Financial Position - As of September 30, 2023, the company had cash deposits of HK$18,255,931 (approximately US$4,425,901) with financial institutions in Hong Kong[523]. - The company has not incurred significant credit risk as it deposits cash with high credit quality financial institutions[523]. - The company establishes provisions for potential credit losses based on assessments of specific customer risks, which have been deemed immaterial over reported periods[524]. Customer and Supplier Concentration - The company’s top 10 customers accounted for less than 2% of total sales volume, indicating a diversified customer base[527]. - The company does not have a concentration of revenue with specific customers, with no single customer accounting for 10% or more of revenue for the years ended September 30, 2023, 2024, and 2025[530]. - For the year ended September 30, 2023, four suppliers accounted for 26.47%, 15.59%, 11.89%, and 10.58% of total purchases, showing some concentration in supplier relationships[529]. Risk Exposure - The company is exposed to interest rate risk primarily related to variable-rate bank borrowings, concentrated on fluctuations in the Hong Kong Prime Rate and HIBOR[532]. - The company’s operational activities are primarily conducted in Hong Kong, making it susceptible to the political, economic, and legal environments in the region[534]. Corporate Governance - The company is permitted to adopt home country practices that may afford less protection to shareholders compared to Nasdaq corporate governance standards[186]. - The company qualifies as a foreign private issuer, which allows it to be exempt from certain reporting requirements applicable to U.S. domestic issuers[189].

Financial Performance - Net income for Q4 2025 was $18.3 million, a 6.0% increase from Q3 2025 and a 12.8% increase from Q4 2024[6]. - For the year ended December 31, 2025, net income was $68.7 million, a 6.5% increase from 2024[7]. - Net income available to common shareholders for the year ended December 31, 2025, was $68,705 thousand, up from $64,504 thousand in 2024, marking a 5.4% increase[51]. - Basic income per share for Q4 2025 was $0.69, compared to $0.68 in Q3 2025, showing a growth of 1.5%[45]. - The company reported a net interest income of $130,449 thousand for the year ended December 31, 2025, compared to $118,146 thousand for the previous year[57]. Loan and Deposit Growth - Total loans held for investment increased by $1.1 billion, or 36.6%, to $4.1 billion from Q3 2025[4]. - Loans held for investment rose to $4.05 billion at December 31, 2025, an increase of $1.08 billion, or 36.6%, compared to $2.97 billion at September 30, 2025[25]. - Total deposits increased by $952.9 million, or 35.4%, to $3.65 billion from Q3 2025[4]. - Total deposits reached $3.65 billion at December 31, 2025, an increase of $952.9 million, or 35.4%, from $2.69 billion at September 30, 2025[26]. - Average loans for the current period were $3,441,913,000, up from $3,125,389,000 in the previous year, showing growth in lending activity[65]. Noninterest Income and Expenses - Noninterest income for Q4 2025 was $7.8 million, a 26.5% increase from Q3 2025 and a 46.9% increase from Q4 2024[13][14]. - Noninterest expense for Q4 2025 totaled $20.4 million, a 39.3% increase from Q3 2025 and a 42.6% increase from Q4 2024[17][18]. - Total noninterest expense for the year ended December 31, 2025, was $63,020 thousand, compared to $53,379 thousand in 2024, indicating a rise of 17.9%[51]. Asset Growth - Total assets increased to $4.8 billion at December 31, 2025, up $1.14 billion, or 31.4%, from $3.63 billion at September 30, 2025[23]. - Total assets increased to $4,768,395 thousand as of December 31, 2025, up from $3,594,045 thousand a year earlier, representing a growth of 32.7%[49]. - Total liabilities increased to $4,224,038 thousand as of December 31, 2025, from $3,172,692 thousand a year earlier, a rise of 33.2%[49]. Credit Quality and Allowance for Losses - The allowance for credit losses as a percentage of total loans was 0.68% at December 31, 2025, up from 0.60% at September 30, 2025[33]. - Nonperforming assets totaled $26.1 million at December 31, 2025, or 0.55% of total assets, an increase from $14.0 million, or 0.38%, at September 30, 2025[32]. - The company recorded a credit provision for credit losses of $39,000 during Q4 2025, down from $543,000 in Q3 2025[30]. - The allowance for credit losses was $27,843 thousand as of December 31, 2025, compared to $18,744 thousand a year prior, indicating a proactive approach to risk management[49]. - The provision for loan losses was $12,000, a decrease from $(336,000) in the previous year, reflecting improved credit quality[65]. Efficiency and Ratios - The efficiency ratio was 46.7% for Q4 2025, compared to 38.7% for Q3 2025 and 40.5% for Q4 2024[20]. - The total risk-based capital ratio stood at 16.84% in Q4 2025, down from 20.74% in Q3 2025, reflecting a decrease in capital adequacy[45]. - The company reported a return on average assets of 1.80% for Q4 2025, slightly down from 1.89% in Q3 2025[45]. - The average yield on earning assets was 6.26% for the quarter ended December 31, 2025, compared to 6.24% in the previous quarter[53]. Mergers and Acquisitions - The acquisition of First IC Corporation was completed on December 1, 2025, enhancing competitive position and financial flexibility[5]. - The estimated Day 1 allowance for credit losses for loans acquired from First IC was $9.9 million[31].

