Annual report pursuant to Section 13 and 15(d)

Consolidated and Combined Statements of Cash Flows

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Consolidated and Combined Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net (loss) income $ (87,406) $ 272,370 $ 408,627
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 16,360 2,936 2,830
Amortization of financing costs and debt discount and premium 1,711 861 523
Share-based compensation 40,828 32,144 21,508
Equity in income of investments 10,786 (1,988) (8,811)
Changes in unrealized gain (loss) on General Partner Notes Payable (3,755) (2,362) (595)
Non-cash lease amortization 94 (529) (276)
Reserve for credit losses 8,671 0 0
Unrealized performance allocations 172,730 (115,175) (248,647)
Unrealized accrued performance allocations compensation (10,570) 24,870 31,069
Change in deferred income taxes 4,573 12,871 3,283
Changes in operating assets and liabilities:      
Receivable from affiliates 1,203 (17,649) (9,847)
Prepaid and other assets (10,589) 1,128 (6,438)
Accounts payable and accrued expenses 10,160 10,983 4,488
Accrued payroll and benefits 19,049 536 3,487
Other liabilities (85) 6,431 1,933
Insurance loss and self-insurance reserves 2,702 1,308 3,455
Accrued performance allocations compensation (697) 864 912
Due to affiliates (952) (1,246) 1,723
Net cash provided by operating activities 174,813 228,353 209,224
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of investments (68,465) (83,344) (14,096)
Proceeds from sale of investments 20,526 0 0
Distributions from investments 1,390 1,377 1,239
Sale of marketable securities 6,143 1,300 0
Issuance of notes receivable (245,770) (472,397) (583,308)
Proceeds from collections on notes receivable 264,738 548,768 513,027
Purchase of tenant improvements, furniture and equipment (2,408) (3,228) (1,121)
Deposits 0 730 (30,000)
Cash paid for acquisition, net of cash acquired (319,364) (15,089) 0
Net cash used in investing activities (343,210) (21,883) (114,259)
CASH FLOWS FROM FINANCING ACTIVITIES      
Capital contributions from non-controlling interests 17,877 213 1,143
Distributions to members 0 0 (176,273)
Proceeds from issuance of common stock—IPO, net of underwriting discount and issuance costs 0 0 277,193
Purchase of membership interests in Operating Company 0 0 (158,063)
Proceeds from issuance of common stock—Underwriters' exercise of over-allotment option, net of underwriting discount and issuance costs 0 0 18,188
Distributions to non-controlling interests (133,849) (213,678) (73,175)
Repurchase of membership interests 0 0 (110)
Repayments of General Partner Notes Payable (1,522) (1,008) (1,308)
Dividends paid on Class A common stock (21,929) (30,223) (6,042)
Proceeds from revolving line of credit 436,000 50,000 135,800
Payments on revolving line of credit (402,000) (50,000) (135,800)
Borrowings on private notes 150,000 150,000 0
Payments of deferred financing costs (2,185) (2,381) 0
Net cash provided by (used in) financing activities 42,392 (97,077) (118,447)
Net (decrease) increase in cash, cash equivalents, and restricted cash (126,005) 109,393 (23,482)
Cash, cash equivalents and restricted cash - beginning of period 193,265 83,872 107,354
Cash, cash equivalents and restricted cash - end of period 67,260 193,265 83,872
Supplemental disclosure of cash flow information:      
Cash paid for income taxes 2,251 9,288 3,959
Cash paid for interest 23,483 6,200 7,968
Non-cash investing and financing activities:      
Establishment of lease liabilities in exchange for lease right-of-use assets 8,883 21,312 0
Write down of right-of-use assets and lease liabilities for lease terminations (4,308) 0 0
Origination of short-term loan receivable for prepaid acquisitions 0 40,000 0
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement 16,417 (8,049) 0
Deferred tax effect from conversion of profits interests awards 1,747 0 0
Settlement of accrued performance allocations compensation liability with equity 0 0 14,247
Derecognition of Bridge Debt Strategies Fund GP LLC 0 0 2,337
Issuance of Class A Units for acquisition 0 14,930 0
Conversion of note receivable to equity interest investment 1,559 0 0
Non-controlling interest assumed in business combination 84,234 20,053 0
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 57,702 183,576 78,417
Restricted cash 9,558 9,689 5,455
Cash, cash equivalents, and restricted cash $ 67,260 $ 193,265 $ 83,872