[Q1 2025 Financial Performance Overview](index=1&type=section&id=FLAGSTAR%20FINANCIAL%2C%20INC.%20REPORTS%20FIRST%20QUARTER%202025) Flagstar Financial reported a Q1 2025 GAAP net loss of $0.26 per diluted share and an adjusted net loss of $0.23 per share, demonstrating progress in strategic goals and aiming for profitability by Q4 2025 [Key Financial and Operational Highlights](index=1&type=section&id=First%20Quarter%202025%20Summary) Flagstar Financial reported a Q1 2025 GAAP net loss of $0.26 per diluted share and an adjusted net loss of $0.23 per share, demonstrating progress in strategic goals and aiming for profitability by Q4 2025 Key Financial Metrics | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | **Net Loss Attributable to Common Stockholders** | ($108M) | ($196M) | ($335M) | | **GAAP Diluted Loss Per Share** | ($0.26) | ($0.47) | ($1.36) | | **Non-GAAP Adjusted Diluted Loss Per Share** | ($0.23) | ($0.40) | ($0.74) | - Key operational achievements include a **48% linked-quarter decline in net charge-offs**, a **6% decrease in criticized loans**, and a **32% increase in new credit commitments to over $1 billion**[2](index=2&type=chunk) - The company continued to reduce its CRE exposure, with multi-family loans down **$656 million** and CRE loans down **$326 million** from the prior quarter[2](index=2&type=chunk)[12](index=12&type=chunk) [CEO Commentary and Strategic Outlook](index=2&type=section&id=CEO%20COMMENTARY) The CEO emphasized strong financial performance and a robust balance sheet, outlining a 2025 strategy focused on earnings improvement, C&I and Private Bank growth, CRE reduction, and achieving profitability by Q4 2025 through $600 million in cost savings - The company's 2025 focus is on **improving its earnings profile**, executing its **C&I and Private Bank growth strategy**, and continuing to **manage down CRE exposure**[6](index=6&type=chunk) - C&I loan originations grew **over 40% linked-quarter** to **nearly $770 million**, and the company added **15 new commercial bankers**, bringing the total to **75**[6](index=6&type=chunk)[7](index=7&type=chunk) - The company is on pace to meet its **$600 million cost savings goal** and has laid the groundwork for a return to **profitability by the fourth quarter of 2025**[6](index=6&type=chunk)[9](index=9&type=chunk) [Detailed Earnings Analysis](index=4&type=section&id=EARNINGS%20SUMMARY%20FOR%20THE%20THREE%20MONTHS%20ENDED%20MARCH%2031%2C%202025) Net Interest Income decreased due to a smaller balance sheet, while Net Interest Margin stabilized, and non-interest income and expenses reflected strategic adjustments and cost-saving measures [Net Interest Income (NII) and Net Interest Margin (NIM)](index=4&type=section&id=Net%20Interest%20Income%2C%20Net%20Interest%20Margin%2C%20and%20Average%20Balance%20Sheet) Net Interest Income decreased to $410 million due to a smaller balance sheet, while Net Interest Margin stabilized at 1.74% driven by reduced cost of interest-bearing liabilities Net Interest Income and Margin Trends | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | **Net Interest Income ($M)** | $410 | $461 | $624 | | **Net Interest Margin (NIM) (%)** | 1.74% | 1.73% | 2.28% | | **Cost of Total Interest-Bearing Liabilities (%)** | 4.02% | 4.27% | 4.19% | - The linked-quarter decline in NII was driven by a **$3.5 billion (5%) decrease** in average loan balances, a result of **strategic reductions in CRE and C&I portfolios**[19](index=19&type=chunk)[22](index=22&type=chunk) [Non-Interest Income](index=7&type=section&id=Non-Interest%20Income) Non-interest income reached $80 million in Q1 2025, showing an 11% adjusted increase linked-quarter but a 38% year-over-year decrease primarily due to the prior sale of the mortgage business Non-Interest Income Breakdown | (in millions) | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | **Total Non-Interest Income (GAAP) ($M)** | $80 | $164 | $9 | | Net gain on loan sales ($M) | $13 | $5 | $20 | | Fee income ($M) | $22 | $33 | $34 | | **Adjusted Non-Interest Income (Non-GAAP) ($M)** | $80 | $72 | $130 | - The linked-quarter increase in adjusted income was driven by a **$8 million increase** in net gain on loan sales[32](index=32&type=chunk) [Non-Interest Expense](index=8&type=section&id=Non-Interest%20Expense) Non-interest expense decreased 26% linked-quarter to $532 million, with adjusted expenses at $485 million, reflecting successful cost-saving