Quarterly report [Sections 13 or 15(d)]

FAIR VALUE MEASUREMENTS (Tables)

v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025. 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, 2026 December 31, 2025
Senior Secured Term Loan Amortized cost $ 178,149  $ 178,359 
Fair value $ 180,165  $ 170,734 

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 March 31, 2026 and December 31, 2025. 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, 2026 December 31, 2025
Backstop Notes Amortized cost $ 118,811  $ 118,728 
Fair value $ 119,064  $ 96,943 
Mandatorily Redeemable Series A-1 Preferred Stock Due to Affiliate
Amortized cost (1)
$ 144,194  $ 143,912 
Fair value $ 148,719  $ 160,682 

(1) The amortized cost of the Mandatorily Redeemable Series A-1 Preferred Stock Due to Affiliate exclude $54.3 million and $47.9 million of accrued interest due to affiliate as of March 31, 2026 and December 31, 2025, respectively.
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 March 31, 2026 and December 31, 2025:

($ in thousands, except as otherwise noted)
Significant Inputs for Level 3 Fair Value Disclosure Input
March 31, 2026 (1)
December 31, 2025
Backstop Notes Principal amount $120,000 $120,000
Term to maturity date 0.36 years 2.75 years
Stock price $9.02 $4.22
Credit spreads (basis points) 140 1,105
Selected equity volatility 96.9% 105.8%
Mandatorily Redeemable Preferred Stock Due to Affiliate
Notional amount (2)
$207,199 $200,764
Term of lattice model 7.63 years 7.88 years
Stock price $9.02 $4.22
Credit spreads (basis points) 1,374 1,224
Selected equity volatility 102.9% 101.6%

(1) Inputs reflect the use of probability-weighted scenarios, with the Merger transaction scenario assigned a higher weighting.
(2) The notional amount of the preferred stock for valuation purposes includes the unpaid accrued interest as well as the liquidation value of the instrument.