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: 001-39095 The Baldwin Insurance Group, Inc. (Exact name of registrant as specified in its charter) incorporation or o ...

Financial Performance - Total assets increased by $327.5 million year over year, while total liabilities rose by $251.9 million[298]. - Adjusted EBITDA margin is a key metric used to assess financial performance, calculated as adjusted EBITDA divided by total revenue[309]. - Organic revenue for the year ended December 31, 2024 was $1.37 billion, adjusted to exclude commissions and fees from divestitures[312]. - Organic revenue for 2025 reached $1,470,092, a 7% increase from $1,377,116 in 2024, with organic revenue growth of $100,049[313]. - Adjusted EBITDA for 2025 was $341,472, up from $312,485 in 2024, resulting in an adjusted EBITDA margin of 22.7% compared to 22.5% in the previous year[315]. - Net loss attributable to Baldwin for 2025 was $(33,813), compared to $(24,518) in 2024, with adjusted net income increasing to $198,942 from $176,898[318]. Revenue Growth - Total revenues for the Insurance Advisory Solutions (IAS) segment increased to $727,324 in 2025, a 2% rise from $711,936 in 2024[324]. - Core commissions and fees for IAS grew by $20,304, or 3%, to $661,590, driven by organic growth despite a 380 bps headwind from softening insurance rates[326]. - UCTS reported total revenues of $549.5 million for 2025, a 16% increase from $472.9 million in 2024, driven by a $71.4 million rise in core commissions and fees[333]. - Core commissions and fees for UCTS increased by $75.7 million, or 16%, year over year, with significant contributions from MSI ($41.2 million) and the Captive business ($22.6 million)[335]. - MIS total revenues reached $297.7 million in 2025, reflecting a 6% increase from $281.3 million in 2024, with core commissions and fees growing by $14.5 million[343]. Expenses and Liabilities - Long-term debt increased by $172.2 million due to 2025 refinancings, which included an upsizing of Term Loans by $175.0 million[303]. - Colleague compensation and benefits for IAS decreased by $13,342, or 3%, primarily due to a reduction in colleague earnout incentives[327]. - Other operating expenses for IAS increased by $6,741, or 8%, mainly due to higher professional fees and legal settlement expenses[328]. - Total operating expenses for UCTS increased by $53.6 million, or 13%, primarily due to a $34.1 million rise in other operating expenses[333]. - Colleague compensation and benefits for UCTS increased by $15.0 million, or 15%, year over year, influenced by partnership activity and elevated health plan costs[336]. Cash Flow and Financing - Net cash used in operating activities increased by $80.9 million year over year, primarily due to a $62.4 million increase in payments of contingent earnout consideration[387]. - Net cash used in investing activities increased by $153.6 million year over year, driven by an $85.7 million increase in cash consideration paid for partnership activity[388]. - Net cash provided by financing activities increased by $182.8 million year over year, primarily due to a $196.6 million increase in net proceeds from borrowings on credit facilities[389]. - As of December 31, 2025, the company had senior secured credit facilities totaling $1.606 billion, including a term loan of $1.006 billion and a revolving credit facility of $600 million[361]. - The company had $107 million outstanding under the Revolving Facility and $16 million of undrawn letters of credit as of December 31, 2025[361]. Intangible Assets and Goodwill - At December 31, 2025, the company had $978.4 million of intangible assets, including $908.4 million in acquired relationships[411]. - The company performed a qualitative analysis for its intangible assets as of October 1, 2025, and determined no impairment charges were necessary[411]. - At December 31, 2025, the company had $1.5 billion of goodwill, with no impairment charges recorded during 2025, 2024, or 2023[417]. - The company evaluates its definite-lived intangible assets for impairment whenever events indicate that the carrying amount may not be recoverable[407]. Contingent Consideration - Contingent consideration arrangements are based on achieving thresholds related to future revenues, EBITDA, or retention rates, reducing the risk of overpaying for acquisitions[419]. - As of December 31, 2025, the company recorded $23.3 million in contingent consideration liabilities related to five outstanding arrangements, with a total potential maximum of $50.0 million in remaining payments[425]. - The company recognized a $5.6 million expense related to the change in fair value of contingent consideration in 2025[424]. - The fair value of contingent consideration is estimated using a Monte Carlo Simulation approach, which incorporates forecasts of revenue, EBITDA, and retention rates[421]. Tax and Valuation - The company maintains a full valuation allowance against its deferred tax assets, reassessing their realizability as it emerges from its cumulative loss position[384]. - A full valuation allowance was established for deferred tax assets as of December 31, 2025, indicating it is more likely than not that these assets will not be realized[429]. - If the deferred tax assets were deemed realizable, the company would have recognized approximately $210.7 million in deferred tax assets on its balance sheet[430]. - The company would have recognized an income tax benefit of approximately $13.7 million for the year ended December 31, 2025, if no valuation allowance had been established[431].

