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, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (67,431) $ 97,505
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 1,093 633
Amortization of financing costs and debt discount and premium 208 131
Share-based compensation 9,360 7,266
Equity in income of investments (464) (997)
Changes in unrealized gain (loss) on General Partner Notes Payable (943) (171)
Amortization of lease liabilities (12) (100)
Unrealized performance allocations 107,025 (65,862)
Unrealized accrued performance allocations compensation (14,670) 9,238
Change in deferred income taxes 29 0
Changes in operating assets and liabilities:    
Receivable from affiliates (7,350) (19,873)
Prepaid and other assets (7,962) 2,140
Accounts payable and accrued expenses (2,452) 13,320
Accrued payroll and benefits (1,957) 5,921
Other liabilities (2,681) 323
Insurance loss and self-insurance reserves 1,022 1,475
Accrued performance allocations compensation 0 (560)
Net cash provided by operating activities 12,815 50,389
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investments (5,909) (17,273)
Distributions from investments 6 1,147
Sale of marketable securities 1,867 0
Issuance of notes receivable (60,186) (68,980)
Proceeds from collections on notes receivable 67,998 190,092
Purchase of tenant improvements, furniture and equipment (408) (195)
Deposits 0 (13,748)
Cash paid for acquisition, net of cash acquired (319,364) (15,089)
Net cash (used in) provided by investing activities (315,996) 75,954
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contributions from non-controlling interests 11 170
Distributions to non-controlling interests (25,428) (46,081)
Repayments of General Partner Notes Payable 0 (103)
Dividends paid on Class A common stock (5,541) (5,918)
Proceeds from revolving line of credit 150,000 0
Payments on revolving line of credit (70,000) 0
Borrowings on private notes 150,000 0
Payments of deferred financing costs (1,669) 0
Net cash provided by (used in) financing activities 197,373 (51,932)
Net (decrease) increase in cash, cash equivalents, and restricted cash (105,808) 74,411
Cash, cash equivalents and restricted cash - beginning of period 193,265 83,872
Cash, cash equivalents and restricted cash - end of period 87,457 158,283
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 129 618
Cash paid for interest 6,806 3,041
Non-cash investing and financing activities:    
Establishment of lease liabilities in exchange for lease right-of-use assets 0 15,824
Write down of right-of-use assets and lease liabilities for lease termination (3,032) 0
Origination of short-term loan receivable for prepaid acquisitions 0 40,000
Conversion of note receivables to equity interests 1,559 0
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement 172 5,166
Issuance of Class A Units for acquisition 0 14,930
Non-controlling interest assumed in business combination 84,197 20,053
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 77,508 149,121
Restricted cash 9,949 9,162
Cash, cash equivalents, and restricted cash $ 87,457 $ 158,283