ARKO Corp第二季收入增17%惟淨利潤跌逾五成 完成子公司IPO

10-Q
 
 
 
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 

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q 
 
(Mark One)
 

 
 
 
 
 

 
 ☒

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
For the quarterly period ended June 30, 2026
OR
 

 
 
 
 
 

 
 ☐

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

  
For the transition period from to 
Commission File Number: 001-39828 
 

ARKO Corp. 
(Exact Name of Registrant as Specified in Its Charter)
 
 

 
 
 
 
 
 

 
 Delaware

  

 85-2784337

 

 
 (State or Other Jurisdiction of
Incorporation or Organization)

  

 (I.R.S. Employer
Identification No.)

 

  
8565 Magellan Parkway
Suite 400
Richmond, Virginia 23227-1150
(Address of Principal Executive Offices) (Zip Code)
(804) 730-1568
(Registrant’s Telephone Number, Including Area Code)
 

 
 
 
 
 
 
 
 

 
 Securities registered pursuant to Section 12(b) of the Act:

 

 
  

  

  

  

  

 

 
 Title of Each Class

  

 Trading Symbol

  

 Name of Each Exchange on Which Registered

 

 
 Common Stock, $0.0001 par value per share

  

 ARKO

  

 Nasdaq Capital Market

 

  
 
Securities registered pursuant to Section 12(g) of the Act:
None 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

 
 
 
 
 
 
 

 
 Large accelerated filer

 ☐

 Accelerated filer

 ☒

 

 
 Non-accelerated filer

 ☐

 Smaller reporting company

 ☐

 

 
  

  

 Emerging growth company

 ☐

 

  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒ 
As of August 3, 2026, the registrant had 112,185,721 shares of its common stock, par value $0.0001 per share (“common stock”) outstanding.

  

 
 Table of Contents
 

 TABLE OF CONTENTS
 

 
 
 
 
 
 
 

 
  

  

  

 Page

 

 
 PART I. FINANCIAL INFORMATION

  

  

 

 
 Item 1.

 Financial Statements

  

 5

 

 
  

 Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (unaudited)

  

 5

 

 
  

 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 (unaudited)

  

 6

 

 
  

 Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2026 and 2025 (unaudited)

  

 7

 

 
  

 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (unaudited)

  

 8

 

 
  

 Notes to Condensed Consolidated Financial Statements (unaudited)

  

 11

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

 27

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

  

 45

 

 
 Item 4.

 Controls and Procedures

  

 45

 

 
 PART II. OTHER INFORMATION

  

  

 

 
 Item 1.

 Legal Proceedings

  

 47

 

 
 Item 1A.

 Risk Factors

  

 47

 

 
 Item 2.

 Unregistered Sales of Equity Securities, and Use of Proceeds

  

 47

 

 
 Item 3.

 Defaults Upon Senior Securities

  

 47

 

 
 Item 4.

 Mine Safety Disclosures

  

 47

 

 
 Item 5.

 Other Information

  

 47

 

 
 Item 6.

 Exhibits

  

 48

 

 
 Signatures

  

 49

 

  
 

  
2

 
 Table of Contents
 

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (“PSLRA”), Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements about our expectations, beliefs or intentions regarding our business, financial condition, results of operations, strategies or prospects. You can identify forward-looking statements by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described below and in “Item 1A-Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 and this Quarterly Report on Form 10-Q, and described from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). We do not undertake any obligation to update forward-looking statements, except to the extent required by applicable law. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA. These forward-looking statements are only predictions and reflect our views as of the date they are made with respect to future events and financial performance.
Risks and uncertainties, the occurrence of which could adversely affect our business, include the following:
•changes in economic conditions, trade policies, and consumer confidence in the United States;

•the success of the Company’s multi-year transformation plan;

•our ability to successfully achieve the anticipated benefits of the planned conversion of certain retail stores within our retail segment to dealer locations within our wholesale segment (dealerization);

•our ability to successfully implement our growth strategies;

•our ability to effectively realize the strategic and financial benefits expected as a result of the initial public offering of a minority interest in our subsidiary, ARKO Petroleum Corp., the primary operating entity for our wholesale, fleet fueling and GPMP segments;

•significant changes in the current consumption of, and related regulations and litigation related to, cigarettes and other tobacco products; 

•changes in the wholesale prices of motor fuel;

