TRINITY INDUSTRIES INC

Previous wording

•actions by U.S. and/or foreign governments (particularly Mexico and Canada) relative to tariffs, trade policies, federal government budgeting, taxation policies, government expenditures, borrowing/debt ceiling limits, and government shutdowns;

Current wording

•actions by U.S. and/or foreign governments (particularly Mexico and Canada) relative to tariffs, customs administration, trade policies and the interpretation or application of customs laws, federal government budgeting, taxation policies, government expenditures, borrowing/debt ceiling limits, and government shutdowns;

Previous wording

Demand for many of our railcar products and services is correlated to changes in North American industrial production and international trade. We continue to actively monitor evolving tariff and trade developments, including tariffs imposed pursuant to Section 232 of the Trade Expansion Act of 1962 on steel and aluminum, and their potential impact on demand for our products. Uncertainty in these areas and in the macroeconomic environment, including the administration of trade policy in the U.S. and Mexico, is negatively impacting and could continue to negatively impact our results of operations and demand for new railcars. We remain focused on mitigating impacts to our business resulting from these evolving developments.

Current wording

Demand for many of our railcar products and services is correlated to changes in North American industrial production and international trade. We continue to actively monitor evolving tariff and trade developments, including tariffs imposed pursuant to Section 232 of the Trade Expansion Act of 1962 on steel and aluminum, and their potential impact on demand for our products. Uncertainty in these areas and in the macroeconomic environment, including the administration of trade policy in the U.S. and Mexico, has increased during 2026 and may continue to influence customer purchasing decisions, our commercial arrangements, and demand for new railcars, which has and could continue to negatively impact our results of operations. We remain focused on mitigating impacts to our business resulting from these evolving developments.

Previous wording

•Our revenues for the three months ended March 31, 2026 were $492.0 million, representing a decrease of 16.0%, compared to the three months ended March 31, 2025. Our operating profit for the three months ended March 31, 2026 was $101.1 million, representing an increase of 1.3%, compared to $99.8 million for the three months ended March 31, 2025.

Current wording

•Our revenues for the six months ended June 30, 2026 were $977.1 million, representing a decrease of 10.5%, compared to the six months ended June 30, 2025. Our operating profit for the six months ended June 30, 2026 was $300.9 million, representing an increase of 54.1%, compared to $195.2 million for the six months ended June 30, 2025.

Previous wording

•The Leasing Group's lease fleet of 101,960 company-owned railcars was 97.3% utilized as of March 31, 2026, compared to a lease fleet utilization of 96.8% on 110,150 company-owned railcars as of March 31, 2025. Our company-owned lease fleet includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.

Current wording

•The Leasing Group's lease fleet of 96,280 company-owned railcars was 97.3% utilized as of June 30, 2026, compared to a lease fleet utilization of 96.8% on 111,545 company-owned railcars as of June 30, 2025. Our company-owned lease fleet includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.

Previous wording

•For the three months ended March 31, 2026, we made a net fleet investment of approximately $67.7 million, which primarily includes new railcar additions, railcar modifications, and other betterments, net of deferred profit, as well as secondary market purchases; and is net of proceeds from lease portfolio sales.

Current wording

•For the six months ended June 30, 2026, we made a net fleet investment of approximately $126.0 million, which primarily includes new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments, net of deferred profit, as well as secondary market purchases; and is net of proceeds from lease portfolio sales.

Previous wording

•The total value of the new railcar backlog at March 31, 2026 was $1.6 billion, compared to $1.9 billion at March 31, 2025. The Rail Products Group received orders for 1,660 railcars and delivered 1,970 railcars in the three months ended March 31, 2026, in comparison to orders for 695 railcars and deliveries of 3,060 railcars in the three months ended March 31, 2025.

Current wording

•The total value of the new railcar backlog at June 30, 2026 was $1.6 billion, compared to $2.0 billion at June 30, 2025. The Rail Products Group received orders for 3,220 railcars and delivered 3,540 railcars in the six months ended June 30, 2026, in comparison to orders for 3,005 railcars and deliveries of 4,875 railcars in the six months ended June 30, 2025.

Previous wording

(2) Non-GAAP financial measure. See the Non-GAAP Financial Measures section within this Form 10-Q for a reconciliation to the most directly comparable GAAP measure and why management believes this measure is useful to management and investors. Dollar amounts are presented for the three months ended March 31, 2026 and 2025.

