On February 18, 2026, Granite Construction Inc. agreed to exchange $100 million of its 3.75% Convertible Senior Notes for cash and possibly stock, based on its stock price during the next trading period; if the average price exceeds $140, part of the consideration will be in shares. This deal is expected to reduce the total outstanding Convertible Notes to $273.75 million and may lower the diluted share count by approximately 2.2 million shares.