Most material SEC filings — August 6, 2026

ESAB Corporation completed acquisition of Eddyfi Holding Inc. on June 1, 2026 for approximately $1.45 billion cash consideration (subject to purchase price adjustments). Eddyfi is an industrial diagnostic technology company with $238.8M revenue (2025) and operations across North America, Europe, Latin America, and Asia. ESAB financed the deal via $1.0B senior notes (5.625% due 2031), $192M revolving credit drawdown, and $175M+$143M preferred/common stock private placements. Pro forma revenue for 2025 would be $3.08B; Q1 2026 combined revenue $802.7M.

Oscar Health reported H1 2026 net income of $1.04B ($3.16 diluted EPS) versus $47M ($0.17) in H1 2025, on revenue of $9.53B versus $5.91B. The company raised full-year 2026 operating earnings guidance from $250–450M to $500–700M, improved MLR from 83.0% to 75.0% (H1 YoY), and maintained revenue guidance of $18.7–19.0B. Membership grew to 2.96M (Individual/Small Group) from 2.02M YoY. CEO cited disciplined pricing, improved underwriting, and $164M favorable prior-period reserve development.

Teads reported Q2 2026 revenue of $284.6M (down 17% YoY from $343.1M), with net loss of $42.5M versus $14.3M loss in Q2 2025. Adjusted EBITDA fell 74% to $7.0M. The company suspended full-year 2026 guidance, citing volatility in Direct Response and SME business, though CTV revenue grew 67% YoY. Cash position declined to $88.0M from $128.2M at year-end 2025; total debt stands at $614.5M ($607.4M in 10% senior secured notes due 2030).

Leggett & Platt reported Q2 2026 sales of $1.0B (down 6% YoY), with adjusted EPS of $0.39 (up $0.09 vs Q2 2025). The company is pending completion of its acquisition by Somnigroup International Inc., with HSR approval obtained in June and shareholder vote scheduled for August 20, 2026. Adjusted EBIT was $89M (up from $76M), driven by metal margin expansion and restructuring benefits, though management notes these favorable items are not expected to repeat. Debt stands at $1.5B with net leverage at 2.6x trailing adjusted EBITDA.

Sunrise Realty Trust, Inc. (SUNS, ~$105.5M market cap) has agreed to merge with Southern Realty Trust Inc. (SRT) in a stock-for-stock transaction. SRT shareholders will receive 1.45 SUNS shares per SRT share, plus $0.05 per share in cash from SUNS Manager. The merger is structured as a tax-free reorganization under Section 368(a) of the Internal Revenue Code. Both companies are Maryland REITs; SRT shareholders must approve the merger, SUNS shareholders must approve the stock issuance. Closing expected within ~3 business days of condition satisfaction.

On August 2, 2026, TripAdvisor entered an Equity Purchase Agreement to sell TheFork (its European restaurant platform) to American Express Travel Related Services for $700.0 million in cash, subject to adjustments. The transaction was exercised via put option on August 1, 2026, following French Works Council consultation. Closing is expected by end of 2026, subject to regulatory approvals. TheFork's results are now classified as discontinued operations.

Avalo reported Q2 2026 results with cash/investments of $472.2M (8.8x market cap), providing runway into 2029. The company plans to initiate a registrational Phase 3 program for abdakibart in hidradenitis suppurativa in H1 2027 following positive Phase 2 LOTUS results. Pipeline expanded with AVTX-010, a long-acting anti-IL-1β antibody with IND submission planned for H1 2027. Q2 net loss was $36.4M; operating cash burn was $37.7M for six months.

Nexstar closed its $3.657B TEGNA acquisition on March 19, 2026 (funded in H1 2026), generating record Q2 net revenue of $1.993B (+62.2% YoY, including $697M from TEGNA) and Adjusted EBITDA of $633M. However, DIRECTV and state attorneys general sued challenging the deal under antitrust law; the U.S. District Court (E.D. California) issued a preliminary injunction on April 17, 2026 requiring the entities be held separate pending trial scheduled for July 6, 2027. The D.C. Circuit rejected regulatory challenges on July 9, 2026. Total debt rose to $11.744B (from $6.333B at Dec 31, 2025); pro forma first lien net leverage is 3.21x vs. 4.75x covenant, and total net leverage is 4.22x. The company repaid $409M debt and paid $57M in dividends in Q2 2026.

