Description of the Relationship Between Pay and Performance
In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between the information presented in the table above.
Compensation Actually Paid and Total Shareholder Return
The Company’s Total Shareholder Return was $105, $110, $77, $62 and $81 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The PEO’s CAP was $6,265,398, $5,470,026, $5,859,411, $5,395,574 and $4,572,214 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s non-PEO NEOs CAP was $6,340,377, $6,202,024, $23,067,310 ($4,086,731 excluding the impact of the modification related to the Amended Holdings Award Interests in 2023), $6,605,397 and $10,997,623 for the years ended December 31, 2024, 2023, 2022 and 2021, respectively. The Company’s Total Shareholder Return decreased from 2024 to 2025, while over the same year the CAP to the Company’s PEO and the CAP to the non-PEO NEOs increased. The Company’s Total Shareholder Return increased from 2023 to 2024, while over the same year the CAP to the Company’s PEO and the CAP to the non-PEO NEOs decreased. The Company’s Total Shareholder Return increased from 2022 to 2023, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs increased (decreased when excluding the impact of the modification related to the Amended Holdings Award Interests in 2023). The Company’s Total Shareholder Return decreased from 2021 to 2022, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs decreased.
Company Total Shareholder Return and Peer Group Total Shareholder Return
The Company’s Total Shareholder Return was $105, $110, $77, $62 and $81 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively, and the Company’s Peer Group Total Shareholder Return was $200, $175, $135, $121 and $135 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s Total Shareholder Return decreased from 2024 to 2025, while over the same period the Peer Group Total Shareholder Return increased. The Company’s Total Shareholder Return increased from 2023 to 2024, as did the Peer Group Total Shareholder Return over the same period. The Company’s Total Shareholder Return increased from 2022 to 2023, as did the Peer Group Total Shareholder Return over the same period. The Company’s Total Shareholder Return decreased from 2021 to 2022, as did the Peer Group Total Shareholder Return over the same period.
Compensation Actually Paid and Peer Group Total Shareholder Return
The Company’s Peer Group Total Shareholder Return was $200, $175, $135, $121 and $135 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The PEO’s CAP was $6,265,398, $5,470,026, $5,859,411, $5,395,574 and $4,572,214 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s non-PEO NEOs CAP was $6,340,377, $6,202,024, $23,067,310 ($4,086,731 excluding the impact of the modification related to the Amended Holdings Award Interests in 2023), $6,605,397 and $10,997,623 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s Peer Group Total Shareholder Return increased from 2024 to 2025, while over the same year the CAP to the company’s PEO and the CAP to the non-PEO NEOs increased. The Company’s Peer Group Total Shareholder Return increased from 2023 to 2024, while over the same year the CAP to the Company’s PEO decreased, and the CAP to the non-PEO NEOs decreased. The Company’s Peer Group Total Shareholder Return increased from 2022 to 2023, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs increased (decreased when excluding the impact of the modification related to the Amended Holdings Award Interests in 2023). The Company’s Peer Group Total Shareholder Return decreased from 2021 to 2022, while over the same year the CAP to the Company’s PEO increased, and the CAP to the non-PEO NEOs decreased.
Compensation Actually Paid and Net Income
The Company’s net income was $45.4 million, $18.7 million, $12.8 million, $19.8 million and $21.5 million for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The PEO’s CAP was $6,265,398, $5,470,026, $5,859,411, $5,395,574 and $4,572,214 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s non-PEO NEOs CAP was $6,340,377, $6,202,024, $23,067,310 ($4,086,731 excluding the impact of the modification related to the Amended Holdings Award Interests in 2023), $6,605,397 and $10,997,623 for the years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. The Company’s net income increased from 2024 to 2025, while over the same year the CAP to the Company’s PEO and the CAP to the
