Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

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FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Amortized Cost and Fair Value of Debt
The table below sets forth the amortized cost and fair value of the Company’s Senior Secured Term Loan, Senior Secured UBS Term Loan, and Mandatorily Redeemable Preferred Stock Due to Affiliate as of December 31, 2023 and 2002. The fair value of this debt is not indicative of the amounts at which the Company could settle this debt.

(in thousands) December 31,
Financial Instruments Disclosed at Fair Value Level 2 Measurement 2023 2022
Senior Secured Term Loan Amortized cost $ 180,042  N/A
Fair value $ 174,812  N/A
Senior Secured UBS Term Loan Amortized cost N/A $ 298,956 
Fair value N/A $ 283,612 
Mandatorily Redeemable Preferred Stock Due to Affiliate Amortized cost $ 141,594  N/A
Fair value $ 141,398  N/A

The table below sets forth the amortized cost and fair value of the Backstop Notes as of December 31, 2023 and 2022. The fair value of this debt is not indicative of the amounts at which the Company could settle this debt.

(in thousands) December 31,
Financial Instrument Disclosed at Fair Value Level 3 Measurement 2023 2022
Backstop Notes (Level 3) Amortized cost $ 117,916  $ 117,545 
Fair value $ 91,204  $ 92,900 
Schedule of Significant Level 3 Measurement Inputs The following table sets forth information regarding the Company’s significant Level 3 inputs as of December 31, 2023, and December 31, 2022:
($ in thousands, except as otherwise noted) December 31,
Significant Inputs for Level 3 Fair Value Disclosure Input 2023 2022
Backstop Notes Principal amount $120,000 $120,000
Term to maturity date 4.75 years 5.75 years
Stock price $0.98 $1.26
Credit spreads 895 bps 759 bps
Selected equity volatility 98.7  % 85.6  %