v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Liabilities Measured on a Recurring Basis
The following table sets forth the Company’s liabilities that were measured at fair value on a recurring basis, by level, within the fair value hierarchy as of June 30, 2026 and December 31, 2025 (in thousands):
Fair Value Measurements Using:
June 30, 2026
Level 1Level 2Level 3Total
Liabilities:
Founders advisory fees payable - related party$83,752 $— $546,822 $630,574 
December 31, 2025
Liabilities:
Founders advisory fees payable - related party$161,399 $— $375,024 $536,423 
Schedule of Reconciliation in Level 3 Liabilities Measured on a Recurring Basis
The reconciliation for the portion of founders advisory fees payable - related party which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Fair value, beginning of period$312,641 $125,262 $375,024 $194,662 
Founders advisory fees - related party, change in fair value234,181 82,953 171,798 13,553 
Fair value, end of period$546,822 $208,215 $546,822 $208,215