Earnings Per Share

12 Months Ended

Dec. 31, 2025

Basic earnings per share is computed by dividing income available to common shareholders by the weighted-

average number of common shares outstanding during the period.

For the purposes of determining the basic and diluted weighted-average number of common shares outstanding

during the periods presented that are prior to the IPO, the Company retrospectively reflected the Corporate

Contribution in connection with the IPO. As such, the basic and diluted weighted-average number of common shares

outstanding for those periods reflect the exchange of AIIG’s membership units into shares of Common Stock on the

date of the IPO, assuming that all shares of Common Stock issued in conjunction with the IPO was issued and

outstanding as of the beginning of the earliest period presented.

The Company historically had a PPP that was terminated upon the IPO. For the comparative historical period

presented, it was determined in accordance with ASC 260, Earnings Per Share, (“ASC 260”), that the participants

of the PPP were able to participate in undistributed earnings with Common Stock based on a predetermined formula

on a nonforfeitable basis, thus representing a participating security. The Company applies the two-class method to

allocate income between the common shareholders and the PPP participants.

The RSUs have a contractual right to participate in undistributed earnings with Common Stock. The Company

applies the two-class method to allocate income between common shareholders and RSU holders.

The following table presents the net income and the weighted average number of shares outstanding used in the

earnings per share calculations. For the year ended December 31, 2024, there were no potentially dilutive

instruments outstanding.

For the year ended December 31, 2025, diluted earnings per share reflects the impact of RSUs using the treasury

stock method. As of December 31, 2025, approximately 208 shares were considered dilutive, primarily related to

RSUs subject to a three-year straight-line vesting schedule. The impact of these dilutive shares was immaterial and

did not change diluted earnings per share when rounded.


	Year Ended December 31,
	2025	2024
Numerator:
Net income attributable to common shareholders	$99,621	$39,742
Income allocated to participating securities	2,190	1,711
Income available for common shareholders	$97,431	$38,031

Denominator:
Shares outstanding	19,579,009	12,904,495
Weighted average common shares outstanding - basic	17,235,168	12,904,495
Weighted average common shares outstanding - diluted	17,235,376	12,904,495

Earnings available to common shareholders per share
Basic	$5.65	$2.95
Diluted	$5.65	$2.95