Mandatorily Redeemable Preferred Shares, net (Tables)

3 Months Ended

Mar. 31, 2022

Mandatorily Redeemable Preferred Shares

Schedule of activity within the preferred share liability

The following table shows the activity within the Series A preferred share liability for the three months ended March 31, 2022 and 2021, respectively:


	Carrying Value
Gross balance at December 31, 2021	$	141,740
Interest expense recognized, excluding transaction cost amortization	6,452
Redemption of Series A preferred shares	(15,625)
Gross balance at March 31, 2022	$	132,567
Less: unamortized transaction costs	(120)
Net balance at March 31, 2022	$	132,447

Gross balance at December 31, 2020	$	174,264
Interest expense recognized, including transaction cost amortization	7,932
Redemption of Series A preferred shares	(15,625)
Gross balance at March 31, 2021	$	166,571
Less: unamortized transaction costs	(162)
Net balance at March 31, 2021	$	166,409

Series B preferred shares

Mandatorily Redeemable Preferred Shares

Schedule of activity within the preferred share liability

The following table shows the activity within the Series B preferred share liability for the three months ended March 31, 2022 and 2021, respectively:


	Carrying Value
Balance at December 31, 2021	$	76,627
Interest expense recognized	1,454
Issuance of Series B preferred shares at fair value	14,966
Balance at March 31, 2022	$	93,047

Balance at December 31, 2020	$	—

Issuance of Series B preferred shares at fair value	18,210
Balance at March 31, 2021	$	18,210

- Definition

Tabular disclosure of the nature and terms of the financial instruments and the rights and obligations embodied in those instruments, information about settlement alternatives, if any, in the contract and identification of the entity that controls the settlement alternatives including: a. The amount that would be paid, or the number of shares that would be issued and their fair value, determined under the conditions specified in the contract if the settlement were to occur at the reporting date b. How changes in the fair value of the issuer's equity shares would affect those settlement amounts (for example, "the issuer is obligated to issue an additional x shares or pay an additional y dollars in cash for each $1 decrease in the fair value of one share") c. The maximum amount that the issuer could be required to pay to redeem the instrument by physical settlement, if applicable d. The maximum number of shares that could be required to be issued, if applicable e. That a contract does not limit the amount that the issuer could be required to pay or the number of shares that the issuer could be required to issue, if applicable f. For a forward contract or an option indexed to the issuer's equity shares, the forward price or option strike price, the number of issuer's shares to which the contract is indexed, and the settlement date or dates of the contract, as applicable. g. The components of the liability that would otherwise be related to shareholders' interest and other comprehensive income (if any) subject to the redemption feature (for example, par value and other paid in amounts of mandatorily redeemable instruments are disclosed separately from the amount of retained earnings or accumulated deficit).

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