•significant changes in demand for fuel-based modes of transportation and for trucking services; 

•the highly competitive fragmented industry in which we operate, characterized by many similar competing products and services; 

•our ability to make acquisitions and divestitures on economically acceptable terms;

•our ability to successfully integrate acquired operations or otherwise realize the expected benefits from our acquisitions;

•the potential negative impact on our financial condition and results of operations if we fail to achieve the benefits that we expect to realize as a result of our business acquisitions;

•liabilities of the businesses that we acquire that are not known to us;

•the Russia-Ukraine War, Israel-Hamas War, the ongoing conflict involving Iran, Israel and the United States, events occurring in response thereto and any expansion of hostilities;

•negative events or developments associated with branded motor fuel suppliers;

•we depend on several principal suppliers for our fuel purchases, third-party transportation providers for the transportation of most of our motor fuel and one principal supplier for merchandise; 

•a significant portion of our revenue is generated under fuel supply agreements with dealers that must be renegotiated or replaced periodically;

•the retail sale, distribution, transportation and storage of motor fuels is subject to environmental protection and operational safety laws and regulations that may expose us or our customers to significant costs and liabilities;

•failure to comply with applicable laws and regulations;

  
3

 
 Table of Contents
 

 •the loss of key senior management personnel or the failure to recruit or retain qualified personnel; 

•unfavorable weather conditions;

•our ability to effectively manage our workforce;

•payment-related risks that may result in higher operating costs or the inability to process payments;

•significant disruptions of information technology systems, breaches of data security or compromised data;

•evolving laws, regulations, standards, and contractual obligations related to data privacy and security regulations, and our actual or perceived failure to comply with such obligations;

•our failure to adequately secure, maintain, and enforce our intellectual property rights and third-party claims of infringement upon their intellectual property rights;

•our operations present risks which may not be fully covered by insurance;

•our variable rate debt; 

•the agreements governing our indebtedness contain various restrictions and financial covenants;

•our corporate structure includes Israeli entities that may expose us to additional tax liabilities;

•the market price and trading volume of our common stock may be volatile and could decline significantly; and

•sales of a substantial number of shares of our common stock in the public market could cause the prices of our common stock to decline.
 

  
4

 
 Table of Contents
 

 PART I. FINANCIAL INFORMATION
Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to the “Company,” “ARKO,” “we,” “our,” “ours,” and “us” refer to ARKO Corp., a Delaware corporation, including our consolidated subsidiaries.
Item 1. Financial Statements
ARKO Corp.
Condensed Consolidated Balance Sheets 
(Unaudited, in thousands, except share data) 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30, 2026

  

  

 December 31, 2025

  

 

 
 Assets

  

  

  

  

  

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 245,556

  

  

 $

 305,004

  

 

 
 Restricted cash

  

  

 15,012

  

  

  

 18,710

  

 

 
 Short-term investments

  

  

 8,166

  

  

  

 6,465

  

 

 
 Trade receivables, net

  

  

 151,070

  

  

  

 87,331

  

 

 
 Inventory

  

  

 208,475

  

  

  

 190,707

  

 

 
 Other current assets

  

  

 116,237

  

  

  

 109,520

  

 

 
 Total current assets

  

  

 744,516

  

  

  

 717,737

  

 

 
 Non-current assets:

  

  

  

  

  

  

 

 
 Property and equipment, net

  

  

 759,328

  

  

  

 739,570

  

 

 
 Right-of-use assets under operating leases

  

  

 1,336,883

  

  

  

 1,340,450

  

 

 
 Right-of-use assets under financing leases, net

  

  

 132,959

  

  

  

 144,601

  

 

 
 Goodwill

  

  

 299,973

  

  

  

 299,973

  

 

 
 Intangible assets, net

  

  

 148,897

  

  

  

 160,136

  

 

 
 Equity investment

  

  

 132

  

  

  

 3,117

  

 

 
 Deferred tax asset

  

  

 63,549

  

  

  

 62,625

  

 

 
 Other non-current assets

  

  

 70,738

  

  

  

 66,603

  

 

 
 Total assets

  

 $

 3,556,975

  

  

 $

 3,534,812

  

 

 
 Liabilities

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

 

 
 Long-term debt, current portion

  

 $

 16,014

  

  

 $

 36,676

  

 

 
 Accounts payable

  

  

