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Fair Value (Tables)

6 Months Ended

Jun. 30, 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.

		June 30, 2024
($ in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	147,092			$	—			$	—			$	147,092
Restricted cash			26,944				—				—				26,944
Other assets			—				2,500				—				2,500
Total assets		$	174,036			$	2,500			$	—			$	176,536
Liabilities:
Borrowings		$	—			$	401,500			$	—			$	401,500
Tax receivable agreement			—				—				194,610				194,610
Total liabilities		$	—			$	401,500			$	194,610			$	596,110
		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.

		Six Months Ended June 30,
($ in thousands)		2024				2023
Balance at beginning of period		$	188,911			$	179,127
Purchases			—				1,987
Payments			(580	)			—
Accretion expense			6,617				—
Valuation adjustment			(338	)			482
Balance at end of period		$	194,610			$	181,596

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.

		June 30, 2024								December 31, 2023
($ in thousands)		Carrying value				Fair value				Carrying value				Fair value
2026 Notes		$	435,589			$	401,500			$	434,166			$	375,650

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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.

+ References

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-Name Accounting Standards Codification
-Section 50
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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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