%, with total expenses as a percentage of total revenue rising to 72.5% in 2025, an increase of 120 basis points [213]. - Operating income decreased by $61 million, or 1%, with total operating margin decreasing by 120 basis points to 27.5% in 2025 compared to 2024 [218]. - Net income attributable to Fiserv, Inc. per share-diluted increased to $6.34 in 2025 from $5.38 in 2024, supported by a 6% reduction in diluted weighted average outstanding shares [227]. - Income from investments in unconsolidated affiliates was $37 million in 2025, a significant recovery from a loss of $(685) million in 2024, which included a $595 million non-cash impairment [225]. Revenue Composition - Processing and services revenue comprised 80% of total revenue in 2025, generating $16,879 million, while product revenue comprised 20%, generating $4,314 million [204][205]. - Revenue in the Merchant segment rose by $509 million, or 5%, driven by small business volume growth and enterprise transaction growth [211]. - Revenue in the Financial segment increased by $187 million, or 2%, driven by growth in Digital Payments and Issuing [212]. Expenses and Costs - Interest expense, net increased by $298 million, or 25%, in 2025 due to debt financing activities, including the issuance of $2.0 billion in senior notes [222]. - Cost of processing and services as a percentage of processing and services revenue increased to 34.4% in 2025 from 32.2% in 2024 [214]. - Cost of product as a percentage of product revenue decreased to 65.1% in 2025 from 69.4% in 2024, positively impacted by high margin data and analytics sales [215]. Cash Flow and Capital Expenditures - Operating cash flow was $6.1 billion in 2025, a decrease of 9% from $6.6 billion in 2024, primarily due to lower profitability [230]. - Capital expenditures were approximately 8% of total revenue in both 2025 and 2024, totaling $1.763 billion in 2025, an increase of 12% from $1.569 billion in 2024 [229]. - Future cash requirements under contractual obligations total $42.220 billion as of December 31, 2025, with $4.092 billion due within one year [232]. Debt and Financing - Total long-term debt increased to $27.758 billion in 2025 from $23.730 billion in 2024, with significant new issuances including $2.0 billion of senior notes in August 2025 [239]. - The company maintained variable rate debt totaling $2.115 billion with a weighted average interest rate of 11.870% as of December 31, 2025 [245]. - The company has guaranteed $399 million in senior unsecured debt for its Lending Joint Ventures as of December 31, 2025 [252]. Economic and Market Conditions - The global payments landscape is evolving with increasing digital payments and e-commerce, driving competition and necessitating modernization of technology [175]. - Financial institutions are increasingly focusing on innovative payment solutions, with a growing demand for faster and more convenient options across mobile channels, online applications, and digital currencies [181]. - The company actively monitors global macroeconomic conditions, including interest rates and inflation, which could materially affect business operations and financial results [182]. Goodwill and Intangible Assets - As of December 31, 2025, the company's goodwill of $37.7 billion was not impaired, with fair values exceeding carrying values for each reporting unit [188]. - The company performed an additional evaluation of intangible assets and determined no impairment as of December 31, 2025 [189]. - The company has no accumulated goodwill impairment through December 31, 2025, indicating stable asset valuation [188]. Compliance and Credit Ratings - The company was in compliance with all financial debt covenants during the year ended December 31, 2025, and expects to remain compliant [251]. - Fiserv's corporate credit rating was Baa2 with a stable outlook from Moody's and BBB with a negative outlook from S&P as of December 31, 2025 [254].