 198,850

  

  

  

 156,616

  

 

 
 Other current liabilities

  

  

 162,346

  

  

  

 148,340

  

 

 
 Operating leases, current portion

  

  

 80,504

  

  

  

 78,162

  

 

 
 Financing leases, current portion

  

  

 6,445

  

  

  

 13,239

  

 

 
 Total current liabilities

  

  

 464,159

  

  

  

 433,033

  

 

 
 Non-current liabilities:

  

  

  

  

  

  

 

 
 Long-term debt, net

  

  

 658,498

  

  

  

 875,469

  

 

 
 Asset retirement obligation

  

  

 89,815

  

  

  

 89,304

  

 

 
 Operating leases

  

  

 1,376,279

  

  

  

 1,374,101

  

 

 
 Financing leases

  

  

 196,462

  

  

  

 199,691

  

 

 
 Other non-current liabilities

  

  

 200,970

  

  

  

 195,975

  

 

 
 Total liabilities

  

  

 2,986,183

  

  

  

 3,167,573

  

 

 
 Commitments and contingencies - see Note 12

  

  

  

  

  

  

 

 
 Series A redeemable preferred stock (no par value) - authorized: 1,000,000 shares; issued and 
   outstanding: 1,000,000 and 1,000,000 shares, respectively; redemption value: $100,000 and $100,000, 
   in the aggregate, respectively

  

  

 100,000

  

  

  

 100,000

  

 

 
 Stockholders' equity:

  

  

  

  

  

  

 

 
 Common stock (par value $0.0001) - authorized: 400,000,000 shares; issued: 133,848,601 and 131,853,614 shares, respectively; outstanding: 112,185,721 and 110,860,618 shares, respectively

  

  

 11

  

  

  

 11

  

 

 
 Treasury stock, at cost - 21,662,880 and 20,992,996 shares, respectively

  

  

 (138,586

 )

  

  

 (134,293

 )

 

 
 Additional paid-in capital

  

  

 441,107

  

  

  

 291,853

  

 

 
 Accumulated other comprehensive income

  

  

 9,119

  

  

  

 9,119

  

 

 
 Retained earnings

  

  

 90,441

  

  

  

 100,549

  

 

 
 Total stockholders' equity

  

  

 402,092

  

  

  

 267,239

  

 

 
 Non-controlling interests

  

  

 68,700

  

  

  

 —

  

 

 
 Total equity

  

  

 470,792

  

  

  

 267,239

  

 

 
 Total liabilities, redeemable preferred stock and equity

  

 $

 3,556,975

  

  

 $

 3,534,812

  

 

  
The accompanying notes are an integral part of these condensed consolidated financial statements. 

  
5

 
 Table of Contents
 

 ARKO Corp.
Condensed Consolidated Statements of Operations 
(Unaudited, in thousands, except per share data) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Three Months
Ended June 30,

  

  

 For the Six Months
Ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Revenues:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Fuel revenue 1

  

 $

 1,965,918

  

  

 $

 1,568,974

  

  

 $

 3,400,576

  

  

 $

 3,016,458

  

 

 
 Merchandise revenue

  

  

 347,428

  

  

  

 400,126

  

  

  

 652,838

  

  

  

 754,611

  

 

 
 Other revenues, net

  

  

 33,197

  

  

  

 29,851

  

  

  

 64,995

  

  

  

 57,355

  

 

 
 Total revenues

  

  

 2,346,543

  

  

  

 1,998,951

  

  

  

 4,118,409

  

  

  

 3,828,424

  

 

 
 Operating expenses:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Fuel costs 1

  

  

 1,822,011

  

  

  

 1,417,078

  

  

  

 3,122,781

  

  

  

 2,742,702

  

 

 
 Merchandise costs

  

  

 226,922

  

  

  

 265,641

  

  

  

 428,822

  

  

  

 502,556

  

 

 
 Site operating expenses

  

  

 188,441

  

  

  

 202,453

  

  

  

 371,188

  

  

  

 402,434

  

 

 
 General and administrative expenses

  

  

 43,721

  

  

  

 40,742

  

  

  

 83,719

  

  

  

 82,355

  

 

 
 Depreciation and amortization

  

  

 32,170

  

  

  

 33,602

  

  

  

 64,541

  

  

  

 68,489

  

 

 
 Total operating expenses

  

  

