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 1-11840 THE ALLSTATE CORPORATION (Exact name of registrant as specified in its charter) Delaware 36-3871531 (State or Other Jurisdiction of Incorpor ...

Financial Performance - Five9's revenue for the years ended December 31, 2025, 2024, and 2023 was $1,149.1 million, $1,041.9 million, and $910.5 million, respectively, representing year-over-year growth of 10% and 14%[25]. - The company recorded net income (losses) of $39.4 million, $(12.8) million, and $(81.8) million for the years ended December 31, 2025, 2024, and 2023[25]. - As of December 31, 2025, Five9's total assets were $1,790.1 million, down from $2,051.2 million in 2024 and up from $1,494.6 million in 2023[25]. - The company incurred net losses of $39.4 million, $(12.8) million, and $(81.8) million for the years ended December 31, 2025, 2024, and 2023, with an accumulated deficit of $378.2 million as of December 31, 2025[98]. - Revenue for the years ended December 31, 2025, 2024, and 2023 was $1,149.1 million, $1,041.9 million, and $910.5 million, representing year-over-year growth of 10% and 14% respectively[99]. Customer Base and Retention - Five9 has over 3,000 customers, leveraging its AI-powered CX platform to improve customer experiences across various channels[16]. - As of December 31, 2025, the company has a diverse customer base of over 3,000 organizations, with no single customer accounting for more than 10% of revenues in 2025, 2024, or 2023[33]. - The Annual Dollar-Based Retention Rate was 105% as of December 31, 2025, enhancing the company's ability to forecast financial performance[25]. - In 2025, 51% of total revenues were generated in the second half of the year, attributed to increased activities in retail, healthcare, and education[53]. - Retaining existing customers is critical, as subscription terminations or reductions could significantly harm revenues and gross margins[110]. Business Model and Operations - The company operates a SaaS business model, generating subscription revenue primarily based on the number of licenses and usage-based telephony revenue[24]. - The company’s sales model includes both direct sales through field and telesales teams and indirect sales through a network of technology solution distributors and resellers[38]. - The company’s cloud platform is designed to be highly reliable, secure, and scalable, with operational control over critical elements of its voice infrastructure[41]. - The company continues to expand its international operations, which introduces significant macroeconomic risks[101]. - The company plans to invest in enhancing its solution through AI capabilities and expanding its partner ecosystem to drive future growth[100]. Research and Development - The company has invested significantly in research and development, with a core center in California and additional engineers in Australia, Portugal, and India, to enhance its Intelligent CX Platform[40]. - Research and development expenses totaled $152.3 million, $166.2 million, and $156.6 million for the years ended December 31, 2025, 2024, and 2023, respectively[144]. - The company emphasizes advancements in AI, particularly through its Genius AI suite, which enhances customer experience and operational efficiency[19]. - The development of AI-powered features is a key focus, but there are risks associated with achieving sufficient accuracy and market acceptance[134]. Employee Engagement and Diversity - The company employs 2,910 full-time employees as of December 31, 2025, with 43% in cost of revenue functions and 25% in research and development[54]. - The company’s employee engagement score was 72% in 2025, exceeding the Culture Amp benchmark by three percentage points, indicating strong team effectiveness and growth opportunities[63]. - Women represented 32% of the company's worldwide employees and racial and ethnic minorities represented 36% of U.S. employees as of December 31, 2025[66]. - The company emphasizes a total rewards system that includes competitive cash compensation and a holistic package addressing employee needs, such as healthcare benefits and retirement plans[70]. Regulatory and Compliance Risks - The company faces regulatory challenges, including compliance with the Telecommunications Act and various federal and state regulations that could impact operations[78]. - The company must adhere to numerous regulations, including the Telephone Consumer Protection Act and the California Consumer Privacy Act, which could affect operational costs and competitive positioning[80][81]. - The company is subject to international regulations, such as the GDPR in the EU, which imposes strict requirements on data processing and can result in significant fines for non-compliance[82]. - The company has implemented a layered information governance program to ensure compliance with evolving regulatory frameworks and protect customer data[83]. - Compliance with new robocall prevention regulations, including the STIR/SHAKEN framework, poses significant