Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
($ in thousands, except per share amounts)
Market Information
The Company 's common stock trades on the NYSE under the symbol “OSG".
Holders
On March 2, 2026, there were 20 stockholders of record of OSG’s common stock.
Dividends
The Company did not pay cash dividends on its common stock during 2025 and 2024. Information concerning restrictions on the payment of dividends from Octave's insurance subsidiaries is set forth in Item 1 above under the caption “Dividend Restrictions, Including Contractual Restrictions" and in Note 9. Insurance Regulatory Restrictions to the Consolidated Financial Statements included in Part II, Item 8 in this Annual Report on Form 10-K.
Purchases of Equity Securities By the Issuer and Affiliated Purchasers
When restricted and performance stock units issued by Octave settle, they become taxable compensation to employees. For certain awards, shares may be withheld to cover the employee's portion of withholding taxes. In the fourth quarter of 2025, Octave purchased 741,233 shares from employees that settled restricted or performance stock units to meet employee tax withholdings.
The following table includes information about the Company's purchases of its common shares during the fourth quarter of 2025.
($ in thousands,
except per share) Oct-2025 Nov-2025 Dec-2025 Fourth Quarter 2025
Shares Repurchased — 706,244 34,989 741,233
Average Price Paid Per Share $ — $ 9.46 $ 8.99 $ 9.44
Total Number of Shares Purchased as Part of Publicly Announced Plan 3,142,554 — — 3,142,554
Maximum Dollar Value That may Yet be Purchased Under the Plan $ 8,449
On November 12, 2024, Octave’s Board of Directors authorized a share repurchase program, under which Octave may opportunistically repurchase up to $50,000 of the Company’s common shares at management’s discretion over the period ending on December 31, 2026. Shares purchased from employees to satisfy withholding taxes, as described above, do not count towards utilization under the Company's share repurchase program.
The following table shows shares repurchased by year under Octave's November 12, 2004 share repurchase program.
($ in thousands,
except per share) December 31,
2024 2025
Shares repurchased 937,141 3,434,745
Total cost $ 11,678 $ 29,873
Average purchase price per share $ 12.46 $ 8.70
Unused authorization amount $ 8,449
Octave Specialty Group, Inc. 24
2025 Form 10-K
Table of Contents ,
Stock Performance Graph
The following graph compares the performance of an investment in our common stock from the close of business on December 31, 2020, through December 31, 2025, with the Russell 2000 Index and S&P Completion Index. The graph assumes $100 was invested on December 31, 2020, in our common stock at the closing price of $15.38 per share and at the closing price for the Russell 2000 Index and S&P Completion Index. It also assumes that dividends (if any) were reinvested on the date of payment without payment of any commissions. The performance shown in the graph represents past performance and should not be considered an indication of future performance.
December 31,
2021 2022 2023 2024 2025
Octave Specialty Group, Inc. $104 $113 $107 $82 $51
Russell 2000 Index $114 $89 $103 $113 $128
S&P Completion Index $146 $105 $130 $150 $165
Item 6. [Reserved]