What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2026-02-05 · 248 added, 119 removed, 1027 unchanged (26% of the section changed)

3 unchanged sentences

Condensed Consolidated Statements of Financial Condition

(Dollars in thousands, except per share data) December 31, 2025 September 30, 2025

(Dollars in thousands, except per share data) March 31, 2026 September 30, 2025

ASSETS (Unaudited) (Audited)

20 unchanged sentences

STOCKHOLDERS’ EQUITY

Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at December 31, 2025 and September 30, 2025, respectively

Preferred stock, 3,000,000 shares authorized, no shares issued, none outstanding at March 31, 2026 and September 30, 2025, respectively

Common stock, $ 0.01 par value;

90,000,000 shares authorized, 22,220,603 and 22,842,785 shares issued, 22,169,535 and 22,772,570 shares outstanding at December 31, 2025 and September 30, 2025, respectively

90,000,000 shares authorized, 21,378,602 and 22,842,785 shares issued, 21,327,534 and 22,772,570 shares outstanding at March 31, 2026 and September 30, 2025, respectively

Common stock, Nonvoting, $ 0.01 par value;

3,000,000 shares authorized, no shares issued, none outstanding at December 31, 2025 and September 30, 2025, respectively

3,000,000 shares authorized, no shares issued, none outstanding at March 31, 2026 and September 30, 2025, respectively

Additional paid-in capital 655,128 648,330

1 unchanged sentence

Accumulated other comprehensive loss ( 141,086 ) ( 145,461 )

Treasury stock, at cost, 51,068 and 70,215 common shares at December 31, 2025 and September 30, 2025, respectively

Treasury stock, at cost, 51,068 and 70,215 common shares at March 31, 2026 and September 30, 2025, respectively

( 3,537 ) ( 4,882 )

7 unchanged sentences

Condensed Consolidated Statements of Operations (Unaudited)

Three Months Ended December 31,

Three Months Ended March 31, Six Months Ended March 31,

(Dollars in thousands, except per share data) 2026 2025 2026 2025

7 unchanged sentences

FHLB advances and other borrowings 1,478 1,639 3,156 3,971

5,752 5,725 7,636 8,832

Net interest income 125,124 136,279 244,462 261,528

7 unchanged sentences

(Loss) on sale of securities — ( 7,228 ) — ( 22,899 )

Gain on divestitures — 16,404

Gain (loss) on divestitures — ( 1,360 ) — 15,044

Secondary market revenue 3,574 15,378 7,731 19,755

11 unchanged sentences

Intangible amortization 971 1,082 1,689 1,894

Impairment expense — 1,514 — 1,514

Other expense 16,446 19,733 32,366 37,612

12 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended December 31,

Three Months Ended March 31, Six Months Ended March 31,

(Dollars in thousands) 2026 2025 2026 2025

4 unchanged sentences

( 6,572 ) 32,745 6,283 ( 13,924 )

Unrealized gain (loss) on currency translation 792 ( 2,017 )

Unrealized (loss) on currency translation ( 1,145 ) ( 22 ) ( 353 ) ( 2,039 )

Deferred income tax effect ( 1,627 ) 8,117 1,555 ( 3,046 )

Total other comprehensive income (loss) ( 6,090 ) 24,606 4,375 ( 12,917 )

Total comprehensive income (loss) 45,930 ( 7,357 )

Total comprehensive income 66,971 99,800 112,901 92,442

Total comprehensive income attributable to noncontrolling interest 151 237 450 436

Comprehensive income (loss) attributable to parent $ 45,631 $ ( 7,556 )

Comprehensive income attributable to parent $ 66,820 $ 99,563 $ 112,451 $ 92,006

See Notes to Condensed Consolidated Financial Statements.

13 unchanged sentences

Stockholders’

Balance, December 31, 2025 $ 222 $ 651,199 $ 346,529 $ ( 134,996 ) $ ( 8,419 ) $ 854,535 $ ( 823 ) $ 853,712

Cash dividends declared on common stock ($ 0.05 per share)

— — ( 1,093 ) — — ( 1,093 ) — ( 1,093 )

Repurchases of common stock ( 9 ) 9 ( 72,720 ) — — ( 72,720 ) — ( 72,720 )

Retirement of treasury stock — — ( 4,882 ) — 4,882 — — —

Stock compensation — 3,920 — — — 3,920 — 3,920

Total other comprehensive loss — — — ( 6,090 ) — ( 6,090 ) — ( 6,090 )

Net income — — 72,910 — — 72,910 151 73,061

Net distribution to noncontrolling interest — — — — — — ( 113 ) ( 113 )

Balance, March 31, 2026

$ 213 $ 655,128 $ 340,744 $ ( 141,086 ) $ ( 3,537 ) $ 851,462 $ ( 785 ) $ 850,677

Balance, December 31, 2024 $ 241 $ 640,422 $ 313,446 $ ( 190,917 ) $ ( 4,882 ) $ 758,310 $ ( 756 ) $ 757,554

Cash dividends declared on common stock ($ 0.05 per share)

— — ( 1,190 ) — — ( 1,190 ) — ( 1,190 )

Repurchases of common stock ( 6 ) 6 ( 45,438 ) — — ( 45,438 ) — ( 45,438 )

Stock compensation — 3,460 — — — 3,460 — 3,460

Total other comprehensive income — — — 24,606 — 24,606 — 24,606

Net income — — 74,957 — — 74,957 237 75,194

Net distribution to noncontrolling interest — — — — — — ( 139 ) ( 139 )

Balance, March 31, 2025

$ 235 $ 643,888 $ 341,775 $ ( 166,311 ) $ ( 4,882 ) $ 814,705 $ ( 658 ) $ 814,047

Six Months Ended

(Dollars in thousands, except per share data) Common

Stock Additional

Capital Retained

Earnings Accumulated

Comprehensive

Income (Loss) Treasury

Stock Total Pathward Financial, Inc.

