Stockholders’ Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders’ Equity | Stockholders’ Equity The following is a summary of the rights of the holders of the Company’s capital stock: Common Stock The Company has three classes of authorized common stock: Class A common stock, Class B common stock, and Class C common stock. The rights of the holders of Class A common stock, Class B common stock, and Class C common stock are identical, except with respect to voting and conversion. No shares of Class C common stock are issued or outstanding. Refer to Note 10, Stockholders’ Equity, of the Notes to Consolidated Financial Statements in its Annual Report on Form 10-K for the year ended December 31, 2025 for further information regarding the various rights of the Company’s common stock. Preferred Stock Subject to the protective provisions afforded to the holders of the Series A Preferred Stock, the Company’s board of directors has the authority to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series and to fix the designation, powers, preferences, and rights of the shares of each series and any of its qualifications, limitations, or restrictions, in each case without further vote or action by the Company’s stockholders. As of June 30, 2026, the Company had 200,000,000 shares authorized and 150,000 shares of preferred stock issued and outstanding. Share Repurchase Program On March 10, 2026, the Company's board of directors authorized the repurchase of up to $50.0 million of the Company’s Class A common stock. Repurchases may be made from time to time through open market repurchases or through privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of its Class A common stock, and it may be suspended at any time at the Company’s discretion. The timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The share repurchase program has no set expiration date. During the three and six months ended June 30, 2026, the Company repurchased and retired 12,177,584 and 22,218,943 shares of the Company’s Class A common stock for $20.2 million and $36.8 million, respectively. The amounts for the three months ended June 30, 2026 were inclusive of 1,192,600 shares repurchased for $2.0 million on March 31, 2026, which settled the following business day. During the three and six months ended June 30, 2025, the Company repurchased and retired 344,666 and 1,267,662 shares of the Company’s Class A common stock for $1.0 million and $4.1 million, respectively. The Company had $13.2 million available to repurchase shares of Class A common stock under its share repurchase program as of June 30, 2026.
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