Redeemable Preferred Stock

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Redeemable Preferred Stock

Redeemable Preferred Stock

GSO Preferred Stock

As discussed in Note 3, "Reverse Recapitalization," immediately prior to the consummation of the Merger, the Company redeemed outstanding Series A preferred stock issued by Legacy Altus in full for cash. As Series A preferred stock does not represent the capital of the legal parent (the accounting acquiree) the Company retroactively restated redeemable preferred stock with the corresponding adjustment to additional paid-in capital on the consolidated balance sheets.

During the year ended December 31, 2021, the Company recorded total Series A preferred stock dividends and commitment fees of $17.8 million and $0.3 million, respectively. During the year ended December 31, 2021, the Company paid $21.8 million of dividends, of which $4.0 million related to the dividends accrued as of December 31, 2020, and $0.4 million of commitment fees, of which $0.1 million were accrued as of December 31, 2020. respectively. As of December 31, 2021, all Series A preferred stock, including accrued dividends and commitment fees, were redeemed.

Preferred stock of Altus Power Inc.

The Company had also authorized for issuance 10,000,000 of preferred stock but as of December 31, 2022, no stock was issued.