Voya Financial, Inc.
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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2. Investments (excluding Consolidated Investment Entities)
- Investments (excluding Consolidated Investment Entities)
Fixed Maturities
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2025:
| Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Embedded Derivatives(2) | Allowance for credit losses | Fair Value | |
|---|---|---|---|---|---|---|
| Fixed maturities: | ||||||
| U.S. Treasuries | $663 | $2 | $51 | $— | $— | $614 |
| U.S. Government agencies and authorities | 30 | 1 | — | — | — | 31 |
| State, municipalities and political subdivisions | 606 | — | 96 | — | — | 510 |
| U.S. corporate public securities | 8,600 | 177 | 913 | — | — | 7,864 |
| U.S. corporate private securities | 5,748 | 86 | 203 | — | 9 | 5,622 |
| Foreign corporate public securities and foreign governments(1) | 2,926 | 69 | 215 | — | 2 | 2,778 |
| Foreign corporate private securities(1) | 2,805 | 61 | 49 | — | 8 | 2,809 |
| Residential mortgage-backed securities | 4,489 | 54 | 200 | 1 | — | 4,344 |
| Commercial mortgage-backed securities | 3,071 | 6 | 401 | — | — | 2,676 |
| Other asset-backed securities | 2,914 | 27 | 31 | — | 7 | 2,903 |
| Total fixed maturities, including securities pledged | 31,852 | 483 | 2,159 | 1 | 26 | 30,151 |
| Less: Securities pledged | 1,388 | — | 127 | — | — | 1,261 |
| Total fixed maturities(3) | $30,464 | $483 | $2,032 | $1 | $26 | $28,890 |
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations.
(3) Includes fixed maturities of approximately $1.4 billion acquired in the first quarter of 2025 related to the acquisition of OneAmerica Financial's full-service retirement plan business.
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2024:
| Amortized Cost | Gross Unrealized Capital Gains | Gross Unrealized Capital Losses | Embedded Derivatives(2) | Allowance for credit losses | Fair Value | |
|---|---|---|---|---|---|---|
| Fixed maturities: | ||||||
| U.S. Treasuries | $524 | $— | $52 | $— | $— | $472 |
| U.S. Government agencies and authorities | 29 | 1 | — | — | — | 30 |
| State, municipalities and political subdivisions | 697 | — | 117 | — | — | 580 |
| U.S. corporate public securities | 7,938 | 124 | 1,054 | — | — | 7,008 |
| U.S. corporate private securities | 5,275 | 43 | 329 | — | 6 | 4,983 |
| Foreign corporate public securities and foreign governments(1) | 2,729 | 32 | 287 | — | 2 | 2,472 |
| Foreign corporate private securities(1) | 2,693 | 22 | 169 | — | 9 | 2,537 |
| Residential mortgage-backed securities | 3,709 | 27 | 261 | (4) | — | 3,471 |
| Commercial mortgage-backed securities | 3,677 | 4 | 532 | — | 17 | 3,132 |
| Other asset-backed securities | 2,779 | 39 | 45 | — | 4 | 2,769 |
| Total fixed maturities, including securities pledged | 30,050 | 292 | 2,846 | (4) | 38 | 27,454 |
| Less: Securities pledged | 1,665 | — | 149 | — | — | 1,516 |
| Total fixed maturities | $28,385 | $292 | $2,697 | $(4) | $38 | $25,938 |
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Net gains (losses) in the Consolidated Statements of Operations.
The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2025, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. MBS and Other ABS are shown separately because they are not due at a single maturity date.
| AmortizedCost | FairValue | |
|---|---|---|
| Due to mature: | ||
| One year or less | $866 | $868 |
| After one year through five years | 3,695 | 3,700 |
| After five years through ten years | 3,777 | 3,785 |
| After ten years | 13,040 | 11,875 |
| Mortgage-backed securities | 7,560 | 7,020 |
| Other asset-backed securities | 2,914 | 2,903 |
| Fixed maturities, including securities pledged | $31,852 | $30,151 |
As of December 31, 2025 and 2024, the Company didnot have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company's Total shareholders' equity.
