Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.22.2
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 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 June 30, 2022 and December 31, 2021 (in thousands):
Fair Value Measurements Using:
June 30, 2022
Level 1 Level 2 Level 3 Total
Liabilities:
Founders advisory fees payable - related party $ 79,510  $ —  $ 138,637  $ 218,147 
LaderaTech contingent earn-out included in other liabilities, non-current —  —  10,581  10,581 
Total liabilities $ 79,510  $ —  $ 149,218  $ 228,728 
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):
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
Successor
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 
Three Months Ended
June 30, 2021
Six Months Ended
June 30, 2021
LaderaTech
Contingent Earn-out
LaderaTech
Contingent Earn-out
Predecessor
Fair value, beginning of period $ 19,816  $ 19,816 
Loss on contingent earn-out, change in fair value 2,763  2,763 
Fair value, end of period $ 22,579  $ 22,579