Note 19 Treasury Shares

On March 7, 2025, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to $50.0 million of Class A common stock. Repurchases may be made from time to time through open market transactions, privately negotiated transactions, block trades, one or more Rule 10b5‑1 trading plans or other means the Company’s management deems appropriate, in accordance with applicable securities laws. The program has no expiration date and may be suspended or terminated at any time at the discretion of the Board of Directors.

During the quarter ended March 31, 2025, the Company repurchased 81,370 shares of Class A common stock for an aggregate purchase price of $6.9 million, inclusive of transaction costs. All repurchased shares were recorded as treasury shares and are carried at cost as a component of stockholders’ equity on the condensed consolidated balance sheets. No treasury shares were retired or reissued during the period. The Inflation Reduction Act imposed a nondeductible 1% excise tax on the net value of certain share repurchases. During the three months ended June 30, 2025, the excise tax on net share repurchases was approximately $0.1 million.

As of June 30, 2025, approximately $43.1 million remained available for future repurchases under the current authorization.

No share repurchases were made during the quarter ended June 30, 2025.