Company: UP
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819516-25-000044
Chunk: 132

Company: Wheels Up Experience Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 132
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 at the measurement date.Level 2 -Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.Level 3 -Unobservable inputs developed using our own estimates and assumptions, which reflect those that market participants would use in pricing the asset or liability.Financial instruments that are measured at fair value on a recurring and non-recurring basis and their corresponding placement in the fair value hierarchy consisted of the following (in thousands):June 30, 2025Level 1Level 2Level 3Fair Value Assets:Money market funds(1)$20,995 $— $— 20,995 Total assets$20,995 $— $— $20,995 Liabilities:Warrant liability - Public Warrants(1)$— $13 $— $13 Warrant liability - Private Warrants(1)— 7 — 7 Revolving Equipment Notes(2)— — 307,927 307,927 Term Loan(2)— — 307,556 307,556 Total liabilities$— $20 $615,483 $615,503 December 31, 2024Level 1Level 2Level 3Fair ValueAssets:Money market funds(1)$80,812 $— $— $80,812 Total assets$80,812 $— $— $80,812 Liabilities:Warrant liability - Public Warrants(1)$— $13 $— $13 Warrant liability - Private Warrants(1)— 7 — 7 Revolving Equipment Notes(2)— — 317,484 317,484 Term Loan(2)— — 284,845 284,845 Total liabilities$— $20 $602,329 $602,349 __________________(1)Financial instrument measured on a recurring basis.(2)Financial instrument measured on a non-recurring basis.The carrying amount of Money market funds approximates fair value and is classified within Level 1, because we determined the fair value through quoted market prices. 

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The Warrants (as defined below) were accounted for as a liability in accordance with ASC 815-40. The Warrant liability was measured at fair value upon assumption and on a recurring basis, with changes in fair value presented in the condensed consolidated statements of operations. As of