AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 31/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Specialized niche operations and 53 internally developed businesses support an established underwriting organization. Decentralized responsiveness and centralized support are plausible sources of differentiation, but their comparative benefits are asserted. The evidence does not establish proprietary assets, structurally lower costs or barriers that competitors cannot reproduce.
durability · 2/4 · Substantial 2025 underwriting income and profitable third-quarter 2026 underwriting demonstrate continuing capability. Stable premium renewals add evidence of repeat business. Nevertheless, fluctuating competitive conditions and adverse casualty development limit confidence that this capability creates durable excess returns through an entire insurance cycle.
customer dependency · 2/4 · Approximately 81% of expiring premiums were renewed in both 2025 and 2024, with a similar first-half 2026 outcome. This establishes repeat demand on a premium basis. It does not demonstrate that individual customers depend on Berkley, face material switching costs or lack equivalent alternatives.
erosion resilience · 2/4 · Continued profitable underwriting and stable premium renewals support some operating resilience as rate increases moderate. Realized adverse excess-liability and commercial-auto development demonstrate estimation pressure. The balance is mixed: current results withstand these pressures, but a structural defense against intensified competition or worsening loss costs is unproven.
Pricing power—
Insufficient evidence for every rubric criterion; no category score is inferred.
realized pricing · 2/4 · Exposure-adjusted renewal rates for insurance and facultative reinsurance increased 6.7% in 2025 and 6.9% in 2024. First-quarter 2026 renewal increases excluding workers' compensation were 7.2%; third-quarter average increases excluding that line were approximately 4.0%. Pricing is positive but moderating; superiority to loss-cost inflation remains unestablished.
retention · 3/4 · Approximately 81% of expiring premiums were renewed in 2025 and 2024; first-half 2026 renewals were approximately 81%, versus 80% in the comparable period. Together with positive renewal pricing, this demonstrates strong repeat demand. The denominator is premium, so customer retention, switching friction and price elasticity cannot be inferred.
margin resilience · 3/4 · Reported 2025 pre-tax underwriting income of $1.2 billion and a third-quarter 2026 combined ratio of 90.8% demonstrate strong observed underwriting resilience. Lower nine-month catastrophe losses assisted results, while adverse casualty development qualifies pricing attribution. These outcomes support profitability, without independently proving a moat or exceptional full-cycle durability.
contractual freedom · — · The supplied Berkley passages report renewal rate outcomes but do not establish its applicable rate-approval constraints, repricing rights or freedom to alter coverage terms. Observed increases alone cannot resolve contractual discretion. Regulatory descriptions in the Berkshire report are not substituted for issuer-specific evidence.
Predictability100
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 4.03
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 0.73
- observedAnnualPeriods
- 5.00
Financial strength69
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · At December 31, 2025, BIC's $9.7 billion Total Adjusted Capital equaled 397% of RBC Authorized Control Level, versus the disclosed general 200% no-remedial-action threshold. Permitted-practice surplus is excluded. This demonstrates strong capital for the named lead insurer at that date, without establishing current consolidated regulatory headroom.
liquidity funding · 3/4 · Positive first-half operating cash flow, June fixed-maturity fair value of $25.9 billion and substantial September net invested assets support claims-funding capacity. The maturity ladder provides additional context. Parent access to insurance-subsidiary funds is restricted, and stressed claims liquidity, encumbrances and parent-only funding coverage remain incompletely disclosed.
asset liability risk · 2/4 · June fixed-maturity duration including cash was 3.2 years, with a stated asset/liability duration-management approach rather than demonstrated matching. Adverse commercial-auto development, a $434 million net workers' compensation reserve discount and reinsurance-recovery litigation show meaningful reserving and counterparty exposures. Portfolio resources mitigate, but do not eliminate, those risks.
earnings resilience · 3/4 · Substantial 2025 underwriting earnings, profitable third-quarter 2026 underwriting and nine-month net income increasing to $1.413 billion support strong observed resilience. Third-quarter net income fell to $446.0 million from $511.0 million. Lower nine-month catastrophe losses assisted performance, while adverse casualty development shows continuing earnings uncertainty.
