Berkshire Hathaway Inc. To My Fellow Berkshire Shareholders, Warren Buffett is arguably the greatest investor of all time, with generations benefiting from his investment acumen. He has also been a remarkable CEO, executing his vision of building a great insurance business since the acquisition of National Indemnity in 1967, and deploying the float to make successful investments across major sectors of the economy, concentrating in the U.S. (To Warren's great frustration, this letter begins with these obser ...

Earnings Performance - Net earnings attributable to Berkshire shareholders for Q4 2025 were $19,199 million, a decrease of 2.5% from $19,694 million in Q4 2024[5] - Full year net earnings for 2025 were $66,968 million, down 24.7% from $88,995 million in 2024[5] - Operating earnings for Q4 2025 were $10,200 million, a decline of 29.8% compared to $14,527 million in Q4 2024[9] - Insurance-underwriting earnings for Q4 2025 were $1,561 million, down from $3,409 million in Q4 2024[9] - Berkshire's investment income for Q4 2025 was $3,072 million, a decrease from $4,088 million in Q4 2024[9] Investment Gains - Investment gains for Q4 2025 included $13,494 million, significantly higher than $5,167 million in Q4 2024[5] Shareholder Information - Average equivalent Class A shares outstanding remained stable at 1,438,223 for both Q4 2025 and Q4 2024[5] - Average equivalent Class B shares outstanding increased to 2,157,335,139 in Q4 2025 from 2,157,034,121 in Q4 2024[5] Insurance Float - Insurance float increased to approximately $176 billion by December 31, 2025, up $5 billion from year-end 2024[11] Segment Performance - Manufacturing, service, and retailing segment reported operating earnings of $3,370 million in Q4 2025, compared to $3,262 million in Q4 2024[9]

Revenue Generation - Total revenues for 2025 amounted to $207.282 million, with 99% derived from Mineral Rights and 1% from Soda Ash[31]. - The Mineral Rights segment primarily generates revenue from coal royalties, with significant properties located in the Appalachia Basin, Illinois Basin, and Northern Powder River Basin[35]. - The company has diversified its revenue streams through carbon neutral activities, including the sale of carbon offset credits and renewable energy opportunities[34]. - Revenue from coal transportation and processing assets amounted to $11.3 million for the year ended December 31, 2025[68]. - Oil and gas royalty revenues received during 2025 totaled $7.6 million[72]. - Aggregate royalty revenues, including overriding royalties, were $3.7 million in 2025[72]. Coal Production and Sales - In 2025, coal production totaled 29.163 million tons, comprising 15.807 million tons of thermal coal and 13.356 million tons of metallurgical coal[43]. - The majority of metallurgical coal sales are concentrated in the Central Appalachia region, with significant contributions from properties like Alpha-CAPP and Road Fork 52[41][48]. - The long-term outlook for metallurgical coal remains strong due to its essential role in steel manufacturing, while thermal coal is expected to decline further[42]. - The company’s royalty agreements often include minimum payment obligations, ensuring revenue even during periods of no mining activity[37]. Property Valuation - The lease for the Alpha-CAPP property has a book value of $41.9 million as of December 31, 2025, and is set to expire at the end of 2028[45]. - The Williamson property in the Illinois Basin has a book value of $32.6 million and is under lease until 2033, with options for renewal[56]. - The book value of the Hillsboro property was $197.2 million as of December 31, 2025[60]. - The Western Energy property had a book value of $3.3 million as of December 31, 2025[65]. - The Sugar Camp lease generates minimum payments of $5.0 million per year until 2032, with a subsequent reduction to $1.25 million per year until 2038[68]. Soda Ash Production and Sales - Sisecam Wyoming is one of the largest producers of soda ash globally, with significant operations in the Green River Basin[78]. - Sisecam Wyoming produced 2.6 million short tons of soda ash in 2023, with net sales of $773.6 million, reflecting a 33.8% increase from 2022[96]. - The company sold 2.7 million short tons of soda ash in 2024, resulting in net sales of $578.1 million, a decrease of 25.3% compared to 2023[96]. - Sisecam Wyoming's customers primarily include glass manufacturing companies, which account for over 50% of global soda ash consumption[93]. - The average grade of proven mineral reserves is 85.8%, while the average grade of probable mineral reserves is 85.3%[102]. Regulatory Environment - Compliance with environmental regulations is expected to continue to significantly impact operational costs and demand for coal and soda ash[123]. - The EPA's final rule in May 2024 requires coal-fired power plants to either convert to natural gas co-firing by January 1, 2030, or install carbon capture technology capable of capturing 90% of CO2 emissions