Company Fourth Quarter and Full Year Highlights: Carlos Quezada, Vice Chairman and CEO, stated, "We are very pleased with our 2025 fourth quarter and full year performance. In the fourth quarter, total funeral operating revenue increased by 9.6%, primarily reflecting growth in funeral operating contract volume, while total cemetery operating revenue grew 18.4%, primarily driven by a strong performance in preneed cemetery sales production. Operating income grew 16.8% and adjusted consolidated EBITDA grew by ...

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 28, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No.: 001-33994 INTERFACE INC (Exact name of registrant as specified in its charter) Georgia 58-1451243 (State of incorporation) (I.R.S. Employer Identification No.) 1280 West P ...

Portfolio and Property Management - As of December 31, 2025, FrontView owned a diversified portfolio of 303 properties across 37 U.S. states, with an occupancy rate of 98.7%[20] - The total number of properties in the portfolio is 303, covering 2,687,000 square feet, representing 100% of ABR [32] - 78.1% of FrontView's properties were located in the top 100 metropolitan statistical areas (MSAs) as of December 31, 2025[20] - The company targets properties with direct frontage on high-traffic roads, ensuring high visibility and adaptability for various tenant usages[19] - The geographic diversification shows that no single state dominates the portfolio, enhancing risk management [32] - The company’s strategy focuses on maintaining a balanced portfolio across various states to mitigate risks associated with regional economic downturns [32] - The company’s properties are strategically located to optimize rental income and tenant diversity [32] Financial Performance - Total rental revenues for the year ended December 31, 2025, were $66.5 million, with a net loss of $5.6 million and funds from operations (FFO) of $26.1 million[20] - The total ABR (Annual Base Rent) as of December 31, 2025 is $62.852 million, with a weighted average rent per square foot of $23.74[38] - The company recorded net losses of approximately $5.6 million and $31.2 million for the years ended December 31, 2025 and 2024, respectively[79] - For the year ended December 31, 2025, the company incurred approximately $1.8 million in expenses not reimbursed by tenants[39] - The company may not be able to make distributions to its stockholders at the times or in the amounts expected, or at all[71] Tenant and Lease Information - Approximately 34.8% of FrontView's tenants had an investment-grade credit rating as of December 31, 2025[20] - 97.3% of the leases based on annual base rent (ABR) had contractual rent escalations, with a weighted average remaining lease term of approximately 7.4 years[20] - No single tenant brand accounted for more than 3.51% of the ABR, with 321 tenants representing 155 different brands[20] - The top tenant, Dollar Tree, accounted for 3.51% of ABR, while the second-largest tenant, Verizon, accounted for 2.85%[26] - Approximately 65.2% of the company's tenants had a credit rating below investment-grade or were unrated, which increases the risk of tenant defaults [94] - Tenants in the restaurant industry represented approximately 23.9% of the company's ABR as of December 31, 2025, indicating a significant exposure to this sector [96] Environmental and Regulatory Risks - The company is subject to significant environmental liabilities due to federal, state, and local laws, which may require costly investigations and clean-ups for hazardous substances[56] - Properties may have historical or current contamination issues, potentially leading to substantial clean-up costs that could exceed property values[57] - Environmental regulations impose strict requirements on the management of asbestos-containing materials (ACM), with significant fines for non-compliance, affecting property values[58] - Mold growth due to moisture accumulation can lead to costly remediation efforts and potential liability for health issues related to indoor air quality[59] - The company cannot predict future environmental regulations or conditions, which may necessitate significant expenditures to address environmental issues[62] Debt and Financing - As of December 31, 2025, the company had approximately $314.3 million principal balance of indebtedness outstanding, which may expose it to the risk of default under its debt obligations[71] - The company has entered into interest rate swap agreements to hedge against fluctuations in interest rates, but these arrangements may not be effective and could expose the company to additional risks[164] - The company may face challenges in accessing external financing on commercially reasonable terms due to disruptions in financial markets, which could limit its business activities[160] - Interest rate increases could lead to