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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities        
Net income (loss) $ (27,069) $ 147,006 $ 45,165  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:        
Unrealized carried interest (allocation) reversal, net 224,516 (85,863) (151,005)  
Unrealized principal investment (income) loss (16,512) (11,655) (145,448)  
Equity-based compensation 34,218 34,716 67,639  
Amortization of deferred financing costs and debt discount and premium, net 2,442 2,296 21,119  
Depreciation and amortization 29,451 33,706 485,551  
Deferred income tax (benefit) expense (1,121) (3,160) (69)  
Other (gain) loss, net (62,509) (37,351) (101,209)  
Other equity method (earnings) losses 0 0 15,188  
Distributions of income from equity investments 0 0 3,776  
Other adjustments, net (285) (443) (9,408)  
(Increase) decrease in other assets and due from affiliates 12,895 (14,602) (7,058)  
Increase (decrease) in other liabilities and due to affiliates 63,303 (4,528) 9,396  
Net cash generated by (used in) operating activities 259,329 60,122 233,637  
Cash Flows from Investing Activities        
Contributions to and acquisition of equity investments (395,893) (170,190) (584,589)  
Return of capital from equity and debt investments 116,640 55,905 79,229  
Proceeds from sale of equity investments 155,672 106,398 695,683  
Repayment of loans receivable 0 1,000 6,804  
Purchase of fixed assets (1,350) (3,588) 0  
Investment deposits 0 0 (4,140)  
Acquisition of InfraBridge, net of cash acquired (Note 2) 0 0 (314,266)  
Net receipt (payment) on settlement of derivatives 0 0 3,401  
Acquisition of and additions to real estate, related intangibles and leasing commissions 0 0 (653,470)  
Cash derecognized in deconsolidation of sponsored funds and investment entities (1,065) (745) (229,183)  
Proceeds from DataBank recapitalization 0 0 21,487  
Net cash generated by (used in) investing activities (125,996) (11,220) (979,044)  
Cash Flows from Financing Activities        
Dividends paid to preferred stockholders (58,641) (58,641) (58,761)  
Dividends paid to common stockholders (7,146) (6,771) (6,477)  
Repayment or redemption of senior notes 0 (5,000) (200,000)  
Shares canceled for tax withholdings on vested equity awards (6,624) (9,840) (18,680)  
Repurchases of preferred stock 0 0 (4,758)  
Contributions from noncontrolling interests 36,360 28,988 116,081  
Distributions to and redemption of noncontrolling interests (12,228) (22,077) (163,802)  
Borrowings from investment level debt 0 0 1,722,443  
Repayments of investment level debt 0 0 (1,199,865)  
Payment of deferred financing costs and prepayment penalties on investment level debt 0 0 (38,029)  
Payment of contingent consideration to Wafra 0 (17,500) (90,000)  
Net cash generated by (used in) financing activities (48,279) (90,841) 58,152  
Effect of foreign exchange on cash, cash equivalents and restricted cash 4,138 (2,013) 766  
Net increase (decrease) in cash, cash equivalents and restricted cash 89,192 (43,952) (686,489)  
Cash, cash equivalents and restricted cash—beginning of period 306,298 350,250 1,036,739  
Cash, cash equivalents and restricted cash—end of period 395,490 306,298 350,250  
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets        
Cash and cash equivalents 302,154 345,335 855,564  
Restricted cash 4,144 4,915 4,854  
Assets of discontinued operations—cash and cash equivalents   0 0 $ 62,690
Assets of discontinued operations—restricted cash   0 0 $ 113,631
Cash, cash equivalents and restricted cash—beginning of period 306,298 350,250 1,036,739  
Cash and cash equivalents 382,508 302,154 345,335  
Restricted cash 12,982 4,144 4,915  
Cash, cash equivalents and restricted cash—end of period 395,490 306,298 350,250  
Supplemental Disclosure of Cash Flow Information        
Cash paid for interest 13,325 16,270 179,071  
Cash received (paid) for income taxes 6,699 5,941 57  
Operating lease payments for corporate offices 9,346 9,151 9,096  
Supplemental Disclosure of Cash Flows from Discontinued Operations        
Net cash generated by (used in) operating activities of discontinued operations (4,916) (11,892) 233,903  
Net cash generated by (used in) investing activities of discontinued operations 0 (42) (600,050)  
Supplemental Disclosure of Noncash Investing and Financing Activities        
Dividends and distributions payable 16,545 16,524 16,477  
Redemption of OP units for common stock 39,677 2,954 984  
Exchange of notes into shares of class A common stock 0 72,717 0  
Operating lease liabilities arising from establishment of ROU assets for corporate offices (Note 5) 4,039 2,342 15,314  
Receivables from asset sales 0 0 662  
Receivable from sale of principal investments 84,040 0 0  
Contingent consideration valued at closing of InfraBridge acquisition 0 0 10,874  
Settlement of Wafra contingent consideration through issuance of class A common stock (Note 7) 0 17,500 0  
Vantage SDC capacity funded through equity, net of liability settlement (Note 2 ) 0 0 109,562  
Assets of investment entities disposed of in sale of equity and/or deconsolidated (Note 2 ) 0 0 8,659,140  
Liabilities of investment entities disposed of in sale of equity and/or deconsolidated (Note 2 ) 0 0 5,941,332  
Noncontrolling interests of investment entities disposed of in sale of equity and/or deconsolidated (Note 2 ) 0 0 2,398,693  
Assets of sponsored fund consolidated 115,539 0 0  
Liabilities of sponsored fund consolidated (34,758) 0 0  
Noncontrolling interests of sponsored fund consolidated (80,810) 0 0  
Assets of sponsored funds deconsolidated (148,286) 393,612 0  
Liabilities of sponsored funds deconsolidated 46,153 189 0  
Noncontrolling interests of sponsored funds deconsolidated $ 86,849 $ 262,970 $ 0