| Preferred Stock |
At June 30, 2025 and December 31, 2024, the Company had authority to issue 50 million shares of preferred stock. The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | December 31, 2024 | | (Dollars in Millions) | Shares Issued and Outstanding | Liquidation Preference | Discount | Carrying Amount | Shares Issued and Outstanding | Liquidation Preference | Discount | Carrying Amount | | Series A | 12,510 | $ | 1,251 | | $ | 145 | | $ | 1,106 | | 12,510 | $ | 1,251 | | $ | 145 | | $ | 1,106 | | | Series B | 40,000 | 1,000 | | — | | 1,000 | | 40,000 | 1,000 | | — | | 1,000 | | | Series J | 40,000 | 1,000 | | 7 | | 993 | | 40,000 | 1,000 | | 7 | | 993 | | | Series K | 23,000 | 575 | | 10 | | 565 | | 23,000 | 575 | | 10 | | 565 | | | Series L | 20,000 | 500 | | 14 | | 486 | | 20,000 | 500 | | 14 | | 486 | | | Series M | 30,000 | 750 | | 21 | | 729 | | 30,000 | 750 | | 21 | | 729 | | | Series N | 60,000 | 1,500 | | 8 | | 1,492 | | 60,000 | 1,500 | | 8 | | 1,492 | | | Series O | 18,000 | 450 | | 13 | | 437 | | 18,000 | 450 | | 13 | | 437 | | Total preferred stock(a) | 243,510 | $ | 7,026 | | $ | 218 | | $ | 6,808 | | 243,510 | $ | 7,026 | | $ | 218 | | $ | 6,808 | |
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