Is your table correct? It shows shares outstanding going from 49.2M in 2025 to 62M in 2026? This seems to contradict the story of share buybacks?
"Shares are now down 56% from the average buyback price in 2025 and management is signaling they’re willing to extend their 2-2.5x leverage target in favor of buybacks. Here are their comments from the 3Q25 earnings call:"
I knew I glossed over this piece too quickly! They issued ~14m shares as part of the Marcum acquisition. Part of that share issuance came in 2025 with a portion repo'd during the year and another slug is getting issued in 2026.
Is your table correct? It shows shares outstanding going from 49.2M in 2025 to 62M in 2026? This seems to contradict the story of share buybacks?
"Shares are now down 56% from the average buyback price in 2025 and management is signaling they’re willing to extend their 2-2.5x leverage target in favor of buybacks. Here are their comments from the 3Q25 earnings call:"
I knew I glossed over this piece too quickly! They issued ~14m shares as part of the Marcum acquisition. Part of that share issuance came in 2025 with a portion repo'd during the year and another slug is getting issued in 2026.