Securities Lending Program
The following table presents collateral held by asset class that the Company pledged under securities lending as of the dates indicated:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| U.S. Treasuries | $52 | $22 |
| U.S. corporate public securities | 495 | 601 |
| Short-term investments and cash equivalents | 16 | 241 |
| Foreign corporate public securities and foreign governments | 199 | 258 |
| Total(1) | $762 | $1,122 |
(1)As of December 31, 2025 and 2024, liabilities to return cash collateral were $726 and $736, respectively, and included in Payables under securities loan and repurchase agreements, including collateral held on the Consolidated Balance Sheets.
The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.
| Allowance for credit losses | ||||||
|---|---|---|---|---|---|---|
| The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented: | ||||||
| Year Ended December 31, 2025 | ||||||
| U.S. corporate private securities | Commercial mortgage-backed securities | Foreign corporate public securities and foreign governments | Foreign corporate private securities | Other asset-backed securities | Total | |
| Balance as of January 1 | $6 | $17 | $2 | $9 | $4 | $38 |
| Credit losses on securities for which credit losses were not previously recorded | 9 | — | — | — | 3 | 12 |
| Reductions for securities sold during the period | (6) | (17) | — | — | — | (23) |
| Increase (decrease) on securities with allowance recorded in previous period | — | — | — | (1) | — | (1) |
| Balance as of December 31 | $9 | $— | $2 | $8 | $7 | $26 |
| Year Ended December 31, 2024 | ||||||
|---|---|---|---|---|---|---|
| U.S. corporate private securities | Commercial mortgage-backed securities | Foreign corporate public securities and foreign governments | Foreign corporate private securities | Other asset-backed securities | Total | |
| Balance as of January 1 | $— | $9 | $3 | $2 | $3 | $17 |
| Credit losses on securities for which credit losses were not previously recorded | 6 | 9 | — | 8 | 1 | 24 |
| Reductions for securities sold during the period | — | — | (1) | — | — | (1) |
| Increase (decrease) on securities with allowance recorded in previous period | — | (1) | — | (1) | — | (2) |
| Balance as of December 31 | $6 | $17 | $2 | $9 | $4 | $38 |
For additional information about the Company’s methodology and significant inputs used in determining whether a credit loss exists, see the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements.
Unrealized Capital Losses
The following tables present available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by investment category and duration as of the dates indicated:
| As of December 31, 2025 | ||||||
|---|---|---|---|---|---|---|
| Twelve Months or LessBelow Amortized Cost | More Than Twelve MonthsBelow Amortized Cost | Total | ||||
| Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | |
| U.S. Treasuries | $257 | $4 | $291 | $47 | $548 | $51 |
| U.S. Government agencies and authorities | — | — | — | — | — | — |
| State, municipalities and political subdivisions | 4 | — | 493 | 96 | 497 | 96 |
| U.S. corporate public securities | 568 | 42 | 4,282 | 871 | 4,850 | 913 |
| U.S. corporate private securities | 348 | 4 | 2,334 | 199 | 2,682 | 203 |
| Foreign corporate public securities and foreign governments | 163 | 4 | 1,247 | 211 | 1,410 | 215 |
| Foreign corporate private securities | 70 | 1 | 1,118 | 48 | 1,188 | 49 |
| Residential mortgage-backed | 244 | 2 | 1,170 | 198 | 1,414 | 200 |
| Commercial mortgage-backed | 75 | 1 | 2,243 | 400 | 2,318 | 401 |
| Other asset-backed | 251 | 3 | 260 | 28 | 511 | 31 |
| Total | $1,980 | $61 | $13,438 | $2,098 | $15,418 | $2,159 |
| As of December 31, 2024 | ||||||
|---|---|---|---|---|---|---|
| Twelve Months or LessBelow Amortized Cost | More Than Twelve MonthsBelow Amortized Cost | Total | ||||
| Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | Fair Value | Unrealized Capital Losses | |
| U.S. Treasuries | $304 | $20 | $133 | $32 | $437 | $52 |
| U.S. Government agencies and authorities | 14 | — | — | — | 14 | — |
| State, municipalities and political subdivisions | 7 | — | 562 | 117 | 569 | 117 |
| U.S. corporate public securities | 818 | 35 | 4,215 | 1,019 | 5,033 | 1,054 |
| U.S. corporate private securities | 546 | 13 | 2,845 | 316 | 3,391 | 329 |
| Foreign corporate public securities and foreign governments | 450 | 17 | 1,285 | 270 | 1,735 | 287 |
| Foreign corporate private securities | 490 | 12 | 1,468 | 157 | 1,958 | 169 |
| Residential mortgage-backed | 311 | 8 | 1,210 | 253 | 1,521 | 261 |
| Commercial mortgage-backed | 24 | — | 2,751 | 532 | 2,775 | 532 |
| Other asset-backed | 93 | 2 | 315 | 43 | 408 | 45 |
| Total | $3,057 | $107 | $14,784 | $2,739 | $17,841 | $2,846 |
As of December 31, 2025 and 2024, the Company concluded that an allowance for credit losses was not warranted for the securities above because the unrealized losses are interest rate related. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.
