4 unchanged sentences
Holders of Record
−Removed: As of the close of business on March 13, 2025, there were approximately 15 stockholders of record of our common stock.
−Removed: The actual number of stockholders is greater than this number of record holders, and includes stockholders who are beneficial owners, but whose shares are held in street name by brokers and other nominees.
−Removed: This number of holders of record also does not include stockholders whose shares may be held in trust by other entities.
+Added: As of March 13, 2026, there were approximately 13 stockholders of record of our common stock, which included Cede & Co.
+Added: (which acts as nominee shareholder for the Depository Trust Company).
Under our By-laws, our board of directors may declare dividends or distributions out of contributed surplus and may also pay interim dividends to be paid in cash, shares of the Company’s stock or any combination thereof.
2 unchanged sentences
Under Bermuda law, the board of directors has no discretion to declare or pay a dividend if there are reasonable grounds for believing that the Company is, or would after the payment be, unable to pay its liabilities as they become due or the realizable value of the Company’s assets would thereby be less than its liabilities.
−Removed: In addition, since we are a holding company with no material assets other than the shares of our subsidiaries through which we conduct our operations, our ability to pay dividends will depend on our subsidiaries’ distributing to us their earnings and cash flows.
−Removed: The Company paid a quarterly cash dividend ranging from $0.035 to $0.10 per common share commencing in May 2019.
+Added: Because the Company is a holding company with no material assets other than the shares of its subsidiaries, its ability to pay dividends depends on its subsidiaries’ ability to distribute earnings and cash flows to the Company.
+Added: As of December 31, 2025, none of the Company’s subsidiaries were subject to restrictions on the payment of cash dividends to the Company.
+Added: Accordingly, no such restrictions applied.
+Added: During the years ended December 31, 2025 and 2024, the Company paid a quarterly cash dividend ranging from $0.05 to $0.10 per common share.
We cannot assure you that we will be able to pay regular quarterly dividends, and our ability to pay dividends will be subject to the limitations set forth above and in the section of this Form 10-K titled “Risk Factors.” The Company has dividends payable of $1.2 million at December 31, 2025.
3 unchanged sentences
Purchases of Equity Securities by Issuer and Affiliates
−Removed: Not applicable
+Added: On May 8, 2025, the Company’s Board of Directors authorized a share repurchase program of up to $15.0 million of the Company’s common stock, representing approximately 5.6% of its market capitalization as of that date.
+Added: The program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended, or terminated at any time.
+Added: The share repurchase program was publicly announced in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed on May 12, 2025.
+Added: During the fiscal year 2025, the Company repurchased 603,631 shares under the program at an average price of $4.94 per share for a total cost of approximately $3.0 million.
+Added: All repurchased shares were retired upon acquisition.
+Added: As of December 31, 2025, approximately $12.0 million remained available for future repurchases under the program.
+Added: Shares repurchased pursuant to the common share repurchase program during the twelve months ended December 31, 2025 were as follows:
+Added: Twelve Months Ended
+Added: December 31, 2025 Total Number of Shares Purchased Average price paid per share of common stock Total number of shares purchased as part of publicly announced plans Dollar value of remaining authorized repurchase
+Added: First quarter — $ — $ 15,000
+Added: Second quarter 202,882 $ 4.93 202,882.00 13,993
+Added: Third quarter 200,518 $ 4.96 200,518.00 13,009
+Added: October 200,231 $ 4.93 200,231.00 12,001
+Added: November — $ — — 12,001
+Added: December — $ — — 12,001
+Added: Year-to-date 603,631 $ 4.94 603,631 12,001
Securities Authorized for Issuance Under Equity Compensation Plan
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.