Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.22.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2022
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, 2022 and December 31, 2021 (in thousands):
Fair Value Measurements Using:
March 31, 2022
Level 1 Level 2 Level 3 Total
Liabilities:
Founders advisory fees payable - related party $ 84,626  $ —  $ 153,986  $ 238,612 
LaderaTech contingent earn-out included in other liabilities, non-current —  —  19,979  19,979 
Total liabilities $ 84,626  $ —  $ 173,965  $ 258,591 
December 31, 2021
Liabilities:
Founders advisory fees payable - related party $ 114,276  $ —  $ 251,513  $ 365,789 
LaderaTech contingent earn-out included in other liabilities, non-current —  —  19,979  19,979 
Total liabilities $ 114,276  $ —  $ 271,492  $ 385,768 
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, 2022: Founders Advisory Fees Payable - Related Party LaderaTech
Contingent Earn-out
Successor
Fair value, beginning of period $ 251,513  $ 19,979 
Settlements (40,776) — 
Reclassification from liability to equity (10,495) — 
Change in fair value (46,256) — 
Fair value, end of period $ 153,986  $ 19,979 

For the three months ended March 31, 2021: LaderaTech
Contingent Earn-out
Predecessor
Fair value, beginning of period $ 19,816 
Fair value, end of period $ 19,816