NOTE 11. SHARE ISSUANCE AND REPURCHASE PROGRAMS

On August 16, 2024, the Company entered into the amended and restated equity distribution agreement, as amended by Amendment No. 1 dated as of May 5, 2026 (the “Amended and Restated Equity Distribution Agreement”) with Lucid Capital Markets, LLC and Ladenburg Thalmann & Co. Inc., as the sales agents, through which the Company may offer for sale, from time to time, up to $150.0 million of the Company’s common stock through an At-the-Market (“ATM”) offering. The Company sold a total of 11,254,629 and 18,437,896 shares of common stock pursuant to the ATM offering during the three months and six months ended June 30, 2026, respectively. The total amount of capital raised net of underwriting fees and offering costs was approximately $17.8 million and $30.1 million during the three and six months ended June 30, 2026, respectively.

From time to time, the Board may authorize a share repurchase program under which shares are purchased in open market transactions. Since the Company is incorporated in Maryland, MGCL requires share repurchases to be accounted for as a share retirement. The cost of repurchased shares is charged against capital on the settlement date.

On October 30, 2025, the Board of Directors authorized a 12-month Share Repurchase Program. Under the Share Repurchase Program, the Company may repurchase, during the 12-month period commencing on October 30, 2025, up to $25.0 million in the aggregate of the Company’s outstanding common stock in the open market. The timing, manner, price and amount of any share repurchases will be determined by the Company, in its discretion, based upon the evaluation of economic and market conditions, the Company’s stock price, applicable legal, contractual and regulatory requirements and other factors. The Share Repurchase Program is expected to be in effect until October 30, 2026, unless extended or until the aggregate repurchase amount has been expended. The Share Repurchase Program does not require the Company to repurchase any specific number of shares, and the Company cannot assure stockholders that any shares will be repurchased under the Share Repurchase Program. The Share Repurchase Program may be suspended, extended, modified or discontinued at any time. During the three and six months ended June 30, 2026, no shares were repurchased under the Share Repurchase Program.