Mezzanine Equity (Tables)

6 Months Ended

Jun. 30, 2026

Temporary Equity Disclosure [Abstract]

Summary of Series A Preferred Units Authorized, Issued, and Outstanding

The following table summarizes the Company’s Series A Preferred Units authorized, issued, and outstanding:


Series	Units Authorized		Units Issued and Outstanding		Issuance Price per Unit		Redemption Value (in thousands) (1)
December 31, 2025
Series A-1		19,167		19,167		600.00	$	20,483
Series A-2		144,808		144,808		83.41		21,511
Total		163,975		163,975			$	41,994

(1)

The Series A Preferred Units are classified as mezzanine equity because they are redeemable at the option of the holders. Non-cash preferred dividends are recorded to increase the carrying value of the preferred units to their redemption amount at each reporting date.

- 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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