Financial Results - Standard BioTools Inc. reported preliminary financial results for the three months and fiscal year ended December 31, 2025, which are unaudited and subject to adjustments[4]. - The financial information provided does not represent a comprehensive statement of the Company's financial results and remains subject to completion of financial closing procedures[4]. Press Release - The press release detailing these results was issued on January 8, 2026, and is attached as Exhibit 99.1[4].

Financial Performance - Net sales for the three-month period ended December 26, 2025, were $229.21 million, a 29% increase from $177.87 million for the same period in 2024[17] - Gross profit for the three-month period ended December 26, 2025, was $107.10 million, compared to $81.22 million for the same period in 2024, reflecting a gross margin improvement[17] - Operating income for the three-month period ended December 26, 2025, was $9.57 million, a significant recovery from an operating loss of $0.04 million in the same period last year[17] - Net income attributable to Allegro MicroSystems, Inc. for the three-month period ended December 26, 2025, was $8.30 million, compared to a net loss of $6.86 million for the same period in 2024[17] - Comprehensive income for the three-month period ended December 26, 2025, was $6.76 million, compared to a comprehensive loss of $14.36 million for the same period in 2024[19] - The net income for the period ending December 26, 2025, is $8,362,000, compared to a net loss of $6,799,000 for the previous period[21] - For the nine-month period ended December 26, 2025, net income was $1,783, compared to a net loss of $58,025 for the same period in 2024[26] - The company reported a basic net income per share of $0.04 for the three-month period ended December 26, 2025, compared to a loss of $0.04 per share in the same period last year[17] - The basic net income per share for the three-month period ended December 26, 2025, was $0.04, while the diluted net income per share was also $0.04[66] Assets and Liabilities - Total current assets increased to $515.41 million as of December 26, 2025, from $483.04 million as of March 28, 2025[15] - Total liabilities decreased to $458.30 million as of December 26, 2025, from $489.86 million as of March 28, 2025[15] - Total assets remained stable at $1.42 billion as of December 26, 2025, compared to $1.42 billion as of March 28, 2025[15] - The total equity at December 26, 2025, is $964,414,000, with a common stock amount of $1,852,000[21] - The company's total debt decreased to $287,714,000 as of December 26, 2025, from $346,126,000 on March 28, 2025, a reduction of 17%[59] - The fair value of the company's debt was $286,069,000 as of December 26, 2025, down from $343,275,000 on March 28, 2025, a decrease of 16.7%[50] Cash Flow and Investments - Net cash provided by operating activities for the nine-month period was $127,355, significantly up from $41,560 in the prior year[26] - The company reported a net cash used in investing activities of $21,160, a decrease from $34,245 in the prior year[26] - Cash and cash equivalents at the end of the period were $163,399, compared to $148,962 at the end of the previous year[26] Research and Development - Research and development expenses for the three-month period ended December 26, 2025, were $52.88 million, up from $43.32 million in the same period last year, indicating continued investment in innovation[17] Stock and Equity Transactions - The company issued 28,750,000 shares of common stock, raising $665,850,000 net of underwriting discounts[23] - The Company completed an Equity Offering of 28,750,000 shares at a public offering price of $24.00 per