12. Members’ Capital

The Company has two classes of equity units that it classifies as Members’ Capital: Class A common units and Series C Preferred Units. As of December 31, 2025, Class A Common Units are held by eight members, all of whom have no personal liability. All Class A common members have voting rights in proportion to their capital account. As of December 31, 2025 and 2024, Class A Common Units outstanding were 17,031 and 20,000, respectively.

On October 1, 2023, the Company entered into restricted unit agreements with Mark Reynolds, the Executive Vice President of Sales, and Catherine Leslie, the Chief Financial Officer, pursuant to which the Company issued 200 restricted common units to each of Mark Reynolds and Catherine Leslie. Vesting of the restricted common units commences from the grant date and occur thereafter on the first day of each subsequent calendar month subject to the Company satisfying monthly earnings goals, measured two months in arrears in accordance with the vesting schedule.

As of December 31, 2025 and 2024, 28 and 44 restricted common units vested, respectively. Restricted common units outstanding as of December 31, 2025 and 2024 were 312 and 340, respectively. In addition, stock compensation expense was $7 and $20 as of December 31, 2025 and 2024, respectively.

There are two additional authorized unit classes: Class A preferred units and Class B profit units. Once Class B profit units are issued, the existing Class A common units will become Class A preferred units. Class A Preferred units will receive preferred treatment in terms of distributions and liquidation proceeds.