Quarterly report [Sections 13 or 15(d)]

FAIR VALUE MEASUREMENTS (Tables)

v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
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 as of June 30, 2025 and December 31, 2024. 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 June 30, 2025 December 31, 2024
Senior Secured Term Loan Amortized cost $ 178,780  $ 179,201 
Fair value $ 168,508  $ 168,144 

The table below sets forth the amortized cost and fair value of the Backstop Notes and the Mandatorily Redeemable Preferred Stock Due to Affiliate as of June 30, 2025 and December 31, 2024. 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 June 30, 2025 December 31, 2024
Backstop Notes Amortized cost $ 118,487  $ 118,310 
Fair value $ 92,024  $ 87,507 
Mandatorily Redeemable Preferred Stock Due to Affiliate Amortized cost $ 143,342  $ 142,776 
Fair value $ 141,466  $ 128,356 
Schedule of Significant Level 3 Measurement Inputs
The table below sets forth information regarding the Company’s significant Level 3 inputs for modeling this fair value disclosure as of June 30, 2025 and December 31, 2024:

($ in thousands, except as otherwise noted)
Significant Inputs for Level 3 Fair Value Disclosure Input June 30, 2025 December 31, 2024
Backstop Notes Principal amount $120,000 $120,000
Term to maturity date 3.25 years 3.75 years
Stock price $2.39 $3.22
Credit spreads (basis points) 1,127 1,127
Selected equity volatility 104.6% 100.8%
Mandatorily Redeemable Preferred Stock Due to Affiliate
Notional amount (1)
$188,227 $176,655
Term of lattice model 8.38 years 8.88 years
Stock price $2.39 $3.22
Credit spreads (basis points) 1,277 1,254
Selected equity volatility 105.5% 109.4%

(1) The notional amount of the preferred stock for valuation purposes includes the unpaid accrued interest as well as the liquidation value of the instrument.