Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2026

Preferred Stock

Schedule of convertible preferred stock

As at March 31, 2026 and December 31, 2025, preferred stock consisted of the following:


March 31, 2026
(unaudited)
(in thousands, except share and per share data)		Shares				Issued and				Carrying					Preference
Series		Designated				Outstanding				Value					per Share
A			5,524,926				—			$		—			$		—
B			11,000				—					—					—
B-1			63				—					—					—
B-2			10,165				—					—					—
C			1,011,000				—					—					—
D			977,300				—					—					—
E			10				—					—					—
F			10				—					—					—
G			137				—					—					—
H			105				—					—					—
I			118				—					—					—
J			179				—					—					—
K			—				—					—					—
L			121				—					—					—
M			260				—					—					—
N			951				—					—					—
Total			7,536,345				—			$		—			$		—


December 31, 2025
															Liquidation
(in thousands, except share and per share data)		Shares				Issued and				Carrying					Preference
Series		Designated				Outstanding				Value					per Share
A			5,524,926				—			$		—			$		—
B			11,000				—					—					—
B-1			63				—					—					—
B-2			10,165				—					—					—
C			1,011,000				—					—					—
D			977,300				—					—					—
E			10				—					—					—
F			10				—					—					—
G			137				—					—					—
H			105				—					—					—
I			118				—					—					—
J			179				—					—					—
K			—				—					—					—
L			121				121					2,485					—
M			260				144					—					—
N			951				10					—					—
Total			7,536,345				275			$		2,485			$		—

•

Series L Preferred Stock: Liquidation preference is equal to the stated value of $25,000 per share plus any accrued but unpaid dividends.

•

Series M Preferred Stock: Liquidation preference is equal to the stated value of $25,000 per share plus any accrued but unpaid preferred return.

•

Series N Preferred Stock: Liquidation preference is equal to the stated value of $2,500 per share plus any accrued but unpaid dividends.

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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