v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net income (loss) $ 238,945 $ (40,539)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Unrealized carried interest (allocation) reversal, net (78,842) 105,220
Unrealized principal investment (income) loss (142,632) (24,525)
Realized principal investment loss 4,574 40,256
Equity-based compensation 14,600 17,859
Amortization of deferred financing costs 1,426 1,630
Depreciation and amortization 10,818 15,811
Deferred income tax (benefit) expense (565) (1,161)
Other (gain) loss, net (416) (11,714)
(Increase) decrease in other assets and due from affiliates 23,190 23,260
Increase (decrease) in other liabilities and due to affiliates (22,318) 1,935
Other adjustments, net (1,579) (761)
Net cash generated by (used in) operating activities 47,201 127,271
Cash Flows from Investing Activities    
Contributions to and acquisition of equity investments (177,859) (189,766)
Return of capital from equity and debt investments 80,905 68,642
Proceeds from sale of equity investments 236,691 53,546
Purchase of fixed assets (149) (928)
Net cash generated by (used in) investing activities 139,588 (68,506)
Cash Flows from Financing Activities    
Dividends paid to preferred stockholders (29,320) (29,320)
Dividends paid to common stockholders (3,651) (3,510)
Borrowings on corporate debt 300,000 0
Repayment of corporate debt (300,000) 0
Payment of corporate debt offering cost (8,464) 0
Shares canceled for tax withholdings on vested equity awards (12,767) (5,437)
Contributions from noncontrolling interests 10,384 18,425
Distributions to and redemption of noncontrolling interests (22,576) (5,222)
Net cash generated by (used in) financing activities (66,394) (25,064)
Effect of foreign exchange on cash, cash equivalents and restricted cash (1,102) 5,022
Net increase (decrease) in cash, cash equivalents and restricted cash 119,293 38,723
Cash, cash equivalents and restricted cash—beginning of period 395,490 306,298
Cash, cash equivalents and restricted cash—end of period 514,783 345,021
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets    
Cash and cash equivalents 382,508 302,154
Restricted cash 12,982 4,144
Cash, cash equivalents and restricted cash—beginning of period 395,490 306,298
Cash and cash equivalents 508,221 340,698
Restricted cash 6,562 4,323
Cash, cash equivalents and restricted cash—end of period 514,783 345,021
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 7,514 6,903
Cash paid (received) for income taxes 2,025 1,642
Operating lease payments for corporate offices 5,013 4,362
Supplemental Disclosure of Cash Flows from Discontinued Operations    
Net cash generated by (used in) operating activities of discontinued operations 1,997 (275)
Supplemental Disclosure of Noncash Investing and Financing Activities    
Dividends and distributions payable 16,557 16,545
Redemption of OP units for common stock 19,528 28,193
Operating lease liabilities arising from establishment of ROU assets for corporate offices $ 20 $ 4,007