Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.23.2
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule 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 June 30, 2023 and December 31, 2022 (in thousands):
Fair Value Measurements Using:
June 30, 2023
Level 1 Level 2 Level 3 Total
Liabilities:
Founders advisory fees payable - related party $ 34,727  $ —  $ 51,729  $ 86,456 
LaderaTech contingent earn-out included in other liabilities, non-current —  —  7,665  7,665 
Total liabilities $ 34,727  $ —  $ 59,394  $ 94,121 
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 
Schedule of 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):
Three Months Ended June 30, 2023
Six Months Ended June 30, 2023
Founders Advisory Fees Payable - Related Party LaderaTech
Contingent
Earn-out
Founders Advisory Fees Payable - Related Party LaderaTech
Contingent
Earn-out
Fair value, beginning of period $ 100,938  $ 7,519  $ 118,490  $ 7,273 
Founders advisory fees - related party, change in fair value (49,209) —  (66,761) — 
Loss on contingent earn-out, change in fair value —  146  —  392 
Fair value, end of period $ 51,729  $ 7,665  $ 51,729  $ 7,665 
Three Months Ended June 30, 2022
Six Months Ended June 30, 2022
Founders Advisory Fees Payable - Related Party LaderaTech
Contingent Earn-out
Founders Advisory Fees Payable - Related Party LaderaTech
Contingent Earn-out
Fair value, beginning of period $ 153,986  $ 19,979  $ 251,513  $ 19,979 
Settlements —  —  (40,776) — 
Reclassification from liability to equity —  —  (10,495) — 
Founders advisory fees - related party, change in fair value (15,349) —  (61,605) — 
Gain on contingent earn-out, change in fair value —  (9,398) —  (9,398)
Fair value, end of period $ 138,637  $ 10,581  $ 138,637  $ 10,581