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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Measurements  
Liabilities measured at fair value on a recurring basis

A summary of the Company’s liabilities measured at fair value on a recurring basis is as follows (in thousands):

As of December 31, 2024

As of December 31, 2023

Fair Value

    

Level 1

    

Level 2

    

Level 3

    

Fair Value

    

Level 1

    

Level 2

    

Level 3

Liabilities

Motto contingent consideration

$

2,175

$

$

$

2,175

$

2,170

$

$

$

2,170

Gadberry Group contingent consideration

590

590

Contingent consideration (a)

$

2,175

$

$

$

2,175

$

2,760

$

$

$

2,760

(a)Recorded as a component of “Accounts payable”, “Accrued liabilities” and “Other liabilities, net of current portion” in the accompanying Consolidated Balance Sheets.
Reconciliation of the contingent consideration

The table below presents a reconciliation of the contingent consideration (in thousands):

Total

Balance at January 1, 2023

$

4,527

Fair value adjustments

(533)

Cash payments

(1,234)

Balance at January 1, 2024

$

2,760

Fair value adjustments

(225)

Cash payments

(360)

Balance at December 31, 2024

$

2,175

Summary of carrying value and fair value of senior secured credit facility

The following table summarizes the carrying value and estimated fair value of the Senior Secured Credit Facility (in thousands):

December 31, 2024

December 31, 2023

Carrying
Amount

    

Fair Value
Level 2

    

Carrying
Amount

    

Fair Value
Level 2

Senior Secured Credit Facility

$

440,843

$

435,022

$

444,580

$

421,590