Annual report pursuant to Section 13 and 15(d)

MANDATORILY REDEEMABLE PREFERRED STOCK - DUE TO AFFILIATE, NET (Tables)

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

($ in thousands) Shares Carrying amount
Preferred stock, beginning of year —  — 
Preferred stock issued November 15, 2023 150,000  $ 150,000 
Preferred stock issued December 13, 2023 2,857  2,857 
Preferred stock issuance costs (1)
N/A (6,087)
Allocation of proceeds to preferred stock (2)
N/A (5,327)
Preferred stock, end of year 152,857  $ 141,443 

(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, by approximately $5.3 million, 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. See Note 11 - Fair Value Measurements.