Secondary Offering

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Secondary Offering

Stockholder’s Equity

The Company’s Certificate of Incorporation authorizes both common and preferred stock. The total number of shares of all classes of stock authorized for issuance is 110,000,000 shares, par value of $0.001, with 10,000,000 designated as preferred stock and 100,000,000 designated as common stock. Each holder of common stock and preferred stock shall be entitled to one vote per share held.

On November 5, 2025, the Company’s Board of Directors approved the Share Repurchase Program of up to $15,000,000 of its common stock. Under the Share Repurchase Program, the Company may repurchase shares through

open market transactions, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future, subject to the requirements of the Securities Exchange Act of 1934, as amended. The Share Repurchase Program has no set expiration date, and may be suspended, modified or discontinued at any time. During the year ended December 31, 2025, the Company repurchased approximately $2,986,000 of its common stock at an average per share cost of $21.74. As of December 31, 2025, the Company had approximately $12,014,000 of remaining authorization for purchases under the Share Repurchase Program.

During the years ended December 31, 2025 and 2024, the Company paid out special and regular quarterly dividend totaling $36,100,000 and $31,016,000, respectively. Additionally, as described in Note 20 — Subsequent Events, on February 5, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.45 per share on the Company's common stock.

Secondary Offering

On June 12, 2025, certain executive officers and stockholders of the Company (the "selling stockholders") completed a secondary public offering of shares of the Company's common stock. The Company did not receive any of the proceeds from the sale of these shares by the selling stockholders. The Company incurred offering transaction costs of $214,000 for the year ended December 31, 2025, which were recognized in general and administrative expense in the consolidated statements of income.