Current wording

(2) Non-GAAP financial measure. See the Non-GAAP Financial Measures section within this Form 10-Q for a reconciliation to the most directly comparable GAAP measure and why management believes this measure is useful to management and investors. Dollar amounts are presented for the six months ended June 30, 2026 and 2025.

Previous wording

Railcar Partnership Transaction – In April 2026, TILC entered into a Contribution Agreement (the “Contribution Agreement”) with, among others, Napier Park Rail Evergreen Fund LLC, a subsidiary of Napier Park Global Capital, one of our railcar investment partners since 2013 and a leading alternative credit platform. Pursuant to the Contribution Agreement, TILC contributed (i) a 42.56% membership interest in TRIP Rail Holdings LLC ("TRIP Holdings") and (ii) a 0.2% interest in Triumph Rail Holdings LLC ("Triumph Holdings") to NP SPE Holdings LP ("NP SPE") in exchange for a 11.2% limited partnership interest in NP SPE. As a result of these transactions, TILC no longer has any direct ownership interest in TRIP Holdings; its wholly-owned subsidiary, Tribute Rail; or Triumph. As a result of the divestiture of its interests in TRIP Holdings and Triumph Holdings, the Company expects to recognize a non-cash pre-tax gain of approximately $130 million during the second quarter of 2026, and TRIP Holdings, Triumph Holdings, and Tribute and its related debt will no longer be included in our Consolidated Financial Statements.

Current wording

2026 Railcar Partnership Exchange – In April 2026, TILC executed a contribution agreement (the “Contribution Agreement”) with, among others, Napier Park Rail Evergreen Fund GP LLC, a subsidiary of Napier Park Global Capital, one of our railcar investment partners since 2013 and a leading alternative credit platform. Pursuant to the Contribution Agreement, TILC contributed (i) a 42.56% membership interest in TRIP Holdings and (ii) a 0.2% interest in Triumph Rail Holdings LLC ("Triumph") to NP SPE Holdings LP ("NP SPE") in exchange for an 11.2% limited partnership interest in NP SPE (the "2026 Exchange Transaction"). As a result of these transactions, TILC no longer has any direct ownership interest in TRIP Holdings; its wholly-owned subsidiary, Tribute Rail LLC ("Tribute"); or Triumph. The Company recognized a non-cash pre-tax gain of $131.6 million during the three and six months ended June 30, 2026. TRIP Holdings and Tribute and its related debt, which totaled $270.6 million as of December 31, 2025, are no longer included in our Consolidated Financial Statements.

Previous wording

The following table summarizes our consolidated results of operations for the three months ended March 31, 2026 and 2025:

Current wording

The following table summarizes our consolidated results of operations for the three and six months ended June 30, 2026 and 2025:

Previous wording

The tables below present revenues by segment for the three months ended March 31, 2026 and 2025:

Current wording

The tables below present revenues by segment for the three and six months ended June 30, 2026 and 2025:

Previous wording

Operating costs are comprised of cost of revenues; selling, engineering, and administrative costs; and gains or losses on property disposals. Operating costs by segment for the three months ended March 31, 2026 and 2025 were as follows:

Current wording

Operating costs are comprised of cost of revenues; selling, engineering, and administrative costs; and gains or losses on property disposals and other divestitures. Operating costs by segment for the three and six months ended June 30, 2026 and 2025 were as follows:

Previous wording

Operating profit by segment for the three months ended March 31, 2026 and 2025 was as follows:

Current wording

Operating profit by segment for the three and six months ended June 30, 2026 and 2025 was as follows:

Previous wording

Revenues – Our revenues for the three months ended March 31, 2026 were $492.0 million, representing a decrease of $93.4 million, or 16.0%, over the prior year period primarily due to lower external deliveries in the Rail Products Group.

Current wording

Revenues – Our revenues for the three months ended June 30, 2026 were $485.1 million, representing a decrease of $21.1 million, or 4.2%, over the prior year period. Our revenues for the six months ended June 30, 2026 were $977.1 million, representing a decrease of $114.5 million, or 10.5%, over the prior year period. The decrease for the three months ended June 30, 2026 was primarily due to lower revenues associated with the divestitures of two partially-owned leasing subsidiaries in the Railcar Partnership Transactions, partially offset by higher lease rates. The decrease for the six months ended June 30, 2026 was primarily due to lower external deliveries in the Rail Products Group and the impact of the Railcar Partnership Transactions.