As of December 31, 2025, the average duration of the Company's fixed maturities portfolio, including securities pledged, is between 6 and 6.5 years.
Evaluating Securities for Intent Impairments
The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. For the years ended December 31, 2025, 2024 and 2023, intent impairments were $32, $13 and $27, respectively.
Debt Modifications
The Company evaluates all debt modifications to determine whether a modification results in a new loan or a continuation of an existing loan. Disclosures are required for loan modifications with borrowers experiencing financial difficulty. For the years ended December 31, 2025 and 2024, the Company had no material debt modifications that require such disclosure.
Mortgage Loans on Real Estate
The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.
LTV and DSC ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio is expressed as a percentage of the amount of the loan relative to the value of the underlying property at origination. An LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above.
The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of December 31, 2025 and 2024, respectively.
| As of December 31, 2025 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Year of Origination · Loan-to-Value Ratios | |||||||||||
| 0% - 50% · >50% - 60% · >60% - 70% · >70% - 80% · >80% and above · Total | |||||||||||
| 2025 | $387 | $489 | $92 | $— | $— | $968 | |||||
| 2024 | 180 | 147 | 18 | — | — | 345 | |||||
| 2023 | 90 | 203 | — | — | — | 293 | |||||
| 2022 | 249 | 254 | 85 | — | — | 588 | |||||
| 2021 | 227 | 185 | 37 | 17 | — | 466 | |||||
| Prior | 2,783 | 163 | — | 2 | 2,948 | ||||||
| Total(1) | $3,916 | $1,441 | $232 | $17 | $2 | $5,608 | |||||
| (1) Includes mortgage loans of approximately $0.8 billion acquired in the first quarter of 2025 related to the acquisition of OneAmerica Financial's full-service retirement plan business. | |||||||||||
| As of December 31, 2024 | |||||||||||
| Year of Origination | Loan-to-Value Ratios | ||||||||||
| 0% - 50% | >50% - 60% | >60% - 70% | >70% - 80% | >80% and above | Total | ||||||
| 2024 | $138 | $131 | $15 | $— | $— | $284 | |||||
| 2023 | 96 | 221 | 40 | — | — | 357 | |||||
| 2022 | 239 | 282 | 95 | — | — | 616 | |||||
| 2021 | 240 | 184 | 95 | — | — | 519 | |||||
| 2020 | 184 | 71 | — | — | — | 255 | |||||
| Prior | 2,500 | 148 | 2 | — | 18 | 2,668 | |||||
| Total | $3,397 | $1,037 | $247 | $— | $18 | $4,699 | |||||
The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of December 31, 2025 and 2024, respectively.
