Exhibit 99.1

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

The following unaudited pro forma condensed combined financial information is prepared in accordance with Article 11 of Regulation S-X and presents the combination of the historical financial information of Thayer and Inspirato adjusted to give effect to the Business Combination, PIPE Investment and the other related events contemplated by the Business Combination Agreement (the “Transactions”). Unless otherwise indicated or the context otherwise requires, references to the “Combined Company” refer to Inspirato and its consolidated subsidiaries after giving effect to the Transactions. Defined terms included below shall have the same meaning as terms defined and included elsewhere in this Report.

The unaudited pro forma condensed combined balance sheet as of September 30, 2021 gives pro forma effect to the Transactions as if they were consummated on September 30, 2021. The unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2021 and the year ended December 31, 2020 give pro forma effect to the Transactions as if they were consummated on January 1, 2020.

The assumptions and estimates underlying the unaudited adjustments to the unaudited pro forma condensed combined financial statements are described in the accompanying notes, which should be read in conjunction with, the following:

• Thayer’s unaudited condensed financial statements and related notes as of and for the nine months ended September 30, 2021 included in the prospectus.

• Inspirato’s unaudited financial statements and related notes as of and for the nine months ended September 30, 2021 included in the prospectus.

• Thayer’s audited financial statements and related notes as of December 31, 2020 and for the period from July 31, 2020 (inception) through December 31, 2020 included in the prospectus.

• Inspirato’s audited financial statements and related notes as of and for the year ended December 31, 2020 included in the prospectus.

• Thayer’s Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the prospectus.

• Inspirato’s Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the prospectus.

Certain direct and incremental costs related to the Business Combination will be recorded as a reduction against additional-paid-in-capital, consistent with the accounting for reverse recapitalizations. The unaudited pro forma condensed combined financial statements do not give effect to any anticipated synergies, operating efficiencies or cost savings that may be associated with the Business Combination.

The unaudited condensed combined pro forma adjustments reflecting the consummation of the Business Combination and related transactions are based on certain estimates and assumptions. These estimates and assumptions are based on information available as of the dates of these unaudited pro forma condensed combined financial statements and may be revised as additional information becomes available. Therefore, it is likely that the actual adjustments will differ from the pro forma adjustments and it is possible the difference may be material.

The following describes the above entities:

Thayer

Thayer is a blank check company formed under the laws of the State of Delaware on July 31, 2020 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, or initial business combination. Thayer has generated no operating revenues to date and does not expect to generate operating revenues until the consummation of an initial business combination.

Inspirato

Inspirato is a subscription-based luxury travel company that provides unique solutions for (i) affluent travelers seeking superior service and certainty across a wide variety of accommodations and experiences and (ii) hospitality suppliers who want to solve pain points that include monetizing excess inventory and efficiently outsourcing the hassle involved in managing rental properties.

For travelers, Inspirato offers access to a diverse portfolio of curated luxury vacation options that, as of December 31, 2021, included over 425 private luxury vacation homes available exclusively to its subscribers, and accommodations at over 420 luxury hotel and resort partners in more than 230 destinations around the world. Inspirato’s portfolio also includes Inspirato Only, featuring one-of-a-kind luxury safaris, cruises, and other experiences, and Bespoke, which offers custom-designed “bucket list” itineraries. Every Inspirato trip comes with Inspirato’s personalized service envelope — including pre-trip planning, on-site concierge, and daily housekeeping – designed to meet the needs of affluent travelers and drive exceptional customer satisfaction.

Description of the Business Combination

On June 30, 2021, Thayer, Merger Subs, Blockers and Inspirato entered into the Business Combination Agreement, pursuant to which Thayer will acquire certain of the outstanding equity interests of Inspirato. The Business Combination Agreement and the transactions contemplated thereby were unanimously approved by Thayer’s board of directors, Inspirato’s board of managers, and the governing bodies of each of the Merger Subs.

Prior to the Closing, the units representing equity interests in Inspirato are held by (i) Blockers, which are corporations (or entities treated as corporations for U.S. federal tax purposes) that are affiliated with certain institutional investors, and (ii) other Members of Inspirato, which consist of entities and individuals, including members of management and other employees of Inspirato or its subsidiaries. The Members of Inspirato prior to the Closing, other than the Blockers, are referred to in this prospectus as the “Flow-Through Sellers.”

