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 No. 1-38300 CANNAE HOLDINGS, INC. (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | | | | | --- | --- | --- | --- ...

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 ☐ 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: 001-35167 Kosmos Energy Ltd. (Exact name of registrant as specified in its charter) | Title of each class | Trading Symbo ...

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 1-12139 SEALED AIR CORPORATION (Exact name of registrant as specified in its charter) Delaware 65-0654331 (State or other jurisdiction of ...

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 001-39610 ___________________________ Eastern Bankshares, Inc. (Exact name of t ...

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 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 0-18277 VICOR CORPORATION (Exact name of registrant as specified in its charter) Delaware 04-2742817 (State or other jurisdiction of inco ...

Acquisitions and Growth Strategy - The company acquired Harper Engineering for $250 million in cash on January 21, 2026, enhancing its portfolio in the aerospace sector [29]. - Since 2012, the company has executed 20 strategic acquisitions, successfully integrating 18 of them, which supports its growth strategy in a fragmented market [30]. - The company has a disciplined acquisition strategy aimed at targeting businesses with proprietary products and significant aftermarket potential, with a goal of doubling Adjusted EBITDA within three to five years post-acquisition [50]. Market Segments and Sales Performance - The commercial aerospace market represented approximately 45% of 2025 net sales, driven by increased orders for next-generation aircraft and aftermarket requirements [33]. - The business jet and general aviation market accounted for approximately 25% of 2025 net sales, benefiting from new business models that enhance accessibility to private aviation [36]. - The defense market also represented approximately 25% of 2025 net sales, with increased global defense spending due to geopolitical tensions [39]. - Aftermarket revenue accounted for approximately 55% of 2025 net sales, reflecting a stable demand driven by maintenance requirements of a growing global aircraft fleet [47]. - The company estimates an addressable market opportunity of over 84,000 discrete aircraft across more than 250 platforms, indicating significant growth potential in the aftermarket [46]. Financial Position and Performance - The company maintains a highly diversified revenue stream, reducing dependence on any single product or market sector, which has contributed to resilient financial performance [48]. - The company had cash of $84.8 million as of December 31, 2025, held for working capital and general corporate purposes [284]. - A 1.0% increase in average interest rates would have resulted in an estimated $7.3 million increase in interest expense for the year ended December 31, 2025 [276]. Innovation and Operational Efficiency - The company is focused on operational efficiencies to improve cost structure and profitability, aiming for price increases greater than inflation [57]. - The company continuously develops new products to meet customer needs and streamline supply chains [57]. - The company owns 130 issued patents, with expiration dates ranging from September 28, 2026, to February 12, 2040 [69]. - The company has 202 submitted trademark applications, with 201 issued and one pending as of December 31, 2025 [69]. Workforce and Labor Relations - The company has approximately 1,700 employees, with 135 represented by labor unions [72]. - The leadership team has extensive experience in the aerospace and defense industry, with an average of over 25 years of industry experience among senior members [52]. Economic Factors - The company does not believe inflation has had a material effect on its business but expects to mitigate cost increases through manufacturing efficiencies [286]. - Sales to U.S. government agencies accounted for approximately 2% of net sales for the year ended December 31, 2025 [59].