share, resulting in net proceeds of approximately $665.85 million after underwriting discounts[79] - The First Closing under the Share Repurchase Agreement involved repurchasing 28,750,000 shares for an aggregate consideration of $628.26 million, which was the Equity Offering price[80] - The Second Closing under the Share Repurchase Agreement involved repurchasing 10,017,315 shares for aggregate cash consideration of $225.55 million[81] - The Company repurchased common stock amounting to $(821,199,000)[23] Legal and Regulatory Matters - The Company is not aware of any pending or threatened legal proceedings that could have a material adverse effect on its business or financial condition[65] Restructuring and Charges - The restructuring plan initiated in January 2025 incurred costs of $754,000 and $2,328,000 for the three- and nine-month periods ended December 26, 2025, respectively, with cumulative costs reaching $8,088,000[75] - The Company incurred $3,132,000 and $6,278,000 of charges associated with additional restructuring activities during the three- and nine-month periods ended December 26, 2025, respectively[76] Market and Operational Risks - There have been no material changes in the Company's exposures to market risk since March 28, 2025[160]

Employment and Workforce - As of September 30, 2025, the company had a total of 6 full-time employees, with 50.0% in General and Administrative, 33.3% in Sales and Marketing, and 16.7% in Research and Development[378]. - The company had no material labor disputes in the past and maintains a good working relationship with its employees[378]. Ownership and Shareholding - The total beneficial ownership of Ordinary Shares is 18,059,109, comprising 11,205,435 Class A Ordinary Shares and 6,853,674 Class B Ordinary Shares[379]. - Huiyi Zheng, the CEO, beneficially owns 5,286,243 Class B Ordinary Shares, representing 77.13% of the Class B shares and 71.30% of the total voting power[384]. Related Party Transactions - The company reported related party transactions, including sales to Shanghai Borui Finance Information Limited amounting to $19,642 in 2024[388]. - Purchases from Shanghai Borui Finance Information Limited for software development totaled $313,631 in 2025, compared to $389,163 in 2024 and $247,429 in 2023[389]. - The total amounts due to related parties as of September 30, 2025, were $861,721, with significant amounts owed to Zheng, Huiyi ($99,734) and Bao, Qihong ($568,000)[395]. - The company sold 100% equity interest in its wholly-owned subsidiary Platinum HK to Huiyi Zheng for HK$1 on January 10, 2025[398]. - The Company adopted a Related Party Transaction Policy on September 2, which includes a review process by the Audit Committee for all related party transactions[399]. Financial Oversight and Reporting - The compensation committee is responsible for overseeing the integrity of financial statements and financial reporting processes[375]. - The company has established procedures for handling complaints regarding accounting and internal controls[374]. Financial Risks - The Company has not been exposed to material risks from changes in market interest rates and does not use derivative financial instruments for interest rate risk management[494]. - Foreign currency exchange rate risk is primarily related to cash and bank balances, with significant exposure to the Singapore dollar and the US dollar for fiscal years 2025 and 2024[495]. - The Company manages foreign currency translation exposure by incurring debt in the operating currency to minimize exchange differences recorded against income[496]. - Liquidity risk is monitored by maintaining adequate cash and bank balances to finance the Group's operations[498].

