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Fair Value Measurements (Q3) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 5. Fair Value Measurements The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value (in thousands):
|  | Level |  |  | September 30, 2021 |  |  | December 31, 2020 |
Liabilities: |  |  |  |  |  |  |  |  |
Warrant liability – Public Warrants |  |  | 1 |  |  | $ | 54,000 |  |  | $ | — |
Warrant liability – Private Placement Warrants |  |  | 3 |  |  |  | 56,350 |  |  |  | — |
Total warrant liability |  |  |  |  |  | $ | 110,350 |  |  | $ | — |
The following tables summarize the changes in the fair value of the warrant liabilities (in thousands):
| Three months ended September 30, 2021 |
| Public Warrants |  | Private Placement Warrants |  | Warrant Liabilities |
Fair value, beginning of period |  | $ | 79,375 |  |  | $ | 76,812 |  |  | $ | 156,187 |
Change in valuation inputs or other assumptions |  |  | (25,375 | ) |  |  | (20,462 | ) |  |  | (45,837 | )
Fair value, end of period |  | $ | 54,000 |  |  | $ | 56,350 |  |  | $ | 110,350 |
|  | Nine months ended September 30, 2021 |
|  | Public Warrants |  |  | Private Placement Warrants |  |  | Warrant Liabilities |
Fair value, beginning of period |  | $ | — |  |  | $ | — |  |  | $ | — |
Warrant liability acquired |  |  | 100,750 |  |  |  | 93,228 |  |  |  | 193,978 |
Change in valuation inputs or other assumptions |  |  | (46,750 | ) |  |  | (36,878 | ) |  |  | (83,628 | )
Fair value, end of period |  | $ | 54,000 |  |  | $ | 56,350 |  |  | $ | 110,350 |
The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
|  | September 30, 2021 |  |  | June 16, 2021 |
Exercise price |  | $ | 11.50 |  |  | $ | 11.50 |
Stock price |  | $ | 14.50 |  |  | $ | 20.55 |
Volatility |  |  | 60.0 | % |  |  | 60.0 | %
Term (years) |  |  | 4.71 |  |  |  | 5.00 |
Risk-free interest rate |  |  | 0.92 | % |  |  | 0.89 | %
Significant changes in the volatility would result in a significant lower or higher fair value measurement, respectively. The fair value of the Private Placement Warrants was $56.4 million and $93.2 million as of September 30, 2021 and June 16, 2020, respectively. The Warrants were accounted for as liabilities in accordance with ASC 815- Derivatives and Hedging and are presented within warrant liability on the accompanying condensed consolidated balance sheets. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liability in the condensed consolidated statements of income. There were no transfers in or out of Level 3 from other levels in the fair value hierarchy.

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- References No definition available. + Details
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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