by 2032, or cease operations by 2032[129]. - The EPA's MATS rule amendments in May 2024 further limit emissions of non-mercury hazardous air pollutants from existing coal-fired power plants, tightening mercury emission standards for lignite-fired plants[126]. - The ongoing litigation regarding the New York climate "superfund" law and other state initiatives may negatively impact the demand for coal and oil and gas operations[132]. Financial Performance - The market price of coal is volatile, significantly impacting revenues and potentially triggering impairments of coal properties or violations of financial debt covenants[299]. - Combined average coal royalty revenue per ton decreased from $6.83 in 2023 to $4.58 in 2025, representing a decline of approximately 32.9%[302]. - Soda ash average sales price per short ton decreased from $284.97 in 2023 to $230.02 in 2025, a reduction of about 19.3%[302]. - As of December 31, 2025, the company had $18.9 million in borrowings outstanding under the Opco Credit Facility, with a potential increase in annual interest expense of approximately $0.2 million if interest rates rise by 1%[303]. Operational Challenges - Sisecam Wyoming suspended distributions in Q3 2025 due to a severe decline in soda ash prices, which directly affects profitability[301]. - The company faces competition from larger soda ash producers with greater resources, impacting customer retention and market dynamics[118]. - The Mine Safety and Health Administration (MSHA) has increased scrutiny of mining operations, resulting in higher civil penalties and potential criminal convictions for non-compliance[145].

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 For the transition period from __________ to __________ Commission File Number 001-35504 FORUM ENERGY TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organizatio ...

Credit Losses and Asset Quality - The total allowance for credit losses (ACL) on loans and leases held for investment (HFI) increased to $280.5 million in 2025 from $268.4 million in 2024, reflecting a rise of 4.1%[327] - The provision for credit losses for 2025 was $70.6 million, compared to $43.0 million in 2024, indicating a significant increase of 64.3%[327] - Net charge-offs decreased to $58.5 million in 2025 from $85.8 million in 2024, a reduction of 31.8%[328] - The ratio of net charge-offs to average loans for 2025 was 0.24%, down from 0.35% in 2024, showing an improvement in credit quality[327] - The allowance for credit losses to loans and leases HFI was 1.12% in 2025, slightly down from 1.13% in 2024[327] - Real estate mortgage net charge-offs decreased to $23.7 million in 2025 from $60.4 million in 2024, a decline of 60.7%[328] - The total loans and leases charged off in 2025 amounted to $75.5 million, down from $94.9 million in 2024, a decrease of 19.4%[331] - The total allowance for credit losses to nonaccrual loans and leases HFI was 176.3% in 2025, up from 141.6% in 2024, indicating a stronger coverage ratio[327] - Nonperforming assets decreased to $176.3 million in 2025 from $199.3 million in 2024, primarily due to a reduction in nonaccrual loans[338] - Classified loans and leases increased to $800.3 million in 2025 from $563.5 million in 2024, indicating a rise in credit risk[343] - Nonaccrual loans and leases decreased by $30.4 million to $159.2 million in 2025, with the largest three relationships representing 27% of total nonaccrual loans[339] - Loans and leases accruing and 30-89 days past due increased by $42.2 million to $93.0 million in 2025, mainly due to increases in residential real estate construction and multi-family real estate mortgage delinquent loans[340] Deposits and Borrowings - Total deposits increased by $651.4 million to $27.8 billion at December 31, 2025, compared to $27.2 billion at December 31, 2024[347] - FDIC-insured deposits represented approximately 71% of total deposits as of December 31, 2025, down from 72% as of December 31, 2024[348] - Total borrowings increased by $672.0 million to $2.1 billion at December 31, 2025, compared to $1.4 billion at December 31, 2024[352] - Brokered deposits totaled $2.9 billion at December 31, 2025, an increase from $2.7 billion at December 31, 2024, reflecting a shift in funding sources[371] Capital and Liquidity - At December 31, 2025, the Company maintained a Tier 1 leverage capital ratio of 9.99%, a CET1 capital ratio of 10.01%, and a total capital ratio of 16.31%, all exceeding the minimum required ratios for capital adequacy[358] - The Company's primary liquidity increased by $38.3 million to $4.4 billion at December 31, 2025, driven by a $218.7 million increase in unpledged AFS securities[367] - The Company's secondary liquidity decreased by $1.8 billion to $9.8 billion at December 31, 2025, due to decreases in available secured borrowing capacity with the FRB and FHLB[368] - The capital conservation buffer requirements were met, with the Company maintaining a CET1 capital ratio of 13.15% as of