 

Three Months Ended March 31,

(in thousands, except share and per share amounts)

 

2026

 

2025

Net income (loss)

 

$

106,336

 

$

38,024

Undeclared dividends on redeemable preferred stock

(23,939)

(39,504)

Loss on redemption of redeemable preferred stock

(40,074)

—

Net income (loss) available to common stockholders

42,323

(1,480)

Weighted-average common shares outstanding:

Basic

45,836,749

45,551,279

Dilutive impact of stock awards outstanding

3,770,061

—

Dilutive impact of warrants to purchase common stock outstanding

99,668,331

—

Diluted

149,275,141

45,551,279

Net income (loss) available to common stockholders per share:

Basic

$

0.92

$

(0.03)

Diluted

$

0.28

$

(0.03)