Share Capital Authorized and Issued

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Share Capital Authorized and Issued

14.          Share Capital Authorized and Issued

The following table sets out the number and par value of shares authorized, issued and outstanding:

	March 31, 2026	December 31, 2025
Common shares, par value $0.01 per share
Authorized	600,000,000	600,000,000
Issued and outstanding
Common shares	85,496,757	96,651,534

Common share dividends

Cash dividends of $0.15 per common share were declared and paid in the three months ended March 31, 2026 (2025: $0.10 per common share).

Common share repurchases

On February 20, 2026, the Board of Directors approved an increase to the current common share repurchase authorization to $400.0 million. Pursuant to the Program, Pelagos may repurchase shares through open market purchases pursuant to Rule 10b-18

under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), accelerated share repurchases or privately negotiated transactions, as well as pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Exchange Act.

The following table summarizes common shares repurchased in the three months ended March 31, 2026 and 2025:

	Three months ended
	March 31, 2026		March 31, 2025
Common shares repurchased	11,544,855		1,438,278
Cost of shares repurchased, inclusive of commissions	$	219.4	$	22.1
Weighted average price per share, inclusive of commissions	$	19.00	$	15.37

Included in common shares repurchased in the three months ended March 31, 2026 were 8,597,170 common shares repurchased from CVC Falcon Holdings Limited (“CVC”) for $163.3 million in a privately negotiated transaction. Following this transaction, CVC no longer holds any ownership interest in Pelagos.

Included in common shares repurchased in the three months ended March 31, 2026, were 1,101,558 (2025: 136,084) common shares repurchased from TFP for $20.9 million (2025: $2.1 million). These transactions were effected at a price equal to the average price paid by the Company on such day for share repurchases from all other shareholders. The repurchase mechanism follows a prescribed format designed to keep TFP’s ownership of PLGO to below 9.8752%. Common shares repurchased by the Company are retired. The unutilized amount of the share repurchase authorization at March 31, 2026 was $199.1 million.