higher interest costs on existing and future debt, adversely impacting the company's stock price and operational results[157] Corporate Governance and Structure - The company completed its IPO on October 3, 2024, issuing 13,200,000 shares at an initial price of $19.00 per share, raising total net proceeds of $271.5 million[23] - The company has the authority to issue up to 500,000,000 shares of capital stock, including 450,000,000 shares of Common Stock and 50,000,000 shares of preferred stock[169] - The company’s board of directors can change investment and financing policies without stockholder approval, potentially increasing leverage and risk of default[183] - The company has entered into indemnification agreements with directors and executive officers, potentially limiting stockholder rights against them[185] Market and Economic Risks - Tenant demand for properties may decline due to economic conditions, which could materially and adversely affect the company[91] - A significant portion of the portfolio is leased to tenants reliant on discretionary consumer spending, making it sensitive to economic downturns[134] - Increased interest rates may decrease property values, adversely impacting the company's financial condition[137] - Inflation could negatively affect both the company and its tenants, impacting their ability to pay rent[139] - Natural disasters and climate change risks could lead to property damage and operational disruptions[140][141] Compliance and Taxation - The company intends to qualify as a REIT and must distribute at least 90% of its REIT taxable income to stockholders to maintain this status[200] - If the company fails to qualify as a REIT, it could face significant tax consequences that would reduce cash available for distributions to stockholders[195] - The company may be subject to U.S. federal, state, and local income taxes even if it qualifies as a REIT, impacting cash flow and distributions[199] - Changes in U.S. federal income tax laws could materially and adversely affect the company and its stockholders[213]

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. Commission File No. 001-34582 NORTHWEST BANCSHARES, INC. (Exact name of registrant as specified in its charter) Maryland 27-0950358 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) For the Fiscal Year Ended December 31, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the S ...

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 Securities registered pursuant to Section 12(b) of the Act: | | | Name of each exchange on which | | --- | --- | --- | | Title of each class | Trading Symbol(s) | registered | | Common St ...

Revenue Generation and Business Segments - Goldman Sachs reported significant revenue generation from its Global Banking & Markets segment, which includes investment banking fees, FICC intermediation, and equities intermediation[15]. - The firm has maintained a leading position in worldwide public common stock offerings and initial public offerings, reflecting its strong equity underwriting capabilities[24]. - FICC intermediation activities include client execution in interest rate products, credit products, currencies, and commodities, contributing to overall revenue growth[26][28]. - The Asset & Wealth Management segment generates revenues from management fees, incentive fees, and private banking, indicating a diversified income stream[15]. - Goldman Sachs continues to assist clients in managing asset and liability exposures, particularly in complex transactions involving mergers and acquisitions[29]. - The company generates commissions and fees from executing and clearing institutional client transactions on major stock, options, and futures exchanges worldwide[32]. - Asset & Wealth Management services include managing client assets across various investment strategies and asset classes, including equity, fixed income, and alternative investments[34]. Strategic Initiatives and Technology - The firm has made strategic changes to its business segments, including the integration of transaction banking results into Global Banking & Markets[16]. - Goldman Sachs aims to enhance its market-making activities, which are crucial for client relationships and overall capital market efficiency[18]. - The company is focused on expanding its technology platforms, such as Marquee, to improve client connectivity and trading capabilities[20]. Client Relationships and Market Position - The firm is committed to maintaining strong relationships with institutional clients, which include corporations, governments, and municipalities, to drive long-term growth[17]. - The company is a leading participant in trading and developing equity derivative instruments, providing tailored instruments for sophisticated investors[30]. Workforce and Global Presence - As of December 2025, the company had a headcount of 