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 January 3, 2026 For the transition period from to Commission file number 1-16247 FLOWERS FOODS, INC. (Exact name of registrant as specified in its charter) Georgia 58-2582379 (State or other jurisdiction of incorporation or organization) 1919 Flowers Circle Thomasville, Georgia 31757 (Address of principal ...

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 001-38487 Origin Bancorp, Inc. (Exact name of registrant as specified in its charter) Louisiana 72-1192928 (State ...

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 001-38487 Origin Bancorp, Inc. (Exact name of registrant as specified in its charter) Louisiana 72-1192928 (State ...

Reporting Structure and Operations - The company revised its reporting structure from four segments to three: MH communities, RV communities, and UK communities[19]. - The company acquired 11 MH and three RV properties for a total cash consideration of $457.0 million in 2025[43]. - The company sold four MH properties, three RV properties, and three development land parcels for a gross sale price of $202.6 million during the same period[43]. - The company received over 33,700 applications to live in its MH and RV properties in 2025, enhancing its resident onboarding system[36]. - The company’s Rental Program consists of over 12,510 occupied leased homes as of December 31, 2025[36]. - Approximately 34% of the total RV properties were managed by third-party managers as of December 31, 2025[32]. - The average removal rate of homes in MH communities was less than 1.0% over the five years ended December 31, 2025[39]. - The company’s UK operations are conducted through taxable REIT subsidiaries, enhancing its ability to provide services and manage properties[21]. Financial Position and Equity - As of December 31, 2025, the company owned 95.7% of the OP Units, with 126,124,022 Common OP units outstanding[23][26]. - The company has $1.0 billion in shareholder's equity from investments in the UK, Canada, and Australia, representing 14.4% of total shareholder's equity as of December 31, 2025[293]. - A 10.0% strengthening of the U.S. dollar against foreign currencies would have reduced total shareholder's equity by $101.6 million as of December 31, 2025[293]. Debt and Risk Management - All outstanding debt obligations bear interest at fixed rates, minimizing the impact of interest rate variability on operations and cash flows[290]. - The company is exposed to foreign currency exchange rate risk due to properties in the UK, Canada, and Australia, which can create volatility in results[291]. - The company has increased self-insurance exposure due to challenging insurance market conditions, resulting in higher premiums and deductibles[45]. - The company maintains a blanket insurance policy covering all properties, ensuring adequate coverage against various risks[45]. Human Capital and Employee Management - As of December 31, 2025, 50% of the workforce is female, 25% is racially or ethnically diverse, and 47% are aged 50 years and older[49]. - The company focuses on human capital management to enhance employee retention and talent development, aiming to build a competitive business[46]. - The company conducts ongoing pay equity analyses to ensure fair compensation for employees, aiming to be competitive in the real estate industry[50]. Strategic Direction - The company shifted its strategy in 2023 towards optimizing rental rate growth and operating efficiencies while pursuing select acquisitions[42]. - The company actively seeks to minimize health, safety, and environmental risks through compliance with safety laws and ongoing training[52].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-39189 UWM HOLDINGS CORPORATION (Exact name of registrant as specified in its charte ...

