Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (70,192) $ 221,886
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation and amortization 6,211 1,520
Amortization of financing costs and debt discount and premium 570 303
Share-based compensation 20,479 13,818
Equity in income of investments 2,006 (4,837)
Changes in unrealized gain (loss) on General Partner Notes Payable (1,386) 822
Non-cash lease amortization 29 (208)
Unrealized performance allocations 126,309 (135,978)
Unrealized accrued performance allocations compensation (19,319) 17,225
Change in deferred income taxes 291 (63)
Changes in operating assets and liabilities:    
Receivable from affiliates 12,101 1,969
Prepaid and other assets (4,157) 708
Accounts payable and accrued expenses (2,179) 11,453
Accrued payroll and benefits 8,579 13,548
Other liabilities (4,548) (694)
Insurance loss and self-insurance reserves (1,260) 465
Accrued performance allocations compensation 94 442
Due to affiliates (952) 0
Net cash provided by operating activities 72,676 142,379
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of investments (30,711) (35,384)
Distributions from investments 40 855
Sale of marketable securities 4,420 0
Issuance of notes receivable (135,039) (242,905)
Proceeds from collections on notes receivable 143,252 318,255
Purchase of tenant improvements, furniture and equipment (1,633) (788)
Deposits 0 661
Cash paid for acquisition, net of cash acquired (319,364) (15,089)
Net cash (used in) provided by investing activities (339,035) 25,605
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contributions from non-controlling interests 4,229 201
Distributions to non-controlling interests (68,716) (126,873)
Repayments of General Partner Notes Payable (159) (460)
Dividends paid on Class A common stock (10,391) (13,531)
Proceeds from revolving line of credit 250,000 50,000
Payments on revolving line of credit (170,000) (50,000)
Borrowings on private notes 150,000 0
Payments of deferred financing costs (1,924) (1,015)
Net cash provided by (used in) financing activities 153,039 (141,678)
Net (decrease) increase in cash, cash equivalents, and restricted cash (113,320) 26,306
Cash, cash equivalents and restricted cash - beginning of period 193,265 83,872
Cash, cash equivalents and restricted cash - end of period 79,945 110,178
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 1,782 2,066
Cash paid for interest 8,237 3,118
Non-cash investing and financing activities:    
Establishment of lease liabilities in exchange for lease right-of-use assets 550 18,808
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 receivable to equity interest investment 1,559 0
Deferred tax effect resulting from exchange of Class A Units under Tax Receivable Agreement 499 5,948
Deferred tax effect from conversion of profits interests awards 7,500 0
Issuance of Class A Units for acquisition 0 14,930
Non-controlling interest assumed in business combination 86,365 20,053
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 70,969 102,777
Restricted cash 8,976 7,401
Cash, cash equivalents, and restricted cash $ 79,945 $ 110,178