Vistra Corp

14. EQUITY

Common Stock

Common Stock Dividends

Dividends are subject to declaration by the Board and may be subject to numerous factors at the time of declaration. These factors include, but are not limited to, prevailing market conditions, Vistra's results of operations, financial condition and liquidity, Delaware law, and any contractual limitations, such as the cumulative dividend requirements described in the certificates of designation of our outstanding preferred stock. Dividends per common share totaled $0.2235 and $0.2150 for the three months ended March 31, 2025 and 2024.

In May 2025, the Board declared a quarterly dividend of $0.225 per share of common stock that will be paid in June 2025.

Share Repurchase Program

The Board has authorized a $6.750 billion share repurchase program. Through May 2, 2025,162,932,192 shares, at an average price of $31.96 per share, have been repurchased under this program. The following table provides information about our repurchases of common stock for the period between January 1, 2025 and May 2, 2025:

(a)Shares repurchased include 59,503 of unsettled shares for $7 million as of March 31, 2025.

Preferred Stock

The following is a summary of our cumulative redeemable preferred stock outstanding. In the event of liquidation or dissolution of the Company, the payment of dividends and the distribution of assets to preferred stockholders takes precedence over the Company's common stockholders.

(a)Subject to our right, in limited circumstances, to redeem preferred stock prior to the earliest redemption date.

Each series of preferred stock has a liquidation price of $1,000, plus accrued and unpaid dividends through their redemption date. Preferred stock is not convertible into or exchangeable for any other securities of the Company and has limited voting rights.

Preferred Stock Dividends

Preferred stock dividends are payable semiannually in arrears when declared by the Board. The following table summarizes preferred stock dividends paid per share for the three months ended March 31, 2025 and 2024.

In February 2025, the Board declared a semi-annual dividend of $40.00 per share of Series A Preferred Stock that was paid in April 2025. In May 2025, the Board declared a semi-annual dividend of $35.00 per share of Series B Preferred Stock that will be paid in June 2025 and a semi-annual dividend of $44.375 per share of Series C Preferred Stock that will be paid in July 2025.