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Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured at Fair Value on Recurring Basis using Significant Unobservable Inputs (Level 3)

The following financial instruments are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

 

September 30, 2025

 

 

December 31, 2024

 

Interest rate swap (1)

$

—

 

 

$

1,544

 

Total Assets

$

—

 

 

$

1,544

 

 

 

 

 

 

 

Business acquisitions contingent consideration, current

$

15,609

 

 

$

26,872

 

Business acquisitions contingent consideration, long-term

$

7,810

 

 

$

6,255

 

Conversion option

$

—

 

 

$

20,224

 

Interest rate swap (1)

$

286

 

 

$

—

 

Total Liabilities

$

23,705

 

 

$

53,351

 

_____________________________

(1) Included in other non-current liabilities and other assets in the unaudited condensed consolidated statement of financial position as of September 30, 2025 and audited condensed consolidated statement of financial position as of December 31, 2024, respectively.
Summary of Financial Instruments Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis:

 

 

Interest Rate Swap

 

 

Total Assets

 

 

Business Acquisitions Contingent Consideration, Current

 

 

Business Acquisitions Contingent Consideration, Long-term

 

 

Conversion Option Related to Series A-2 Preferred Stock

 

 

Interest Rate Swap

 

 

Total Liabilities

 

Balance as of December 31, 2023

$

3,461

 

 

$

3,461

 

 

$

3,592

 

 

$

2,448

 

 

$

19,017

 

 

$

—

 

 

$

25,057

 

Acquisitions

 

—

 

 

 

—

 

 

 

4,976

 

 

 

24,396

 

 

 

—

 

 

 

—

 

 

 

29,372

 

Changes in fair value included in earnings

 

(3,461

)

 

 

(3,461

)

 

 

131

 

 

 

254

 

 

 

1,037

 

 

 

353

 

 

 

1,775

 

Payment of contingent consideration payable

 

—

 

 

 

—

 

 

 

(1,450

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,450

)

Reclass of long term to short term contingent liabilities

 

—

 

 

 

—

 

 

 

(826

)

 

 

826

 

 

 

—

 

 

 

—

 

 

 

—

 

Balance as of September 30, 2024

$

—

 

 

$

—

 

 

$

6,423

 

 

$

27,924

 

 

$

20,054

 

 

$

353

 

 

$

54,754

 

Balance as of December 31, 2024

$

1,544

 

 

$

1,544

 

 

$

26,872

 

 

$

6,255

 

 

$

20,224

 

 

$

—

 

 

$

53,351

 

Changes in fair value included in earnings

 

(1,544

)

 

 

(1,544

)

 

 

(231

)

 

 

1,075

 

 

 

(20,224

)

 

 

286

 

 

 

(19,094

)

Payment of contingent consideration payable

 

—

 

 

 

—

 

 

 

(12,100

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(12,100

)

Reclass of long term to short term contingent liabilities

 

—

 

 

 

—

 

 

 

(480

)

 

 

480

 

 

 

—

 

 

 

—

 

 

 

—

 

Measurement period adjustment

 

—

 

 

 

—

 

 

 

1,548

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,548

 

Balance as of September 30, 2025

$

—

 

 

$

—

 

 

$

15,609

 

 

$

7,810

 

 

$

—

 

 

$

286

 

 

$

23,705