| Schedule of Assets Measured at Fair Value on a Recurring Basis |
The following tables presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Public Warrants
(Level 1) | | Senior Secured Term Loan
(Level 2) | | Private
Placement Warrants
(Level 3) | | Working Capital Warrants
(Level 3) | | Total
Liabilities
Fair Value | | Fair Value as of December 31, 2024 | $ | — | | | $ | 833,542 | | | $ | 79,263 | | | $ | 47,678 | | | $ | 960,483 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Additions | — | | | 21,010 | | | — | | | — | | | 21,010 | | | | | | | | | | | | | | | | | | | | | | | Change in valuation inputs or other assumptions | — | | | — | | | 13,492 | | | 7,803 | | | 21,295 | | | Fair Value as of March 31, 2025 | — | | | 854,552 | | | 92,755 | | | 55,481 | | | 1,002,788 | | | Additions | — | | | 21,009 | | | — | | | — | | | 21,009 | | | Change in valuation inputs or other assumptions | — | | | — | | | (17,325) | | | (9,821) | | | (27,146) | | | Fair Value as of June 30, 2025 | $ | — | | | $ | 875,561 | | | $ | 75,430 | | | $ | 45,660 | | | $ | 996,651 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Public Warrants (Level 1) | | Senior Secured Term Loan
(Level 2) | | Private
Placement Warrants
(Level 3) | | Working Capital Warrants
(Level 3) | | Total
Liabilities
Fair Value | | Fair Value as of February 14, 2024 | | $ | 39,962 | | | $ | 761,401 | | | $ | 19,813 | | | $ | — | | | $ | 821,176 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Additions | | — | | | 9,801 | | | — | | | 10,283 | | | 20,084 | | | | | | | | | | | | | | | | | | | | | | | | | Change in valuation inputs or other assumptions | | (2,875) | | | — | | | 550 | | | 562 | | | (1,763) | | | Fair Value as of March 31, 2024 | | 37,087 | | | 771,202 | | | 20,363 | | | 10,845 | | | 839,497 | | | Additions | | — | | | 19,175 | | | — | | | — | | | 19,175 | | | Change in valuation inputs or other assumptions | | 24,294 | | | — | | | 37,839 | | | 19,045 | | | 81,178 | | | Fair Value as of June 30, 2024 | | $ | 61,381 | | | $ | 790,377 | | | $ | 58,202 | | | $ | 29,890 | | | $ | 939,850 | |
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| Summary of Level 3 Inputs to Determine Fair Value |
The following table provides quantitative information regarding Level 3 inputs used to determine the fair values of Private Placement Warrants held by FL Co-Investment and Intrepid Financial Partners as of June 30, 2025.
| | | | | | | Inputs | June 30, 2025 | | Stock price | $ | 21.98 | | | Strike price | $ | 11.50 | | | Term (in years) | 0.65 | | Volatility | 85.0 | % | | Risk-free rate | 4.10 | % | | Dividend yield | 0.00 | % |
The following table provides quantitative information regarding Level 3 fair value measurements used to determine the fair value of the Working Capital Warrants and the Private Placement Warrants, excluding Private Placement Warrants held by FL Co-Investment and Intrepid Financial Partners, as of June 30, 2025.
| | | | | | | Inputs | June 30, 2025 | | Stock price | $ | 21.98 | | | Strike price | $ | 11.50 | | | Term (in years) | 3.63 | | | Volatility | 55.0 | % | | Risk-free rate | 3.65 | % | | Dividend yield | 0.00 | % |
The following table provides quantitative information regarding Level 3 inputs used to determine the fair values of Private Placement Warrants held by FL Co-Investment and Intrepid Financial Partners as of December 31, 2024.
| | | | | | | Inputs | December 31, 2024 | | Stock price | $ | 22.90 | | | Strike price | $ | 11.50 | | | Term (in years) | 1.15 | | Volatility | 60.0 | % | | Risk-free rate | 4.09 | % | | Dividend yield | 0.00 | % |
The following table provides quantitative information regarding Level 3 fair value measurements used to determine the fair value of the Working Capital Warrants and the Private Placement Warrants, excluding Private Placement Warrants held by FL Co-Investment and Intrepid Financial Partners, as of December 31, 2024.
| | | | | | | Inputs | December 31, 2024 | | Stock price | $ | 22.90 | | | Strike price | $ | 11.50 | | | Term (in years) | 4.12 | | | Volatility | 45.0 | % | | Risk-free rate | 4.24 | % | | Dividend yield | 0.00 | % |
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