Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
The following table summarizes the Company’s repurchases of its outstanding Class A common shares during the three months ended March 31, 2026 (amounts in thousands, except share and per share data):
Period Total Number of
Shares Purchased Average Price
Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
Approximate Dollar Value of Shares that May
Yet Be Purchased Under
the Plans or Programs
January 1, 2026 to January 31, 2026 3,653,721 $ 31.49 3,653,721 $ —
February 1, 2026 to February 28, 2026 — — — 500,000
March 1, 2026 to March 31, 2026 — — — 500,000
Total 3,653,721 $ 31.49 3,653,721 $ 500,000
(1) In February 2018, the Company’s board of trustees authorized the establishment of a share repurchase program for the repurchase of up to $300.0 million of outstanding Class A common shares and up to $250.0 million of outstanding preferred shares from time to time in the open market or in privately negotiated transactions. As of the end of January 2026, there was no capacity remaining under the 2018 program. In February 2026, the Company’s board of trustees authorized the establishment of a new share repurchase program for the repurchase of up to $500.0 million of outstanding Class A common shares and up to $250.0 million of outstanding preferred shares from time to time in the open market or in privately negotiated transactions. The new share repurchase program does not have an expiration date, but may be suspended or discontinued at any time without notice. All repurchased shares are constructively retired and returned to an authorized and unissued status. The Operating Partnership funds the repurchases and constructively retires an equivalent number of corresponding Class A units.
In April 2026, the Company repurchased and retired 3.2 million of its outstanding Class A common shares on a settlement date basis pursuant to the new share repurchase program at a weighted-average price of $29.37 per share and a total price of $94.0 million, leaving $406.0 million of remaining authorization.
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Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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