measures in compensation and general administrative categories Non-Interest Expense Breakdown | (in millions) | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | **Total Non-Interest Expense (GAAP) ($M)** | $532 | $718 | $699 | | Compensation and benefits ($M) | $244 | $302 | $333 | | General and administrative ($M) | $147 | $252 | $186 | | **Adjusted Non-Interest Expense (Non-GAAP) ($M)** | $485 | $556 | $621 | - The linked-quarter decrease in adjusted expenses was driven by a **$27 million decline** in compensation and benefits, a **$24 million decrease** in FDIC insurance expense, and a **$21 million decline** in general and administrative costs[35](index=35&type=chunk) [Balance Sheet Analysis](index=3&type=section&id=BALANCE%20SHEET%20SUMMARY%20AS%20OF%20MARCH%2031%2C%202025) Total assets and deposits decreased due to strategic loan reductions and funding management, while the company actively grew its C&I lending business [Asset Composition](index=3&type=section&id=Asset%20Composition) Total assets decreased by 3% to $97.6 billion, primarily due to a $1.7 billion reduction in loans held for investment, reflecting strategic CRE and multi-family loan exposure reduction Asset Composition Overview | Asset Category (in billions) | Q1 2025 | Q4 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Assets ($B)** | $97.6 | $100.2 | -3% | | **Total Loans HFI ($B)** | $66.6 | $68.3 | -2% | | Multi-family Loans ($B) | $33.4 | $34.1 | -2% | | CRE Loans ($B) | $11.5 | $11.8 | -3% | | C&I Loans ($B) | $14.7 | $15.4 | -4% | - The company is actively growing its C&I lending business, with new credit commitments of **$1.05 billion** and new funded loans of **$769 million** in Q1 2025[14](index=14&type=chunk) [Deposits and Funding](index=3&type=section&id=Deposits%20and%20Funding) Total deposits decreased by $2.0 billion to $73.9 billion, driven by mortgage escrow transfers and strategic reduction of higher-cost brokered CDs, alongside a $250 million decline in wholesale borrowings Deposits and Funding Overview | Liability Category (in billions) | Q1 2025 | Q4 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Deposits ($B)** | $73.9 | $75.9 | -3% | | Certificates of Deposit (CDs) ($B) | $25.9 | $27.3 | -5% | | Non-interest-bearing Deposits ($B) | $12.7 | $13.5 | -5% | | **Wholesale Borrowings ($B)** | $13.2 | $13.4 | -2% | - The decline in CDs was driven by a **$1.4 billion payoff** of brokered CDs, in line with the strategy to reduce higher-cost funding[16](index=16&type=chunk) [Credit Quality Analysis](index=9&type=section&id=ASSET%20QUALITY) Asset quality showed mixed trends with declining net charge-offs but increased non-accrual loans, primarily due to a single multi-family borrower relationship [Asset Quality Overview](index=9&type=section&id=Asset%20Quality%20Overview) Asset quality showed mixed trends in Q1 2025, with declining net charge-offs and strong ACL coverage, but an increase in non-accrual loans primarily due to a single multi-family borrower relationship Asset Quality Ratios | Metric | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | **Total ACL % of total loans HFI (%)** | 1.82% | 1.83% | 1.56% | | **NPLs to total loans HFI (%)** | 4.93% | 3.83% | 0.97% | | **Net charge-offs to average loans (annualized) (%)** | 0.68% | 1.23% | 0.39% | - The total allowance for credit losses was **$1.215 billion**, nearly unchanged from the previous quarter's coverage level, reflecting a stable credit outlook despite portfolio changes[41](index=41&type=chunk)[42](index=42&type=chunk) [Non-Performing Assets (NPAs)](index=9&type=section&id=Non-Performing%20Assets) Total non-accrual loans increased by $363 million to $3.3 billion, primarily driven by a single multi-family borrower relationship, which, if excluded, would have shown a decrease Non-Accrual Loans Held for Investment | Non-Accrual Loans HFI (in millions) | Q1 2025 | Q4 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Non-Accrual Loans HFI ($M)** | $3,280 | $2,615 | +25% | | Multi-family ($M) | $2,361 | $1,755 | +35% | | Commercial Real Estate ($M) | $589 | $564 | +4% | - The ratio of non-accrual loans HFI to total loans HFI increased to **4.93%** from **3.83%** in the prior quarter[40](index=40&type=chunk) [Provision and Net Charge-Offs](index=5&type=section&id=Provision%20for%20Credit%20Losses) The provision for credit losses significantly decreased to $79 million due to lower net charge-offs and strategic