Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (34,810) $ (9,305)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 9,541 9,946
Amortization of financing costs and debt discount and premium 547 981
Share-based compensation 21,255 24,542
Equity in income of investments 9,761 8,676
Changes in unrealized loss on General Partner Notes Payable (167) (222)
Non-cash lease amortization (294) 403
Reserve for credit losses 6,178 347
Unrealized performance allocations 10,944 43,138
Unrealized accrued performance allocations compensation 1,494 2,027
Change in deferred income taxes 732 76
Other non-cash adjustments 178 1,158
Changes in operating assets and liabilities:    
Receivable from affiliates 15,164 (651)
Prepaid and other assets 1,997 (9,769)
Accounts payable and accrued expenses (3,274) (1,207)
Accrued payroll and benefits (18,297) 2,902
Other liabilities (5,974) (6,826)
Insurance loss and self-insurance reserves 3,083 3,864
Accrued performance allocations compensation 0 (2,037)
Net cash provided by operating activities 18,058 68,043
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investments (8,978) (17,235)
Proceeds from sale of investments 0 17,206
Distributions from investments 1,218 0
Sale of marketable securities 10,843 6,209
Issuance of notes receivable (17,293) (193,964)
Proceeds from collections on notes receivable 11,334 199,350
Purchase of tenant improvements, furniture and equipment (80) (97)
Net cash (used in) provided by investing activities (2,956) 11,469
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contributions from non-controlling interests 347 15,982
Distributions to non-controlling interests (28,546) (42,136)
Repayments of General Partner Notes Payable (392) 0
Dividends paid on Class A common stock (4,889) (7,891)
Proceeds from revolving line of credit 27,500 209,250
Payments on revolving line of credit (27,500) (236,250)
Payments of deferred financing costs 0 (821)
Net cash used in financing activities (33,480) (61,866)
Net (decrease) increase in cash, cash equivalents, and restricted cash (18,378) 17,646
Cash, cash equivalents and restricted cash - beginning of period 102,431 67,260
Cash, cash equivalents and restricted cash - end of period 84,053 84,906
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 2,398 3,342
Cash paid for interest 11,882 13,294
Non-cash investing and financing activities:    
Establishment of lease liabilities in exchange for lease right-of-use assets 151 649
Repurchase of non-controlling interests 433 0
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement 2,966 4,337
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 72,819 75,209
Restricted cash 11,234 9,697
Cash, cash equivalents, and restricted cash $ 84,053 $ 84,906