Sempra has two classes of securities registered under Section 12 of the Securities Exchange Act of 1934: Common Stock and 5.75% Junior Subordinated Notes due 2079. The company is authorized to issue 1,175,000,000 shares of capital stock, including 1,125,000,000 shares of common stock and 50,000,000 shares of preferred stock. Common stockholders are entitled to dividends as declared by the Board of Directors, subject to the rights of preferred stockholders. In the event of liquidation, common stockholders are entitled to remaining assets after liabilities are discharged, subject to the rights of preferred stockholders. Each common stockholder has one vote per share, subject to the voting rights of preferred stockholders. The Board of Directors can amend the Bylaws without shareholder action, except as required by California law. As of December 31, 2025, $758 million in aggregate principal amount of the 5.75% Junior Subordinated Notes due 2079 were outstanding. The notes bear interest at 5.75% per year, payable quarterly, but Sempra can defer interest payments for up to 40 consecutive quarterly interest payment periods. The notes are unsecured obligations and rank junior to Sempra's existing and future Senior Indebtedness, which was approximately $10 billion as of December 31, 2025. Sempra's subsidiaries had outstanding total indebtedness and other liabilities owed to unaffiliated third parties of approximately $53 billion as of December 31, 2025.