Company: DSX-PB
Filing Date: 2025-03-21
Form Type: 20-F
Source: 0001562762-25-000050
Chunk: 298

Company: DIANA SHIPPING INC.
Filing Date: 2025-03-21
Form: 20-F
Item: Item 19
Chunk 298
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shares have a

liquidation preference
equal

to

the

stated

value

of

$
1,000
and

are

convertible

into

common

stock

at

the

Company’s

option
commencing upon the first anniversary of the issue date, at a conversion price equal to the lesser

of $
6.5
and the

10-trading day

trailing VWAP

of OceanPal’s

common shares,

subject to

adjustments. Dividends
on

each

share

of

Series

C

Preferred

Shares

are

cumulative

and

accrue

at

the

rate

of
8
%

per

annum.
Dividends are payable in cash or, at OceanPal’s election, in kind.
On October 17,

2023, the Company

converted
9,793
of the
10,000
Series C Preferred

shares of OceanPal
to
3,649,474
common shares, having a

fair value of

$
9,160
determined through Level

1 inputs of

the fair
value hierarchy, based on

the closing

price of

OceanPal’s common shares

on the

date of

conversion.

Upon
conversion the

Company realized

a gain

of $
1,742,

being the

difference between

the

book value

of the
9,793
Series

C

Preferred

shares

and

the

fair

value

of

the

common

shares

acquired

and

is

included

in
gain/(loss)

on

related

party

investments,

separately

presented

in

the

accompanying

consolidated
statements

of

income.

Following

the

conversion,

the

Company

is

the

beneficial

owner

of
49
%

of

the
outstanding common

stock of

OceanPal and since

the shares are

listed at

NASDAQ, the Company

elected
to account for its common stock ownership in OceanPal at fair value.
As

of

December

31,

2024

and

2023,

the

Company’s

investment

in

the

common

stock

of

OceanPal
amounted to $
4,235
and $
8,138, respectively,

being the fair value of OceanPal’s

common shares on that
date, determined through Level 1