v3.25.1
MANDATORILY REDEEMABLE PREFERRED STOCK - DUE TO AFFILIATE, NET (Tables)
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Preferred Stock
The following table sets forth the changes in shares of Series A-1 preferred stock as of December 31, 2024 and December 31, 2023:

Carrying amount
($ in thousands)Shares12/31/202412/31/2023
Preferred stock issued November 15, 2023150,000 $150,000 $150,000 
Preferred stock issued December 13, 20232,857 2,857 2,857 
Preferred stock issuance costs (1)
N/A(5,335)(5,936)
Allocation of proceeds to preferred stock (2)
N/A(4,746)(5,327)
Preferred stock, end of year152,857 $142,776 $141,594 

(1) Issuance costs were deemed to be allocated based on Day 1 relative fair values of the financial instruments issued, to which was allocated approximately 97% to the preferred stock, which costs presented above were capitalized and will be amortized through the date of mandatory redemption, and 3% to the Penny Warrants, which amount was immaterial and was expensed immediately upon issuance of the Penny Warrants.

(2) The redemption amount of the Series A-1 preferred stock of approximately $152.9 million differs from the carrying amount above, which difference is attributable to an allocation of proceeds received to these shares upon issuance, as this liability is recorded based on its initial fair value as a Level 2 instrument in the fair value hierarchy, which involved an allocation of proceeds between the preferred stock as a freestanding financial instrument and the associated Penny Warrants issued concurrently to the same investor as a freestanding derivative. The accretion of this allocation of proceeds is further described below. See also Note 11 - Fair Value Measurements.