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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income/(loss) $ 70,485 $ (2,256)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:    
(Gain)/loss on revaluation/termination of deferred consideration—gold payments (61,953) 14,707
Advisory and license fees paid in gold, other precious metals and cryptocurrency (25,692) (31,511)
Loss on extinguishment of convertible notes 9,721 0
Stock-based compensation 8,506 5,368
Contractual gold payments 6,069 8,896
Impairments 4,900 0
Deferred income taxes 2,964 3,378
Amortization of issuance costs—convertible notes 1,069 1,293
(Gains)/losses on financial instruments owned, at fair value (947) 9,322
Losses on investments 819 0
Amortization of right of use asset 640 332
Depreciation and amortization 230 100
Other 0 120
Changes in operating assets and liabilities:    
Accounts receivable (5,254) (3,718)
Prepaid expenses (3,425) (3,613)
Gold and other precious metals 18,441 23,743
Other assets 347 (241)
Intangibles—software development (946) (724)
Fund management and administration payable 6,419 423
Compensation and benefits payable (18,941) (13,537)
Income taxes payable (2,523) (5,235)
Operating lease liabilities (652) (348)
Accounts payable and other liabilities 9,752 2,043
Net cash provided by operating activities 20,029 8,542
Cash flows from investing activities:    
Purchase of financial instruments owned, at fair value (40,532) (32,488)
Purchase of investments (10,000) (11,863)
Acquisition of Securrency Transfers, Inc. (net of cash acquired) (985) 0
Purchase of fixed assets (58) (205)
Proceeds from the sale of financial instruments owned, at fair value 102,020 21,455
Receipt of contingent consideration – Sale of Canadian ETF business 1,477 0
Proceeds from held-to-maturity securities maturing or called prior to maturity 14 31
Net cash provided by/(used in) investing activities 51,936 (23,070)
Cash flows from financing activities:    
Repurchase and maturity of convertible notes (Note 10) (184,272) 0
Termination of deferred consideration—gold payments (50,005) 0
Dividends paid (9,647) (9,679)
Issuance costs—Convertible notes (3,548) 0
Shares repurchased (3,540) (3,394)
Issuance costs—Series C Preferred Stock (97) 0
Proceeds from the issuance of convertible notes (Note 10) 130,000 0
Net cash used in financing activities (121,109) (13,073)
Increase/(decrease) in cash flow due to changes in foreign exchange rate 778 (3,372)
Net decrease in cash and cash equivalents (48,366) (30,973)
Cash and cash equivalents—beginning of year 132,101 140,709
Cash and cash equivalents—end of period 83,735 109,736
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 5,900 7,724
Cash paid for interest $ 4,514 $ 6,156