0001781755-22-000018 | 10-Q | XBRL Viewer

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Reported Value Measurement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt	$ 919.5	$ 881.6
Estimate of Fair Value Measurement
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-term debt	826.8	904.1
Change in fair value of contingent earnout liabilities	(5.6)
Maximum estimated exposure to contingent earnout liabilities	1,000.0
Unamortized debt discount and issuance costs	22.8	$ 23.5
Fair Value, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest rate caps	$ 22.1
Revenue or EBITDA Growth Rate \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent earnout liability input	0.05	0.05
Revenue or EBITDA Growth Rate \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent earnout liability input	0.23	0.22
Discount Rate \| Minimum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent earnout liability input	0.0625	0.0500
Discount Rate \| Maximum
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent earnout liability input	0.1650	0.1550

Business and Basis of Presentation (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Standards Update and Change in Accounting Principle

The following table summarizes the effects of adopting ASC 842 on our condensed consolidated statement of comprehensive income for the three months ended March 31, 2021:


(in thousands, except per share data)	As Previously Reported		Effect of Adoption of Topic 842		As Adjusted
Operating expenses:
Other operating expenses	$	17,568	$	(693)	$	16,875
Total operating expenses	116,571		(693)		115,878
Operating income	36,257		693		36,950
Net income	30,614		693		31,307
Net income attributable to BRP Group, Inc.	14,613		693		15,306
Basic earnings per share	$	0.33	$	0.02	$	0.35
Diluted earnings per share	$	0.32	$	0.01	$	0.33

The following table summarizes the effects of adopting ASC 842 on our condensed consolidated statement of cash flows for the three months ended March 31, 2021:


(in thousands)	As Previously Reported		Effect of Adoption of Topic 842		As Adjusted
Cash flows from operating activities:
Net income	$	30,614	$	693	$	31,307
Changes in operating assets and liabilities, net of effect of acquisitions:
Prepaid expenses and other current assets	(636)		169		(467)
Right-of-use assets	—		(54,856)		(54,856)
Accounts payable, accrued expenses and other current liabilities	9,636		(1,885)		7,751
Operating lease liabilities	—		55,879		55,879

Long-term Debt - Additional Information (Details) - USD ($)					3 Months Ended
	May 05, 2022	Apr. 28, 2022	Mar. 31, 2022	Mar. 28, 2022	Mar. 31, 2022	Mar. 31, 2021	May 10, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Proceeds from revolving line of credit					$ 40,000,000	$ 0
Gain on interest rate caps					15,810,000	$ 0
Interest Rate Cap
Debt Instrument [Line Items]
Interest rate caps			$ 22,100,000		22,100,000			$ 6,300,000
Gain on sale of interest rate caps					15,800,000
Interest Rate Cap \| Subsequent Event
Debt Instrument [Line Items]
Gain on sale of interest rate caps	$ 3,200,000
JPM Credit Agreement \| JPMorgan Chase Bank, N.A. \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing amount								1,325,000,000
JPM Credit Agreement \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing amount								475,000,000
JPM Credit Agreement \| Secured Debt \| JPMorgan Chase Bank, N.A. \| Medium-term Notes
Debt Instrument [Line Items]
Maximum borrowing amount								$ 850,000,000
Interest rate during period			4.00%
Long-term Debt			$ 844,500,000		$ 844,500,000
JPM Credit Agreement \| Secured Debt \| London Interbank Offered Rate (LIBOR) \| JPMorgan Chase Bank, N.A. \| Medium-term Notes
Debt Instrument [Line Items]
Basis spread on variable rate					3.50%
Credit Agreement June 2021 Amendment \| Secured Debt \| London Interbank Offered Rate (LIBOR) \| JPMorgan Chase Bank, N.A. \| Medium-term Notes
Debt Instrument [Line Items]
Basis spread on variable rate, floor					0.50%
Credit Agreement Amendment No. 5 March 2022 \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing amount				$ 600,000,000
Interest rate during period			3.35%
Outstanding borrowings			$ 75,000,000		$ 75,000,000
Commitment fee			0.40%
Credit Agreement Amendment No. 5 March 2022 \| Revolving Credit Facility \| JPMorgan Chase Bank, N.A. \| Line of Credit \| Subsequent Event
Debt Instrument [Line Items]
Outstanding borrowings							$ 530,000,000
Proceeds from revolving line of credit		$ 380,000,000
Credit Agreement Amendment No. 5 March 2022 \| Revolving Credit Facility \| secured overnight financing rate \| JPMorgan Chase Bank, N.A. \| Line of Credit
Debt Instrument [Line Items]
Credit Spread Adjustment				0.10%
Credit Agreement Amendment No. 5 March 2022 \| Revolving Credit Facility \| secured overnight financing rate \| JPMorgan Chase Bank, N.A. \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				3.00%
Credit Agreement Amendment No. 5 March 2022 \| Revolving Credit Facility \| secured overnight financing rate \| JPMorgan Chase Bank, N.A. \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				2.00%

Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets	$ 206,193	$ 168,550
Contract liabilities	$ 22,059	$ 18,178

Earnings Per Share (Details) - shares	3 Months Ended
Earnings Per Share (Details) - shares	Mar. 31, 2022	Mar. 31, 2021
Class B Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	56,268,051	49,715,644

Share-Based Compensation (Notes)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

Omnibus Incentive Plan and Partnership Inducement Award Plan

The Company has an Omnibus Incentive Plan (the “Omnibus Plan”) and a Partnership Inducement Award Plan (the “Inducement Plan” and collectively, the “Plans”) to motivate and reward Colleagues and other individuals, including those who join the Company through Partnerships, to perform at the highest level and contribute significantly to the Company’s success, thereby furthering the best interests of its shareholders. The Omnibus Plan and the Inducement Plan provide for the Company to make awards of 6,142,862 and 3,000,000 shares of Class A common stock, respectively, at March 31, 2022.

During the three months ended March 31, 2022, the Company made awards of restricted stock, unrestricted stock and performance-based restricted stock units under the Plans to its non-employee directors, Colleagues and executive officers. Shares of unrestricted stock issued to directors during the three months ended March 31, 2022 were vested upon issuance while restricted stock issued to Colleagues, Risk Advisors and executive officers generally either cliff vest after 3 to 4 years or vest ratably over 3 to 5 years.

The following table summarizes the activity for non-vested awards granted by the Company under the Plans:


	Shares	Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2021	3,215,731	$	28.83
Granted	339,268	34.13
Vested and settled	(190,476)	29.36
Forfeited	(28,035)	25.54
Outstanding at March 31, 2022	3,336,488	29.39

The total fair value of shares that vested and settled under the Plans was $5.6 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively.

Share-based compensation includes expense recognized for management incentive units and advisor incentives, in addition to issuances under the Plans. The Company recognizes share-based compensation expense for the Plans net of actual forfeitures. The Company recorded total share-based compensation expense of $7.6 million and $3.5 million for the three months ended March 31, 2022 and 2021, respectively, which is included in commissions, employee compensation and benefits expense in the condensed consolidated statements of comprehensive income.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe Company is involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or liquidity.

Fair Value Measurements (Notes)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC Topic 820, Fair Value Measurement (“Topic 820”) established a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy under Topic 820 are described below:

Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2: Inputs to the valuation methodology are quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The fair value measurement level for assets and liabilities within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within each level of the fair value hierarchy:


(in thousands)	March 31, 2022		December 31, 2021
Level 2
Interest rate caps	$	22,148	$	6,338
Level 2 Assets	$	22,148	$	6,338
Level 3
Contingent earnout liabilities	$	227,847	$	258,589
Level 3 Liabilities	$	227,847	$	258,589

Methodologies used for assets and liabilities measured at fair value on a recurring basis within Level 3 of the fair value hierarchy at March 31, 2022 and December 31, 2021 are based on limited unobservable inputs. These methods may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The fair value of interest rate caps was $22.1 million at March 31, 2022. The fair value of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities.

