FSUNHIGH SIGNALREGULATORY10-K

FirstSun Capital has completely shifted its forward-looking statement language and risk factors to focus on a proposed merger with First Foundation Inc.

The filing reveals a significant pending transaction that represents a fundamental change in the company's strategic direction. The addition of merger-specific risk factors and the complete overhaul of forward-looking statement language indicates this transaction is material and faces regulatory uncertainty, as evidenced by warnings that approvals "may not be received" or "may impose conditions."

Comparing 2026-03-06 vs 2025-03-07View on EDGAR →
FINANCIAL ANALYSIS

FirstSun delivered solid financial performance with net income growing meaningfully to $97.9 million and operating cash flow expanding modestly to $111.5 million. Stockholders' equity increased to $1.2 billion while capital expenditures rose to $7.5 million, reflecting increased investment activity. The overall financial picture shows a profitable, cash-generating institution entering the merger from a position of financial strength.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
+38.7%
$5.4M$7.5M

Capital expenditure jumped 38.7% — major investment cycle underway; assess returns on deployment.

Net Income
P&L
+29.5%
$75.6M$97.9M

Net income grew 29.5% — bottom-line growth signals improving overall business health.

Stockholders Equity
Balance Sheet
+10.8%
$1.0B$1.2B

Equity base grew 10.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Cash Flow
Cash Flow
+10.2%
$101.1M$111.5M

Operating cash flow grew 10.2% — strong conversion of earnings to cash, healthy business fundamentals.

LANGUAGE CHANGES
NEW — 2026-03-06
PRIOR — 2025-03-07
ADDED
As of March 5, 2026, there were approximately 27,923,333 shares of the registrant s common stock, $0.0001 par value, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 58 Item 7A.
Forward-looking statements reflect our current views with respect to, among other things, statements regarding our proposed merger with First Foundation Inc.
Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as required by law.
Risks Related to Our Pending Merger with First Foundation Combining FirstSun and First Foundation may be more difficult, costly or time-consuming than expected, and the anticipated benefits and cost savings of the merger and the bank merger may not be realized.
All regulatory approvals may not be received, may take longer than expected, or may impose conditions that are not presently anticipated or that could have an adverse effect on the combined company following the merger.
The success of the merger, bank merger and integration will depend on a number of uncertain factors.
The merger agreement may be terminated and the merger may not be completed.
If the merger is not completed, we will have incurred substantial expenses without realizing the expected benefits of the merger.
Stockholder litigation could prevent or delay the completion of the merger or negatively impact our business and operations.
REMOVED
As of March 6, 2025, there were approximately 27,753,918 shares of the registrant s common stock, $0.0001 par value, outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 56 Item 7A.
Forward-looking statements reflect our current views with respect to, among other things, statements relating to the Company s assets, business, cash flows, condition (financial or otherwise), credit quality, financial performance, liquidity, short and long-term performance goals, prospects, results of operations, strategic initiatives, the benefits, cost and synergies of completed acquisitions or dispositions, and the timing, benefits, costs and synergies of future acquisitions, disposition and other growth opportunities.
Further, any forward-looking statement speaks only as of the date on which it is made and we do not intend to and disclaim any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, unless required to do so under the federal securities laws.
Risks Related to Our Business Economic and Geographic-Related Risks Our business may be adversely affected by economic conditions, including inflation.
Changes in economic and market conditions may negatively affect our trust and wealth management business.
Risks Associated with Monetary Events Our business and results of operations may be adversely impacted by monetary policies and regulations of the Federal Reserve.
Lending Risks If we fail to effectively manage credit risk, our business and financial condition will suffer.
Our allowance for credit losses may be insufficient to absorb credit losses.
Rapidly rising interest rates may negatively affect the value of our loans and securities.
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