Unity reported Q2 2026 total revenue of $546.5M (up 24% YoY), with strategic revenue of $486.4M (up 38% YoY), driven primarily by Grow Solutions revenue of $389M (up 35%), powered by Vector AI platform. The company swung to near break-even with GAAP net loss of $23M (down from $107M loss YoY) and adjusted EBITDA of $160M at 29% margin. Management divested Supersonic game publishing business on August 4, 2026, and sunset ironSource Ads Network; Q3 guidance projects strategic revenue of $540-550M (up 44-47% YoY) and adjusted EBITDA of $185-190M (up 69-74% YoY). Cash position strengthened to $2.36B.

Viridian received FDA approval for Lumvoa (veligrotug-vvze) for thyroid eye disease on June 26, 2026, launched immediately with 95% physician engagement as of July 31. The company completed a $394M convertible debt and equity financing in May 2026, bringing cash to $981.5M as of June 30, 2026. Elegrobart is on track for BLA submission Q1 2027, and TSHR program IND submission is expected Q4 2026.

Vital Farms reported Q2 2026 net revenue of $166.0M (down 10.1% YoY) with a net loss of $31.1M versus prior-year net income of $16.6M, driven by industry-wide egg oversupply and $19.5M in excess breaker sales at depressed prices. Gross margin collapsed to 6.6% from 38.9% YoY. The company closed new credit facilities: a $125M 3-year term loan and a $60M 3-year asset-based lending facility, replacing prior revolving credit. On August 3, 2026, the Board terminated the stock repurchase program (1.1M shares at $13.29/share had been repurchased for $15.0M in Q2). Cash declined to $21.2M from $48.8M at year-end 2025. Full-year FY2026 guidance maintained: $775M–$800M revenue and $0M–$10M Adjusted EBITDA, assuming oversupply costs of mid-$30M range.

Iovance reported Q2 2026 product revenue of $99.3M (vs. $59.9M in Q2 2025), driven by U.S. Amtagvi sales of ~$91M (+40% vs. Q4 2025) and Proleukin revenue of ~$9M. Gross margin improved to 56%. The company is reviewing its FY2026 revenue guidance ($350M–$370M) based on strong demand and will update in Q3. FDA granted Fast Track Designation for lifileucel in soft tissue sarcomas (undifferentiated pleomorphic sarcoma and dedifferentiated liposarcoma). Amtagvi now approved in three markets (U.S., Australia, Canada); UK resubmission under expedited review. Cash position was $304M as of June 30, 2026, expected to fund operations into H2 2028. Net loss for H1 2026 was $126.4M on revenue of $170.7M.

Resolute Holdings reported Q2 2026 results following its January 2026 execution of a management agreement with Husky Holdings LLC. Management fees grew to $13.6M (Q2 2026) from $3.4M (Q2 2025); Non-GAAP Fee-Related Earnings per share rose to $0.69 from $0.08 year-over-year. The company repurchased $50.0M in common shares since the spin-off, reducing shares outstanding by approximately 8.3% (from 8.5M to 7.8M shares as of June 30, 2026). GAAP net loss attributable to common stockholders was $(12.4)M in Q2 2026 due to a $18.0M tax consolidation impact, though six-month GAAP net income was $49.1M. Long-term debt increased to $2,153.5M (net) from $169.1M at year-end 2025, reflecting financing of the Husky acquisition.

Vistance Networks' Board approved a special cash distribution of $5.00 per share payable August 27, 2026, to shareholders of record as of August 17, 2026. The distribution is funded by proceeds from the July 1, 2026 sale of Ruckus Networks business to Belden Inc. Since the $5/share represents ≥25% of stock value, the ex-dividend date is August 28, 2026 (first business day after payment).

On July 1, 2026, Vistance completed the sale of its RUCKUS segment to Belden Inc. for approximately $1.846 billion in cash. The company announced a $5.00 per share special distribution to be paid by end of August 2026. Combined with prior distributions, shareholders will receive $15.00 per share in total distributions for 2026; the company repaid all debt and redeemed all preferred equity. Post-distribution, Vistance expects $700–$750 million cash with no debt by year-end and anticipates a $160 million tax refund in 2027.

