Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

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FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2024
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, 2024 and December 31, 2023 (in thousands):
Fair Value Measurements Using:
March 31, 2024
Level 1 Level 2 Level 3 Total
Liabilities:
Founders advisory fees payable - related party $ 32,114  $ —  $ 93,136  $ 125,250 
December 31, 2023
Liabilities:
Founders advisory fees payable - related party $ 23,972  $ —  $ 35,647  $ 59,619 
Summary 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, 2024: Founders Advisory Fees Payable - Related Party
Fair value, beginning of period $ 35,647 
Founders advisory fees - related party, change in fair value 57,489 
Fair value, end of period $ 93,136 

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