Assets Under Management - As of December 31, 2025, total assets under management (AUM) were approximately $1.5 billion, an increase of $72.1 million compared to the previous year[147] - Average AUM for the six months ended December 31, 2025, was approximately $1.4 billion, a decrease of $49.3 million from $1.5 billion for the same period in 2024[147] Operating Revenues - Total consolidated operating revenues for the three months ended December 31, 2025, increased by $279,000, or 12.5 percent, compared to the same period in 2024[157] - Total consolidated operating revenues increased by $373,000, or 8.5 percent, for the six months ended December 31, 2025, compared to the same period in 2024[165] Net Income and Loss - The net loss for the three months ended December 31, 2025, was $846,000 ($(0.07) per share), compared to a net loss of $86,000 ($(0.01) per share) for the same period in 2024[156] - The Company recorded net income of $661,000 ($0.05 per share) for the six months ended December 31, 2025, an increase of approximately $432,000 compared to $229,000 ($0.02 per share) for the same period in 2024[164] Investment Income - Net investment income totaled $541,000 for the three months ended December 31, 2025, an increase from $354,000 in the prior year period[160] - Net investment income totaled $2.8 million in the current period, compared with $1.3 million in the prior year period, reflecting a significant increase[168] Expenses - Total consolidated operating expenses decreased by $122,000, or 2.2 percent, for the six months ended December 31, 2025, primarily due to a $298,000, or 10.3 percent, reduction in general and administrative expenses[166] Tax Expenses and Benefits - Income tax expense was $1.4 million for the three months ended December 31, 2025, compared to an income tax benefit of $30,000 for the same period in 2024, representing a change of $1.4 million[160] - The Company expects to record an offsetting $1.3 million tax benefit in the quarter ending March 31, 2026, due to a tax accounting method change[163] - The Company expects to record an offsetting $1.3 million benefit in the quarter ending March 31, 2026, related to tax adjustments[172] Cash and Working Capital - The Company had net working capital of approximately $36.7 million as of December 31, 2025, a decrease of $580,000, or 1.6 percent, since June 30, 2025[173] - Cash and cash equivalents increased by $675,000, or 2.7 percent, to approximately $25.2 million since June 30, 2025[174] Shareholders' Equity - Consolidated shareholders' equity decreased by $1.0 million, or 2.3 percent, to $44.2 million since June 30, 2025, primarily due to stock repurchases[174] Credit Facilities - The Company has access to a $1.0 million credit facility, which remained unutilized as of December 31, 2025[175] Investment Management Fees - The average annualized investment management fee rate was 79 basis points for the three months ended December 31, 2025, compared to 56 basis points for the same period in 2024[151] - The average investment management fee for equity funds was 89 basis points for the three months ended December 31, 2025, compared to 68 basis points for the same period in 2024[152]

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 ☐ 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: 1-13991 MFA FINANCIAL, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the year ended December 31, 2025 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 1-9810 Accendra Health, Inc. (Exact name of registrant as specified in its charter) Virginia 54-1701843 (State or other jurisdiction of (I.R ...

Network Infrastructure - As of December 31, 2025, the company is connected to approximately 163,000 "fiber on-net" buildings across 226 metropolitan markets, serving its enterprise customer base [65]. - The company has approximately 22.0 million broadband-enabled units capable of receiving its Mass Markets broadband services across 17 states, with 4.6 million connected to fiber-based infrastructure [65]. - The company plans to continue significant investments in network modernization and expansion, including retiring aging infrastructure and simplifying legacy systems [66]. Financial Performance - The company relinquished its rights to deploy services in RDOF census blocks, resulting in a revenue reduction of $46 million and incurred fees of $49 million in the second quarter of 2025 [84]. - The company anticipates that broadband services will be a significantly smaller portion of its strategy following the recent sale of its Mass Markets Fiber-to-the-Home business [73]. Intellectual Property - The company held approximately 2,500 patents and patent applications as of December 31, 2025, and plans to expand its patent portfolio through strategic acquisitions and licensing [76]. Competition and Market Environment - The company faces intense competition in the broadband market, with pricing pressure from large communications companies and system integrators delivering high-speed fiber services [69]. - The company is subject to extensive regulation by the FCC and state commissions, impacting its revenue and operational flexibility [80]. Cybersecurity - The company is actively monitoring and adapting to evolving cybersecurity threats, requiring continuous investments in security systems [62]. Debt and Interest Rate Management - As of December 31, 2025, the company had approximately $5.9 billion in unhedged floating interest rate debt based on the secured overnight financing rate (SOFR) [364]. - A hypothetical increase of 100 basis points in SOFR would decrease the company's annual pre-tax earnings by approximately $59 million [364]. - The company has implemented strategies to manage interest rate fluctuations, including the use of derivative instruments to convert variable rates to fixed rates [363]. - The company does not hold or issue derivative financial instruments for trading or speculative purposes as of December 31, 2025 [363]. Foreign Currency Risk - The company is exposed to foreign currency risk due to conducting a portion of its business in currencies other than the U.S. dollar, which may impact operating results [365]. - Prior to the November 1, 2023 divestiture, certain European subsidiaries used local currencies as their functional currency, affecting financial reporting [365]. - The company continues to evaluate strategies to mitigate risks related to fluctuations in currency exchange rates [365]. - The company maintains policies and procedures for risk assessment, approval, reporting, and monitoring of derivative activities [363]. - The company recognizes gains or losses from international transactions, which may be influenced by changes in foreign currency rates [365]. Investor Relations - The company routinely posts important investor information on its website, including SEC filings and governance documents [108].