The Business Combination Agreement provides for, among other things, the following:

• each Blocker will merge with and into a Blocker Merger Sub (including any Non-Party Blocker, if any, that signs a joinder to the Business Combination Agreement with the consent of Inspirato) with the respective Blocker Merger Sub surviving as a wholly owned subsidiary of Thayer (collectively, the “Blocker Mergers”), resulting in the equity interests of each Blocker being cancelled and converted into the right to receive (i) shares of Combined Company Class A Common Stock based on such Blocker’s pro rata ownership of Inspirato (adjusted upward for cash and cash equivalents of such Blocker and adjusted downward for debt and transaction expenses of such Blocker), plus (ii) cash, if any, based on such Blocker’s pro rata ownership, plus (iii) certain rights under the Tax Receivable Agreement;

• immediately following the Blocker Mergers, the Company Merger Sub will merge with and into Inspirato, with Inspirato continuing as the surviving company and subsidiary of Thayer, resulting in (i) each outstanding Inspirato Unit (other than any units held by the Combined Company or any of its subsidiaries following the Blocker Mergers) being cancelled and converted into a right to receive (A) New Common Units of Inspirato, (B) cash, if any, (C) shares of Combined Company Class V Common Stock and (D) certain rights under the Tax Receivable Agreement; and (ii) each outstanding Inspirato Option being automatically converted into an Assumed Inspirato Option; and

• the limited liability company agreement of Inspirato will be amended and restated to, among other things, reflect the Company Merger and create a seven-person board of managers designated by PubCo and the other members holding outstanding vested New Common Units.

Following the completion of the Business Combination, as described above, our organizational structure will be what is commonly referred to as an umbrella partnership corporation (or UP-C) structure, which is often used by entities classified as a partnership for U.S. federal income tax purposes, such as Inspirato, undertaking an initial public offering, an initial business combination with a SPAC or other going-public transactions. This UP-C structure will allow the Flow-Through Sellers to retain their equity ownership in Inspirato in the form of New Common Units issued pursuant to the Business Combination. Each Flow-Through Seller will also hold a number of shares of Combined Company Class V Common Stock equal to the number of New Common Units held by such Flow-Through Seller, which will have no economic rights, but which will entitle the holder thereof to one (1) vote per share at any meeting of the stockholders of PubCo. Those institutional investors in Inspirato who, prior to the Business Combination, held Inspirato Units through a Blocker will, by contrast, hold their equity ownership in PubCo in the form of Combined Company Class A Common Stock.

Accounting Treatment of the Business Combination

The Business Combination will be accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Thayer will be treated as the “acquired” company for accounting purposes. This determination is primarily based on the fact that subsequent to the Business Combination, the unitholders of Inspirato will have a majority of the voting power of the Combined Company, Inspirato’s operations will comprise all of the ongoing operations of the Combined Company, and Inspirato will comprise a majority of the governing body of the Combined Company. Following the Transaction, Inspirato will be managed by a seven-person board of managers designated by PubCo and the other members holding outstanding vested New Common Units. Accordingly, the financial statements will reflect the net assets of Thayer and Inspirato at historical cost with no goodwill or other intangible assets recognized.

Basis of Pro Forma Presentation

In accordance with Article 11 of Regulation S-X, pro forma adjustments to the combined historical financial information of Thayer and Inspirato give effect to transaction accounting adjustments that (1) depict in the pro forma condensed combined balance sheet, the accounting for the Transactions required by GAAP, and (2) depict in the pro forma condensed combined statement of operations, the effects of the pro forma balance sheet adjustments, assuming those adjustments were made as of the beginning of the fiscal year presented. The pro forma condensed combined financial information does not give effect to any management adjustments or any synergies, operating efficiencies, or other benefits that may result from consummation of the Transactions. In addition, as (i) Thayer and Inspirato have not had any historical relationship prior to the Transactions and (ii) there is no historical activity with respect to Merger Subs, preparation of the accompanying pro forma financial information did not require any adjustments with respect to such activities.

Management has made significant estimates and assumptions in its determination of the pro forma adjustments based on information available as of the date of this prospectus. As the unaudited pro forma condensed combined financial information has been prepared based on these preliminary estimates, the final amounts recorded may differ materially from the information presented as additional information becomes available. Management considers this basis of presentation to be reasonable under the circumstances.

