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 No. 1-11778 CHUBB LIMITED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Emp ...

Financial Performance - Net revenues for the twelve months ended December 31, 2025 were $45.9 million, a decrease of $37.4 million, or 45%, compared to $83.3 million for the same period in 2024[215]. - Cost of revenues for the twelve months ended December 31, 2025 was $31.7 million, a decrease of $23.3 million, or 42%, compared to $54.0 million for the same period in 2024[216]. - Research and development expense for the twelve months ended December 31, 2025 was $49.8 million, a decrease of $26.2 million, or 34%, compared to $76.0 million for the same period in 2024[217]. - Selling, general and administrative expense for the twelve months ended December 31, 2025 was $35.2 million, a decrease of $27.7 million, or 44%, compared to $62.9 million for the same period in 2024[218]. - The company reported a net loss of $116.9 million for the twelve months ended December 31, 2025, compared to a net loss of $84.6 million for the same period in 2024, representing an increase in loss of $32.4 million, or 38%[214]. Restructuring and Impairment - The Navitas 2.0 Restructuring Plan incurred total restructuring expenses and impairment charges of $16.6 million in the fourth quarter of 2025[201]. - Restructuring and impairment expenses for the year ended December 31, 2025, totaled $18.0 million, with $16.6 million related to the Navitas 2.0 Restructuring Plan[220]. Cash Flow and Financing - Net cash used in operating activities for the year ended December 31, 2025, was $42.9 million, reflecting a net loss of $117.0 million[229]. - Cash and cash equivalents increased by $150.1 million or 173% to $236.9 million as of December 31, 2025, primarily due to PIPE and ATM offerings[228]. - Net cash provided by financing activities for the year ended December 31, 2025, was $194.6 million, mainly from proceeds of $200.0 million related to PIPE and ATM offerings[233]. - For the year ended December 31, 2025, net cash used in investing activities was $1.4 million, primarily due to purchases of fixed assets[232]. Investment and Equity - The company recorded a net gain of $3.9 million from its equity method investment for the year ended December 31, 2024, but reported a net loss of $1.1 million for the year ended December 31, 2025[203]. - The equity method investment resulted in a net loss of $1.1 million for the year ended December 31, 2025, compared to a net gain of $3.9 million in 2024[225]. Market Focus and Strategy - The company shifted focus towards high-power markets, including AI data centers and energy infrastructure, to improve business predictability and expand gross margins[202]. - Revenue from China accounted for 47% of total revenue for the year ended December 31, 2025, down from 60% in 2024[207]. Other Financial Metrics - The income tax provision for the year ended December 31, 2025, was $0.1 million, compared to a benefit of $0.3 million for the previous year[224]. - The company incurred $1.7 million in dividend income decrease due to lower investment balances as of December 31, 2025[222]. - The company expects to continue incurring net operating losses and negative cash flows from operations, with research and development expenses remaining relatively flat[226]. Earnout Liability - The company recognized a $12.4 million loss from an increase in fair value of earnout liabilities, with the estimated fair value of earnout shares rising from $1.18 to $2.33[223]. - The earnout liability was initially measured at fair value at the closing of the Business Combination and subsequently remeasured at the end of each reporting period[253]. - The estimated fair value of the earnout liability was determined using a Monte Carlo analysis of 20,000 simulations of the future path of the Company's stock price[254]. - The assumptions utilized in the calculation of the earnout liability include the Company's stock price volatility, risk-free interest rate, and the expected term of the award[254]. - The change in fair value of the earnout liability is recorded as part of "Other income (expense), net" in the consolidated statement of operations[253]. Regulatory Exemption - The company is exempt from the disclosure requirements of market risk as a "smaller reporting company" under Regulation S-K[256].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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: 1-1063 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x 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 o 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: 001-40379 FIVE STAR BANCORP (Exact name of registrant as specified in its charter) California (State or other jurisdiction o ...

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 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: 000-26408 CLIMB GLOBAL SOLUTIONS, INC. (Exact name of registrant as specified in its charter) Delaware 13-3136104 (State or oth ...

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 __________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission File Number: 001-02960 NPK International Inc. (Exact name of registrant as specified in its charter) | Delaware | 72-1123385 | | --- | --- ...

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: 333-271072 (Sinclair, Inc.) 000-26076 (Sinclair Broadcast Group, LLC) Sinclair, Inc. Sinclair Broadcast Group, LLC ( ...

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 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: 1-13087 (BXP, Inc.) Commission File Number: 0-50209 (Boston Properties Limited Partnership) BXP, INC. BOSTON PROPERTIES LIMITED P ...