Scholar Rock reported Q2 2026 results with net loss of $109.9M (vs. $110.0M YoY), no revenue, and cash of $492.1M (up $124.5M from Dec 2025, including $62.8M from ATM offering). The lead candidate apitegromab for spinal muscular atrophy (SMA) has an FDA BLA with two independent fill-finish facility pathways toward potential approval by Sept 30, 2026 PDUFA date; a Phase 2 FORGE trial in FSHD initiated; and Phase 1 SRK-439 ongoing with topline data expected late 2026.

Precision BioSciences reported Q2 2026 results with clinical milestone data from PBGENE-HBV showing first-ever biopsy proof of direct cccDNA elimination (1-log reduction in one patient, <1% remaining after 2 doses at 0.4 mg/kg) and sustained pgRNA loss in 100% of evaluable patients. The company has $112.4M in cash as of June 30, 2026, expected to fund operations through 2028. Q2 net loss was $32.7M ($1.26/share); G&A costs decreased $2.3M YoY but warrant liability fair-value adjustments increased $13.5M non-cash loss YoY.

Tarsus Pharmaceuticals announced acquisition of privately held Alkeus Pharmaceuticals for $450M upfront ($270M cash + $180M stock at $61.38/share) plus up to $350M in regulatory/commercial milestones and tiered royalties. The deal adds gildeuretinol (ALK-001), a Phase 3 oral therapy for Stargardt disease (36,000+ US patients, no FDA-approved treatment), with NORTHSTAR Phase 3 topline data expected H2 2029. The acquisition expands Tarsus' retina pipeline alongside the prior iRenix acquisition.

Prestige Consumer Healthcare closed the Breathe Right acquisition (June 2026, ~$200M annual revenue) and LaCorium Health acquisition (July 2026, ~$40M annual revenue) for a combined effective purchase of ~$900M net of tax benefits. Q1 FY27 organic revenue grew 3.2% to $265.7M; adjusted diluted EPS increased to $0.98 from $0.95 YoY. The company raised full-year FY27 revenue guidance from $1,100–$1,121M to $1,290–$1,315M and adjusted EPS guidance from $4.42–$4.51 to $4.55–$4.65, with ~$190M in anticipated acquisition revenue contributing nearly 20% to the revised guidance.

Ducommun reported Q2 2026 net revenue of $224.5M (up 12% YoY), gross margin of 28.0% (up 160 bps), and net income of $20.4M or $1.31/diluted share (up 60% YoY). Remaining Performance Obligations reached all-time high of $1.158B with bookings of $309.7M at 1.4x book-to-bill. Both Electronic Systems (up 19.8% revenue) and Structural Systems segments grew, driven by commercial aerospace (737 MAX, A320) and defense missile platforms (PAC-3, SM-6).

ESAB closed its acquisition of Eddyfi Technologies one month ahead of schedule in Q2 2026. The company raised full-year 2026 core net sales growth guidance to 11.0%–14.0% (from 6.0%–9.0%), driven by M&A contribution upward-revised to ~9.0% (from ~4.0%), while organic growth remains 2.0%–4.0%. Core adjusted EBITDA guidance raised to $615–$625M (from $575–$595M); core adjusted EPS guidance lowered to $5.40–$5.50 (from $5.70–$5.90). Eddyfi is part of ESAB's strategy to extend into new adjacencies for higher growth and margins.

Palladyne AI reported Q2 2026 revenue of $5.8M (470% YoY growth from $1.0M), with $13.0M in new contract awards during the quarter bringing backlog to $24.6M. The company signed an exclusive partnership with Israel Aerospace Industries for U.S. loitering munitions rights (HARPY/HAROP/Mini HARPY) with no upfront payment and up to ten years exclusivity. Cash position of $43.7M remains flat vs. Q1; company reiterates full-year 2026 revenue guidance of $24–27M and operating cash burn of ($32–36)M. Net loss widened to ($12.3)M from ($7.5)M YoY due to higher stock-based compensation ($2.3M) and continued A&D division investments; shares outstanding increased from 46.1M to 49.1M.

Papa Johns reported Q2 2026 global comparable sales declined 5.7% (North America -8.3%, International +1.5%), with global system-wide restaurant sales down 4.8% to $1.20B. The company cut full-year 2026 adjusted EBITDA guidance from $200-210M to $180-190M and worsened North America comparable sales outlook from down 2-4% to down 6-8%. The Board suspended the quarterly dividend beginning Q3 2026 to redirect capital toward transformation investments including franchise incentives, supply chain optimization, technology deployment, and international expansion. Diluted EPS was $0.24 (adjusted $0.46); net income declined to $8.7M from $9.7M YoY.