Previous wording

Cost of revenues – Our cost of revenues for the three months ended March 31, 2026 was $363.1 million, representing a decrease of $80.1 million, or 18.1%, over the prior year period primarily due to lower external deliveries in the Rail Products Group.

Current wording

Cost of revenues – Our cost of revenues for the three months ended June 30, 2026 was $375.2 million, representing an increase of $2.4 million, or 0.6%, over the prior year period. Our cost of revenues for the six months ended June 30, 2026 was $738.3 million, representing a decrease of $77.7 million, or 9.5%, over the prior year period. The increase for the three months ended June 30, 2026 was primarily due to higher operating costs for the lease fleet, partially offset by lower costs associated with the divestitures of two partially-owned leasing subsidiaries in the Railcar Partnership Transactions. The decrease for the six months ended June 30, 2026 was primarily due to lower external deliveries in the Rail Products Group and the impact of the Railcar Partnership Transactions, partially offset by higher operating costs for the lease fleet.

Previous wording

Gains on dispositions of property – Gains on dispositions of property increased by $15.3 million for the three months ended March 31, 2026, when compared to the prior year period primarily due to higher gains on lease portfolio sales.

Current wording

Gains on dispositions of property and other divestitures – Gains on dispositions of property and other divestitures increased by $129.6 million and $144.9 million for the three and six months ended June 30, 2026, when compared to the prior year periods primarily due to the $131.6 million gain on the divestiture of TRIP Holdings, as well as higher gains on lease portfolio sales.

Previous wording

Operating profit – Operating profit for the three months ended March 31, 2026 totaled $101.1 million, representing an increase of $1.3 million, or 1.3%, from the prior year period primarily due to higher gains on lease portfolio sales and higher lease rates, partially offset by higher operating costs for the lease fleet. Additionally, the prior year period included the operating profit of a partially-owned leasing subsidiary that was divested in the fourth quarter of 2025.

Current wording

Operating profit – Operating profit for the three months ended June 30, 2026 totaled $199.8 million, representing an increase of $104.4 million, or 109.4%, from the prior year period. Operating profit for the six months ended June 30, 2026 totaled $300.9 million, representing an increase of $105.7 million, or 54.1%, from the prior year period. These increases were primarily due to the $131.6 million gain on the divestiture of TRIP Holdings, higher gains on lease portfolio sales, and higher lease rates, partially offset by higher operating costs for the lease fleet. Additionally, the prior year periods included the operating profit associated with partially-owned leasing subsidiaries that were divested in the Railcar Partnership Transactions.

Previous wording

Income taxes – The effective tax rate from continuing operations for the three months ended March 31, 2026 was an expense of 24.2%, which differs from the U.S. statutory rate of 21.0% primarily due to state income taxes, foreign income taxes, and non-deductible executive compensation, partially offset by foreign tax return to provision adjustments.

Current wording

Income taxes – The effective tax rates from continuing operations for the three and six months ended June 30, 2026 were expenses of 23.7% and 23.8%, respectively, which differs from the U.S. statutory rate of 21.0% primarily due to state and foreign income taxes, and non-deductible executive compensation, partially offset by equity-based compensation and foreign tax return to provision adjustments.

Previous wording

The effective tax rate from continuing operations for the three months ended March 31, 2025 was an expense of 20.3%, which differs from the U.S. statutory rate of 21.0% primarily due the benefit of noncontrolling interest for which we do not provide income taxes and foreign tax return to provision adjustments, partially offset by state income taxes and other permanent differences.

Current wording

The effective tax rates from continuing operations for the three and six months ended June 30, 2025 were expenses of 15.8% and 18.4%, respectively, which differ from the U.S. statutory rate of 21.0% primarily due to the benefit of tax credits purchased at a discount and the benefit of noncontrolling interest for which we do not provide income taxes, partially offset by state income taxes and other permanent differences. See Note 8 for further information regarding the purchase of transferable tax credits.

Previous wording

(5)Maintenance and compliance expense is reported at cost with respect to the services performed by our maintenance services business to support the railcars in our lease fleet.

