Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

As a result of the Merger, the Company’s authorized and outstanding share capital is owned by BNRE Triangle Acquisition Inc.

On February 20, 2024, BNRE Triangle Acquisition Inc. purchased an additional 100.0 million shares of the Company’s common stock with a par value of $1.00 per share for $100.0 million.

Preferred Stock Dividend

On February 8, 2024, our Board of Directors declared a quarterly cash dividend in the amount of $437.50 per share on our 7.00% Resettable Fixed Rate Preferred Stock, Series A, par value of $1.00 per share, with a liquidation preference of $25,000 per share (the “Series A Preferred Stock”). Holders of depositary shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock (the “Depositary Shares”), received $0.43750 per Depositary Share. On March 15, 2024, we paid $2.6 million to our stockholders of record, as of February 29, 2024, of the Series A Preferred Stock.