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Temporary Equity, Equity and Dividends
 9 Months Ended
Sep. 30, 2025
Temporary Equity, Equity and Dividends  
Temporary Equity, Equity and Dividends
Note 16. Temporary Equity, Equity and Dividends
Series A Senior Preferred Shares
The Series A Senior Preferred Shares are convertible into common stock and were issued at an initial conversion price of $73.00 per share, which is subject to customary anti-dilution adjustment provisions. The conversion price is $71.58 per share as of September 30, 2025. The Series A Senior Preferred Shares carry a 5.5% preferred dividend, which is payable quarterly, in cash or in shares at the Company's option, and are entitled to participate on an as-converted basis in the Company's regular quarterly common share dividends, subject to a $0.27 per share per quarter floor.
On the fourth anniversary of the issuance date of February 1, 2023, holders will have the right to increase the preferred dividend to 7.50%, and on the ninth anniversary of the issuance date, holders will have the right to increase the preferred dividend to a fixed percentage equal to the greater of (a) 600 bps over the daily simple SOFR as then in effect and (b) 10.50%, subject, in each case, to the Company’s right to redeem the Series A Senior Preferred Shares for which a dividend rate increase has been demanded.
Upon consummation of one or more specified change of control transactions, the holders will have the right to require the Company to repurchase the Series A Senior Preferred Shares in cash provided, however, that each holder, at its option, may elect instead to convert its Series A Senior Preferred Shares into the applicable change of control consideration. In addition, the Company has the right to redeem the Series A Senior Preferred Shares in the event of a change of control transaction where the successor entity is not traded on certain eligible markets. The possible future redemption of the Series A Senior Preferred Shares as a result of a change in control has been assessed as not probable at September 30, 2025.
Holders of the Series A Senior Preferred Shares are entitled to vote together with the common stock on an as-converted basis on all matters permitted by applicable law, subject to certain exceptions to enable compliance with applicable antitrust law. The Series A Senior Preferred Shares rank, with respect to rights as to dividends, distributions, redemptions and payments upon the liquidation, dissolution and winding up of the Company, (a) senior to all of the junior preferred stock, common stock and any other class or series of capital shares of the Company, issued or authorized after the Series A Senior Preferred Shares issuance date, the terms of which do not expressly provide that such class or series ranks senior to or on a parity with the Series A Senior Preferred Shares, (b) on a parity basis with each other class or series of capital shares issued or authorized after the Series A Senior Preferred Shares issuance date, the terms of which expressly provide that such class or series ranks on a parity basis with the Series A Senior Preferred Shares, and (c) junior with each other class or series of capital shares issued or authorized after the Series A Senior Preferred Shares issuance date, the terms of which expressly provide that such class or series ranks on a senior basis to the Series A Senior Preferred Shares.
During the three and nine months ended September 30, 2025, holders of the Series A Senior Preferred Shares were entitled to preferred dividends of $6.7 million and $20.1 million, respectively (three and nine months ended September 30, 2024 - $6.7 million and $20.1 million, respectively) and participating dividends of $2.1 million and $5.9 million, respectively (three and nine months ended September 30, 2024 - $2.0 million and $5.5 million, respectively).
Redeemable Non-controlling Interest
Redeemable non-controlling interest relates to the put/call agreement with one of the minority unitholders of VeriTread under which the holder can put its remaining 21% interest in VeriTread to the Company if certain performance targets are met.
During the three months ended September 30, 2025, the Company determined that the redeemable non-controlling interest was probable of redemption during the 60-day put window beginning January 3, 2026, at a predetermined contractual amount. Accordingly, the Company adjusted the carrying amount of the redeemable non-controlling interest to its estimated redemption value, with the corresponding $5.0 million adjustment recorded as a reduction to retained earnings.
The Company has separately recognized a 4% non-controlling interest in VeriTread within stockholders' equity as that interest is not redeemable.
Common Stock Dividends
Declaration dateRecord datePayment dateDividend per shareDividends
Nine months ended September 30, 2025
January 17, 2025February 14, 2025March 3, 2025$0.29 $53.5 
May 6, 2025May 29, 2025June 20, 20250.29 53.8 
August 6, 2025August 28, 2025September 18, 20250.31 57.6 
Nine months ended September 30, 2024
January 19, 2024February 9, 2024March 1, 2024$0.27 $49.3 
May 8, 2024May 29, 2024June 20, 20240.27 49.6 
August 2, 2024August 28, 2024September 18, 20240.29 53.5 
Subsequent to September 30, 2025, the Company’s Board of Directors declared a quarterly dividend of $0.31 per common share, payable on December 17, 2025, to common stockholders of record on November 26, 2025.
Foreign Currency Translation Adjustment
Foreign currency translation adjustment, a component of other comprehensive income (loss), includes the following:
Three months ended
September 30,		Nine months ended
September 30,
2025202420252024
Gains (losses) on intercompany foreign currency transactions of a long-term investment nature$(1.8)$6.0 $9.9 $(0.1)