Stockholders’

Equity Noncontrolling interest Total

Stockholders’

Balance, September 30, 2025

$ 228 $ 648,330 $ 359,830 $ ( 145,461 ) $ ( 4,882 ) $ 858,045 $ ( 591 ) $ 857,454

Cash dividends declared on common stock ($ 0.10 per share)

2 unchanged sentences

Repurchases of common stock ( 16 ) 16 ( 120,078 ) — ( 3,537 ) ( 123,615 ) — ( 123,615 )

Retirement of treasury stock — — ( 4,882 ) — 4,882 — — —

Stock compensation — 6,782 — — — 6,782 — 6,782

2 unchanged sentences

Net distribution to noncontrolling interest — — — — — — ( 644 ) ( 644 )

Balance, December 31, 2025

Balance, March 31, 2026

$ 213 $ 655,128 $ 340,744 $ ( 141,086 ) $ ( 3,537 ) $ 851,462 $ ( 785 ) $ 850,677

Balance, September 30, 2024

$ 248 $ 638,803 $ 337,058 $ ( 153,394 ) $ ( 249 ) $ 822,466 $ ( 277 ) $ 822,189

Cash dividends declared on common stock ($ 0.10 per share)

5 unchanged sentences

Net distribution to noncontrolling interest — — — — — — ( 817 ) ( 817 )

Balance, December 31, 2024

Balance, March 31, 2025

$ 235 $ 643,888 $ 341,775 $ ( 166,311 ) $ ( 4,882 ) $ 814,705 $ ( 658 ) $ 814,047

3 unchanged sentences

Condensed Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended December 31,

Six Months Ended March 31,

(Dollars in thousands) 2026 2025

9 unchanged sentences

Net realized (gain) on loans held for sale ( 7,731 ) ( 19,755 )

Net realized loss (gain) on securities available for sale — 15,671

Net realized loss on securities available for sale — 22,899

Net realized (gain) on divestitures — ( 15,044 )

Net realized (gain) on other ( 1,371 ) ( 1,614 )

Impairment on rental equipment — 1,514

Net change in accrued interest receivable 2,393 ( 5,696 )

2 unchanged sentences

Stock compensation 6,782 5,072

Net cash provided by (used in) operating activities 108,304 ( 71,735 )

Net cash provided by operating activities 341,252 116,593

Cash flows from investing activities:

14 unchanged sentences

Proceeds from sale of other assets — 407

Proceeds from loans held for sale previously classified as portfolio loans — 146,158

Net cash provided by (used in) investing activities ( 159,154 ) 507,816

6 unchanged sentences

Investment by (distributions to) noncontrolling interest ( 644 ) ( 817 )

Net cash provided by financing activities 401,913 220,052

Net cash (used in) financing activities ( 144,711 ) ( 526,458 )

Effect of exchange rate changes on cash ( 353 ) ( 2,039 )

5 unchanged sentences

Condensed Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended December 31,

Six Months Ended March 31,

(Dollars in thousands) 2026 2025

9 unchanged sentences

Rental equipment to loan and leases 78,908 60,398

Retirement of treasury stock 4,882 —

See Notes to Condensed Consolidated Financial Statements.

8 unchanged sentences

Such information reflects all adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented.

The results of the three months ended December 31, 2025 are not necessarily indicative of the results expected for the fiscal year ending September 30, 2026.

The results of the three and six months ended March 31, 2026 are not necessarily indicative of the results expected for the fiscal year ending September 30, 2026.

Certain prior fiscal year amounts have been reclassified to conform to the current year financial statement presentation.

5 unchanged sentences

Improvements to Income Tax Disclosures .

This ASU requires enhanced income tax disclosures primarily related to the rate reconciliation and income taxes paid information to provide further transparency surrounding the Company’s income tax position.

The amendments in this ASU will result in disclosure only impacts that the Company will first apply for its annual reporting period ending September 30, 2026.

The Company is currently evaluating the impact of such amendments to the relevant annual disclosures.

This ASU requires enhanced annual income tax disclosures primarily related to the rate reconciliation and income taxes paid information to provide further transparency surrounding the Company’s income tax position.

The amendments in this ASU are limited to disclosure only.

The Company intends to incorporate these updates to its income tax disclosures in its financial statements as of and for the fiscal year ended September 30, 2026.

The following ASUs have been issued and are considered applicable to the Company, but have not yet been adopted.

20 unchanged sentences

ASU 2025-08 , Financial Instruments—Credit Losses (Topic 326):

Purchased Loans This ASU changes the accounting for certain acquired loans by requiring entities to apply a “gross-up” approach at acquisition for purchased seasoned loans, recognizing an allowance for expected credit losses as part of the acquisition accounting rather than through a post-acquisition provision.

Purchased Loans.

This ASU changes the accounting for certain acquired loans by requiring entities to apply a “gross-up” approach at acquisition for purchased seasoned loans, recognizing an allowance for expected credit losses as part of the acquisition accounting rather than through a post-acquisition provision.

The amendments are to be applied prospectively to loans acquired on or after the initial application date.

1 unchanged sentence

Early adoption is permitted but not expected to be exercised by the Company at this time.

The Company is currently evaluating the impact of such amendments to the consolidated financial statements and related disclosures.

ASU 2025-11 , Interim Reporting (Topic 270) Narrow-Scope Improvements.

9 unchanged sentences

Debt Securities AFS

December 31, 2025

March 31, 2026

Corporate securities $ 25,000 $ — $ ( 3,500 ) $ 21,500

14 unchanged sentences

Debt Securities HTM

December 31, 2025

March 31, 2026

Non-bank qualified obligations of states and political subdivisions $ 26,264 $ — $ ( 3,906 ) $ 22,358

12 unchanged sentences

Debt Securities AFS

December 31, 2025

March 31, 2026

Corporate securities $ — $ — $ 21,500 $ ( 3,500 ) $ 21,500 $ ( 3,500 )

12 unchanged sentences

Debt Securities HTM

December 31, 2025

March 31, 2026

Non-bank qualified obligations of states and political subdivisions $ — $ — $ 22,358 $ ( 3,906 ) $ 22,358 $ ( 3,906 )

5 unchanged sentences

Total debt securities HTM $ — $ — $ 25,653 $ ( 3,655 ) $ 25,653 $ ( 3,655 )

The decrease in the fair value of investment securities balances when comparing December 31, 2025 to September 30, 2025 was primarily driven by principal pay downs during the three months.

At December 31, 2025, there were 144 debt securities AFS in an unrealized loss position.

The decrease in the fair value of investment securities balances when comparing March 31, 2026 to September 30, 2025 was primarily driven by principal pay downs during the six months.

