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 28, 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 1-15295 TELEDYNE TECHNOLOGIES INCORPORATED (Exact name of registrant as specified in its charter) Delaware 25-1843385 ( ...

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 001-42436 MOUNTAIN LAKE ACQUISITION CORP. (Exact name of Registrant as specified in its Charter) Cayman Islands 98-1796213 (State or othe ...

FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 001-42436 MOUNTAIN LAKE ACQUISITION CORP. (Exact name of Registrant as specified in its Charter) Cayman Islands 98-1796213 (State or othe ...

Financial Performance - Total assets under management (AUM) reached approximately $1.5 billion, a 12% increase from the prior quarter and 5% higher year-over-year[2] - Operating revenue increased by $259,000, or 11.5%, compared to the prior quarter, totaling $2.51 million[16] - The company's income before taxes was $535,000, a significant improvement from a loss of $116,000 in the same quarter last year[2] - The effective tax rate for the quarter was elevated due to a tax expense of approximately $1.3 million related to HIVE convertible securities[3] - The company had net working capital of approximately $36.7 million and $25.2 million in cash and cash equivalents as of December 31, 2025[14] Shareholder Returns - The company's shareholder yield as of December 31, 2025, was 9.89%, more than double the yield on five-year and ten-year Treasury bonds[4] - A monthly dividend of $0.0075 per share was approved by the Board, starting January 2026[4] - The company repurchased 262,195 shares during the three-month period ended December 31, 2025[5] Market Trends - Gold demand exceeded 5,000 metric tons in 2025, with an annual value of approximately $555 billion, up 45% year-over-year[9] - Goldman Sachs raised its year-end 2026 gold forecast to $5,400 per ounce, citing continued demand from central banks[13]

Tenant and Revenue Concentration - As of December 31, 2025, the company's 10 largest tenants accounted for 64.4% of total Annual Recurring Revenue (ARR), with the largest tenant, the USG, representing 35.4%[53] - 90.3% of the company's ARR was derived from its Defense/IT Portfolio, indicating a heavy reliance on government spending and contracts[55] - The company developed 33 data center shells totaling 6.3 million square feet for a Fortune 100 cloud computing customer, which accounted for 11.3% of its ARR as of December 31, 2025[56] Economic and Market Conditions - The Greater Washington, DC/Baltimore region's economy faced challenges in 2025 due to federal spending reductions and a 43-day government shutdown, but the company has not been significantly affected due to the unique demand for its Defense/IT Portfolio[57][58] - The commercial real estate market is highly competitive, with numerous properties vying for tenants, which could pressure occupancy and rental rates[62] - The company is subject to various external factors, including economic conditions and tenant performance, which could influence financial outcomes[91] Risks and Liabilities - The company may face risks related to the inability to renew leases on favorable terms, which could lead to increased vacancy rates and higher leasing costs[59] - The company may encounter significant declines in real estate value due to broader economic conditions, which could lead to impairment losses and affect borrowing capacity[61] - The company is subject to various environmental liabilities and regulations that could impose substantial costs and affect property values[68][72] - Increased costs of insurance and limitations on coverage could adversely impact the company's financial position and ability to execute growth strategies[75] - Cybersecurity risks, including potential breaches and disruptions, could significantly impact operations and financial condition[93] - The company faces risks of default if unable to refinance or meet debt service obligations, potentially leading to foreclosure on secured properties[84] Financial Position and Debt - COPT Defense has $2.8 billion in debt as of December 31, 2025, with future maturities impacting cash flow and operational capabilities[81] - As of December 31, 2025, COPT Defense's total debt obligations amount to $2.58 billion, with a weighted average interest rate of 3.16%[216] - The fair value of COPT Defense's debt was $2.7 billion as of December 31, 2025, an increase from $2.2 billion as of December 31, 2024[218] - If interest rates had been 1% lower, the fair value of fixed-rate debt would have increased by approximately $88 million as of December 31, 2025[218] - COPT Defense's interest expense would have increased by approximately $512,000 in 2025 if the applicable variable index rate was 1% higher, indicating higher sensitivity to interest rate changes compared to 2024[219] REIT Status and Tax Implications - The company must distribute at least 90% of its annual taxable income to maintain REIT status, which may limit