Shareholder Information - As of December 31, 2025, the company's common stock was held by 1,406 shareholders of record, with no dividends paid or anticipated in the foreseeable future [154]. - The company repurchased 32.2 million shares for $5.6 billion during 2025, with approximately 45.9 million shares remaining under the existing repurchase authorization [233]. - The company’s stock performance over five years shows a cumulative total shareholder return compared to the S&P 500 and NASDAQ indices, with no cash dividends declared [157]. Acquisitions and Business Strategy - The company acquired StoneCastle Cash Management, LLC and other businesses for an aggregate purchase price of $856 million, enhancing its deposit funding solutions and expanding the Clover platform [171]. - The company expects to divest businesses not aligned with its market, product, or financial strategies, while actively seeking acquisitions to meet strategic needs [167]. - The company has expanded its presence in the Asia-Pacific region through acquisitions, including Pinch Payments, to enhance flexible payment services [169]. - The company acquired several businesses in 2025 for an aggregate purchase price of $856 million, funded through available cash and commercial paper [234]. Financial Performance - Total revenue increased by $737 million, or 4%, in 2025 compared to 2024, with Merchant segment growth of 5% and Financial segment growth of 2% [210]. - Processing and services revenue comprised 80% of total revenue in 2025, generating $16,879 million, while product revenue comprised 20%, generating $4,314 million [204][205]. - Total expenses increased by $798 million, or 5%, with total expenses as a percentage of total revenue rising to 72.5% in 2025, an increase of 120 basis points [213]. - Operating income decreased by $61 million, or 1%, with total operating margin declining to 27.5% in 2025, a decrease of 120 basis points [218]. - Net income attributable to Fiserv, Inc. was $3,480 million, a 10% increase from $3,131 million in 2024 [226]. - Net income per share-diluted increased to $6.34 in 2025 from $5.38 in 2024, aided by a 6% reduction in diluted weighted average outstanding shares [227]. Revenue Recognition and Accounting - Revenue from processing and services is recognized in the period the service is performed, with arrangements typically billed and paid on a monthly basis [193]. - The company recognizes product revenue from software licenses and hardware sales, with distinct performance obligations accounted for separately [194]. - Significant judgments are required in determining revenue recognition, particularly for multi-element arrangements [195]. - The company engages independent valuation specialists to assist in fair value determinations for acquired long-lived assets [200]. Debt and Financing - Total long-term debt increased to $27.758 billion in 2025 from $23.730 billion in 2024, with significant new issuances including $2.0 billion of senior notes in August 2025 [239]. - Future cash requirements under contractual obligations total $42.220 billion as of December 31, 2025, with $4.092 billion due within one year [232]. - The company maintained variable rate debt totaling $2.115 billion with a weighted average interest rate of 11.870% as of December 31, 2025 [245]. - The company entered into a new senior unsecured multicurrency revolving credit facility in August 2025, with a maximum availability of $8.0 billion, maturing in August 2030 [248]. - The interest rates on certain senior notes may increase by up to two percent if credit ratings from Moody's or S&P fall below investment grade [255]. Operational Insights - The company’s operations are divided into Merchant Solutions and Financial Solutions segments, focusing on non-discretionary products and services essential for clients [161]. - Financial institutions are increasingly focusing on innovative payment solutions, with a growing demand for faster and more convenient options across mobile channels, online applications, and digital currencies [181]. - The company aims to enhance customer experience by integrating omnichannel strategies and simplifying payment orchestration for merchants [176]. - The operating loss in Corporate and Other decreased by $103 million in 2025, favorably impacted by a reduction in amortization of acquisition-related intangible assets [221]. Economic and Market Conditions - The global payments landscape is evolving with increasing digital payments and e-commerce, driving competition and necessitating modernization of technology [175]. - The company actively monitors global macroeconomic conditions, including interest rates and inflation, which could materially affect its business and financial results [182]. - The company has exposure to currency risks, particularly with fluctuations in exchange rates for currencies like the Euro and British Pound, which could negatively impact revenue and earnings [183].

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 Number: 001-37461 ALARM.COM HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 26-4247032 (State or other jurisdicti ...