loan portfolio reductions, with net charge-offs totaling $115 million Provision for Credit Losses and Net Charge-Offs | (in millions) | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | **Provision for Credit Losses ($M)** | $79 | $145 | $315 | | **Net Charge-Offs ($M)** | $115 | $222 | $81 | - The annualized net charge-off rate improved to **0.68%** of average loans, compared to **1.23%** in Q4 2024[28](index=28&type=chunk) [Capital and Liquidity](index=10&type=section&id=CAPITAL%20POSITION) The company maintained a strong capital position, exceeding regulatory minimums, and robust liquidity, providing substantial coverage for uninsured deposits [Capital Position](index=10&type=section&id=Capital%20Position) The company's capital position strengthened, exceeding regulatory minimums with a Common Equity Tier 1 (CET1) ratio improving to 11.90%, positioning it favorably against peers Regulatory Capital Ratios | Regulatory Capital Ratios (Flagstar Financial, Inc.) | Q1 2025 | Q4 2024 | | :--- | :--- | :--- | | **Common equity tier 1 ratio (%)** | 11.90% | 11.83% | | **Tier 1 risk-based capital ratio (%)** | 12.66% | 12.57% | | **Total risk-based capital ratio (%)** | 15.25% | 15.14% | | **Leverage capital ratio (%)** | 8.45% | 7.68% | - Tangible book value per common share was **$17.33**, a slight increase from **$17.30** in the prior quarter[2](index=2&type=chunk)[63](index=63&type=chunk) [Liquidity Position](index=1&type=section&id=Liquidity) The company maintained a strong liquidity position with $30 billion in total liquidity, providing 231% coverage of uninsured deposits and supported by substantial borrowing capacity and high-quality liquid assets - Total liquidity of **$30 billion** provides **231% coverage** on uninsured deposits[2](index=2&type=chunk) - The liquidity position is supported by **$18.1 billion** of available borrowing capacity and high-quality liquid assets[2](index=2&type=chunk)

Core Viewpoint - Flagstar Financial, Inc. reported a net loss of $100 million for Q1 2025, an improvement from previous quarters, indicating progress towards profitability and strategic transformation into a top-performing regional bank [1][2][6]. Asset Quality - Total allowance for credit losses (ACL) was $1,215 million, representing 1.82% of total loans held for investment (HFI), a slight decrease from 1.83% in the previous quarter [1][43]. - Criticized loans declined by $885 million or 6% compared to the prior quarter [1]. - Non-accrual loans held for investment increased to $3,280 million, up 25% from the previous quarter [37]. Loans, Deposits, and Funding - Total loans and leases held for investment decreased by $1.7 billion or 2% to $66.6 billion [8]. - Multi-family loans decreased by $656 million or 2% to $33.4 billion, while commercial real estate (CRE) loans decreased by $326 million or 3% to $11.5 billion [8]. - Total deposits were $73.9 billion, a decrease of $2.0 billion or 3% linked-quarter [13]. Capital - The Common Equity Tier 1 (CET1) capital ratio improved to 11.9%, exceeding peer group levels [1][45]. - Book value per common share was $18.43, and tangible book value per share was $17.33 [1]. Liquidity - The company maintained ample liquidity of $30 billion, representing 231% coverage on uninsured deposits [1][45]. - Available borrowing capacity was $18.1 billion, supported by high-quality liquid assets [1]. Earnings Summary - Net interest income for Q1 2025 was $410 million, down 11% from Q4 2024, primarily due to a smaller balance sheet [17]. - Non-interest income totaled $80 million, a significant decrease from $164 million in the previous quarter [29]. - Total revenues decreased by 22% to $490 million compared to the previous quarter [28]. Non-Interest Expense - Non-interest expense totaled $532 million, down 26% linked-quarter and 24% year-over-year [33]. - Adjusted non-interest expenses were $485 million, reflecting a 13% decrease linked-quarter [34]. Credit Quality - Net charge-offs for Q1 2025 totaled $115 million, down 48% from the previous quarter [27]. - The provision for credit losses decreased by $66 million compared to the previous quarter, attributed to lower net charge-offs [26]. Strategic Focus - The company aims to improve its earnings profile, manage commercial real estate exposure, and enhance credit quality [3][6]. - The addition of 15 bankers to the commercial lending team reflects ongoing efforts to strengthen the business [4].