investment funding from retained cash flow[79] - COPT Defense has qualified for taxation as a REIT since 1992 and plans to continue meeting REIT requirements, which include deriving at least 95% of gross income from specified sources and distributing at least 90% of annual taxable income to shareholders[104] - If COPT Defense fails to qualify as a REIT, it would face federal income tax at regular corporate rates, significantly reducing funds available for investments and distributions to shareholders[106] - Changes in U.S. federal tax laws could negatively impact COPT Defense's operating results and financial condition, potentially affecting shareholder value[107] Growth Opportunities and Challenges - Future growth may be hindered by the loss of development opportunities or suitable land for data center shells, which are critical for the company's strategy[56] - Disruptions in global financial markets may affect COPT Defense's ability to access capital necessary for operations and investments[105] - COPT Defense's tenants may face operational disruptions that could affect their lease obligations and overall business sustainability[105] Shareholder Considerations - A downgrade in credit ratings could adversely impact capital costs and availability, as well as the market price of common shares[87] - The company may issue additional common or preferred equity, which could dilute existing shareholders' interests[88] - Restrictions in the Declaration of Trust may delay or prevent advantageous transactions or changes in control for shareholders[101] Technology and Innovation - The deployment of artificial intelligence (AI) technology is limited, presenting both opportunities and risks that could affect business operations[96] - The company is exposed to market risks, particularly changes in interest rates, which could lead to increased interest expenses under variable-rate debt[215]

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: 001-32269 EXTRA SPACE STORAGE INC. (Exact name of registrant as specified in its charter) Maryland 20-1076777 (State or other jurisdic ...

Acquisitions and Growth - Asbury Automotive Group completed the acquisition of The Herb Chambers Companies for approximately $1.76 billion, increasing its footprint in the northeast region of the United States[27]. - The company also acquired the Jim Koons Automotive Companies for about $1.50 billion, diversifying its geographic mix into the greater Washington-Baltimore region[29]. - The company has experienced significant growth through acquisitions, including the Koons acquisition in 2023 and the Herb Chambers acquisition in 2025, leading to increased sales and assets[99]. - The acquisition of the Herb Chambers dealership group, which includes 33 dealerships and 52 franchises, is expected to positively contribute to the company's overall revenue objectives[63]. - The Company completed the Herb Chambers acquisition on July 21, 2025, for approximately $1.76 billion, acquiring 33 dealerships and three collision centers[217]. Financial Performance - Consolidated revenue for the year ended December 31, 2025, increased to $18.00 billion, up from $17.19 billion in the prior year, representing a growth of 4.7%[222]. - Consolidated gross profit for the year ended December 31, 2025, rose to $3.07 billion, compared to $2.95 billion for the prior year, marking an increase of 4.1%[222]. - The increase in revenue and gross profit was primarily driven by the Herb Chambers acquisition and growth in parts and services gross profit, despite lower gross profit per vehicle sold for new vehicles[222]. - The company recognized asset impairment charges of $141.0 million associated with manufacturer franchise rights and goodwill for the year ended December 31, 2025[108]. - The company's transaction-adjusted net leverage ratio was 3.2x as of December 31, 2025, compared to 2.9x as of December 31, 2024, indicating an increase in leverage[60]. Revenue Sources - As of December 31, 2025, Asbury operated 223 new vehicle franchises across 15 states, with a diverse revenue base that includes new and used vehicle sales, parts and services, and finance and insurance products[40]. - New vehicle revenues for the year ended December 31, 2025, included 32% from luxury franchises, 40% from import franchises, and 28% from domestic franchises[40]. - The company's Dealerships segment revenues are primarily derived from new vehicle sales, used vehicle sales, parts and service, and third-party vehicle financing[209]. - The TCA segment revenues are derived from the sale of various vehicle protection products, including vehicle service contracts and GAP[211]. Operational Strategy - The company emphasizes a diversified mix of products and services to minimize reliance on any single manufacturer and maintain profitability[25]. - The company is focused on improving profitability through the integration of TCA's full-suite F&I products across its dealership portfolio, anticipating higher profitability than