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Preferred Stock | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
Preferred Stock | 5. Preferred Stock Holders of the Series A Preferred Stock have no voting rights, except in specific circumstances of delisting or in the case the dividends are in arrears as specified in the Series A Preferred Stock Certificate of Designations. The Series A Preferred Stock accrued dividends at an annual percentage rate of 8.75% through April 14, 2022. The floating rate period for the Series A Preferred Stock began on April 15, 2022. The dividend on the Series A Preferred Stock will accrue at an annual rate equal to the sum of (a) Three-Month LIBOR (if it then exists), or an alternative reference rate as of the applicable determination date and (b) 6.578%, based on the $25.00 liquidation preference per share of the Series A Preferred Stock. The liquidation preference provisions of the Series A Preferred Stock are considered contingent redemption provisions because there are rights granted to the holders of the Series A Preferred Stock that are not solely within our control upon a change in control of the Company. Accordingly, the Series A Preferred Stock is presented between liabilities and the equity sections in the accompanying condensed consolidated balance sheets. As of April 15, 2022, we have the option to redeem our Series A Preferred Stock. Following the cessation of the publication of U.S. LIBOR on June 30, 2023, we use Three Month CME Term SOFR plus a tenor spread of 0.26161 percent (or 26.161 bps) to calculate the dividend rate on the Series A Preferred Stock pursuant to the rules of the Adjustable Interest Rate (LIBOR) Act. As a result of the Merger, holders of the Company’s Series A Preferred Stock were provided an optional limited change of control conversion right (the “Conversion Right”), available at the option of the holder, for $8.07 per share in cash. On June 27, 2024, the Company provided notice to the holders of the Series A Preferred Stock of the Conversion Right. Holders of the Series A Preferred Stock were entitled to exercise the Conversion Right through July 26, 2024. No holders of the Series A Preferred Stock exercised the Conversion Right. During the three and six months ended June 30, 2025, we paid $2.3 million and $4.8 million, respectively, in dividends to holders of the Series A Preferred Stock. As of June 30, 2025, we had accrued $2.2 million related to dividends to holders of the Series A Preferred Stock. This dividend was paid on July 15, 2025. On February 19, 2025, we purchased 6,353 shares of our Series A Preferred Stock at a purchase price of $22.50 per share, in cash, less applicable withholding taxes and without interest, pursuant to a tender offer for the Series A Preferred Stock commenced in January 2025. On April 1, 2025, we purchased 13,924 shares of our Series A Preferred Stock at a purchase price of $24.00 per share, in cash, less applicable withholding taxes and without interest, pursuant to a tender offer for the Series A Preferred Stock commenced in February 2025. On May 9, 2025, we announced the redemption of 168,008 shares of our Series A Preferred Stock, for a redemption price of $25.00 per share, plus any declared and unpaid dividends on the Series A Preferred Stock through and including the redemption date, which was June 9, 2025. We paid $4.3 million for the redemption of 168,008 shares of our Series A Preferred Stock on June 9, 2025. On July 16, 2025, we announced the redemption of 319,216 shares of our Series A Preferred Stock, for a redemption price of $25.00 per share, plus any declared and unpaid dividends on the Series A Preferred Stock through and including the redemption date of August 15, 2025. On July 16, 2025, we declared a quarterly cash dividend in the amount of $0.69732 per share of Series A Preferred Stock. The dividend will be paid on October 15, 2025 to holders of record on October 1, 2025 of the Series A Preferred Stock. A summary of our preferred equity balance for the six months ended June 30, 2025 is as follows:
|  | (In thousands)
Balance at December 31, 2024 |  | $ | 83,221 |
Repurchase of Series A Preferred Stock |  | (493) |
Redemption of Series A Preferred Stock |  | (4,081) |
Accumulated dividends on Series A Preferred Stock |  | (215) |
Balance at June 30, 2025 |  | $ | 78,432 |

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- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 480 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479857/480-10-S50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
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