At March 31, 2026, there were 146 debt securities AFS in an unrealized loss position.

Management assessed each investment security with unrealized losses for credit loss by evaluating qualitative factors, including materiality of loss position as a percentage of book value, credit ratings, outstanding principal and interest payments, and changes in the underlying implicit or explicit guarantee of the security, and determined all unrealized losses on these securities were due to adverse market conditions and/or change in interest rates versus credit loss.

As part of that assessment, management evaluated and concluded that it is more-likely-than-not that the Company will not be required and does not intend to sell any of the securities prior to recovery of the amortized cost.

At December 31, 2025, there was no allowance for credit losses ("ACL") for debt securities AFS.

At March 31, 2026, there was no allowance for credit losses ("ACL") for debt securities AFS.

The amortized cost and fair value of debt securities by contractual maturity are shown below.

4 unchanged sentences

However, certain prepayment penalties may apply.

(Dollars in thousands) December 31, 2025 September 30, 2025

(Dollars in thousands) March 31, 2026 September 30, 2025

Debt Securities AFS Amortized Cost Fair

15 unchanged sentences

One-half of the subscription is paid at time of application, and one-half is subject to call of the Board of Governors of the Federal Reserve System.

FRB of Minneapolis stock held by the Bank totaled $ 19.7 million at December 31, 2025 and September 30, 2025.

These equity securities are 'restricted' in that they can only be owned by member banks.

FRB of Minneapolis stock held by the Bank totaled $ 19.7 million at March 31, 2026 and September 30, 2025.

These equity securities are 'restricted' in that they can only be owned by member banks and can only be sold back to the institution from which they were acquired or another member institution at par.

Therefore, FRB stock is less liquid than other marketable equity securities, and the cost approximates fair value.

Federal Home Loan Bank ("FHLB") Stock.

4 unchanged sentences

The FHLB stock is carried at cost since it is generally redeemable at par value.

The carrying value of the stock held at the FHLB was $ 4.6 million and $ 5.0 million at December 31, 2025 and at September 30, 2025, respectively.

These equity securities are ‘restricted’ in that they can only be sold back to the respective institution from which they were acquired or another member institution at par.

Therefore, FRB and FHLB stocks are less liquid than other marketable equity securities, and the cost approximates fair value.

The carrying value of the stock held at the FHLB was $ 5.8 million and $ 5.0 million at March 31, 2026 and at September 30, 2025, respectively.

These equity securities are ‘restricted’ in that they can only be sold back to the institution from which they were acquired or another member institution at par.

Therefore, FHLB stock is less liquid than other marketable equity securities, and the cost approximates fair value.

Equity Securities.

The Company held $ 4.7 million and $ 3.8 million in marketable equity securities within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 2025 and September 30, 2025, respectively.

The Company recognized zero and $ 0.1 million in unrealized losses on marketable equity securities during the three months ended December 31, 2025 and 2024, respectively.

No such securities were sold during the three months ended December 31, 2025.

Non-marketable equity securities that are measured at fair value using net asset value ("NAV") as a practical expedient totaled $ 13.8 million and $ 13.2 million at December 31, 2025 and September 30, 2025, respectively.

The Company held $ 4.6 million and $ 3.8 million in marketable equity securities within other assets on the Condensed Consolidated Statements of Financial Condition at March 31, 2026 and September 30, 2025, respectively.

The Company recognized zero and $ 0.1 million in unrealized losses on marketable equity securities during the six months ended March 31, 2026 and 2025, respectively.

No such securities were sold during the six months ended March 31, 2026.

Non-marketable equity securities that are measured at fair value using net asset value ("NAV") as a practical expedient totaled $ 13.6 million and $ 13.2 million at March 31, 2026 and September 30, 2025, respectively.

These securities are held within other assets on the Condensed Consolidated Statements of Financial Condition.

The Company recognized zero and $ 0.3 million in unrealized gains during the three months ended December 31, 2025 and 2024, respectively.

No such securities were sold during the three months ended December 31, 2025.

Non-marketable equity securities without readily determinable fair value totaled $ 12.6 million and $ 12.0 million at December 31, 2025 and September 30, 2025, respectively, reflecting the Company's ownership interests in other entities through Pathward Venture Capital, LLC, a wholly-owned service corporation subsidiary of the Bank that was formed in 2017 for the purpose of making minority equity investments and other corporate investments.

The Company recognized a $ 0.4 million gain on Visa shares which were carried at a cost basis of $0 during the three months ended December 31, 2024.

The Company recognized zero and $ 0.8 million in unrealized gains during the six months ended March 31, 2026 and 2025, respectively.

No such securities were sold during the six months ended March 31, 2026.

Non-marketable equity securities without readily determinable fair value totaled $ 12.6 million and $ 12.0 million at March 31, 2026 and September 30, 2025, respectively, reflecting the Company's ownership interests in other entities through Pathward Venture Capital, LLC, a wholly-owned service corporation subsidiary of the Bank that was formed in 2017 for the purpose of making minority equity investments and other corporate investments.

The Company recognized a $ 0.4 million gain on Visa shares which were carried at a cost basis of $ 0 during the six months ended March 31, 2025.

This gain was recognized within the gain on sale of other on the Condensed Consolidated Statements of Operations.

There were no additional such securities sold during the three months ended December 31, 2025.

There were no additional such securities sold during the six months ended March 31, 2026.

Equity Securities Impairment.

1 unchanged sentence

All other equity investments, including those under the equity method, are reviewed for other-than-temporary impairment on at least a quarterly basis.

The Company recognized no impairment for such investments for the three months ended December 31, 2025 and 2024.

The Company recognized no impairment for such investments for the six months ended March 31, 2026 and 2025.

LOANS AND LEASES, NET

Loans and leases consist of the following:

(Dollars in thousands) December 31, 2025 September 30, 2025

(Dollars in thousands) March 31, 2026 September 30, 2025

Term lending $ 2,501,855 $ 2,302,540

13 unchanged sentences

Total loans and leases, net $ 4,768,886 $ 4,611,589

During the three months ended December 31, 2025 and 2024, the Company originated $ 1.04 billion and $ 853.1 million of commercial finance and consumer finance as held for sale, respectively.

The Company sold held for sale loans resulting in proceeds of $ 1.18 billion and a $ 4.2 million gain on sale during the three months ended December 31, 2025.

