Redeemable Series A Preferred Stock

6 Months Ended

Jun. 30, 2023

Dividends, Preferred Stock [Abstract]

Redeemable Series A Preferred Stock

Redeemable Series A Preferred Stock

The Company has issued 5,000,000 Preferred Shares as of June 30, 2023. The Preferred Shares have a redemption value of $25.00 per share and are mandatorily redeemable on October 7, 2027, subject to certain extensions.

The following table presents the redeemable Series A preferred stock (dollars in thousands):

	Preferred Shares	Balances
Redeemable Series A preferred stock, December 31, 2022	5,000,000	$	121,662
Issuance of Redeemable Series A preferred stock	—	—
Issuance costs related to Redeemable Series A preferred stock	—	(140)
Net income attributable to Redeemable Series A preferred stockholders	—	4,063
Dividends declared to Redeemable Series A preferred stockholders	—	(4,063)
Accretion to redemption value	—	351
Redeemable Series A preferred stock, June 30, 2023	5,000,000	$	121,873