Capital allocation56
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 3/4 · Reported return on beginning equity was 21.2% for 2025; nine-month 2026 return was 19.4%, annualized using beginning-of-year common stockholders' equity. These demonstrate strong accounting equity efficiency. They are not returns on average equity or statutory capital, and the supplied outcomes do not establish exceptional durability.
distributions and buffers · 2/4 · Year-to-date distributions of $728.6 million were below $1.413 billion of net income, and December BIC capital exceeded its defined benchmark. September common equity nevertheless declined from year-end. Without updated regulatory capital and a complete equity reconciliation, preservation of the post-distribution solvency buffer is not demonstrated.
dilution and cost · 2/4 · September reported common shares outstanding declined from year-end while debt remained broadly stable. Annual basic and diluted share counts establish compensation dilution, and first-half cash flows disclose stock-incentive expense. Outstanding-share figures exclude grantor-trust shares, limiting simple comparisons; complete financing costs and repurchase value creation remain unestablished.
investment discipline · 2/4 · Developing 53 of 60 businesses internally demonstrates an established reinvestment process. First-half operating cash generation and investment-fund earnings coexist with investment losses and continued real-estate development. Outcomes are mixed: the passages do not establish lifetime risk-adjusted venture returns, acquisition-level results or returns earned on development spending.
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · Nine-month shareholder distributions of $728.6 million were below $1.413 billion of net income, alongside positive first-half operating cash generation and broadly stable debt. These demonstrate disciplined observed funding and distributions. September equity declined, and neither repurchase value creation nor updated post-distribution regulatory headroom is established.
incentive alignment · 3/4 · Disclosed director and executive ownership of 25.1% as of April 9, 2026, mandatory deferral of vested RSUs until separation and five-year performance earning periods create substantial long-term exposure. Non-formulaic cash incentives and concentrated ownership qualify the assessment. Conditional awards are not treated as earned or vested.
execution · 3/4 · Assessed from operating outcomes: substantial 2025 underwriting income, profitable third-quarter underwriting and increased nine-month 2026 net income demonstrate strong execution. Third-quarter net income declined year over year, and adverse casualty development qualifies the record. These results do not independently validate management's claims of competitive superiority.
governance · 2/4 · April disclosures report 73% independent directors and co-lead independent oversight; June voting results demonstrate completed shareholder participation. October identifies combined chairman, CEO and president roles, superseding April's separate-role description. Material insider ownership concentrates influence. Disclosed safeguards support oversight structure, but do not establish its effectiveness.
Evidence
Each of our businesses is positioned close to its customer base and participates in a niche market requiring specialized knowledge.
2025 Form 10-K, filed February 27, 2026; Business—specialized niche operations · Filed 27/02/2026
This strategy of decentralized operations allows each of our businesses to identify and respond quickly and effectively to changing market conditions and specific customer needs, while capitalizing on the benefits of centralized capital, investment and reinsurance management, and corporate actuarial, financial, enterprise risk management and compliance support.
2025 Form 10-K, filed February 27, 2026; Business—decentralization and centralized support · Filed 27/02/2026
Of our 60 businesses, 53 have been organized and developed internally and seven have been added through acquisition.
2025 Form 10-K, filed February 27, 2026; Business—internal development and acquisitions · Filed 27/02/2026
Approximately 81% of premiums expiring in 2025 and 2024 were renewed.
2025 Form 10-K, filed February 27, 2026; MD&A—2025 and 2024 expiring-premium renewals · Filed 27/02/2026
Approximately 81% of premiums expiring in 2026, and 80% of premiums expiring in 2025 were renewed.
June 2026 Form 10-Q, filed July 31, 2026; MD&A—six-month expiring-premium renewals · Filed 31/07/2026
55
Average renewal premium rates (per unit of exposure) for insurance and facultative reinsurance increased 6.7% in 2025 and 6.9% in 2024.
2025 Form 10-K, filed February 27, 2026; MD&A—insurance and facultative reinsurance renewal rates per unit of exposure · Filed 27/02/2026
Average renewal premium rates (per unit of exposure) for insurance and facultative reinsurance excluding workers' compensation increased 7.6% in 2025 and 7.9% in 2024.
2025 Form 10-K, filed February 27, 2026; MD&A—renewal rates excluding workers' compensation · Filed 27/02/2026
38
Average renewal premium rates (per unit of exposure) for insurance and facultative reinsurance increased 6.6% in 2026 and increased 7.2% excluding workers' compensation.