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 001-41781 | | SEZZLE INC. (Exact name of registrant as specified in its charter) | | | (State or ...

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 001-40407 Vera Therapeutics, Inc. (Exact name of registrant as specified in its charter) Delaware 81-2744449 (State or other jurisdiction ...

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 001-35388 PROSPERITY BANCSHARES, INC.® (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporati ...

Table of Content UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ___________________________________________ 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 001-42655 ___________________________________________ Galaxy Digital Inc. FORM 1 ...

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 001-31648 EURONET WORLDWIDE, INC. (Address of principal executive offices) (Zip Code) (913) 327-4200 (Registrant's telephone number, inc ...

Financial Performance - The total operating income for the U.S. title insurance industry was approximately $17.7 billion in 2024, up from $16.5 billion in 2023, reflecting a growth of 7.3%[47] - The statutory earnings of the title insurers were $488 million, $587 million, and $503 million for the years ended December 31, 2025, 2024, and 2023, respectively[83] - The combined statutory capital and surplus of the title insurers was approximately $1,273 million as of December 31, 2025, compared to $1,223 million in 2024[83] - For the year ended December 31, 2025, net investment income was $401 million, a slight decrease from $405 million in 2024[102] - Average cash and invested assets increased to $9,309 million in 2025 from $8,298 million in 2024[102] Market Concentration - The top four title insurance groups accounted for 80% of net premiums written in 2024, indicating a high level of market concentration[49] - The title insurance industry is closely tied to macroeconomic factors such as GDP growth, interest rates, and housing market conditions, impacting overall revenues[48] Revenue Sources - Title insurance premiums from direct operations amounted to $2,574 million in 2025, representing 44.2% of total premiums, while agency operations generated $3,250 million, or 55.8%[62] - Escrow and other title-related fees represented approximately 28.0% of total Title segment revenues in 2025, down from 30.1% in 2023[63] Claims Management - Claims management is a significant aspect of the business, with a large staff of attorneys dedicated to handling title and escrow claims[66] - Claims can vary greatly in dollar amounts and are influenced by economic conditions, with some policies exceeding face amounts of $100 million[69] Reinsurance and Risk Management - The company has secured excess of loss reinsurance coverage with a maximum limit of $615 million from a single loss occurrence, with an aggregate limit of $1.2 billion across four contracts[70] - The company maintains a selective approach in choosing reinsurers, focusing on financially stable and adequately capitalized companies[71] - The company utilizes coinsurance in its commercial title business to cover amounts greater than it can individually provide[72] Investment Strategy - The investment policy aims to maximize total return while maintaining adequate liquidity and managing interest rate risk through shorter durations[95] - The carrying amount of total investments within the Title segment was approximately $3.5 billion as of December 31, 2025, up from $3.3 billion in 2024[96] - The investment ratings distribution shows that 34.2% of the portfolio is rated Aa/AA, while 27.0% is rated A, and 24.1% is rated Baa/BBB[98] Annuity Products - Fixed indexed annuities (FIAs) accounted for approximately 46% of total gross sales in 2025, with the remaining sales primarily from fixed rate annuities (26%) and pension risk transfer (PRT) solutions (15%)[106] - Approximately 39% of FIA sales in 2025 involved premium bonuses, which increase the initial annuity deposit by a specified rate of 2%[112] - 77% of FIA contracts issued in 2025 included a guaranteed minimum withdrawal benefit (GMWB) rider, allowing guaranteed payments for life without requiring annuitization[113] Regulatory Environment - The company is subject to comprehensive regulation and supervision in its domiciles and states where it operates, impacting its operational flexibility[175] - Regulatory restrictions on dividend payments are in place, requiring board approval and consideration of various factors, including financial condition and strategic plans[184] - The Dodd-Frank Act established the Federal Insurance Office to monitor the insurance industry, which may lead to increased scrutiny and regulatory changes affecting the company[205] Corporate Governance and Ethics - FNF is committed to building a diverse and inclusive workforce, reflecting the diversity of its clients[244] - The company adheres to all laws and regulations to maintain public trust and uphold strong ethical standards[245] - FNF implements robust governance practices and training to encourage high standards of business integrity[245]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________________________________________________________________________________________________ FORM 10-K _______________________________________________________________________________________________________________________ For the transition period from to Commission File Number 1-35796 Tri Pointe Homes, Inc. (Exact name of registrant as specified in its charter) _______________________________________________ ...

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 1-09720 PAR TECHNOLOGY CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of inco ...