Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.23.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Liabilities Measured on a Recurring Basis
The following tables set forth the Company’s liabilities that were measured at fair value on a recurring basis, by level, within the fair value hierarchy as of March 31, 2023 and December 31, 2022 (in thousands):
Fair Value Measurements Using:
March 31, 2023
Level 1 Level 2 Level 3 Total
Liabilities:
Founders advisory fees payable - related party $ 45,544  $ —  $ 100,938  $ 146,482 
LaderaTech contingent earn-out included in other liabilities, non-current —  —  7,519  7,519 
Total liabilities $ 45,544  $ —  $ 108,457  $ 154,001 
December 31, 2022
Liabilities:
Founders advisory fees payable - related party $ 56,883  $ —  $ 118,490  $ 175,373 
LaderaTech contingent earn-out included in other liabilities, non-current —  —  7,273  7,273 
Total liabilities $ 56,883  $ —  $ 125,763  $ 182,646 
Reconciliation of Level 3 Liabilities Measured on a Recurring Basis The reconciliations for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (in thousands):
For the three months ended March 31, 2023: Founders Advisory Fees Payable - Related Party LaderaTech
Contingent Earn-out
Fair value, beginning of period $ 118,490  $ 7,273 
Founders advisory fees - related party, change in fair value (17,552) — 
Loss on contingent earn-out —  246 
Fair value, end of period $ 100,938  $ 7,519 

For the three months ended March 31, 2022: Founders Advisory Fees Payable - Related Party LaderaTech
Contingent Earn-out
Fair value, beginning of period $ 251,513  $ 19,979 
Settlements (40,776) — 
Reclassification from liability to equity (10,495) — 
Founders advisory fees - related party, change in fair value (46,256) — 
Fair value, end of period $ 153,986  $ 19,979