v3.26.1
Employee Benefit Plans
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
The Company maintains a Section 401(k) plan for employees who meet the eligibility requirements set forth in the plan documents. The Company matches a percentage of an employee's contributed earnings. The amounts charged to expense under this plan were approximately $371,000, $256,000, and $313,000 for the years ended December 31, 2025, 2024, and 2023, respectively.
The Company's Board of Managers approved the payment of a profit-based incentive bonus to be awarded to eligible employees following the close of each fiscal year. The Board has allocated approximately 4.7% of profits over $2 million to fund this benefit. Individual amounts are based upon criteria determined by a formula that considers current pay, level of responsibility, and impact on profits of each position. The amounts charged to expense under this incentive were approximately $993,000, $894,000, and $3,521,000 for the years ended December 31, 2025, 2024, and 2023, respectively.
The Company entered into deferred compensation agreements with certain executive officers. The agreement provides for a monetary incentive, contingent on each individual's performance. These incentives will vest, ratable over eight years, at 12.5% per year. Vested amounts will then be paid in conjunction with retirement or post-separation, as specified by the executives upon the initial awards. The Company recognized expense of $123,000, $82,000 and $42,000 related to this agreement during the years ended December 31, 2025, 2024 and 2023, respectively, related to this agreement.