Unusual Machines reported Q2 2026 revenue of $16.7M (687% YoY, 106% QoQ), with gross margin of 34.7% and GAAP operating loss of $7.8M (adjusted EBITDA loss $0.4M). The company raised $60M at $30/share via at-the-market facility in Q2, bringing cash to $229.6M as of June 30, 2026. Headcount expanded from 141 (end Q1) to 240 (end Q2) employees; working capital is $367.5M. Management guides toward breakeven by end-Q1 2027 and expects material revenue ramp in Q4 2026 driven by DoD Drone Dominance program demand.

Amylyx Pharmaceuticals completed enrollment of its pivotal Phase 3 LUCIDITY trial of avexitide (78 participants) for post-bariatric hypoglycemia, with topline data expected in late August or early September 2026. The company reported Q2 2026 net loss of $43.4M ($0.39/share) on operating expenses of $45.7M, with cash/equivalents/investments of $250.8M at June 30, 2026—down $29.0M from $279.8M at March 31, 2026. Cash runway is expected to fund operations into 2028.

Cartesian Therapeutics secured a non-dilutive credit facility with K2 HealthVentures providing up to $150M ($50M funded in May 2026, $25M available Jan–Dec 2027 subject to clinical milestones, $25M available Jan–Jun 2028 subject to approval/sales milestones, plus $50M optional). The company also entered a strategic partnership with WestGene BioPharma to develop an in vivo mRNA-LNP CAR-T platform with Phase 1 data expected 1H27. Cash on hand is $149.3M as of June 30, 2026, expected to support operations into 2028. Key upcoming milestones: Phase 3 AURORA (MG) data 1Q27, Phase 2 TRITON (myositis) subset data 1H27, Phase 1/2 HELIOS (pediatric JDM) data 1H27.

BlackSky reported Q2 2026 revenue of $33.3M (up 50% YoY from $22.2M), driven by Gen-3 satellite services growing 50% sequentially to $25M. The company raised $150M via 3.6M shares at-the-market, bringing cash to $244.1M. Adjusted EBITDA was $4.7M (14.2% margin) vs. negative $2.8M YoY; net loss narrowed to $20.8M from $41.2M, primarily due to derivative fair-value gains. Full-year 2026 guidance reaffirmed: $130-150M revenue, $12-24M Adjusted EBITDA, $50-60M capex.

Zoetis reported Q2 2026 flat revenue of $2.5B (down 1% organic operational) and revised full-year 2026 guidance significantly downward: revenue now $9.12–$9.32B (organic down 3%–1% vs. prior guidance of +2%–5%), and adjusted net income organic growth now (9%)–(5)% vs. prior +2%–6%. U.S. companion animal revenue fell 11% due to macro-driven price sensitivity and competitive pressure on dermatology and Simparica Trio. Adjusted diluted EPS guidance cut to $6.15–$6.25 from $6.85–$7.00. International segment grew 6% organic operational, with livestock strength offsetting U.S. companion animal decline.

REGENXBIO received $200M in new capital in July 2026: $100M milestone payment from AbbVie (upon first NAAVIGATE patient dosing for diabetic retinopathy) plus $108M net proceeds from public offering. Pro forma cash position reaches $313M, extending runway to Q4 2027. RGX-202 (Duchenne) Phase III AFFINITY DUCHENNE trial met primary endpoint (p<0.0001); BLA submission targeted Q3 2026 with potential accelerated approval in 2H 2027. Sura-vec pivotal wet AMD data (ATMOSPHERE/ASCENT) expected Q4 2026. RGX-121 (Hunter syndrome) BLA resubmission on track Q3 2026 after FDA Type A meeting.

Parent company Bausch Health (87% owner) requested appointment of four new Bausch + Lomb directors effective Aug. 5, 2026: Thomas Appio (Bausch Health CEO), Robert Chersi, Laurence Paul MD, and Barbara Trebbi, replacing Steven Collis, Karen Ling, Thomas Ross, and Andrew von Eschenbach MD. No disagreement cited. Company reaffirmed full-year 2026 guidance: revenue $5.440–$5.540B; Adjusted EBITDA excluding Acquired IPR&D $1.025–$1.075B. Q2 2026 revenue was $1.394B (+9% reported, +8% constant currency vs. Q2 2025); operating cash flow increased to $153M from $32M Q1.