Company Overview - Flagstar Financial (FLG) is expected to report a quarterly loss of $0.26 per share, reflecting a year-over-year change of +65.3% [3] - Revenues are anticipated to be $522.36 million, down 17.5% from the same quarter last year [3] Earnings Expectations - The earnings report is scheduled for April 25, 2025, and could influence stock movement based on whether the results exceed or fall short of expectations [2] - The consensus EPS estimate has been revised 5.88% higher in the last 30 days, indicating a more optimistic outlook from analysts [4] Earnings Surprise Prediction - The Most Accurate Estimate for Flagstar Financial is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +9.96% [10][11] - The company currently holds a Zacks Rank of 3, suggesting a likelihood of beating the consensus EPS estimate [11] Historical Performance - In the last reported quarter, Flagstar Financial was expected to post a loss of $0.50 per share but actually reported a loss of $0.34, achieving a surprise of +32% [12] - Over the past four quarters, the company has only beaten consensus EPS estimates once [13] Industry Context - Atlantic Union (AUB), a peer in the Zacks Banks - Northeast industry, is expected to report earnings per share of $0.69 for the same quarter, with a year-over-year change of +6.2% [17] - Atlantic Union's revenues are projected to be $220.7 million, up 24.6% from the previous year [17] - The consensus EPS estimate for Atlantic Union has been revised down by 1.8% in the last 30 days, and it currently has an Earnings ESP of 0.00% with a Zacks Rank of 4 [18]

Flagstar Financial, Inc. (NYSE: FLG ) is a stock that I began covering last June and again later in September . In both cases, I rated it a Buy on its discount to tangible book value per shareI analyze securities based on value investing, an owner's mindset, and a long-term horizon. I don't write sell articles as those are considered short theses, and I never recommend shorting.Former advisory representative at Fidelity. I do my own investing now and share my research here.Analyst’s Disclosure: I/we have no ...

HICKSVILLE, N.Y., April 2, 2025 /PRNewswire/ -- Flagstar Financial, Inc. (NYSE: FLG) (the "Company") today announced that it plans to issue results for the three months ended March 31, 2025 at approximately 6:00 a.m. Eastern Time (ET) on Friday, April 25, 2025. The earnings release and presentation will be posted to the Investor Relations portion of the Company's website, ir.flagstar.com shortly after issuance.  The Company will conduct a conference call at 8:00 a.m. (ET) on the same date, during which Chai ...

