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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Shareholders' Equity | Note 11 – Shareholders’ Equity Class A Common Shares As of June 30, 2025, 56,324,607 Class A common shares were issued and outstanding. Class A shares have a par value of $0.01 per share. Class B Non-Economic Common Shares As of June 30, 2025, there were no Class B non-economic common shares issued or outstanding. Series A Preferred Shares In December 2017, the Company issued 2,800,000 7.00% Series A Cumulative Redeemable Preferred Shares (the “Series A Preferred Shares”) in a public offering at $25.00 per share. The Company received net proceeds from the offering of approximately $66.4 million, after deducting payment of the underwriting discount and offering expenses. On and after December 14, 2022, the Company may redeem any or all of the Series A Preferred Shares at $25.00 per share plus any accrued and unpaid dividends. The Series A Preferred Shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless the Company redeems or otherwise repurchases them or they are converted. Dividends and Distributions The Company’s Board of Trustees has not declared dividends on the Company’s Class A common shares during 2025 or 2024. The last dividend on the Company’s Class A and C common shares that the Board of Trustees declared was on February 25, 2019, which was paid on April 11, 2019 to shareholders of record on March 29, 2019. Our Board of Trustees will determine future distributions following the pay down of the Term Loan Facility. The Company’s Board of Trustees also declared the following dividends on preferred shares during 2025 and 2024:
|  |  |  |  |  | Series A |
Declaration Date |  | Record Date |  | Payment Date |  | Preferred Share |
2025 |  |  |  |  |  |  |
July 23 |  | September 30 |  | October 15 |  | $ | 0.43750 |
May 8 |  | June 30 |  | July 15 |  |  | 0.43750 |
February 26 |  | March 31 |  | April 15 |  |  | 0.43750 |
2024 |  |  |  |  |  |  |
October 28 |  | December 31 |  | January 15, 2025 |  | $ | 0.43750 |
July 31 |  | September 30 |  | October 15 |  |  | 0.43750 |
May 2 |  | June 28 |  | July 15 |  |  | 0.43750 |
February 29 |  | March 29 |  | April 15 |  |  | 0.43750 |

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