December 31, 2025, above the required 7.00%[357] - The company was in compliance with all applicable liquidity and funding concentration guidelines as of December 31, 2025, ensuring financial stability[372] Deferred Tax Assets - The net Deferred Tax Asset balance totaled $656.8 million as of December 31, 2025, down from $720.6 million as of December 31, 2024[346] - The company had a valuation allowance of $16.1 million against Deferred Tax Assets as of December 31, 2025[346] - Disallowed deferred tax assets amounted to $316.7 million for the Company and $294.1 million for the Bank as of December 31, 2025, impacting regulatory capital calculations[355] Stock Repurchase and Dividends - The company authorized a stock repurchase program of up to $300.0 million, with 13,648,429 shares repurchased at a weighted average price of $13.59, totaling $185.5 million during the year ended December 31, 2025[375] - The stock repurchase authorization is set to expire in March 2026, with $114.5 million remaining under the authorization as of December 31, 2025[375] - The ability to pay dividends is subject to restrictions from the Federal Reserve Board and certain covenants in subordinated debt[373] Off-Balance Sheet Arrangements - The company has off-balance sheet arrangements consisting of loan commitments of $5.4 billion and standby letters of credit totaling $244.9 million as of December 31, 2025[379] - The company expects to maintain adequate liquidity levels through profitability, loan and lease payoffs, and continued deposit gathering activities[378] - The company entered into an unsecured revolving line of credit agreement, increasing from $50.0 million to $100.0 million as of March 17, 2025, with no balance outstanding as of December 31, 2025[374] - The company's liability to contribute capital to LIHTC partnerships was $40.9 million, and commitments to SBICs and CRA-related loan pools totaled $122.1 million, with $87.8 million due within one year[377] Loan Portfolio Growth - Total loans and leases held for investment rose to $25.0 billion in 2025 from $23.8 billion in 2024, reflecting growth in the loan portfolio[343] - The average loan balance for real estate mortgage increased to $13.6 billion in 2025 from $14.5 billion in 2024[328] - The allowance for loan and lease losses for real estate mortgage loans was $137.4 million in 2025, down from $145.8 million in 2024, with a coverage ratio decrease from 1.09% to 1.00%[334] - The allowance for loan and lease losses for commercial loans rose to $86.1 million in 2025 from $67.8 million in 2024, with a coverage ratio decrease from 1.00% to 0.96%[336]

Financial Position - As of December 31, 2025, CVB Financial Corp. had total consolidated assets of $15.63 billion, net loans of $8.62 billion, deposits of $12.07 billion, and shareholders' equity of $2.30 billion[18]. - The Company held approximately $5 million in small investment positions in three financial technology private equity funds as of December 31, 2025[60]. - The total carrying value of the securities portfolio was $4.95 billion as of December 31, 2025, with a pre-tax net unrealized loss of $307.8 million in available-for-sale securities and approximately $344.9 million in held-to-maturity securities[145]. - The Bank had $300 million of deposit liabilities categorized as brokered deposits as of December 31, 2025[61]. - The Company recognized a special assessment expense of $9.2 million in Q4 2023 due to the FDIC's special deposit insurance assessment following the receiverships of failed institutions[79]. Merger and Acquisition - The Company has entered into a merger agreement with Heritage Commerce Corp., expected to close in Q2 2026, resulting in a combined company with approximately $22 billion in assets and over 80 centers and offices[28]. - Upon merger completion, CVB shareholders will own approximately 77% and Heritage shareholders will own approximately 23% of the combined entity[28]. - The proposed merger with Heritage is pending completion, with potential risks including the need for regulatory approvals and the possibility of adverse market reactions if the merger fails[159]. - The company expects to issue approximately 40.6 million shares of common stock to Heritage shareholders as part of the merger, which may lead to fluctuations in the stock price[175]. - The company has incurred and anticipates incurring substantial non-recurring costs related to the merger, including advisory fees and integration costs[167]. Regulatory Compliance - The Company must maintain a Tier 1 Risk-Based Capital Ratio of 6.0% or greater and a Total Risk-Based Capital Ratio of 10.0% or greater to be considered well-capitalized[50]. - The Capital Conservation Buffer is currently at its fully phased-in level of 2.5%, increasing the required minimum risk-based capital ratios[52]. - The Federal Reserve monitors the Company's capital adequacy on a consolidated basis, while the OCC primarily monitors the capital adequacy of the Bank[51]. - The