business risks and may affect customer relationships[210]. Market Competition and Challenges - The company faces intense competition from both large legacy technology vendors and smaller service providers, which could harm its operating results[124]. - Competitors are increasingly integrating AI technologies into their offerings, potentially leading to pricing pressures and reduced market share for the company[125]. - The company faces challenges in managing growth effectively, which could lead to operational difficulties and impact business performance[102]. - The company acknowledges risks related to adverse economic conditions, including inflation and high interest rates, which may impact revenue growth and customer retention[90]. Intellectual Property and Technology Risks - The company has approximately $747.5 million in principal outstanding under convertible senior notes issued in March 2024, maturing on March 15, 2029[176]. - The company may incur additional liabilities for taxes, fees, or surcharges if state and local taxing authorities challenge its tax positions[207]. - The company relies on third-party licensed software, including AI solutions, and any inability to maintain these licenses could harm its business[196]. - The company is subject to third-party intellectual property infringement claims, which could result in substantial damages and legal costs[191]. Future Outlook and Strategic Initiatives - The company plans to expand its international presence, particularly in India, with significant operations in the Philippines and Portugal[154]. - The company is increasing sales, marketing, and support personnel in the U.K. and the European Union, along with enlarging data centers in the U.K. and Amsterdam[159]. - The company plans to invest in acquiring government customers, which requires compliance with FedRAMP, a process that is costly and time-consuming[108]. - The company is increasing its network of technology solution distributors and resellers, but failure to manage these relationships effectively could harm revenues[118].

Sales Performance - In 2025, the company's net sales increased by 7.2% to $8,231.5 million compared to 2024, driven by the acquisition of Paragon 28, market growth, and new product introductions [175]. - The company expects net sales growth of 2.5% to 4.5% in 2026, with the Paragon 28 acquisition contributing an estimated 1.0% to this growth [177]. - In 2025, U.S. net sales grew by 7.3% to $4,764.0 million, with the Paragon 28 acquisition contributing 3.6% to this growth [180]. - International net sales increased by 7.0% to $3,467.5 million in 2025, with foreign currency exchange rates contributing 1.8% to this growth [185]. - The S.E.T. product category saw a significant increase in net sales by 15.2% in 2025, largely due to the Paragon 28 acquisition, which contributed 10.5% to this growth [186]. - Changes in volume and mix of product sales positively impacted year-over-year sales growth by 6.4% in 2025, with the Paragon 28 acquisition contributing 2.5% [182]. Earnings and Expenses - Net earnings for 2025 were $705.1 million, a decline from $903.8 million in 2024, primarily due to inventory charges of approximately $170 million and costs related to acquisitions [176]. - Cost of products sold as a percentage of net sales increased to 30.3% in 2025 from 28.5% in 2024, driven by inventory charges and tariffs [187]. - The company's gross margin decreased to 61.6% in 2025 from 63.8% in 2024, impacted by inventory charges and U.S. tariffs [190]. - Research and development expenses as a percentage of net sales slightly decreased to 5.6% in 2025 from 5.7% in 2024 [187]. - R&D expenses increased in amount but decreased as a percentage of net sales in 2025, driven by Paragon 28-related expenses and higher technology project spending, offset by lower EU Medical Device Regulation compliance costs [191]. - SG&A expenses increased in both amount and percentage of net sales in 2025, primarily due to variable selling and distribution costs, Paragon 28-related expenses, and higher performance-related compensation [192]. - The company recognized $181.2 million in restructuring expenses in 2025, down from $219.0 million in 2024, mainly due to lower costs associated with U.S. and Canada ERP implementation [193]. - Acquisition-related expenses increased in 2025, including $55.1 million for compensation related to Paragon 28 and Monogram acquisitions, partially offset by $77.1 million in net gains from declines in estimated fair values of contingent consideration [194]. Cash Flow and Financial Position - Cash flows from operating activities increased to $1,697.1 million in 2025 from $1,499.4 million in 2024, driven by higher net sales and favorable timing of accounts payable [208]. - Cash flows used in investing activities rose to $1,975.7 million in 2025, including $1,393.2 million for the acquisitions of Paragon 28 and Monogram [209]. - The company had $591.9 million in cash and cash equivalents as of December 31, 2025, with $1.0 billion available