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Redeemable Senior Preferred Stock and Warrants (Tables)

3 Months Ended

Mar. 31, 2024

Temporary Equity [Abstract]

Temporary Equity

The following table provides the redemption value of the redeemable senior preferred stock for the periods presented:

(in thousands)			March 31, 2024						December 31, 2023
Redeemable senior preferred stock			$	225,000					$	225,000
Accumulated unpaid dividend			48,197						43,498
Dividend payable			7,122						7,027
Redemption value			280,319						275,525
Less: unamortized discounts and issuance costs			(16,079)						(16,920)
Redeemable senior preferred stock, net of discounts and issuance costs:			$	264,240					$	258,605

The following table provides a reconciliation of the beginning and ending carrying amounts of the redeemable senior preferred stock for the periods presented:

(in thousands)			Shares						Amount
December 31, 2023			225						$	258,605
Unpaid dividend on redeemable senior preferred stock			—						4,699
Accretion of discounts and issuance costs			—						841
Cash portion of dividend outstanding at March 31, 2024			—						7,122
Payment of cash portion of dividend outstanding at December 31, 2023									(7,027)
March 31, 2024			225						$	264,240

The following table provides a summary of the dividends for the period presented:

									Three Months Ended March 31,
(in thousands)															2024						2023
Dividends paid in cash(1)															$	7,122					$	6,094
Accumulated dividends accrued as part of the carrying value of redeemable senior preferred stock															4,699						4,383
Dividends declared															$	11,821					$	10,477

(1)Dividend payable for the three months ended March 31, 2024 was paid on April 1, 2024.

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- References

No definition available.

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- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480244/480-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (27)
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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