Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Equity

9. Equity

Dividends

The table below presents dividends during the Current Period and Prior Period:

	Base		Variable		Rate Per Share		Total
2025:
First Quarter	$	0.575	$	—	$	0.575	$	138
Second Quarter	$	0.575	$	—	$	0.575	$	138
2024:
First Quarter	$	0.575	$	—	$	0.575	$	77
Second Quarter	$	0.575	$	0.14	$	0.715	$	95

On July 29, 2025, we declared a quarterly dividend payable of $1.465 per share, which will be paid on September 4, 2025 to stockholders of record at the close of business on August 14, 2025. The dividend consists of a base quarterly dividend in the amount of $0.575 per share and a variable quarterly dividend in the amount of $0.89 per share.

Share Repurchases

On October 22, 2024, our Board of Directors authorized repurchases of up to $1.0 billion, in aggregate, of the Company’s common stock and/or warrants under a share repurchase program. During the Current Quarter, we repurchased 0.9 million shares for an aggregate price of $100 million. The shares of common stock repurchased during the Current Quarter were retired and recorded as a reduction to common stock and retained earnings.

Warrants

	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of December 31, 2024	1,254,479	3,073,194	4,383,634
Converted into common stock(b)	(1,186,019)	(2,823,724)	(1,600,930)
Outstanding as of March 31, 2025	68,460	249,470	2,782,704
Converted into common stock(b)	(154)	(136,285)	(645,600)
Outstanding as of June 30, 2025	68,306	113,185	2,137,104

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(a)As of June 30, 2025, we had 582,109 of reserved Class C Warrants.

(b)During the Current Period, we issued 6,032,153 shares of common stock as a result of Warrant exercises.