 2,313,265

  

  

  

 1,959,516

  

  

  

 4,071,051

  

  

  

 3,798,536

  

 

 
 Other expenses (income), net

  

  

 2,898

  

  

  

 (17,255

 )

  

  

 6,941

  

  

  

 (15,038

 )

 

 
 Operating income

  

  

 30,380

  

  

  

 56,690

  

  

  

 40,417

  

  

  

 44,926

  

 

 
 Interest and other financial income

  

  

 5,767

  

  

  

 3,703

  

  

  

 8,334

  

  

  

 13,057

  

 

 
 Interest and other financial expenses

  

  

 (19,778

 )

  

  

 (23,221

 )

  

  

 (40,490

 )

  

  

 (46,426

 )

 

 
 Income before income taxes

  

  

 16,369

  

  

  

 37,172

  

  

  

 8,261

  

  

  

 11,557

  

 

 
 Income tax expense

  

  

 (6,939

 )

  

  

 (17,100

 )

  

  

 (4,443

 )

  

  

 (4,178

 )

 

 
 Income from equity investment

  

  

 2

  

  

  

 26

  

  

  

 21

  

  

  

 47

  

 

 
 Net income

  

  

 9,432

  

  

  

 20,098

  

  

  

 3,839

  

  

  

 7,426

  

 

 
 Less: Net income attributable to non-controlling interests

  

  

 3,317

  

  

  

 —

  

  

  

 4,365

  

  

  

 —

  

 

 
 Net income (loss) attributable to ARKO Corp.

  

 $

 6,115

  

  

 $

 20,098

  

  

 $

 (526

 )

  

 $

 7,426

  

 

 
 Series A redeemable preferred stock dividends

  

  

 (1,433

 )

  

  

 (1,433

 )

  

  

 (2,851

 )

  

  

 (2,851

 )

 

 
 Net income (loss) attributable to common stockholders

  

 $

 4,682

  

  

 $

 18,665

  

  

 $

 (3,377

 )

  

 $

 4,575

  

 

 
 Net income (loss) per share attributable to common stockholders – basic

  

 $

 0.04

  

  

 $

 0.16

  

  

 $

 (0.03

 )

  

 $

 0.04

  

 

 
 Net income (loss) per share attributable to common stockholders – 
  diluted

  

 $

 0.04

  

  

 $

 0.16

  

  

 $

 (0.03

 )

  

 $

 0.04

  

 

 
 Weighted average shares outstanding:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Basic

  

  

 112,186

  

  

  

 114,012

  

  

  

 111,760

  

  

  

 114,945

  

 

 
 Diluted

  

  

 115,882

  

  

  

 115,411

  

  

  

 111,760

  

  

  

 115,645

  

 

 
 Supplemental information:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 1 Includes excise tax of:

  

 $

 247,285

  

  

 $

 281,162

  

  

 $

 491,224

  

  

 $

 541,062

  

 

  
The accompanying notes are an integral part of these condensed consolidated financial statements. 

  
6

 
 Table of Contents
 

 ARKO Corp.
Condensed Consolidated Statements of Changes in Equity 
(Unaudited, in thousands, except share data) 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Common Stock

  

  

 Treasury

  

  

 Additional

  

  

 Accumulated
Other

  

  

 Retained

  

  

 Total

  

  

 Non-

  

  

  

  

 

 
  

  

 Shares

  

  

 Par Value

  

  

 Stock, at Cost

  

  

 Paid-in Capital

  

  

 Comprehensive Income

  

  

 Earnings

  

  

 Stockholders' Equity

  

  

 Controlling Interests

  

  

 Total Equity

  

 

 
 Balance at April 1, 2025

  

  

 115,437,127

  

  

 $

 12

  

  

 $

 (113,514

 )

  

 $

 280,017

  

  

 $

 9,119

  

  

 $

 79,592

  

  

 $

 255,226

  

  

 $

 —

  

  

 $

 255,226

  

 

 
 Share-based compensation

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 3,658

  

  

  

 —

  

  

  

 —

  

  

  

 3,658

  

  

  

 —

  

  

  

 3,658

  

 

 
 Dividends on redeemable preferred stock

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (1,433

 )

  

  

 (1,433

 )

  

  

 —

  

  

  

 (1,433

 )

 

 
 Dividends declared (3 cents per share)

