v3.26.1
Treasury Stock
12 Months Ended
Dec. 31, 2025
Treasury Stock [Abstract]  
Treasury Stock and Repurchases to Authorized and Unissued

Note 18 – Treasury Stock and Repurchases to Authorized and Unissued

Share and per share information disclosed herein which relate to periods prior to the date of Conversion (July 18, 2025) have been adjusted to give the retroactive recognition to the exchange ratio (1.3549) applied in the Conversion.

The Company's previous stock repurchase program adopted on August 13, 2021 was terminated effective July 18, 2025 in connection with the Conversion, and 1,459,691 shares of common stock held in treasury at a cost of $13.1 million were retired. During the year ended December 31, 2025, the Company transferred 36,849 shares of common stock out of treasury stock under the 2025 Equity Incentive Plan, at an average cost of $6.93 per share, to fund awards that had been granted under the plan. During the year ended December 31, 2025, the Company repurchased 4,517 shares upon vesting of shares under the 2012 Equity Incentive Plan for the purpose of remitting payroll taxes on behalf of awardees who were employees, at an average cost of $11.58 per share. Following the second step conversion, shares repurchased for the purpose of remitting payroll taxes are repurchased into common stock authorized and unissued in accordance with the Company's incorporation in the State of Maryland.

During the year ended December 31, 2024, the Company did not repurchase any shares of common stock under the existing stock repurchase program. During the year ended December 31, 2024, the Company transferred 70,796 shares of common stock out of treasury stock reserved for the 2012 Equity Incentive Plan, at an average cost of $6.93 per share, to fund awards that had been granted under the plan. During the year ended December 31, 2024, there were 2,227 shares transferred back into treasury stock reserved for the 2012 Equity Incentive Plan, at an average cost of $6.93 per share due to forfeitures. The Company repurchased 2,263 shares upon the vesting of shares under the 2012 Equity Incentive Plan for the purpose of

remitting payroll taxes on behalf of awardees who were employees, at an average cost of $8.72 per share, during the year ended December 31, 2024.

On October 22, 2025, the Company adopted a plan to repurchase up to 5% of its outstanding shares of common stock. Share repurchases under the plan may occur following the one-year anniversary of the Conversion, or on July 20, 2026. All share repurchases made after the Conversion will be repurchased into common stock authorized and unissued.