Equity and Mezzanine Equity (Tables)

6 Months Ended

Jun. 30, 2026

The Company exchanged its Common Stock for the Company's Series B Convertible Preferred Stock (the "Series B Preferred Stock") and Series D Preferred Stock (together with Series B Preferred Stock and Series D Preferred Stock, the "Preferred Stock"), in the following transactions with the unaffiliated holders of the Company’s securities during the six months ended June 30, 2026 and 2025:


	Shares Issued	Shares Exchanged
Date	Common Stock	Series B Preferred Stock	Series D Preferred Stock
2025:
January 7, 2025	—	1,000	1,000
January 16, 2025	4	82,400	82,400
March 4, 2025	13	54,774	54,774
April 10, 2025	114	102,700	102,700
April 25, 2025	47	20,000	20,000















2025 Total	178	260,874	260,874
2026:
January 8, 2026	311	4,000	2,000
January 9, 2026	660	8,500	4,250
February 6, 2026	7,321	38,200	19,100
February 25, 2026	—	2	1
February 26, 2026	1,000	4,000	2,000
April 20, 2026	1,250	2,000	1,000
April 24, 2026	650	1,000	500
May 1, 2026	1,675	2,394	1,197
May 4, 2026	3,250	5,000	2,500
May 21, 2026	37,892	30,314	15,157
May 28, 2026	7,140	5,600	2,800
June 22, 2026	17,316	16,492	4,123
June 26, 2026	5,059	2,468	617
June 30, 2026	35,691	19,280	1,500
2026 Total	119,215	139,250	56,745

The Company entered into subscription agreements with certain investors pursuant to which the Company issued Series D Preferred Stock in consideration for Cedar Preferred Stock held by such investors. Immediately following the closing of each transaction, the Company contributed the acquired Cedar Preferred Stock to Cedar. and those shares were retired. The following transactions occurred during the six months ended June 30, 2026; no such transactions occurred during the six months ended June 30, 2025:


	Shares Issued	Shares Retired
Date	Series D Preferred Stock	Cedar Series B Preferred Stock	Cedar Series C Preferred Stock






2026:
January 23, 2026	17,000	—	34,000
February 20, 2026	10,000	—	20,000
February 26, 2026	80,000	—	120,000
March 16, 2026	80,000	—	120,000
April 1, 2026	66,666	10,000	90,000
May 11, 2026	28,000	4,950	37,050
2026 Total	281,666	14,950	421,050

Schedule of Changes in Carrying Value of Series D Preferred

The changes in the carrying value of the Series D Preferred Stock for the six months ended June 30, 2026 and 2025 are as follows (in thousands, except per share data):


	Series D Preferred Stock
	Shares	Value
Balance December 31, 2025	1,507,205	$	63,204
Accretion to liquidation preference (1)	—	(827)
Series D Preferred Stock redemptions (2)	(17,902)	(940)
Preferred Stock exchanges (3)	(27,351)	(1,158)
Issued Preferred Stock in consideration for Cedar Preferred Stock	187,000	5,502
Undeclared dividends	—	1,533
Balance March 31, 2026	1,648,952	67,314
Paid-in-kind interest, issuance of Preferred Stock (4)	49,618	1,786
Accretion to liquidation preference (5)	—	(1,033)
Series D Preferred Stock redemptions (6)	(26,645)	(1,215)
Preferred Stock exchanges	(29,394)	(1,205)
Issued Preferred Stock in consideration for Cedar Preferred Stock	94,666	2,854
Undeclared dividends	—	1,698
Balance June 30, 2026	1,737,197	$	70,199

(1) The Series D Preferred Stock issued in consideration for Cedar Preferred Stock was adjusted to carrying value for $0.8 million.

(2) The value is net of the April 2026 Holder Redemption Date redemption liquidation value of $0.2 million, which was represented as a liability; however, the corresponding 5,200 shares have not been adjusted for as they remained outstanding at March 31, 2026.

(3) The result of issuing Common Stock in exchange for the Series D Preferred Stock.

(4) See Note 6 for additional details.

(5) The Series D Preferred Stock issued for paid-in-kind interest on the Convertible Notes was adjusted to carrying value for $0.5 million and the

Series D Preferred Stock issued for exchanging Cedar Preferred Stock was adjusted to carrying value for $0.5 million.

(6) The value is net of the July 2026 Holder Redemption Date redemption liquidation value of $0.3 million, which is represented as a liability; however, the corresponding 8,200 shares have not been adjusted for as they remained outstanding at June 30, 2026.


	Series D Preferred Stock
	Shares	Value
Balance December 31, 2024	2,236,046	$	84,625
Series D Preferred Stock redemptions (1)	(193,951)	(5,274)
Preferred Stock exchanges	(138,174)	(5,542)
Undeclared dividends	—	1,856
Balance March 31, 2025	1,903,921	75,665
Paid-in-kind interest, issuance of Preferred Stock (2)	58,118	2,006
Accretion to liquidation preference (3)	—	(553)
Series D Preferred Stock redemptions (4)	(63,160)	(1,466)
Preferred Stock exchanges	(122,700)	(5,005)
Undeclared dividends	—	1,610
Balance June 30, 2025	1,776,179	$	72,257

(1) The value is net of the April 2025 Holder Redemption Date redemption liquidation value of $1.6 million, which is represented as a liability; however, the corresponding 38,990 shares have not been adjusted for as they remained outstanding at March 31, 2025.

(2) See Note 6 for additional details.

(3) The Series D Preferred Stock issued for paid-in-kind interest on the Convertible Notes was adjusted to carrying value.

(4) The value is net of the July 2025 Holder Redemption Date redemption liquidation value of $0.5 million, which is represented as a liability; however, the corresponding 11,490 shares have not been adjusted for as they remained outstanding at June 30, 2025.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table summarizes the potential dilution of conversion of Series B Preferred Stock, Series D Preferred Stock and Convertible Notes into the Company's Common Stock. The Series B Preferred Stock have been excluded from the Company’s diluted earnings per share calculation for the three month period ending on June 30, 2026 because their inclusion would be antidilutive. The Series B Preferred Stock and Series D Preferred Stock have been excluded from the Company’s diluted earnings per share calculation for the six month period ending on June 30, 2026 because their inclusion would be antidilutive.


	June 30, 2026
	Outstanding shares	Potential Dilutive Shares
Series B Preferred Stock	2,575,368	—
Series D Preferred Stock	1,737,197	2,799,959
Convertible Notes	—	2,118,547

Schedule of Dividends Declared

The following table summarizes the Series D Preferred Stock dividends (in thousands, except for per share amounts):


	Series D Preferred Stock
Arrears Date	Undeclared Dividends		Per Share
For the six months ended June 30, 2026	$	3,231	$	1.99

For the six months ended June 30, 2025	$	3,466	$	1.95

- Definition

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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