Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.22.2.2
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 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 September 30, 2022 and December 31, 2021 (in thousands):
Fair Value Measurements Using:
September 30, 2022
Level 1 Level 2 Level 3 Total
Liabilities:
Founders advisory fees payable - related party $ 59,013  $ —  $ 85,421  $ 144,434 
LaderaTech contingent earn-out included in other liabilities, non-current —  —  6,937  6,937 
Total liabilities $ 59,013  $ —  $ 92,358  $ 151,371 
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 
Summary 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 September 30, 2022
Nine Months Ended September 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 $ 138,637  $ 10,581  $ 251,513  $ 19,979 
Settlements —  —  (40,776) — 
Reclassification from liability to equity —  —  (10,495) — 
Founders advisory fees - related party, change in fair value (53,216) —  (114,821) — 
Gain on contingent earn-out, change in fair value —  (3,644) —  (13,042)
Fair value, end of period $ 85,421  $ 6,937  $ 85,421  $ 6,937 
LaderaTech Contingent Earn-out
Three Months Ended
September 30, 2021
Nine Months Ended
September 30, 2021
Predecessor
Fair value, beginning of period $ 22,579  $ 19,816 
Loss on contingent earn-out, change in fair value —  2,763 
Fair value, end of period $ 22,579  $ 22,579