The fair value of contingent earnout liabilities is based on sales projections for the acquired entities, which are reassessed each reporting period. Based on the Company’s ongoing assessment of the fair value of its contingent earnout liabilities, the Company recorded a net decrease in the estimated fair value of such liabilities of $5.6 million for the three months ended March 31, 2022. The Company has assessed the maximum estimated exposure to the contingent earnout liabilities to be approximately $1.0 billion at March 31, 2022.

The Company measures contingent earnout liabilities at fair value at each reporting period using significant unobservable inputs classified within Level 3 of the fair value hierarchy. The Company uses a probability weighted value analysis as a valuation technique to convert future estimated cash flows to a single present value amount. The significant unobservable inputs used in the fair value measurements are sales projections over the earnout period, and the probability outcome percentages assigned to each scenario. Significant increases or decreases to either of these inputs would result in a significantly higher or lower liability with a higher liability capped by the contractual maximum of the contingent earnout liabilities. Ultimately, the liability will be equivalent to the amount settled, and the difference between the fair value estimate and amount settled will be recorded in earnings for business combinations, or as a reduction of the cost of the assets acquired for asset acquisitions.

The fair value of the contingent earnout liabilities is based on the present value of the expected future payments to be made to Partners in accordance with the provisions outlined in the respective purchase agreements, which is a Level 3 fair value measurement. In determining fair value, the Company estimates the Partner’s future performance using financial projections developed by management for the Partner and market participant assumptions that were derived for revenue growth, profitability based on earnings before interest, taxes, depreciation and amortization (“EBITDA”), or the number of rental units tracked. Revenue and EBITDA growth rates generally ranged from 5% to 23% at March 31, 2022 and from 5% to 22% at December 31, 2021. The Company estimates future payments using the earnout formula and performance targets specified in each purchase agreement and these financial projections. These payments are discounted to present value using a risk-adjusted rate that takes into consideration market-based rates of return that reflect the ability of the Partner to achieve the targets. These discount rates generally ranged from 6.25% to 16.50% at March 31, 2022 and from 5.00% to 15.50% at December 31, 2021. Changes in financial projections, market participant assumptions for revenue growth and profitability, or the risk-adjusted discount rate, would result in a change in the fair value of contingent consideration.

The following table sets forth a summary of the changes in the fair value of the Company’s contingent earnout liabilities, which are measured at fair value on a recurring basis utilizing Level 3 assumptions in their valuation:


	For the Three Months Ended March 31,
(in thousands)		2022		2021
Balance at beginning of period		$	258,589	$	164,819
Settlement of contingent consideration		(25,110)		—
Change in fair value of contingent consideration		(5,632)		(1,503)
Fair value of contingent consideration issuances		—		1,967
Balance at end of period		$	227,847	$	165,283

Fair Value of Other Financial Instruments

The fair value of long-term debt and the revolving lines of credit is classified as Level 2 within the fair value hierarchy. Fair value is based on an estimate using a discounted cash flow analysis based on current borrowing rates for similar types of borrowing arrangements. The fair value of long-term debt and the revolving lines of credit was approximately $826.8 million and $904.1 million at March 31, 2022 and December 31, 2021, respectively, compared to outstanding principal amounts of $919.5 million and $881.6 million, respectively. These outstanding principal amounts do not reflect unamortized debt discount and issuance costs of $22.8 million and $23.5 million at March 31, 2022 and December 31, 2021, respectively, which are netted against long-term debt for balance sheet presentation.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Revenue - Additional Information (Details)	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Capitalized contract cost, amortization period	5 years

Payables and Accruals (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued expenses and other current liabilities consist of the following:


(in thousands)	March 31, 2022		December 31, 2021
Contract liabilities	$	22,059	$	18,178
Accrued expenses	13,310		9,731
Current portion of operating lease liabilities	13,239		12,520
Deferred consideration payments	9,941		12,355
Current portion of long-term debt	8,521		8,521
Accrued compensation and benefits	9,929		22,460
Tax distribution payable	5,072		5,072
Other	5,245		3,386
Accrued expenses and other current liabilities	$	87,316	$	92,223

Variable Interest Entities - Additional Information (Details) - Variable Interest Entity, Primary Beneficiary - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Variable Interest Entity [Line Items]
Revenues	$ 0.3	$ 0.2
Expenses	$ 0.3	$ 0.2

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Common Class A
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares outstanding	58,790,758	58,602,859
Common stock, shares issued	58,790,758	58,602,859
Common Class B
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares outstanding	56,268,051	56,338,051
Common stock, shares issued	56,268,051	56,338,051

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of Operating Segments	4

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 44,839	$ 31,307
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	18,550	11,131
Change in fair value of contingent consideration	(5,632)	(1,503)
Share-based compensation expense	7,564	3,542
Amortization of deferred financing costs	1,286	693
Change in fair value of interest rate caps	(15,810)	0
Payment of contingent earnout consideration in excess of purchase price accrual	(11,117)	0
Changes in operating assets and liabilities, net of effect of acquisitions:
Premiums, commissions and fees receivable, net	(35,359)	(50,364)
Prepaid expenses and other current assets	(8,908)	(467)
Due to/from related parties	(89)	174
Right-of-use assets	(1,368)	(54,856)
Accounts payable, accrued expenses and other current liabilities	627	7,751
Operating lease liabilities	1,984	55,879
Net cash provided by (used in) operating activities	(3,433)	3,287
Cash flows from investing activities:
Capital expenditures	(1,793)	(1,000)
Investment in business venture	(639)	0
Cash consideration paid for asset acquisitions, net of cash received	(700)	0
Cash consideration paid for business combinations, net of cash received	0	(17,358)
Net cash used in investing activities	(3,132)	(18,358)
Cash flows from financing activities:
Payment of contingent earnout consideration up to amount of purchase price accrual	(13,993)	0
Proceeds from revolving line of credit	40,000	0
Payments on long-term debt	(2,127)	(1,000)
Payments of debt issuance costs	(1,188)	(59)
Purchase of interest rate caps	0	(3,461)
Proceeds from repayment of stockholder notes receivable	44	116
Net cash provided by (used in) financing activities	22,736	(4,404)
Net increase (decrease) in cash and cash equivalents and restricted cash	16,171	(19,475)
Cash and cash equivalents and restricted cash at beginning of period	227,737	142,022
Cash and cash equivalents and restricted cash at end of period	243,908	122,547
Supplemental schedule of cash flow information:
Cash paid during the period for interest	9,049	5,765
Disclosure of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	5,336	0
Increase in goodwill resulting from measurement period adjustments for prior year business combinations	3,658	0
Noncash debt issuance costs incurred	92	0
Capital expenditures incurred but not yet paid	0	244
Contingent earnout liabilities assumed in business combinations	0	6,711
Equity issued in business combinations	$ 0	$ 2,459

Deferred Commission Expense (Tables)

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Deferred Commission Expense

The table below provides a rollforward of deferred commission expense for the periods presented:


	For the Three Months Ended March 31,
(in thousands)		2022		2021
Balance at beginning of period		$	11,336	$	4,751
Costs capitalized		3,630		835
Amortization		(927)		(422)
Balance at end of period		$	14,039	$	5,164

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Activity of Non-vested Awards under Omnibus and Partnership Inducement Plans

