XML 19 R12.htm IDEA: XBRL DOCUMENT
v3.25.2

Investments in Related Party and Other | 6 Months Ended
--- | ---
Jun. 30, 2025
Transactions/Investments with Related Parties [Abstract] |
Investments in Related Party and Other | 4. Investments in related parties and other a) OceanPal Inc., or OceanPal: As of June 30, 2025 and December 31, 2024, 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 a 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, 2025 and December 31, 2024, the Company’s investment in the common stock of O ceanPal amounted to $ 6,715 and $ 4,235 , respectively, being the fair value of OceanPal’s common shares on that date, determined through Level 1 inputs of the fair value hierarchy. For the six months ended June 30, 2025 and 2024, the investment’s valuation in fair values resulted in an unrealized gain on investment of $ 2,482 and an unrealized loss on investment of $ 1,351 , respectively, included in gain/(loss) on related party investments, separately presented in the accompanying unaudited interim consolidated statements of income/(loss). As of June 30, 2025 and December 31, 2024, 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, 2025 and 2024, dividend income from the Series C preferred shares amounted to $ 8 and $ 8 , respectively, included in interest and other income in the accompanying unaudited interim consolidated statements of income/(loss). b) Investments in equity securities: In 2023, the Company acquired equity securities of an entity listed in the NYSE which were sold during the first quarter of 2024 and recorded a loss of $ 400 , presented in gain/(loss) on investments in the accompanying unaudited interim consolidated statements of income/(loss). During the second quarter of 2025, the Company acquired equity securities of an entity listed in the NYSE which as of June 30, 2025 had a fair value of $ 24,353 . The equity securities were initially recorded at cost amounting to $ 24,756 and measured subsequently at fair value, since their fair values were readily determinable, determined through Level 1 of the fair value hierarchy. The securities are considered marketable securities that are available to be converted into cash to fund current operations and classified in current assets in the accompanying consolidated balance sheet as of June 30, 2025. Unrealized loss on the investment amounted to $ 403 and is separately presented in loss on equity securities in the accompanying unaudited interim consolidated statements of income/(loss). For the six months ended June 30, 2025 and 2024, dividend income from the Investment in equity securities amounted to $ 64 and $ 0 , respectively and included in interest and other income in the accompanying unaudited interim consolidated statements of income/(loss).

X
- 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
Name: | us-gaap_InvestmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration