| Changes in Mezzanine Equity |
The following table presents the changes in the Company’s mezzanine equity during the six months ended June 30, 2026:
| |
|
Shares
|
|
|
Amount
|
|
| |
|
|
|
|
(In thousands)
|
|
Series F Preferred Stock as of December 31, 2025
|
|
|
121,050 |
|
|
$
|
136,146 |
|
|
Redemption of Series F Preferred Stock
|
|
|
(13,727 |
)
|
|
|
(34,474 |
)
|
|
Conversion of Series F Preferred Stock
|
|
|
(29,323 |
)
|
|
|
(36,655 |
)
|
|
Adjustment to maximum redemption value
|
|
|
—
|
|
|
|
(22,193 |
)
|
|
Agreement amendment fees
|
|
|
—
|
|
|
|
(380 |
)
|
|
Undeclared dividends
|
|
|
—
|
|
|
|
780 |
|
Series F Preferred Stock as of June 30, 2026
|
|
|
78,000 |
|
|
$
|
43,224 |
|
|
| Remeasurement of Series F Preferred Stock |
The following table presents the components of Series F Preferred Stock declared dividends, Series F Preferred Stock undeclared dividends, and the remeasurement of Series F Preferred Stock reflected on the accompanying condensed consolidated statements of operations for the periods indicated:
| |
|
Three Months Ended
June 30,
|
|
|
Six Months Ended
June 30,
|
|
| |
|
2026
|
|
|
2025
|
|
|
2026
|
|
|
2025
|
|
| |
|
(In thousands)
|
|
|
Series F Preferred Stock declared dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversions of Series F Preferred Stock
|
|
$
|
(71 |
)
|
|
$
|
— |
|
|
$
|
(254 |
)
|
|
$
|
— |
|
|
Dividend payments
|
|
|
(2,527 |
)
|
|
|
(3,289 |
)
|
|
|
(6,014 |
)
|
|
|
(3,289 |
)
|
|
Series F Preferred Stock declared dividends
|
|
$
|
(2,598 |
)
|
|
$
|
(3,289 |
)
|
|
$
|
(6,268 |
)
|
|
$
|
(3,289 |
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series F Preferred Stock undeclared dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior period undeclared dividend declared in current period
|
|
$
|
966 |
|
|
$
|
— |
|
|
$
|
966 |
|
|
$
|
— |
|
|
Adjustment to maximum redemption value at end of period
|
|
|
(780 |
)
|
|
|
(1,402 |
)
|
|
|
(1,746 |
)
|
|
|
(1,647 |
)
|
|
Series F Preferred Stock undeclared dividends
|
|
$
|
186 |
|
|
$
|
(1,402 |
)
|
|
$
|
(780 |
)
|
|
$
|
(1,647 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Remeasurement of Series F Preferred Stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conversions of Series F Preferred Stock
|
|
$
|
(785 |
)
|
|
$
|
(350 |
)
|
|
$
|
(3,674 |
)
|
|
$
|
(975 |
)
|
|
Adjustment to maximum redemption value for the redemption of Series F Preferred Stock
|
|
|
(46,941 |
)
|
|
|
— |
|
|
|
(46,941 |
)
|
|
|
— |
|
|
Fair value adjustment for Series F Preferred Stock embedded derivative at redemption
|
|
|
(7,396 |
)
|
|
|
— |
|
|
|
(7,396 |
)
|
|
|
— |
|
|
Fair value adjustment for Series F Preferred Stock Anniversary Warrants at redemption
|
|
|
51,324 |
|
|
|
— |
|
|
|
51,324 |
|
|
|
— |
|
|
Adjustment to maximum redemption value at end of period
|
|
|
90,987 |
|
|
|
17,861 |
|
|
|
76,787 |
|
|
|
(72,126 |
)
|
|
Remeasurement of Series F Preferred Stock
|
|
$
|
87,189 |
|
|
$
|
17,511 |
|
|
$
|
70,101 |
|
|
$
|
(73,101 |
)
|
|