The following table summarizes the activity for non-vested awards granted by the Company under the Plans:


	Shares	Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2021	3,215,731	$	28.83
Granted	339,268	34.13
Vested and settled	(190,476)	29.36
Forfeited	(28,035)	25.54
Outstanding at March 31, 2022	3,336,488	29.39

Long-term Debt (Notes)	3 Months Ended
Long-term Debt (Notes)	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-term Debt	Long-Term Debt As of December 31, 2021, the Company’s credit agreement with JPMorgan Chase Bank, N.A., provided for senior secured credit facilities in an aggregate principal amount of $1.325 billion (the "JPM Credit Agreement"), which consisted of (i) a term loan facility in the principal amount of $850.0 million maturing in 2027 (the “Term Loan B”) and (ii) a revolving credit facility with commitments in an aggregate principal amount of $475.0 million maturing in 2025 (the “Revolving Facility”). On March 28, 2022, the Company entered into Amendment No. 5 to the JPM Credit Agreement, under which (i) the aggregate principal amount of the Revolving Facility was increased from $475.0 million to $600.0 million, (ii) the interest rate on the Revolving Facility changed to the Secured Overnight Financing Rate (“SOFR”), plus a credit spread adjustment of 10 basis points (“bps”), plus an amount between 200 bps and 300 bps based on the total net leverage ratio, (iii) the total net leverage ratio covenant increased to 7.0x consolidated EBITDA and (iv) the maturity of the Revolving Facility was extended to April 1, 2027. The other terms of the Revolving Facility and the terms of the Term Loan B remained unchanged. The JPM Credit Agreement provides for a benchmark replacement to SOFR such that there are no material contract modifications resulting from a transition from the London Interbank Offered Rate (“LIBOR”). The Term Loan B bears interest at LIBOR plus 350 bps, subject to a LIBOR floor of 50 bps. At March 31, 2022, the outstanding borrowings on the Term Loan B were $844.5 million and had an applicable interest rate of 4.00%. The outstanding borrowings on the Revolving Facility of $75.0 million had an applicable interest rate of 3.35% at March 31, 2022. The Revolving Facility is also subject to a commitment fee of 0.40% on the unused capacity at March 31, 2022. On April 28, 2022, the Company borrowed an additional $380.0 million under the Revolving Facility for general working capital purposes and to fund certain closing cash and post-closing contingent consideration payments for the Westwood Partnership as discussed further in Note 14. The JPM Credit Agreement requires the Company to meet certain financial covenants and comply with customary affirmative and negative covenants as listed in the underlying agreement. The Company was in compliance with these covenants at March 31, 2022. Interest Rate Caps The Company enters into interest rate caps to mitigate its exposure to interest rate risk by limiting the impact of interest rate changes on cash flows. The interest rate caps are recorded at an aggregate fair value of $22.1 million and $6.3 million at March 31, 2022 and December 31, 2021, respectively, and are included as a component of other assets on the condensed consolidated balance sheets. The Company recorded a fair value gain of $15.8 million related to the interest rate caps for the three months ended March 31, 2022, which is included as a component of other income, net in the condensed consolidated statements of comprehensive income.

Earnings Per Share Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic earnings per share:
Net income attributable to BRP Group, Inc.	$ 22,869	$ 15,306
Weighted-average shares of Class A common stock outstanding - basic	55,719,803	44,255,011
Basic earnings per share	$ 0.41	$ 0.35
Diluted earnings per share:
Net income attributable to BRP Group, Inc.	$ 22,869	$ 15,306
Weighted-average shares of Class A common stock outstanding	55,719,803	44,255,011
Dilutive effect of unvested restricted shares of Class A common stock	2,996,000	1,528,000
Weighted-average shares of Class A common stock outstanding - diluted	58,715,825	45,783,086
Diluted earnings per share	$ 0.39	$ 0.33

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 156,811	$ 138,292
Restricted cash	87,097	89,445
Premiums, commissions and fees receivable, net	375,290	340,837
Prepaid expenses and other current assets	14,226	8,151
Due from related parties	1,757	1,668
Total current assets	635,181	578,393
Property and equipment, net	18,280	17,474
Right-of-use assets	83,014	81,646
Other assets	45,543	25,586
Intangible assets, net	927,605	944,467
Goodwill	1,232,399	1,228,741
Total assets	2,942,022	2,876,307
Current Liabilities
Premiums payable to insurance companies	309,257	310,045
Producer commissions payable	52,314	41,833
Accrued expenses and other current liabilities	87,316	92,223
Related party notes payable	61,500	61,500
Current portion of contingent earnout liabilities	20,897	35,088
Total current liabilities	531,284	540,689
Revolving lines of credit	75,000	35,000
Long-term debt, less current portion	813,172	814,614
Contingent earnout liabilities, less current portion	206,950	223,501
Operating lease liabilities, less current portion	72,622	71,357
Other liabilities	3,959	3,590
Total liabilities	1,702,987	1,688,751
Mezzanine Equity
Redeemable noncontrolling interest	288	269
Stockholders' Equity Attributable to BRP Group, Inc.
Additional paid-in capital	671,143	663,002
Accumulated deficit	(32,123)	(54,992)
Stockholder notes receivable	(175)	(219)
Total stockholders’ equity attributable to BRP Group, Inc.	639,439	608,383
Noncontrolling interest	599,308	578,904
Total stockholders’ equity	1,238,747	1,187,287
Total liabilities, mezzanine equity and stockholders’ equity	2,942,022	2,876,307
Common Class A
Stockholders' Equity Attributable to BRP Group, Inc.
Common stock	588	586
Common Class B
Stockholders' Equity Attributable to BRP Group, Inc.
Common stock	6	6
Variable Interest Entity, Primary Beneficiary
Current Assets
Cash and cash equivalents	150	303
Premiums, commissions and fees receivable, net	398	272
Total current assets	548	575
Property and equipment, net	14	15
Other assets	5	5
Total assets	567	595
Current Liabilities
Premiums payable to insurance companies	133	0
Producer commissions payable	5	41
Accrued expenses and other current liabilities	6	4
Total liabilities	$ 144	$ 45

Business and Basis of Presentation - Cumulative Effect of Applying Topic 842 on Condensed Consolidated Statement of Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other operating expenses	$ 36,442	$ 16,875
Total operating expenses	203,110	115,878
Operating Income	39,738	36,950
Net income	44,839	31,307
Net income attributable to BRP Group, Inc.	$ 22,869	$ 15,306
Basic earnings per share	$ 0.41	$ 0.35
Diluted earnings per share	$ 0.39	$ 0.33
Prepaid expenses and other current assets	$ (8,908)	$ (467)
Right-of-use assets	(1,368)	(54,856)
Accounts payable, accrued expenses and other current liabilities	627	7,751
Operating lease liabilities	$ 1,984	55,879
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other operating expenses		17,568
Total operating expenses		116,571
Operating Income		36,257
Net income		30,614
Net income attributable to BRP Group, Inc.		$ 14,613
Basic earnings per share		$ 0.33
Diluted earnings per share		$ 0.32
Prepaid expenses and other current assets		$ 636
Right-of-use assets		0
Accounts payable, accrued expenses and other current liabilities		9,636
Operating lease liabilities		0
Revision of Prior Period, Accounting Standards Update, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other operating expenses		(693)
Total operating expenses		(693)
Operating Income		693
Net income		693
Net income attributable to BRP Group, Inc.		$ 693
Basic earnings per share		$ 0.02
Diluted earnings per share		$ 0.01
Prepaid expenses and other current assets		$ (169)
Right-of-use assets		54,856
Accounts payable, accrued expenses and other current liabilities		(1,885)
Operating lease liabilities		$ 55,879

