4 unchanged sentences
The declaration and amount of any future cash dividends will be subject to the sole discretion of the Board of Directors and will depend upon many factors, including our business, financial condition and results of operations and other factors deemed relevant by our Board of Directors from time to time.
−Removed: In September 2024, the Company entered into a Series A Preferred Stock Purchase Agreement with DBJ, which refinanced the Company’s Series A-1 and Series A-2 Preferred Stock into one $65.0 million Series A Preferred Stock series (the “Series A Preferred Stock”), which accrues quarterly dividends at the rate per annum of 8.35% per share.
−Removed: The Company’s Series A-1 Preferred Stock accrued quarterly dividends at the rate per annum of 6.5% per share through October 15, 2023 and accrued at the rate per annum of 8.5% per share thereafter through September 26, 2024.
−Removed: The Series A-2 Preferred Stock accrued quarterly dividends at the rate per annum of 6.5% per share.
+Added: In September 2024, the Company entered into a Series A Preferred Stock Purchase Agreement with DBJ, which refinanced and expanded the Company’s Series A-1 and Series A-2 Preferred Stock into one $65.0 million Series A Preferred Stock series (the “Series A Preferred Stock”), which accrues quarterly dividends at the rate per annum of 8.35% per share.
+Added: The Company’s Series A-1 Preferred Stock accrued quarterly dividends at the rate per annum of 8.5% per share and the Series A-2 Preferred Stock accrued quarterly dividends at the rate per annum of 6.5% per share.
The Series A Preferred Stock has a redemption price of $20.00 per share plus dividends accrued but not paid.
14 unchanged sentences
Employee Stock Purchase Plan — n/a 90,669
−Removed: 2023 Stock Incentive Plan — n/a 1,592,342
+Added: 2023 Stock Incentive Plan 300,000 $126.55 684,254
Total 300,000 n/a 774,923
1 unchanged sentence
The 2023 Plan authorized 1,750,000 shares for issuance, plus the number of shares remaining for issuance under the prior stock plan and any future forfeited awards under the prior plan.
−Removed: Stock-based compensation is in the form of restricted stock awards (“RSAs”).
−Removed: The RSAs are subject to either service-based vesting, which is typically between one and four years, in which a specific period of continued employment must pass before an award vests, or performance-based vesting, which is typically between one and two years.
+Added: Stock-based compensation is primarily in the form of restricted stock awards (“RSAs”).
+Added: The RSAs are subject to either service-based vesting, which is typically between one and four years, in which a specific period of continued employment must pass before an award vests, or performance-based vesting, which is typically between one and three years.
The expense associated with these awards is recognized on a straight-line basis over the respective vesting period, with forfeitures accounted for as they occur.
+Added: As it relates to performance-based awards, accrual of compensation expense is based on the probable outcome of the performance condition.
For any vesting tranche of an award, the cumulative amount of compensation cost recognized is equal to the portion of the grant-date fair value of the award tranche that is actually vested at that date.
−Removed: As of December 31, 2024, the Company had granted 2,052,254 RSAs under the 2023 Plan and prior plans and has 1,592,342 shares available for future issuance.
−Removed: The fair value of the restricted stock awards equaled the stock price at the grant date.
+Added: In November 2025, the Compensation Committee of the Board of Directions approved the grant of a non-qualified stock option to our Executive Chairman, to purchase up to 300,000 shares of the Company’s common stock.
+Added: The option award vests in four equal annual installments and has a six-year term.
+Added: The expense associated with this option is recognized on a straight-line basis over the vesting period.
+Added: As of December 31, 2025, the Company had granted 2,965,206 shares under the 2023 Plan, which included the 300,000 non-qualified stock option, and has 684,254 shares available for future issuance.
+Added: The fair value of the RSAs equaled the stock price at the grant date.
+Added: The fair value of the non-qualified stock option was determined under the Black-Scholes model.
+Added: The Black-Scholes model requires inputs such as the exercise price of the option, the expected term of the option, the current share price, the expected share price volatility, the expected dividend yield, the risk-free interest rate for the expected term of the option, and the effect of potential dilution.
+Added: The following table provides information with respect to purchases by the Company of shares of its Common Stock during the fourth quarter of 2025:
+Added: Period (a) Total Number of Shares Purchased (b) Average Price Paid per Share (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs d) Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs
+Added: October 1, 2025 to October 31, 2025 — — — $ 39,595
+Added: November 1, 2025 to November 30, 2025 — — — $ 39,595
+Added: December 1, 2025 to December 31, 2025 — — — $ 39,595
+Added: Total — — — $ 39,595
In December 2024, the Board of Directors approved the renewal of the existing common stock repurchase plan which allows for repurchases of up to $60.0 million of the Company’s common stock, extending the plan through December 31, 2026.
Repurchased shares are immediately retired.
−Removed: During 2024 and 2023, no shares were repurchased.
+Added: During 2025 and 2024, no shares were repurchased under the plan.
At December 31, 2025, approximately $39.6 million was available to purchase shares under the plan.
As of December 31, 2025, the total number of shares of common stock issued was approximately 7.6 million.
+Added: In December 2025, the Company agreed to repurchase 30,000 shares of the common stock of the Company from the Company’s Executive Chairman, at a price of $126.28 per share, which price represents the volume weighted average price as of December 4, 2025, discounted by 2% (the “Repurchase Transaction”).
+Added: The Repurchase Transaction was made outside of the Company’s common stock purchase plan.
+Added: A special committee of the Board of the Company, composed of only independent directors, approved the Repurchase Transaction pursuant to authority delegated by the Board.
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.