The Company sold held for sale loans resulting in proceeds of $ 618.4 million and a $ 4.4 million gain on sale during the three months ended December 31, 2024 .

During the six months ended March 31, 2026 and 2025, the Company originated $ 1.80 billion and $ 1.38 billion of commercial finance and consumer finance as held for sale, respectively.

The Company sold held for sale loans resulting in proceeds of $ 1.96 billion and a $ 7.7 million gain on sale during the six months ended March 31, 2026.

The Company sold held for sale loans resulting in proceeds of $ 1.15 billion and a $ 19.8 million gain on sale during the six months ended March 31, 2025 .

Gains and losses from the sale of loans and leases are included in secondary market revenue on the Condensed Consolidated Statements of Operations.

Loans purchased and sold by portfolio segment, including participation interests, were as follows:

Three Months Ended December 31,

Three Months Ended March 31, Six Months Ended March 31,

(Dollars in thousands) 2026 2025 2026 2025

10 unchanged sentences

The net investment in direct financing and sales-type leases was comprised of the following:

(Dollars in thousands) December 31, 2025 September 30, 2025

(Dollars in thousands) March 31, 2026 September 30, 2025

Minimum lease payments receivable $ 131,981 $ 157,271

4 unchanged sentences

The components of total lease income were as follows:

Three Months Ended December 31,

Three Months Ended March 31, Six Months Ended March 31,

(Dollars in thousands) 2026 2025 2026 2025

3 unchanged sentences

Lease income from operating lease payments 10,608 12,930 21,892 26,379

1,962 1,139 3,545 2,446

Total leasing and equipment finance noninterest income 12,570 14,069 25,437 28,825

1 unchanged sentence

(1) Other leasing and equipment finance noninterest income consists of gains (losses) on sales of leased equipment, fees and service charges on leases and gains (losses) on sales of leases.

Undiscounted future minimum lease payments receivable for direct financing and sales-type leases, and a reconciliation to the carrying amount recorded at December 31, 2025 were as follows:

Undiscounted future minimum lease payments receivable for direct financing and sales-type leases, and a reconciliation to the carrying amount recorded at March 31, 2026 were as follows:

(Dollars in thousands)

2026 $ 36,860

Remaining in 2026 $ 24,553

Thereafter 1,826

2 unchanged sentences

Total carrying amount of minimum lease payments for direct financing and sales-type leases $ 131,981

The Company did not record any contingent rental income from direct financing and sales-type leases in the three months ended December 31, 2025.

The Company did not record any contingent rental income from direct financing and sales-type leases in the six months ended March 31, 2026.

A number of factors that have affected the economic environment over the past few years have continued into 2026, including economic uncertainty, inflation, geopolitical conflict and tensions, and increased interest rates, with the Federal Reserve beginning to lower the target federal funds rate at the end of 2024.

1 unchanged sentence

economy have also experienced disruption and volatility resulting from tariffs and other policies of the U.S.

administration.

administration, as well as geopolitical conflicts (including those in Iran and Ukraine).

Management continues to evaluate the loan and lease portfolio in order to assess the impact on repayment sources and underlying collateral that could result in additional losses and the impact to our customers and businesses as a result of these factors impacting the economy and will refine its estimate as developments occur and more information becomes available.

1 unchanged sentence

(Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance

Three Months Ended December 31, 2025

Three Months Ended March 31, 2026

Allowance for credit losses:

13 unchanged sentences

Total $ 59,686 $ 45,616 $ ( 16,767 ) $ 10,930 $ 99,465

Three Months Ended December 31, 2024

Three Months Ended March 31, 2025

Allowance for credit losses:

3 unchanged sentences

Lease financing 881 1,374 ( 1,019 ) 7 1,243

SBA/USDA 3,807 775 ( 609 ) 48 4,021

Other commercial finance 421 ( 37 ) — — 384

Commercial finance 42,561 3,169 ( 8,104 ) 1,205 38,831

Consumer finance 30,361 5,563 ( 6,897 ) 608 29,635

Tax services 790 26,178 — 6,813 33,781

Warehouse finance 625 18 — — 643

Total loans and leases 74,337 34,928 ( 15,001 ) 8,626 102,890

Unfunded commitments (1)

513 338 — — 851

Total $ 74,850 $ 35,266 $ ( 15,001 ) $ 8,626 $ 103,741

(1) Reserve for unfunded commitments is recognized within other liabilities on the Condensed Consolidated Statements of Financial Condition.

(Dollars in thousands) Beginning Balance Provision (Reversal) Charge-offs Recoveries Ending Balance

Six Months Ended March 31, 2026

Allowance for credit losses:

Term lending $ 28,345 $ 10,226 $ ( 8,261 ) $ 3,434 $ 33,744

Asset-based lending 7,650 10,389 ( 6,085 ) 15 11,969

Factoring 4,319 536 — 119 4,974

Lease financing 1,040 ( 228 ) ( 37 ) 63 838

SBA/USDA 4,807 1,868 ( 2,457 ) 17 4,235

Other commercial finance 90 ( 54 ) — — 36

Commercial finance 46,251 22,737 ( 16,840 ) 3,648 55,796

Consumer finance 6,422 2,810 ( 3,334 ) 691 6,589

Tax services — 23,078 — 12,211 35,289

Warehouse finance 646 ( 41 ) — — 605

Total loans and leases 53,319 48,584 ( 20,174 ) 16,550 98,279

Unfunded commitments (1)

924 262 — — 1,186

Total $ 54,243 $ 48,846 $ ( 20,174 ) $ 16,550 $ 99,465

Six Months Ended March 31, 2025

Allowance for credit losses:

Term lending $ 30,394 $ 8,673 $ ( 14,583 ) $ 1,735 $ 26,219

Asset-based lending 1,356 846 ( 172 ) — 2,030

Factoring 5,757 ( 937 ) ( 170 ) 284 4,934

Lease financing 1,189 1,127 ( 1,082 ) 9 1,243

Insurance premium finance — 91 ( 93 ) 2 —

11 unchanged sentences

Information on loans and leases that are deemed to be collateral dependent and are evaluated individually for the ACL was as follows:

(Dollars in thousands) December 31, 2025 September 30, 2025

(Dollars in thousands) March 31, 2026 September 30, 2025

Term lending $ 45,471 $ 33,042

9 unchanged sentences

Due to the nature of the transactions and significant cash collateral positions, these credits are evaluated individually.

