v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Note Disclosure
Share Repurchase Plan
On February 17, 2025, the Company’s Board of Directors (the “Board”) approved and authorized a $100.0 million stock repurchase program (the “2025 Repurchase Plan”), replacing the prior plan authorized on April 27, 2023, which had a remaining authorization of $55.9 million. On December 11, 2025, the Board authorized an additional $150.0 million of repurchases under the Repurchase Plan. The Repurchase Plan authorizes the Company to purchase, from time to time, our outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The Repurchase Plan has no time deadline and will continue until otherwise modified or terminated by the Board.

During the three and six months ended June 30, 2025, the Company completed open market repurchases under the Share Repurchase Plan of 744,857 and 1,027,678 shares for approximately $43.4 million and $60.1 million, excluding excise tax. These shares were subsequently retired.

During the three and six months ended June 30, 2026, the Company completed open market repurchases under the Share Repurchase Plan of 143,026 and 256,875 shares, respectively for approximately $9.3 million and $16.5 million, excluding excise tax. As of June 30, 2026, the remaining dollar value of shares that may be repurchased under the Repurchase Plan was $150.6 million, excluding excise tax. As of June 30, 2026, all repurchased shares were retired.
Preferred Stock
The table below presents a summary of the perpetual preferred stock outstanding at June 30, 2026 and December 31, 2025.
Series DescriptionInitial date of issuance
Total Shares Outstanding(1)
Liquidation Preference per Share (in dollars)Carrying Value (in thousands)Per Annum Dividend RateRedemption Period
Series A(1)
5.75% Cumulative PerpetualDecember 20212,000 $25 $50,000 5.75 %n/a
(1)     Ownership is held in the form of Depositary Shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.

Dividends
Dividends paid on our Series A preferred stock were $0.7 million and $1.4 million for each of the three and six months ended June 30, 2026 and 2025.
On July 23, 2026, the Board declared a quarterly cash dividend of $0.359 per depositary share on the Company’s preferred stock. The dividend is payable on September 15, 2026 to stockholders of record as of September 1, 2026.