BRK-B — 10-Q Filing

Item 1A. Risk Factors Our significant business risks are described in Item 1A to Form 10-K for the year ended December 31, 2025, to which reference is made herein. The risks and uncertainties we describe are not the only ones facing us. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business or operations. Any adverse effect on our business, financial condition or operating results could result in a decline in the value of our securities and the loss of all or part of your investment. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities Berkshire’s common stock repurchase program currently permits Berkshire to repurchase its Class A and Class B shares any time that Berkshire’s Chief Executive Officer, after consultation with the Chairman of the Board, believes that the repurchase price is below Berkshire’s intrinsic value, conservatively determined. Repurchases may be in the open market or through privately negotiated transactions. Berkshire’s common stock repurchases during the first quarter of 2026 are summarized as follows. Period Total number ofshares purchased Average pricepaid per share Total number ofshares purchasedas part of publiclyannounced program Maximum number orvalue of shares that yetmay be repurchasedunder the program January — $ — — * February — — — * March Class A common stock 33 729,701.17 33 * Class B common stock 431,462 486.92 431,462 * ——————* The program does not specify a maximum number of shares to be repurchased or obligate Berkshire to repurchase any specific dollar amount or number of Class A or Class B shares and there is no expiration date to the repurchase program.

Current DredgeCap Risk Profile

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