The balance of these pass rated cash collateral loans totaled $ 102.9 million and $ 107.7 million at December 31, 2025 and at September 30, 2025, respectively.

The balance of these pass rated cash collateral loans totaled $ 98.0 million and $ 107.7 million at March 31, 2026 and at September 30, 2025, respectively.

Federal regulations provide for the classification of loans and other assets such as debt and equity securities considered by the Bank's primary regulator, the Office of the Comptroller of the Currency (the "OCC"), to be of lesser quality as “substandard,” “doubtful” or “loss.” The loan classification and risk rating definitions are as follows:

22 unchanged sentences

Due to the unique risks associated with these portfolios, the Company monitors other credit quality indicators in its evaluation of the appropriateness of the ACL on these portfolios, and as such, these loans are not included in the asset classification table below.

The outstanding balances of consumer finance loans and tax services loans were $ 132.0 million and $ 62.0 million at December 31, 2025, respectively, and $ 93.3 million and $ 2.5 million at September 30, 2025 , respectively.

The outstanding balances of consumer finance loans and tax services loans were $ 90.9 million and $ 60.2 million at March 31, 2026, respectively, and $ 93.3 million and $ 2.5 million at September 30, 2025 , respectively.

The amortized cost basis of loans and leases by asset classification and year of origination was as follows:

1 unchanged sentence

(Dollars in thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases Total

December 31, 2025 2026 2025 2024 2023 2022 Prior

March 31, 2026 2026 2025 2024 2023 2022 Prior

Pass $ 516,856 $ 637,643 $ 217,616 $ 228,868 $ 81,938 $ 76,235 $ — $ 1,759,156

15 unchanged sentences

Watch — — — — — — 42,399 42,399

Special mention — — — — — — 1,772 1,772

Substandard — — — — — — 1,427 1,427

Doubtful — — — — — — 1,357 1,357

Total — — — — — — 213,269 213,269

94 unchanged sentences

(Dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due > 89 Days Past Due Total Past Due Current Total Loans and Leases Receivable > 89 Days Past Due and Accruing Nonaccrual Balance Total

December 31, 2025

March 31, 2026

Loans held for sale $ — $ — $ — $ — $ 53,072 $ 53,072 $ — $ — $ —

28 unchanged sentences

(Dollars in thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases Total Nonaccrual with No ACL

December 31, 2025 2026 2025 2024 2023 2022 Prior

March 31, 2026 2026 2025 2024 2023 2022 Prior

Term lending $ — $ 719 $ 3,965 $ 26,582 $ 1,815 $ 10,538 $ — $ 43,619 $ 26,313

19 unchanged sentences

(Dollars in thousands) Term Loans and Leases by Origination Year Revolving Loans and Leases Total

December 31, 2025 2026 2025 2024 2023 2022 Prior

March 31, 2026 2026 2025 2024 2023 2022 Prior

Loans held for sale $ — $ — $ — $ — $ — $ — $ — $ —

19 unchanged sentences

The following table provides the average recorded investment in nonaccrual loans and leases:

Three Months Ended December 31,

Three Months Ended March 31, Six Months Ended March 31,

(Dollars in thousands) 2026 2025 2026 2025

7 unchanged sentences

Total loans and leases $ 93,931 $ 37,432 $ 92,610 $ 32,475

The recognized interest income on the Company's nonaccrual loans and leases for the three months ended December 31, 2025 and 2024 was not significant.

Modifications made to borrowers experiencing financial difficulty during the three months ended December 31, 2025 were $ 2.6 million in the commercial finance loan portfolio.

The recognized interest income on the Company's nonaccrual loans and leases for the three and six months ended March 31, 2026 and 2025 was not significant.

Modifications made to borrowers experiencing financial difficulty during the three and six months ended March 31, 2026 were $ 0.5 million and $ 3.0 million, respectively, in the commercial finance loan portfolio.

The types of modifications granted were term extensions.

Modifications made to borrowers experiencing financial difficulty during the three months ended December 31, 2024 were $ 3.3 million in the commercial finance loan portfolio.

During the three months ended December 31, 2025, the Company had $ 1.0 million of commercial finance loans where a modification was granted in the previous 12 months in which there was a payment default.

As of December 31, 2025, $ 1.0 million of modifications granted during the current three month period were in the 60-89 days past due category.

During the three months ended December 31, 2024, the Company had $ 1.4 million of commercial finance loans where a modification was granted in the previous 12 months in which there was a payment default.

As of December 31, 2024, no modifications granted during the three months ended December 31, 2024 were in the 60-89 days past due category.

Modifications made to borrowers experiencing financial difficulty during the three and six months ended March 31, 2025 were $ 5.9 million and $ 9.1 million, respectively, in the commercial finance loan portfolio.

During the six months ended March 31, 2026, the Company had $ 2.1 million of commercial finance loans where a modification was granted in the previous 12 months in which there was a payment default.

As of March 31, 2026, $ 2.1 million of modifications granted during the current six month period were in the 30-59 days past due category.

During the six months ended March 31, 2025, the Company had $ 6.1 million of commercial finance loans where a modification was granted in the previous 12 months in which there was a payment default.

As of March 31, 2025, no modifications granted during the six months ended March 31, 2025 were in the 60-89 days past due category.

EARNINGS PER COMMON SHARE ("EPS")

7 unchanged sentences

A reconciliation of net income and common stock share amounts used in the computation of basic and diluted earnings per share is presented below.

Three Months Ended December 31,

Three Months Ended March 31, Six Months Ended March 31,

(Dollars in thousands, except per share data) 2026 2025 2026 2025

17 unchanged sentences

(1) Represents the effect of the assumed vesting of PSUs and restricted stock, as applicable, utilizing the treasury stock method.

(2) Excluded from the computation of diluted earnings per share for the three months ended December 31, 2025 and 2024, respectively, were 31,682 and 100,406 weighted average shares of nonvested restricted stock because their inclusion would be anti-dilutive.

(2) Excluded from the computation of diluted earnings per share for the three months ended March 31, 2026 and 2025, respectively, were 20,794 and 83,665 weighted average shares of nonvested restricted stock because their inclusion would be anti-dilutive.