Core Insights - Flagstar Bank has appointed Mark Pittsey as Executive Vice President, Head of Private Banking and Wealth Management, to drive growth in these sectors [1][2][3] - Pittsey brings extensive experience from HSBC, Deutsche Bank, and Wells Fargo, where he managed significant assets and led large teams [2][4] - The bank aims to enhance its private banking and wealth management offerings through an integrated approach to meet the needs of high-net-worth clients [2][3] Company Overview - Flagstar Financial, Inc. is the parent company of Flagstar Bank, one of the largest regional banks in the U.S., headquartered in Hicksville, New York [5] - As of December 31, 2024, the company reported $100.2 billion in assets, $69.2 billion in loans, $75.9 billion in deposits, and $8.2 billion in total stockholders' equity [5] - Flagstar Bank operates over 400 locations across 10 states, with a strong presence in the Northeast and Midwest, and has approximately 80 private banking teams [6]

Loan and Credit Risk - As of December 31, 2024, the company's total loans and leases held for investment included $34.1 billion (49.9%) in multi-family loans and $8.7 billion (12.7%) in commercial real estate loans[163]. - The commercial real estate loan portfolio included $2.4 billion (27.7%) secured by office buildings, which may face future losses due to declining occupancy and rental rates[164]. - The concentration in multi-family and commercial real estate loans exposes the company to increased lending risks and potential loan losses[163]. - Economic weakness in the New York City metropolitan region could adversely impact the company's financial condition and results of operations[166]. - The company may need to increase its allowance for credit losses due to growth in the loan portfolio, which would reduce net income[163]. - Economic conditions could adversely affect the value of loans and securities, leading to increased loan delinquencies and potential losses[196]. Regulatory and Compliance Risks - Approximately 21.2% of the company's total deposits of $75.9 billion were not FDIC-insured as of December 31, 2024[173]. - The company is subject to comprehensive supervision and regulation by the FRB and OCC, which includes maintaining minimum capital requirements[180]. - Failure to meet capital requirements could result in limitations on the company's activities, including the ability to pay dividends and conduct business expansions[180]. - The company is classified as a Category IV banking organization, subject to enhanced liquidity risk management requirements[183]. - Non-compliance with the Bank Secrecy Act could result in significant civil monetary penalties and reputational damage[184]. - The company must comply with various consumer protection laws, including the Community Reinvestment Act, to avoid regulatory sanctions[190]. - Regulatory changes could impose additional capital or liquidity requirements, adversely affecting the company's operations and financial condition[180]. - The company is subject to regulatory capital requirements that may change, potentially leading to more stringent capital or liquidity requirements[198]. - The company faces risks related to credit loss provisions that may need to be adjusted based on regulatory reviews, potentially affecting financial results[162]. Dividend and Capital Management - The company is currently paying quarterly cash dividends at $0.01 per share, with potential regulatory changes posing risks to future dividend payments[175]. - The inability to receive dividends from the subsidiary bank could impact the company's ability to maintain or increase cash dividends to stockholders[176]. - Series B Preferred Stock dividends are payable at a rate of 13% per annum, payable quarterly and in arrears[178]. - Non-payment of dividends on Series A and Series B Preferred Stock could limit the company's ability to declare or pay dividends in the future[178]. - The company may need to raise additional capital in the future, which could dilute existing shareholders' ownership[200]. Operational and Strategic Risks - The company is undergoing significant changes in its Board of Directors and executive leadership, with multiple resignations and new appointments, which may create uncertainties for its business[213][214]. - The Board of Directors approved a new 2025-2027 Strategic Plan focused on transforming the Company into a top-tier regional bank, creating a customer-centric culture, and establishing effective risk management[215]. - The Company is pursuing a plan to diversify its loan portfolio by reducing its commercial real estate concentration, which may take considerable time and management attention[219]. - There are risks associated with the diversification process, including potential disruptions to business operations, loss of key employees, and failure to achieve anticipated benefits[220]. - The Company faces operational risks from reliance on third-party providers for key business functions, which could adversely impact service delivery and financial performance[209]. - The Company may experience challenges in integrating operations from recent acquisitions, which could hinder expected benefits[202]. Cybersecurity and Technology Risks - Cybersecurity risks have heightened, with potential breaches leading to increased expenses and reputational damage[205]. - The Company is exposed to cybersecurity risks and must maintain disclosure controls to notify investors of material incidents, which could have financial, legal, or reputational consequences[208]. - Compliance with evolving cybersecurity regulations may impose additional operational burdens and costs on the company[206]. - The Company could be adversely affected by extraordinary events beyond its control, such as natural disasters or geopolitical instabilities, impacting its financial condition and operations[225]. - The Company may face challenges in keeping pace with technological changes, which could impact its competitiveness in the market[210]. - The company's stress testing processes rely on potentially inadequate models, which could lead to unexpected losses[204]. Environmental, Social, and Governance (ESG) Risks - Increasing scrutiny on environmental, social, and governance (ESG) practices may lead to higher operational costs for the company[227]. - Failure to comply with ESG regulations could negatively impact the company's reputation and stock price[227]. - New government regulations may introduce more stringent ESG oversight and reporting requirements[227]. - Concerns over climate change may lead to changes in investor, consumer, and business behavior, affecting the company's operations[227]. - The company may face cost increases and asset value reductions due to climate change-related impacts[227]. - Creditworthiness of some customers may decline due to climate change considerations[227]. - Investors may choose not to invest in the company's securities based on climate change-related factors[227]. - The company's risk management efforts may not fully mitigate the impacts of new laws and regulations[227].

