v3.25.1
Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Equity Equity

Class A Common Stock

The Class A Common Stock, par value $0.001 (“Class A Common Stock”) outstanding represents 100% of the rights of the holders of all classes of the Company’s outstanding common stock to share in distributions from Excelerate, except for the right of Class

B common stockholders to receive the par value of the Class B Common Stock, $0.001 par value per share (“Class B Common Stock”) upon the Company’s liquidation, dissolution or winding up or an exchange of Class B interests of EELP.

Class B Common Stock

Excelerate Energy Holdings, LLC (“EE Holdings”), a company controlled directly and indirectly by Kaiser, holds all of the shares of Excelerate’s outstanding Class B Common Stock. The Class B Common Stock entitles the holder to one vote for each share of Class B Common Stock. Holders of shares of the Company’s Class B Common Stock vote together with holders of its Class A Common Stock as a single class on all matters on which stockholders are entitled to vote generally, except as otherwise provided in its amended and restated certificate of incorporation or required by law.

As the only holder of Class B Common Stock, EE Holdings had 77.4% and 77.5% of the combined voting power of the Company’s common stock as of March 31, 2025 and December 31, 2024, respectively. The EELP Limited Partnership Agreement (the “EELP LPA”) entitles partners (and certain permitted transferees thereof) to exchange their Class B interests for shares of Class A Common Stock on a one-for-one basis or, at its election, for cash. When a Class B interest is exchanged for a share of Class A Common Stock, the corresponding share of Class B Common Stock will automatically be canceled. The EELP LPA permits the Class B limited partners to exercise their exchange rights subject to certain timing and other conditions. When a Class B interest is surrendered for exchange, it will not be available for reissuance.

The following table summarizes the changes in ownership:

 

 

Class A Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

Less: Treasury Stock

 

 

Outstanding

 

 

Class B Common Stock

 

 

Total

 

 

Class A Ownership Percentage

 

Balance at January 1, 2025

 

 

26,432,131

 

 

 

2,564,058

 

 

 

23,868,073

 

 

 

82,021,389

 

 

 

105,889,462

 

 

 

22.5

%

Long-term incentive compensation units vested, net

 

 

234,419

 

 

 

107,633

 

 

 

126,786

 

 

 

—

 

 

 

126,786

 

 

 

 

Options exercised

 

 

1,955

 

 

 

—

 

 

 

1,955

 

 

 

—

 

 

 

1,955

 

 

 

 

Balance at March 31, 2025

 

 

26,668,505

 

 

 

2,671,691

 

 

 

23,996,814

 

 

 

82,021,389

 

 

 

106,018,203

 

 

 

22.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 1, 2024

 

 

26,284,027

 

 

 

20,624

 

 

 

26,263,403

 

 

 

82,021,389

 

 

 

108,284,792

 

 

 

24.3

%

Long-term incentive compensation units vested, net

 

 

82,165

 

 

 

39,702

 

 

 

42,463

 

 

 

—

 

 

 

42,463

 

 

 

 

Share repurchases

 

 

—

 

 

 

588,030

 

 

 

(588,030

)

 

 

—

 

 

 

(588,030

)

 

 

 

Balance at March 31, 2024

 

 

26,366,192

 

 

 

648,356

 

 

 

25,717,836

 

 

 

82,021,389

 

 

 

107,739,225

 

 

 

23.9

%

EELP Distribution Rights

The Company, as the general partner of EELP, has the right to determine when distributions will be made to holders of interests and the amount of any such distributions. If a distribution is authorized, such distribution will be made to the holders of Class A interests and Class B interests on a pro rata basis in accordance with the number of interests held by such holder.

Dividends and Distributions

During the three months ended March 31, 2025, EELP declared and paid distributions to all interest holders, including Excelerate. Excelerate has used and will continue to use proceeds from such distributions to pay dividends to holders of Class A Common Stock. The following table details the distributions and dividends for the periods presented:

 

 

 

 

Class B Interests

 

 

Class A Common Stock

 

Dividend and Distribution for the Quarter Ended

 

Date Paid or To Be Paid

 

Distributions Paid or To Be Paid

 

 

Total Dividends Declared

 

 

Dividend Declared per Share

 

 

 

 

 

(In thousands)

 

 

March 31, 2025

 

June 5, 2025

 

$

4,921

 

 

$

2,013

 

 

$

0.06

 

December 31, 2024

 

March 27, 2025

 

 

4,921

 

 

 

1,535

 

 

 

0.06

 

Albania Power Project

In April 2022, Excelerate established an entity to provide a temporary power solution in Albania (the “Albania Power Project”). Excelerate is a 90% owner of the Albania Power Project and has received $6.7 million in cash contributions from the minority owner as of March 31, 2025. The Albania Power Project is fully consolidated in the Company’s financial statements.

Repurchase of Equity Securities

During the year ended December 31, 2024, the Company repurchased 2,473,787 shares of its outstanding Class A Common Stock at a weighted average price of $20.41 per share, for a total net cost, including commission fees and taxes, of approximately $50.0 million. As indicated under the EELP Limited Partnership Agreement, for each Class A Common Stock repurchased by the Company, EELP, immediately prior to the repurchase, redeemed an equal number of Class A interests held by Excelerate, upon the same terms and at the same price as the shares of Excelerate’s Class A Common Stock were repurchased.