Financial Performance - Diluted earnings per share (GAAP) for Q4 2025 was $6.70, up 389.1% from $1.37 in Q4 2024[1] - Net income for Q4 2025 was $96.2 million, an increase of 389.6% compared to $19.7 million in Q4 2024[1] - For the year ended December 31, 2025, diluted earnings per share (GAAP) was $11.24, up 126.2% from $4.97 in 2024[2] - Net income attributable to Tompkins Financial Corporation for the year ended December 31, 2025, was $161.071 million, compared to $70.850 million in 2024, representing a 127.6% increase[31] - Basic earnings per share for Q4 2025 were $6.74, up from $1.38 in Q4 2024, reflecting a substantial increase of 388.4%[31] - Adjusted net income (Non-GAAP) for YTD 12/31/2025 was $90,399,000, up from $70,812,000 in YTD 12/31/2024, indicating a year-over-year increase of 27.6%[43] Income and Revenue - Net interest income for Q4 2025 was $69.1 million, up 22.7% compared to Q4 2024[7] - Noninterest income for Q4 2025 was $125.8 million, up 503.8% from $20.9 million in Q4 2024, primarily due to the sale of Tompkins Insurance Agencies[12] - Noninterest income for the year ended December 31, 2025, was $196.871 million, significantly up from $88.127 million in 2024, indicating a growth of 123.5%[31] - Net interest income for the year ended December 31, 2025, was $249,731 thousand, compared to $211,102 thousand for the previous year, marking an increase of 18.2%[33] Assets and Loans - Total assets increased to $8.668 billion as of December 31, 2025, compared to $8.109 billion as of December 31, 2024[29] - Total loans increased by $426.3 million, or 7.1%, from December 31, 2024, with a loan to deposit ratio of 92.9%[8] - Net loans and leases reached $6.389 billion, up from $5.963 billion year-over-year, reflecting a growth of approximately 7.1%[29] - Total deposits increased to $6.938 billion, a rise of 7.2% from $6.472 billion in the previous year[29] Capital and Equity - Capital ratios remained strong, with total capital to risk-weighted assets at 14.55% as of December 31, 2025, up from 13.07% a year earlier[21] - The company maintained a strong capital position with total equity of $938.377 million as of December 31, 2025, compared to $713.444 million a year earlier[29] - Total equity increased to $938,377 thousand as of December 31, 2025, compared to $713,444 thousand a year earlier, reflecting a growth of 31.5%[35] Credit Quality - The allowance for credit losses was 0.89% of total loans at December 31, 2025, down from 0.94% at December 31, 2024[16] - The company reported a provision for credit loss expense of $977 thousand in Q4 2025, down from $1.411 million in Q4 2024, indicating improved credit quality[31] - The allowance for credit losses at the end of the period was $57,671 million, down from $59,889 million in the previous quarter, indicating improved credit quality[39] Shareholder Value - The company repurchased 22,339 shares of common stock at an aggregate cost of $1.6 million during Q4 2025[22] - Tangible book value per share rose to $60.03, up from $48.19 in the previous quarter, indicating a significant increase in shareholder value[41] Profitability Metrics - Return on average assets increased to 4.56%, compared to 1.13% in the previous quarter, demonstrating enhanced profitability[39] - Adjusted return on average equity (Non-GAAP) was 11.59% for QTD 12/31/2025, up from 10.88% for QTD 12/31/2024[43] - Return on average assets (GAAP) improved to 4.56% for QTD 12/31/2025, compared to 0.98% for QTD 12/31/2024[43] Other Financial Metrics - The average yield on interest-earning assets was 4.84% for the year ended December 31, 2025, compared to 4.59% for the previous year, showing an improvement of 0.25 percentage points[33] - The interest rate spread improved to 2.43% for the year ended December 31, 2025, up from 1.99% in the previous year[33] - Average interest-bearing deposits rose to $4,942,463 thousand for the year ended December 31, 2025, from $4,571,474 thousand in the previous year, an increase of 8.1%[33]

Release Date: January 30, 2026 IMMEDIATE Moog Inc. Reports First Quarter 2026 Record Sales and EPS and Raises Full-Year Guidance East Aurora, NY -- Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer and systems integrator of high- performance precision motion and fluid controls and control systems, today reported record fiscal first quarter 2026 results, reflecting strong execution and continued progress against the company's long-term financial objectives. "We delivered an outstanding st ...

