Shareholders' Equity and Dividends |
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| Shareholders' Equity and Dividends | Note 9. Shareholders’ Equity and Dividends Class A, T, and I Common Stock – Prior to the IPO, the Company had Class A, T, and I Common Stock held by our legacy common stockholders (the "Legacy Common Stock Investors"). In connection with the IPO, all outstanding shares of Class A, I, and T common stock were converted on a one-for-one basis to Class A common stock of the registrant upon the closing of the offering. As of June 30, 2026, there were 23,795,450 shares of Class A common stock issued and outstanding. The Company is authorized to issue 250,000,000 shares with a par value of $0.0001 per share. Class B Common Stock – In connection with the IPO, the Company issued 3,750,000 shares of Class B Common Stock to holders of OpCo Interests who retained their interests following the IPO ( the "Continuing Equity Owners"), representing approximately 14% of the common economic interest in WhiteHawk OpCo. Each share of Class B common stock is entitled to one vote per share and no economic rights. As of June 30, 2026, there were 3,750,000 shares of Class B common stock issued and outstanding. The Company is authorized to issue 100,000,000 shares with a par value of $0.0001 per share. Noncontrolling Interest The Company owns 100% of the general partner interests and 86% of the limited partner interests of OpCo (taxed as a partnership) and due to the Company’s controlling interest in OpCo, OpCo is a consolidated subsidiary of the Company. Non-controlling ownership interests in OpCo are presented in the consolidated balance sheet within shareholders’ equity as a separate component. In addition, consolidated net income includes earnings attributable to both the shareholders and the non-controlling interests. For the three and six months ended June 30, 2026 and 2025, no distributions for each period have been made to non-controlling interest holders of the consolidated subsidiaries. Cash Dividends The table below summarizes the monthly dividends related to the Company’s common stock through March 31, 2026 (in thousands, except per share data):
On January 1, 2026, all record holders of WhiteHawk common stock as of December 31, 2025, received a stock dividend equivalent to one additional share for each ten shares currently held, calculated to the number of whole shares. In connection with the 2025 stock dividends discussed above, the WHIC Manager (defined below) received 358,893 restricted shares related to its dividend incentive fee with a total value of $8.2 million. Fair value was determined using the offering price of the Series I Common Stock. The restricted shares issued to the WHIC Manager shall vest and cease to be restricted on the earlier of (i) the occurrence of a Company Liquidity Event and (ii) January 1, 2031. The dividend incentive fee will be accounted for as stock compensation expense on the Company’s consolidated statement of operating income and cash flows over the vesting period. All share amounts shown in the Company’s financial statements are presented pro forma for the stock dividend. For the three and six months ended June 30, 2026, the Company incurred $0.4 million and $0.8 million, respectively, in stock-based compensation related to the restricted stock issued to WHIC Manager. Distribution Reinvestment Plan In January 2025, the Company’s Board adopted a Distribution Reinvestment Plan (the “DRP”) pursuant to which our common and preferred stockholders (the “Stockholders”) may elect to have their cash dividends reinvested in additional stock. For the three and six months ended June 30, 2026, Stockholders reinvested $0.4 million and $1.5 million, respectively, under the Company’s DRP. For the three and six months ended June 30, 2025, Stockholders reinvested $0.1 million and $0.1 million, respectively, under the Company’s DRP. |
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