The unaudited pro forma condensed combined financial information has been presented to provide relevant information necessary for an understanding of the Combined Company subsequent to completion of the Transactions. Accordingly, the unaudited pro forma condensed combined financial information includes, among other things, pro forma adjustments to reflect the completion of the Business Combination, the PIPE Investment, the settlement of transaction costs that have been reported in the companies’ historical financial statements or will be incurred upon consummation of the Business Combination, and the impact of certain other associated pro forma adjustments necessary to give full effect to the Transactions.

Pursuant to the Thayer Certificate of Incorporation, Thayer provided the holders of shares of Thayer Class A Common Stock originally sold as part of the Thayer Units issued in Thayer’s IPO with the opportunity to redeem, upon the Closing, the Public Shares then held by them for cash equal to their pro rata share of the aggregate amount on deposit as of two business days prior to the Closing, in the Trust Account that holds the proceeds (including interest not previously released to Thayer to pay its income taxes or any other taxes payable) from the Thayer IPO. The unaudited pro forma condensed combined financial information has been prepared based on actual redemptions of Thayer Class A Common Stock.

The following table provides a pro forma summary of the shares of the Combined Company’s common stock as of closing on February 10, 2022 (in thousands):

	Shares		%
Thayer public shareholders		256		0	%
Thayer Class B		2,748		3	%
Total Thayer		3,004		3	%
PIPE		8,850		8	%
Inspirato LLC unitholders		95,579		89	%
Total Shares at Closing		107,433		100	%

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

As of September 30, 2021

(in thousands except per share amounts)

	Thayer (Historical)		Inspirato LLC (Historical)		Pro Forma Adjustments				Combined Pro Forma
Assets
Current assets:
Cash and cash equivalents	$	396	$	78,855	$	2,564		2a	$	137,916
						88,500		2b
						(32,399	)	2d
Restricted cash		—		2,960		—				2,960
Accounts receivable, net		—		3,140		—				3,140
Prepaid expenses		258		6,335		—				6,593
Prepaid subscriber travel		—		15,660		—				15,660
Accounts receivable, related parties		—		762		—				762
Other current assets		—		832		—				832
Deferred tax asset		—		—		—		2g		—
Total current assets		654		108,544		58,665				167,863
Cash and marketable securities held in Trust Account		175,988		—		(175,988	)	2a		—
Property and equipment, net		—		8,490		—				8,490
Goodwill		—		21,233		—				21,233
Other long-term, assets		—		1,073		—				1,073
Total assets	$	176,642	$	139,340	$	(117,323	)		$	198,659
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable	$	509	$	28,390					$	28,899
Accrued liabilities		72		5,330						5,402
Franchise tax payable		174		—						174
Deferred revenue		—		155,488						155,488
Deferred rent		—		900						900
Debt		—		13,267						13,267
Total current liabilities		755		203,375		—				204,130
Deferred underwriting fee payable		6,900		—		(6,900	)	2d		—
Debt		—		—						—
Deferred revenue		—		17,847						17,847
Deferred rent		—		7,828						7,828
Warrants		18,170		548						18,718
Tax receivable agreement liability		—		—		—		2h		—
Total liabilities		25,825		229,598		(6,900	)			248,523

	Thayer (Historical)			Inspirato LLC (Historical)			Pro Forma Adjustments				Combined Pro Forma
Series A-1				$	13,108			(13,108	)	2f	$	—
Series A-2					5,489			(5,489	)	2f		—
Series B					19,860			(19,860	)	2f		—
Series B-1					15,282			(15,282	)	2f		—
Series D					20,125			(20,125	)	2f		—
Series E					9,916			(9,916	)	2f		—
Thayer Class A Common stock: 17,250,000 shares subject to possible redemption at $10.20 per share		175,950			—			(175,950	)	2a		—
Total temporary equity		175,950			83,780			(259,730	)			—
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding		—			—			—				—
Noncontrolling interest		—			—			(28,081	)	2i		(28,081	)
Combined Company Class A common stock, $0.0001 par value; 100,000,000 shares authorized; 2,595,148 issued and outstanding on a historical basis; 112,540,368 issued and outstanding on a pro forma basis.		—			—			11		2e		11
Class B common stock, $0.0001 par value; 10,000,000 shares authorized; 4,312,500 issued and outstanding on a historical basis; none issued or outstanding on a pro forma basis.		—			—			—				—
Series C		—			21,477			(21,477	)	2f		—
Additional paid-in capital		—			—			2,526		2a		173,721
								88,500		2b
								(25,133	)	2c
								(25,499	)	2d
								(11	)	2e
								105,257		2f
								28,081		2i
Accumulated deficit		(25,133	)		(195,515	)		25,133		2c		(195,515	)
Total shareholders’ equity		(25,133	)		(174,038	)		149,307				(49,864	)
Total liabilities and shareholders’ equity	$	176,642		$	139,340		$	(117,323	)		$	198,659