Financial Performance - Moog Inc. reported record net sales of $1.1 billion for Q1 2026, a 21% increase compared to $908 million in Q1 2025[4] - The company achieved a diluted net earnings per share of $2.46, reflecting a 38% increase from $1.78 in the previous year[2] - Bookings for the quarter totaled $2.3 billion, primarily driven by growth in Commercial Aircraft and new awards in Space and Defense[3] - The twelve-month backlog increased by 30% to a record $3.3 billion, indicating strong demand across all markets[3] - Operating margin improved by 90 basis points to 12.3%, while adjusted operating margin also increased by 90 basis points to 13.0%[5][6] - Operating profit for the total company was $135,446, representing a margin of 12.3%, up from 11.4% in the previous year[24] - The company reported net earnings of $78,851 for the three months ended January 3, 2026, compared to $57,526 in the same period last year[30] Cash Flow and Guidance - Free cash flow was a use of $79 million, an improvement from a use of $166 million in the prior year[7] - Free cash flow for the three months ended January 3, 2026, was $(79,148), with a free cash flow conversion rate of (94)%[31] - The company raised its FY 2026 guidance for net sales to $4.3 billion from the previous $4.2 billion[8] - Adjusted diluted net earnings per share guidance was increased to $10.20, up from $10.00[8] Segment Performance - The Space and Defense segment saw a 31% increase in sales to $324 million, driven by strong defense demand[4] - Space and Defense segment operating profit increased to $42,770, with an adjusted margin of 14.8%, compared to 12.0% in the prior year[26] - Military Aircraft segment reported an operating profit of $28,128, with an adjusted margin of 11.9%, up from 11.3%[26] Balance Sheet - Cash and cash equivalents at the end of the period were $73,794, slightly down from $73,808 at the end of the previous year[30] - Total assets increased to $4,551,893 from $4,426,055 in the previous period[28] - Total liabilities rose to $2,486,093, compared to $2,433,500 in the prior year[28] Interest Expense - Interest expense increased to $17,195 from $16,248 in the previous year[24]

Financial Performance - Fourth quarter 2025 operating income was US$487.4 million, a significant increase from US$172.0 million in Q3 2025 and US$197.5 million in Q4 2024[2] - Adjusted diluted earnings per share for Q4 2025 was US$2.01, compared to US$1.09 in Q3 2025 and US$1.07 in Q4 2024[3] - Total revenue for Q4 2025 reached $1,142.3 million, a 61.5% increase from $708.3 million in Q4 2024[25] - Management fees increased to $585.2 million in Q4 2025, up 11.5% from $522.7 million in Q4 2024[25] - Performance fees surged to $433.0 million in Q4 2025, compared to $67.5 million in Q4 2024, reflecting a significant increase of 541.5%[25] - Operating income for the year ended December 31, 2025, was $976.8 million, a 51.2% increase from $645.7 million in 2024[25] - Net income attributable to Janus Henderson Group (JHG) for Q4 2025 was $403.2 million, up from $121.8 million in Q4 2024, representing a 231.4% increase[25] - Diluted earnings per share for Q4 2025 were $2.62, compared to $0.77 in Q4 2024, marking a 240.3% increase[25] - Adjusted revenue for Q4 2025 was $996.6 million, reflecting a 75.6% increase from $567.6 million in Q4 2024[27] - Adjusted operating income for the year ended December 31, 2025, was $911.8 million, a 36.3% increase from $668.1 million in 2024[27] - Adjusted diluted earnings per share for the year ended December 31, 2025, were $4.78, up from $3.53 in 2024, reflecting a 35.4% increase[27] Assets and Management - Assets under management (AUM) reached US$493 billion as of December 31, 2025, representing a 30% year-over-year increase[6] - AUM performance showed that 65% of assets outperformed relevant benchmarks over one, three, five, and ten-year periods as of December 31, 2025[6] - Total assets increased to $8,287.0 million as of December 31, 2025, up from $6,963.1 million in 2024, representing a growth of approximately 19%[37] - Cash and cash equivalents rose to $1,253.9 million in 2025, compared to $1,217.2 million in 2024, indicating an increase of about 3%[37] - Total equity reached $5,275.5 million as of December 31, 2025, up from $4,718.1 million in 2024, marking an increase of about 12%[37] - Long-term debt remained relatively stable at $395.5 million in 2025, slightly up from $395.0 million in 2024[37] Cash Flow and Operations - Operating activities generated cash of $322.7 million for the three months ended December 31, 2025, compared to $247.3 million for the same period in 2024, reflecting a growth of approximately 30%[38] - The company reported a net change in cash of $252.6 million for the three months ended December 31, 2025, compared to a decrease of $270.0 million in the same period of 2024[38] Corporate Actions and Strategy - The company has entered into a definitive merger agreement to be acquired by an investor group led by Trian Fund Management and General Catalyst[9] - Janus Henderson