v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule 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 during the period, by level, within the fair value hierarchy for the periods ended December 31, 2025 and 2024 (in thousands):
Fair Value Measurements Using:
December 31, 2025
Level 1Level 2Level 3Total
Liabilities:
Founders advisory fees payable - related party$161,399 $— $375,024 $536,423 
December 31, 2024
Liabilities:
Founders advisory fees payable - related party$52,098 $— $194,662 $246,760 
Schedule Reconciliation of Level 3 Liabilities Measured on a Recurring Basis
A roll forward of Level 3 liabilities measured at fair value on a recurring basis is as follows (in thousands):
Founders Advisory Fees Payable - Related PartyLaderaTECH
Contingent Earn-out
Balance, December 31, 2022
$118,490 $7,273 
Founders advisory fees - related party, change in fair value(82,843)— 
Gain on contingent earn-out, change in fair value— (7,273)
Balance, December 31, 2023
35,647 — 
Founders advisory fees - related party, change in fair value159,015 — 
Balance, December 31, 2024
194,662 — 
Founders advisory fees - related party, change in fair value382,040 — 
Liability portion of Founders advisory fees - related party reclassified to additional paid-in capital(119,368)— 
Current portion of Founders advisory fees - related party, transfer out of Level 3(82,310)— 
Balance, December 31, 2025
$375,024 $—