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Subsequent Events
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 13 – Subsequent Events

On July 11, 2024, the holder of the Series C Preferred Stock received regulatory non-objection to exchange the Series C Preferred Stock for common stock as stipulated in the Private Placements. The Company expects the exchange for shares of the Company's common stock will be completed during the third quarter of 2024.

On July 15, 2024, the Company made the $5.95 million payment related to the VCB ESOP litigation pursuant to the Settlement Agreement.

Subsequent to June 30, 2024, the Company received cash payments totaling $1.3 million from the purchaser of the previously noted specialty finance loan classified as held for sale as of June 30, 2024. These cash payments were applied to the book principal balance of the loan as the loan remains on nonaccrual status.