Portfolio Overview - The consolidated lodging portfolio consists of 76 luxury and upper-upscale hotels with approximately 41,700 rooms, primarily located in the U.S.[30] - The company owns 76 hotels and has minority interests in an additional 90 hotels through joint ventures[208] - The consolidated portfolio includes 29 hotels with more than 500 rooms, and the average age of the properties is 38 years, benefiting from significant renovations[82] - The hotel portfolio is primarily luxury and upper upscale, with 62.9% of revenues coming from Marriott-branded hotels, including 25 Marriott hotels contributing 35.3% of total revenues[84] - No individual market represents more than 9% of total hotel revenues, indicating a geographically diverse portfolio[89] Financial Performance - Total revenues for 2025 increased by 7.6% to $6,114 million compared to $5,684 million in 2024[216] - Net income rose by 9.8% to $776 million in 2025, up from $707 million in 2024[216] - Operating profit decreased by 2.3% to $855 million, with an operating profit margin under GAAP of 14.0%, down 140 basis points from 15.4% in 2024[216] - Adjusted EBITDAre for 2025 was $1,757 million, reflecting a 4.6% increase from $1,680 million in 2024[216] - Diluted earnings per common share increased by 11.1% to $1.10, compared to $0.99 in 2024[216] - NAREIT FFO per diluted share rose by 3.0% to $2.03, up from $1.97 in 2024[216] Investment Strategy - The company aims to generate superior long-term risk-adjusted returns through asset appreciation, earnings growth, and dividend payments[32] - The strategy includes a geographically diverse portfolio targeting major urban and resort destinations with favorable supply and demand dynamics[32] - The company focuses on acquisitions in the top 25 U.S. markets and considers high-growth potential hotels in other markets[33] - The investment-grade balance sheet allows for a flexible capital structure, targeting a net debt-to-EBITDA ratio to maintain an investment-grade rating[46] - The company plans to continue its capital recycling program, including strategic dispositions of assets that do not meet return expectations[39] Market Conditions - The U.S. lodging industry is experiencing low overall hotel supply growth, influenced by factors such as capital availability, interest rates, and construction costs[59] - In 2025, there was an increase in supply for upscale and luxury properties due to conversions from independent properties, despite overall hotel supply growth remaining low[59] - The company faces competition from online short-term rentals and other REITs for property acquisitions and investment opportunities[99] - The company’s hotel sales are influenced by economic conditions, including inflation, unemployment rates, and potential economic recessions[111] - Hotel supply growth is anticipated to remain below historical averages due to project delays and financing challenges[227] Operational Challenges - Significant capital expenditures are planned for renovations and enhancements to maintain hotel competitiveness, typically occurring every 7 to 10 years[42] - Ongoing renovations and capital expenditures are necessary to maintain competitiveness, but they may lead to reduced operating performance during construction[136] - Labor disputes and negotiations with unionized labor could disrupt hotel operations and increase costs, particularly in New York City[134] - The company does not control hotel operations directly, relying on third-party managers, which may lead to conflicts of interest and operational risks[130] Environmental and Regulatory Factors - The company is committed to responsible investment strategies, focusing on environmental stewardship, social responsibility, and governance[48] - The company is subject to various environmental laws and regulations that may impose liabilities for hazardous substances, although no material claims are currently pending[102] - Environmental liabilities could arise under various laws, potentially leading to significant costs for investigation and remediation of hazardous substances[176] - Changes in government legislation regarding climate change may lead to increased capital expenditures for energy efficiency improvements[151] - Compliance with the Americans with Disabilities Act and other regulations may require substantial capital expenditures, potentially impacting financial condition and results of operations[174] Cybersecurity and Risk Management - Cybersecurity risks pose a significant threat, with past breaches at Marriott highlighting vulnerabilities in information technology systems[144] - The company maintains cyber insurance, but coverage limits may not fully protect against all potential losses from cybersecurity incidents[147] - The company has developed a cybersecurity risk management program aligned with the NIST Cybersecurity Framework to protect critical systems and information[180] - The Audit Committee oversees the cybersecurity risk management program and receives semi-annual updates on information security and cyber risks[185] - The company relies on third-party managers for hotel operations, which may expose it to cybersecurity risks from those managers' systems[183] Employee and Workforce Dynamics - As of February 20, 2026, the company had 162 employees with a voluntary turnover rate of 4% and a total turnover rate of 5% in 2025[104] - The workforce consists of 45% men and 55% women, with 37% minorities, and 21% of management positions held by minorities[105] Joint Ventures and Investments - The company has made a $211.5 million capital commitment to Noble Hospitality Fund V, representing a 21.15% ownership interest in the fund, which owns 87 select service and extended stay hotels[92] - The company owns a 67% interest in a joint venture that includes a 131-unit vacation ownership development in Maui, Hawaii[95] - The joint venture with White Lodging Services owns a 255-room Hyatt Place in Nashville, with a $60 million mortgage loan agreement extended to August 2029[96] - The company has a 49.9% interest in a joint venture owning the 650-room Fort Lauderdale Marriott Harbor Beach Resort & Spa, with a $176 million mortgage loan outstanding[97] - In 2025, the company exited its Asia investment by selling its 36% share in two joint ventures in India[98]

