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REDEEMABLE PREFERRED STOCK (Tables)

3 Months Ended

Mar. 31, 2026

Temporary Equity Disclosure [Abstract]

The following tables represent the shares of redeemable preferred stock issued and outstanding classified as mezzanine equity as of March 31, 2026 and December 31, 2025 (in thousands, except share and per share amounts):


	March 31, 2026
	Shares Issued and Outstanding	Original Issuance Price per Share		Carrying Value		Aggregate Liquidation Preference
Series I	10,000	$	1,000	$	10,000	$	15,550
Series K	365,000	$	1,000	365,000		575,943
Series L	115,000	$	1,000	94,031		115,000
Gross	490,000			469,031		$	706,493
Issuance costs				(14,681)
Total				$	454,350


	December 31, 2025
	Shares Issued and Outstanding	Original Issuance Price per Share		Carrying Value		Aggregate Liquidation Preference
Series I	10,000	$	1,000	$	10,000	$	15,134
Series K	365,000	$	1,000	365,000		562,067
Series L	115,000	$	1,000	94,031		115,000
Series N	50,000	$	1,000	49,812		55,000
Series O	254,893	$	1,000	253,998		280,382
Gross	794,893			772,841		$	1,027,583
Issuance costs				(14,814)
Total				$	758,027

The table below presents the aggregate and per share dividends that have accumulated as of March 31, 2026 and December 31, 2025 for each class of redeemable preferred stock (in thousands, except per share amounts):


	March 31, 2026				December 31, 2025
	Aggregate Accumulated and Undeclared Dividends		Accumulated and Undeclared Dividend per Share		Aggregate Accumulated and Undeclared Dividends		Accumulated and Undeclared Dividend per Share
Series I	$	5,550	$	555.04	$	5,134	$	513.42
Series K	$	210,943	$	577.93	$	197,067	$	539.91
Series M	$	—	$	—	$	6,101	$	253.93

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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