| As of December 31, 2025 | ||||||||
|---|---|---|---|---|---|---|---|---|
| Debt Service Coverage Ratios | ||||||||
| Year of Origination · >1.5x · >1.25x - 1.5x · >1.0x - 1.25x · <1.0x · Total(1) | ||||||||
| 2025 | $736 | $150 | $67 | $15 | $968 | |||
| 2024 | 161 | 129 | 49 | 6 | 345 | |||
| 2023 | 168 | 34 | 89 | 2 | 293 | |||
| 2022 | 337 | 116 | 48 | 87 | 588 | |||
| 2021 | 313 | 20 | 48 | 85 | 466 | |||
| Prior | 2,207 | 402 | 245 | 94 | 2,948 | |||
| Total | $3,922 | $851 | $546 | $289 | $5,608 | |||
| (1) No commercial mortgage loans were secured by land or construction loans. | ||||||||
| As of December 31, 2024 | ||||||||
| Debt Service Coverage Ratios | ||||||||
| Year of Origination | >1.5x | >1.25x - 1.5x | >1.0x - 1.25x | <1.0x | Total(1) | |||
| 2024 | $161 | $93 | $28 | $2 | $284 | |||
| 2023 | 118 | 180 | 48 | 11 | 357 | |||
| 2022 | 295 | 101 | 76 | 144 | 616 | |||
| 2021 | 258 | 16 | 97 | 148 | 519 | |||
| 2020 | 207 | 20 | 20 | 8 | 255 | |||
| Prior | 2,018 | 219 | 346 | 85 | 2,668 | |||
| Total | $3,057 | $629 | $615 | $398 | $4,699 | |||
| (1) No commercial mortgage loans were secured by land or construction loans. | ||||||||
The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of December 31, 2025 and 2024, respectively.
| As of December 31, 2025 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Year of Origination · U.S. Region | ||||||||||
| Pacific · South Atlantic · Middle Atlantic · West South Central · Mountain · East North Central · New England · West North Central · East South Central · Total | ||||||||||
| 2025 | $244 | $109 | $238 | $189 | $75 | $33 | $36 | $19 | $25 | $968 |
| 2024 | 60 | 104 | 49 | 69 | 20 | 17 | 7 | 3 | 16 | 345 |
| 2023 | 33 | 42 | 16 | 96 | 38 | 36 | 3 | 26 | 3 | 293 |
| 2022 | 151 | 73 | 55 | 79 | 108 | 94 | 1 | 7 | 20 | 588 |
| 2021 | 102 | 55 | 97 | 60 | 89 | 51 | 2 | 10 | — | 466 |
| Prior | 764 | 719 | 598 | 190 | 217 | 228 | 60 | 91 | 81 | 2,948 |
| Total | $1,354 | $1,102 | $1,053 | $683 | $547 | $459 | $109 | $156 | $145 | $5,608 |
| As of December 31, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Year of Origination · U.S. Region | ||||||||||
| Pacific · South Atlantic · Middle Atlantic · West South Central · Mountain · East North Central · New England · West North Central · East South Central · Total | ||||||||||
| 2024 | $58 | $80 | $41 | $57 | $20 | $9 | $7 | $3 | $9 | $284 |
| 2023 | 49 | 85 | 12 | 101 | 39 | 39 | 3 | 26 | 3 | 357 |
| 2022 | 140 | 122 | 49 | 98 | 89 | 92 | 5 | 1 | 20 | 616 |
| 2021 | 95 | 51 | 113 | 93 | 96 | 47 | 9 | 15 | — | 519 |
| 2020 | 61 | 118 | 17 | 10 | 12 | 15 | — | 7 | 15 | 255 |
| Prior | 707 | 632 | 619 | 176 | 211 | 134 | 51 | 109 | 29 | 2,668 |
| Total | $1,110 | $1,088 | $851 | $535 | $467 | $336 | $75 | $161 | $76 | $4,699 |
The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of December 31, 2025 and 2024, respectively.