47,400, with 50% based in the Americas, 20% in EMEA, and 30% in Asia[56]. - The company’s employees come from over 190 countries and speak more than 175 languages as of December 2025[56]. - The company has established key strategic locations, including Bengaluru, Salt Lake City, Dallas, Singapore, Warsaw, Birmingham, and Hyderabad[57]. - As of December 2025, 45% of the company's employees were working in strategic locations, enhancing capabilities that support business initiatives[58]. Sustainability and Environmental Commitment - The company prioritizes sustainability by facilitating clients' sustainability objectives through market-based solutions and dedicated risk management capabilities[59]. - The company has committed to deploying $750 billion in sustainable financing, investing, and advisory activity by the beginning of 2030, a goal that has already been met[64]. - The company has offset unabated emissions in its operations and business travel since 2015, expanding its operational carbon commitment to include its supply chain[65]. - The company has established physical emissions intensity-based sectoral targets for its financing activities in Energy, Power, and Auto Manufacturing to track clients' progress[65]. Regulatory Environment and Compliance - The financial services industry remains intensely competitive, with pressure to retain market share leading to potential commitments of capital on less favorable terms[68]. - The company is subject to "Category I" standards as a global systemically important bank (G-SIB), which involves specific regulatory capital requirements[89]. - GS Bank USA and the company are required to meet risk-based regulatory capital and leverage requirements under the Capital Framework, which is based on Basel III[89]. - GSBE is subject to capital and liquidity requirements under the E.U. Capital Requirements Regulation and Directive, effective January 1, 2025[90]. - The company has integrated climate-related risks into its risk management governance structure, with board-level oversight[62]. - The company has implemented Environmental & Social Due Diligence Guidelines to evaluate transactions for environmental and social risks[62]. - The company faces intense price competition in investment banking, market-making, and asset management, affecting its pricing dynamics[71]. Capital and Liquidity Requirements - The capital conservation buffer requirements for Group Inc. consist of a 2.5% buffer under the Advanced Capital Rules and additional buffers including a stress capital buffer and countercyclical buffer[92]. - The Liquidity Coverage Ratio (LCR) requires both the company and GS Bank USA to maintain a minimum LCR of 100% to ensure adequate levels of high-quality liquid assets[106]. - The Net Stable Funding Ratio (NSFR) mandates a minimum NSFR of 100% for the company and GS Bank USA, promoting stable funding over a one-year horizon[108]. - The Stress Capital Buffer (SCB) is subject to a 2.5% floor and reflects stressed losses estimated under the supervisory severely adverse scenario of the Comprehensive Capital Analysis and Review (CCAR) stress tests[113]. - The company is required to submit annual company-run stress test results to the Federal Reserve if it has total consolidated assets of $250 billion or more[115]. Resolution Plans and Regulatory Submissions - GS Bank USA's most recent resolution plan was submitted in December 2023, with the next required submission due by July 1, 2026[122]. - The FRB and FDIC require U.S. G-SIBs to submit resolution plans every two years, with the last full submission made in June 2023[120]. - GS Bank USA is required to maintain a minimum level of internal MREL, which allows the Bank of England to exercise bail-in triggers over certain intercompany regulatory capital[132]. - The FDIC's Deposit Insurance Fund is funded by assessments on IDIs, with GS Bank USA's assessment based on its average total consolidated assets less average tangible equity[137]. - The U.S. federal bank regulatory agencies have adopted rules imposing restrictions on qualified financial contracts (QFCs) to facilitate orderly resolution of failed G-SIBs[123]. - The E.U. Bank Recovery and Resolution Directive (BRRD) requires financial institutions to submit recovery plans and assist in constructing resolution plans for E.U. entities[125]. - The U.K. Special Resolution Regime requires certain financial institutions to meet the Bank of England's expectations regarding loss absorbency and operational continuity[126]. - The TLAC rule establishes minimum TLAC requirements and prohibits U.S. G-SIBs from incurring certain liabilities if they enter insolvency proceedings[127][128]. - The Dodd-Frank Act created a resolution regime for systemically important institutions, allowing the FDIC to be appointed as receiver under specific conditions[133]. - The FRB and FDIC provided feedback