0001784254 2025-01-01 2025-12-31 0001784254 2024-01-01 2024-12-31 0001784254 ecd:PeoMember 2025-01-01 2025-12-31 0001784254 ecd:PeoMember 2024-01-01 2024-12-31 0001784254 ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001784254 ecd:NonPeoNeoMember 2024-01-01 2024-12-31 iso4217:USD MediaCo Holding Inc. true <div class="BRDSX_h2" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 9pt; text-transform: uppercase; margin-top: 6pt; margin-left: 0pt; text-align: left;">Pay Versus Performance Disclosure </div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 9pt; margin-top: 11pt; margin-left: 0pt; text-align: left;">As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive “compensation actually paid” or “CAP” and certain measures of the Company’s financial performance. The Compensation Committee did not consider the CAP measure below in making its compensation decisions for any of the years shown below. The tabular and narrative disclosures provided below are intended to be calculated in a manner consistent with the applicable SEC rules and may reflect reasonable estimates and assumptions where appropriate. </div><div class="BRDSX_h5" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; font-style: italic; margin-top: 13.5pt; margin-left: 0pt; text-align: left;">Pay Versus Performance Table<span style="font-style: normal;"> </span></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 9pt; margin-top: 9pt; margin-left: 0pt; text-align: left;">The following table provides information required under the SEC’s Item 402(v) of Regulation S-K disclosing (i) a measure of total compensation (calculated in the same manner as compensation is calculated for purposes of the Summary Compensation Table) for our principal executive officer (“PEO”) and, as an average, for our other named executive officers (“Non-PEO NEOs”), (ii) a measure of compensation referred to as “compensation actually paid” (calculated in accordance with Item 402(v) of Regulation S-K) for our PEO and, as an average, for our other Non-PEO NEOs, and (iii) certain financial performance measures, in each case, for our two most recently completed fiscal years. </div><table cellpadding="0" class="BRDSX_fintab" style="border-spacing: 0; margin-top: 4pt; border-bottom: 1pt solid #2FABDE; width: 522pt; margin-left: auto; margin-right: auto;"><tr class="BRDSX_boxspacer"><td style="height: 6pt; width: 6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 120pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 56.64pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 56.64pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 56.64pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 56.63pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 62.6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 63.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 6pt; width: 4pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 120pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; margin-left: 3pt; text-align: left;">Year</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Summary <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Compensation <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Table Total <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">for PEO <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">($)</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Compensation <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Actually Paid <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">to PEO <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">($)</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Average <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Summary <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Compensation <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Table Total <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">for Non-PEO <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">NEOs <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">($)</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.63pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Average <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Compensation <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Actually Paid <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">to Non-PEO <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">NEOs <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">($)</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 62.6pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Value of <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Initial Fixed <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">$100 Investment <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Based on Total <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Shareholder <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Return <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">($)</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.75pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">Net Income <br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">(Loss)<br/></div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">($ in thousands) </div></td><td style="width: 4pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_header"><td style="width: 6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 120pt; padding-top: 2.68pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; margin-left: 3pt; text-align: left;">(a)</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-top: 2.68pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">(b)⁽¹⁾</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-top: 2.68pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">(c)⁽²⁾</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-top: 2.68pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">(d)⁽³⁾</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.63pt; padding-top: 2.68pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">(e)⁽⁴⁾</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 62.6pt; padding-top: 2.68pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">(f)⁽⁵⁾</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.75pt; padding-top: 2.68pt; padding-bottom: 2.88pt; text-align: left; vertical-align: bottom;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; font-weight: bold; text-transform: uppercase; margin-top: 0pt; text-align: right;">(g)⁽⁶⁾ </div></td><td style="width: 4pt;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 6pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 