Quarterly report pursuant to Section 13 or 15(d)

Notes Receivable from Employees

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Notes Receivable from Employees
9 Months Ended
Sep. 30, 2021
Related Party Transaction [Line Items]  
Notes Receivable From Employees
7.
NOTES RECEIVABLE FROM EMPLOYEES

During 2021, the Company executed multiple notes with employees, none of whom are officers, to invest in the Company or the Operating Company. As of September 30, 2021, the aggregate outstanding principal amount outstanding was $4.4 million. These

notes mature in 2029 and are interest only for the first two years after origination, after which they accrue interest at 4.025%. The Company had an interest receivable from balances on these notes as of September 30, 2021 totaling approximately $10,000, which is included prepaid and other current assets in the accompanying condensed combined and consolidated balance sheets.

As of December 31, 2020, the Company had multiple notes with employees with an aggregate outstanding principal amount of $7.4 million. These notes were short-term in nature and accrued interest at 4.025%. During the first quarter of 2021 all of the notes from employees were repaid. The Company had interest receivable from balances on these notes as of December 31, 2020 totaling approximately $2,000, which is included in prepaid and other current assets in the accompanying condensed combined and consolidated balance sheets.