Financial Performance - TriMas reported net sales from continuing operations of $645.7 million in 2025, with an operating profit of $41.3 million and net cash provided by operating activities of $117.5 million[18]. - In 2025, the company reported net sales of $634.9 million, an increase of $14.9 million or 2.4% compared to 2024, with organic growth of 4.1% in the Packaging segment[153]. - Operating profit increased by $26.1 million to $41.3 million in 2025, with an operating profit margin of 6.4% compared to 2.4% in 2024[176]. - Income from continuing operations rose by $74.3 million to $72.3 million in 2025, compared to a loss of $2.0 million in 2024[180]. - Cash flows from operating activities increased to $117.5 million in 2025, up from $63.8 million in 2024, driven by a reported net income of $120.1 million[210]. Segment Performance - The Packaging segment generated $535.5 million in net sales, accounting for 83% of total net sales from continuing operations, with an operating profit of $68.1 million[21]. - The Specialty Products segment, which includes Norris Cylinder, generated $110.2 million in net sales, representing 17% of total net sales from continuing operations[21]. - Aerospace net sales increased by $102.2 million, or 34.7%, to $396.4 million in 2025, with 26.6% organic growth and 8.1% from acquisitions[191]. - Specialty Products net sales decreased by $8.3 million, or 7.0%, to $110.2 million in 2025, primarily due to an 8.0% organic decline and the divestiture of Arrow Engine[185]. Strategic Initiatives - TriMas plans to sell its Aerospace segment for approximately $1.45 billion in cash, with expected net cash proceeds of about $1.2 billion after adjustments, to be used for strategic acquisitions[18][20]. - TriMas aims to advance a unified operating model post-Aerospace sale, focusing on standardizing processes and improving operational efficiency[20]. - The company focuses on strategic acquisitions to enhance organic growth, targeting higher-growth and higher-margin markets within its Packaging platform[48]. Intellectual Property and Innovation - The company filed 27 patents and received 18 patents in 2025, enhancing its intellectual property portfolio[19]. - TriMas is focused on organic growth and innovation, targeting attractive end markets and expanding its product portfolio[20]. Sustainability and ESG - TriMas emphasizes sustainability, integrating ESG principles into its operations and product development[28]. - The company maintains a global manufacturing footprint with facilities in 13 countries, optimizing production to meet customer needs and reduce emissions[20][26]. Financial Position and Debt - As of December 31, 2025, the company has $469.2 million of outstanding long-term debt and $72.8 million outstanding under its revolving credit facility[107]. - The company is party to a $250.0 million senior secured revolving credit facility, maturing on March 31, 2030[215]. - The company has $400.0 million in senior notes due 2029, accruing interest at 4.125% per annum[213]. Risks and Challenges - The company has experienced volatility in raw material costs, particularly for steel and resins, but has generally managed to pass these costs onto customers[51]. - Cybersecurity threats pose risks to the company's integrated information systems, which could impact business continuity and operational efficiency[87]. - The company may encounter challenges in executing strategic acquisitions or divestitures, which could disrupt ongoing business operations[78]. - The company faces risks associated with currency exchange volatility and political instability in international markets, which could adversely affect financial results[90]. Shareholder Returns - The company repurchased 3,018,646 shares of its common stock at a cost of $101.1 million during the three months ended December 31, 2025[146]. - Total dividends declared and paid on common shares during 2025 were $6.6 million, consistent with the previous two years[140].