on the 2023 resolution plan, identifying one shortcoming and areas for additional focus for the 2025 plan[120]. Compliance and Regulatory Requirements - The company is subject to the Volcker Rule, which prohibits proprietary trading and requires compliance programs and reporting requirements[142]. - The company must limit investments in covered funds to 3% or less of the fund's net asset value and aggregate investments to 3% or less of Tier 1 capital[143]. - The company is required to obtain prior Federal Reserve Board (FRB) approval for certain acquisitions and banking activities[146]. - GS Bank USA has ceased to be assessed as a "wholesale bank" for CRA compliance and adopted a strategic plan effective through 2028[152]. - The SEC requires broker-dealers to act in the best interest of retail customers and provide standardized disclosures[162]. - The SEC has adopted a rule to revise reporting and disclosure requirements related to execution quality, effective December 2025[163]. - The Basel Committee has published standards on the prudential treatment of crypto-asset exposures, with ongoing reviews expected[158]. - The company’s European subsidiaries must comply with MiFID II and MiFIR regulations, which impose trading venue categories and transparency requirements[169]. - GSJCL, the company's Japanese broker-dealer, is subject to capital requirements imposed by Japan's Financial Services Agency[170]. - Various international regulators impose capital standards and requirements comparable to U.S. regulations on the company's subsidiaries[171]. - The CFTC requires registration of swap dealers and mandates clearing and execution of interest rate and credit default swaps, with real-time public reporting and adherence to business conduct standards[175]. - GS&Co. and other subsidiaries are registered with the CFTC as swap dealers and are subject to capital requirements for proprietary positions in swaps and security-based swaps[176]. - The SEC mandates certain institutional investment managers to report specific short position data and short activity data for equity securities starting February 2026[189]. - In 2024, the SEC introduced accelerated reporting requirements for open-end management investment companies, with compliance required by November 17, 2027[190]. - The CFTC has adopted rules limiting the size of positions in physical commodity derivatives that can be held by any entity, applicable to both physically and cash settled positions[183]. - The U.S. Bank Secrecy Act and the Anti-Money Laundering Act of 2020 impose regulations on financial institutions for client identification and monitoring of transactions[201][202]. - In 2024, FinCEN proposed a rule requiring investment advisers to implement procedures to identify and verify customer identities, with a compliance deadline extended to January 1, 2028[204]. - GS Bank USA and GSBE are required to post and collect margin in connection with transactions involving swap dealers and major security-based swap participants[180]. - The CFTC and SEC have established cross-border regulation agreements with non-U.S. regulators regarding derivatives and mutual recognition of execution facilities[181]. - The European Market Infrastructure Regulation (EMIR) has established regulatory requirements for portfolio reconciliation and reporting for OTC derivatives in the E.U. and U.K.[182]. Cybersecurity and Data Protection - The E.U. AML Authority commenced operations in July 2025, aiming for full staffing by 2027 and direct supervision by 2028[205]. - The amended Regulation S-P requires covered entities to notify affected individuals within 30 days of incidents involving sensitive customer information, effective for larger entities from December 2025[207]. - The E.U. Digital Operational Resilience Act (DORA) will apply from January 2025, requiring comprehensive governance for managing ICT risk[209]. - The E.U. AI Act became effective in 2024, with certain provisions applying from February 2025 and others between August 2025 and August 2027[209]. - The NYDFS Cybersecurity Requirements mandate financial institutions to establish a cybersecurity program and designate a Chief Information Security Officer[208]. - The California Privacy Protection Agency's regulations under the CCPA will be effective from January 1, 2026, focusing on cybersecurity audits and risk assessments[207]. - Privacy laws impose significant penalties for non-compliance and require public disclosure of privacy practices[206]. - The E.U.'s General Data Protection Regulation (GDPR) imposes obligations regarding the collection and use of personal information[206]. - The scope of the U.S. Foreign Corrupt Practices Act (FCPA) includes a broad range of payments to government officials[205]. - The E.U. AML framework introduces a Single Rulebook that will apply from July 2027, superseding national rules[205].