Excluded from the computation of diluted earnings per share for the six months ended March 31, 2026 and 2025, respectively, were 26,327 and 92,172 weighted average shares of nonvested restricted stock because their inclusion would be anti-dilutive.

RENTAL EQUIPMENT, NET

Rental equipment consists of the following:

(Dollars in thousands) December 31, 2025 September 30, 2025

(Dollars in thousands) March 31, 2026 September 30, 2025

Computers and IT networking equipment $ 7,727 $ 11,723

6 unchanged sentences

Net book value $ 146,190 $ 159,446

Future minimum lease payments expected to be received for operating leases at December 31, 2025 were as follows:

Future minimum lease payments expected to be received for operating leases at March 31, 2026 were as follows:

(Dollars in thousands)

3 unchanged sentences

GOODWILL AND INTANGIBLE ASSETS

The Company held a total of $ 297.9 million of goodwill at December 31, 2025.

The Company held a total of $ 297.9 million of goodwill at March 31, 2026.

The recorded goodwill is a result of multiple business combinations that occurred from 2015 to 2018.

There have been no changes to the carrying amount of goodwill during the three months ended December 31, 2025.

There have been no changes to the carrying amount of goodwill during the six months ended March 31, 2026.

The changes in the carrying amount of the Company’s intangible assets were as follows:

4 unchanged sentences

Amortization during the period ( 548 ) ( 877 ) ( 264 ) ( 1,689 )

December 31, 2025 $ 5,072 $ 3,799 $ 2,913 $ 11,784

March 31, 2026 $ 4,798 $ 3,234 $ 2,781 $ 10,813

Gross carrying amount $ 13,774 $ 70,338 $ 7,732 $ 91,844

1 unchanged sentence

Accumulated impairment — ( 10,918 ) ( 153 ) ( 11,071 )

December 31, 2025 $ 5,072 $ 3,799 $ 2,913 $ 11,784

March 31, 2026 $ 4,798 $ 3,234 $ 2,781 $ 10,813

September 30, 2024 $ 6,422 $ 6,566 $ 3,601 $ 16,589

1 unchanged sentence

Write-offs and disposals during the period — ( 631 ) — ( 631 )

December 31, 2024 $ 6,153 $ 5,524 $ 3,469 $ 15,146

March 31, 2025 $ 5,884 $ 4,871 $ 3,309 $ 14,064

Gross carrying amount $ 13,774 $ 70,338 $ 7,732 $ 91,844

1 unchanged sentence

Accumulated impairment — ( 10,918 ) ( 153 ) ( 11,071 )

December 31, 2024 $ 6,153 $ 5,524 $ 3,469 $ 15,146

March 31, 2025 $ 5,884 $ 4,871 $ 3,309 $ 14,064

(1) Book amortization period of 5 - 15 years.

5 unchanged sentences

The estimated amortization expense of intangible assets assumes no activities, such as acquisitions, which would result in additional amortizable intangible assets.

Estimated amortization expense of intangible assets in the remaining nine months of fiscal 2026 and subsequent fiscal years at December 31, 2025 was as follows:

Estimated amortization expense of intangible assets in the remaining six months of fiscal 2026 and subsequent fiscal years at March 31, 2026 was as follows:

(Dollars in thousands)

2 unchanged sentences

Total anticipated intangible amortization $ 10,813

There were no impairments to intangible assets during the three months ended December 31, 2025 and 2024.

There were no impairments to intangible assets during the six months ended March 31, 2026 and 2025.

Intangible impairment expense is recorded within the impairment expense line of the Condensed Consolidated Statements of Operations.

OPERATING LEASE RIGHT-OF-USE ASSETS AND LIABILITIES

Operating lease right-of-use ("ROU") assets, included in other assets , were $ 22.0 million and $ 22.7 million at December 31, 2025 and September 30, 2025, respectively.

Operating lease liabilities, included in accrued expenses and other liabilities , were $ 23.2 million and $ 24.0 million at December 31, 2025 and September 30, 2025, respectively.

The decreases in lease ROU assets and liabilities relate to normal amortization and lease payments made during the three months ended December 31, 2025.

Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities at December 31, 2025 were as follows:

Operating lease right-of-use ("ROU") assets, included in other assets , were $ 21.9 million and $ 22.7 million at March 31, 2026 and September 30, 2025, respectively.

Operating lease liabilities, included in accrued expenses and other liabilities , were $ 23.2 million and $ 24.0 million at March 31, 2026 and September 30, 2025, respectively.

The decreases in lease ROU assets and liabilities relate to normal amortization and lease payments made during the six months ended March 31, 2026.

Undiscounted future minimum operating lease payments and a reconciliation to the amount recorded as operating lease liabilities at March 31, 2026 were as follows:

(Dollars in thousands)

5 unchanged sentences

The weighted-average discount rate and remaining lease term for operating leases were as follows:

December 31, 2025 September 30, 2025

March 31, 2026 September 30, 2025

Weighted-average discount rate 2.67 % 2.65 %

1 unchanged sentence

The components of total lease costs for operating leases were as follows:

Three Months Ended December 31,

Three Months Ended March 31, Six Months Ended March 31,

(Dollars in thousands) 2026 2025 2026 2025

6 unchanged sentences

The Company's Board of Directors authorized a share repurchase program to repurchase up to 7,000,000 shares of the Company's outstanding common stock on or before September 30, 2028.

During the three months ended December 31, 2025 and 2024, the Company repurchased 651,804 and 701,860 shares, respectively, as part of the share repurchase program.

During the six months ended March 31, 2026 and 2025, the Company repurchased 1,507,005 and 1,277,664 shares, respectively, as part of the share repurchase program.

Under the repurchase program, repurchased shares were retired and designated as authorized but unissued shares.

1 unchanged sentence

When the repurchase price is greater than the original issue proceeds, the excess is charged to retained earnings.

As of December 31, 2025, 4,286,012 shares of common stock remained available for repurchase.

For the three months ended December 31, 2025 and 2024, the Company also repurchased 51,068 and 66,446 shares, or $ 3.5 million and $ 4.6 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock.

As of March 31, 2026, 3,430,811 shares of common stock remained available for repurchase.

