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Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025
($ in thousands)		Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	165,466			$	—			$	—			$	165,466
Restricted cash			43,725				—				—				43,725
Other assets			—				2,500				—				2,500
Total assets		$	209,191			$	2,500			$	—			$	211,691
Liabilities:
Borrowings		$	—			$	456,189			$	—			$	456,189
Tax receivable agreement			—				—				190,441				190,441
Total liabilities		$	—			$	456,189			$	190,441			$	646,630

		December 31, 2024
		Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	189,530			$	—			$	—			$	189,530
Restricted cash			47,179				—				—				47,179
Other assets			—				2,500				—				2,500
Total assets		$	236,709			$	2,500			$	—			$	239,209
Liabilities:
Borrowings		$	—			$	482,852			$	—			$	482,852
Tax receivable agreement			—				—				203,645				203,645
Total liabilities		$	—			$	482,852			$	203,645			$	686,497

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)		2025				2024
Balance at beginning of period		$	203,645			$	188,911
Purchases			111				—
Payments			(16,337	)			(580	)
Accretion expense			3,003				3,324
Valuation adjustment			19				(411	)
Balance at end of period		$	190,441			$	191,244

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 8. Borrowings for further discussion on borrowings.


		March 31, 2025
($ in thousands)		Principal Amount				Unamortized DDIC				Carrying Value				Fair Value
2026 Notes		$	220,000			$	(893	)		$	219,107			$	209,660
2029 Notes			287,500				(7,132	)			280,368				246,529
Revolving credit facility			—				(1,887	)			(1,887	)			—
Total borrowings		$	507,500			$	(9,912	)		$	497,588			$	456,189

		December 31, 2024
($ in thousands)		Principal Amount				Unamortized DDIC				Carrying Value				Fair Value
2026 Notes		$	220,000			$	(1,175	)		$	218,825			$	206,133
2029 Notes			287,500				(7,550	)			279,950				276,719
Revolving credit facility			—				(1,997	)			(1,997	)			—
Total borrowings		$	507,500			$	(10,722	)		$	496,778			$	482,852