Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.0.1
Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ 16,716 $ (87,406) $ 272,370
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 19,872 16,360 2,936
Amortization of financing costs and debt discount and premium 1,528 1,711 861
Share-based compensation 47,479 40,828 32,144
Equity in income (loss) of investments 11,482 10,786 (1,988)
Changes in unrealized gain (loss) on General Partner Notes Payable (574) (3,755) (2,362)
Non-cash lease amortization 546 94 (529)
Reserve for credit losses 4,207 8,671 0
Unrealized performance allocations 42,433 172,730 (115,175)
Unrealized accrued performance allocations compensation 4,059 (10,570) 24,870
Other non-cash adjustments 1,449 0 0
Change in deferred income taxes (1,462) 4,573 12,871
Changes in operating assets and liabilities:      
Receivable from affiliates (14,288) 1,203 (17,649)
Prepaid and other assets (13,688) (10,589) 1,128
Accounts payable and accrued expenses 4,176 10,160 10,983
Accrued payroll and benefits 17,786 19,049 536
Other liabilities (3,023) (85) 6,431
Insurance loss and self-insurance reserves 8,503 2,702 1,308
Accrued performance allocations compensation (1,996) (697) 864
Due to affiliates 0 (952) (1,246)
Net cash provided by operating activities 145,205 174,813 228,353
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of investments (29,302) (68,465) (83,344)
Proceeds from sale of investments 17,206 20,526 0
Distributions from investments 3,180 1,390 1,377
Sale of marketable securities 18,088 6,143 1,300
Issuance of notes receivable (310,163) (245,770) (472,397)
Proceeds from collections on notes receivable 311,789 264,738 548,768
Purchase of tenant improvements, furniture and equipment (124) (2,408) (3,228)
Deposits 0 0 730
Cash paid for acquisition, net of cash acquired 0 (319,364) (15,089)
Net cash provided by (used in) investing activities 10,674 (343,210) (21,883)
CASH FLOWS FROM FINANCING ACTIVITIES      
Capital contributions from non-controlling interests 14,754 17,877 213
Distributions to non-controlling interests (83,122) (133,849) (213,678)
Repayments of General Partner Notes Payable 0 (1,522) (1,008)
Dividends paid on Class A common stock (17,519) (21,929) (30,223)
Proceeds from revolving line of credit 334,950 436,000 50,000
Payments on revolving line of credit (368,950) (402,000) (50,000)
Borrowings on private notes 0 150,000 150,000
Payments of deferred financing costs (821) (2,185) (2,381)
Net cash (used in) provided by financing activities (120,708) 42,392 (97,077)
Net increase (decrease) in cash, cash equivalents, and restricted cash 35,171 (126,005) 109,393
Cash, cash equivalents and restricted cash — beginning of period 67,260 193,265 83,872
Cash, cash equivalents and restricted cash — end of period 102,431 67,260 193,265
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 4,113 2,251 9,288
Cash paid for interest 25,168 23,483 6,200
Non-cash investing and financing activities:      
Establishment of lease liabilities in exchange for lease right-of-use assets 1,639 8,883 21,312
Write down of right-of-use assets and lease liabilities for lease terminations 0 (4,308) 0
Origination of short-term loan receivable for prepaid acquisitions 0 0 40,000
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement 4,947 16,417 (8,049)
Deferred tax effect from conversion of profits interests awards 0 1,747 0
Issuance of Class A Units for acquisition 0 0 14,930
Conversion of note receivable to equity interest investment 0 1,559 0
Non-controlling interest assumed in business combination 0 84,234 20,053
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 90,599 57,702 183,576
Restricted cash 11,832 9,558 9,689
Cash, cash equivalents, and restricted cash $ 102,431 $ 67,260 $ 193,265