Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

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FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Amortized Cost and Fair Value of Debt and Stock Due to Affiliate
The table below sets forth the amortized cost and fair value of the Company’s Senior Secured Term Loan and Mandatorily Redeemable Preferred Stock Due to Affiliate as of March 31, 2024 and December 31, 2023. The fair value of this debt is not indicative of the amounts at which the Company could settle this debt.

(in thousands)
Financial Instruments Disclosed at Fair Value Level 2 Measurement March 31, 2024 December 31, 2023
Senior Secured Term Loan Amortized cost $ 179,832  $ 180,042 
Fair value $ 174,785  $ 174,812 
Mandatorily Redeemable Preferred Stock Due to Affiliate Amortized cost $ 141,923  $ 141,594 
Fair value $ 142,084  $ 141,398 

The table below sets forth the amortized cost and fair value of the Backstop Notes as of March 31, 2024 and December 31, 2023. The fair value of this debt is not indicative of the amounts at which the Company could settle this debt.

(in thousands)
Financial Instrument Disclosed at Fair Value Level 3 Measurement March 31, 2024 December 31, 2023
Backstop Notes Amortized cost $ 118,002  $ 117,916 
Fair value $ 91,615  $ 91,204 
Schedule of Significant Level 3 Measurement Inputs The following table sets forth information regarding the Company’s significant Level 3 inputs as of March 31, 2024, and December 31, 2023:
($ in thousands, except as otherwise noted)
Significant Inputs for Level 3 Fair Value Disclosure Input March 31, 2024 December 31, 2023
Backstop Notes Principal amount $120,000 $120,000
Term to maturity date 4.5 4.75
Stock price $0.79 $0.98
Credit spreads 0.0866 0.0895
Selected equity volatility 93.6% 98.7%