March 2026 Form 10-Q, filed May 1, 2026; MD&A—first-quarter renewal rates per unit of exposure · Filed 01/05/2026
•Average rate increases excluding workers' compensation were approximately 4.0%.
Third-quarter 2026 results, filed October 19, 2026; highlights—average rate increases excluding workers' compensation · Filed 19/10/2026
•The current accident year combined ratio before catastrophe losses of 2.7 loss ratio points was 88.1% and reported combined ratio was 90.8%.
Third-quarter 2026 results, filed October 19, 2026; highlights—reported and catastrophe-excluded combined ratios · Filed 19/10/2026
2025 was a record year for the Company, with record pre-tax underwriting income, investment income, and net income of $1.2 billion, $1.4 billion and $1.8 billion, respectively.
2026 proxy, filed April 22, 2026; 2025 Business Highlights—underwriting, investment and net income · Filed 22/04/2026
The adverse excess other liability, including umbrella, development was concentrated in accident years 2018 through 2022, and included a significant component stemming from underlying auto exposures.
March 2026 Form 10-Q, filed May 1, 2026; reserves—adverse excess other liability development · Filed 01/05/2026
The adverse commercial auto liability development was concentrated in accident years 2021 and 2022.
June 2026 Form 10-Q, filed July 31, 2026; reserves—adverse commercial auto liability development · Filed 31/07/2026
The uncertainty of insurers’ ultimate loss costs and fluctuating competitive conditions lead to alternating periods of “hard” markets (more profitable for insurers) and “soft” markets (less profitable for insurers).
2026 proxy, filed April 22, 2026; insurance-cycle discussion—loss uncertainty and competition · Filed 22/04/2026
Summary Financial Data
(Amounts in thousands, except per share data)
Third Quarter
Nine Months
2026
2025
2026
2025
Gross premiums written
$
3,951,788
$
3,836,256
$
11,881,554
$
11,497,964
Net premiums written
3,267,602
3,226,930
9,872,182
9,711,672
Net income to common stockholders
446,005
511,032
1,413,483
1,329,892
Net income per diluted share
1.14
1.28
3.60
3.32
Operating income (1)
456,541
440,198
1,467,749
1,280,364
Operating income per diluted share (1)
1.17
1.10
3.73
3.20
Return on equity (2)
18.4
%
24.3
%
19.4
%
21.1
%
Operating return on equity (1) (2)
18.8
%
21.0
%
20.2
%
20.3
%
(1)Operating income is a non-GAAP financial measure defined by the Company as net income excluding after-tax net investment gains (losses) and related expenses and after-tax net foreign currency gains (losses).
Third-quarter 2026 results, filed October 19, 2026; Summary Financial Data—quarter and nine months, amounts in thousands except per-share data · Filed 19/10/2026
(2)Return on equity and operating return on equity represent net income and operating income, respectively, expressed on an annualized basis as a percentage of beginning of year common stockholders’ equity.
Third-quarter 2026 results, filed October 19, 2026; Summary Financial Data footnote—annualized return on beginning-of-year common equity · Filed 19/10/2026
We returned a total of $728.6 million to shareholders year-to-date, which includes $435.1 million of share repurchases, while preserving substantial flexibility to support future opportunities.
Third-quarter 2026 results, filed October 19, 2026; management commentary—year-to-date shareholder distributions · Filed 19/10/2026
W. R. Berkley Corporation 8
Selected Balance Sheet Information
(Amounts in thousands, except per share data)
September 30, 2026
December 31,
2025
Net invested assets (1)
$
33,952,861
$
33,173,381
Total assets
45,675,961
43,926,843
Reserves for losses and loss expenses
23,610,579
22,207,773
Senior notes and other debt
1,827,874
1,829,198
Subordinated debentures
1,011,066
1,010,527
Common stockholders' equity (2)
9,610,213
9,700,818
Common stock outstanding (3)
371,448
377,156
Book value per share (4)
25.87
25.72
Tangible book value per share (4)
25.27
25.11
(1)Net invested assets include investments, cash and cash equivalents, trading accounts receivable from brokers and clearing organizations, trading account securities sold but not yet purchased and unsettled purchases, net of related liabilities.