120pt; padding-top: 2.65pt; padding-bottom: 4.63pt; text-align: left; vertical-align: middle; background-color: #EDEDED;"><div class="BRDSX_fpara" style="color: #2FABDE; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 3pt; text-align: left;">2025</div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-top: 2.65pt; padding-bottom: 4.63pt; text-align: right; vertical-align: middle; background-color: #EDEDED; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 21.06pt; text-align: left;">1,193,846</div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-top: 2.65pt; padding-bottom: 4.63pt; text-align: right; vertical-align: middle; background-color: #EDEDED; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 21.07pt; text-align: left;">1,193,846</div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-top: 2.65pt; padding-bottom: 4.63pt; text-align: right; vertical-align: middle; background-color: #EDEDED; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 27.73pt; text-align: left;">646,042</div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.63pt; padding-top: 2.65pt; padding-bottom: 4.63pt; text-align: right; vertical-align: middle; background-color: #EDEDED; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 27.73pt; text-align: left;">646,042</div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 62.6pt; padding-top: 2.65pt; padding-bottom: 4.63pt; text-align: right; vertical-align: middle; background-color: #EDEDED; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 49.26pt; text-align: left;">135</div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.75pt; padding-top: 2.65pt; padding-bottom: 4.63pt; text-align: right; vertical-align: middle; background-color: #EDEDED; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 36.63pt; text-align: left;">(66,698) </div></td><td style="width: 4pt; background-color: #EDEDED;"><div style="font-size: 1pt;"> </div></td></tr><tr><td style="width: 6pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 120pt; padding-top: 4.4pt; text-align: left; vertical-align: middle;"><div class="BRDSX_fpara" style="color: #2FABDE; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; font-weight: bold; margin-top: 0pt; margin-left: 3pt; text-align: left;">2024</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-top: 4.4pt; text-align: right; vertical-align: middle; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 21.06pt; text-align: left;"><span style="padding-left: 6.67pt;">186,723</span></div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-top: 4.4pt; text-align: right; vertical-align: middle; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 21.07pt; text-align: left;"><span style="padding-left: 6.67pt;">186,723</span></div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.64pt; padding-top: 4.4pt; text-align: right; vertical-align: middle; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 27.73pt; text-align: left;">520,958</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 56.63pt; padding-top: 4.4pt; text-align: right; vertical-align: middle; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 27.73pt; text-align: left;">520,958</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 62.6pt; padding-top: 4.4pt; text-align: right; vertical-align: middle; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 49.26pt; text-align: left;">265</div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="width: 63.75pt; padding-top: 4.4pt; text-align: right; vertical-align: middle; white-space: nowrap;"><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 8pt; margin-top: 0pt; margin-left: 36.63pt; text-align: left;"><span style="padding-left: 4.45pt;">(4,926)</span></div></td><td style="width: 4pt;"><div style="font-size: 1pt;"> </div></td></tr><tr class="BRDSX_boxspacer"><td style="height: 3.25pt; width: 6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 120pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 56.64pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 56.64pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 56.64pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 56.63pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 62.6pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 3.26pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 63.75pt;"><div style="font-size: 1pt;"> </div></td><td style="height: 3.25pt; width: 4pt;"><div style="font-size: 1pt;"> </div></td></tr></table><table border="0" cellpadding="0" style="border-spacing: 0; margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 18pt; text-align: left; vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt;">(1)<br/></div></td><td style="vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; text-align: left;">The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Rodriguez for 2025 and 2024 in the “Total” column of the Summary Compensation Table. </div></td></tr></table><table border="0" cellpadding="0" style="border-spacing: 0; margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 18pt; text-align: left; vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt;">(2)<br/></div></td><td style="vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; text-align: left;">The dollar amounts reported in column (c) represent the compensation actually paid to Mr. Rodriguez for 2025 and 2024, as computed in accordance with Item 402(v) of Regulation S-K. Because Mr. Rodriguez was compensated only in the form of base salary and bonus, Mr. Rodriguez’s CAP for 2025 and 2024 are the same as the total compensation reported in the Summary Compensation Table for 2025 and 2024, and no adjustments were required. </div></td></tr></table><table border="0" cellpadding="0" style="border-spacing: 0; margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 18pt; text-align: left; vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt;">(3)<br/></div></td><td style="vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; text-align: left;">The dollar amounts reported in column (d) represent the average of the amounts reported for the Non-PEO NEOs in the “Total” column of the Summary Compensation Table in 2025 and 2024. The Non-PEO NEOs for 2024 and 2025 were Debra DeFelice and René Santaella. </div></td></tr></table><table border="0" cellpadding="0" style="border-spacing: 0; margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 18pt; text-align: left; vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt;">(4)<br/></div></td><td style="vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; text-align: left;">The dollar amounts reported in column (e) represent the compensation actually paid to the Non-PEO NEOs for 2025 and 2024, as computed in accordance with Item 402(v) of Regulation S-K. Because the Non-PEO NEOs were compensated only in the form of base salary and bonus, their average CAP for each of 2025 and 2024 was the same as the total compensation reported in the Summary Compensation Table for 2025 and 2024, and no adjustments were required. </div></td></tr></table><table border="0" cellpadding="0" style="border-spacing: 0; margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 18pt; text-align: left; vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt;">(5)<br/></div></td><td style="vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; text-align: left;">The dollar amounts in column (f) represent the Company’s cumulative total shareholder return (“TSR”) calculated by dividing the sum of the cumulative amount of dividends for the measurement period (as defined in Item 402(v)(2)(iv) of Regulation S-K), assuming dividend reinvestment, and the difference between the Company’s share price at the end and the beginning of the measurement period by the Company’s share price at the beginning of the measurement period. </div></td></tr></table><table border="0" cellpadding="0" style="border-spacing: 0; margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 18pt; text-align: left; vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt;">(6)<br/></div></td><td style="vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; text-align: left;">The dollar amounts reported in column (g) represent the Company’s net income (loss) attributable to common shareholders, as reflected in the Company’s audited financial statements for the applicable year. </div></td></tr></table> 1193846 1193846 646042 646042 135 -66698000 186723 186723 520958 520958 265 -4926000 <table border="0" cellpadding="0" style="border-spacing: 0; margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 18pt; text-align: left; vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt;">(1)<br/></div></td><td style="vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; text-align: left;">The dollar amounts reported in column (b) are the amounts of total compensation reported for Mr. Rodriguez for 2025 and 2024 in the “Total” column of the Summary Compensation Table. </div></td></tr></table><table border="0" cellpadding="0" style="border-spacing: 0; margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 18pt; text-align: left; vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt;">(3)<br/></div></td><td style="vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; text-align: left;">The dollar amounts reported in column (d) represent the average of the amounts reported for the Non-PEO NEOs in the “Total” column of the Summary Compensation Table in 2025 and 2024. The Non-PEO NEOs for 2024 and 2025 were Debra DeFelice and René Santaella. </div></td></tr></table> Mr. Rodriguez Mr. Rodriguez <table border="0" cellpadding="0" style="border-spacing: 0; margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 18pt; text-align: left; vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt;">(2)<br/></div></td><td style="vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; text-align: left;">The dollar amounts reported in column (c) represent the compensation actually paid to Mr. Rodriguez for 2025 and 2024, as computed in accordance with Item 402(v) of Regulation S-K. Because Mr. Rodriguez was compensated only in the form of base salary and bonus, Mr. Rodriguez’s CAP for 2025 and 2024 are the same as the total compensation reported in the Summary Compensation Table for 2025 and 2024, and no adjustments were required. </div></td></tr></table> 0 0 <table border="0" cellpadding="0" style="border-spacing: 0; margin-top: 5pt; margin-left: 0pt;"><tr><td style="width: 18pt; text-align: left; vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt;">(4)<br/></div></td><td style="vertical-align: top;"><div style="color: #333333; font-family: Arial, Helvetica, sans-serif; font-size: 7pt; text-align: left;">The dollar amounts reported in column (e) represent the compensation actually paid to the Non-PEO NEOs for 2025 and 2024, as computed in accordance with Item 402(v) of Regulation S-K. Because the Non-PEO NEOs were compensated only in the form of base salary and bonus, their average CAP for each of 2025 and 2024 was the same as the total compensation reported in the Summary Compensation Table for 2025 and 2024, and no adjustments were required. </div></td></tr></table> 0 0 <div class="BRDSX_h4" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 0pt; text-align: left;"><span style="text-decoration:underline">Compensation Actually Paid and TSR</span> </div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 9pt; margin-top: 9pt; margin-left: 0pt; text-align: left;">The compensation actually paid to Mr. Rodriguez and the Non-PEO NEOs is not directly aligned with TSR. The TSR on an investment of $100 in our Class A Shares on December 31, 2023, rose to $265 by 2024 year-end, then declined to $135 by 2025 year-end. Over the same period, compensation actually paid to Mr. Rodriguez increased from $186,723 to $1,193,846, and average compensation actually paid to the Non-PEO NEOs increased from $520,958 to $646,042. Because all compensation was paid in the form of base salary and bonus, with no equity-based components, compensation actually paid was not sensitive to changes in stock price performance. </div> <div class="BRDSX_h4" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; margin-top: 13pt; margin-left: 0pt; text-align: left;"><span style="text-decoration:underline">Compensation Actually Paid and Net Income (Loss)</span> </div><div class="BRDSX_fpara" style="color: #000000; font-family: Arial, Helvetica, sans-serif; font-size: 9pt; margin-top: 9pt; margin-left: 0pt; text-align: left;">The compensation actually paid to Mr. Rodriguez and the Non-PEO NEOs is also not directly aligned with net income (loss). The Company reported a net loss of $4,926,000 in 2024 and a significantly larger net loss of $66,698,000 in 2025. Over the same period, compensation actually paid to Mr. Rodriguez increased from $186,723 to $1,193,846, and average compensation actually paid to the Non-PEO NEOs increased from $520,958 to $646,042. Because all compensation was paid in the form of base salary and bonus, compensation actually paid was not tied to the Company’s financial net income (loss), and the increase in compensation actually paid occurred notwithstanding the year-over-year increase in net losses. </div> DEF 14A 0001784254 false