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: 001-35897 Voya Financial, Inc. | (Exact name of registrant as specified in its charter) | | | | | --- | --- | --- | --- | | ...

Customer Concentration and Sales - The company's 10 largest customers accounted for approximately 40% of total sales in 2025, with the largest customer being Shaw, a major consumer of Nylon 6 resin and caprolactam [100]. - The company is exposed to risks associated with customer concentration, and the loss of significant customers could have a detrimental effect on financial performance [100]. Economic and Market Risks - The company faces significant risks from economic volatility, including inflation and potential recessionary pressures, which could adversely affect sales and margins [90]. - Economic conditions and credit availability could impact the financial situation of raw material suppliers, affecting the company's ability to run production facilities at intended rates [97]. - The company is subject to risks related to international trade policies, which could affect its competitive position and demand for products [140]. - The imposition of tariffs and trade barriers could increase product prices and decrease customer demand, adversely affecting the company's financial results [141]. Operational and Production Risks - Fluctuations in raw material prices, such as cumene, natural gas, and sulfur, are critical to product costs, and inability to offset these costs could negatively impact financial results [95]. - The company relies on third-party transportation for raw materials and product shipments, and disruptions in this area could materially affect operations and financial condition [99]. - The company has experienced operational issues in the past, which could lead to unplanned downtime and negatively impact production and financial performance [92]. - Hazards associated with chemical manufacturing could lead to operational interruptions, adversely affecting productivity and profitability [105]. Financial and Capital Risks - The capital-intensive nature of the industry may require additional financing for growth and development, which may not be available on favorable terms [101]. - The company may need to make significant cash contributions to its defined benefit pension plan, which could adversely impact financial condition and cash flow [124]. - The company may need to record significant impairment charges related to goodwill, intangibles, and other long-lived assets due to various indicators such as performance changes and stock price declines [125]. - The company has restrictive covenants associated with its indebtedness that limit its ability to incur additional debt, pay dividends, or make investments [127]. - A breach of covenants could result in an event of default, leading to accelerated repayment obligations that may adversely affect the company's financial condition [129]. Regulatory and Compliance Risks - The company faces potential liabilities related to environmental regulations and may incur substantial costs if found in violation of these laws [130]. - Changes in environmental regulations could require additional capital expenditures, impacting the company's operating costs and efficiency [133]. - The company must maintain effective internal controls over financial reporting, and failure to do so could result in penalties and a decline in stock price [142]. - Difficulties in implementing internal controls may harm the company's operating results and reporting obligations, potentially affecting profitability [144]. Competitive and Technological Risks - Competition in the industry is intense, with factors such as price, product quality, and service influencing market position, and failure to innovate could adversely affect business [102]. - The adoption of AI technologies is increasing in the industry, and competitors deploying AI more effectively may gain operational advantages [121]. Cybersecurity and External Risks - The company is exposed to cybersecurity threats that could disrupt operations and result in significant financial losses [118]. - The company is exposed to risks from events beyond its control, which could adversely impact its financial condition and results of operations [126]. Shareholder and Stock Price Risks - The stock price may fluctuate significantly due to various factors, including operational results, business strategies, competition, and macroeconomic conditions [147]. - Stockholder activism could lead to increased costs and management distraction, adversely impacting business and financial results [148]. - The company cannot guarantee the timing or amount of dividends, which may be limited by the terms of its indebtedness [150]. - Future stockholder ownership percentage may be diluted due to common stock-based equity awards and potential capital-raising equity issuances [151]. - Certain provisions in the company's governing documents may discourage or prevent hostile takeovers, even if they offer stockholders a premium [152]. Interest Rate Risks - The company is exposed to interest rate risk primarily through its Revolving Credit Facility, which bears interest at floating rates [284]. - A 25-basis point fluctuation in interest rates could result in an increase or decrease of approximately $0.5 million in interest expense based on current borrowing levels [285].

