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Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2024
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, 2024 |
($ in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 128,318 |  |  | $ | — |  |  | $ | — |  |  | $ | 128,318 |
Restricted cash |  |  | 26,512 |  |  |  | — |  |  |  | — |  |  |  | 26,512 |
Other assets |  |  | — |  |  |  | 2,500 |  |  |  | — |  |  |  | 2,500 |
Total assets |  | $ | 154,830 |  |  | $ | 2,500 |  |  | $ | — |  |  | $ | 157,330 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  | $ | — |  |  | $ | 407,550 |  |  | $ | — |  |  | $ | 407,550 |
Tax receivable agreement |  |  | — |  |  |  | — |  |  |  | 191,244 |  |  |  | 191,244 |
Total liabilities |  | $ | — |  |  | $ | 407,550 |  |  | $ | 191,244 |  |  | $ | 598,794 |
|  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 118,096 |  |  | $ | — |  |  | $ | — |  |  | $ | 118,096 |
Restricted cash |  |  | 26,049 |  |  |  | — |  |  |  | — |  |  |  | 26,049 |
Other assets |  |  | — |  |  |  | 2,500 |  |  |  | — |  |  |  | 2,500 |
Total assets |  | $ | 144,145 |  |  | $ | 2,500 |  |  | $ | — |  |  | $ | 146,645 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  | $ | — |  |  | $ | 375,650 |  |  | $ | — |  |  | $ | 375,650 |
Tax receivable agreement |  |  | — |  |  |  | — |  |  |  | 188,911 |  |  |  | 188,911 |
Total liabilities |  | $ | — |  |  | $ | 375,650 |  |  | $ | 188,911 |  |  | $ | 564,561 |
Schedule of Rollforward of TRA related to Acquisition and Exchanges of Post-Merger | The following table provides a rollforward of the TRA related to the acquisition and exchanges of Post-Merger Repay Units. See Note 12. Taxation for further discussion on the TRA.
|  | Three Months Ended March 31, |
($ in thousands) |  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 188,911 |  |  | $ | 179,127 |
Purchases |  |  | — |  |  |  | 31 |
Payments |  |  | (580 | ) |  |  | — |
Accretion expense |  |  | 3,324 |  |  |  | — |
Valuation adjustment |  |  | (411 | ) |  |  | 4,538 |
Balance at end of period |  | $ | 191,244 |  |  | $ | 183,696 |
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, 2024 |  |  | December 31, 2023 |
($ in thousands) |  | Carrying value |  |  | Fair value |  |  | Carrying value |  |  | Fair value |
2026 Notes |  | $ | 434,877 |  |  | $ | 407,550 |  |  | $ | 434,166 |  |  | $ | 375,650 |

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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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