EQUITY |
9 Months Ended |
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Sep. 30, 2026 | |
| Equity [Abstract] | |
| EQUITY | NOTE 8 — EQUITY Stock-Based Compensation During the nine months ended September 30, 2026, the Company granted awards to certain of its employees of 392,000 service-based restricted stock units to be settled in cash, which are liability instruments, and 392,000 performance-based stock units and 14,450 service-based shares of restricted stock, which are equity instruments. The performance-based stock units vest in an amount between zero and 200% of the target units granted based on the Company’s relative total shareholder return over the three-year period ending December 31, 2028, as compared to a designated peer group. The service-based restricted stock and restricted stock units vest over a three-year period. The fair value of these awards was approximately $38.2 million on their respective grant dates. Common Stock Dividend Matador’s Board of Directors (the “Board”) declared a quarterly cash dividend of $0.375 per share of common stock in each of the first, second and third quarters of 2026. The first quarter dividend, which totaled $46.8 million, was paid on March 10, 2026 to shareholders of record as of February 27, 2026. The second quarter dividend, which totaled $46.4 million, was paid on June 5, 2026 to shareholders of record as of May 8, 2026. The third quarter dividend, which totaled $46.2 million, was paid on September 8, 2026 to shareholders of record as of August 10, 2026. On October 21, 2026, the Board amended the Company’s dividend policy to increase the quarterly dividend to $0.4375 per share of common stock for future dividend payments and also declared a quarterly cash dividend of $0.4375 per share of common stock payable on December 4, 2026 to shareholders of record as of November 10, 2026. Share Repurchase Program As further described in the Annual Report, the Company maintains a share repurchase program (the “Share Repurchase Program”) authorizing the repurchase of up to $400.0 million of common stock. During the three and nine months ended September 30, 2026, the Company repurchased 253,603 and 496,305 shares of common stock, respectively, under the Share Repurchase Program at a weighted average price of $47.64 and $48.25 per common share, respectively, for a total cost of $12.1 million and $24.0 million, respectively. San Mateo Distributions and Contributions During the three months ended September 30, 2026 and 2025, San Mateo distributed $30.6 million and $36.2 million, respectively, to the Company and $29.4 million and $34.8 million, respectively, to Five Point. During the nine months ended September 30, 2026 and 2025, San Mateo distributed $92.3 million and $101.0 million, respectively, to the Company and $88.7 million and $97.0 million, respectively, to Five Point. During the three and nine months ended September 30, 2026, the Company contributed $51.0 million and Five Point contributed $49.0 million of cash to San Mateo in connection with the Cardinal Acquisition. During the three and nine months ended September 30, 2025, there were no contributions to San Mateo by either the Company or Five Point. Performance Incentives Five Point paid the Company $2.0 million of performance incentives during the three months ended September 30, 2026. No performance incentives were paid by Five Point to the Company during the three months ended September 30, 2025. Five Point paid the Company $17.1 million and $9.2 million of performance incentives during the nine months ended September 30, 2026 and 2025, respectively. These performance incentives are recorded when received, net of the $0.4 million deferred tax impact to the Company for the three months ended September 30, 2026, and $3.5 million and $1.9 million deferred tax impact to the Company for the nine months ended September 30, 2026 and 2025, respectively, in “Additional paid-in capital” in the Company’s interim unaudited condensed consolidated balance sheets. These performance incentives received in the three and nine months ended September 30, 2026 and 2025 are also denoted as “Contributions related to formation of San Mateo” under “Financing activities” in the Company’s interim unaudited condensed consolidated statements of cash flows and changes in shareholders’ equity.
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