Financial Performance - The company reported a net income of $600 million for the fiscal year, representing a 15% increase year-over-year[17]. - Radian Group reported consolidated pretax income from continuing operations of $791 million and net income of $618 million, or $4.39 per diluted share in 2025, compared to $846 million and $660 million, or $4.28 per diluted share in 2024[44]. - The company anticipates a revenue growth of 12% for the next fiscal year, driven by increased demand for mortgage insurance products[17]. - Radian Group's available holding company liquidity increased to $1.8 billion at December 31, 2025, up from $885 million at December 31, 2024, in preparation for the $1.67 billion Inigo acquisition[44]. - The company repurchased 13.4 million shares in 2025 at an average price of $32.06 per share, totaling $430 million[44]. - Radian Group increased its quarterly cash dividend by 4% from $0.245 to $0.255 per share, starting with the first quarter of 2025[44]. Insurance Operations - New insurance written (NIW) for the year totaled $5 billion, reflecting a 10% growth compared to the previous year[17]. - The persistency rate for insurance in force (IIF) remained strong at 85%, indicating stability in the company's portfolio[18]. - The company wrote $55.2 billion of new insurance written (NIW), increasing its insurance in force (IIF) from $275.1 billion at the end of 2024 to $282.5 billion at the end of 2025[44]. - In 2025, the company wrote $55.2 billion of first-lien Primary Mortgage Insurance, an increase from $52.0 billion in 2024, resulting in an Insurance in Force (IIF) of $282.5 billion at December 31, 2025, compared to $275.1 billion in 2024[51]. - The total direct Primary Mortgage Insurance Risk in Force (RIF) was $74.7 billion at December 31, 2025, up from $72.1 billion at the end of 2024[51]. Strategic Initiatives - The company plans to expand its market presence by entering three new states by the end of 2024, aiming for a 20% increase in market share[17]. - A new quota share reinsurance agreement was established in July 2023, expected to enhance capital efficiency by ceding 30% of NIW[17]. - The acquisition of Inigo Limited was completed for $500 million, expected to diversify the company's product offerings and enhance revenue streams[17]. - Radian entered into a definitive agreement to acquire Inigo, a Lloyd's specialty insurer, for $1.67 billion in a primarily all-cash transaction[154]. - The planned divestiture of Radian's Mortgage Conduit, Title, and Real Estate Services businesses is expected to be completed by the end of the third quarter of 2026[33]. Risk Management - The company anticipates potential losses from mortgage defaults beyond current reserves, indicating a need for careful risk management[26]. - Radian's mortgage insurance business utilizes reinsurance as a capital and risk management tool to lower the risk profile and financial volatility of its portfolio[137]. - The risk management framework includes a centralized Enterprise Risk Management function responsible for overseeing risk identification and mitigation across the organization[121]. - Radian's quality assurance function audits individual loan files to ensure compliance with underwriting guidelines, enhancing underwriting quality across its portfolio[134]. - The company faces risks related to the quality of third-party mortgage underwriting and servicing, which could impact financial results[21]. Market Conditions - Radian's financial performance is influenced by the health of the U.S. housing market, with economic conditions impacting the insurable mortgage market and credit performance[20]. - The mortgage insurance portfolio is affected by macroeconomic conditions, including interest rates, home prices, and unemployment, which influence borrowers' ability to pay their mortgages[71]. - The private mortgage insurance market was approximately 38% and 41% of the total insured mortgage market for 2025 and 2024, respectively[101]. - The default rate in the Mortgage Insurance business is subject to seasonality, with a historical fourth quarter increase in defaults and a first quarter decline[77]. - High levels of defaults and delays in foreclosures could increase the time a loan remains in the inventory of defaulted mortgage loans[81]. Regulatory Environment - Changes in regulatory requirements could impact Radian's ability to maintain capital levels necessary for compliance, affecting liquidity[21]. - Radian Guaranty is currently an approved mortgage insurer under the PMIERs, which impose comprehensive financial and operational requirements to ensure strong counterparty capacity[200]. - The PMIERs require that a mortgage insurer's Available Assets must meet or exceed its Minimum Required Assets, with increased financial requirements for defaulted loans and those with higher likelihoods of default[201]. - The federal government, through the FHFA and GSEs, plays a significant role in the U.S. housing finance system, influencing the strategic direction of housing finance[210]. - Legislative proposals for GSE reform have been debated since the FHFA became conservator in 2008, but no significant reform has advanced[209]. Technology and Innovation - The company is investing $100 million in technology development to improve underwriting processes and customer experience over the next two years[17]. - The company utilizes models, including AI and machine learning, for decision-making in underwriting and risk management, but actual results may vary from model predictions[26]. - The company employs various mathematical modeling methodologies, including AI and machine learning, to assist in decision-making across key areas such as underwriting and risk distribution[136]. - The company utilizes a "black box" pricing framework, allowing for dynamic pricing changes based on granular risk-based factors, which has become a predominant competitive factor in the mortgage insurance market[60]. - The company's pricing strategy aims to balance credit risk, profitability, and volume considerations, incorporating expected lifetime returns and projected economic value[53].

