v3.26.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
8.
Shareholders’ Equity

Shareholders’ Equity

Holders of Class A shares and Class B shares vote together as a single class on all matters presented to our shareholders, except as otherwise required by applicable law or by our First Amended & Restated Limited Liability Company Agreement, dated as of July 1, 2024. Class B shares are not entitled to participate in any dividends our Board may declare.

Share Repurchase Program

On February 24, 2026, our board of directors approved a share repurchase program. The program permits the repurchase of up to $50 million of the Company’s Class A shares through December 2027. The shares may be repurchased from time to time in open market transactions, block trades, accelerated share repurchases, or privately negotiated transactions or by any combination of such methods. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management's assessment of the intrinsic value of the Company’s Class A shares, the market price of the Company’s Class A shares, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements, and other considerations. The Company is not obligated to purchase any shares under the share repurchase program, and the program may be suspended, modified or discontinued at any time without prior notice.

 

 

Cancellations

 

In lieu of the payment of tax distributions by OpCo to the Company in excess of the Company’s then-current income tax obligation, OpCo and the Company cancelled OpCo Units held by Class B shareholders, along with a corresponding number of Class B shares. The number of cancelled OpCo Units was determined based on the Company’s volume weighted average Class A share price for the 10 consecutive trading days ending on and including the last full trading day immediately prior to the relevant tax distribution date.

 

 

 

 

 

 

 

Three Months Ended March 31,

 

Class B Share Cancellations Due to Tax Distributions

 

 

 

2026

 

 

2025

 

First Quarter

 

 

 

 

 

 

73,141

 

 

 

34,674

 

Total

 

 

 

 

 

 

73,141

 

 

 

34,674

 

 

Dividends and Distributions

 

(in thousands, except for per share amounts)
Cash Dividends

 

Date of Record

 

Dividends Paid to Class A Shareholders

 

 

Distributions
Paid to OpCo
Unitholders(1)

 

 

Rate Per
Share

 

2026:

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

March 5, 2026

 

$

3,341

 

 

$

5,910

 

 

$

0.12

 

Total

 

 

 

$

3,341

 

 

$

5,910

 

 

 

 

2025:

 

 

 

 

 

 

 

 

 

 

 

First Quarter

 

March 6, 2025

 

$

2,326

 

 

$

5,319

 

 

$

0.10

 

Total

 

 

 

$

2,326

 

 

$

5,319

 

 

 

 
(1)
Excludes the Company.

 

 

 

 

 

 

 

Three Months Ended March 31,

 

Tax Distributions to OpCo Unitholders(1)

 

 

 

 

 

2026

 

 

2025

 

First Quarter

 

 

 

 

 

$

5,413

 

 

$

5,821

 

Total

 

 

 

 

 

$

5,413

 

 

$

5,821

 
(1)
Excludes the Company.

 

On May 5, 2026, our board of directors declared a dividend on our Class A shares of $0.12 per share, payable on June 18, 2026 to shareholders of record as of June 4, 2026 and a corresponding required cash distribution to OpCo unitholders.

 

On May 5, 2026, our board of directors approved a payment for tax distributions from OpCo to OpCo unitholders (other than the Company) in the amount of $9.3 million. This amount is inclusive of OpCo unitholders’ (other than the Company) pro rata share of estimated federal income tax and an additional tax distribution in excess of the Company’s then-current income tax obligation as provided for under the OpCo LLC Agreement. This amount is expected to be paid during the second quarter of 2026.