Revenue and Customer Base - The company generated 81% of its revenues from U.S. customers and 19% from international customers during the year ended December 31, 2025[280]. - The company’s largest customer accounted for 13.4% of total revenue in 2025, down from 15.6% in 2024, indicating a shift in customer concentration[314]. - During the year ended December 31, 2025, the two largest customers accounted for approximately 13.7% and 12.2% of total revenue[389]. - The largest customer accounted for 13.4% of total accounts receivable as of December 31, 2025, while the five largest customers accounted for 29.8%[388]. Financial Performance - Consolidated revenue for the year ended December 31, 2025 increased by $368.3 million, or 40%, compared to 2024, primarily driven by a 62% increase in revenue from Array Legacy Operations[336]. - Array Legacy Operations revenue increased by $408.8 million, or 62%, for the year ended December 31, 2025, primarily due to a volume increase of approximately 62%[337]. - STI Operations revenue decreased by $40.5 million, or 16%, for the year ended December 31, 2025, driven by a 20% decrease in volume, partially offset by a 5% increase in average selling price (ASP)[338]. - Consolidated cost of revenue increased by $367.5 million, or 59%, for the year ended December 31, 2025, in line with higher volume[339]. - Consolidated gross profit increased by $0.9 million, or 0.3%, for the year ended December 31, 2025, with a gross margin decrease to 23% from 33% in the prior year[339]. - Array Legacy Operations gross profit increased by $30.0 million, or 11%, for the year ended December 31, 2025, with a gross margin decrease to 28% from 41%[340]. - STI Operations gross profit decreased by $29.1 million, or 105%, for the year ended December 31, 2025, with a gross margin decrease to (1)% from 11%[341]. - General and administrative expenses increased by $38.0 million, or 24%, for the year ended December 31, 2025, primarily due to increased compensation costs and acquisition-related expenses[343]. - Consolidated interest income decreased by $4.9 million, or 29%, for the year ended December 31, 2025, primarily due to lower yields on cash management[348]. - Consolidated income tax expense increased by $33.2 million, or 326%, shifting from a tax benefit in 2024 to a tax expense in 2025, primarily due to a decrease in pre-tax loss[351]. Acquisitions and Investments - The APA Acquisition was completed for a total purchase consideration of approximately $185.4 million, including an earnout provision valued at approximately $19.3 million[281]. - The acquisition of APA involved cash consideration of $164.9 million, contributing to a total cash used in investing activities of $187.9 million for 2025[365]. - The Earnout Consideration from the APA acquisition is estimated at a fair value of $22.4 million as of December 31, 2025, based on a Monte-Carlo simulation method[376]. Cash Flow and Liquidity - For the year ended December 31, 2025, net cash provided by operating activities was $101.8 million, down from $153.98 million in 2024, while cash used in investing activities increased to $187.9 million[359][365]. - As of December 31, 2025, the Company had a cash balance of $244.4 million and net working capital of $492.0 million, with $137.9 million available under the revolving credit facility[360]. - The Company believes that operating cash flows will be sufficient to meet liquidity needs in the next 12 months and beyond[363]. - The Company posted surety bonds totaling approximately $215.5 million as of December 31, 2025, which do not adversely impact liquidity[358]. Debt and Financing - The Company entered into a senior secured credit facility with a $575 million term loan and a $200 million revolving credit facility, which was later amended to reduce commitments to $166 million and extend maturity to October 14, 2028[355]. - The Revolving Credit Facility was increased to $370 million and extended to February 18, 2031 under the Fifth Amendment[356]. - The Company repaid $233.9 million on its Term Loan Facility and $174.4 million of other debt during the financing activities of 2025[366]. - As of December 31, 2025, the Company's long-term debt was $658.7 million, with $12.8 million subject to variable-rate interest agreements[392]. - A 50 basis point change in interest rates would impact the expected annual interest expense by approximately $0.1 million[392]. Research and Development - R&D expenses totaled $9.9 million, $6.7 million, and $8.5 million for the years ended December 31, 2025, 2024, and 2023, respectively, out of total engineering expenses of $18.7 million, $17.0 million, and $16.7 million[288]. Market Conditions and Risks - The ongoing Russia-Ukraine war has led to increased logistics costs and material availability issues, impacting the company's procurement strategy[300]. - Disruptions in key shipping lanes have caused port congestion and increased shipping costs, prompting the company to enhance local sourcing efforts[301]. - Inflationary pressures are expected to negatively impact operations, leading the company to accelerate productivity initiatives and expand its supplier base[302]. - The USDOC's affirmative determinations on circumvention have resulted in AD/CVD orders on certain CSPV cells and modules, with cash deposit rates potentially exceeding 250%[303]. - The Company is exposed to market risk from fluctuations in steel and aluminum prices, which could impact operating margins[391]. Product Development and Innovation - The company shipped approximately 96 gigawatts of