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Redeemable Stock of Subsidiary

6 Months Ended

Jun. 30, 2026

Temporary Equity Disclosure [Abstract]

In August 2019, Calcasieu Funding issued 9 million redeemable preferred units (the "CP Funding Redeemable Preferred Units"). The Redeemable Preferred Units incurred cumulative, quarterly distributions which were paid in cash or in-kind by increasing the face value of the CP Funding Redeemable Preferred Units. These distributions were recognized as net income attributable to redeemable stock of subsidiary on the condensed consolidated statements of operations.

In April 2026, Calcasieu Funding fully redeemed the CP Funding Redeemable Preferred Units for $1.6 billion with proceeds from the issuance of the Calcasieu Funding TLB Facility. The redemption removed the requirement to settle accrued distributions on the CP Funding Redeemable Preferred Units before distributing available cash to VGLNG or its affiliates. See Note 8 – Debt for further discussion.

The following table summarizes the change in redeemable stock of subsidiary on the condensed consolidated balance sheets:


	Three months ended June 30,
	2026		2025
Beginning balance as of April 1	$	1,629	$	1,567
Net income attributable to preferred units	5		39

Redemption of preferred units	(1,634)		—
Ending balance as of June 30	$	—	$	1,606

	Six months ended June 30,
	2026		2025

Beginning balance as of January 1	$	1,696	$	1,529
Net income attributable to preferred units	47		77

Redemption of preferred units	(1,743)		—
Ending balance as of June 30	$	—	$	1,606