For the six months ended March 31, 2026 and 2025, the Company also repurchased 51,068 and 66,446 shares, or $ 3.5 million and $ 4.6 million, of common stock, respectively, in settlement of employee tax withholding obligations due upon the vesting of restricted stock.

Retirement of Treasury Stock.

1 unchanged sentence

When the repurchase price is greater than the original issue proceeds, the excess is charged to retained earnings.

The Company retired 70,215 and zero shares of common stock held in treasury during the three months ended December 31, 2025 and 2024.

The Company retired 70,215 and zero shares of common stock held in treasury during the six months ended March 31, 2026 and 2025, respectively.

STOCK COMPENSATION

14 unchanged sentences

Finally, awards of shares or RSUs may be made at other times during the fiscal year for new hire, promotion, or retention awards.

The following tables show the activity of share awards (including shares of restricted stock subject to vesting, fully-vested restricted stock, RSUs and PSUs) granted, exercised or forfeited under all of the Company's incentive plans during the three months ended December 31, 2025.

Number of Shares Weighted Average Fair Value at Grant

1 unchanged sentence

Nonvested shares outstanding, September 30, 2025 81,697 $ 47.77

Granted 13,200 92.85

Vested ( 74,103 ) 54.74

Forfeited or expired — —

Nonvested shares outstanding, December 31, 2025 20,794 $ 51.51

Nonvested shares outstanding, March 31, 2026 20,794 $ 51.51

Nonvested shares outstanding, September 30, 2025 92,620 $ 79.19

2 unchanged sentences

Forfeited or expired ( 4,903 ) 72.79

Nonvested shares outstanding, December 31, 2025 181,525 $ 72.45

Nonvested shares outstanding, March 31, 2026 179,042 $ 72.45

PSUs outstanding, September 30, 2025 142,366 $ 52.59

3 unchanged sentences

Forfeited or expired — —

PSUs outstanding, December 31, 2025 136,149 $ 63.02

PSUs outstanding, March 31, 2026 136,149 $ 63.02

(1) The final performance was assessed after September 30, 2025, resulted in an achievement greater than target, and an additional 15,901 shares were allocated to the participants in the plan.

2 unchanged sentences

The Company has elected to record forfeitures as they occur.

The Company recognized total stock-based compensation expense of $ 2.9 million and $ 1.6 million for the three months ended December 31, 2025 and 2024, respectively.

The Company recognized total stock-based compensation expense of $ 6.8 million and $ 5.1 million for the six months ended March 31, 2026 and 2025, respectively.

This expense is recorded primarily within compensation and benefits on the Condensed Consolidated Statements of Operations.

As of December 31, 2025, stock-based compensation expense not yet recognized in income totaled $ 16.9 million, which is expected to be recognized over a weighted average remaining period of 1.97 years.

The Company recorded an income tax expense of $ 7.2 million for the three months ended December 31, 2025, resulting in an effective tax rate of 16.9 %, compared to an income tax expense of $ 6.0 million, or an effective tax rate of 16.6 %, for the three months ended December 31, 2024.

As of March 31, 2026, stock-based compensation expense not yet recognized in income totaled $ 14.2 million, which is expected to be recognized over a weighted average remaining period of 1.79 years.

The Company recorded an income tax expense of $ 21.4 million for the six months ended March 31, 2026, resulting in an effective tax rate of 16.5 %, compared to an income tax expense of $ 22.2 million, or an effective tax rate of 17.4 %, for the six months ended March 31, 2025.

The Company’s effective tax rate was lower than the U.S.

2 unchanged sentences

The table below compares the income tax expense components for the periods presented.

Three Months Ended December 31,

Six Months Ended March 31,

(Dollars in thousands) 2026 2025

4 unchanged sentences

Tax credit investments, net - federal ( 7,161 ) ( 3,694 )

Research tax credit ( 1,303 ) —

162(m) disallowance 865 605

8 unchanged sentences

(Dollars in thousands) Consumer Commercial Corporate Services/Other Consolidated Company

Three Months Ended December 31, 2025 2024 2025 2024 2025 2024 2025 2024

Three Months Ended March 31, 2026 2025 2026 2025 2026 2025 2026 2025

Net interest income (1)

$ 66,183 $ 75,633 $ 45,375 $ 41,987 $ 13,566 $ 18,659 $ 125,124 $ 136,279

Noninterest income:

Refund transfer product fees 34,789 32,663 — — — — 34,789 32,663

Refund advance and other tax fee income (1)

57,514 48,585 — — — — 57,514 48,585

Card and deposit fees 37,330 30,583 185 202 11 8 37,526 30,793

Rental income (1)

— — 10,707 12,990 240 210 10,947 13,200

(Loss) on sale of securities (1)

— — — — — ( 7,228 ) — ( 7,228 )

(Loss) on divestitures (1)

— — — — — ( 1,360 ) — ( 1,360 )

Secondary market revenue (1)

— ( 25 ) 3,574 2,074 — 13,329 3,574 15,378

Gain on sale of other (1)

— — 883 627 — — 883 627

Other income (1)

1,638 2,221 3,293 2,225 1,016 1,420 5,947 5,866

Total noninterest income 131,271 114,027 18,642 18,118 1,267 6,379 151,180 138,524

Revenue $ 197,454 $ 189,660 $ 64,017 $ 60,105 $ 14,833 $ 25,038 $ 276,304 $ 274,803

Six Months Ended March 31,

Net interest income (expense) (1)

27 unchanged sentences

therefore, the Company measures progress in completing these services based upon the passage of time.

Revenue from contracts with customers did not generate significant contract assets and liabilities for the three months ended December 31, 2025.

Revenue from contracts with customers did not generate significant contract assets and liabilities for the six months ended March 31, 2026.

Refund Transfer Product Fees.