Ironwood raised full-year 2026 U.S. LINZESS net sales guidance to $1.15–$1.20 billion (from $1.125–$1.175B), driven by 4% prescription demand growth and significantly improved net pricing. Q2 2026 LINZESS U.S. net sales reached $282.3M (+14% YoY); collaboration revenue to Ironwood was $110.0M (+28% YoY). The company also repaid $200M in convertible notes in June 2026 using cash on hand and raised total 2026 revenue guidance to $460–$485M and adjusted EBITDA to >$310M.

Harrow entered into a definitive agreement to acquire global rights to TYRVAYA (varenicline solution) nasal spray 0.03 mg from Viatris Inc. for $30 million upfront cash payment plus up to $70 million in contingent milestone payments tied to net sales (total potential consideration $100 million). TYRVAYA is FDA-approved for dry eye disease signs and symptoms, currently marketed in U.S., China, and Taiwan, and complements Harrow's flagship VEVYE product with a different mechanism of action (stimulates basal tear production via nasal spray versus VEVYE's inflammatory approach via eye drops). Transaction expected to close in H2 2026 and is projected to be accretive shortly after closing.

Prestige Consumer Healthcare Inc. executed a $1,140,000,000 Term Loan Credit Agreement dated June 12, 2026, with Citibank as administrative agent and five arrangers (Citi, Barclays, Morgan Stanley, Goldman Sachs, RBC). The facility comprises $1,045,000,000 in Term B Loans (drawn at closing) and $95,000,000 in Term B-1 Loans (to close later). Proceeds fund the Trident Acquisition from Foundation Consumer Brands, LLC and the Trust Acquisition (Australian assets from Sher family trusts). Interest rates: 2.00% margin for SOFR loans, 1.00% for Base Rate loans, with 1.0% floor. Seven-year maturity. Secured by substantially all company assets.

GEO Group reported Q2 2026 revenues of $732.1M (up 15% YoY) and net income of $47.5M (up 63% YoY). The company raised FY2026 guidance to $2.95–$3.05B revenues and $168–$175M net income ($1.27–$1.32 per share). Major driver: two new 5-year ICE contracts—Big Horn Facility (1,188 beds, ~$85M annual revenue) effective July 9, 2026, and Rivers Facility (1,320 beds, ~$80M annual revenue) effective August 1, 2026. Company repurchased 1.6M shares for $36.6M in Q2 and has $323M remaining on its $500M authorization. Adjusted EBITDA increased 20% to $142M in Q2.

Somnigroup International (NYSE: SGI, ~$13.8B market cap) reported Q2 2026 net sales of $1,823.5M (down 3.0% YoY), net income of $110.9M (up 12.0%), and diluted EPS of $0.52 (up 10.6%). The company announced a definitive agreement on April 13, 2026 to acquire Leggett & Platt, a diversified component manufacturer, in an all-stock transaction valued at ~$2.5B including L&P debt, expected to close by end of Q3 2026 pending shareholder approval and regulatory clearance. Full-year 2026 adjusted EPS guidance was revised to $2.85–$3.15 (midpoint ~11% growth YoY); leverage ratio improved to 2.99x (from 3.56x prior year). Board declared Q3 dividend of $0.17/share, payable September 3, 2026.

Americold reported Q2 2026 Adjusted FFO of $0.35/share (down 2.8% YoY) on $662.9M revenue (+1.9% YoY). The company took a $309.6M impairment related to winding down Lancaster, PA and Plainville, CT facilities. Despite this, management raised full-year 2026 Adjusted FFO guidance to $1.26–$1.32/share (from $1.20–$1.30), citing strong underlying operational momentum. The transformational EQT joint venture—valued at ~$1.3B with Americold receiving ~$1.1B in proceeds and retaining 30% ownership of 12 facilities (~402k pallet positions)—is expected to close Q3 2026 and will reduce net leverage by ~0.75x and save ~$46M annually in interest expense.

