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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Carrying Amounts and Estimated Fair Values of Assets and Liabilities Measured at Fair Value

The following table summarizes, by level within the fair value hierarchy, the carrying amounts and estimated fair values of our assets and liabilities measured at fair value on a recurring or nonrecurring basis or disclosed, but not carried, at fair value in the consolidated balance sheets as of the dates presented. There were no transfers into, out of, or between levels within the fair value hierarchy during any of the periods presented. Refer to Note 5, Note 9 and Note 10 for additional information on these assets and liabilities.

		December 31, 2020
		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents		$91,129,888		$                       —		$                       —		$91,129,888
Restricted cash		15,374,846		—		—		15,374,846
Total assets		$106,504,734		$                       —		$                       —		$106,504,734
Liabilities:
Contingent consideration		$                       —		$                       —		$15,800,000		$15,800,000
Borrowings		—		256,713,396		—		256,713,396
Tax receivable agreement		—		—		229,228,105		229,228,105
Interest rate swap		—		9,312,332		—		9,312,332
Total liabilities		$                       —		$266,025,728		$245,028,105		$511,053,833
		December 31, 2019
		Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents		$24,617,996		$                       —		$                       —		$24,617,996
Restricted cash		13,283,121		—		—		13,283,121
Interest rate swap		—		555,449		—		555,449
Total assets		$37,901,117		$555,449		$                       —		$38,456,566
Liabilities:
Contingent consideration		$                       —		$                       —		$14,250,000		$14,250,000
Borrowings		—		213,908,388		—		213,908,388
Tax receivable agreement		—		—		67,176,226		67,176,226
Total liabilities		$                       —		$213,908,388		$81,426,226		$295,334,614

Contingent Consideration

Schedule of Contingent Consideration Related to Previous Business Acquisitions

The following table provides a rollforward of the contingent consideration related to previous business acquisitions. Refer to Note 5 for more details.

		Year Ended December 31, 2020		From July 11, 2019 to December 31, 2019		From January 1, 2019 to July 10, 2019
		(Successor)				(Predecessor)
Balance at beginning of period		$14,250,000		$                       —		$1,816,988
Measurement period adjustment		6,580,549		—		—
Purchases		15,800,000		14,250,000		—
Payments		(18,320,549)		—		(1,816,988)
Accretion expense		—		—		—
Valuation adjustment		(2,510,000)		—		—
Balance at end of period		$15,800,000		$14,250,000		$                       —

Tax Receivable Agreement

Schedule of Contingent Consideration Related to Previous Business Acquisitions

The following table provides a rollforward of the TRA related to the Business Combination and subsequent acquisition of Post-Merger Repay Units held by Corsair, pursuant to the Unit Purchase Agreements. See Note 15 for further discussion on the TRA.

		Year Ended December 31, 2020		From July 11, 2019 to December 31, 2019		From January 1, 2019 to July 10, 2019
		(Successor)				(Predecessor)
Balance at beginning of period		$67,176,226		$                       —		$                       —
Purchases		149,612,393		67,176,226		—
Payments		—		—		—
Accretion expense		2,955,148		—		—
Valuation adjustment		9,484,338		—		—
Balance at end of period		$229,228,105		$67,176,226		$                       —

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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