Third-quarter 2026 results, filed October 19, 2026; Selected Balance Sheet Information—September 30, 2026 and December 31, 2025, amounts in thousands except per-share data · Filed 19/10/2026
Adjustments to reconcile net income to net cash from operating activities:
Net investment losses (gains)
70,965
(47,328)
Depreciation and (accretion) amortization
(37,601)
(23,755)
Noncontrolling interests
403
(802)
Investment funds
(68,311)
(54,291)
Stock incentive plans
29,000
27,487
Change in:
Arbitrage trading account
(122,457)
(32,970)
Premiums and fees receivable
(332,615)
(362,327)
Reinsurance accounts
(133,470)
(133,771)
Deferred policy acquisition costs
(41,641)
(65,570)
Income taxes
(52,082)
28,500
Reserves for losses and loss expenses
948,666
1,067,618
Unearned premiums
367,110
422,524
Other
(127,541)
(196,551)
Net cash from operating activities
1,467,904
1,447,624
CASH USED IN INVESTING ACTIVITIES:
Proceeds from sale of fixed maturity securities
447,654
529,223
Proceeds from sale of equity securities
29,633
142,927
(Contributions to) distributions from investment funds
(13,505)
39,421
Proceeds from maturities and prepayments of fixed maturity securities
2,699,342
2,477,846
Purchase of fixed maturity securities
(4,158,366)
(4,228,781)
Purchase of equity securities
(196,037)
(121,451)
Real estate purchased
(97,740)
(15,950)
Change in loans receivable
150,338
109,279
Net proceeds from sale (purchases) of property, furniture and equipment
11,853
(36,794)
Change in balances due to security brokers
177,249
(54,351)
Net cash used in investing activities
(949,579)
(1,158,631)
CASH USED IN FINANCING ACTIVITIES:
June 2026 Form 10-Q, filed July 31, 2026; consolidated cash flows—six months ended June 30, 2026 and 2025 · Filed 31/07/2026
Prohibition on pledging shares used to satisfy ownership requirements Pages 61, 74
✓Directors and executive officers as a group own 25.1% of the Company’s outstanding stock as of April 9, 2026 Page 85
✓Board oversight of Enterprise Risk Management (“ERM”), including cyber security and artificial intelligence (“AI”), with ERM management committee regularly reporting to the Board Page 33
✓Board oversight of resilience and sustainability with related management committee regularly reporting to the Board Page 35
✓Board oversight of human capital management and corporate culture Pages 36-37
✓CEO and other NEOs’ compensation are 93% and 84%, respectively, performance-based and at-risk Page 41
✓47% of CEO and 39% of NEO compensation are long-term and subject to clawback Page 41
✓NEOs and other senior executives do not receive shares from vested Restricted Stock Unit awards until separation from service Pages 22, 41-42, 44, 48-49
✓Annual cash incentive awards are performance-based and non-formulaic to discourage short-term oriented behavior that can hurt long-term performance in our industry Pages 44-47
✓Determination of the NEOs’ annual cash incentive awards are based on financial performance for the current year, financial performance compared to peers, and contributions to long-term value creation Pages 44-47
✓100% of long-term compensation, and 51% of CEO’s incentive compensation, are formulaic Page 41
✓Executive Chairman’s compensation reflects his active and instrumental role in strategy and investment opportunities Page 55
✓CEO compensation is well-aligned with performance, as the Company’s performance ranks in the top quartile of our peers Page 53
PROPERTY CASUALTY INSURANCE
IS A LONG-TERM AND CYCLICAL BUSINESS
2
W.
2026 proxy, filed April 22, 2026; alignment disclosures—April 9 ownership, compensation design and mandatory deferral · Filed 22/04/2026
Performance-based RSU grant date fair values are calculated using the average of the high and low prices of the Company’s common stock reported on the NYSE on the date of grant assuming target performance and are earned over a five-year period.