under a 364-day revolving credit agreement [206]. Tax and Restructuring - The effective tax rate increased to 15.1% in 2025 from 12.7% in 2024, influenced by foreign rate differentials and intercompany transactions [198]. - The company expects to reduce gross annual pre-tax operating expenses by approximately $175 million by the end of 2027 as part of its restructuring plans [218]. - Management recognized a charge of approximately $170 million to reduce inventory and instruments to their net realizable value due to reduced demand for certain products [225]. Contingent Consideration and Assets - As of December 31, 2025, the company recorded $299.2 million of contingent consideration related to completed business combinations, an increase from $180.7 million in 2024 [237]. - The company had net assets, excluding goodwill and intangible assets, in legal entities with non-U.S. Dollar functional currencies of $1,490.4 million at December 31, 2025 [244]. Risk Management - A sensitivity analysis indicated that a 10 percent change in foreign currency exchange rates could affect earnings by approximately $109 million to $107 million before income taxes [242]. - The majority of the company's debt is fixed-rate, and a 10 percent change in interest rates would not have a material effect on interest expense [250]. - The company is exposed to credit risk primarily from cash and cash equivalents, derivative instruments, and accounts receivable, but believes reserves for losses are adequate [251]. - Management evaluates deferred tax assets on an ongoing basis and provides valuation allowances unless it is "more likely than not" that the deferred tax benefit will be realized [227]. - During the annual goodwill impairment testing in Q4 2025, the estimated fair values of two reporting units exceeded their carrying values by more than 25 percent [232]. - The company enters into supply contracts for raw materials with terms of 12 to 24 months to mitigate commodity price risks [247]. - The company uses derivative financial instruments solely as risk management tools and not for speculative investment purposes [240].

Sales and Financial Performance - The company has successfully increased home sales prices to absorb rising costs associated with labor, commodities, and lumber, mitigating inflationary pressures experienced in recent years[46]. - The company expects to face cost pressures from inflation similar to those experienced in the last few years, which could impact future quarters[46]. - The company continues to monitor supply markets to achieve the best prices for raw materials and labor, which are critical to its operations[46]. Employment and Training - As of December 31, 2025, the company employed 1,056 people, with 622 in on-site sales and support roles and 342 involved in acquisition, development, purchasing, and construction[53]. - The company has implemented a structured 100-day training program for sales professionals, emphasizing ongoing training and development[55]. Community Engagement - The company has contributed over $4.0 million in corporate sponsorships and over 50,000 employee service hours to local communities since 2016[58]. Industry Competition - The homebuilding industry is highly competitive, with the company competing against numerous national, regional, and local homebuilders, as well as existing home sales and rental markets[51]. Environmental Regulations - The company is subject to various environmental regulations that may result in delays and increased costs, particularly in environmentally sensitive areas[48]. - The company has not incurred any material unanticipated liabilities related to environmental conditions or toxic waste removal[50]. Debt and Interest Rates - The company utilizes both fixed-rate and variable-rate debt for financing, with no obligation to prepay senior notes or fixed-rate inventory obligations prior to maturity[288]. - As of December 31, 2025, the company had $527.6 million of variable rate indebtedness outstanding under the Credit Agreement[290]. - The interest rate for the variable rate indebtedness was SOFR plus 1.85%, with SOFR at 3.72% as of December 31, 2025[290]. - A hypothetical 100 basis point increase in the average interest rate above the SOFR floor would increase annual interest costs by approximately $5.3 million[290]. - The company believes that future interest rate risks related to existing indebtedness will not have a material adverse impact on its financial position, results of operations, or liquidity[291].

Exhibit 99.1 Alliant Energy Corporation Corporate Headquarters 4902 North Biltmore Lane Madison, WI 53718-2148 www.alliantenergy.com News Release FOR IMMEDIATE RELEASE "In 2025, we delivered another solid year of financial and operational results. We're executing well while investing to meet growing customer demand," said Lisa Barton, Alliant Energy President and CEO. "We have renegotiated an electric service agreement with QTS based on a new project location and our investment plan reinforces our flexibili ...