Financial Performance - LivaNova reported a total revenue of $1.2 billion for the fiscal year ended December 31, 2023, representing a 10% increase compared to the previous year[7]. - The company achieved a gross margin of 65%, up from 62% in 2022, indicating improved operational efficiency[7]. - LivaNova's net revenue for the year ended December 31, 2025, was distributed as follows: 53% from the U.S., 19% from Europe, and 28% from the Rest of the World[48]. - LivaNova reported a total revenue of $1.2 billion for the year ended December 31, 2022, representing a 10% increase compared to the previous year[16]. - The company reported a net income of $150 million for 2022, reflecting a 5% increase from the previous year[16]. Research and Development - LivaNova's R&D expenses increased to $150 million, accounting for 12.5% of total revenue, as the company focuses on new product development and innovation[7]. - LivaNova is investing $100 million in R&D for new product development, including advancements in VNS Therapy and new Cardiopulmonary devices[16]. - LivaNova's R&D investment emphasizes technological advancements, including AI and software improvements, to maintain market leadership[45]. - LivaNova's R&D investment focuses on product design, technology, AI, and clinical study programs to maintain market leadership and address unmet patient needs[45]. - In June 2025, LivaNova completed the CORE-VNS study, reporting 36-month data showing reductions in seizure frequency among individuals with DRE treated with VNS Therapy[36]. - In 2024, preliminary results from the RECOVER clinical study for unipolar depression did not meet primary endpoints but showed significant improvements in secondary endpoints related to quality of life[40]. Market Strategy and Expansion - The company plans to expand its market presence in Asia, targeting a 20% growth in that region by 2025[7]. - LivaNova's market expansion strategy includes entering three new international markets by the end of 2024, targeting a 10% market share in each[16]. - LivaNova has initiated a restructuring plan aimed at enhancing focus on its core Cardiopulmonary and Neuromodulation segments, expected to yield $50 million in annual savings[7]. - The company plans to initiate a restructuring plan in Q1 2024 to enhance focus on its core segments, aiming for a 20% reduction in operational costs by 2025[16]. - LivaNova's commitment to sustainability includes a goal to reduce carbon emissions by 30% by 2025, aligning with global environmental standards[7]. Product Development and Innovation - User data showed a 15% increase in the adoption of VNS Therapy systems, with over 50,000 patients treated globally[7]. - LivaNova's new product launch, the Hemolung Respiratory Assist System, is projected to generate $100 million in revenue within the first two years of its release[7]. - The Cardiopulmonary segment includes products such as HLMs, oxygenators, and autotransfusion systems, which are essential for various heart-related medical procedures[25][26]. - The Neuromodulation segment focuses on devices for treating drug-resistant epilepsy (DRE) and treatment-resistant depression (DTD), including the VNS Therapy System[31][33]. - The company received FDA approval for the aura6000 System for obstructive sleep apnea (OSA) and announced that the OSPREY clinical trial met its primary endpoints for efficacy and safety in 2024[42][43]. Competitive Landscape - The company faces increasing competitive pressure leading to downward pricing trends as hospitals seek to reduce costs through centralized purchasing and limiting vendor participation[51]. - LivaNova's primary competitors in the Cardiopulmonary and Neuromodulation product groups include Terumo Medical Corporation, Medtronic plc, and Haemonetics Corporation[54]. Regulatory Compliance - LivaNova must comply with extensive government regulations for product approval, including the FDA's 510(k) clearance and PMA processes, which can be costly and time-consuming[57]. - The EU's MDR requires compliance by December 2027 or 2028, with penalties for non-compliance potentially including fines and revocation of marketing authorization[58]. - Under GDPR, LivaNova faces potential fines of up to €20 million ($23.5 million) or 4% of total worldwide annual net revenue for non-compliance with data protection regulations[65]. - The company is subject to various environmental regulations that may increase compliance costs and expose it to liabilities related to hazardous substances[66]. - LivaNova's operations are governed by anti-corruption laws such as the FCPA and the UK Bribery Act, which could lead to civil or criminal sanctions if violated[68]. Employee Engagement and Corporate Culture - The company had approximately 3,300 employees worldwide as of December 31, 2025, representing over 80 nationalities[82]. - Over 94% of employees participated in the most recent engagement survey, indicating strong employee engagement and satisfaction[85]. - LivaNova's proactive talent acquisition strategies and competitive compensation have been significant drivers of the company's success[83]. - The company is committed to maintaining a diverse and inclusive workplace, supporting various employee affinity initiatives[90]. - LivaNova's performance management process aims to enhance employee skills and capabilities through regular feedback and training[86]. Economic and Market Conditions - The company continues to monitor economic developments, including inflation and raw material costs, which may impact production costs and pricing behavior[71]. - LivaNova is subject to various healthcare regulations, including the Anti-Kickback Statute and False Claims Act, which impose significant compliance costs[79]. - The company employs a multifactorial approach to price setting to reflect the value of its specialized products while providing cost efficiencies to customers[71]. - LivaNova's products are subject to approval from third-party payers for coverage and reimbursement, impacting demand for new devices[70].

