REDEEMABLE PREFERRED STOCK (Tables)

12 Months Ended

Dec. 31, 2025

Temporary Equity Disclosure [Abstract]

The table below is a summary of the shares of Class A-1 Preferred Stock at December 31, 2025 (in thousands, except for shares and per share):


(dollars in thousands)	Shares Issued	Carrying Value		Average Issue Price		Liquidation preference
Balance at December 31, 2022	6,967,720	$	70,076	$	8.83	$	82,161
Dividends accrued on Class A-1 redeemable preferred stock	—	10,072		—		10,072
Balance at December 31, 2023	6,967,720	$	80,148	$	8.83	$	92,233
Dividends accrued on Class A-1 redeemable preferred stock	—	13,348		—		13,348
Balance at December 31, 2024	6,967,720	$	93,496	$	8.83	$	105,581
Dividends accrued on Class A-1 redeemable preferred stock	—	7,331		—		7,331
Redemptions of Class A-1 redeemable preferred stock and conversions to Class A common stock upon initial public offering	(6,967,720)	(100,827)		(8.83)		(112,912)
Balance at December 31, 2025	—	$	—	$	—	$	—

- 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.

+ References + Details