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Investments in a Related Party and Other | 6 Months Ended
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Jun. 30, 2026
Transactions/Investments with Related Parties [Abstract] |
Investments in a Related Party and Other | 4. Investments in related parties and other a) OceanPal Inc., or OceanPal: As of June 30, 2026 and December 31, 2025, the Company held 207 Series C Convertible Preferred Shares of OceanPal. Series C preferred shares are convertible into common stock at the Company’s option, have no voting rights and a liquidation preference equal to the stated value of $ 1,000 . 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. For the six months ended June 30, 2026 and 2025, 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. As of June 30, 2026 and December 31, 2025, the Company’s investment in Series C preferred shares amounted to $ 180 and $ 180 , respectively, included in investments in a related party, current, in the accompanying consolidated balance sheets. As of June 30, 2026 and December 31, 2025, the Company held 7,298 and 145,978 common shares of OceanPal (NASDAQ: SVRN), respectively, reflecting the impact of a reverse stock split effected in March 2026. As of the same dates, the fair value of these shares amounted to $ 57 and $ 158 , respectively, determined using Level 1 inputs of the fair value hierarchy, included in investments in a related party, current in the accompanying consolidated balance sheets. For the six months ended June 30, 2026 and 2025, the investment’s revaluation resulted in an unrealized loss of $ 100 and an unrealized gain of $ 2,482 , respectively, included in gain/(loss) on related party investments, separately presented in the accompanying unaudited interim consolidated statements of income. b) Investments in equity securities: As of June 30, 2026 and December 31, 2025 the Company held 6,264,548 and 6,413,151 common shares of Genco Shipping & Trading Limited (“Genco”) (NYSE: GNK), respectively. During the second quarter of 2026, the Company sold 148,603 common shares, at a gain of $ 291 . As of June 30, 2026 and December 31, 2025, the Company’s investment had a fair value of $ 155,235 and $ 118,194 , respectively, determined using Level 1 inputs of the fair value hierarchy and presented as investment in equity securities in the accompanying consolidated balance sheets. The securities are considered marketable securities readily convertible into cash to fund current operations and are classified as current assets in the accompanying consolidated balance sheets. For the six months ended June 30, 2026 and 2025, the revaluation of the investment resulted in unrealized gain of $ 40,392 and loss of $ 403 and is separately presented in gain/(loss) on equity securities in the accompanying unaudited interim consolidated statement of income. For the six months ended June 30, 2026, dividend income amounted to $ 5,413 and is included in interest and other income in the accompanying unaudited interim consolidated statements of income. The Company has submitted a letter to the Board of Directors of Genco outlining a proposal to acquire all outstanding shares of Genco not already owned by the Company. As of June 30, 2026, transaction- related expenses amounted to $ 4,564 included in other non-current assets and commitment fees paid under the committed facility amounted to $ 3,722 , included in deferred costs in the 2026 accompanying consolidated balance sheet.

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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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