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Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

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, 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 Condensed 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.

		March 31, 2023
($ in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Other assets		$	—			$	2,500			$	—			$	2,500
Total assets		$	—			$	2,500			$	—			$	2,500
Liabilities:
Contingent consideration		$	—			$	—			$	—			$	—
Borrowings			—				330,748				—				330,748
Tax receivable agreement			—				—				183,696				183,696
Total liabilities		$	—			$	330,748			$	183,696			$	514,444
		December 31, 2022
		Level 1				Level 2				Level 3				Total
Assets:
Other assets		$	—			$	2,500			$	—			$	2,500
Total assets		$	—			$	2,500			$	—			$	2,500
Liabilities:
Contingent consideration		$	—			$	—			$	1,000			$	1,000
Borrowings			—				344,280				—				344,280
Tax receivable agreement			—				—				179,127				179,127
Total liabilities		$	—			$	344,280			$	180,127			$	524,407

Schedule of Contingent Consideration Related to Previous Business Acquisitions

The following table provides a rollforward of the contingent consideration related to previous business acquisitions.

		Three Months Ended March 31,
($ in thousands)		2023				2022
Balance at beginning of period		$	1,000			$	17,047
Purchases			—				—
Payments			(1,000	)			—
Valuation adjustment			—				(2,900	)
Balance at end of period		$	—			$	14,147

Schedule of Carrying Value and Estimated Fair Value of Borrowings

The following table provides the carrying value and estimated fair value of borrowings. See Note 9. Borrowings for further discussion on borrowings.

		March 31, 2023								December 31, 2022
($ in thousands)		Carrying value				Fair value				Carrying value				Fair value
Revolving credit facility		$	—			$	—			$	18,177			$	20,000
2026 Notes			432,031				330,748				433,142				324,280
Total		$	432,031			$	330,748			$	451,319			$	344,280

Tax Receivable Agreement

Schedule of Contingent Consideration Related to Previous Business Acquisitions

The following table provides a rollforward of the TRA related to the acquisition and exchanges of Post-Merger Repay Units. See Note 13. Taxation for further discussion on the TRA.

		Three Months Ended March 31,
($ in thousands)		2023				2022
Balance at beginning of period		$	179,127			$	245,828
Purchases			31				—
Accretion expense			—				961
Valuation adjustment			4,538				(25,580	)
Balance at end of period		$	183,696			$	221,209

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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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