Three Months Ended

March 31,

(in millions)

2025

2024

Net (loss) earnings

$

(7

)

$

32

Less: Series B Preferred stock cash dividends

(1

)

(1

)

Less: Series C Preferred stock in-kind dividends

(2

)

(1

)

Less: Preferred stock deemed dividends

—

(1

)

Less: Earnings attributable to Series C Preferred shareholders

—

(4

)

Net (loss) earnings available to common shareholders - basic

$

(10

)

$

25

Effect of dilutive securities:

Add back: Series B preferred stock cash and deemed dividends

$

—

$

2

Net earnings available to common shareholders - diluted

$

(10

)

$

27