Fair Value (Tables)

6 Months Ended

Jun. 30, 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.

	June 30, 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		—		355,300		—		355,300
Tax receivable agreement		—		—		181,596		181,596
Total liabilities	$	—	$	355,300	$	181,596	$	536,896
	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.

	Six Months Ended June 30,
($ in thousands)	2023			2022
Balance at beginning of period	$	1,000		$	17,047
Purchases		—			—
Payments		(1,000	)		(12,747	)
Valuation adjustment		—			(3,950	)
Balance at end of period	$	—		$	350

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, 2023				December 31, 2022
($ in thousands)	Carrying value		Fair value		Carrying value		Fair value
Revolving credit facility	$	—	$	—	$	18,177	$	20,000
2026 Notes		432,742		355,300		433,142		324,280
Total	$	432,742	$	355,300	$	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.

	Six Months Ended June 30,
($ in thousands)	2023		2022
Balance at beginning of period	$	179,127	$	245,828
Purchases		1,987		165
Accretion expense		—		2,657
Valuation adjustment		482		(46,727	)
Balance at end of period	$	181,596	$	201,923