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 Delaware 06-1500476 ☐ 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.: 001-16753 AMN HEALTHCARE SERVICES, INC. (Exact Name of Registrant as Specified i ...

Table of Contents 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 Commission file number: 001-39142 PORCH GROUP, INC. (Exact name of registrant as specified in its charter) Delaware 84-2587663 (State or other jurisdiction of incorporation or organizatio ...

Financial Performance - Fourth quarter 2025 revenue was $202.2 million, with a net income of $2.1 million or $0.17 per diluted share[1] - Full year 2025 revenue totaled $791.5 million, a decrease from $816.4 million in 2024[17] - The company reported a net loss of $9,660,000 for the year ended December 31, 2025, significantly improved from a net loss of $135,326,000 in 2024[21] - Total revenue for the year ended December 31, 2025, was $791,474,000, a decrease from $816,425,000 in 2024, reflecting a decline of about 3%[44] - The company reported a net loss of $9,660 for the year ended December 31, 2025, compared to a net loss of $135,326 in 2024[36] EBITDA and Cash Flow - The company achieved an adjusted EBITDA of $23 million for Q4 2025, with full year adjusted EBITDA guidance of $90 - $110 million, representing a 16% increase[2] - Total EBITDA for the year ended December 31, 2025, was $68,654,000, compared to a loss of $43,219,000 in 2024, showing a significant recovery in operational performance[25] - Free cash flow for the full year 2025 was $80 million, with a 65% free cash flow conversion rate[3] - Free cash flow before acquisitions for the year ended December 31, 2025, was $79,968,000, down from $105,073,000 in 2024, representing a decrease of approximately 24%[40] - The free cash flow yield as of February 18, 2026, was 11%, calculated using a market capitalization of $65 million[40] Orders and Backlog - Orders for the year reached $891 million, resulting in a book-to-bill ratio of 113%[2] - The backlog as of the end of 2025 was $312 million, the highest in 11 years and 46% greater than the previous year[1] - Total orders for the three months ended December 31, 2025, were $187,197,000, slightly down from $189,955,000 in the same period of 2024[27] - The book-to-bill ratio for total orders was 0.93 for the three months ended December 31, 2025, indicating a slight decline in demand compared to 0.94 in the previous year[27] Segment Performance - Drilling and Completions revenue increased by 8% to $127 million, driven by strong demand for drilling-related capital equipment[4] - Artificial Lift and Downhole revenue decreased by 4% to $75 million, with a book-to-bill ratio of 107% due to large orders for production-related equipment[5] - The operating income for the Drilling and Completions segment was $12,835,000 for 2025, down from $17,766,000 in 2024, reflecting a decrease in operating margin from 3.8% to 2.7%[25] - The operating margin for the Artificial Lift and Downhole segment was 13.1% for the year ended December 31, 2025, slightly down from 14.1% in 2024[25] - Revenue from the Drilling and Completions segment for the three months ended December 31, 2025, was $126,916,000, accounting for 62.8% of total revenue[48] Market Outlook - The company expects revenue and EBITDA growth in 2026, supported by strong backlog and market share gains, despite a relatively flat global market activity outlook[4] - Average global rig count for 2025 was 1,818, down from 1,948 in 2024, indicating a reduction of approximately 6.7%[44] - Revenue per rig increased to $435 in 2025 from $419 in 2024, marking an increase of about 3.8%[44] Other Financial Metrics - Net cash provided by operating activities for the year ended December 31, 2025, was $70,402,000, compared to $92,191,000 in 2024, a decrease of approximately 23.6%[21] - The net leverage ratio as of December 31, 2025, was 1.2, indicating the company's ability to meet its financial obligations[42] - The adjusted operating income for the year ended December 31, 2025, was $43,727, which is 5.5% of revenue[32] - The company incurred restructuring and other costs of $633 for the three months ended December 31, 2025[29] - The diluted EPS as reported for the three months ended December 31, 2025, was $0.17, while the adjusted diluted EPS was $0.41[29]

Revenue Sources and Financial Performance - Approximately 24% of total revenue for the year ended December 31, 2025, was derived from the Medicare program through CMS[139]. - Revenue from non-contracted third-party commercial payors accounted for approximately 7% of total revenue for the year ended December 31, 2025, leading to limited visibility on payment timelines[247]. - The company has a history of operating losses and may not achieve or sustain profitability in the future[248]. - The company incurred net losses of $44.6 million and $113.3 million for the years ended December 31, 2025 and 2024, respectively, with an accumulated deficit of $803.4 million as of December 31, 2025[249]. - The company’s revenue and operating results may fluctuate significantly from quarter to quarter, influenced by factors such as seasonal variations in prescription rates[245]. Regulatory Compliance and Risks - The company faces risks related to compliance with Medicare regulations, which could result in penalties or loss of reimbursement if not adhered to[140]. - The evolving regulatory landscape may increase the risk of questions regarding the appropriateness of CPT codes used for billing[150]. - The