Annual report pursuant to Section 13 and 15(d)

Consolidated and Combined Statements of Cash Flows

v3.22.4
Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 272,370 $ 408,627 $ 166,457
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 2,936 2,830 3,214
Amortization of financing costs and debt discount and premium 861 523 248
Share-based compensation 32,144 21,508 6,158
Loss on disposal of furniture and equipment 0 0 127
Equity in income of investments (1,988) (8,811) (1,002)
Changes in unrealized gain (loss) on General Partner Notes Payable (2,362) (595) 445
Amortization of lease liabilities (529) (276) (263)
Unrealized performance allocations (115,175) (248,647) (61,803)
Unrealized accrued performance allocations compensation 24,870 31,069 8,983
Change in deferred income taxes 12,871 3,283 0
Changes in operating assets and liabilities:      
Receivable from affiliates (17,649) (9,847) 3,861
Prepaid and other assets 1,128 (6,438) (1,945)
Accounts payable and accrued expenses 10,983 4,488 3,984
Accrued payroll and benefits 536 3,487 (1,340)
Other liabilities 6,431 1,933 (585)
Insurance loss and self-insurance reserves 1,308 3,455 3,066
Accrued performance allocations compensation 864 912 491
Due to affiliates (1,246) 1,723 0
Net cash provided by operating activities 228,353 209,224 130,096
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of investments (83,344) (14,096) (14,505)
Distributions from investments 1,377 1,239 2,841
Sale of marketable securities 1,300 0 0
Issuance of notes receivable (472,397) (583,308) (308,728)
Proceeds from collections on notes receivable 548,768 513,027 272,841
Purchase of tenant improvements, furniture and equipment (3,228) (1,121) (262)
Deposits 730 (30,000) 0
Cash paid for acquisition, net of cash acquired (15,089) 0 0
Net cash used in investing activities (21,883) (114,259) (47,813)
CASH FLOWS FROM FINANCING ACTIVITIES      
Capital contributions from non-controlling interests 213 1,143 145
Distributions to members 0 (176,273) (134,192)
Proceeds from issuance of common stock—IPO, net of underwriting discount and issuance costs 0 277,193 0
Purchase of membership interests in Operating Company 0 (158,063) 0
Proceeds from issuance of common stock—Underwriters' exercise of over-allotment option, net of underwriting discount and issuance costs 0 18,188 0
Distributions to non-controlling interests (213,678) (73,175) (20,567)
Repurchase of membership interests 0 (110) (6,859)
Repayments of General Partner Notes Payable (1,008) (1,308) 0
Dividends paid on Class A common stock (30,223) (6,042) 0
Proceeds from revolving line of credit 50,000 135,800 92,657
Payments on revolving line of credit (50,000) (135,800) (109,492)
Borrowings on private notes 150,000 0 150,000
Repayments of notes payable 0 0 (4,230)
Payments of deferred financing costs (2,381) 0 (2,501)
Net cash used in financing activities (97,077) (118,447) (35,039)
Net increase (decrease) in cash, cash equivalents, and restricted cash 109,393 (23,482) 47,244
Cash, cash equivalents and restricted cash - beginning of period 83,872 107,354 60,110
Cash, cash equivalents and restricted cash - end of period 193,265 83,872 107,354
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 9,288 3,959 985
Cash paid for interest 6,200 7,968 4,526
Non-cash investing and financing activities:      
Establishment of lease liabilities in exchange for lease right-of-use assets 21,312 0 0
Origination of short-term loan receivable for prepaid acquisitions 40,000 0 0
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement (8,049) 0 0
Settlement of accrued performance allocations compensation liability with equity 0 14,247 0
Derecognition of Bridge Debt Strategies Fund GP LLC 0 2,337 0
Issuance of Class A Units for acquisition 14,930 0 0
Non-controlling interest assumed in business combination 20,053 0 0
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 183,576 78,417 101,830
Restricted cash 9,689 5,455 5,524
Cash, cash equivalents, and restricted cash $ 193,265 $ 83,872 $ 107,354