solar trackers to customers worldwide since its founding[280]. - The company’s flagship tracker, DuraTrack, utilizes a patented design that allows one motor to drive multiple rows of solar panels, enhancing efficiency and reliability[277]. - The company’s OmniTrack product, introduced in September 2022, requires significantly less grading and civil works permitting prior to installation[278]. Tax and Regulatory Matters - The company expects tax provisions from the OBBB to reduce its 2025 taxable income, improving near-term operating cash flows[293]. - The IRS issued guidance on domestic content bonus tax credits, with further clarifications in Notices 2024-41 and 2025-08, which may affect project timelines for customers[297]. - The domestic content threshold for solar facilities starting construction after June 16, 2025, has been increased, but the overall requirements for claiming the bonus credit remain unchanged[298]. Goodwill and Impairment - The Company recorded goodwill impairments totaling $102.6 million and $236.0 million for the years ended December 31, 2025 and 2024, respectively, related to the STI Operations reporting unit[379]. - The Company identified indicators of impairment related to its reporting units during the third and fourth quarters of 2024 due to a sustained decline in stock price[378]. - The Company performed quantitative goodwill impairment tests with the assistance of a third-party valuation specialist as of September 30, 2024, and December 31, 2024[378]. - The significant assumptions for fair value determination included revenue growth rate, forecasted EBITDA margin, and discount rate[380]. - As of December 31, 2025, the estimated fair value of the Array Legacy Operations reporting unit was significantly higher than its carrying balance[379]. Performance Metrics - MWs shipped is a key performance metric, with the company tracking changes in MWs to evaluate sales performance and market acceptance[316]. - Revenue growth is dependent on the expansion of solar energy projects and the company's ability to maintain market share and develop innovative products[322]. - A majority of revenue is recognized over time as work progresses, with adjustments made based on ongoing contract estimates[323].

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: 001-08052 GLOBE LIFE INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation o ...

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: 000-26489 ENCORE CAPITAL GROUP, ...

Revenue and Profitability - Total revenue decreased by $47.8 million, or 7.3%, to $606.9 million in 2025 compared to $654.7 million in 2024, primarily due to lower volumes in the U.S. Consumer business [128]. - Gross profit margin decreased to 25.7% in 2025 from 26.0% in 2024, impacted by a one-time incremental tariff cost of $5.3 million [129]. Expenses and Cash Flow - Selling, general and administrative expenses decreased by $7.4 million to $119.3 million in 2025, attributed to lower personnel costs and reduced incentive compensation [130]. - Net cash provided by operating activities was $13.8 million in 2025, a decline of $51.6 million from $65.4 million in 2024, due to increased net working capital [140]. - Net cash provided by investing activities was $1.9 million in 2025, compared to a net use of cash of $13.9 million in 2024, reflecting proceeds from a U.S. Treasury bill maturity [141]. - Net cash used for financing activities decreased by $5.5 million in 2025, primarily due to reduced purchases of treasury stock [142]. Financial Position - As of December 31, 2025, cash and cash equivalents were $47.3 million, up from $45.6 million in 2024 [135]. - The HBB Facility has a borrowing base of $123.8 million with outstanding borrowings of $50.0 million as of December 31, 2025 [144]. - Total contractual cash obligations amount to $266.11 million, with $167.52 million due in 2026 [151]. Tax and Interest - The effective income tax rate increased to 25.8% in 2025 from 7.8% in 2024, primarily due to the absence of prior year tax benefits [133]. - Interest expense, net increased to $0.7 million in 2025 from $0.6 million in 2024 [131]. Future Expectations and Risks - HBB does not expect to make voluntary repayments within the next twelve months as the rate of return on excess cash exceeds the average interest rate of the HBB Facility [149]. - Forward-looking statements indicate potential risks including economic conditions, supply chain constraints, and changes in consumer behavior [156]. Financial Instruments and Obligations - Variable interest payments on the HBB Facility are estimated at $7.99 million, with a potential increase of $0.4 million for a 0.25% rise in the Base Rate [151]. - The fair value of interest rate swap agreements was a receivable of $2.0 million as of December 31, 2025, with a hypothetical 10% increase in interest rates potentially increasing this value to $2.1 million [159]. - The fair value of foreign currency exchange contracts was a net payable of $0.1 million as of December 31, 2025, with a hypothetical 10% weakening of the U.S. dollar potentially decreasing this value by $0.3 million [162]. Pension and Financing Arrangements - The company does not expect to contribute to its defined benefit pension plan in 2026 due to its funded status [153]. - No off-balance sheet financing arrangements have been entered into by the company [154]. - The company has not experienced any events of default and does not anticipate any occurring [152]. - HBB maintains an arrangement to sell certain U.S. trade receivables on a non-recourse basis [150].