The Founder Shares are accounted for as a liability in accordance with ASC 815 and presented as a derivative liability on the balance sheet. The derivative liability was measured at fair value as of September 10, 2021 (date on which the Company amended its memorandum and articles of association) and will be evaluated on a recurring basis, with changes in fair value presented within fair value of derivative liability in the statement of operations.

The following table presents a summary of the changes in the fair value of the Class L founder shares derivative liabilities as of December 31, 2021:

The financial statement line items and amount of gain and losses on derivative instruments are reported in the statement of operations.

The following table presents the Company's fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of December 31, 2021:



	Level 1		Level 2		Level 3		Total
Assets
Marketable Securities held in Trust Account	$	287,505,954	$	—	$	—	$	287,505,954
Total Assets	$	287,505,954	$	—	$	—	$	287,505,954
Liabilities
Class L founder share derivative liabilities	$	—	$	—	$	84,257,215	$	84,257,215
Total Liabilities	$	—	$	—	$	84,257,215	$	84,257,215

There were no transfers to and from Levels 1, 2 and 3 during the period ended December 31, 2021.

The Company measured the Class L founder shares derivative liabilities at fair value determined at Level 3. In order to capture the market conditions associated with the Class L founder shares derivative liabilities, the Company applied an approach that incorporated a Monte Carlo simulation, which involved random iterations of future stock-price paths over the contractual life of the Class L founder shares. Based on assumptions regarding potential changes in control of the Company, and the probability distribution of outcomes, the payoff to the holder was determined based on the achievement of the various market thresholds within each simulated path. The present value of the payoff in each simulated trial is calculated, and the fair value of the liability is determined by taking the average of all present values.

The key inputs into the Monte-Carlo simulation model for Class L founder shares derivative liabilities were as follows on the date of issuance and as of December 31, 2021:



Input	September 10, ‎2021		December 31, ‎2021
Risk-free interest rate		1.01%		1.34%
Expected term		6.31 years		6.00 years
Expected volatility		17.2%		18.0%
Stock price	$	10.00	$	11.56
Dividend yield		0.0 %		0.0 %