Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (36,800) $ (67,431)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 5,437 1,093
Amortization of financing costs and debt discount and premium 510 208
Share-based compensation 11,810 9,360
Equity in income (loss) of investments 5,188 (464)
Changes in unrealized gain (loss) on General Partner Notes Payable (124) (943)
Non-cash lease amortization 229 (12)
Reserve for credit losses 295 0
Unrealized performance allocations 61,670 107,025
Unrealized accrued performance allocations compensation 3,178 (14,670)
Change in deferred income taxes (22) 29
Changes in operating assets and liabilities:    
Receivable from affiliates (2,238) (7,350)
Prepaid and other assets (13,622) (7,962)
Accounts payable and accrued expenses 3,422 (2,452)
Accrued payroll and benefits (11,694) (1,957)
Other liabilities (2,351) (2,681)
Insurance loss and self-insurance reserves 2,238 1,022
Accrued performance allocations compensation (2,037) 0
Net cash provided by operating activities 25,089 12,815
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investments (6,743) (5,909)
Proceeds from sale of investments 17,206 0
Distributions from investments 0 6
Sale of marketable securities 3 1,867
Issuance of notes receivable (116,402) (60,186)
Proceeds from collections on notes receivable 119,762 67,998
Purchase of tenant improvements, furniture and equipment (113) (408)
Cash paid for acquisition, net of cash acquired 0 (319,364)
Net cash provided by (used in) investing activities 13,713 (315,996)
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contributions from non-controlling interests 4,995 11
Distributions to non-controlling interests (16,844) (25,428)
Dividends paid on Class A common stock (2,582) (5,541)
Proceeds from revolving line of credit 123,000 150,000
Payments on revolving line of credit (141,500) (70,000)
Borrowings on private notes 0 150,000
Payments of deferred financing costs (821) (1,669)
Net cash (used in) provided by financing activities (33,752) 197,373
Net increase (decrease) in cash, cash equivalents, and restricted cash 5,050 (105,808)
Cash, cash equivalents and restricted cash - beginning of period 67,260 193,265
Cash, cash equivalents and restricted cash - end of period 72,310 87,457
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 305 129
Cash paid for interest 12,318 6,806
Non-cash investing and financing activities:    
Establishment of lease liabilities in exchange for lease right-of-use assets 649 0
Write down of right-of-use assets and lease liabilities for lease terminations 0 (3,032)
Conversion of note receivable to equity interest investment 0 1,559
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement 2,761 172
Non-controlling interest assumed in business combination 0 84,197
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 61,966 77,508
Restricted cash 10,344 9,949
Cash, cash equivalents, and restricted cash $ 72,310 $ 87,457