Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 1,278 $ (88,085)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 14,943 11,487
Amortization of financing costs and debt discount and premium 1,255 899
Share-based compensation 35,166 31,134
Equity in income of investments 11,853 3,883
Changes in unrealized loss on General Partner Notes Payable (459) (2,945)
Non-cash lease amortization 592 (44)
Reserve for credit losses 995 0
Unrealized performance allocations 42,526 177,249
Unrealized accrued performance allocations compensation 2,787 (17,531)
Change in deferred income taxes (2,545) (99)
Other non-cash adjustments 1,390 0
Changes in operating assets and liabilities:    
Receivable from affiliates (3,609) 5,256
Prepaid and other assets (27,385) (16,007)
Accounts payable and accrued expenses (9,545) (643)
Accrued payroll and benefits 463 4,522
Other liabilities 1,098 2,676
Insurance loss and self-insurance reserves 6,022 271
Accrued performance allocations compensation (2,048) 94
Due to affiliates 0 (952)
Net cash provided by operating activities 74,777 111,165
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investments (22,156) (54,945)
Proceeds from sale of investments 17,206 20,526
Distributions from investments 0 1,390
Sale of marketable securities 13,039 4,425
Issuance of notes receivable (281,297) (208,276)
Proceeds from collections on notes receivable 286,039 221,345
Purchase of tenant improvements, furniture and equipment (130) (1,992)
Cash paid for acquisition, net of cash acquired 0 (319,364)
Net cash provided by (used in) investing activities 12,701 (336,891)
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contributions from non-controlling interests 16,700 16,845
Distributions to non-controlling interests (60,790) (106,727)
Repayments of General Partner Notes Payable 0 (1,522)
Dividends paid on Class A common stock (13,331) (16,196)
Proceeds from revolving line of credit 324,950 400,000
Payments on revolving line of credit (347,250) (350,000)
Borrowings on private notes 0 150,000
Payments of deferred financing costs (821) (2,185)
Net cash (used in) provided by financing activities (80,542) 90,215
Net increase (decrease) in cash, cash equivalents, and restricted cash 6,936 (135,511)
Cash, cash equivalents and restricted cash - beginning of period 67,260 193,265
Cash, cash equivalents and restricted cash - end of period 74,196 57,754
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 3,400 1,989
Cash paid for interest 25,006 22,240
Non-cash investing and financing activities:    
Establishment of lease liabilities in exchange for lease right-of-use assets 1,639 921
Write down of right-of-use assets and lease liabilities for lease terminations 0 (4,308)
Conversion of note receivable to equity interest investment 0 1,559
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement 4,594 3,865
Deferred tax effect from conversion of profits interests awards 0 1,857
Non-controlling interest assumed in business combination 0 86,365
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 61,944 47,860
Restricted cash 12,252 9,894
Cash, cash equivalents, and restricted cash $ 74,196 $ 57,754