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (3,415

 )

  

  

 (3,415

 )

  

  

 —

  

  

  

 (3,415

 )

 

 
 Common stock repurchased

  

  

 (2,227,074

 )

  

  

 —

  

  

  

 (9,299

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (9,299

 )

  

  

 —

  

  

  

 (9,299

 )

 

 
 Vesting and settlement of restricted share units

  

  

 102,249

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 20,098

  

  

  

 20,098

  

  

  

 —

  

  

  

 20,098

  

 

 
 Balance at June 30, 2025

  

  

 113,312,302

  

  

 $

 12

  

  

 $

 (122,813

 )

  

 $

 283,675

  

  

 $

 9,119

  

  

 $

 94,842

  

  

 $

 264,835

  

  

 $

 —

  

  

 $

 264,835

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at April 1, 2026

  

  

 112,183,702

  

  

 $

 11

  

  

 $

 (138,584

 )

  

 $

 435,736

  

  

 $

 9,119

  

  

 $

 89,124

  

  

 $

 395,406

  

  

 $

 64,653

  

  

 $

 460,059

  

 

 
 Share-based compensation

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 5,371

  

  

  

 —

  

  

  

 —

  

  

  

 5,371

  

  

  

 730

  

  

  

 6,101

  

 

 
 Dividends declared to non-controlling interests

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Dividends on redeemable preferred stock

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (1,433

 )

  

  

 (1,433

 )

  

  

 —

  

  

  

 (1,433

 )

 

 
 Dividends declared (3 cents per share)

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (3,365

 )

  

  

 (3,365

 )

  

  

 —

  

  

  

 (3,365

 )

 

 
 Common stock repurchased

  

  

 (667

 )

  

  

 —

  

  

  

 (2

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (2

 )

  

  

 —

  

  

  

 (2

 )

 

 
 Vesting and settlement of restricted share units

  

  

 2,686

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 6,115

  

  

  

 6,115

  

  

  

 3,317

  

  

  

 9,432

  

 

 
 Balance at June 30, 2026

  

  

 112,185,721

  

  

 $

 11

  

  

 $

 (138,586

 )

  

 $

 441,107

  

  

 $

 9,119

  

  

 $

 90,441

  

  

 $

 402,092

  

  

 $

 68,700

  

  

 $

 470,792

  

 

  

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Common Stock

  

  

 Treasury

  

  

 Additional

  

  

 Accumulated
Other

  

  

 Retained

  

  

 Total

  

  

 Non-

  

  

  

  

 

 
  

  

 Shares

  

  

 Par Value

  

  

 Stock, at Cost

  

  

 Paid-in Capital

  

  

 Comprehensive Income

  

  

 Earnings

  

  

 Stockholders' Equity

  

  

 Controlling Interests

  

  

 Total Equity

  

 

 
 Balance at January 1, 2025

  

  

 115,771,318

  

  

 $

 12

  

  

 $

 (106,123

 )

  

 $

 276,681

  

  

 $

 9,119

  

  

 $

 97,177

  

  

 $

 276,866

  

  

 $

 —

  

  

 $

 276,866

  

 

 
 Share-based compensation

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 6,994

  

  

  

 —

  

  

  

 —

  

  

  

 6,994

  

  

  

 —

  

  

  

 6,994

  

 

 
 Dividends on redeemable preferred stock

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (2,851

 )

  

  

 (2,851

 )

  

  

 —

  

  

  

 (2,851

 )

 

 
 Dividends declared (6 cents per share)

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (6,910

 )

  

  

 (6,910

 )

  

  

 —

  

  

  

 (6,910

 )

 

 
 Common stock repurchased

  

  

 (4,002,661

 )

  

  

 —

  

  

  

 (16,690

 )

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (16,690

 )

  

  

 —

  

  

  

 (16,690

 )

 

 
 Vesting and settlement of restricted share units

  

  

 1,543,645

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Net income

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 7,426

  

  

  

 7,426

  

  

  

 —

  

  

  

 7,426

  

 

 
 Balance at June 30, 2025

  

  

 113,312,302

  

  

 $

 12

  

  

 $

 (122,813

 )

  

 $

 283,675

  

  

 $

 9,119

  

  

 $

 94,842

  

  

 $

 264,835

  

  

 $

 —

  

  

 $

 264,835

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Balance at January 1, 2026