| As of December 31, 2025 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year of Origination · Property Type | |||||||||||||
| Retail · Industrial · Apartments · Office · Hotel/Motel · Other · Mixed Use · Total | |||||||||||||
| 2025 | $406 | $403 | $145 | $7 | $4 | $3 | $— | $968 | |||||
| 2024 | 73 | 197 | 59 | 16 | — | — | — | 345 | |||||
| 2023 | 121 | 120 | 7 | 13 | 32 | — | — | 293 | |||||
| 2022 | 107 | 247 | 178 | 37 | 9 | 10 | — | 588 | |||||
| 2021 | 46 | 137 | 166 | 104 | — | — | 13 | 466 | |||||
| Prior | 713 | 750 | 779 | 480 | 46 | 141 | 39 | 2,948 | |||||
| Total | $1,466 | $1,854 | $1,334 | $657 | $91 | $154 | $52 | $5,608 | |||||
| As of December 31, 2024 | |||||||||||||
| Year of Origination | Property Type | ||||||||||||
| Retail | Industrial | Apartments | Office | Hotel/Motel | Other | Mixed Use | Total | ||||||
| 2024 | $58 | $154 | $57 | $15 | $— | $— | $— | $284 | |||||
| 2023 | 124 | 172 | 13 | 16 | 32 | — | — | 357 | |||||
| 2022 | 79 | 261 | 222 | 35 | 10 | 9 | — | 616 | |||||
| 2021 | 35 | 128 | 218 | 111 | — | 18 | 9 | 519 | |||||
| 2020 | 55 | 48 | 56 | 96 | — | — | — | 255 | |||||
| Prior | 610 | 713 | 640 | 437 | 67 | 155 | 46 | 2,668 | |||||
| Total | $961 | $1,476 | $1,206 | $710 | $109 | $182 | $55 | $4,699 | |||||
The following table summarizes activity in the allowance for credit losses for commercial mortgage loans for the periods indicated:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Allowance for credit losses, beginning of period | $24 | $26 |
| Credit losses on mortgage loans for which credit losses were not previously recorded | 16 | 1 |
| Increase (decrease) on mortgage loans with an allowance recorded in previous period | 2 | — |
| Provision for expected credit losses | 42 | 27 |
| Write-offs | (11) | (3) |
| Allowance for credit losses, end of period | $31 | $24 |
The following table presents the payment status of commercial mortgage loans as of the dates indicated:
| December 31, 2025 | December 31, 2024 | |
|---|---|---|
| Current | $5,537 | $4,673 |
| 30-59 days past due | — | — |
| 60-89 days past due | — | — |
| Greater than 90 days past due | 71 | 26 |
| Total | $5,608 | $4,699 |
Commercial mortgage loans are placed on non-accrual status when 90 days in arrears, when the Company has concerns regarding the collectability of future payments or when a loan has matured without being paid off or extended. As of December 31, 2025 and 2024, the Company had $71 and $26, respectively, of commercial mortgage loans in non-accrual status. The amount of interest income recognized on loans in non-accrual status for the years ended December 31, 2025 and 2024 wasimmaterial.
Net Investment Income
The following table summarizes Net investment income by investment type for the periods indicated:
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Fixed maturities | $1,855 | $1,678 | $1,766 |
| Equity securities | 17 | 19 | 21 |
| Mortgage loans on real estate | 274 | 234 | 249 |
| Policy loans | 19 | 20 | 20 |
| Short-term investments and cash equivalents | 40 | 40 | 39 |
| Limited partnerships and other | 202 | 159 | 135 |
| Gross investment income | 2,407 | 2,150 | 2,230 |
| Less: Investment expenses | 89 | 76 | 71 |
| Net investment income | $2,318 | $2,074 | $2,159 |
For the years ended December 31, 2025 and 2024, the Company had $1 and $18, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.
Net Gains (Losses)
Net gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Net gains (losses) are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net gains (losses) also include changes in fair value of equity securities. The cost of the investments on disposal is generally determined using the specific identification method.
Net gains (losses) were as follows for the periods indicated:
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Fixed maturities, available-for-sale, including securities pledged | $(29) | $(48) | $(31) |
| Fixed maturities, at fair value option | (81) | (167) | (100) |
| Equity securities, at fair value | (2) | 6 | 3 |
| Derivatives | (30) | 193 | 29 |
| Embedded derivatives within fixed maturities | 5 | (6) | (1) |
| Other derivatives | (1) | 2 | — |
| Standalone derivative | 13 | (1) | — |
| Managed custody guarantees | 4 | 4 | (2) |
| Stabilizer | 10 | (14) | (1) |
| Mortgage loans | (7) | (1) | (12) |
| Other investments | (12) | 5 | 43 |
| Net gains (losses) | $(130) | $(27) | $(72) |
Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Proceeds on sales | $4,877 | $3,510 | $5,393 |
| Gross gains | 43 | 50 | 69 |
| Gross losses | 83 | 62 | 78 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.