v3.26.1
Treasury Stock and Repurchases to Authorized and Unissued
6 Months Ended
Jun. 30, 2026
Treasury Stock [Abstract]  
Treasury Stock and Repurchases to Authorized and Unissued

Note 10 – Treasury Stock and Repurchases to Authorized and Unissued

 

Share and per share information disclosed herein which relate to periods prior to the date of Conversion (July 18, 2025) have been adjusted to give the retroactive recognition to the exchange ratio (1.3549) applied in the Conversion.

 

The Company’s previous stock repurchase program adopted on August 13, 2021 was terminated effective July 18, 2025 in connection with the Conversion, and 1,459,691 shares of common stock held in treasury at a cost of $13.1 million were retired. During the six months ended June 30, 2026, the Company issued 29,390 shares of common stock to fund awards that were granted under the 2025 Equity Incentive Plan. During the six months ended June 30, 2026, the Company repurchased 5,270 shares upon vesting of shares under the 2012 EIP and 2025 EIP for the purpose of remitting payroll taxes on behalf of awardees who were employees, at an average cost of $15.68 per share. Following the second step conversion, shares repurchased for the purpose of remitting payroll taxes are repurchased into common stock authorized and unissued in accordance with the Company's incorporation in the State of Maryland.

 

During the three and six months ended June 30, 2025, the Company did not repurchase any shares of common stock under the previous stock repurchase program. As of June 30, 2025, there were 41,495 shares remaining to be repurchased under the existing stock repurchase program. During the six months ended June 30, 2025, the Company transferred 36,849 shares of common stock out of treasury stock under the 2025 Equity Incentive Plan, at an average cost of $6.93 per share, to fund awards that had been granted under the plan. During the six months ended June 30, 2025, the Company repurchased 4,405 shares upon vesting of shares under the 2012 Equity Incentive Plan for the purpose of remitting payroll taxes on behalf of awardees who were employees, at an average cost of $11.51 per share.

 

On October 22, 2025, the Company adopted a plan to repurchase up to 5% of its outstanding shares of common stock. Share repurchases under the plan may occur following the one-year anniversary of the Conversion, or on July 20, 2026. All share repurchases made after the Conversion will be repurchased into common stock authorized and unissued. On July 28, 2026, the Company commenced repurchases of shares under this plan.