Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

Declaration of Dividends

On July 21, 2021, we declared a quarterly dividend of $0.18125 per share to holders of record of our Class A common stock on September 1, 2021, which will be paid on September 15, 2021.

On July 21, 2021, we also declared a quarterly cash dividend in the amount of $0.546875 per share to holders of record of the Series A Preferred Stock on October 1, 2021. The dividend will be paid on October 15, 2021.

Conversion of Class B Common Stock to Class A Common Stock

In July 2021, holders of Class B common stock exchanged 800,000 of their Spark HoldCo units (together with a corresponding number of shares of Class B common stock) for shares of Class A common stock at an exchange ratio of one share of Class A common stock for each Spark HoldCo unit (and corresponding share of Class B common stock) exchanged.

Acquisition of Customer Books

In July 2021, we entered into an agreement to acquire up to approximately 50,000 RCEs under a five-year contingent fee structure based on RCEs on flow after the acquisition date. These customers will begin transferring in the third quarter of 2021, and are located in our existing markets.