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

For the nine months ended September 30, 2021

(in thousands except per share data)

	Thayer (Historical)			Inspirato, LLC (Historical)			Pro Forma Adjustments				Combined Pro Forma
Revenue	$	—		$	166,390		$	—			$	166,390
Cost of revenue		—			110,106			—			$	110,106
General and administrative		1,253			37,188			—			$	38,441
Franchise Tax expenses		148			—			—			$	148
Sales and marketing		—			19,105			—			$	19,105
Operations		—			17,336			—			$	17,336
Technology and development		—			2,957			—			$	2,957
Depreciation and amortization		—			1,876			—			$	1,876
Interest, net		(37	)		483			37		3b	$	483
Warrant fair value losses		2,298			456			—			$	2,754
Gain on forgiveness of debt		—			(9,518	)					$	(9,518	)
Income (loss) before income taxes		(3,662	)		(13,599	)		(37	)		$	(17,298	)
Income tax expense (benefit)		—			—			(4,325	)	3c	$	(4,325	)
Net income (loss)		(3,662	)		(13,599	)		4,288			$	(12,973	)
Net income (loss) attributable to noncontrolling interest		—			—			(7,306	)	3d	$	(7,306	)
Net income (loss) attributable to Inspirato Incorporated	$	(3,662	)	$	(13,599	)	$	11,594			$	(5,667	)
Basic and diluted weighted average shares					1,166
Basic and diluted loss per share				$	(11.66	)
Weighted average shares outstanding of Class A and Class B non-redeemable common stock		4,313
Basic and diluted net loss per share, Class A and Class B	$	(0.17	)
Weighted average shares outstanding of Class A redeemable common stock		17,250										107,433
Basic and diluted net loss per share, Class A	$	(0.17	)								$	(0.05	)

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

For the year ended December 31, 2020

(in thousands except per share data)

	Thayer (Historical)			Inspirato, LLC (Historical)			Pro Forma Adjustments				Combined Pro Forma
Revenue	$	—		$	165,590		$	—			$	165,590
Cost of revenue		—		$	100,599			—				100,599
General and administrative		109		$	25,940			3,243		3a		29,292
Franchise tax expenses		84		$	—			—				84
Sales and marketing		—		$	14,764			—				14,764
Operations		—		$	18,814			—				18,814
Depreciation and amortization		—		$	2,898			—				2,898
Technology and development		—		$	2,787			—				2,787
Interest, net		(1	)	$	542			1		3b		542
Financing costs—derivative warrant liabilities		411		$	—			—				411
Warrant fair value (gains) losses		2,356		$	(214	)		—				2,142
Other		—		$	—			—				—
Loss before income taxes		(2,959	)		(540	)		(3,244	)			(6,743	)
Income tax benefit		—			—			(1,686	)	3c		(1,686	)
Net loss		(2,959	)		(540	)		(1,558	)			(5,057	)
Net loss attributable to noncontrolling interest		—			—			(2,848	)	3d		(2,848	)
Net loss attributable to Inspirato Incorporated	$	(2,959	)	$	(540	)	$	1,290			$	(2,209	)
Basic and diluted weighted average shares					1,166
Basic and diluted loss per share				$	(0.46	)
Weighted average shares outstanding of Class A and Class B non-redeemable common stock		3,818
Basic and diluted net loss per share, Class A and Class B	$	(0.77	)
Weighted average shares outstanding of Class A redeemable common stock		2,080										107,433
Basic and diluted net loss per share, Class A	$	(0.50	)								$	(0.02	)

Note 1. Basis of Pro Forma Presentation

The Business Combination will be accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Thayer will be treated as the “acquired” company for accounting purposes. This determination is primarily based on the fact that subsequent to the Business Combination, the unitholders of Inspirato will have a majority of the voting power of the Combined Company, Inspirato’s operations will comprise all of the ongoing operations of the Combined Company, and Inspirato will comprise a majority of the governing body of the Combined Company. Following the Transaction, Inspirato LLC will be governed by a board of managers consisting of three managers designated by Inspirato Incorporated. Accordingly, the financial statements will reflect the net assets of Thayer and Inspirato at historical cost with no goodwill or other intangible assets recognized. Operations prior to the Business Combination will be those of Inspirato.

