filings.toolsItem 1A. Risk Factors.
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Item 1A. Risk Factors.
As of the date of this report, there are no material changes to our risk factors as previously disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
During January 2024, the Company’s Board of Directors authorized the repurchase of up to 891,000 depositary shares of Class L Preferred Stock, 1,047,000 depositary shares of Class M Preferred Stock, and 185,000 depositary shares of Class N Preferred Stock. During January 2026, the Company’s Board of Directors amended this authorization to be perpetual so it does not expire. The Company did not repurchase any Class L, Class M or Class N depositary shares during the three months ended March 31, 2026.
During November 2025, the Company established a common share repurchase program. Under this program, the Company may repurchase shares of its common stock, par value $0.01 per share, with an aggregate gross purchase price of up to $750.0 million. This program does not expire. During the three months ended March 31, 2026, the Company repurchased 23,103 shares of common stock for an aggregate purchase price of $0.5 million (weighted average price of $19.99 per share). As of March 31, 2026, the Company had $688.1 million available under this common share repurchase program.
During the three months ended March 31, 2026, the Company repurchased 271,302 shares of the Company’s common stock for an aggregate purchase price of $6.0 million (weighted average price of $22.27 per share) in connection with shares of common stock surrendered or deemed surrendered to the Company to satisfy statutory minimum tax withholding obligations in connection with equity-based compensation plans.
The following table presents information regarding the shares of common stock repurchased by the Company during the three months ended March 31, 2026:
| Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions) | ||||||||||||
| January 1, 2026 - January 31, 2026 | 25,425 | $ | 20.01 | 23,103 | $ | 688.1 | ||||||||||
| February 1, 2026 - February 28, 2026 | 268,980 | 22.29 | - | $ | 688.1 | |||||||||||
| March 1, 2026 - March 31, 2026 | - | - | - | $ | 688.1 | |||||||||||
| Total | 294,405 | $ | 22.09 | 23,103 |
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
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