Company Overview - Flagstar Financial, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the United States, headquartered in Hicksville, New York [4] - As of December 31, 2024, the company reported total assets of $100.2 billion, loans amounting to $69.2 billion, deposits of $75.9 billion, and total stockholders' equity of $8.2 billion [4] Annual Meeting Details - The 2025 Annual Meeting of Shareholders is scheduled for June 4, 2025, to be held virtually starting at 10:00 a.m. Eastern Time [1] - The record date for voting at the Annual Meeting is set for April 7, 2025, allowing shareholders on this date to receive notice and vote [2] - Additional details regarding participation in the Annual Meeting will be provided in the Company's Proxy Statement and Notice of Annual Meeting, which will be filed with the Securities and Exchange Commission [3] Bank Operations - Flagstar Bank operates 418 branches, with a strong presence in the Northeast and Midwest, and locations in high-growth markets in the Southeast and West Coast [5] - The bank has approximately 80 private banking teams across over 10 cities in the metropolitan New York City region and on the West Coast, catering to high-net-worth individuals and their businesses [5]

Core Viewpoint - Flagstar Bank is engaging with nonprofit and community leaders to enhance its Community Reinvestment Act (CRA) strategies, focusing on actionable support for low- and moderate-income (LMI) communities [1][2][3] Group 1: Community Engagement and Strategy - The discussions aim to identify strategies for equitable access to credit, affordable housing, and sustainable economic opportunities for LMI communities [2][3] - A strategic advisory group is intended to be formalized to ensure ongoing dialogue and effective community engagement [2][7] - The initiative reflects Flagstar's commitment to not only meet regulatory requirements but also to foster sustainable growth and create lasting positive impacts in the communities served [3] Group 2: Company Overview - Flagstar Financial, Inc. is the parent company of Flagstar Bank, which is one of the largest regional banks in the U.S., with assets totaling $100.2 billion as of December 31, 2024 [4] - The bank operates 418 branches, primarily in the Northeast and Midwest, with a growing presence in the Southeast and West Coast [5]

Core Viewpoint - Flagstar Financial, Inc. has declared a quarterly cash dividend of $0.01 per share on its common stock, payable on March 17, 2025, to stockholders of record as of March 7, 2025 [1] Group 1: Company Overview - Flagstar Financial, Inc. is the parent company of Flagstar Bank, N.A., one of the largest regional banks in the United States, headquartered in Hicksville, New York [2] - As of December 31, 2024, the company reported total assets of $100.2 billion, loans amounting to $69.2 billion, deposits of $75.9 billion, and total stockholders' equity of $8.2 billion [2] Group 2: Operations and Market Presence - Flagstar Bank operates 418 branches, with a strong presence in the Northeast and Midwest, and locations in high-growth markets in the Southeast and West Coast [3] - The bank has approximately 80 private banking teams across over 10 cities in the metropolitan New York City region and on the West Coast, catering to high-net-worth individuals and their businesses [3] Group 3: Dividend Information - The company declared a quarterly cash dividend on its Fixed-to-Floating Rate Noncumulative Perpetual Preferred Stock, Series A, at a rate of $15.94 per preferred share, equating to $0.3984 for each depositary share [6] - A quarterly cash dividend of $3.3333 per share was declared for its Series B Noncumulative Convertible Preferred Stock, and for its Series D Non-Voting Common Equivalent Stock, payable on March 17, 2025, to holders of record as of March 7, 2025 [6]