Financial Position - The company had total cash of $185.7 million, including $76.5 million of restricted cash, and access to an undrawn $500.0 million credit facility[24]. - As of December 31, 2025, the company reported no known instances of material cybersecurity incidents in the prior three fiscal years[82]. - As of December 31, 2025, the company had $930.0 million of outstanding debt, with maturities including $65.0 million in 2026, $105.0 million in 2028, and $760.0 million in 2031[148]. - The company anticipates needing to refinance debt, and failure to do so on favorable terms could harm financial condition and cash available for distributions[154]. - The company is required to distribute at least 90% of its REIT taxable income to avoid taxation, which may limit cash available for other purposes[157]. Operational Strategy - The company aims to maintain appropriate leverage and financial flexibility to create value throughout all phases of operating and financial cycles[23]. - The company focuses on disciplined capital recycling and may opportunistically sell hotels that no longer fit its strategy or have reached the end of their investment lifecycle[21]. - The company employs a proactive asset management program to enhance the value of its real estate and maximize operational efficiency[20]. - The company has a highly experienced team overseeing asset management, investments, and corporate administration[24]. - The company operates hotels under long-term management agreements with recognized brands such as Marriott, Hyatt, and Four Seasons[18]. Market and Economic Conditions - The hotel industry is highly competitive, with significant risks from economic slowdowns, political disputes, and natural disasters affecting performance[68]. - Inflation impacts the company's expenses, including wages, food costs, and property taxes, which may increase at higher rates than revenue[58][59]. - Inflation in the U.S. and Europe rose to levels not seen in decades in 2022, potentially impacting consumer confidence and increasing operational costs[78]. - A significant portion of hotels are geographically concentrated, making them vulnerable to local economic conditions and natural disasters[68]. - The reliance on large corporate customers for group and transient business poses risks, as losing such customers could adversely affect operating results[68]. Environmental and Corporate Responsibility - The company is committed to corporate responsibility, focusing on environmental sustainability, social responsibility, and corporate governance, with initiatives aimed at reducing energy, water, and waste impacts[50][53]. - The company has invested in initiatives to reduce greenhouse gas emissions, including LED lighting retrofits and solar power installations, and publishes an annual Corporate Responsibility Report[53]. - The company is subject to various environmental regulations and may face substantial costs for remediation of hazardous substances, which could affect its ability to sell properties or borrow against them[55][56]. - Compliance with environmental laws and regulations may impose significant costs and liabilities on the company, affecting its financial results[134]. Employee and Workforce Management - As of December 31, 2025, the company had 37 employees, with females constituting approximately 51% and ethnic and racial minorities making up about 41% of the workforce[45][48]. - The company emphasizes competitive compensation and benefits to attract and retain skilled employees, including subsidized medical, dental, and vision insurance, a stock grant program, and a 401(k) savings plan[51][47]. - The company has a hybrid work schedule and offers additional benefits such as gym memberships and discounts on hotel rooms[51]. Risks and Challenges - System security risks, including cyber-attacks, could disrupt operations and negatively impact revenue and reputation[79]. - The company may face challenges in acquiring or disposing of hotels due to competition from institutional investors and other REITs[71]. - The operating results of upper upscale and luxury hotels are more susceptible to economic downturns compared to lower-priced hotels[75]. - The company may incur significant capital expenditures for renovations and improvements, which could exceed expectations due to inflation and supply chain disruptions[68]. - The company faces risks associated with climate change, including potential increases in operational costs and property damage due to severe weather events[87]. Financial Performance and Shareholder Returns - Quarterly cash dividends for common stock were paid as follows: $0.05 in January 2023, $0.13 in January 2024, and $0.09 in January 2025[174]. - The common stock price fluctuated from a low of $7.72 to a high of $12.10 during 2025[173]. - The board of directors has authorized a stock repurchase program up to an aggregate amount of $500 million[180]. - The company may issue additional shares of common stock to raise capital for various corporate purposes[178]. - The company intends to distribute at least 90% of its REIT taxable income annually to maintain its REIT status, with cash dividends expected to continue in 2026[209]. Cybersecurity Management - The board of directors oversees cybersecurity risk management, with quarterly reports provided by management on cybersecurity risks and incidents[198][199]. - The company's cybersecurity risk management program includes risk assessments, incident response plans, and employee training[196][197]. - The information technology department has over 20 years of experience and employs the latest security technologies to monitor and assess cybersecurity threats[201]. - The company has not identified any material risks from known cybersecurity threats that have affected its operations or financial condition[197].

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 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 000-29480 HERITAGE FINANCIAL CORPORATION (Exact name of registrant as specified in its charter) Washington 9 ...