Industry Challenges - The company reported significant uncertainties in the energy industry, including fluctuations in global oil and natural gas prices, which could impact future performance [81]. - The management highlighted the ongoing transition to alternative energy sources as a critical factor affecting business conditions and growth expectations [81]. - The company has identified potential risks including fluctuations in oil prices and regulatory changes that could impact future performance [82]. Operational Efficiency - There are risks associated with the availability and increased costs of chartered vessels, which could affect operational efficiency [86]. - The company is committed to maintaining compliance with evolving environmental regulations, which may impact operational costs and strategies [86]. - The management is aware of the competitive nature of the industry and is strategizing to mitigate risks associated with contract cancellations and changes [86]. Financial Performance - The company reported a significant increase in revenue, with a year-over-year growth of 15% to $1.2 billion in the last quarter [81]. - Future financial performance will be influenced by the availability and terms of capital deployment, as well as currency exchange rate fluctuations [81]. - The company expects revenue growth to continue, projecting a 10% increase for the next quarter, driven by new product launches [81]. Technology and Innovation - The company is focused on enhancing its mobile robotics technology products, aiming to capture a larger market share in this segment [81]. - Investment in new technologies is set to increase by 25% in the upcoming fiscal year, focusing on mobile robotics and subsea solutions [81]. Market Expansion - The company plans to expand its market presence in Asia, targeting a 30% increase in sales in that region over the next two years [81]. - A strategic acquisition of a smaller competitor is anticipated to close by Q3 2026, expected to enhance service capabilities and market share [81]. Leadership and Governance - The executive team includes experienced leaders, such as Roderick A. Larson, who has been with the company since 2012 and serves as President and CEO [87]. - The executive team has undergone changes, with new appointments aimed at strengthening leadership in key operational areas [87]. - Catherine E. Dunn was appointed Vice President and Chief Accounting Officer in 2023, having joined Oceaneering in 2002 and served as Corporate Controller since 2012 [100]. - The board of directors includes M. Kevin McEvoy as Chair, with a diverse range of experience across various industries [101]. - Roderick A. Larson has been the President and CEO of Oceaneering since 2017, indicating stability in leadership [101]. - The company has a total of 15 directors as of February 13, 2026, reflecting a robust governance structure [102]. Cybersecurity - The company is enhancing its cybersecurity measures in response to increasing threats, with a budget increase of 15% allocated for this purpose [86]. Credit Market Monitoring - The company is actively monitoring credit market volatility, which could affect its financial stability and growth prospects [86].

FORM 8-K CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 20, 2026 22nd Century Group, Inc. (Exact Name of Registrant as Specified in Charter) Nevada 001-36338 98-0468420 (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.) 321 Farmington Rd., Mocksville, North Carolina 27028 (Address of ...

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 Commission file number: 0-27275 Akamai Technologies, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ...