Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 254,126 $ 242,841
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,223 2,179
Amortization of financing costs and debt discount and premium 604 392
Share-based compensation 23,442 17,917
Equity in income of investments (3,241) (7,828)
Changes in unrealized gain (loss) on General Partner notes payable (1,218) (830)
Amortization of lease liabilities (454) (203)
Unrealized performance allocations (119,611) (111,009)
Unrealized accrued performance allocations compensation 21,014 10,159
Change in deferred income taxes (312) 0
Changes in operating assets and liabilities:    
Receivable from affiliates (16,741) (8,136)
Prepaid and other assets (7,758) (1,929)
Accounts payable and accrued expenses 16,693 (430)
Accrued payroll and benefits 2,990 2,374
Other liabilities 6,865 3,816
Insurance loss and self-insurance reserves 3,102 1,630
Accrued performance allocations compensation 718 1,918
Net cash provided by operating activities 182,442 152,861
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investments (74,927) (10,667)
Proceeds from sale of investments 0 1,274
Distributions from investments 1,376 0
Sale of marketable securities 1,300 0
Issuance of notes receivable (377,350) (385,165)
Proceeds from collections on notes receivable 451,187 409,552
Purchase of tenant improvements, furniture and equipment (626) (893)
Deposits 1,543 0
Cash paid for acquisition, net of cash acquired (15,089) 0
Net cash (used in) provided by investing activities (12,586) 14,101
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contributions from non-controlling interests 213 931
Distributions to members 0 (176,273)
Proceeds from issuance of common stock—IPO, net of underwriting discount and issuance costs 0 277,193
Purchase of membership interests in Operating Company 0 (158,063)
Proceeds from issuance of common stock —Underwriters' exercise of over-allotment option, net of underwriting discount and issuance costs 0 18,188
Distributions to non-controlling interests (177,710) (41,327)
Repurchase of membership interests 0 (110)
Repayments of General Partner notes payable (999) (1,067)
Dividends paid on Class A common stock (22,392) 0
Proceeds from revolving line of credit 50,000 85,800
Payments on revolving line of credit (50,000) (85,800)
Borrowings on private notes 150,000 0
Payments of deferred financing costs (2,381) 0
Net cash used in financing activities (53,269) (80,528)
Net increase in cash, cash equivalents, and restricted cash 116,587 86,434
Cash, cash equivalents and restricted cash - beginning of period 83,872 107,354
Cash, cash equivalents and restricted cash - end of period 200,459 193,788
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 5,039 3,492
Cash paid for interest 6,137 8,066
Non-cash investing and financing activities:    
Establishment of lease liabilities in exchange for lease right-of-use assets 19,216 0
Origination of short-term loan receivable for prepaid acquisitions 40,000 0
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement 6,754 0
Settlement of accrued performance allocations compensation liability with equity 0 14,247
Derecognition of Bridge Debt Strategies Fund GP LLC 0 2,337
Issuance of Class A Units for acquisition 14,930 0
Non-controlling interest assumed in business combination 20,053 0
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 191,493 188,338
Restricted cash 8,966 5,450
Cash, cash equivalents, and restricted cash $ 200,459 $ 193,788