Subsequent Events (Notes)	3 Months Ended
Subsequent Events (Notes)	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 1, 2022, the Company paid $61.5 million to satisfy its obligations under its related party notes payable. On April 29, 2022, the Company acquired all of the outstanding equity interests of Westwood Insurance Agency (“Westwood”) for upfront consideration consisting of $385.0 million of cash (which was reduced by the value of shares of Class A common stock issued to Westwood colleagues in connection with the Partnership). Westwood will also have the opportunity to receive additional contingent consideration payable in cash. The Partnership brings to the Company a leading tech-enabled, personal lines agency with specialization in builder-sourced homeowners insurance. The Company has not yet completed its evaluation and determination of consideration paid and assets and liabilities acquired for this business combination in accordance with ASC Topic 805, Business Combinations. On April 28, 2022, the Company borrowed an additional $380.0 million under the Revolving Facility for general working capital purposes and to fund certain closing cash and post-closing contingent consideration payments for the Westwood Partnership. As of the date of this filing, the amount outstanding under the Revolving Facility is $530.0 million and the remaining availability for borrowing is $70.0 million. On May 5, 2022, the Company sold its $300.0 million notional, 2.50% interest rate cap expiring March 8, 2026 and two $100.0 million notional, 3.00% interest rate caps expiring August 13, 2028 for proceeds of $19.0 million. The Company recognized a $3.2 million gain related to the sale during the second quarter of 2022. The Company retained its $300.0 million, 1.50% interest rate cap expiring on March 10, 2024.

Contract Assets and Liabilities (Notes)

3 Months Ended

Mar. 31, 2022

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Contract Assets and Liabilities

Contract assets arise when the Company recognizes revenue for amounts which have not yet been billed and contract liabilities relate to payments received in advance of performance under the contract before the transfer of a good or service to the customer. Contract assets are included in premiums, commissions and fees receivable, net and contract liabilities are included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The balances of contract assets and liabilities arising from contracts with customers are as follows:


(in thousands)	March 31, 2022		December 31, 2021
Contract assets	$	206,193	$	168,550
Contract liabilities	22,059		18,178

During the three months ended March 31, 2022, the Company recognized revenue of $14.2 million related to the contract liabilities balance at December 31, 2021.

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Notes Payable, Related Parties	$ 61.5
Villages Broker Commissions
Related Party Transaction [Line Items]
Related party commissions revenue	1.1	$ 0.6
Villages Leased Facilities
Related Party Transaction [Line Items]
Related party expense	0.1	0.1
Other Related Parties Leased Facilities
Related Party Transaction [Line Items]
Related party expense	0.9	$ 0.5
Risk Advisor Commission, One
Related Party Transaction [Line Items]
Related party expense	$ 0.1

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Payables and Accruals (Notes)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure

Accrued Expenses and Other Current LiabilitiesAccrued expenses and other current liabilities consist of the following:


(in thousands)	March 31, 2022		December 31, 2021
Contract liabilities	$	22,059	$	18,178
Accrued expenses	13,310		9,731
Current portion of operating lease liabilities	13,239		12,520
Deferred consideration payments	9,941		12,355
Current portion of long-term debt	8,521		8,521
Accrued compensation and benefits	9,929		22,460
Tax distribution payable	5,072		5,072
Other	5,245		3,386
Accrued expenses and other current liabilities	$	87,316	$	92,223

Fair Value Measurements - Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis (Details) - Contingent Earnout Liabilities - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of period	$ 258,589	$ 164,819
Settlement of contingent consideration	(25,110)	0
Change in fair value of contingent consideration	(5,632)	(1,503)
Fair value of contingent consideration issuances	0	1,967
Balance at end of period	$ 227,847	$ 165,283

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table provides disaggregated commissions and fees revenue by major source:


	For the Three Months Ended March 31,
(in thousands)		2022		2021
Direct bill revenue (1)		$	131,660	$	94,505
Agency bill revenue (2)		73,177		35,340
Profit-sharing revenue (3)		15,012		10,292
Consulting and service fee revenue (4)		14,337		7,007
Policy fee and installment fee revenue (5)		5,708		4,476
Other income (6)		2,954		1,208
Total commissions and fees		$	242,848	$	152,828

__________

(1) Direct bill revenue represents commission revenue earned by facilitating the arrangement between individuals or businesses and Insurance Company Partners by providing insurance placement services to Clients, primarily for private risk management, commercial risk management, employee benefits and Medicare insurance types.

(2) Agency bill revenue primarily represents commission revenue earned by facilitating the arrangement between individuals or businesses and Insurance Company Partners by providing insurance placement services to Clients. The Company acts as an agent on behalf of the Client.

(3) Profit-sharing revenue represents bonus-type revenue that is earned by the Company as a sales incentive provided by certain Insurance Company Partners.

(4) Service fee revenue is earned by receiving negotiated fees in lieu of a commission and consulting revenue is earned by providing specialty insurance consulting.

(5) Policy fee revenue represents revenue earned for acting in the capacity of an MGA on behalf of the Insurance Company Partner and fulfilling certain services including delivery of policy documents, processing payments and other administrative functions. Installment fee revenue represents revenue earned by the Company for providing payment processing services on behalf of the Insurance Company Partner related to policy premiums paid on an installment basis.

(6) Other income consists of Medicare marketing income that is based on agreed-upon cost reimbursement for fulfilling specific targeted marketing campaigns in addition to other ancillary income and premium financing income generated across all Operating Groups.

Business and Basis of Presentation (Notes)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Basis of Presentation

BRP Group, Inc. (“BRP Group” or the “Company”) was incorporated in the state of Delaware on July 1, 2019. BRP Group is a diversified insurance agency and services organization that markets and sells insurance products and services to its customers throughout the U.S. A significant portion of the Company’s business is concentrated in the Southeastern U.S. with several other regional concentrations. BRP Group and its subsidiaries operate through four Operating Groups, including Middle Market, Specialty, MainStreet, and Medicare, which are discussed in more detail in Note 13.

Principles of Consolidation

The consolidated financial statements include the accounts of BRP Group and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

As the sole manager of Baldwin Risk Partners, LLC (“BRP”), BRP Group operates and controls all the business and affairs of BRP, and has the sole voting interest in, and controls the management of, BRP. Accordingly, BRP Group consolidates BRP in its consolidated financial statements, resulting in a noncontrolling interest related to the membership interests of BRP (the “LLC Units”) held by BRP’s LLC members in its consolidated financial statements.

The Company has prepared these condensed consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“Topic 810”). Topic 810 requires that if an enterprise is the primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity should be included in the consolidated financial statements of the enterprise. The Company has recognized certain entities as variable interest entities of which the Company is the primary beneficiary and has included the accounts of these entities in the consolidated financial statements. Refer to Note 2 for additional information regarding the Company’s variable interest entities.

Topic 810 also requires that the equity of a noncontrolling interest shall be reported on the condensed consolidated balance sheets within total equity of the Company. Certain redeemable noncontrolling interests are reported on the condensed consolidated balance sheets as mezzanine equity. Topic 810 also requires revenues, expenses, gains, losses, net income or loss, and other comprehensive income or loss to be reported in the consolidated financial statements at consolidated amounts, which include amounts attributable to the owners of the parent and the noncontrolling interests.

Unaudited Interim Financial Reporting

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Accordingly, they do not include all the information and related notes required by GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting of recurring accruals, considered necessary for fair statement have been included. The accompanying balance sheet for the year ended December 31, 2021 was derived from audited financial statements, but does not include all disclosures required by GAAP. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2022.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates underlying the accompanying consolidated financial statements include the application of guidance for revenue recognition, including determination of allowances for estimated policy cancellations; the determination of fair value in relation to business combinations, purchase price allocation and valuation of intangible assets and contingent consideration; impairment of long-lived assets including goodwill; valuation of the Tax Receivable Agreement liability and income taxes; and share-based compensation.

Changes in Presentation

Certain prior year amounts have been reclassified to conform to current year presentation. The company reclassified its wealth business revenue from other income to consulting and service fee revenue in the disaggregated revenue table (Note 3).

Recent Accounting Pronouncements

In October 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) to improve the accounting for acquired revenue contracts with customers in business combination by addressing diversity in practice and inconsistency related to (i) the recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 requires that, at acquisition date, an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) as if it had originated the contracts, while also taking into account how the acquiree applied Topic 606. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the full effect that the adoption of this standard will have on its consolidated financial statements.

Adoption of the Lease Accounting Standard Under Topic 842

On December 31, 2021, the Company adopted ASU No. 2016-02, Leases (“Topic 842”) in connection with the loss of its emerging growth company status. Topic 842 was adopted effective January 1, 2021 (the “adoption date”) on a modified retrospective basis, under which the Company applied the new guidance to leases existing at, or entered into after, the adoption date. The Company adjusted its previously reported consolidated financial statements effective January 1, 2021 in its Form 10-K for the year ended December 31, 2021 without filing amendments to its previously filed quarterly reports on Form 10-Q for the same year. Accordingly, our prior period condensed consolidated financial statements and information, as presented herein, have been restated to conform to the new standard.

The following table summarizes the effects of adopting ASC 842 on our condensed consolidated statement of comprehensive income for the three months ended March 31, 2021:


(in thousands, except per share data)	As Previously Reported		Effect of Adoption of Topic 842		As Adjusted
Operating expenses:
Other operating expenses	$	17,568	$	(693)	$	16,875
Total operating expenses	116,571		(693)		115,878
Operating income	36,257		693		36,950
Net income	30,614		693		31,307
Net income attributable to BRP Group, Inc.	14,613		693		15,306
Basic earnings per share	$	0.33	$	0.02	$	0.35
Diluted earnings per share	$	0.32	$	0.01	$	0.33

The following table summarizes the effects of adopting ASC 842 on our condensed consolidated statement of cash flows for the three months ended March 31, 2021:


(in thousands)	As Previously Reported		Effect of Adoption of Topic 842		As Adjusted
Cash flows from operating activities:
Net income	$	30,614	$	693	$	31,307
Changes in operating assets and liabilities, net of effect of acquisitions:
Prepaid expenses and other current assets	(636)		169		(467)
Right-of-use assets	—		(54,856)		(54,856)
Accounts payable, accrued expenses and other current liabilities	9,636		(1,885)		7,751
Operating lease liabilities	—		55,879		55,879

Related Party Transactions (Notes)	3 Months Ended
Related Party Transactions (Notes)	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Notes Payable In September 2021, the Company accelerated recognition of MSI’s maximum contingent earnout and entered into notes payable agreements with each of MSI’s shareholders for a combined principal amount of $61.5 million. The related party notes bear no interest and were subsequently paid in full in April 2022 as discussed in Note 14. Commission Revenue The Company serves as a broker for Holding Company of the Villages, Inc. (“The Villages”) and certain affiliated entities. Commission revenue recorded as a result of transactions with The Villages was $1.1 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively. Commissions Expense A brother of Lowry Baldwin, our Board Chair, earned $0.1 million from the Company in Risk Advisor commissions during the three months ended March 31, 2022. Rent Expense The Company has various agreements to lease office space from wholly-owned subsidiaries of The Villages. Total rent expense incurred with respect to The Villages and its wholly-owned subsidiaries was $0.1 million for each of the three months ended March 31, 2022 and 2021. The Company has various agreements to lease office space from other related party entities. Total rent expense incurred with respect to related parties other than The Villages was $0.9 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively.

Subsequent Events (Details) - USD ($) $ in Thousands					3 Months Ended
Subsequent Events (Details) - USD ($) $ in Thousands	May 05, 2022	Apr. 29, 2022	Apr. 28, 2022	Apr. 01, 2022	Mar. 31, 2022	Mar. 31, 2021	May 10, 2022
Subsequent Event [Line Items]
Proceeds from revolving line of credit					$ 40,000	$ 0
Interest Rate Cap
Subsequent Event [Line Items]
Gain on sale of interest rate caps					15,800
Revolving Credit Facility \| Credit Agreement Amendment No. 5 March 2022 \| JPMorgan Chase Bank, N.A. \| Line of Credit
Subsequent Event [Line Items]
Outstanding borrowings					$ 75,000
Subsequent Event
Subsequent Event [Line Items]
Repayments of notes payable to related parties				$ 61,500
Subsequent Event \| Interest Rate Cap, Expiration March 2026
Subsequent Event [Line Items]
Notional amount	$ 300,000
Subsequent Event \| Interest Rate Cap, Expiration March 2026 \| London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Interest rate cap	2.50%
Subsequent Event \| Interest Rate Cap, Expiration August 2028
Subsequent Event [Line Items]
Notional amount	$ 100,000
Subsequent Event \| Interest Rate Cap, Expiration August 2028 \| London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Interest rate cap	3.00%
Subsequent Event \| Interest Rate Cap
Subsequent Event [Line Items]
Proceeds from sale of interest rate caps	$ 19,000
Gain on sale of interest rate caps	3,200
Subsequent Event \| Interest Rate Cap, Expiration March 2024
Subsequent Event [Line Items]
Notional amount	$ 300,000
Subsequent Event \| Interest Rate Cap, Expiration March 2024 \| London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Interest rate cap	1.50%
Subsequent Event \| Interest Rate Cap, Expiration August 2028, One
Subsequent Event [Line Items]
Notional amount	$ 100,000
Subsequent Event \| Interest Rate Cap, Expiration August 2028, One \| London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Interest rate cap	3.00%
Subsequent Event \| Revolving Credit Facility \| Credit Agreement Amendment No. 5 March 2022 \| JPMorgan Chase Bank, N.A. \| Line of Credit
Subsequent Event [Line Items]
Proceeds from revolving line of credit			$ 380,000
Outstanding borrowings							$ 530,000
Remaining Borrowing Capacity							$ 70,000
Subsequent Event \| Westwood Insurance Agency
Subsequent Event [Line Items]
Cash consideration transferred		$ 385,000

Earnings Per Share (Notes)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to BRP Group, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share is computed giving effect to all potentially dilutive shares of common stock.

During the periods presented, potentially dilutive securities include restricted stock awards and shares of Class B common stock, which can be exchanged (together with a corresponding number of LLC Units) for shares of Class A common stock on a one-for-one basis. The following potentially dilutive securities were excluded from the Company's diluted weighted-average number of shares outstanding calculation for the periods presented as their inclusion would have been anti-dilutive.


	For the Three Months Ended March 31,
	2022	2021
Shares of Class B common stock	56,268,051	49,715,644

The shares of Class B common stock do not share in the earnings or losses attributable to BRP Group, and therefore, are not participating securities. Accordingly, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included.

The following is a calculation of the basic and diluted weighted-average number of shares of Class A common stock outstanding and earnings per share for the periods presented.


	For the Three Months Ended March 31,
(in thousands, except per share data)		2022		2021
Basic earnings per share:
Net income attributable to BRP Group, Inc.		$	22,869	$	15,306
Shares used for basic earnings per share:
Weighted-average shares of Class A common stock outstanding - basic		55,720		44,255
Basic earnings per share		$	0.41	$	0.35

Diluted earnings per share:
Net income attributable to BRP Group, Inc.		$	22,869	$	15,306
Shares used for diluted earnings per share:
Weighted-average shares of Class A common stock outstanding		55,720		44,255
Dilutive effect of unvested restricted shares of Class A common stock		2,996		1,528
Weighted-average shares of Class A common stock outstanding - diluted		58,716		45,783
Diluted earnings per share		$	0.39	$	0.33

Deferred Commission Expense (Notes)

3 Months Ended

Mar. 31, 2022

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Deferred Commission Expense

Deferred Commission ExpenseThe Company pays an incremental amount of compensation in the form of producer commissions on new business. In accordance with ASC Topic 340, Other Assets and Deferred Costs, these incremental costs are deferred and amortized over five years, which represents management’s estimate of the average benefit period for new business. Deferred commission expense represents employee commissions that are capitalized and not yet expensed and are included in other assets on the condensed consolidated balance sheets. The table below provides a rollforward of deferred commission expense for the periods presented:


	For the Three Months Ended March 31,
(in thousands)		2022		2021
Balance at beginning of period		$	11,336	$	4,751
Costs capitalized		3,630		835
Amortization		(927)		(422)
Balance at end of period		$	14,039	$	5,164

Segment Reporting - Summarized Financial Information by Operating Group (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Commissions and fees	$ (242,848)	$ (152,828)
Net income	44,839	31,307
Total assets	2,942,022		$ 2,876,307
Middle Market Segment [Member]
Segment Reporting Information [Line Items]
Commissions and fees	(171,403)	(110,555)
Net income	54,887	41,879
Total assets	2,152,236		2,142,485
Middle Market Segment [Member] \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	300	400
Specialty Segment [Member]
Segment Reporting Information [Line Items]
Commissions and fees	(49,523)	(25,082)
Net income	5,318	1,887
Total assets	530,987		549,662
Specialty Segment [Member] \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	100
Mainstreet Segment [Member]
Segment Reporting Information [Line Items]
Commissions and fees	(9,277)	(8,222)
Net income	(1,858)	1,351
Total assets	59,417		61,322
Mainstreet Segment [Member] \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	100	100
Medicare Segment [Member]
Segment Reporting Information [Line Items]
Commissions and fees	(13,681)	(9,452)
Net income	4,300	2,317
Total assets	50,737		56,472
Medicare Segment [Member] \| Intersegment Eliminations
Segment Reporting Information [Line Items]
Commissions and fees	600	100
Corporate and Other
Segment Reporting Information [Line Items]
Commissions and fees	1,036	483
Net income	(17,808)	$ (16,127)
Total assets	$ 148,645		$ 66,366

Fair Value Measurements - Schedule of Fair Value by Balance Sheet Grouping (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate caps	$ 22,100
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate caps	22,148	$ 6,338
Level 2 Assets	22,148	6,338
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Contingent earnout liabilities	227,847	258,589
Level 3 Liabilities	$ 227,847	$ 258,589

Contract Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]

Schedule of Contract Assets and Liabilities

The balances of contract assets and liabilities arising from contracts with customers are as follows:


(in thousands)	March 31, 2022		December 31, 2021
Contract assets	$	206,193	$	168,550
Contract liabilities	22,059		18,178

Segment Reporting (Notes)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

Segment Information

BRP Group’s business is divided into four Operating Groups: Middle Market, Specialty, MainStreet, and Medicare.

•The Middle Market Operating Group provides expertly-designed commercial risk management, employee benefits solutions and private risk management for mid-to-large size businesses and high net worth individuals, as well as their families.

•The Specialty Operating Group consists of two distinct businesses. Our specialty wholesale broker businesses delivers specialty insurers, professionals, individuals and niche industry businesses expanded access to exclusive specialty markets, capabilities and programs requiring complex underwriting and placement. Specialty also houses our MGA of the Future platform, in which we manufacture proprietary, technology enabled insurance product that is then distributed (in many instances via technology and/or API integrations) internally via our Risk Advisors in Middle Market and MainStreet and externally via select distribution partners, with a focus on sheltered channels where our product delivers speed, ease of use and certainty of execution, an example of which is our national embedded renter’s insurance product sold at point of lease via integrations with property management software providers.

•The MainStreet Operating Group offers personal insurance, commercial insurance and life and health solutions to individuals and businesses in their communities.

•The Medicare Operating Group offers consultation for government assistance programs and solutions, including traditional Medicare and Medicare Advantage, to seniors and Medicare-eligible individuals through a network of primarily independent contractor agents. In the Medicare Operating Group, BRP generates commissions and fees in the form of direct bill insurance placement and marketing income. Marketing income is earned through co-branded marketing campaigns with our Insurance Company Partners.

In the Middle Market, MainStreet, and Specialty Operating Groups, the Company generates commissions and fees from insurance placement under both agency bill and direct bill arrangements. In addition, the Company generates profit sharing income in each of those segments based on either the underlying book of business or performance, such as loss ratios. In the Middle Market Operating Group only, the Company generates fees from service fee and consulting arrangements. Service fee arrangements are in place with certain customers in lieu of commission arrangements.

In the Medicare Operating Group, the Company generates commissions and fees in the form of direct bill insurance placement and marketing income. Marketing income is earned through co-branded marketing campaigns with the Company’s Insurance Company Partners.

The Company’s chief operating decision maker, the chief executive officer, uses net income before interest, taxes, depreciation, amortization, and one-time transactional-related expenses or non-recurring items to manage resources and make decisions about the business.

Summarized financial information concerning the Company’s Operating Groups is shown in the following tables. The Corporate and Other non-reportable segment includes any expenses not allocated to the Operating Groups and corporate-related items, including related party and third-party interest expense. Intersegment revenue and expenses are eliminated through the Corporate and Other column. Service center expenses and other overhead are allocated to the Company’s Operating Groups based on either revenue or headcount as applicable to each expense.


	For the Three Months Ended March 31, 2022
(in thousands)	Middle Market		Specialty		MainStreet		Medicare		Corporate and Other		Total
Commissions and fees (1)	$	171,403	$	49,523	$	9,277	$	13,681	$	(1,036)	$	242,848
Net income (loss)	54,887		5,318		(1,858)		4,300		(17,808)		44,839

__________

(1) During the three months ended March 31, 2022, the Middle Market Operating Group recorded intercompany commissions and fees revenue from activity with the Specialty Operating Group of $0.3 million; the Specialty Operating Group recorded intercompany commissions and fees revenue from activity with itself of $0.1 million; the MainStreet Operating Group recorded intercompany commissions and fees revenue from activity with the Middle Market and Specialty Operating Groups of less than $0.1 million; and the Medicare Operating Group recorded intercompany commissions and fees revenue from activity with itself of $0.6 million. These intercompany commissions and fees are eliminated through Corporate and Other.


	For the Three Months Ended March 31, 2021
(in thousands)	Middle Market		Specialty		MainStreet		Medicare		Corporate and Other		Total
Commissions and fees (1)	$	110,555	$	25,082	$	8,222	$	9,452	$	(483)	$	152,828
Net income (loss)	41,879		1,887		1,351		2,317		(16,127)		31,307

__________

(1) During the three months ended March 31, 2021, the Middle Market Operating Group recorded intercompany commissions and fees revenue from activity with the Specialty Operating Group of $0.4 million; the MainStreet Operating Group recorded intercompany commissions and fees revenue from activity with the Middle Market Operating Group of less than $0.1 million; and the Medicare Operating Group recorded intercompany commissions and fees revenue from activity with itself of $0.1 million. These intercompany commissions and fees are eliminated through Corporate and Other.


(in thousands)	Middle Market		Specialty		MainStreet		Medicare		Corporate and Other		Total
Total assets at March 31, 2022	$	2,152,236	$	530,987	$	59,417	$	50,737	$	148,645	$	2,942,022
Total assets at December 31, 2021	2,142,485		549,662		61,322		56,472		66,366		2,876,307

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Summarized Financial Information by Operating Group


	For the Three Months Ended March 31, 2022
(in thousands)	Middle Market		Specialty		MainStreet		Medicare		Corporate and Other		Total
Commissions and fees (1)	$	171,403	$	49,523	$	9,277	$	13,681	$	(1,036)	$	242,848
Net income (loss)	54,887		5,318		(1,858)		4,300		(17,808)		44,839

__________


	For the Three Months Ended March 31, 2021
(in thousands)	Middle Market		Specialty		MainStreet		Medicare		Corporate and Other		Total
Commissions and fees (1)	$	110,555	$	25,082	$	8,222	$	9,452	$	(483)	$	152,828
Net income (loss)	41,879		1,887		1,351		2,317		(16,127)		31,307

__________


(in thousands)	Middle Market		Specialty		MainStreet		Medicare		Corporate and Other		Total
Total assets at March 31, 2022	$	2,152,236	$	530,987	$	59,417	$	50,737	$	148,645	$	2,942,022
Total assets at December 31, 2021	2,142,485		549,662		61,322		56,472		66,366		2,876,307

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 7.6	$ 3.5
Unvested Restricted Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of awards that vested in period	$ 5.6	$ 0.2
Minimum \| BRP Group, Inc. Omnibus Incentive and Partnership Inducement Award Plans \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Minimum \| BRP Group, Inc. Omnibus Incentive and Partnership Inducement Award Plans \| Ratable Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Maximum \| BRP Group, Inc. Omnibus Incentive and Partnership Inducement Award Plans \| Cliff Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Maximum \| BRP Group, Inc. Omnibus Incentive and Partnership Inducement Award Plans \| Ratable Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	5 years
Common Class A \| Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards authorized by Plan (in shares)	6,142,862
Common Class A \| BRP Group, Inc. Partnership Inducement Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards authorized by Plan (in shares)	3,000,000

Revenue (Notes)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

The following table provides disaggregated commissions and fees revenue by major source:


	For the Three Months Ended March 31,
(in thousands)		2022		2021
Direct bill revenue (1)		$	131,660	$	94,505
Agency bill revenue (2)		73,177		35,340
Profit-sharing revenue (3)		15,012		10,292
Consulting and service fee revenue (4)		14,337		7,007
Policy fee and installment fee revenue (5)		5,708		4,476
Other income (6)		2,954		1,208
Total commissions and fees		$	242,848	$	152,828

__________

(3) Profit-sharing revenue represents bonus-type revenue that is earned by the Company as a sales incentive provided by certain Insurance Company Partners.

(4) Service fee revenue is earned by receiving negotiated fees in lieu of a commission and consulting revenue is earned by providing specialty insurance consulting.

The application of Topic 606 requires the use of management judgment. The following are the areas of most significant judgment as it relates to Topic 606:

•The Company considers the policyholders as representative of its customers in the majority of contractual relationships, with the exception of contracts in its Medicare operating segment, where the Insurance Company Partner is considered its customer.

•Contracts in the Medicare operating segment are multi-year arrangements in which the Company is entitled to renewal commissions. However, the Company has applied a constraint to renewal commission that limits revenue recognized on new policies to the policy year in effect, and revenue recognized on renewed policies to the receipt of periodic cash, when a risk of significant reversals exists based on: (i) insufficient history; and (ii) the influence of external factors outside of the Company’s control, including policyholder discretion over plans and Insurance Company Partner relationship, political influence, and a contractual provision, which limits the Company’s right to receive renewal commissions to ongoing compliance and regulatory approval of the relevant Insurance Company Partner and compliance with the Centers for Medicare and Medicaid Services.

•The Company recognizes separately contracted commissions revenue at the effective date of insurance placement and considers any ongoing interaction with the customer to be immaterial in the context of the contract.

•Variable consideration includes estimates of direct bill commissions, a reserve for policy cancellations and an estimate of profit-sharing revenue.

•Costs to obtain a contract are deferred and recognized over five years, which represents management’s estimate of the average period over which a Client maintains its initial coverage relationship with the original Insurance Company Partner.

•Due to the relatively short time period between the information gathering phase and binding insurance coverage, the Company has determined that costs to fulfill contracts are not significant. Therefore, costs to fulfill a contract are expensed as incurred.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Commissions and fees	$ 242,848	$ 152,828
Operating expenses:
Commissions, employee compensation and benefits	153,750	89,375
Other operating expenses	36,442	16,875
Amortization expense	17,562	10,537
Change in fair value of contingent consideration	(5,632)	(1,503)
Depreciation expense	988	594
Total operating expenses	203,110	115,878
Operating income	39,738	36,950
Interest expense, net	(10,350)	(5,643)
Other income, net	15,451	0
Total other income (expense)	5,101	(5,643)
Net income	44,839	31,307
Less: net income attributable to noncontrolling interests	21,970	16,001
Net income attributable to BRP Group, Inc.	22,869	15,306
Comprehensive income	44,839	31,307
Comprehensive income attributable to noncontrolling interests	21,970	16,001
Comprehensive income attributable to BRP Group, Inc.	$ 22,869	$ 15,306
Basic earnings per share	$ 0.41	$ 0.35
Diluted earnings per share	$ 0.39	$ 0.33
Weighted-average shares of Class A common stock outstanding - basic	55,719,803	44,255,011
Weighted-average shares of Class A common stock outstanding - diluted	58,715,825	45,783,086

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	The consolidated financial statements include the accounts of BRP Group and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. As the sole manager of Baldwin Risk Partners, LLC (“BRP”), BRP Group operates and controls all the business and affairs of BRP, and has the sole voting interest in, and controls the management of, BRP. Accordingly, BRP Group consolidates BRP in its consolidated financial statements, resulting in a noncontrolling interest related to the membership interests of BRP (the “LLC Units”) held by BRP’s LLC members in its consolidated financial statements. The Company has prepared these condensed consolidated financial statements in accordance with Accounting Standards Codification (“ASC”) Topic 810, Consolidation (“Topic 810”). Topic 810 requires that if an enterprise is the primary beneficiary of a variable interest entity, the assets, liabilities, and results of operations of the variable interest entity should be included in the consolidated financial statements of the enterprise. The Company has recognized certain entities as variable interest entities of which the Company is the primary beneficiary and has included the accounts of these entities in the consolidated financial statements. Refer to Note 2 for additional information regarding the Company’s variable interest entities. Topic 810 also requires that the equity of a noncontrolling interest shall be reported on the condensed consolidated balance sheets within total equity of the Company. Certain redeemable noncontrolling interests are reported on the condensed consolidated balance sheets as mezzanine equity. Topic 810 also requires revenues, expenses, gains, losses, net income or loss, and other comprehensive income or loss to be reported in the consolidated financial statements at consolidated amounts, which include amounts attributable to the owners of the parent and the noncontrolling interests.
Use of Estimates	The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates underlying the accompanying consolidated financial statements include the application of guidance for revenue recognition, including determination of allowances for estimated policy cancellations; the determination of fair value in relation to business combinations, purchase price allocation and valuation of intangible assets and contingent consideration; impairment of long-lived assets including goodwill; valuation of the Tax Receivable Agreement liability and income taxes; and share-based compensation.
Recent Accounting Pronouncements	In October 2021, the FASB issued Accounting Standards Update (“ASU”) No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) to improve the accounting for acquired revenue contracts with customers in business combination by addressing diversity in practice and inconsistency related to (i) the recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. ASU 2021-08 requires that, at acquisition date, an entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) as if it had originated the contracts, while also taking into account how the acquiree applied Topic 606. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the full effect that the adoption of this standard will have on its consolidated financial statements.

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Total commissions and fees	$ 242,848	$ 152,828
Direct Bill Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	131,660	94,505
Agency Bill Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	73,177	35,340
Profit Sharing Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	15,012	10,292
Policy Fee and Installment Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	5,708	4,476
Consulting and Service Fee Revenue
Disaggregation of Revenue [Line Items]
Commissions and fees	14,337	7,007
Other Income
Disaggregation of Revenue [Line Items]
Commissions and fees	$ 2,954	$ 1,208

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Schedule of Deferred Commission Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Deferred Commission Expense [Roll Forward]
Balance at beginning of period	$ 11,336	$ 4,751
Costs capitalized	3,630	835
Amortization	(927)	(422)
Balance at end of period	$ 14,039	$ 5,164

Share-Based Compensation - Schedule of Activity of Non-vested Awards under omnibus Plan (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Outstanding, Number of Shares	3,336,488	3,215,731
Outstanding, Weighted Average Grant Date Fair Value	$ 29.39	$ 28.83
Granted, Number of Shares	339,268
Granted, Weighted Average Grant Date Fair Value	$ 34.13
Vested and Settled, Number of Shares	(190,476)
Vested and Settled, Weighted Average Grant Date Fair Value	$ 29.36
Forfeited, Number of Shares	(28,035)
Forfeited, Weighted Average Grant Date Fair Value	$ 25.54

Payables and Accruals (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Contract liabilities	$ 22,059	$ 18,178
Accrued expenses	13,310	9,731
Current portion of operating lease liabilities	13,239	12,520
Deferred consideration payments	9,941	12,355
Current portion of long-term debt	8,521	8,521
Accrued compensation and benefits	9,929	22,460
Tax distribution payable	5,072	5,072
Other	5,245	3,386
Accrued expenses and other current liabilities	$ 87,316	$ 92,223

Variable Interest Entities (Notes)	3 Months Ended
Variable Interest Entities (Notes)	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Topic 810 requires a reporting entity to consolidate a variable interest entity (“VIE”) when the reporting entity has a variable interest or combination of variable interests that provide the entity with a controlling financial interest in the VIE. The Company continually assesses whether it has a controlling financial interest in each of its VIEs to determine if it is the primary beneficiary of the VIE and should, therefore, consolidate each of the VIEs. A reporting entity is considered to have a controlling financial interest in a VIE if it has (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb the losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company determined that it is the primary beneficiary of its VIEs, which, at March 31, 2022 and December 31, 2021, include Laureate Insurance Partners, LLC (“Laureate”), BKS Smith, LLC (“Smith”), BKS MS, LLC (“Saunders”) and BKS Partners Galati Marine Solutions, LLC (“Galati”). The Company has consolidated its VIEs into the consolidated financial statements. Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive income were $0.3 million and $0.3 million, respectively, for the three months ended March 31, 2022 and $0.2 million and $0.2 million, respectively, for the three months ended March 31, 2021. The assets of the consolidated VIEs can only be used to settle the obligations of the consolidated VIEs and the creditors of the liabilities of the consolidated VIEs do not have recourse to the Company.

Consolidated Statements of Stockholders' Equity and Mezzanine Equity (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Deficit	Notes Receivable from Stockholders	Noncontrolling Interest	Redeemable Noncontrolling Interest	Common Class A Common Stock	Common Class B Common Stock
Balance at beginning of period (in shares) at Dec. 31, 2020							44,953,166	49,828,383
Balance at beginning of period, stockholders' equity at Dec. 31, 2020	$ 769,870	$ 392,139	$ (24,346)	$ (465)	$ 402,087		$ 450	$ 5
Balance at beginning of period, mezzanine equity at Dec. 31, 2020						$ 98
Stockholders' Equity [Roll Forward]
Net income	31,280		15,306		15,974	27
Equity issued in business combinations (in shares)							154,132
Equity issued in business combinations	2,459	3,632			(1,175)		$ 2
Share-based compensation, net of forfeitures (in shares)							705,674
Share-based compensation, net of forfeitures	2,489	2,245			237		$ 7
Redemption of Class B common stock (in shares)							112,739	(112,739)
Redemption of Class B common stock	0	869			(870)		$ 1
Repayment of stockholder notes receivable	116			116
Balance at end of period (in shares) at Mar. 31, 2021							45,925,711	49,715,644
Balance at end of period, stockholders' equity at Mar. 31, 2021	806,214	398,885	(9,040)	(349)	416,253		$ 460	$ 5
Balance at end of period, mezzanine equity at Mar. 31, 2021						125
Balance at beginning of period (in shares) at Dec. 31, 2021							58,602,859	56,338,051
Balance at beginning of period, stockholders' equity at Dec. 31, 2021	1,187,287	663,002	(54,992)	(219)	578,904		$ 586	$ 6
Balance at beginning of period, mezzanine equity at Dec. 31, 2021						269
Stockholders' Equity [Roll Forward]
Net income	44,820		22,869		21,951	19
Share-based compensation, net of forfeitures (in shares)							117,899
Share-based compensation, net of forfeitures	6,596	7,508			(913)		$ 1
Redemption of Class B common stock (in shares)							70,000	(70,000)
Redemption of Class B common stock		633			(634)		$ 1
Repayment of stockholder notes receivable	44			44
Balance at end of period (in shares) at Mar. 31, 2022							58,790,758	56,268,051
Balance at end of period, stockholders' equity at Mar. 31, 2022	$ 1,238,747	$ 671,143	$ (32,123)	$ (175)	$ 599,308		$ 588	$ 6
Balance at end of period, mezzanine equity at Mar. 31, 2022						$ 288

Contract Assets and Liabilities - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Revenue recognized related to contract liabilities	$ 14.2

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value by Balance Sheet Grouping

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within each level of the fair value hierarchy:


(in thousands)	March 31, 2022		December 31, 2021
Level 2
Interest rate caps	$	22,148	$	6,338
Level 2 Assets	$	22,148	$	6,338
Level 3
Contingent earnout liabilities	$	227,847	$	258,589
Level 3 Liabilities	$	227,847	$	258,589

Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis


	For the Three Months Ended March 31,
(in thousands)		2022		2021
Balance at beginning of period		$	258,589	$	164,819
Settlement of contingent consideration		(25,110)		—
Change in fair value of contingent consideration		(5,632)		(1,503)
Fair value of contingent consideration issuances		—		1,967
Balance at end of period		$	227,847	$	165,283

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

The following is a calculation of the basic and diluted weighted-average number of shares of Class A common stock outstanding and earnings per share for the periods presented.


	For the Three Months Ended March 31,
(in thousands, except per share data)		2022		2021
Basic earnings per share:
Net income attributable to BRP Group, Inc.		$	22,869	$	15,306
Shares used for basic earnings per share:
Weighted-average shares of Class A common stock outstanding - basic		55,720		44,255
Basic earnings per share		$	0.41	$	0.35

Diluted earnings per share:
Net income attributable to BRP Group, Inc.		$	22,869	$	15,306
Shares used for diluted earnings per share:
Weighted-average shares of Class A common stock outstanding		55,720		44,255
Dilutive effect of unvested restricted shares of Class A common stock		2,996		1,528
Weighted-average shares of Class A common stock outstanding - diluted		58,716		45,783
Diluted earnings per share		$	0.39	$	0.33