plans to enhance its distribution capabilities through the acquisition of Richard Bernstein Advisors, positioning itself among the top 10 model portfolio providers in North America[4] - The company executed a US$200 million share repurchase program, purchasing approximately 0.6 million shares for about US$27 million in Q4 2025[10] - The company suspended its regular quarterly dividend due to the proposed merger transaction[10] Operational Efficiency - The operating margin for Q4 2025 was 42.7%, up from 24.6% in Q3 2025 and 27.9% in Q4 2024[8] - The operating margin for Q4 2025 was 42.7%, compared to 27.9% in Q4 2024, indicating improved operational efficiency[27] Risks and Future Outlook - Management emphasizes that past performance is not indicative of future results, highlighting the inherent risks and uncertainties in investment[40] - The reconciliation for the year ended December 31, 2025, includes adjustments for non-cash and acquisition-related costs, which management believes do not represent ongoing operations[36] - The company is transitioning its investment management platform to Aladdin, which involves impairment expenses related to certain capitalized costs[36] - The total liabilities of consolidated variable interest entities increased to $23.3 million in 2025 from $4.7 million in 2024[37]

Financial Performance - Net income for Q4 2025 was $11.4 million, or $1.73 per diluted share, a 5.7% increase from Q3 2025[3] - For the full year 2025, net income was $42.8 million, a 24.9% increase from $34.2 million in 2024[4] - Net income for Q4 2025 was $11.4 million, compared to $10.8 million in Q3 2025, representing a 5.7% increase[38] - Earnings per share (EPS) increased to $1.74 for Q4 2025, up from $1.63 in Q3 2025, marking an 6.7% rise[38] - Net income for the year ended December 31, 2025, reached $42,764,000, a significant increase of 24.56% compared to $34,235,000 in 2024[42] Assets and Deposits - Total assets reached $3.35 billion, an increase of $136.5 million, or 4.2%, from Q3 2025, driven by a $124.6 million increase in deposits[5] - Total assets increased to $3,350,910,000 as of December 31, 2025, up from $3,214,363,000 in the previous quarter, representing a 4.24% growth[40] - Total deposits totaled $2.96 billion, up $124.6 million, or 4.4%, from Q3 2025, primarily due to seasonal inflows from public entity customers[25] - Total deposits rose to $2,963,412,000, reflecting a 4.39% increase from $2,838,783,000 in the previous quarter[40] - Public deposits surged by $72.2 million, or 32.3%, from $223.4 million to $295.6 million[29] Interest Income and Margin - Net interest income for Q4 2025 was $28.2 million, a 5.0% increase from Q3 2025[11] - The net interest margin (FTE) increased to 3.51%, up 8 basis points from the previous quarter[8] - The bank's net interest margin improved to 3.46% in Q4 2025, compared to 3.38% in Q3 2025[38] - Net interest income for the three months ended December 31, 2025, was $28,241,000, an increase of 5.02% from $26,886,000 in the previous quarter[42] - The net interest margin improved to 3.46% for the three months ended December 31, 2025, compared to 3.38% in the previous quarter, indicating a positive trend in profitability[44] Operating Expenses and Efficiency - Operating expenses for Q4 2025 totaled $18.3 million, a 2.0% increase from Q3 2025[17] - Total operating expenses for the year ended December 31, 2025, were $70,095,000, up from $66,154,000 in 2024, indicating a 4.39% increase[42] - The efficiency ratio improved to 54.99% in Q4 2025, down from 56.06% in Q3 2025[38] Credit Losses - The provision for credit losses for Q4 2025 was $750,000, an increase of $100,000 from the prior quarter due to loan growth[23] - Provision for credit losses increased to $750,000 for the three months ended December 31, 2025, compared to $650,000 in the previous quarter[42] - The allowance for credit losses stood at $23,399,000 as of December 31, 2025, compared to $22,801,000 in the previous quarter[40] Growth and Expansion - The company plans to expand with new projects, including a new lending headquarters in Shreveport expected to be completed in summer 2026[10] - The bank operates 28 banking centers and two loan and deposit production offices across Louisiana[34] Equity and Valuation - Total stockholders' equity rose by $13.8 million, or 3.9%, from $351.3 million to $365.2 million, driven by $11.4 million in net income[30] - Total stockholders' equity increased to $365,150,000 as of December 31, 2025, compared to $351,311,000 in the previous quarter, reflecting a 3.77% growth[40] - The book value per share increased to $55.52 as of December 31, 2025, compared to $47.18 a year earlier, reflecting a growth of 17.73%[49] - Tangible common equity as of December 31, 2025, was $363,604 thousand, up from $318,193 thousand in 2024, indicating a growth of 14.26%[49] - The total stockholders' equity to assets ratio was 10.90% as of December 31, 2025, slightly down from 10.93% in the previous quarter, showing stability in capital structure[49]