Retirement Segment Performance - Retirement segment's total first year premium (FYP) and deposits reached $22,361 million in 2025, up from $20,922 million in 2024, and $15,806 million in 2023, representing a growth of 6.4% year-over-year[30]. - Registered Indexed Linked Annuities (RILAs) contributed $15,366 million to FYP in 2025, an increase of 7.8% from $14,254 million in 2024 and a significant rise from $11,334 million in 2023[30]. - Total net flows for the Retirement segment were $24,855 million in 2025, compared to $23,293 million in 2024 and $18,139 million in 2023, indicating a growth of 6.7% year-over-year[32]. - The Retirement segment's average value (AV) by market as of December 31, 2025, was $174,885 million, up from $151,198 million in 2024[35]. - Equitable Advisors accounted for 38% of individual annuity FYP in 2025, while Third-Party Distribution represented 62%[36]. - The Retirement segment includes a spread lending program that generates spread-based income through Funding Agreement Backed Notes (FABN) and collateralized borrowings[35]. - The company offers a suite of tools and services for retirement plan participants, enhancing client engagement and education[28]. Asset Management Overview - Asset Management business reported approximately $866.9 billion in assets under management (AUM) as of December 31, 2025, with institutional clients representing 41% of AUM[48]. - Total Assets Under Management (AUM) reached $866.9 billion in 2025, up from $792.2 billion in 2024, representing a year-over-year increase of 9.4%[65]. - Institutional AUM grew to $354.2 billion in 2025, compared to $321.4 billion in 2024, marking a 10.4% increase[65]. - Retail AUM increased to $356.4 billion in 2025, up from $334.3 billion in 2024, reflecting a growth of 6.3%[65]. - Private Wealth Management AUM rose to $156.3 billion in 2025, compared to $136.5 billion in 2024, indicating a growth of 14.5%[65]. - Actively Managed Equity AUM was $278.0 billion in 2025, up from $263.4 billion in 2024, showing a 5.2% increase[66]. - Total Fixed Income AUM reached $295.8 billion in 2025, compared to $281.1 billion in 2024, representing a growth of 5.5%[66]. - Average AUM by distribution channel for Institutions was $337.6 billion in 2025, up from $322.9 billion in 2024, a growth of 4.5%[70]. - The average AUM for Retail was $343.5 billion in 2025, compared to $315.3 billion in 2024, reflecting an increase of 8.9%[70]. Financial Performance - Total revenues for the year ended December 31, 2025, reached $4,593 million, a slight increase from $4,559 million in 2024 and $4,261 million in 2023[75]. - The net revenues after interest expense for 2025 were $4,530 million, compared to $4,474 million in 2024 and $4,153 million in 2023[75]. - Distribution revenues for 2025 were $818 million, an increase from $727 million in 2024 and $586 million in 2023[75]. - Investment losses for 2025 were reported at $(31) million, compared to $(13) million in 2024 and $14 million in 2023[75]. Employee and Organizational Insights - The company has approximately 8,000 full-time employees, with 4,500 employed by AB as of December 31, 2025[201]. - 89% of employees reported feeling confident in balancing work and personal lives, indicating a strong sense of psychological safety within the organization[215]. - Equitable's NWOW methodology has transformed the organization, enhancing agility and responsiveness to market conditions since its full implementation in 2024[208]. - The company focuses on four wellness pillars: physical, emotional, financial, and social, to enhance employee well-being and organizational performance[210]. Regulatory and Compliance Environment - Equitable Financial is subject to New York's insurance laws, which limit sales commissions and certain marketing expenses[116]. - The NAIC's Risk Management and Own Risk and Solvency Assessment Model Act requires insurers to maintain a risk management framework and conduct internal risk assessments[129]. - New York's Regulation 213 requires insurers to carry statutory reserves for variable annuity obligations that exceed NAIC standards, potentially affecting dividend distribution capacity[137]. - The NAIC's macro-prudential initiative includes an annual liquidity stress-testing framework for large U.S. life insurers[132]. - The Dodd-Frank Act established the FIO within the U.S. Treasury Department to monitor the insurance industry and recommend designations of insurers as non-bank financial companies[160]. - The SEC adopted rules requiring the recovery of erroneously awarded compensation as mandated by the Dodd-Frank Act in October 2022[162]. - The NAIC adopted a disclosure standard for insurers to report climate-related risks, applicable to those with over $100 million in direct premium[178]. - The NYDFS issued guidance in November 2021 requiring insurers to integrate climate risk into governance and risk management processes[175]. Market and Economic Factors - Equity market declines and volatility can negatively impact the business, potentially decreasing AUM, AV of annuity and variable life contracts, and AUA, which would reduce revenue from fees[223]. - The variable annuity business is particularly sensitive to equity markets, with sustained weakness potentially decreasing revenues and earnings[223]. - Interest rate fluctuations can adversely affect investment returns and results of operations for retirement and investment products[224].

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_____________. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 CITY HOLDING COMPANY (Exact name of registrant as specified in its charter) West Virginia 55-0619957 (State or other jurisdiction of inc ...

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 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: 001-38927 REVOLVE GROUP, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organizat ...