third-party F&I products[56]. - The company invests in technology to enhance customer experience and operational efficiency, aiming for a more efficient guest experience at a lower cost[55]. - The company evaluates its dealership network continuously, making strategic investments to enhance capacity and customer experience[61]. - The company aims to create an inclusive workplace culture to attract and retain talented employees[84]. Market and Economic Conditions - The automotive retail industry is highly competitive, with the company relying on advertising, service reputation, and local branding to maintain its market position[64]. - The automotive retail industry is sensitive to economic conditions, with inflation impacting costs and consumer demand, potentially reducing profit margins[112]. - Economic conditions such as increasing interest rates and rising inflation may adversely impact demand for the Company's products and services[218]. - The automotive industry is experiencing technological advances, including electrification, which could impact sales and profitability[138]. Regulatory and Compliance Issues - The company is subject to various environmental laws and regulations, which may incur costs and capital expenditures for compliance[80]. - The company is facing significant regulatory pressure from the CFPB and FTC, which could materially impact its finance and insurance business[165]. - The FTC has initiated an administrative proceeding against the company and three of its dealerships, alleging violations of the FTC Act and Equal Credit Opportunity Act[165]. - The company is involved in numerous legal proceedings that could adversely affect its business and financial condition[172]. Employee and Talent Management - As of December 31, 2025, the company employed approximately 15,000 full-time and part-time employees, with no collective bargaining agreements in place[83]. - The company offers competitive compensation and benefits, including health, dental, and vision benefits, 401(k) match, and paid time off[90]. - The company has implemented a training curriculum for all store positions and guest experience training for all employees in 2024[88]. - The company emphasizes attracting and retaining top talent, investing in employee training and development to drive growth and optimize operations[57]. Risks and Challenges - Supply chain disruptions from natural disasters, pandemics, or geopolitical events could materially affect the flow of vehicle and parts inventories[121]. - Changes in consumer preferences, particularly towards electric and hybrid vehicles, could impact new and used vehicle sales volumes and profitability[116]. - The company may face limitations on acquiring additional franchises based on performance standards set by manufacturers[128]. - A decline in credit ratings or disruptions in credit markets could limit the company's liquidity and operational capabilities[149].

Business Operations - YUM operates over 63,000 restaurants across 155 countries, with system sales totaling $68.295 billion in 2025[18] - Approximately 97% of YUM's restaurant units are operated by independent franchisees, with 40% of franchised units in mainland China operating under master franchise agreements[29] - The company has a Master License Agreement with Yum China, its largest franchisee, which is crucial for its operations in mainland China[65] - The company has approximately 61,000 franchise restaurants globally, employing over 1 million people, creating numerous part-time, entry-level opportunities[50] - YUM's KFC division has 33,897 units, with 99% operated by franchisees, while the Habit Burger & Grill division has 384 units, with only 22% franchised[18] - The company does not consider its operations to be seasonal, indicating stable performance throughout the year[43] Financial Performance - System sales growth for 2025 was reported at +4%, with same-store sales growth of +3%[194] - Company sales reached $2,945 million in 2025, a 15% increase from $2,552 million in 2024[196] - Net income for 2025 was $1,559 million, reflecting a 5% increase compared to $1,486 million in 2024[196] - Diluted EPS for 2025 was $5.55, up 6% from $5.22 in 2024[196] - Franchise sales increased to $65,350 million in 2025, compared to $62,914 million in 2024, marking a growth of 3.4%[198] - Core operating profit for 2025 was $2,684 million, compared to $2,572 million in 2024, indicating a growth of 4.4%[201] Strategic Initiatives - The company is reviewing strategic options for the Pizza Hut brand, aiming to complete this review in 2026[17] - The company emphasizes a strategy focused on customer needs, franchisee performance, and leveraging technology for growth[27] - The company has initiated a process to explore strategic options for the Pizza Hut brand to maximize long-term value creation, with no assurance of a successful transaction outcome[72] - Significant expenses are expected in connection with the strategic review of Pizza Hut, which may divert management's attention and disrupt business operations[74] Technology and Digital Sales - Digital sales approached $40 billion in 2025, accounting for nearly 60% of overall system sales[36] - The Byte by Yum! platform was introduced in 2025, enhancing operational efficiency and customer experience through AI-driven solutions[35] - The company is investing significantly in digital and technology capabilities, including AI, but faces risks related to the rapidly evolving legal and regulatory landscape[95] - There is an increasing dependence on digital commerce and delivery platforms, and any failure to effectively implement these initiatives could adversely affect sales growth[96] Risks and Challenges - The company faces risks related to food safety and potential catastrophic events, which could disrupt operations and affect growth prospects[56][57] - The company may face significant tax liabilities related to the Yum China spin-off if the IRS challenges the tax-free status of the transaction[129][130] - The company faces significant foreign currency risks, particularly with fluctuations in the value of the U.S. dollar against currencies like the Chinese Renminbi, which could adversely affect reported earnings[82] - Cybersecurity incidents pose a risk to the company's financial results and growth prospects, with a ransomware attack in January 2023 impacting certain IT systems and resulting in the closure of fewer than 300 restaurants for one day[86] - The company faces challenges due to labor shortages and increased labor costs, which may adversely affect operations and growth prospects[110] Market Environment - The retail food industry is highly competitive, with various types of competitors, and the company does not constitute a significant portion of the industry in terms of system units or sales[44] - The company’s growth may be impacted by franchisee financial distress, which could hinder new unit development and operational profitability[61][69] - The company is subject to evolving ESG expectations, which may increase compliance costs and management focus, potentially impacting financial results[119] Employee Engagement and Culture - The company is focused on building a culture of engagement and opportunity among employees, which is integral to its growth strategy[51][54] - As of December 31, 2025, the company employed approximately 49,000 persons, with about 90% working in restaurants, and 80% of U.S. restaurant general managers promoted from within[49][50] Legal and Regulatory Compliance - The company is subject to numerous global data privacy laws, including the E.U.'s GDPR, which impose strict requirements and significant penalties for noncompliance[90] - Compliance with Payment Card Industry Data Security Standards is critical; failure to do so could result in civil liability and increased costs[89] - Legal and regulatory complexities, including labor laws and health regulations, may adversely affect business operations and growth prospects[123] Capital Structure and Shareholder Returns - As of December 31, 2025, the company's total outstanding short-term borrowings and long-term debt was approximately $12.0 billion[137] - The Company declared and paid four cash dividends of $0.71 per share in 2025, with a new dividend of $0.75 per share declared for March 6, 2026[171] - The Company has remaining capacity to repurchase up to $1.1 billion of Common Stock under the authorized $2.0 billion share repurchase program[172]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K 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: 001-35477 Regional Management Corp. (Exact name of registrant as specified in its charter) Delaware 57-0847115 (State or other jurisdiction of incorporation or organization) 979 Batesville Road, Suite B Greer, South Caroli ...

Revenue and Financial Performance - Total revenues from Investment Banking & Equities and Investment Management segments include fees for services, transaction-related client reimbursements, and other revenue, with net revenues reflecting total revenues less interest expense[169]. - Revenue trends in the advisory business are correlated to M&A activity, restructuring activity, and capital advisory activity, with fluctuations based on market conditions and client transaction completions[171]. - Net Revenues for 2025 were $3.86 billion, an increase of $876.2 million, or 29%, compared to $2.98 billion in 2024[199]. - Advisory Fees increased by $826.5 million, or 34%, to $3.27 billion in 2025, while Underwriting Fees rose by $22.6 million, or 14%[199]. - Net Revenues for 2025 were $3.77 billion, an increase of $869.2 million, or 30%, compared to $2.90 billion in 2024, driven primarily by a 34% increase in Advisory Fees[220]. - Total Number of Fees from Advisory and Underwriting Client Transactions increased to 806 in 2025, up 8% from 748 in 2024, with fees of at least $1 million rising by 16% to 529[219]. - The company recorded a net gain of $25.7 million from its exchange-traded funds portfolio for the year ended December 31, 2025[276]. Expenses - Total Expenses for 2025 were $3.07 billion, an increase of $613.2 million, or 25%, compared to $2.45 billion in 2024[202]. - Employee Compensation and Benefits Expense was $2.50 billion in 2025, reflecting a 27% increase from $1.97 billion in 2024[202]. - Non-Compensation Expenses were $565.0 million in 2025, up 20% from $471.3 million in 2024, driven by increased technology and information services costs[203]. - Interest Expense increased by $7.5 million, or 45%, to $24.3 million in 2025 due to the issuance of new senior notes[201]. - Non-Compensation expenses were $548.3 million in 2025, up 20% from $456.3 million in 2024, primarily due to increased technology and information services expenses[223]. Assets Under Management (AUM) and Wealth Management - Assets Under Management (AUM) in Wealth Management reached $15.5 billion at December 31, 2025, a 12% increase from $13.9 billion at December 31, 2024[231]. - Wealth Management experienced inflows of $1.583 billion and outflows of $1.344 billion in 2025, contributing to a market appreciation of $1.379 billion[234]. - The composition of AUM for Wealth Management as of December 31, 2025, included 67% in equities, 18% in fixed income, 10% in liquidity, and 5% in alternatives[234]. - Wealth Management lagged the S&P 500 by approximately 11% and 5% on a 1 and 3-year basis, respectively[236]. - Wealth Management AUM increased by 12% in 2025, driven by a 10% market appreciation and 2% net inflows[236]. Taxation and Deferred Tax Assets - The provision for income taxes in 2025 was $153.1 million, with an effective tax rate of 19.3%, down from 21.6% in 2024[206]. - The company estimates it must generate approximately $1.8 billion of future taxable income to realize the gross deferred tax asset balance of $446.9 million[321]. - The deferred tax balance is expected to reverse primarily over a period ranging from 5 to 15 taxable years[321]. - The majority of the deferred tax assets relate to the U.S. operations of the company, with management concluding that it is more-likely-than-not the deferred tax assets will be realized[320]. - Significant management judgment is required in determining the provision for income taxes and deferred tax assets and liabilities[316]. Compensation and Incentives - Employee Compensation and Benefits Expense rose to $52.4 million in 2025, a 14% increase from $46.1 million in 2024, due to higher salaries and incentive compensation[240]. - The company anticipates cash distributions to named executive officers in lieu of cash incentive compensation for 2023, 2024, and 2025, reflecting a strategic compensation approach[183]. - The performance period for the 2021 Long-term Incentive Plan ends on December 31, 2024, with cash distributions planned for 2025, indicating a structured incentive framework[185]. Investment and Financial Position - Cash, Cash Equivalents, and Restricted Cash increased to $1.4 billion at December 31, 2025, up $554 million from $882.1 million in 2024[245]. - Operating activities generated a net inflow of $1.3 billion in 2025, primarily related to earnings[245]. - Cash used in investing activities was $98.3 million in 2025, mainly for furniture, equipment, and investment securities[245]. - Financing activities used $635.6 million in cash, primarily for treasury stock purchases and dividend payments[245]. - The company issued $250.0 million in senior notes on July 24, 2025, including $125.0 million of 5.17% Series K Notes and $125.0 million of 5.47% Series L Notes[262]. Risk Management and Credit Quality - The company maintains an allowance for credit losses based on historical credit loss experience and current market conditions, ensuring adequate coverage for probable losses[306]. - The company does not believe it faces any material interest rate risk, foreign currency exchange risk, equity price risk, or other market risk except as disclosed[327]. - The company recorded bad debt expense of $5.6 million for the year ended December 31, 2025, consistent with the previous year, indicating stable credit loss management[306]. - Receivables collection periods are generally within 90 days of invoice, with placement fees collected within 180 days, indicating efficient cash flow management[307]. Accounting and Revenue Recognition - The company applies ASC 606 for revenue recognition, which includes a five-step model to ensure accurate reporting of revenue streams[292]. - Advisory fees are recognized upon the announcement or closing of transactions, which may lead to variability in revenue recognition timing[295]. - Asset management fees are recognized over the period services are provided, based on the value of assets under management, ensuring alignment with performance obligations[304]. - The valuation of investments in securities impacts both the carrying value of direct investments and the determination of management fees, highlighting the importance of fair value assessments[309].