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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2023
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Note 7. Shareholders’ Equity Preferred Stock The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock:
|  | Series B |  |  | Series C |  |  |  |  |  |  |
|  | Preferred Stock |  |  | Preferred Stock |  |  |  |  |  |  |
Par value |  | $ | 0.01 |  |  | $ | 0.01 |  |  |  |  |  |  |
Liquidation value |  | $ | 25.00 |  |  | $ | 25.00 |  |  |  |  |  |  |
|  | June 30, 2023 |  |  | December 31, 2022 |
|  | Series B |  |  | Series C |  |  | Series B |  |  | Series C |
|  | Preferred Stock |  |  | Preferred Stock |  |  | Preferred Stock |  |  | Preferred Stock |
Shares authorized |  |  | 6,050,000 |  |  |  | 6,450,000 |  |  |  | 6,050,000 |  |  |  | 6,450,000 |
Shares issued and outstanding |  |  | 1,450,000 |  |  |  | 5,000,000 |  |  |  | 1,450,000 |  |  |  | 5,000,000 |
Balance |  | $ | 34,767,000 |  |  | $ | 124,774,000 |  |  | $ | 34,767,000 |  |  | $ | 124,774,000 |
Dividends The following table provides a summary of dividends declared and paid per share:
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Common stock |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 0.066 |
7.25% Series B Preferred Stock |  | $ | 0.453 |  |  | $ | 0.453 |  |  | $ | 0.906 |  |  | $ | 0.906 |
6.50% Series C Preferred Stock |  | $ | 0.406 |  |  | $ | 0.406 |  |  | $ | 0.813 |  |  | $ | 0.813 |
On July 20, 2023, the Company’s Board of Directors declared dividends of $0.453125 and $0.406250 per share with respect to the Company’s Series B Preferred Stock and Series C Preferred Stock, respectively. The distributions are payable on August 21, 2023 to shareholders of record of the Series B Preferred Stock and Series C Preferred Stock, as applicable, on August 10, 2023.

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