PSQ Holdings, Inc. Fair Value Disclosure
| As of December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and cash equivalents – Money market | $ | 3,168,199 | $ | — | $ | — | $ | 3,168,199 | |||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Warrant liabilities – Public Warrants | $ | 546,250 | $ | — | $ | — | $ | 546,250 | |||||||||||||||
Warrant liabilities – Private Warrants (1) | — | — | 684,000 | 684,000 | |||||||||||||||||||
Earnout liabilities (2) | — | — | 540,000 | 540,000 | |||||||||||||||||||
| Total liabilities | $ | 546,250 | $ | — | $ | 1,224,000 | $ | 1,770,250 | |||||||||||||||
| As of December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets | |||||||||||||||||||||||
| Cash and cash equivalents – Money market | $ | 22,602,438 | $ | — | $ | — | $ | 22,602,438 | |||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Warrant liabilities – Public Warrants | $ | 4,600,000 | $ | — | $ | — | $ | 4,600,000 | |||||||||||||||
Warrant liabilities – Private Warrants (1) | — | — | 5,586,000 | 5,586,000 | |||||||||||||||||||
Earnout liabilities (2) | — | — | 620,000 | 620,000 | |||||||||||||||||||
| Total liabilities | $ | 4,600,000 | $ | — | $ | 6,206,000 | $ | 10,806,000 | |||||||||||||||
| Private Placement Warrants | Earn-out Liabilities | ||||||||||
| Balance at January 1, 2024 | $ | 5,415,000 | $ | 660,000 | |||||||
| Change in fair value during the period | 171,000 | (40,000) | |||||||||
| Balance at December 31, 2024 | 5,586,000 | 620,000 | |||||||||
| Increase related to asset acquisition | — | 550,000 | |||||||||
| Change in fair value during the period | (4,902,000) | (630,000) | |||||||||
| Balance at December 31, 2025 | $ | 684,000 | $ | 540,000 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 17, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
| 2023 | Mar 14, 2024 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.