AMERICAN STRIDE INSURANCE, LLC

s, outside directors and independent contractors are able to participate in the Company’s future performance through the awards of restricted stock. Each RSA vests pursuant to the vesting schedule set forth in the restricted stock agreement granting such RSAs, generally over three years . Restricted stock award activity during the years ended June 30, 2026, 2025 and 2024 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ Average ​ ​ ​ ​ Grant-Date ​ ​ Shares ​ Fair Value Nonvested, June 30, 2023 815,233 ​ $ 36.91 Granted ​ 507,443 ​ ​ 43.43 Vested ​ ( 437,724 ) ​ ​ 36.36 Canceled ​ ( 153,728 ) ​ ​ 37.37 Nonvested, June 30, 2024 ​ 731,224 ​ $ 40.60 Granted ​ 317,490 ​ ​ 85.79 Vested ​ ( 387,471 ) ​ ​ 42.79 Canceled ​ ( 84,389 ) ​ ​ 49.39 Nonvested, June 30, 2025 ​ 576,854 ​ $ 62

reased to $450.8 million from $360.1 million in the prior year, an increase of 25.2%. The increase in operating income was driven by revenue growth and lower selling, general, and administrative expenses. Additionally, we use the non-financial metric of total enrollments to assess performance, as enrollment is a key driver of our revenues. Total enrollments for the year ended June 30, 2026 were 243.9 thousand, an increase of 9.9 thousand, or 4.2%, over the prior year. Our revenues are subject to annual school district financial audits, which incorporate enrollment counts, funding and other routine financial audit considerations. The results from these audits and other routine changes in funding estimates are incorporated into the Company’s monthly funding estimates for the current and prio

lly surrender charges and living income benefit rider charges assessed against policyholder account balances during the period. In the case of variable annuities, revenues include administrative fees assessed to contract holders. These revenues are included within “Other policy revenue” in the Consolidated Statements of Operations. Universal life and single premium whole life revenues represent amounts assessed to policyholders including amounts recorded as “Other policy revenue” in the Consolidated Statements of Operations such as mortality charges, surrender charges actually paid, and earned policy service fees. Amounts included in the Consolidated Statements of Operations as “Policyholder benefits and claims incurred” are claims in excess of account balances returned to policyholders. I