v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:
June 30, 2026
Level 1Level 2Level 3Aggregate Fair Value
Assets:
Money market funds$28,528 $— $— $28,528 
Contingent consideration receivable— — 87 87 
Total assets28,528 — 87 28,615 
Liabilities:
Profits interests, noncurrent— — 3,132 3,132 
Total liabilities$— $— $3,132 $3,132 
December 31, 2025
Level 1Level 2Level 3Aggregate Fair Value
Assets:
Money market funds$66,298 $— $— $66,298 
Contingent consideration receivable— — 83 83 
Total assets66,298 — 83 66,381 
Liabilities:
Profits interests, noncurrent— — 2,611 2,611 
Total liabilities$— $— $2,611 $2,611 
The level 3 assets relate to contingent consideration receivables primarily from a related party associated with the sale of brands disposed as part of the Legacy Reorganization, the Buttonwood Publishing sale. The level 3 liabilities relate to profits interests, which are presented in other liabilities, noncurrent on the condensed consolidated balance sheets.
The following table summarizes the changes in fair value of the recurring Level 3 fair value measurements during the six months ended June 30, 2026:
Level 3 Fair Value Measurements
Income Statement Line Item That Includes The Gains And LossesContingent consideration receivableProfits interests, noncurrentContingent consideration liability
Balance at December 31, 2025$83 $2,611 $— 
Issues— — — 
Total gains recorded in earningsGeneral and administrative expense60 — — 
Total losses recorded in earningsGeneral and administrative expense— 521 — 
Payments received(56)— — 
Balance at June 30, 2026$87 $3,132 $— 
The following table provides quantitative information regarding the recurring Level 3 fair value measurements inputs for the contingent consideration receivable and profits interests at their measurement dates:
As of
June 30, 2026
Contingent consideration receivable
Discount rate25.0 %
Profits interests
Discount rate25.0 %
Discount for lack of marketability29.5 %