Three Months Ended

Six Months Ended

June 30,

(in millions)

2025

2024

2025

2024

Net (loss) earnings

$

(26

)

$

26

$

(33

)

$

58

Less: Series B Preferred stock cash dividends

(1

)

(1

)

(2

)

(2

)

Less: Series C Preferred stock in-kind dividends

(1

)

(2

)

(3

)

(3

)

Less: Preferred stock deemed dividends

(1

)

—

(1

)

(1

)

Less: Earnings attributable to Series C Preferred shareholders

—

(3

)

—

(7

)

Net (loss) earnings available to common shareholders - basic

$

(29

)

$

20

$

(39

)

$

45

Effect of dilutive securities:

Add back: Series B preferred stock cash and deemed  
   dividends

$

—

$

1

$

—

$

3

Net (loss) earnings available to common shareholders - diluted

$

(29

)

$

21

$

(39

)

$

48