Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 772

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 4
Chunk 772
---
,351  
    $44,351 
  
    Dividend Reinvestment & Common Stock Purchase Plan 
     17  
     974  
     —  
     974 
  
    Restricted Stock Award - Net - Employees 
     (10) 
     (383) 
     —  
     (383)
  
    Stock Award - Board Of Directors 
     8  
     398  
     —  
     398 
  
    Cash Dividends on Common Stock ($1.3150 per share) 
     —  
     —  
     (23,408) 
     (23,408)
  
    Cash Dividends on Preferred Stock 
     —  
     —  
     (109) 
     (109)
  
    Conversion of $7 Preferred Stock to Common Stock 
     51  
     449  
     —  
     449 
  
    Balance at December 31, 2024 
     17,887  
    $248,202  
    $197,061  
    $445,263 

See Notes to Consolidated Financial Statements. 

44 

MIDDLESEX WATER COMPANY

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Organization, Summary of Significant Accounting Policies
and Recent Developments

(a) Organization - Middlesex Water Company
(Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc. (Tidewater), Pinelands Water Company
(Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc.
(USA), Utility Service Affiliates (Perth Amboy) Inc. (USA-PA) and Twin Lakes Utilities, Inc. (Twin Lakes). Southern Shores Water Company,
LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The terms
“we,” “our,” and “us” collectively refer to Middlesex and its subsidiaries,

Middlesex has operated as a water utility in New
Jersey since 1897 and in Delaware, through our wholly-owned subsidiary, Tidewater, since 1992. We are in the business of providing an
essential water utility service for