XML 18 R7.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income before noncontrolling interests $ 86,704 $ 71,801
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,388 2,197
Deferred income taxes 12,637 12,147
Noncash lease expense (benefit) (730) (171)
Net investment (gain) loss on nonconsolidated investment securities (12,125) (8,728)
(Gain) loss on disposal of property and equipment 29 2
Amortization of debt issuance costs 110 111
Share-based compensation 9,226 10,314
Net investment (gain) loss of consolidated investment products (19,184) (14,940)
Purchase of investments by consolidated investment products (99,938) (69,281)
Proceeds from sale of investments by consolidated investment products 80,353 53,283
Change in assets and liabilities resulting in an increase (decrease) in cash:    
Accounts receivable (6,888) 671
Prepaid expenses and other assets 519 604
Accounts payable and accrued expenses 87,122 72,772
Net change in operating assets and liabilities of consolidated investment products including net investment income 6,796 (9,846)
Net cash provided by operating activities 147,019 120,936
Cash flows from investing activities    
Acquisition of property and equipment (116) (346)
Leasehold improvements (1,746) (2,725)
Proceeds from sale of investment securities 3,853 2,465
Purchase of investment securities (31,103) (35,597)
Net cash used in investing activities (29,112) (36,203)
Cash flows from financing activities    
Partnership distributions (4,116) (3,327)
Dividends paid (71,009) (61,835)
Taxes paid related to employee net share settlement (6,831) (6,758)
Capital contributions to consolidated investment products, net 18,165 17,071
Net cash used in financing activities (63,791) (54,849)
Net increase in cash, cash equivalents, and restricted cash 54,116 29,884
Net cash impact of deconsolidation of CIPs (3,996) 0
Cash, cash equivalents and restricted cash    
Beginning of period 178,467 143,248
End of period 228,587 173,132
Cash, cash equivalents and restricted cash as of the end of the period    
Cash, cash equivalents and restricted cash 228,587 173,132
Noncash activity:    
Establishment of deferred tax assets 14,429 1,358
Establishment of amounts payable under tax receivable agreements 11,552 1,018
Increase in investment securities due to deconsolidation of CIPs 23,831 0
Operating lease assets obtained in exchange for operating lease liabilities 0 78
Settlement of franchise capital liability via transfer of investment securities 1,774 1,411
Consolidated Entity, Excluding VIE    
Cash, cash equivalents and restricted cash as of the end of the period    
Cash and cash equivalents 184,234 150,628
Cash and cash equivalents 184,234 150,628
Variable Interest Entity, Primary Beneficiary    
Cash, cash equivalents and restricted cash as of the end of the period    
Cash and cash equivalents 44,353 22,504
Cash and cash equivalents $ 44,353 $ 22,504