STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2026

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

6.STOCKHOLDERS’ EQUITY

The following table represents a share reconciliation of the Company’s common stock issued for the periods presented:

​	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Common stock:
Balance, beginning of period	211,059,707	197,536,271	207,785,762	195,028,207
Shares issued for stock options exercised	816	15,870	8,710	72,282
Agent growth incentive stock-based compensation	1,002,375	859,028	1,634,649	1,305,685
Agent equity stock-based compensation	4,477,051	3,038,414	7,087,098	5,043,409
Other stock-based compensation	29,120	-	52,850	-
Other share activity	(2,715,349)	-	(2,715,349)	-
Balance, end of period	213,853,720	201,449,583	213,853,720	201,449,583

Dividends

During the three and six months ended June 30, 2026, cash dividends paid totaled $8,167 and $16,137, respectively. The Company’s board of directors (the “Board”) currently intends to continue paying quarterly dividends. However, payment of cash dividends is at the discretion of the Board in accordance with applicable law after considering various factors, including the Company’s financial condition, operating results, current and anticipated cash needs and plans for growth. Under Texas law, we can only pay dividends either out of surplus or out of the current or the immediately preceding year’s earnings. Therefore, no assurance is given that the Company will pay any future dividends to its common stockholders, or as to the amount of any such dividends.

Stock Compensation Programs

Related to the Agent Equity Program, during the three months ended June 30, 2026 and 2025, the Company issued shares of the Company’s common stock to agents and brokers with a value of $24,157 and $26,803, respectively, inclusive of discount. During the six months ended June 30, 2026 and 2025, the Company issued shares of the Company’s common stock to agents and brokers with a value of $42,711 and $47,559, respectively, inclusive of discount.

Related to the Agent Growth Incentive Program (“AGIP”), during the three months ended June 30, 2026 and 2025, the Company’s stock-based compensation expense was $11,146 and $9,615, respectively, of which the total amount of stock-based compensation attributable to liability classified awards was $1,385 and $526, respectively. During the six months ended June 30, 2026 and 2025, the Company’s stock-based compensation expense was $20,219 and $17,734, respectively, of which the total amount of stock-based compensation attributable to liability classified awards was $2,353 and $1,149, respectively.

As of June 30, 2026, the total unrecognized compensation costs associated with AGIP, where the performance metric has been achieved and the number of shares awarded are fixed, was $59,045, which is expected to be recognized over a weighted-average period of approximately 1.98 years.

The following table illustrates changes in the Company’s stock-based compensation liability for the periods presented:

	Amount
Balance, December 31, 2024	$ 5,045
Stock grant liability increase year to date	2,736
Stock grants reclassified from liability to equity year to date	(1,999)
Balance, December 31, 2025	$ 5,782
Stock grant liability increase year to date	2,353
Stock grants reclassified from liability to equity year to date	(1,315)
Balance, June 30, 2026	$ 6,820

Other Restricted Stock Units (“RSUs”)

RSUs may be granted to directors, officers, certain employees and consultants. Each RSU represents the right to receive one share of the Company’s common stock upon vesting, subject to time-based and/or performance-based restrictions. RSUs typically vest over a three-year period with equal and periodically graded vesting or cliff vesting, as applicable. The fair value of RSUs granted is determined based on the closing market price of the Company's common stock on the grant date. The total fair value of RSUs is recognized as stock-based compensation expense over the vesting period, with adjustments for estimated forfeitures.

During the three months ended June 30, 2026 and 2025, the Company's stock-based compensation expense attributable to RSUs was $627 and $248, respectively.

During the six months ended June 30, 2026 and 2025, the Company's stock-based compensation expense attributable to RSUs was $1,022 and $445, respectively.

As of June 30, 2026, the total unrecognized compensation costs associated with these RSUs was $4,360, which is expected to be recognized over a weighted-average period of approximately 1.68 years.

Stock Option Awards

Stock options are granted to directors, officers, certain employees and consultants with an exercise price equal to the fair market value of common stock on the grant date and the stock options expire 10 years from the date of grant. These options generally have time-based restrictions with equal and periodically graded vesting over a three-year period.

During the three months ended June 30, 2026 and 2025, the Company granted 70,644 and 83,573 stock options, respectively, to employees with an estimated grant date fair value of $2.63 and $4.67 per share, respectively. During the six months ended June 30, 2026 and 2025, the Company granted 183,154 and 156,418 stock options, respectively, to employees with an estimated grant date fair value of $3.34 and $5.28 per share, respectively. The fair values were calculated using a Black Scholes-Merton option pricing model.

Stock Repurchase Program

The Company’s stock repurchase program does not obligate the Company to acquire a minimum amount of shares and it limits the Company’s aggregate repurchases to $1.0 billion. Under the program, shares may be repurchased in privately

negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. For accounting purposes, common stock repurchased under the stock repurchase program is recorded based upon the trade date of the applicable trade. Such repurchased shares are held in treasury and are presented using the cost method. These shares are considered issued but not outstanding.

During the three and six months ended June 30, 2026, there were no repurchases of common stock, and no shares were issued from treasury. As of June 30, 2026, and December 31, 2025, the Company held 46,735,783 shares in treasury with a total cost of $743 million. As of June 30, 2026, approximately $233 million remained available for repurchases under the Company’s stock repurchase program.