v3.25.4
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Common Stock Repurchase Activity
The following tables summarize the Company’s repurchase activity of its Class A common stock during the years ended December 31, 2025, 2024, and 2023 ($ in thousands):
SharesAmount(1)
Authorizations remaining as of December 31, 2024$67,604 
Additional authorizations (2)33,201 
Repurchases paid:
January 1, 2025 - January 31, 2025— — 
February 1, 2025 - February 28, 2025— — 
March 1, 2025 - March 31, 202570,506 (805)
April 1, 2025 - April 30, 2025— — 
May 1, 2025 - May 31, 2025401,396 (4,151)
June 1, 2025 - June 30, 2025234,094 (2,456)
July 1, 2025 - July 31, 202536,371 (397)
August 1, 2025 - August 31, 202543,020 (471)
September 1, 2025 - September 30, 202591,321 (1,017)
October 1, 2025 - October 31, 202545,052 (477)
November 1, 2025 - November 30, 202530,668 (320)
December 1, 2025 - December 31, 202512,111 (131)
Authorizations remaining as of December 31, 2025$90,580 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On April 23, 2025, the Board authorized repurchases up to $100.0 million in aggregate.

SharesAmount(1)
Authorizations remaining as of December 31, 2023$44,256 
Additional authorizations (2)31,391 
Repurchases paid:
January 1, 2024 - January 31, 2024— — 
February 1, 2024 - February 29, 2024— — 
March 1, 2024 - March 31, 202460,000 (647)
April 1, 2024 - April 30, 2024— — 
May 1, 2024 - May 31, 20242,100 (23)
June 1, 2024 - June 30, 202417,590 (189)
July 1, 2024 - July 31, 2024— — 
August 1, 2024 - August 31, 2024— — 
September 1, 2024 - September 30, 2024100,001 (1,190)
October 1, 2024 - October 31, 202414,131 (159)
November 1, 2024 - November 30, 202469,000 (789)
December 1, 2024 - December 31, 2024448,369 (5,046)
Authorizations remaining as of December 31, 2024$67,604 
(1)Amount excludes commissions paid associated with share repurchases.
(2)On April 24, 2024, the Board authorized repurchases up to $75.0 million in aggregate.
SharesAmount(1)
Authorizations remaining as of December 31, 2022$46,737 
Repurchases paid:
March 1, 2023 - March 31, 2023250,000 (2,285)
September 1, 2023 - September 30, 202319,000 (196)
Authorizations remaining as of December 31, 2023$44,256 
(1)Amount excludes commissions paid associated with share repurchases.
Schedule of Dividends Declared and Paid
The following table presents dividends declared (on a per share basis) of Class A common stock for the years ended December 31, 2025, 2024 and 2023:
Declaration DateDividend per Share
March 14, 2025$0.23 
June 13, 20250.23 
September 15, 20250.23 
December 15, 20250.23 
Total$0.92 
March 15, 2024$0.23 
June 14, 20240.23 
September 13, 20240.23 
December 13, 20240.23 
Total$0.92 
March 15, 2023$0.23 
June 15, 20230.23 
September 15, 20230.23 
December 15, 20230.23 
Total$0.92 
The following table presents the tax treatment for our aggregate distributions per share of common stock paid for the years ended December 31, 2025, 2024 and 2023:
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 31, 2025April 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
June 30, 2025July 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
September 30, 2025October 15, 20250.230 0.217 — 0.011 0.006 0.002 0.217 
December 31, 2025January 15, 2026(1)— — — — — — — 
Total$0.690 $0.651 $— $0.033 $0.018 $0.006 $0.651 

(1)The fourth quarter dividend paid on January 15, 2026 was $0.230 and is considered a 2026 dividend for U.S. federal income tax purposes.

Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 28, 2024April 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
June 28, 2024July 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
September 30, 2024October 15, 20240.230 0.195 — 0.035 0.023 — 0.195 
December 31, 2024January 15, 2025(1)0.230 0.195 — 0.035 0.023 — 0.195 
Total$0.920 $0.780 $— $0.140 $0.092 $— $0.780 
(1)The fourth quarter dividend paid on January 15, 2025 was $0.230 and is considered a 2024 dividend for U.S. federal income tax purposes.
Record DatePayment DateDividend per ShareOrdinary DividendsQualified DividendsCapital GainUnrecaptured 1250 GainReturn of CapitalSection 199A
Dividends
March 31, 2023April 17, 2023$0.230 $0.230 $— $— $— $— $0.230 
June 30, 2023July 17, 20230.230 0.230 — — — — 0.230 
September 29, 2023October 16, 20230.230 0.230 — — — — 0.230 
December 29, 2023January 16, 2024(1)0.230 0.230 — — — — 0.230 
Total$0.920 $0.920 $— $— $— $— $0.920 
(1)The fourth quarter dividend paid on January 16, 2024 was $0.230 and is considered a 2023 dividend for U.S. federal income tax purposes.
Schedule of Accumulated Other Comprehensive Income
The following table presents changes in accumulated other comprehensive income related to the cumulative difference between the fair market value and the amortized cost basis of securities classified as available for sale for the years ended December 31, 2025, 2024 and 2023 ($ in thousands):

Year Ended December 31,
202520242023
Accumulated Other Comprehensive Income (Loss) beginning of period$(4,866)$(13,853)$(21,009)
Gain (loss) on available for sale securities, net of tax731 8,987 7,156 
Accumulated Other Comprehensive Income (Loss) end of period$(4,135)$(4,866)$(13,853)