Annual report [Section 13 and 15(d), not S-K Item 405]

FAIR VALUE MEASUREMENTS (Tables)

v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2025
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 as of December 31, 2025 and 2024. 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 2025 2024
Senior Secured Term Loan Amortized cost $ 178,359  $ 179,201 
Fair value $ 170,734  $ 168,144 

The table below sets forth the amortized cost and fair value of the Backstop Notes and Mandatorily Redeemable Preferred Stock Due to Affiliate as of December 31, 2025 and 2024. 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 2025 2024
Backstop Notes Amortized cost $ 118,728  $ 118,310 
Fair value $ 96,943  $ 87,507 
Mandatorily Redeemable Series A-1 Preferred Stock Due to Affiliate
Amortized cost (1)
$ 143,912  $ 142,776 
Fair value
$ 160,682  $ 128,356 

(1) The amortized cost of the Mandatorily Redeemable Series A-1 Preferred Stock Due to Affiliate excludes $47.9 million and $23.8 million of accrued interest due to affiliate as of December 31, 2025 and 2024, respectively.
Schedule of Significant Level 3 Measurement Inputs
The table sets forth information regarding the Company’s significant Level 3 inputs for modeling this fair value disclosure as of December 31, 2025, and 2024:

($ in thousands, except as otherwise noted) December 31,
Significant Inputs for Level 3 Fair Value Disclosure Input 2025 2024
Backstop Notes Principal amount $120,000 $120,000
Term to maturity date 2.75 years 3.75 years
Stock price $4.22 $3.22
Credit spreads (basis points) 1,105 1,127
Selected equity volatility 105.8% 100.8%
Mandatorily Redeemable Series A-1 Preferred Stock Due to Affiliate
Notional amount (1)
$200,764 $176,655
Term of lattice model 7.88 years 8.88 years
Stock price $4.22 $3.22
Credit spreads (basis points) 1,224 1,254
Selected equity volatility 101.6% 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.