| Shares Issued and Outstanding and Carrying Amount of Preferred Stock |
The number of shares issued and outstanding and the carrying amount of each outstanding series of the Company’s preferred stock were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | December 31, 2025 | | (Dollars in Millions) | Shares Issued and Outstanding | Liquidation Preference | Discount | Carrying Amount | Shares Issued and Outstanding | Liquidation Preference | Discount | Carrying Amount | | Series A | 12,510 | $ | 1,251 | | $ | 145 | | $ | 1,106 | | 12,510 | $ | 1,251 | | $ | 145 | | $ | 1,106 | | | Series B | 40,000 | 1,000 | | — | | 1,000 | | 40,000 | 1,000 | | — | | 1,000 | | | Series J | 40,000 | 1,000 | | 7 | | 993 | | 40,000 | 1,000 | | 7 | | 993 | | | Series K | 23,000 | 575 | | 10 | | 565 | | 23,000 | 575 | | 10 | | 565 | | | Series L | 20,000 | 500 | | 14 | | 486 | | 20,000 | 500 | | 14 | | 486 | | | Series M | 30,000 | 750 | | 21 | | 729 | | 30,000 | 750 | | 21 | | 729 | | | Series N | 60,000 | 1,500 | | 8 | | 1,492 | | 60,000 | 1,500 | | 8 | | 1,492 | | | Series O | 18,000 | 450 | | 13 | | 437 | | 18,000 | 450 | | 13 | | 437 | | Total preferred stock(a) | 243,510 | $ | 7,026 | | $ | 218 | | $ | 6,808 | | 243,510 | $ | 7,026 | | $ | 218 | | $ | 6,808 | |
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