Note 13. Redeemable Preferred Stock

The Company is authorized to issue up to 250,000 shares of preferred stock, par value $0.01 per share, in one or more series, of which 105,875 shares were designated as 5% Series B Cumulative Convertible Perpetual Preferred Stock (“Series B Preferred Stock”), with a liquidation preference of $1,000.00 per share, in March 2005.

Series B Preferred Stock

As of April 30, 2026 and October 31, 2025, there were 64,020 shares of Series B Preferred Stock issued and outstanding, with a carrying value of $59.9 million. Dividends of $0.8 million were paid in cash during each of the three month periods ended April 30, 2026 and 2025, and dividends of $1.6 million were paid in cash during each of the six month periods ended April 30, 2026 and 2025.