Q2 2026 net sales were $115.1M (5.7% YoY growth), exceeding guidance; Adjusted EBITDA was $5.8M, 81% above prior-year Q2 ($3.2M). Gross margin expanded 360 bps sequentially to 57.9%. Fine jewelry bookings grew 32% YoY. Company raised full-year 2026 Adjusted EBITDA guidance to $13–$15M (from prior undisclosed level); Q3 guidance is $3–$5M Adjusted EBITDA on approximately flat YoY sales. Opened 43rd showroom (San Antonio, second "Showroom of the Future" iteration).

Krispy Kreme reported Q2 2026 net revenue of $331.0M (down 12.8% YoY), GAAP net loss improved to $19.8M from $441.1M loss prior year. Adjusted EBITDA increased 43.2% to $28.8M with margin expansion of 340bps to 8.7%. Net leverage ratio improved to 5.4x from 6.7x at year-end 2025. Company completed refranchising of Japan and western U.S. joint venture (WKS Restaurant Group) in March 2026, generating $111.4M cash proceeds YTD. Maintained full-year 2026 guidance: $1.25–$1.35B revenue, $140–$150M Adjusted EBITDA, below 5.5x leverage.

Peloton reported FY2026 GAAP net income of $63.2M (vs. loss of $118.9M in FY2025), free cash flow of $378M (+17% YoY), and adjusted EBITDA of $468M (+16% YoY). The company reduced net debt by $367M to $92.6M and achieved gross margin expansion of 170 basis points to 52.6%. However, FY2027 guidance projects total revenue decline of 3.9% to $2.3B-$2.4B, and ending paid connected fitness subscriptions fell 8.8% YoY to 2.553M despite cost savings exceeding $100M and commercial business growth.

PENN Entertainment reported Q2 2026 revenues of $1.857B (vs. $1.765B YoY), with Retail segment revenues hitting record $1.5B and Adjusted EBITDA improving $52.5M to $312.6M. Interactive segment revenues reached $349.4M (including $185.5M tax gross-up) with Adjusted EBITDA loss narrowing to −$9.5M from −$62M YoY. The company refinanced and extended debt maturities to 2031–2033, repaid $106.7M convertible notes (eliminating 4.6M dilutive shares), and reduced leverage from 4.5x to 2.9x traditional net debt ratio.

Dana reported Q2 2026 sales of $2.01B (up 4% YoY) with adjusted EBITDA of $207M (10.3% margin, +270 bps). The company raised full-year sales guidance to $7.65–$7.85B and adjusted EBITDA guidance to $800–$850M. Dana restarted its share repurchase program, repurchasing 1.2M shares (~$44M) in Q2 and planning an additional ~$200M in repurchases by year-end. Year-to-date shareholder returns total $169M. The proposed merger with Eaton's Mobility business—now structured as a tax-free split-off—remains on track for Q1 2027 close, with identified synergies of at least $250M within 24 months post-close.

Insmed reported Q2 2026 total revenues of $425.5M ($309.2M BRINSUPRI, +49% sequentially; $116.3M ARIKAYCE, +8% YoY). The company raised full-year 2026 BRINSUPRI guidance from >$1B to $1.25-1.4B and reiterated ARIKAYCE guidance of $450-470M. Peak revenue estimates for three lead programs raised to >$14B total (BRINSUPRI >$7B, TPIP >$6B, ARIKAYCE >$1B). Company reported cash position of ~$1.2B and maintains path to cash flow positivity in 2027 without additional capital.

D-Wave's H1 2026 bookings reached $35.5M (vs. $2.9M in H1 2025), a 1,120% increase. Remaining performance obligations rose to $40.7M from $5.3M (668% increase), with 57% expected to convert to revenue within 12 months. The company acquired Quantum Circuits Inc. in January 2026 for ~$250M in cash, adding gate-model technology. Q2 2026 revenue was flat at $3.1M YoY, but commercial customer mix improved to 62.4% from 45.1%. Cash balance declined to $546.2M from $819.3M, primarily due to the Quantum Circuits acquisition.

Smith Douglas closed 839 homes (+25% YoY) generating $273M revenue (+22%), but gross margin fell 550 bps to 17.6% from 23.2%. Pretax income fell 89% to $1.9M (after $7.6M inventory impairment charges); diluted EPS $0.03 vs. $0.26. Net new orders +32% to 970; backlog 1,000 homes. Debt-to-capitalization rose to 13.2% from 9.0% at year-end 2025. Company repurchased 312,351 shares for $4.4M.