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Dividend Policy for the Series B Mandatory Convertible Preferred Stock
−Removed: On October 10 2024, we issued 30,000,000 shares of our Series B mandatory convertible preferred stock, for total proceeds of $1,462.5 million (after deducting underwriting discounts but before offering expenses).
The Series B mandatory convertible preferred stock accumulates dividends at a rate per annum equal to 6.75% on the liquidation preference thereof, payable when, as and if declared by the our board of directors, out of funds legally available for their payment to the extent paid in cash, quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, beginning on January 1, 2025 and concluding on October 1, 2027.
As of December 31, 2025, we had 30,000,000 shares of our Series B mandatory convertible preferred stock outstanding.
−Removed: During 2024, we declared dividends of $0.759375 per share, totaling approximately $22.8 million payable on January 1, 2025 to holders of record of shares of the Series B mandatory convertible preferred stock.
−Removed: In February 2025, our board of directors declared a quarterly dividend of $0.84375 per share, amounting to $25.3 million payable on April 1, 2025 to holders of record of shares of the Series B mandatory convertible preferred stock on March 15, 2025.
+Added: During 2024, we declared dividends of $0.759375 per share to holders of record of shares of the Series B mandatory convertible preferred stock with respect to the fourth quarter of 2024, or approximately $22.8 million.
+Added: During 2025, we declared a dividend each quarter of $0.84375 (totaling $3.375 annually) per share to holders of record of shares of the Series B mandatory convertible preferred stock, or approximately $101.3 million.
+Added: In February 2026, our board of directors declared a quarterly dividend of $0.84375 per share of Series B mandatory convertible preferred stock payable on April 1, 2026 to preferred stockholders of record on March 15, 2026.
Dividend Policy for Class A and Non-Voting Common Stock
30 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.