The pro forma adjustments have been prepared as if the Business Combination had been consummated on September 30, 2021 in the case of the unaudited pro forma condensed combined balance sheet and on January 1, 2020, the beginning of the earliest period presented in the unaudited pro forma condensed combined statement of operations. The unaudited pro forma condensed combined financial information has been prepared assuming the following methods of accounting in accordance with GAAP.

One-time direct and incremental transaction costs incurred prior to, or concurrent with, the consummation are reflected in the unaudited pro forma condensed combined balance sheet as a direct reduction to the Combined Company additional paid-in capital and are assumed to be cash settled.

The pro forma adjustments reflecting the consummation of the Business Combination are based on certain currently available information and certain assumptions and methodologies that Thayer believes are reasonable under the circumstances. Thayer believes that these assumptions and methodologies provide a reasonable basis for presenting all of the significant effects of the Business Combination based on information available to management at the time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined financial statements have been prepared for illustrative purposes only and are not necessarily indicative of what the actual results of operations and financial position would have been had the Business Combination and related transactions taken place on the dates indicated, nor do they purport to project the future consolidated results of operations or financial position of the Combined Company. They should be read in conjunction with the historical consolidated financial statements and notes thereto of Thayer and Inspirato.

The assumptions and estimates underlying the unaudited adjustments to the unaudited pro forma condensed combined financial statements are described in the accompanying notes, which should be read in conjunction with, the following:

• Thayer’s unaudited condensed financial statements and related notes as of and for the nine months ended September 30, 2021 included in the prospectus.

• Inspirato’s unaudited financial statements and related notes as of and for the nine months ended September 30, 2021 included in the prospectus.

• Thayer’s audited financial statements and related notes as of December 31, 2020 and for the period from July 31, 2020 (inception) through December 31, 2020 included in the prospectus.

• Inspirato’s audited financial statements and related notes as of and for the year ended December 31, 2020 included in the prospectus.

Management has made significant estimates and assumptions in its determination of the pro forma adjustments based on information available as of the date of this report. As the unaudited pro forma condensed combined financial information has been prepared based on these preliminary estimates, the final amounts recorded may differ materially from the information presented as additional information becomes available. Management considers this basis of presentation to be reasonable under the circumstances.

The unaudited pro forma condensed combined financial information does not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings that may be associated with the Business Combination.

There were no significant intercompany balances or transactions between Thayer and Inspirato as of the date and for the periods of these unaudited pro forma condensed combined financial statements.

The pro forma combined provision for income taxes does not necessarily reflect the amounts that would have resulted had Thayer and Inspirato filed consolidated income tax returns during the periods presented.

The pro forma basic and diluted earnings per share amounts presented in the unaudited pro forma condensed combined statements of operations are based upon the number of Thayer’s shares outstanding, assuming the Business Combination and related transactions occurred at January 1, 2020.

Note 2. Unaudited Pro Forma Condensed Combined Balance Sheet Adjustments

The pro forma adjustments included in the unaudited pro forma condensed combined balance sheet as of September 30, 2021 are as follows:

a) Reflects the reclassification of $176 million of cash and cash equivalents held in Thayer’s trust account that becomes available for transaction consideration, transaction expenses, redemption of public shares and the operating activities following the Business Combination. Approximately $173.3 million of cash and cash equivalents held in Thayer’s trust account were utilized to satisfy redemptions of Thayer Class A common stock.

b) Reflects the gross cash proceeds from PIPE financing of 8.85 million shares of Thayer Class A common stock for $88.5 million from private investors.

c) Reflects the elimination of Thayer’s accumulated deficit.

d) Reflects the payment of Thayer and Inspirato’s transaction costs of $32.4 million, including deferred underwriting fees, incurred in connection with the closing of the business combination, of which $3.2 million will be expensed.

e) Reflects the issuance of 107 million shares to seller at $0.0001 par value as consideration for the Business Combination.

f) Reflects the recapitalization of Inspirato including the reclassification of temporary and permanent member’s equity to common stock and additional paid in capital. This presentation does not account for the Sponsor’s agreement to purchase 490,197 shares of Inspirato Class A Stock for $10.20 per share by the Sponsor for aggregate proceeds of approximately $5.0 million, in a private placement or the potential forfeiture of an additional 1.0 million shares of Thayer Class B Stock (which became 1.0 million shares of Inspirato Class A Common Stock upon the Closing) in the event such private placement does not occur within the 60-day period following the Closing pursuant to Inspirato LLCs waiver of the minimum cash condition contained in the Business Combination Agreement.