Financial Performance - Farmer Mac reported a record outstanding business volume of $33.4 billion, reflecting a net change of $3.8 billion, or 13% growth year-over-year[6]. - Net interest income increased by 10% year-over-year to $390.7 million, while the net effective spread rose by 13% to a record $383.0 million[6]. - Core earnings reached $182.9 million, or $16.66 per diluted share, representing a 7% increase compared to the previous year[6]. - The diluted EPS (GAAP) decreased by 20% year-over-year to $3.71, while diluted core EPS (Non-GAAP) fell by 8% to $3.66[5]. - Total revenues rose to $410,299,000 in 2025, up from $361,990,000 in 2024, marking an increase of 13.3%[27]. - Core earnings reached $182,949,000 in 2025, compared to $171,630,000 in 2024, representing a growth of 6.6%[27]. - Basic earnings per common share for the year ended December 31, 2025, were $16.73, up from $16.59 in 2024, an increase of 0.8%[23]. - The company reported a net earnings figure of $256,288,000 for 2025, up from $244,918,000 in 2024, which is an increase of 4.6%[27]. Capital and Assets - Farmer Mac's total core capital stood at $1.7 billion, with a Tier 1 Capital Ratio of 13.3% as of December 31, 2025[6]. - Total assets increased to $35,370,157 thousand as of December 31, 2025, up from $31,324,742 thousand in 2024, representing a growth of 12.8%[22]. - Total liabilities increased to $33,651,208 thousand in 2025, compared to $29,835,716 thousand in 2024, reflecting a growth of 12.5%[22]. - Total investment securities rose to $17,550,379 thousand in 2025, compared to $16,576,887 thousand in 2024, marking an increase of 5.9%[22]. - Loans held for investment increased to $13,877,051 thousand in 2025, up from $11,183,408 thousand in 2024, a growth of 24.1%[22]. - Outstanding business volume in Agricultural Finance increased to $21,515,452,000 as of December 31, 2025, compared to $20,494,673,000 as of December 31, 2024[34]. Dividends and Shareholder Returns - The Board of Directors declared a quarterly dividend of $1.60 per share, marking a 7% increase year-over-year and the fifteenth consecutive annual increase[7]. Risk Management and Expenses - The provision for losses for the year ended December 31, 2025, was $32,860 thousand, significantly higher than $11,579 thousand in 2024, indicating increased risk management measures[23]. - Total credit-related expenses increased significantly to $34,210,000 in 2025 from $11,686,000 in 2024, reflecting a rise of 192.5%[27]. - Operating expenses rose to $119,801,000 in 2025, up from $105,386,000 in 2024, which is an increase of 13.7%[27]. - The provision for losses surged to $32,860,000 in 2025, compared to $11,579,000 in 2024, indicating a significant increase of 183.5%[27]. Quarterly Performance - For the three months ended December 31, 2025, total core earnings amounted to $57,091,000, with segment core earnings from Agricultural Finance at $25,571,000[33]. - The company reported a net income of $47,924,000 for the quarter, reflecting the impact of unallocated expenses and income tax effects[33]. - Core earnings for December 2025 were reported at $39,996 thousand, compared to $49,622 thousand in September 2025, indicating a decrease of 19.5%[38]. - Total revenues for December 2025 amounted to $107,911 thousand, up from $105,086 thousand in September 2025, representing an increase of 2.7%[38]. - Net earnings for December 2025 were $59,652 thousand, down from $67,858 thousand in September 2025, a decline of 12.9%[38]. Management and Future Outlook - Management expressed confidence in the company's resilient business model and ability to deliver value to rural America and shareholders[3]. - The earnings conference call to discuss the financial results was scheduled for February 19, 2026[9]. - Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2025, was filed with the SEC, providing more detailed performance information[10].

Farmer Mac Reports 2025 Results - Announces 7% Dividend Increase - - Outstanding Business Volume of $33.4 Billion - WASHINGTON, D.C., February 19, 2026 — The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure, today announced its results for the fiscal quarter and year ended December 31, 2025. "Farmer Mac delivered another ...

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 Barings BDC, Inc. For the transition period from to Commission file number 814-00733 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organ ...

AMH Table of Contents | Summary | | | --- | --- | | Earnings Press Release | 3 | | Select Non-GAAP Reconciliations – Core Net Operating Income | 9 | | Fact Sheet | 11 | | Financial Information | | | Consolidated Statements of Operations | 12 | | Funds from Operations | 13 | | Core Net Operating Income – Total Portfolio | 14 | | Same-Home Results | 15 | | Consolidated Balance Sheets | 18 | | Debt Summary | 19 | | Capital Structure and Credit Metrics | 20 | | Property and Other Information | | | Top 20 Market ...

Exhibit 99.1 Copart, Inc. For Immediate Release Copart Reports Second Quarter Fiscal 2026 Financial Results Dallas, Texas February 19, 2026 — Copart, Inc. (NASDAQ: CPRT) today reported financial results for the quarter ended January 31, 2026. For the three months ended January 31, 2026, revenue, gross profit, and net income attributable to Copart, Inc. were $1.1 billion, $492.8 million, and $350.7 million, respectively. These represent a decrease in revenue of $(41.6) million, or (3.6)%; a decrease in gross ...