Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Stockholders' Equity Note Disclosure

2025 Share Repurchase Plan

On February 17, 2025, the Company’s Board of Directors (the “Board”) approved and authorized a new $100.0 million stock repurchase program (the “2025 Repurchase Plan”), replacing the prior plan authorized on April 27, 2023, which had a remaining authorization of $55.9 million. This new plan authorizes the Company to purchase, from time to time, up to $100.0 million of our outstanding Common Stock through open market repurchases in compliance with Rule 10b-18 under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares

repurchased will be retired. The 2025 Repurchase Plan has no time deadline and will continue until otherwise modified or terminated by the Board.

During the three and six months ended June 30, 2025, the Company repurchased 744,857 and 1,027,678 shares, respectively, for approximately $43.4 million and $60.1 million, excluding excise tax. As of June 30, 2025, the remaining dollar value of shares that may be repurchased under the 2025 Repurchase Plan was $39.9 million, excluding excise tax. As of June 30, 2025, all repurchased shares were retired.

Preferred Stock

The table below presents a summary of the perpetual preferred stock outstanding at June 30, 2025 and December 31, 2024.

Series	Description	Initial date of issuance	Total Shares Outstanding(1)	Liquidation Preference per Share (in dollars)		Carrying Value (in thousands)		Per Annum Dividend Rate		Redemption Period
Series A(1)	5.75% Cumulative Perpetual	December 2021	2,000	$	25	$	50,000	5.75	%	n/a

(1)     Ownership is held in the form of Depositary Shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared.

Dividends

Dividends paid on our Series A preferred stock were $0.7 million and $1.4 million for each of the three and six months ended June 30, 2025 and 2024.

On July 24, 2025, the Board declared a quarterly cash dividend of $0.359 per depositary share on the Company’s preferred stock. The dividend is payable on September 15, 2025 to stockholders of record as of September 1, 2025.