Current wording

(6)Maintenance and compliance expense is reported at cost with respect to the services performed by our maintenance services business to support the railcars in our lease fleet.

Previous wording

(6)Other fleet operating costs include freight, storage, rent, and ad valorem taxes.

Current wording

(7)Other fleet operating costs include freight, storage, rent, and ad valorem taxes.

Previous wording

(7)Interest expense is not a component of operating profit and includes the effect of hedges.

Current wording

(8)Interest expense is not a component of operating profit and includes the effect of hedges.

Previous wording

Total revenues for the Railcar Leasing and Services Group decreased by 0.6% for the three months ended March 31, 2026, compared to the prior year period. Leasing and management revenues decreased by 4.0% for the three months ended March 31, 2026, when compared to the prior year period primarily due to reduced revenues resulting from the fourth quarter 2025 divestiture of a partially-owned leasing subsidiary, partially offset by higher lease rates.

Current wording

Total revenues for the Railcar Leasing and Services Group decreased by 7.0% and 3.9% for the three and six months ended June 30, 2026, respectively, compared to the prior year periods. Leasing and management revenues decreased by 11.8% and 8.0% for the three and six months ended June 30, 2026, respectively, when compared to the prior year periods, primarily due to reduced revenues associated with the divestitures of two partially-owned leasing subsidiaries in the Railcar Partnership Transactions, partially offset by higher lease rates.

Previous wording

Our maintenance services business is primarily dedicated to servicing our lease fleet. Revenues related to maintenance services performed on Company-owned railcars under full-service lease agreements are eliminated within the Railcar Leasing and Services Group. Services that are not included in the full-service lease agreement, such as repairs of railcar damage or other customer-specific requirements, as well as maintenance and repair activities on railcars owned by third parties, including our investor-owned fleet, are reflected in the maintenance services revenues line above and are not eliminated in consolidation. Revenues in our maintenance services business increased by 6.8% for the three months ended March 31, 2026, when compared to the prior year period as a result of higher pricing, partially offset by the mix of repairs.

Current wording

Our maintenance services business is primarily dedicated to servicing our lease fleet. Revenues related to maintenance services performed on Company-owned railcars under full-service lease agreements are eliminated within the Railcar Leasing and Services Group. Services that are not included in the full-service lease agreement, such as repairs of railcar damage or other customer-specific requirements, as well as maintenance and repair activities on railcars owned by third parties, including our investor-owned fleet, are reflected in the maintenance services revenues line above and are not eliminated in consolidation. Revenues in our maintenance services business increased by 6.9% and 6.8% for the three and six months ended June 30, 2026, respectively, when compared to the prior year periods as a result of the mix of repairs. Additionally, the increase in revenues for the six months ended June 30, 2026 was favorably impacted by higher pricing.

Previous wording

Cost of revenues for the Railcar Leasing and Services Group increased by 6.5% for the three months ended March 31, 2026, compared to the prior year period primarily due to higher maintenance and compliance costs for the lease fleet and increased depreciation. This increase was partially offset by operating costs incurred in the prior year period associated with a partially-owned leasing subsidiary that was divested in the fourth quarter of 2025.

Current wording

Cost of revenues for the Railcar Leasing and Services Group increased by 1.4% and 3.9% for the three and six months ended June 30, 2026, respectively, compared to the prior year periods primarily due to higher maintenance and compliance costs for the lease fleet, increased depreciation, as well as operational inefficiencies in our maintenance services business. In addition, cost of revenues for the three and six months ended June 30, 2026 includes disposal charges associated with the exit of certain logistics solutions locations. The increase was partially offset by operating costs incurred in the prior year periods associated with two partially-owned leasing subsidiaries that were divested in the Railcar Partnership Transactions.

Previous wording

Leasing Group operating profit increased by 3.5% for the three months ended March 31, 2026 when compared to the prior year period, primarily due to higher gains on lease portfolio sales and higher lease rates, partially offset by higher maintenance and compliance costs for the lease fleet and increased depreciation. Additionally, the prior year period included the operating profit of a partially-owned leasing subsidiary that was divested in the fourth quarter of 2025.

