v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Cash flows from operating activities          
Net income $ 31,853 $ 39,891 $ 49,597 $ 38,801  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization expense     1,953 2,161  
Equity-based compensation, equity-classified awards     34,322 29,547  
Deferred income tax expense     4,887 1,993  
Other non-cash compensation     97 177  
Partnership interest-based compensation 7,626 16,323 13,004 28,548  
Amortization of debt issuance costs 200 200 344 386  
Amortization of terminated swap     (3,760) (3,760)  
Loss on extinguishment of debt     414 0  
Change in fair value of warrant liabilities 0 (19,388) 0 (10,612)  
Proceeds received from investments     5,428 6,837  
Non-cash investment income     (7,393) (6,546)  
Non-cash lease expense     1,723 1,911  
Other     52 (55)  
Change in assets and liabilities:          
Management fees receivable     (4,340) 5,864  
Incentive fees receivable     49,724 37,431  
Due from related parties     (215) (1,277)  
Other assets     1,986 (3,515)  
Accrued compensation and employee related obligations     (53,544) (52,393)  
Lease liabilities, net     (780) (2,408)  
Accrued expenses and other liabilities     (3,658) 2,151  
Net cash provided by operating activities     89,841 75,241  
Cash flows from investing activities          
Purchases of premises and equipment     (5,703) (2,392)  
Contributions/subscriptions to investments     (21,439) (15,056)  
Distributions from investments     7,073 9,817  
Net cash used in investing activities     (20,069) (7,631)  
Cash flows from financing activities          
Capital contributions received from noncontrolling interests in subsidiaries     1,285 1,238  
Capital distributions paid to partners and member     (45,856) (38,306)  
Capital distributions paid to noncontrolling interests in subsidiaries     (7,350) (7,877)  
Principal payments on Senior Loan     (67,190) (2,190)  
Payments to repurchase Class A common stock     (19,661) 0  
Proceeds from exercise of warrants     0 2,762  
Settlement of equity-based compensation in satisfaction of withholding tax requirements     (16,014) (15,448)  
Proceeds from Share Purchase Agreement, net     0 49,833  
Dividends paid     (16,742) (12,064)  
Net cash used in financing activities     (171,528) (22,052)  
Effect of exchange rate changes on cash     (764) 1,322  
Net increase (decrease) in cash and cash equivalents     (102,520) 46,880  
Beginning of period     242,116 89,454 $ 89,454
End of period $ 139,596 $ 136,334 139,596 136,334 $ 242,116
Supplemental disclosure of cash flow information          
Cash paid during the period for interest     11,346 14,395  
Cash paid during the period for income taxes, net     8,694 5,158  
Supplemental disclosure of cash flow information from operating activities          
Non-cash right-of-use assets obtained in exchange for new and modified operating leases     0 1,967  
Non-cash adjustment to operating lease right-of-use assets from lease modification     0 (102)  
Supplemental disclosure of cash flow information from investing activities          
Non-cash premises and equipment additions in accrued expenses and other liabilities     13 0  
Supplemental disclosure of non-cash information from financing activities          
Deemed contributions from GCMH Equityholders     13,004 28,548  
Establishment of deferred tax assets, net related to non-cash activities     (14) 1,305  
Non-cash change in payable to related parties pursuant to tax receivable agreement     $ 4 $ 9,170