Financial Performance - Incoming orders for the year ending December 31, 2025, were $728.4 million, an increase of 10.5% compared to 2024[96] - The Company's backlog of orders was $244.0 million at December 31, 2025, an increase of 18.5% from $206.0 million at December 31, 2024[96] - Net sales for 2025 were $682.4 million, a 3.4% increase or $22.7 million compared to $659.7 million in 2024[100] - Gross profit for 2025 was $209.1 million, resulting in a gross margin of 30.6%, down from 31.0% in 2024[101] - Operating income for 2025 was $95.4 million, with an operating margin of 14.0%, compared to $91.4 million and 13.9% in 2024[103] - Net income for 2025 was $53.0 million, or $2.02 per share, a 32.2% increase from $40.1 million, or $1.53 per share, in 2024[107] - Reported net income for 2025 was $53.0 million, an increase of 32.1% from $40.1 million in 2024[111] - Non-GAAP adjusted earnings per share for 2025 was $2.14, up 22.3% from $1.75 in 2024[111] - Adjusted EBITDA for 2025 was $128.8 million, a slight increase from $124.6 million in 2024[112] Cash Flow and Capital Expenditures - Cash and cash equivalents at the end of 2025 totaled $35.1 million, up from $24.2 million at the end of 2024[113] - Net cash provided by operating activities in 2025 was $106.2 million, an increase of 52.0% compared to $69.8 million in 2024[117] - Capital expenditures in 2025 were $17.4 million, with an expected increase to $20.0 - $22.0 million in 2026[115] Debt and Interest Expenses - Interest expense decreased by 30.4% to $23.4 million in 2025 from $33.6 million in 2024 due to debt refinancing[105] - The company had $280.8 million in debt outstanding due in 2029 and $30.0 million due in 2031, remaining compliant with debt covenants[114] - The Company had $280.8 million in borrowings under the Senior Term Loan Facility as of December 31, 2025, with interest rates ranging from 0.50% to 1.25% for base rate plus margin or 1.5% to 2.25% for Adjusted Term SOFR[151] - A hypothetical increase of 100 basis points in interest rates would increase interest expense by approximately $1.5 million annually[153] Tax and Pension Contributions - The effective tax rate increased to 23.3% in 2025 from 20.6% in 2024, influenced by changes in U.S. tax regulations[108] - The company expects to contribute up to $2.9 million to its defined benefit pension plan in 2026, following a $2.7 million contribution in 2025[116] Shareholder Returns - The company authorized a share repurchase program of up to $50.0 million, with approximately $48.1 million remaining to be repurchased[123] Market Outlook - The outlook for 2026 remains positive, with expectations of continued demand in municipal markets and data center construction[99] Goodwill and Impairment Analysis - The Company performed a quantitative impairment analysis for National and Fill-Rite reporting units, concluding that the fair value exceeded carrying value by approximately 22% and 6% respectively[143] - Goodwill related to the National reporting unit is $13.6 million, representing 1.6% of the Company's total assets as of December 31, 2025, while goodwill for Fill-Rite is $230.7 million, or 26.8% of total assets[143] - The Company utilizes a discounted cash flow model and market-based approach for goodwill impairment assessments, considering forecasted cash flows and market multiples[141] - The fair value of all indefinite-lived intangible assets exceeded their respective carrying values for 2025 and 2024[145] - The Company assesses qualitative factors to determine if the fair value of reporting units is less than their carrying amounts, involving significant judgments and assumptions[140] Foreign Currency and Off-Balance Sheet Arrangements - Foreign currency transaction losses for 2025, 2024, and 2023 were $(0.3) million, $(0.4) million, and $(0.4) million respectively, reported within Other (expense) income[154] - The Company does not have any off-balance sheet arrangements or relationships with unconsolidated special purpose entities[150] Interest Rate Hedging - The Company entered into interest rate swap agreements effective October 31, 2022, to hedge against interest rate fluctuations[152]