Current wording

Leasing Group operating profit increased by 89.1% and 49.0% for the three and six months ended June 30, 2026, respectively, when compared to the prior year periods primarily due to the gain on the divestiture of TRIP Holdings, higher gains on lease portfolio sales, and higher lease rates, partially offset by increased maintenance and compliance costs for the lease fleet, higher depreciation, and disposal charges associated with the exit of certain logistics solutions locations. Additionally, the prior year periods included the operating profit associated with partially-owned leasing subsidiaries that were divested in the Railcar Partnership Transactions.

Previous wording

(1)Reflects railcars transferred from partially-owned to wholly-owned and investor-owned as a result of a railcar partnership transaction completed in the fourth quarter of 2025.

Current wording

(1)Reflects railcars transferred from partially-owned to wholly-owned and investor-owned as a result of the Railcar Partnership Transactions.

Previous wording

(2)Includes 2,230 railcars and 2,240 railcars under leased-in arrangements as of March 31, 2026 and 2025, respectively.

Current wording

(2)Includes 2,230 railcars under leased-in arrangements as of June 30, 2026 and 2025.

Previous wording

Revenues and cost of revenues for the Rail Products Group decreased for the three months ended March 31, 2026 by 28.7% and 30.3%, respectively, when compared to the prior year period primarily due to lower deliveries.

Current wording

Revenues for the Rail Products Group decreased for the three and six months ended June 30, 2026 by 11.9% and 21.8%, respectively, when compared to the prior year periods. Cost of revenues for the Rail Products Group decreased for the three and six months ended June 30, 2026 by 11.0% and 22.2%, respectively, when compared to the prior year periods. These decreases were primarily due to lower deliveries.

Previous wording

Operating profit for the Rail Products Group decreased for the three months ended March 31, 2026 by 14.7%, when compared to the prior year period primarily due to lower deliveries, partially offset by a higher mix of high-margin railcars.

Current wording

Operating profit for the Rail Products Group decreased for the three and six months ended June 30, 2026 by 61.8% and 26.7%, respectively, when compared to the prior period primarily due to lower deliveries. In addition, during the three and six months ended June 30, 2026, an incident at our Longview, Texas manufacturing facility resulted in a production interruption, which negatively impacted operating profit. The decrease in operating profit for the six months ended June 30, 2026 was partially offset by a higher mix of high-margin railcars.

Previous wording

Information related to our Rail Products Group backlog of new railcars is set forth below. In addition to the amounts below, as of March 31, 2026, our backlog related to sustainable railcar conversions totaled $37.7 million, representing 440 railcars.

Current wording

Information related to our Rail Products Group backlog of new railcars is set forth below. In addition to the amounts below, as of June 30, 2026, our backlog related to sustainable railcar conversions totaled $28.2 million, representing 370 railcars.

Previous wording

Total backlog dollars decreased by 14.7% when compared to the prior year period. We expect to deliver approximately 42% of our railcar backlog value during the remaining nine months of 2026 and 34% during 2027, with the remainder to be delivered through 2028. The orders in our backlog from the Leasing Group are fully supported by lease commitments with external customers. The final amount of backlog attributable to the Leasing Group may vary by the time of delivery as customers may elect to modify their procurement decision.

Current wording

Total backlog dollars decreased by 19.1% when compared to the prior year period. We expect to deliver approximately 40% of our railcar backlog value during the remaining six months of 2026 and 36% during 2027, with the remainder to be delivered through 2028. The orders in our backlog from the Leasing Group are fully supported by lease commitments with external customers. The final amount of backlog attributable to the Leasing Group may vary by the time of delivery as customers may elect to modify their procurement decision.

Previous wording

As of March 31, 2026, we have total committed liquidity of $1.1 billion. Our total available liquidity includes: $132.6 million of unrestricted cash and cash equivalents; $595.6 million unused and available under our revolving credit facility; and $339.6 million unused and available under the TILC warehouse loan facility based on the amount of warehouse-eligible, unpledged equipment. We believe we have access to adequate capital resources to fund operating requirements and are an active participant in the capital markets.

Current wording

As of June 30, 2026, we have total committed liquidity of $1.0 billion. Our total available liquidity includes: $155.7 million of unrestricted cash and cash equivalents; $592.4 million unused and available under our revolving credit facility; and $286.8 million unused and available under the TILC warehouse loan facility based on the amount of warehouse-eligible, unpledged equipment. We believe we have access to adequate capital resources to fund operating requirements and are an active participant in the capital markets.