41 unchanged sentences

(Dollars in thousands) Consumer Commercial Corporate Services/Other Total

Three Months Ended December 31, 2025 2024 2025 2024 2025 2024 2025 2024

Three Months Ended March 31, 2026 2025 2026 2025 2026 2025 2026 2025

Interest and dividend income $ 77,109 $ 87,326 $ 81,463 $ 73,055 $ ( 27,696 ) $ ( 18,377 ) $ 130,876 $ 142,004

Interest expense 10,926 11,693 36,088 31,068 ( 41,262 ) ( 37,036 ) 5,752 5,725

Net interest income (expense) 70,892 81,063 49,820 43,293 ( 1,374 ) 895 119,338 125,251

Net interest income 66,183 75,633 45,375 41,987 13,566 18,659 125,124 136,279

Provision for (reversal of) credit loss 23,164 31,739 22,489 3,508 ( 37 ) 19 45,616 35,266

Net interest income (expense) after provision for (reversal of) credit loss 68,168 70,339 49,310 35,462 ( 1,370 ) 789 116,108 106,590

Net interest income after provision for (reversal of) credit loss 43,019 43,894 22,886 38,479 13,603 18,640 79,508 101,013

Noninterest income 131,271 114,027 18,642 18,118 1,267 6,379 151,180 138,524

16 unchanged sentences

Total deposits 5,588,918 5,633,529 174 140 262,604 185,540 5,851,696 5,819,209

Six Months Ended March 31,

Interest and dividend income $ 149,613 $ 170,699 $ 165,298 $ 147,669 $ ( 62,813 ) $ ( 48,008 ) $ 252,098 $ 270,360

Interest expense 12,538 14,005 70,103 62,389 ( 75,005 ) ( 67,562 ) 7,636 8,832

Net interest income 137,075 156,694 95,195 85,280 12,192 19,554 244,462 261,528

Provision for (reversal of) credit loss 25,888 42,463 22,999 11,339 ( 41 ) 125 48,846 53,927

Net interest income after provision for (reversal of) credit loss 111,187 114,231 72,196 73,941 12,233 19,429 195,616 207,601

Noninterest income 163,332 147,629 39,251 39,357 2,360 8,916 204,943 195,902

Noninterest expense

Compensation and benefits 16,673 15,625 21,885 25,550 68,711 60,022 107,269 101,197

Building and software 5,874 4,624 4,743 4,624 14,164 10,765 24,781 20,013

Operating lease equipment depreciation — — 19,070 23,206 — — 19,070 23,206

Rate related card expenses 49,219 54,004 — — — — 49,219 54,004

Other card expenses 14,670 15,528 — — 23 20 14,693 15,548

Tax product expenses 10,697 9,882 — — — — 10,697 9,882

Loan expenses 1,081 1,124 10,862 6,780 — — 11,943 7,904

Legal and consulting 1,108 1,132 1,668 1,961 8,109 8,010 10,885 11,103

SG & A intercompany allocations 37,057 34,687 16,757 15,143 ( 53,814 ) ( 49,830 ) — —

Consumer lending program expenses 276 9,895 — — — — 276 9,895

Other expenses 8,905 8,514 2,830 4,245 10,101 10,462 21,836 23,221

Total noninterest expense 145,560 155,015 77,815 81,509 47,294 39,449 270,669 275,973

Income (loss) before income tax expense 128,959 106,845 33,632 31,789 ( 32,701 ) ( 11,104 ) 129,890 127,530

Total assets 355,864 431,962 4,511,809 3,975,353 2,244,726 2,587,471 7,112,399 6,994,786

Total goodwill 87,145 87,145 210,783 210,783 — — 297,928 297,928

Total deposits 5,588,918 5,633,529 174 140 262,604 185,540 5,851,696 5,819,209

Expenses included in the Other Expenses line represent insignificant expenses to the various operating segments such as marketing, data processing, meals and travel, communications, office supplies, seminars and training, dues and subscriptions, regulatory expense, bank service charges, fraud and program losses, charitable giving, and intangible amortization that are included in income (loss) before income tax expense.

23 unchanged sentences

The Company considers this derivative instrument to be within Level 3 of the fair value hierarchy, as it utilizes inputs from sales or securitization transactions involving similar loans.

As of December 31, 2025 and September 30, 2025, the Company determined the derivatives had no fair value, respectively, thus eliminating the need for further disclosures regarding Level 3 inputs as outlined in ASC 820.

As of March 31, 2026 and September 30, 2025, the Company determined the derivatives had no fair value, respectively, thus eliminating the need for further disclosures regarding Level 3 inputs as outlined in ASC 820.

The following table summarizes the fair values of debt securities AFS and equity securities as they are measured at fair value on a recurring basis.

(Dollars in thousands) Total Level 1 Level 2 Level 3

December 31, 2025

March 31, 2026

Debt securities AFS

23 unchanged sentences

$ 13,237 $ — $ — $ —

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 2025 and September 30, 2025.

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at March 31, 2026 and September 30, 2025.

(2) Consists of certain non-marketable equity securities that are measured at fair value using NAV as a practical expedient and are excluded from the fair value hierarchy.

6 unchanged sentences

(Dollars in thousands) Total Level 1 Level 2 Level 3

December 31, 2025

March 31, 2026

Loans and leases, net individually evaluated for credit loss

9 unchanged sentences

(Dollars in thousands) Fair Value at

December 31, 2025

March 31, 2026

Fair Value at

5 unchanged sentences

Management discloses the estimated fair value of financial instruments, including assets and liabilities on and off the Condensed Consolidated Statements of Financial Condition, for which it is practicable to estimate fair value.

These fair value estimates were made at December 31, 2025 and September 30, 2025 based on relevant market information and information about financial instruments.

These fair value estimates were made at March 31, 2026 and September 30, 2025 based on relevant market information and information about financial instruments.

Fair value estimates are intended to represent the price at which an asset could be sold or a liability could be settled.

3 unchanged sentences

The following tables present the carrying amount and estimated fair value of the financial instruments held by the Company:

December 31, 2025

March 31, 2026

(Dollars in thousands) Carrying

18 unchanged sentences

Accrued interest payable 186 186 186 — —

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at December 31, 2025.

(1) Equity securities at fair value are included within other assets on the Condensed Consolidated Statements of Financial Condition at March 31, 2026.

(2) Includes certain non-marketable equity securities that are measured at fair value using NAV per share (or its equivalent) as a practical expedient and are excluded from the fair value hierarchy.

23 unchanged sentences

SUBSEQUENT EVENTS

Management has evaluated subsequent events that occurred after December 31, 2025.

During this period, up to the filing date of this Quarterly Report on Form 10-Q, management did not identify any material subsequent events that would require recognition or disclosure in our Condensed Consolidated Financial Statements as of or for the quarter ended December 31, 2025.

Management has evaluated subsequent events that occurred after March 31, 2026.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements