Fair Value (Tables)

9 Months Ended

Sep. 30, 2020

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, the carrying amounts and 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 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. Refer to Note 5, Note 10 and Note 11 for additional information on these liabilities.

	September 30, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	182,290,497	$	—	$	—	$	182,290,497
Restricted cash		10,388,388		—		—		10,388,388
Total assets	$	192,678,885	$	—	$	—	$	192,678,885
Liabilities:
Contingent consideration	$	—	$	—	$	14,800,000	$	14,800,000
Borrowings		—		258,067,855		—		258,067,855
Tax receivable agreement		—		—		222,900,327		222,900,327
Interest rate swap		—		10,131,735		—		10,131,735
Total liabilities	$	—	$	268,199,590	$	237,700,327	$	505,899,917
	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	24,617,996	$	—	$	—	$	24,617,996
Restricted cash		13,283,121		—		—		13,283,121
Interest rate swap		—		555,449		—		555,449
Total assets	$	37,901,117	$	555,449	$	—	$	38,456,566
Liabilities:
Contingent consideration	$	—	$	—	$	14,250,000	$	14,250,000
Borrowings		—		213,908,388		—		213,908,388
Tax receivable agreement		—		—		67,176,226		67,176,226
Total liabilities	$	—	$	213,908,388	$	81,426,226	$	295,334,614

Contingent Consideration

Schedule of Contingent Consideration Related to Previous Business Acquisitions

The following table provides a rollforward of the contingent consideration related to previous business acquisitions. Refer to Note 5 for more details.

	Nine Months Ended September 30, 2020			From July 11, 2019 to September 30, 2019		From January 1, 2019 to July 10, 2019
	(Successor)					(Predecessor)
Balance at beginning of period	$	14,250,000		$	-	$	1,816,988
Purchases		11,300,000			14,550,000	—
Payments		(14,320,549	)		—		(1,816,988	)
Accretion expense	—			—		—
Valuation adjustment		3,570,549		—		—
Balance at end of period	$	14,800,000		$	14,550,000	$	—

Tax Receivable Agreement

Schedule of Contingent Consideration Related to Previous Business Acquisitions

The following table provides a rollforward of the TRA related to the Business Combination and subsequent acquisition of Post-Merger Repay Units held by Corsair, pursuant to the Unit Purchase Agreements. See Note 15 for further discussion on the TRA.

	Nine Months Ended September 30, 2020		From July 11, 2019 to September 30, 2019		From January 1, 2019 to July 10, 2019
	(Successor)				(Predecessor)
Balance at beginning of period	$	67,176,226	$	—	$	—
Purchases		143,668,304		65,886,701		—
Payments	—		—		—
Accretion expense		2,571,460	—		—
Valuation adjustment		9,484,337	—		—
Balance at end of period	$	222,900,327	$	65,886,701	$	—