Previous wording

The following table summarizes our cash flows from operating, investing, and financing activities for the three months ended March 31, 2026 and 2025:

Current wording

The following table summarizes our cash flows from operating, investing, and financing activities for the six months ended June 30, 2026 and 2025:

Previous wording

Operating Activities. Net cash provided by operating activities from continuing operations for the three months ended March 31, 2026 was $99.6 million compared to net cash provided by operating activities from continuing operations of $78.4 million for the three months ended March 31, 2025. The changes in our operating assets and liabilities are as follows:

Current wording

Operating Activities. Net cash provided by operating activities from continuing operations for the six months ended June 30, 2026 was $172.4 million compared to net cash provided by operating activities from continuing operations of $141.9 million for the six months ended June 30, 2025. The changes in our operating assets and liabilities are as follows:

Previous wording

The changes in our operating assets and liabilities resulted in a net source of $9.8 million for the three months ended March 31, 2026, as compared to a net use of $19.5 million for the three months ended March 31, 2025. The changes in operating assets and liabilities were impacted primarily by lower receivables balances as a result of lower deliveries in the current year period and changes in inventory balances to support planned production levels.

Current wording

The changes in our operating assets and liabilities resulted in a net source of $8.4 million for the six months ended June 30, 2026, as compared to a net use of $51.9 million for the six months ended June 30, 2025. The changes in operating assets and liabilities were impacted primarily by income tax refunds received in the current year period and the purchase of tax credits in the prior year period, partially offset by an increase in inventory and the timing of payments associated with operating liabilities.

Previous wording

Investing Activities. Net cash used in investing activities for the three months ended March 31, 2026 was $70.2 million compared to $91.6 million of net cash used in investing activities for the three months ended March 31, 2025. Significant investing activities are as follows:

Current wording

Investing Activities. Net cash used in investing activities for the six months ended June 30, 2026 was $181.8 million compared to $242.1 million of net cash used in investing activities for the six months ended June 30, 2025. Significant investing activities are as follows:

Previous wording

•We made a net fleet investment of $67.7 million during the three months ended March 31, 2026, compared to $86.5 million in the prior year period primarily due to the timing of lease portfolio sales and fleet additions. Our investment in the lease fleet primarily includes new railcar additions, railcar modifications, and other betterments, net of deferred profit, as well as secondary market purchases; and is net of proceeds from lease portfolio sales.

Current wording

•We made a net fleet investment of $126.0 million during the six months ended June 30, 2026, compared to $232.7 million in the prior year period primarily due to the timing of lease portfolio sales and fleet additions. Our investment in the lease fleet primarily includes new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments, net of deferred profit, as well as secondary market purchases; and is net of proceeds from lease portfolio sales.

Previous wording

Financing Activities. Net cash used in financing activities during the three months ended March 31, 2026 was $98.6 million compared to $124.2 million of net cash used in financing activities for the three months ended March 31, 2025. Significant financing activities are as follows:

Current wording

Financing Activities. Net cash used in financing activities during the six months ended June 30, 2026 was $38.6 million compared to $44.9 million of net cash provided by financing activities for the six months ended June 30, 2025. Significant financing activities are as follows:

Previous wording

•We paid $24.8 million and $24.6 million in dividends to our common stockholders during the three months ended March 31, 2026 and 2025, respectively.

Current wording

•We paid $50.5 million and $50.4 million in dividends to our common stockholders during the six months ended June 30, 2026 and 2025, respectively.

Previous wording

•During the three months ended March 31, 2026, we repurchased common stock totaling $7.2 million, resulting in a remaining authorization to repurchase up to $150.3 million of our common stock under the share repurchase program as of March 31, 2026. Certain shares of stock repurchased during March 2026, totaling $0.2 million, were cash settled in April 2026 in accordance with normal settlement practices. During the three months ended March 31, 2025, we repurchased common stock totaling $8.2 million under the share repurchase program.

Current wording

•During the six months ended June 30, 2026, we repurchased common stock totaling $20.3 million, resulting in a remaining authorization to repurchase up to $137.0 million of our common stock under the share repurchase program as of June 30, 2026. Certain shares of stock repurchased during June 2026, totaling $0.5 million, were cash settled in July 2026 in accordance with normal settlement practices. During the six months ended June 30, 2025, we repurchased common stock totaling $39.0 million under the share repurchase program.