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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (9,305) $ (70,192)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 9,946 6,211
Amortization of financing costs and debt discount and premium 981 570
Share-based compensation 24,542 20,479
Equity in income (loss) of investments 8,676 2,006
Changes in unrealized gain (loss) on General Partner Notes Payable (222) (1,386)
Non-cash lease amortization 403 29
Reserve for credit losses 347 0
Unrealized performance allocations 43,138 126,309
Unrealized accrued performance allocations compensation 2,027 (19,319)
Change in deferred income taxes 76 291
Other non-cash adjustments 1,158 0
Changes in operating assets and liabilities:    
Receivable from affiliates (651) 12,101
Prepaid and other assets (9,769) (4,157)
Accounts payable and accrued expenses (1,207) (2,179)
Accrued payroll and benefits 2,902 8,579
Other liabilities (6,826) (4,548)
Insurance loss and self-insurance reserves 3,864 (1,260)
Accrued performance allocations compensation (2,037) 94
Due to affiliates 0 (952)
Net cash provided by operating activities 68,043 72,676
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investments (17,235) (30,711)
Proceeds from sale of investments 17,206 0
Distributions from investments 0 40
Sale of marketable securities 6,209 4,420
Issuance of notes receivable (193,964) (135,039)
Proceeds from collections on notes receivable 199,350 143,252
Purchase of tenant improvements, furniture and equipment (97) (1,633)
Cash paid for acquisition, net of cash acquired 0 (319,364)
Net cash provided by (used in) investing activities 11,469 (339,035)
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contributions from non-controlling interests 15,982 4,229
Distributions to non-controlling interests (42,136) (68,716)
Repayments of General Partner Notes Payable 0 (159)
Dividends paid on Class A common stock (7,891) (10,391)
Proceeds from revolving line of credit 209,250 250,000
Payments on revolving line of credit (236,250) (170,000)
Borrowings on private notes 0 150,000
Payments of deferred financing costs (821) (1,924)
Net cash (used in) provided by financing activities (61,866) 153,039
Net increase (decrease) in cash, cash equivalents, and restricted cash 17,646 (113,320)
Cash, cash equivalents and restricted cash - beginning of period 67,260 193,265
Cash, cash equivalents and restricted cash - end of period 84,906 79,945
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 3,342 1,782
Cash paid for interest 13,294 8,237
Non-cash investing and financing activities:    
Establishment of lease liabilities in exchange for lease right-of-use assets 649 550
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 4,337 499
Deferred tax effect from conversion of profits interests awards 0 7,500
Non-controlling interest assumed in business combination 0 86,365
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 75,209 70,969
Restricted cash 9,697 8,976
Cash, cash equivalents, and restricted cash $ 84,906 $ 79,945