Company has opted out of including accumulated other comprehensive income in regulatory capital since 2015[53]. - The prompt corrective action standards require banks to meet new capital ratios to avoid restrictions on activities and distributions[58]. Employee and Workforce - In 2025, 95% of associates earned an incentive bonus, an increase from 92% in 2024[39]. - The Company employed 1,079 associates as of December 31, 2025, reflecting a 1.0% decrease from the previous year[30]. - The average tenure among leadership positions was greater than 10 years, with a turnover rate of 10% in 2025[35]. - As of December 2025, 72% of associates were enrolled in medical insurance plans, and 81% participated in at least one wellness activity during the year[34]. Risk Management - The company’s business is subject to interest rate risk, and variations in interest rates may negatively affect its financial performance[123]. - The company may be required to make additional provisions for credit losses in the future, which could adversely affect its results of operations[130]. - The company faces operational risks related to its technological infrastructure, which is critical for compliance and product development[148]. - The company’s risk management framework may not adequately mitigate unexpected losses, potentially leading to adverse effects on operations[187]. - The company is exposed to risks from potential changes in technology and the development and use of AI, which may adversely impact its business[123]. Market and Competitive Environment - The competitive environment includes competition from larger banks and non-bank financial service providers, impacting the Company's market position[40]. - The company faces intense competition in the California banking market, which may impact its ability to grow loans and deposits[197]. - Changes in economic conditions, such as rising interest rates and inflation, could adversely affect asset quality and loan demand, impacting overall earnings[192]. - The company's financial results are significantly influenced by Federal Reserve policies, which can affect interest rates and borrower repayment capabilities[195]. Cybersecurity and Technology - Federal regulators mandate that financial institutions implement multiple layers of cybersecurity controls and notify regulators of significant cybersecurity incidents within 36 hours[88]. - The Bank's cybersecurity measures are under constant threat from sophisticated cyber-attacks, with potential risks including data breaches and regulatory fines[90]. - The company is susceptible to cybersecurity risks, which could lead to financial losses, regulatory actions, and damage to its reputation[178]. - The development and use of AI technology presents risks, including potential inaccuracies and biases in AI models, which could expose the company to legal and reputational harm[153]. Environmental and Social Governance - Climate change and related regulations could negatively impact the company's operations and those of its banking customers, particularly in sectors like dairy and agriculture[202]. - The company faces increased scrutiny from regulators regarding climate risk disclosures and management, influenced by California's evolving climate-related laws[203]. - Increasing scrutiny regarding environmental, social, and governance (ESG) practices may impose additional costs and expose the company to new risks, particularly in California[216]. Economic and Regulatory Changes - Future regulatory changes could materially impact the company's operations and financial results, though the specific effects are currently unpredictable[196]. - The conversion to a national banking association may introduce regulatory transition risks, with potential negative impacts on financial condition and operations[208]. - Recent bank failures in 2023 have led to increased regulatory scrutiny, which could raise operational costs and affect acquisition opportunities[210]. - Stringent capital requirements may restrict the company's ability to pay dividends and could necessitate raising capital, impacting financial condition[214].

SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 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: 1-13792 Global Industrial Company (Exact name of registrant as specified in its charter) 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 Registrant's telephone number, including area code: (516) 608 ...

FORM 10-K (Mark One) 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 ☐ 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 001-02658 STEWART INFORMATION SERVICES CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Exact name of registrant as specified in its charter) | Delaware | | 74-1677330 | | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 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: 0-14703 NBT BANCORP INC. (Exact name of registrant as specified in its charter) Delaware 16-1268674 (State or other jur ...

