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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).