2026 proxy, filed April 22, 2026; compensation footnotes—five-year performance-based RSU earning period · Filed 22/04/2026
✓Long-term return on equity (“ROE”) and total value creation have consistently outperformed the industry and our peers Pages 10, 53, 56
✓Five-year average total stockholder return ranked in the 88th percentile of our peers Page 79
✓Average annual gain in book value per share (with dividends included) since 1973 was 16.7% Page 10
✓73% independent directors Page 11
✓Board members bring diverse backgrounds, skills, experience and perspectives Pages 13-17, 27-28
✓A range of tenure of directors balances Board refreshment with benefit of overseeing the full insurance cycle Page 32
✓44.4% of non-management Board members refreshed in the last five years Page 32
✓Separate Executive Chairman and Chief Executive Officer Pages 22, 30
✓Co-lead independent directors holding key committee responsibilities Pages 30-31
✓Require significant stock ownership by NEOs and directors.
2026 proxy, filed April 22, 2026; governance highlights—independent directors and co-lead oversight · Filed 22/04/2026
Robert Berkley, Jr., chairman, chief executive officer, and president, said:
Third-quarter 2026 results, filed October 19, 2026; management identification—combined chairman, chief executive officer and president roles · Filed 19/10/2026
Rusbuldt
340,428,581
6,380,145
675,038
21,517,695
(ii) Non-Binding Advisory Vote on the Compensation of the Company’s Named Executive Officers (“Say-on-Pay” Vote):
For
Against
Abstain
Broker Non Votes
339,651,297
5,149,752
2,682,715
21,517,695
(iii) Ratification of the Appointment of KPMG LLP:
For
Against
Abstain
355,949,139
12,941,192
111,128
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Annual-meeting results, filed June 5, 2026; completed say-on-pay and auditor-ratification votes · Filed 05/06/2026
At December 31, 2025, BIC’s Total Adjusted Capital of $9.7 billion was 397% of its RBC Authorized Control Level.
2025 Form 10-K, filed February 27, 2026; insurance statutory capital—BIC at December 31, 2025, Total Adjusted Capital divided by RBC Authorized Control Level · Filed 27/02/2026
Generally, no remedial action is required if Total Adjusted Capital is 200% or more of the RBC Authorized Control Level.
2025 Form 10-K, filed February 27, 2026; insurance statutory capital—general 200% Authorized Control Level remedial-action threshold · Filed 27/02/2026
Total Adjusted Capital is equal to the Company’s statutory capital and surplus excluding capital and surplus derived from the use of permitted practices that differ from statutory accounting practices.
2025 Form 10-K, filed February 27, 2026; definition of Total Adjusted Capital—exclusion of permitted-practice surplus · Filed 27/02/2026
The Company’s lead insurer, Berkley Insurance Company ("BIC"), directly or indirectly owns all of the Company’s other insurance companies.
2025 Form 10-K, filed February 27, 2026; statutory capital note—BIC ownership scope · Filed 27/02/2026
The Company’s insurance subsidiaries are restricted by law as to the amount of dividends they may pay without the approval of regulatory authorities.
2025 Form 10-K, filed February 27, 2026; statutory capital note—restrictions on subsidiary dividends · Filed 27/02/2026
(In thousands)
Amortized
Cost
Fair
Value
Due in one year or less
$
1,729,781
$
1,699,290
Due after one year through five years
8,051,862
7,894,090
Due after five years through ten years
4,419,675
4,403,306
Due after ten years
7,469,359
7,418,231
Mortgage-backed securities
4,594,960
4,485,511
Total
$
26,265,637
$
25,900,428
________________
At June 30, 2026 and December 31, 2025, there were no investments that exceeded 10% of common stockholders' equity, other than investments in United States government and government agency securities.
June 2026 Form 10-Q, filed July 31, 2026; fixed maturities—June 30 contractual maturity table, amounts in thousands, and concentration qualifier · Filed 31/07/2026
The Company attempts to manage its interest rate risk by maintaining an appropriate relationship between the effective duration of the investment portfolio and the approximate duration of its liabilities (i.e., policy claims and debt obligations).
June 2026 Form 10-Q, filed July 31, 2026; Market Risk—stated asset/liability duration-management approach · Filed 31/07/2026
The effective duration for the fixed maturity portfolio (including cash and cash equivalents) was 3.2 years at June 30, 2026 and 3.0 years at December 31, 2025.
June 2026 Form 10-Q, filed July 31, 2026; Market Risk—fixed-maturity duration including cash and cash equivalents · Filed 31/07/2026
The aggregate net discount for those reserves, after reflecting the effects of ceded reinsurance, was $434 million and $420 million at June 30, 2026 and December 31, 2025, respectively.
June 2026 Form 10-Q, filed July 31, 2026; Reserve Discount—net workers' compensation reserve discount after ceded reinsurance · Filed 31/07/2026
On December 22, 2023, one of the Company’s subsidiaries filed a lawsuit against certain reinsurers to recover in excess of $90 million in respect of certain losses paid to its policyholders under certain event cancellation and related insurance policies.
2025 Form 10-K, filed February 27, 2026; litigation—subsidiary claim against reinsurers for paid event-cancellation losses · Filed 27/02/2026
W. R. Berkley Corporation 7
Supplemental Information
(Amounts in thousands)
Third Quarter
Nine Months
2026
2025
2026
2025
Net premiums written:
Other liability
$
1,133,295
$
1,092,550
$
3,500,195
$
3,419,802
Short-tail lines (1)
672,040
663,017
2,037,403
1,969,507
Auto
438,702
416,956
1,318,370
1,254,788
Workers' compensation
332,615
330,181
1,008,499
1,011,679
Professional liability
322,364
307,039
938,249
862,125
Total Insurance
2,899,016
2,809,743
8,802,716
8,517,901
Casualty (2)
144,164
192,694
465,098
568,412
Property (2)
116,983
119,671
336,880
367,755
Monoline excess
107,439
104,822
267,488
257,604
Total Reinsurance & Monoline Excess
368,586
417,187
1,069,466
1,193,771
Total
$
3,267,602
$
3,226,930
$
9,872,182
$
9,711,672
Current accident year losses from catastrophes:
Insurance
$
82,911
$
69,826
$
218,171
$
218,073
Reinsurance & Monoline Excess
3,021
8,691
5,807
70,785
Total
$
85,932
$
78,517
$
223,978
$
288,858
Net Investment income:
Core portfolio (3)
$
369,122
$
329,508
$
1,094,519
$
974,811
Investment funds
2,123
5,421
70,435
59,713
Arbitrage trading account
12,292
16,309
41,631
56,309
Total
$
383,537
$
351,238
$
1,206,585
$
1,090,833
Net realized and unrealized (losses) gains on investments:
Third-quarter 2026 results, filed October 19, 2026; Supplemental Information—quarter and nine-month catastrophe losses and investment income, amounts in thousands · Filed 19/10/2026
Our 21.2% return on beginning equity in 2025 exceeded our long-term goal of 15%, and we grew book value per share before dividends and share repurchases by 26.7%.
2026 proxy, filed April 22, 2026; 2025 Business Highlights—return on beginning equity · Filed 22/04/2026
110
(18) Common Stockholders’ Equity
The weighted average number of shares used in the computation of net income per share was as follows:
(In thousands)
2025
2024
2023
Basic
396,968
399,734
406,500
Diluted
399,861
403,224
409,948
Treasury shares have been excluded from average outstanding shares from the date of acquisition.
2025 Form 10-K, filed February 27, 2026; Common Stockholders' Equity—basic and diluted weighted-average shares, in thousands · Filed 27/02/2026
The difference in calculating basic and diluted net income per share is attributable entirely to the dilutive effect of stock-based compensation plans.
2025 Form 10-K, filed February 27, 2026; Common Stockholders' Equity—source of share dilution · Filed 27/02/2026
The number of shares of common stock outstanding excludes shares held in a grantor trust (17,378,810 shares).
Third-quarter 2026 results, filed October 19, 2026; share-count footnote—grantor-trust exclusion · Filed 19/10/2026
(11) Real Estate
Investment in real estate represents directly owned property held for investment, as follows:
Carrying Value
June 30,
December 31,
(In thousands)
2026
2025
Properties in operation
$
1,122,372
$
1,051,455
Properties under development
228,477
228,293
Total
$
1,350,849
$
1,279,748
As of June 30, 2026, properties in operation included a long-term ground lease in Washington, D.C., an office complex in New York City and the completed portion of a mixed-use project in Washington, D.C.
June 2026 Form 10-Q, filed July 31, 2026; Real Estate—operating and development carrying values, amounts in thousands · Filed 31/07/2026