Streaming Performance - As of December 31, 2025, Warner Bros. Discovery had 131.6 million Streaming subscribers, contributing to increased revenue and profitability for the Streaming segment [37]. - In 2025, HBO Max expanded to over 100 markets, adding 14.7 million global subscribers to its Streaming products [38]. - The Streaming segment includes HBO Max and discovery+, with both ad-free and ad-lite versions available in most markets [40]. - For the year ended December 31, 2025, distribution, advertising, and content revenues were 87%, 9%, and 4%, respectively, of total revenues for the segment [45]. - The decline in linear television viewership is expected to continue, prompting significant investments in streaming services like HBO Max and discovery+ [106]. - The success of subscription-based streaming services relies on attracting and retaining subscribers, which may be impacted by consumer discretionary spending [112]. Financial Structure and Debt - The company is subject to significant debt, which may affect its financial health and operational flexibility [20]. - As of December 31, 2025, the company's consolidated indebtedness was $32,567 million, with $139 million classified as current liabilities [133]. - The company entered into an 18-month $17 billion Bridge Loan Facility in June 2025, which imposes restrictive covenants that may limit operational flexibility [129]. - The company may be unable to refinance the Bridge Loan Facility on favorable terms, which could adversely affect financial health [132]. - The company’s ability to meet financial obligations depends on cash flow from operations, which may be restricted by existing debt agreements [136]. - The company faces risks related to its ability to meet financial ratio covenants, which could result in accelerated debt obligations if defaults occur [139]. Mergers and Acquisitions - The company plans to separate into two publicly traded entities, Warner Bros. and Discovery Global, with ongoing evaluations of strategic options [26]. - The PSKY Merger Agreement was entered into on February 27, 2026, with each share of WBD common stock to be converted into cash of $31.00, plus potential Ticking Consideration [30]. - A termination fee of $2.8 billion was paid to Netflix in connection with the termination of the Netflix Merger Agreement [28]. - If the PSKY Merger is not completed by March 4, 2027, the company may incur a termination fee of $3.0 billion and reimbursements up to $1,528 million [93]. - The ongoing PSKY Merger may create business uncertainties and contractual restrictions that could adversely affect the company's operations and financial condition [94]. Content and Programming - HBO Max's content pipeline for 2025 included successful series such as The White Lotus and The Last of Us, which received multiple Emmy Awards [39]. - In June 2025, Warner Bros. Games announced its new focus on four core franchises: Harry Potter, Game of Thrones, DC, and Mortal Kombat [52]. - Among the Studios segment's content highlights for 2025 were award-winning TV titles such as Abbott Elementary, Shrinking, and The Pitt [49]. - The company continues to develop properties licensed from DC Comics for film, television, animation, and games, focusing on high-quality storytelling within the DC Universe [47]. - The film industry faces challenges from changing consumer preferences, with a focus on creating compelling films to enhance the theater experience [107]. Advertising and Revenue Challenges - The company faces industry headwinds, including pressures on linear distribution and declines in linear advertising revenue [21]. - Advertising revenues have been adversely affected by changing television advertising spending and market conditions, which could materially impact financial results [100]. - The advertising market is sensitive to economic conditions, and financial instability could lead to decreased advertising spending, impacting overall advertising revenues [102]. - Changes in consumer behavior and competition from alternative entertainment sources complicate revenue predictability and audience engagement [105]. - The reliance on third-party platforms for content distribution poses risks, as these platforms may not continue to provide access on favorable terms [119]. Legal and Regulatory Risks - The company is subject to various federal and state laws in the U.S. regarding consumer protection, data privacy, and advertising, which may impact its digital products and services [76]. - The company is involved in ongoing legal actions, including a consolidated derivative action related to alleged breaches of fiduciary duty by certain directors and officers [197]. - The company has ongoing legal proceedings, including a securities class action filed in November 2024, alleging false and misleading statements related to negotiations with the NBA [196]. - The company is subject to evolving domestic and international privacy and data protection laws, which could impose significant compliance costs and risks [149]. - Intellectual property theft and piracy pose substantial threats, potentially decreasing revenues and adversely affecting financial condition [158]. Cybersecurity Measures - The company has implemented a cybersecurity program overseen by the board of directors to manage risks to data and technology assets [178]. - The company has a cybersecurity risk management strategy that includes both technical and non-technical controls, with a focus on evolving processes in response to changes in the business and threat landscape [179]. - The Cybersecurity Operations Center provides continuous threat monitoring and anomaly detection to minimize damage from cybersecurity attacks [180]. - The company conducts annual internal and external penetration testing and biennial cybersecurity maturity assessments to evaluate the effectiveness of its cybersecurity program [181]. - As of December 31, 2025, there are no known cybersecurity incidents that have materially impacted the company's business or financial condition [183]. Employee and Talent Management - The company has implemented a compensation philosophy focused on performance, offering competitive benefits and incentives to attract and retain talent [83]. - The Global Learning & Development team provides various learning opportunities, including tuition reimbursement for eligible courses [85]. - The company relies on attracting and retaining key employees and creative talent, with significant competition in the labor market [161]. - The ongoing PSKY Merger could impact employee morale and the company's reputation as an employer [162]. - The company has experienced changes in its executive leadership, with several appointments made in 2025, including Chief People and Culture Officer and Chief Legal Officer [204][202]. Market Performance - Warner Bros. Discovery (WBD) common stock is traded on the Nasdaq under the symbol "WBD" with approximately 549,967 holders of record as of February 12, 2026 [209][210]. - The cumulative total shareholder return for WBD common stock was $116.30 as of December 31, 2025, compared to $42.66 at the end of 2022, indicating a significant increase [215]. - The stock performance graph shows that WBD's stock began trading on April 11, 2022, with an initial value of $100, which has since increased [212]. - The company’s stock performance is compared to the S&P 500 Index and the S&P 500 Media & Entertainment Index, highlighting its market position [215].