XML 17 R7.htm IDEA: XBRL DOCUMENT v3.22.2
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities        
Net income before noncontrolling interests $ 47,173 $ 118,881 $ 129,610 $ 223,499
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization     3,527 3,248
Deferred income taxes 5,544 10,168 14,390 19,945
Noncash lease expense     566 (945)
Net investment (gain) loss on nonconsolidated investment securities     18,141 (4,328)
Net (gain) loss on the tax receivable agreements 0 0 (482) 0
(Gain) loss on disposal of property and equipment     (2) 0
Amortization of debt issuance costs     236 236
Share-based compensation     21,454 20,354
Purchase of investments by consolidated investment products     (182,387) (143,799)
Proceeds from sale of investments by consolidated investment products     87,023 73,923
Change in assets and liabilities resulting in an increase (decrease) in cash:        
Accounts receivable     (10,346) (21,766)
Prepaid expenses and other assets     (4,023) (643)
Accounts payable and accrued expenses     89,255 97,681
Net change in operating assets and liabilities of consolidated investment products     40,478 7,346
Net cash provided by operating activities     218,113 259,507
Cash flows from investing activities        
Acquisition of property and equipment     (1,702) (1,343)
Leasehold improvements     (7,882) (2,722)
Proceeds from sale of investment securities     5,164 12,813
Purchase of investment securities     (48,648) (33,820)
Net cash used in investing activities     (53,068) (25,072)
Cash flows from financing activities        
Partnership distributions     (31,695) (42,260)
Dividends paid     (169,239) (138,081)
Payment under the tax receivable agreements     (25,112) (23,836)
Net proceeds from issuance of common stock     0 46,928
Payment of costs directly associated with the issuance of Class A common stock     0 (239)
Purchase of equity and subsidiary equity     0 (46,928)
Taxes paid related to employee net share settlement     (7,420) (7,866)
Capital contributions to consolidated investment products, net     31,569 55,042
Net cash used in financing activities     (201,897) (157,240)
Net increase (decrease) in cash, cash equivalents, and restricted cash     (36,852) 77,195
Net cash impact of deconsolidation of CIPs     0 (34,823)
Cash, cash equivalents and restricted cash        
Beginning of period     200,771 199,450
End of period 163,919 241,822 163,919 241,822
Cash, cash equivalents and restricted cash as of the end of the period        
Restricted cash 629 629 629 629
Cash, cash equivalents and restricted cash 163,919 241,822 163,919 241,822
Noncash activity:        
Establishment of deferred tax assets     1,481 21,572
Establishment of amounts payable under tax receivable agreements     661 17,733
Increase in investment securities due to deconsolidation of CIPs     9,970 20,900
Operating lease assets obtained in exchange for operating lease liabilities     24,659 2,434
Consolidated Entity Excluding Variable Interest Entities (VIE)        
Adjustments to reconcile net income to net cash provided by operating activities:        
Net investment (gain) loss of consolidated investment products 13,414 (3,934) 18,166 (4,131)
Consolidated Entity, Excluding VIE        
Adjustments to reconcile net income to net cash provided by operating activities:        
Net investment (gain) loss of consolidated investment products 13,414 (3,935) 18,166 (4,131)
Cash, cash equivalents and restricted cash as of the end of the period        
Cash and cash equivalents 150,654 228,738 150,654 228,738
Variable Interest Entity, Primary Beneficiary        
Adjustments to reconcile net income to net cash provided by operating activities:        
Net investment (gain) loss of consolidated investment products 11,857 (8,328) 10,669 (15,244)
Cash, cash equivalents and restricted cash as of the end of the period        
Cash and cash equivalents $ 12,636 $ 12,455 $ 12,636 $ 12,455