Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (88,085) $ 254,126
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 11,487 2,223
Amortization of financing costs and debt discount and premium 899 604
Share-based compensation 31,134 23,442
Equity in income of investments 3,883 (3,241)
Changes in unrealized gain (loss) on General Partner Notes Payable (2,945) (1,218)
Non-cash lease amortization (44) (454)
Unrealized performance allocations 177,249 (119,611)
Unrealized accrued performance allocations compensation (17,531) 21,014
Change in deferred income taxes (99) (312)
Changes in operating assets and liabilities:    
Receivable from affiliates 5,256 (16,741)
Prepaid and other assets (16,007) (7,758)
Accounts payable and accrued expenses (643) 16,693
Accrued payroll and benefits 4,522 2,990
Other liabilities 2,676 6,865
Insurance loss and self-insurance reserves 271 3,102
Accrued performance allocations compensation 94 718
Due to affiliates (952) 0
Net cash provided by operating activities 111,165 182,442
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investments (54,945) (74,927)
Proceeds from sale of investments 20,526 0
Distributions from investments 1,390 1,376
Sale of marketable securities 4,425 1,300
Issuance of notes receivable (208,276) (377,350)
Proceeds from collections on notes receivable 221,345 451,187
Purchase of tenant improvements, furniture and equipment (1,992) (626)
Deposits 0 1,543
Cash paid for acquisition, net of cash acquired (319,364) (15,089)
Net cash used in investing activities (336,891) (12,586)
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contributions from non-controlling interests 16,845 213
Distributions to non-controlling interests (106,727) (177,710)
Repayments of General Partner Notes Payable (1,522) (999)
Dividends paid on Class A common stock (16,196) (22,392)
Proceeds from revolving line of credit 400,000 50,000
Payments on revolving line of credit (350,000) (50,000)
Borrowings on private notes 150,000 150,000
Payments of deferred financing costs (2,185) (2,381)
Net cash provided by (used in) financing activities 90,215 (53,269)
Net (decrease) increase in cash, cash equivalents, and restricted cash (135,511) 116,587
Cash, cash equivalents and restricted cash - beginning of period 193,265 83,872
Cash, cash equivalents and restricted cash - end of period 57,754 200,459
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 1,989 5,039
Cash paid for interest 22,240 6,137
Non-cash investing and financing activities:    
Establishment of lease liabilities in exchange for lease right-of-use assets 921 19,216
Write down of right-of-use assets and lease liabilities for lease terminations (4,308) 0
Origination of short-term loan receivable for prepaid acquisitions 0 40,000
Conversion of note receivable to equity interest investment 1,559 0
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement 3,865 6,754
Deferred tax effect from conversion of profits interests awards 1,857 0
Issuance of Class A Units for acquisition 0 14,930
Non-controlling interest assumed in business combination 86,365 20,053
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 47,860 191,493
Restricted cash 9,894 8,966
Cash, cash equivalents, and restricted cash $ 57,754 $ 200,459