Shareholders' Equity

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Shareholders' Equity

Note 11 – Shareholders’ Equity

Class A Common Shares

As of June 30, 2025, 56,324,607 Class A common shares were issued and outstanding. Class A shares have a par value of $0.01 per share.

Class B Non-Economic Common Shares

As of June 30, 2025, there were no Class B non-economic common shares issued or outstanding.

Series A Preferred Shares

In December 2017, the Company issued 2,800,000 7.00% Series A Cumulative Redeemable Preferred Shares (the “Series A Preferred Shares”) in a public offering at $25.00 per share. The Company received net proceeds from the offering of approximately $66.4 million, after deducting payment of the underwriting discount and offering expenses.

On and after December 14, 2022, the Company may redeem any or all of the Series A Preferred Shares at $25.00 per share plus any accrued and unpaid dividends. The Series A Preferred Shares have no stated maturity, are not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless the Company redeems or otherwise repurchases them or they are converted.

Dividends and Distributions

The Company’s Board of Trustees has not declared dividends on the Company’s Class A common shares during 2025 or 2024. The last dividend on the Company’s Class A and C common shares that the Board of Trustees declared was on February 25, 2019, which was paid on April 11, 2019 to shareholders of record on March 29, 2019.

Our Board of Trustees will determine future distributions following the pay down of the Term Loan Facility.

The Company’s Board of Trustees also declared the following dividends on preferred shares during 2025 and 2024:

			Series A
Declaration Date	Record Date	Payment Date	Preferred Share
2025
July 23	September 30	October 15	$	0.43750
May 8	June 30	July 15		0.43750
February 26	March 31	April 15		0.43750
2024
October 28	December 31	January 15, 2025	$	0.43750
July 31	September 30	October 15		0.43750
May 2	June 28	July 15		0.43750
February 29	March 29	April 15		0.43750