5 unchanged sentences
Quarter Ending March 31, 2026
−Removed: First Quarter (through February 15, 2024)
+Added: First Quarter (through March 1, 2026)
Year Ended December 31, 2025
12 unchanged sentences
Quarter Ending March 31, 2026
−Removed: First Quarter (through February 15, 2024)
+Added: First Quarter (through March 1, 2026)
Year Ended December 31, 2025
8 unchanged sentences
First Quarter (March 31, 2024)
−Removed: As of February 15, 2025, there were approximately 5,000 holders of record of our Subordinate Voting Shares, 153 holders of record of our Multiple Voting Shares, and 0 holders of record of our Super Voting Shares.
+Added: As of March 1, 2026, there were approximately 5,000 holders of record of our Subordinate Voting Shares, 153 holders of record of our Multiple Voting Shares, and 0 holders of record of our Super Voting Shares.
We have not paid, and do not in the foreseeable future intend to pay, any dividends on the Subordinate Voting Shares or any other equity.
2 unchanged sentences
See “ Item 1A.
−Removed: Risk Factors — Risks Related to Our Securities — We do not intend to pay dividends on our Subordinate Voting Shares and, consequently, the ability of investors to achieve a return on their investment will depend entirely on appreciation in the price of our Subordinate Voting Shares .”
+Added: Risk Factors — Risks Related to Our Securities — We do not intend to pay dividends on our Subordinate Voting Shares and, consequently, the ability of investors to achieve a return on their investment will depend entirely on appreciation in the price of our Subordinate Voting Shares ” and “ — We are a holding company, and our earnings are dependent on the earnings and distributions of our subsidiaries.”
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
−Removed: There was no share repurchase activity by the issuer or affiliates during the quarter ended December 31, 2024.
+Added: During the three months ended December 31, 2025, 26,440 Multiple Voting Shares were converted into 2,644,000 Subordinate Voting Shares for no additional consideration pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”).
Recent Sales of Unregistered Securities
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.