Capital Structure, Share Reclassification, Stock Split Effective in the Form of a Stock Dividend

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Capital Structure, Share Reclassification, Stock Split Effective in the Form of a Stock Dividend

Capital Structure, Share Reclassification, Stock Split Effective in the Form of a Stock Dividend

In April of 2025, the Company filed a Second Amended and Restated Articles of Incorporation following shareholder approval to amend its capital structure. The amendment, effective April 28, 2025, increased the number of authorized shares of capital stock from 13,000,000 to 600,000,000 shares, allocated as follows: 500,000,000 shares of Class A Common Stock, 50,000,000 shares of Class B Common Stock, and 50,000,000 shares of Preferred Stock. Additionally, the par value of all classes of stock was reduced from $1.00 per share to $0.01 per share.

As part of the amendment, all outstanding shares of Class B Common Stock were reclassified into Class A Common Stock on a one-for-one basis. As a result, 143,306,750 shares of Class B Common Stock outstanding as of December 31, 2024, were converted into Class A Common Stock, and no shares of Class B Common Stock remain outstanding.

On October 9, 2025, the Company declared a 50-for-1 stock split of the Company’s common stock in the form of a stock dividend, entitling each shareholder of record to receive 49 additional shares of common stock for every one share owned. The record date for the stock dividend is October 20, 2025, with a distribution date for the new shares of October 24, 2025. The par value per share of our common stock remains $0.01 per share.

The Company has retroactively adjusted all share and per-share data in the consolidated financial statements for all periods presented to reflect the reclassification, revised capital structure, and stock split as if they had occurred at the beginning of the earliest period presented.