g) Represents adjustments to reflect applicable deferred tax assets. The Combined Company’s deferred tax assets are not more likely than not expected to be realized in accordance with ASC 740—Income Taxes. As such, the Combined Company has reduced the full carrying amount of the deferred tax assets with a valuation allowance. The deferred taxes are primarily related to the tax basis step up of the Combined Company’s investment in Inspirato LLC, and the Combined Companies’ net loss tax effected at a constant federal income tax rate of 21.0% and a state tax rate of 4%.

h) Upon the completion of the Transaction, the Combined Company will be a party to the Tax Receivable Agreement. Under the terms of the Tax Receivable Agreement, the Combined Company will be required to pay to certain parties to the agreement 85% of the tax savings that it is deemed to realize in certain circumstances as a result of certain tax attributes that exist following the Transaction and that are created thereafter, including as a result of payments made under the Tax Receivable Agreement. The Combined Company does not expect to record net deferred tax assets related to the tax basis adjustments associated with the exchange of Units in Inspirato as those deferred tax assets are not more likely than not expected to be realized in accordance with ASC 740—Income Taxes. Accordingly, the Combined Company has not recorded a liability related to the Tax Receivable Agreement as of September 30, 2021, as the liability is not considered to be probable in accordance with ASC 450—Contingencies.

i) Noncontrolling interest ownership of 56.3% represents ownership of Inspirato LLC to be held by Flow-Through Sellers.

Note 3. Unaudited Pro Forma Condensed Combined Statements of Operations Adjustments

The pro forma adjustments included in the unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2021 and the year ended December 31, 2020 are as follows:

a) Reflects Thayer’s and Inspirato’s transaction costs to be expensed of $3.2 million in 2020.

b) Represents the elimination of $37 thousand of interest income on Thayer’s trust account for the nine months ended September 30, 2021 and $1 thousand for the year ended December 31, 2020.

c) Following the transaction, PubCo will be subject to U.S. federal income taxes as well as state and local taxes, estimated at 25%.

d) Represents net loss attributable to noncontrolling interest ownership of 56.3%.

e) There is not expected to be a material change to the aforementioned tax benefit nor liability related to the Tax Receivable Agreement.

Note 4. Net loss per share

Pro Forma Weighted Average Shares (Basic and Diluted)

The following pro forma weighted average shares calculations have been performed for the nine months ended September 30, 2021 and the year ended December 31, 2020. The unaudited condensed combined pro forma net loss per share, basic and diluted, are computed by dividing loss by the weighted-average number of shares of common stock outstanding during the period.

Prior to the Business Combination, Thayer had two classes of shares: Class A shares and Class B shares. The Class B shares are held by the Sponsor. In connection with the closing of the Business Combination, each currently issued and outstanding share of Thayer Class B common stock not forfeited, was automatically converted on a one-for-one basis, into shares of Thayer Class A common stock. Immediately thereafter, each currently issued and outstanding share of Class A common stock was automatically converted on a one-for-one basis into shares of the Combined Company.

Thayer has 8.6 million outstanding public warrants sold during the initial public offering and 7.2 million warrants sold in a private placement to purchase an aggregate of 0.9 million Class A shares simultaneous to the initial public offering. The warrants are exercisable at $11.50 per share amounts which exceeds the current market price of Thayer’s Class A common stock. These warrants are considered anti-dilutive and excluded from the earnings per share calculation when the exercise price exceeds the average market value of the common stock price during the applicable period. Inspirato Options and Inspirato Profits Interests are anti-dilutive.

As a result, pro forma diluted net loss per share is the same as pro forma basic net loss per share for the periods presented.

	For the year ended December 31, 2020			For the nine months ended September 30, 2021
	(in thousands exept per share data)
Pro forma net loss attributable to Inspirato Incorporated	$	(2,209	)	$	(5,667	)
Basic and diluted weighted average shares outstanding		107,433			107,433
Pro forma basic and diluted loss per share	$	(0.02	)	$	(0.05	)
Pro forma basic and diluted weighted average shares
TVAC public shareholders		256			256
Thayer class B		2,748			2,748
Total Thayer		3,004			3,004
Inspirato LLC unitholders		95,579			95,579
PIPE investors		8,850			8,850
Total pro forma basic weighted average shares		107,433			107,433