Earnings Per Share

12 Months Ended

Dec. 31, 2025

The Company’s stock is comprised of two classes: Class A Common Stock and Class B Common Stock. Except in regard to voting and conversion rights, the rights of Class A Common Stock and Class B Common Stock are identical, and the classes rank equally and share ratably with regard to all other matters. Each share of Class B Common Stock is convertible at any time into one share of Class A Common Stock. Because Class A Common Stock and Class B Common Stock share in earnings equally, any potential conversions of Class B Common Stock to Class A Common Stock do not have a dilutive impact.

On October 3, 2024, 26,876 existing shares of Old Common Stock held by the company’s pre-IPO investors were reclassified into 4,568,920 shares of Class B Common Stock. In connection with the IPO, the Company issued 1,850,000 shares of Class A Common Stock on October 7, 2024 and 142,897 shares of Class A Common Stock on November 1, 2024. Additional information regarding the stock Reclassification and the IPO is described in Note 2, “Capital Structure.”

When declared by the Company’s Board of Directors, holders of Class A Common Stock and Class B Common Stock are entitled to receive dividends equally and ratably on a per-share basis. The Company did not pay dividends to any stockholder during the years ended December 31, 2025 or 2024.

Under the two-class method, earnings available to common stockholders are allocated ratably on a per-share basis between Class A Common Stock and Class B Common Stock. The table below provides a reconciliation of the combined Class A and Class B Common Stock numerators and denominators of the earnings per share computations (dollars in thousands, except per share data). The number of basic and diluted shares are the same because there are no potentially dilutive instruments.


	Year Ended
	December 31,		December 31,
	2025		2024

Net Income	$	20,237	$	20,949
Dividends declared on common stock
Class A Common Stock	—		—
Class B Common Stock	—		—
Undistributed net income for basic and diluted earnings per share	$	20,237	$	20,949

Weighted average shares outstanding
Class A Common Stock	3,153,251		584,728
Class B Common Stock	3,408,566		4,437,196
Weighted average shares outstanding, basic and dilutive	6,561,817		5,021,924


	Year Ended
	December 31,		December 31,
	2025		2024
Earnings per common share, basic and diluted
Class A Common Stock
Per share dividends distributed	$	—	$	—
Undistributed earnings per share4	3.08		4.17
Total basic and diluted earnings per share - Class A Common Stock	$	3.08	$	4.17

Class B Common Stock
Per share dividends distributed	$	—	$	—
Undistributed earnings per share4	3.08		4.17
Total basic and diluted earnings per share - Class B Common Stock	$	3.08	$	4.17