Redeemable Series A Preferred Stock

3 Months Ended

Mar. 31, 2024

Dividends, Preferred Stock [Abstract]

Redeemable Series A Preferred Stock

Redeemable Series A Preferred Stock

The Company has issued 5,000,000 shares of Series A Preferred Stock as of March 31, 2024. The Series A Preferred Stock has a redemption value of $25.00 per share and is mandatorily redeemable on October 7, 2027, subject to certain extensions.

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

	Series A Preferred Stock shares	Balances
Redeemable Series A Preferred stock, December 31, 2023	5,000,000	$	122,225
Issuance of Redeemable Series A preferred stock	—	—
Issuance costs related to Redeemable Series A Preferred stock	—	—
Net income attributable to Redeemable Series A Preferred stockholders	—	2,031
Dividends declared to Redeemable Series A Preferred stockholders	—	(2,031)
Accretion to redemption value	—	176
Redeemable Series A Preferred stock, March 31, 2024	5,000,000	$	122,401