REDEEMABLE PREFERRED STOCK	3 Months Ended
Mar. 31, 2026
REDEEMABLE PREFERRED STOCK
REDEEMABLE PREFERRED STOCK	NOTE 8 –REDEEMABLE PREFERRED STOCK In May 2024, the Company entered into a Series B Preferred Stock and Warrant purchase agreement with certain investors, pursuant to which such investors agreed to purchase 962,632 shares of Series B preferred stock (“Preferred Stock”) together with warrants exercisable for up to 23,739,914 shares of Class A common stock of the Company, for aggregate consideration of $934.6 million. The Preferred Stock has an initial value of $1,000.00 per share and accrues cumulative dividends of 15% per year, with a 1% increase on the fourth anniversary and on each subsequent anniversary of the issue date, up to a maximum of 19% per year. The dividends will continue to accrue unless specifically elected to be paid in cash by the Company and declared by the Company’s Board of Directors. Dividends are recorded when declared. Accumulated dividends totaled approximately $114.4 million and $147.7 million as of March 31, 2026 and December 31, 2025, respectively. The holders of Preferred Stock do not participate in dividends declared on common stock. On September 19, 2025, the Company redeemed 411,420 shares of Preferred Stock for an aggregate redemption price of $525.0 million, representing the stated value of the Preferred Stock plus the aggregate accrued and unpaid dividends multiplied by 103.0% per the Series B Preferred Stock and Warrant purchase agreement. On March 6, 2026, the Company redeemed 189,050 shares of Preferred Stock for an aggregate redemption price of approximately $250.0 million, representing the stated value of the Preferred Stock plus the aggregate accrued and unpaid dividends multiplied by 101.5% per an amendment to the Series B Preferred Stock and Warrant purchase agreement As of March 31, 2026 and December 31, 2025, there were 362,162 and 551,212 shares, respectively, of Preferred Stock issued and outstanding recorded as redeemable preferred stock on the condensed consolidated balance sheets.

REDEEMABLE PREFERRED STOCK

3 Months Ended

Mar. 31, 2026

NOTE 8 –REDEEMABLE PREFERRED STOCK

In May 2024, the Company entered into a Series B Preferred Stock and Warrant purchase agreement with certain investors, pursuant to which such investors agreed to purchase 962,632 shares of Series B preferred stock (“Preferred Stock”) together with warrants exercisable for up to 23,739,914 shares of Class A common stock of the Company, for aggregate consideration of $934.6 million. The Preferred Stock has an initial value of $1,000.00 per share and accrues cumulative dividends of 15% per year, with a 1% increase on the fourth anniversary and on each subsequent anniversary of the issue date, up to a maximum of 19% per year. The dividends will continue to accrue unless specifically elected to be paid in cash by the Company and declared by the Company’s Board of Directors. Dividends are recorded when declared. Accumulated dividends totaled approximately $114.4 million and $147.7 million as of March 31, 2026 and December 31, 2025, respectively. The holders of Preferred Stock do not participate in dividends declared on common stock.

On September 19, 2025, the Company redeemed 411,420 shares of Preferred Stock for an aggregate redemption price of $525.0 million, representing the stated value of the Preferred Stock plus the aggregate accrued and unpaid dividends multiplied by 103.0% per the Series B Preferred Stock and Warrant purchase agreement.

On March 6, 2026, the Company redeemed 189,050 shares of Preferred Stock for an aggregate redemption price of approximately $250.0 million, representing the stated value of the Preferred Stock plus the aggregate accrued and unpaid dividends multiplied by 101.5% per an amendment to the Series B Preferred Stock and Warrant purchase agreement

As of March 31, 2026 and December 31, 2025, there were 362,162 and 551,212 shares, respectively, of Preferred Stock issued and outstanding recorded as redeemable preferred stock on the condensed consolidated balance sheets.