billing process for iRhythm Services is complex and highly regulated, requiring substantial time and resources, with potential penalties for non-compliance impacting business operations[156]. - The company must navigate extensive compliance requirements for its medical devices, with non-compliance potentially leading to significant enforcement actions and financial impacts[172]. - The company is facing increased scrutiny regarding compliance with healthcare laws, which could lead to legal expenses and management distraction[221]. Competition and Market Dynamics - The market for remote cardiac monitoring solutions is highly competitive, with significant competition from both large manufacturers and smaller regional service providers[153]. - The company competes with large medical device companies and tech firms entering the digital health space, which could impact market share[155]. - The competitive landscape for medical devices is dynamic, and failure to innovate could lead to obsolescence of the company's services and decline in revenue[195]. - The company emphasizes the need for continuous development of new product offerings and enhancements to its iRhythm Services to remain competitive[196]. Research and Development - The company is in various stages of research and development for new diagnostic solutions, but there is no assurance of successful commercialization[152]. - The company has faced challenges in maintaining adequate research and development resources, which are essential for competitive positioning in the market[196]. - The company is focused on proactive monitoring of undiagnosed arrhythmias, but there are risks that the clinical community may not adopt the necessary screening criteria[210]. - The company may pursue acquisitions of complementary companies or technologies, but there is no guarantee that these will result in commercially viable products or significant future revenues[211]. Supply Chain and Operational Risks - The company relies heavily on iRhythm Services for revenue, which is expected to account for substantially all revenue for the foreseeable future[152]. - The company relies on third-party vendors for critical components of the iRhythm ACM Systems, exposing it to risks related to supply chain disruptions[188]. - The company may experience production delays due to reliance on single suppliers for key components, which could impair its ability to meet demand for iRhythm Services[189]. - The company faces risks related to manufacturing an adequate supply of iRhythm ACM Systems to meet demand and maintain quality[250]. Cybersecurity and Data Protection - Cybersecurity risks, including data breaches and service interruptions, could compromise confidential data and lead to significant remediation costs and reputational damage[280]. - A recent cybersecurity incident involving a third-party vendor caused a temporary delay in billing, impacting cash collections[281]. - The evolving nature of cyber threats may require the company to allocate significant resources to enhance protective measures and address vulnerabilities[284]. - Compliance with various cybersecurity regulations is critical, as failure to meet these standards could lead to enforcement actions, product recalls, or operational disruptions[287]. Financial Management and Capital Structure - The company may require additional capital to support growth, which might not be available on acceptable terms, potentially leading to dilution for stockholders[251]. - The company is exposed to risks related to its increased debt, which may adversely affect its financial health and operational flexibility[305]. - Servicing the company's debt requires significant cash flow, which may not be sufficient in the future to meet its obligations[307]. - The conversion of the 2029 Notes may dilute existing stockholders' ownership interests and potentially depress stock prices[313]. International Expansion and Regulatory Compliance - International expansion efforts are focused on markets such as the Philippines, the EU, the UK, Switzerland, and Japan, but these efforts expose the company to various operational and regulatory risks[200]. - The company faces significant risks associated with compliance with multiple international regulations, including the UK MDR and EU AI Act, which could impact its operations and market access[207]. Legal and Intellectual Property Risks - The company faces risks related to intellectual property infringement claims, which could lead to significant costs and operational disruptions[266]. - Numerous patents issued to third parties may relate to the company's iRhythm ACM Systems, increasing the risk of infringement claims as competition in the remote cardiac monitoring market grows[267]. - If found to infringe on patents, the company could incur substantial damages, including potential treble damages for willful infringement, which could adversely affect financial conditions[271]. Future Outlook and Strategic Initiatives - The company is exploring opportunities to expand into the sleep apnea screening and diagnostics market, which requires significant investment and carries unique regulatory requirements[215]. - The company anticipates that new products developed from BioIS's technologies will require validation and regulatory approval, impacting commercialization timelines[214]. - The company does not expect meaningful revenue from sleep apnea opportunities in the near future, risking competitive threats if competitors act more quickly[215].

