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Investments in Related Parties and Other | 6 Months Ended
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Jun. 30, 2024
Transactions/Investments with Related Parties and Other [Abstract] |
Investments in Related Parties and Other | 5. Investments in related parties and other a) OceanPal Inc., or OceanPal: As of June 30, 2024 and December 31, 2023, the Company is the holder of 500,000 Series B Preferred Shares and 207 Series C Convertible Preferred Shares of OceanPal and 3,649,474 common shares, being 49 % of OceanPal’s common stock. Series B preferred shares entitle the holder to 2,000 votes on all matters submitted to vote of the stockholders of the Company, provided however, that the total number of votes shall not exceed 34 % of the total number of votes, provided further, that the total number of votes entitled to vote, including common stock or any other voting security, would not exceed 49 % of the total number of votes. Series B Preferred Shares have no dividend or distribution rights. Series C preferred shares do not have voting rights unless related to amendments of the Articles of Incorporation that adversely alter the preference, powers or rights of the Series C Preferred Shares or to issue Parity Stock or create or issue Senior Stock. Series C preferred shares have a liquidation preference equal to the stated value of $ 1,000 and are convertible into common stock at the Company’s option commencing upon the first anniversary of the issue date, at a conversion price equal to the lesser of $ 6.5 and the 10 -trading day trailing VWAP of OceanPal’s common shares, subject to adjustments. Dividends on each share of Series C Preferred Shares are cumulative and accrue at the rate of 8 % per annum. Dividends are payable in cash or, at OceanPal’s election, in kind. As of June 30, 2024 and December 31, 2023, the Company’s investment in the common stock of OceanPal amounted to $ 6,788 and $ 8,138 , respectively, being the fair value of OceanPal’s common shares on that date, determined through Level 1 inputs of the fair value hierarchy, and the Company recorded an unrealized loss on investment of $ 1,351 , included in gain/(loss) on investments, in the accompanying unaudited interim consolidated statements of comprehensive income/(loss). As of June 30, 2024 and December 31, 2023, the Company’s investment in Series B preferred shares and Series C preferred shares, amounted to $ 180 and $ 180 , respectively, included in investments in related parties in the accompanying consolidated balance sheets. For the six months ended June 30, 2024 and 2023, dividend income from the Series C and Series D OceanPal preferred shares amounted to $ 8 and $ 567 , respectively, included in interest and other income in the accompanying unaudited interim consolidated statements of comprehensive income/(loss). b) Investment in equity securities: During the first quarter of 2024, the Company invested an additional amount of $ 6,561 in equity securities of an entity listed in the NYSE which as of December 31, 2023 had a fair value of $ 20,729 . The Company sold all securities during the first quarter resulting in loss of $ 400 included in gain/(loss) on investments in the accompanying unaudited interim consolidated statements of comprehensive income/(loss).

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + Details
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- References No definition available. + Details
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