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SHARE REPURCHASES
9 Months Ended
Sep. 30, 2026
Class of Stock Disclosures [Abstract]  
SHARE REPURCHASES

NOTE 13. SHARE REPURCHASES

COMMON STOCK REPURCHASE PROGRAM

On December 12, 2023, the Company’s Board of Directors approved a common stock repurchase program (the “December 2023 Common Stock Repurchase Program”). Pursuant to the December 2023 Common Stock Repurchase Program, the Company was authorized to repurchase shares of its common stock for a total purchase price of up to $5.0 million. During the year ended December 31, 2024, the Company repurchased 40,726 shares of its common stock on the open market for a total cost of $0.7 million, or an average price per share of $16.28 pursuant to the December 2023 Common Stock Repurchase Program. During the year ended December 31, 2025, the Company repurchased 266,161 shares of its common stock on the open market for a total cost of $4.3 million, or an average price per share of $16.29 pursuant to the December 2023 Common Stock Repurchase Program. Accordingly, as of the date that the Company’s Board of Directors established the September 2025 Common Stock Repurchase Program (hereinafter defined), no shares of the Company’s common stock remained available for repurchase under the December 2023 Common Stock Repurchase Program.

On September 24, 2025, the Company’s Board of Directors approved a common stock repurchase program (the “September 2025 Common Stock Repurchase Program”). Pursuant to the September 2025 Common Stock Repurchase Program, the Company may repurchase shares of its common stock for a total purchase price of up to $10.0 million. Shares may be purchased under the September 2025 Common Stock Repurchase Program in open market transactions, including through block purchases, through privately negotiated transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The September 2025 Common Stock Repurchase Program does not obligate the Company to acquire any particular amount of shares of its common stock and may be modified or suspended. During the year ended December 31, 2025, the Company repurchased 307,563 shares of its common stock on the open market for a total cost of $5.0 million, or an average price per share of $16.26, pursuant to the September 2025 Common Stock Repurchase Program.

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During the three months ended September 30, 2025, the Company (i) repurchased 263,910 shares of its common stock on the open market for a total cost of $4.3 million, or an average price per share of $16.29, pursuant to the December 2023 Common Stock Repurchase Program, and (ii) did not repurchase any shares of its common stock pursuant to the September 2025 Common Stock Repurchase Program. During the nine months ended September 30, 2025, the Company (i) repurchased 266,161 shares of its common stock on the open market for a total cost of $4.3 million, or an average price per share of $16.29, pursuant to the December 2023 Common Stock Repurchase Program, and (ii) did not repurchase any shares of its common stock pursuant to the September 2025 Common Stock Repurchase Program.

During the three and nine months ended September 30, 2026, the Company did not repurchase any shares of its common stock pursuant to the September 2025 Common Stock Repurchase Program. As of September 30, 2026, $5.0 million remained available for repurchases under the September 2025 Common Stock Repurchase Program.

SERIES A PREFERRED STOCK REPURCHASE PROGRAM

On February 16, 2023, the Company’s Board of Directors approved a Series A Preferred Stock repurchase program (the “2023 Series A Preferred Stock Repurchase Program”). Pursuant to the 2023 Series A Preferred Stock Repurchase Program, the Company was authorized to repurchase shares of its Series A Preferred Stock for a total purchase price of up to $3.0 million. During the year ended December 31, 2023, the Company repurchased 21,192 shares of Series A Preferred Stock on the open market for a total cost of $0.4 million, or an average price per share of $18.45. No shares of the Company’s Series A Preferred Stock were repurchased under the 2023 Series A Preferred Stock Repurchase Program during the nine months ended September 30, 2026 or 2025. The 2023 Series A Preferred Stock Repurchase Program was terminated subsequent to September 30, 2026. See Note 22, “Subsequent Events.”