Financial Performance - As of December 31, 2025, the company had $603 billion in Fee-Bearing Capital, with 87% being long-dated or perpetual, providing significant stability to its earnings profile[35] - The company generated robust Distributable Earnings, with an intention to pay out approximately 90% of these earnings to shareholders quarterly[36] - Fee Revenues reached $5.5 billion and Fee-Related Earnings were $3.0 billion for 2025, reflecting increases of 17% and 22% respectively compared to 2024[68] - Fee-Bearing Capital increased by $64 billion, or 12%, to $603 billion in 2025, with 87% being long-dated or perpetual, providing revenue resiliency[67] - The company raised over $110 billion in total fundraising across flagship and complementary funds in 2025, including over $10 billion for its global transition fund and fifth real estate flagship fund[64] Assets Under Management - The company manages over $1 trillion in Assets Under Management across various sectors, including infrastructure, renewable power, private equity, real estate, and credit[29] - The company is one of the largest investment managers in infrastructure, with $247 billion in AUM and $106 billion in Fee-Bearing Capital as of December 31, 2025[52] - The company is also a major player in renewable power and transition investments, with $143 billion in AUM and $67 billion in Fee-Bearing Capital as of December 31, 2025[56] - As of December 31, 2025, the company has $155 billion in Assets Under Management (AUM) and $48 billion in Fee-Bearing Capital, indicating a strong long-term track record in private equity investments[59] Strategic Initiatives - The company has formed a partnership with Oaktree in 2019 to enhance its capabilities and better position itself across market cycles[36] - The company is actively progressing new organic growth strategies, including AI infrastructure, and considers strategic M&A opportunities to expand its capabilities[36] - The company aims to deepen and develop new institutional relationships and access new distribution channels, such as high net worth individuals and private wealth investors[35] - BAM launched a $100 billion global AI Infrastructure program in partnership with NVIDIA and the Kuwait Investment Authority, with an initial target of $10 billion in equity commitments[79] - A strategic partnership was established with Qai to create a $20 billion joint venture focused on AI infrastructure in Qatar and select international markets[79] Shareholder Returns - A share repurchase program was approved to buy up to 36.9 million Class A Shares, representing about 10% of the public float[72] - A quarterly dividend of $0.5025 per share was declared, marking a 15% increase compared to the previous year[73] - BAM announced a share repurchase program to buy up to 37.1 million Class A Shares, approximately 10% of the public float, starting January 13, 2025, with 6,548,561 shares purchased at an average price of $54.15[74] - BAM declared a quarterly dividend of $0.4375 per share, a 15% increase from the previous year, payable on March 31, 2025[77] Risk Management - The company has a robust risk management framework that includes centralized oversight and a strong risk culture to address current and emerging risks[95] - The company must manage environmental and sustainability issues effectively to avoid regulatory actions and maintain investor confidence[170][179] - The company faces significant risks related to data protection and privacy regulations, particularly under the GDPR, which could adversely affect its business operations[187] - Cybersecurity threats pose a significant risk, with potential breaches leading to financial loss, reputational damage, and regulatory penalties[182][184] - The company is subject to numerous laws and regulations that may impact its business, potentially resulting in financial penalties and reputational damage[127] Economic and Market Conditions - Rising interest rates could decrease the present value of income-producing assets, negatively impacting financial performance and potentially breaching financial covenants[151] - Political instability and changes in government policies in various jurisdictions could adversely affect the value of the company's investments[155] - Economic uncertainty due to geopolitical factors, such as conflicts in Eastern Europe, may disrupt business operations and financial performance[156] - Unfavorable economic conditions, including inflation and credit market volatility, could lead to reduced securities prices and liquidity of investments[159] - A decline in economic conditions may exert downward pressure on operating margins and asset values, particularly in the U.S. market[161] Compliance and Regulatory Risks - The company may face significant liabilities and penalties under anti-bribery and corruption laws, which could adversely affect its business and results of operations[139] - The company is subject to various anti-bribery and corruption laws, including the U.S. Foreign Corrupt Practices Act, which may lead to increased compliance costs and operational disruptions[140] - The company may face increased regulatory compliance obligations as it expands its product offerings, leading to higher legal and compliance costs[135] - Changes in health, safety, and environmental laws could lead to increased operational costs and impact financial performance[176] Operational Risks - The company actively takes on heightened credit risk by managing assets that loan money to distressed companies, which could negatively impact financial performance if these investments fail[201] - Third parties may default on payment obligations, which could adversely affect the company's financial performance and operations[200] - Managed assets with customer contracts may be negatively impacted by changes in customers' financial conditions, making it difficult to protect revenue streams through contractual provisions[220] - Substantial capital expenditures are required to maintain managed assets, and failure to make these expenditures could impair service capabilities and revenue recovery[221] Sustainability and Environmental Risks - BAM's sustainability policy integrates environmental considerations into decision-making, aiming to promote workforce well-being and uphold governance practices[105] - Compliance with sustainability regulations is crucial, as failure to meet these requirements could result in significant costs and reputational damage[171] - The transition to a lower-carbon economy may disrupt traditional business models, increasing operational costs and reducing demand for certain products and services[173] - Renewable power and transition strategies face risks from weather changes, equipment failures, and regulatory shifts, which could disrupt operations and financial performance[222] Investment and Market Risks - The company faces risks related to the exit markets for private fund investments, including volatility and rising enterprise value thresholds, which could adversely affect cash flow and liquidity[162] - Economic downturns increase the risk of counterparty defaults, potentially leading to poor performance of transactions and negatively impacting financial results[163] - Inflationary pressures have eased in 2025, but past price increases continue to affect consumer confidence and spending power, which may impact investment opportunities and financial performance[164] - Revenue from power facilities is correlated with electricity generation, which is influenced by uncontrollable factors like water flows and wind, leading to potential revenue volatility[223]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ 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 001-35272 MIDLAND STATES BANCORP, INC. (Exact name of registrant as specified in its charter) FORM 10-K (Mark ...