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Fair Value (Tables)

6 Months Ended

Jun. 30, 2021

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 the Company’s 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 10 and Note 11 for additional information on these liabilities.

		June 30, 2021
		Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	120,400,640			$	—			$	—			$	120,400,640
Restricted cash			20,138,233				—				—				20,138,233
Total assets		$	140,538,873			$	—			$	—			$	140,538,873
Liabilities:
Contingent consideration		$	—			$	—			$	17,800,000			$	17,800,000
Borrowings			—				427,950,300				—				427,950,300
Tax receivable agreement			—				—				234,964,662				234,964,662
Total liabilities		$	—			$	427,950,300			$	252,764,662			$	680,714,962
		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

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.

		Six Months Ended June 30,
		2021				2020
Balance at beginning of period		$	15,800,000			$	14,250,000
Measurement period adjustment			—				6,580,549
Purchases			1,500,000				10,800,000
Payments			(948,786	)			(14,320,549	)
Accretion expense		—					—
Valuation adjustment			1,448,786				740,000
Balance at end of period		$	17,800,000			$	18,050,000

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 and exchanges of Post-Merger Repay Units. See Note 15 for further discussion on the TRA.

		Six Months Ended June 30,
		2021				2020
Balance at beginning of period		$	229,228,105			$	67,176,226
Purchases			2,424,107				29,822,986
Payments		—				—
Accretion expense			1,522,939				1,096,084
Valuation adjustment			1,789,511				9,484,337
Balance at end of period		$	234,964,662			$	107,579,633

X

- 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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