Financial Performance - Total management fees for the year ended December 31, 2025, were $426 million, an increase from $402 million in 2024 [26] - Total operating revenues for 2025 were $558 million, compared to $514 million in 2024, reflecting a growth of approximately 8.6% [26] - Net income for 2025 was $45 million, significantly up from $19 million in 2024, indicating a growth of approximately 136.8% [26] - Fee-related earnings for 2025 were $185 million, up from $166 million in 2024, representing an increase of about 11.4% [26] - Adjusted net income for 2025 was $166 million, compared to $141 million in 2024, marking a growth of approximately 17.7% [26] Assets Under Management (AUM) - As of December 31, 2025, the company had $90.9 billion in assets under management (AUM) [23] - Private Markets represent $64.1 billion of AUM, accounting for 71% of total AUM [29] - Absolute Return Strategies managed $26.8 billion of AUM, or 29% of total AUM [30] - Total sustainable investments AUM reached $31.2 billion as of December 31, 2025 [33] - The firm had $72.5 billion in fee-paying AUM (FPAUM) plus approximately $10.4 billion of contracted not yet fee-paying AUM (CNYFPAUM) as of December 31, 2025 [44] Client Base and Market Reach - The client base includes large institutional investors and a growing number of individual investors, highlighting the company's diverse market reach [24] - Existing clients contributed over 82% of total capital raised in 2025 [35] - Approximately 43% of total AUM as of December 31, 2025, came from clients based outside of the Americas, showcasing the company's global reach [155] - Individual investors accounted for about 5% of AUM as of December 31, 2025, with $1.5 billion of new capital raised from individuals over the past three years, indicating growth potential in this segment [156] Investment Strategies and Performance - The company aims to provide innovative alternative investment offerings and generate competitive risk-adjusted returns for its clients [24] - The company achieved an annualized return of 18.8% for co-investments/direct investments since inception in 2009, outperforming the S&P 500 by 4.3% [68] - The company has outperformed market benchmarks across all private market strategies on an inception-to-date basis as of September 30, 2025 [67] - The Net IRR for private equity primary fund investments is 12.5%, while secondaries investments have a Net IRR of 13.3% and co-investments/direct investments have a Net IRR of 16.2% [140] Operational and Compliance Aspects - The operational due diligence team conducts assessments including third-party background investigations, operational capabilities reviews, and legal structuring reviews [128] - The investment committee requires a majority vote for approval of prospective investments after comprehensive due diligence [127] - The company is subject to regulatory oversight in multiple jurisdictions, including the EU, U.K., Japan, and Hong Kong, which imposes various compliance obligations [195][197] - Compliance with data privacy and cybersecurity laws, such as the CCPA and EU GDPR, is critical, as failures could lead to significant fines and reputational harm [204][205] Growth and Strategic Initiatives - The company opened new offices in Toronto, Frankfurt, and Sydney to expand its global footprint and client base [80] - The Elevate strategy, launched in 2022, closed its first fund in 2024 with approximately $800 million of capital, focusing on small and emerging managers [85] - GCM Grosvenor is actively investing in new technologies to enhance its investment strategies, with a budget allocation of D million for R&D in the upcoming year [14] - The company is exploring strategic acquisitions to bolster its market position, with a focus on firms that complement its existing service offerings [14] Future Outlook - The company provided an optimistic outlook for the next fiscal year, projecting revenue growth of C% driven by new product launches and market expansion initiatives [14] - The company anticipates a continued increase in demand for its specialized funds, projecting a growth rate of H% in the next quarter [14]