v3.25.3
FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Liabilities Measured on a Recurring Basis
The following table sets 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, 2025 and December 31, 2024 (in thousands):
Fair Value Measurements Using:
September 30, 2025
Level 1Level 2Level 3Total
Liabilities:
Founders advisory fees payable - related party$77,401 $— $426,636 $504,037 
December 31, 2024
Liabilities:
Founders advisory fees payable - related party$52,098 $— $194,662 $246,760 
Summary of Reconciliation in Level 3 Liabilities Measured on a Recurring Basis
The reconciliation for the portion of founders advisory fees payable - related party which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Fair value, beginning of period$208,215 $89,317 $194,662 $35,647 
Founders advisory fees - related party, change in fair value218,421 160,100 231,974 213,770 
Fair value, end of period$426,636 $249,417 $426,636 $249,417