Preferred Stock

6 Months Ended

Jun. 30, 2021

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 accrue dividends at an annual percentage rate of 8.75%, and 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 sheet.

During the three and six months ended June 30, 2021, we paid $2.0 million and $4.0 million in dividends to holders of the Series A Preferred Stock, respectively. As of June 30, 2021, we had accrued $2.0 million related to dividends to holders of the Series A Preferred Stock. This dividend was paid on July 15, 2021.

A summary of our preferred equity balance for the six months ended June 30, 2021 is as follows:


	(in thousands)






Balance at December 31, 2020	$	87,288
Repurchase of Series A Preferred Stock	—
Accumulated dividends on Series A Preferred Stock	—
Balance at June 30, 2021	$	87,288