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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income $ 422,273 $ 140,414 $ 307,393
Adjustments to reconcile net income to net cash provided by operating activities      
Satisfaction of management and incentive fees in stock 0 19,277 0
Non-cash compensation expense 31,647 34,532 30,656
Amortization of deferred fees on loans and debt securities (68,905) (56,844) (57,926)
Amortization of deferred financing costs and premiums/ discount on debt obligations 41,002 37,403 32,195
(Decrease) increase in current expected credit loss reserve (39,864) 167,653 0
Unrealized (gain) loss on assets denominated in foreign currencies, net (6,866) (3,366) 881
Unrealized (gain) loss on derivative financial instruments, net (3,934) (867) (1,071)
Realized loss (gain) on derivative financial instruments, net 3,890 1,364 11
Changes in assets and liabilities, net      
Other assets (21,616) 3,352 (7,355)
Other liabilities 24,856 (6,311) (747)
Net cash provided by operating activities 382,483 336,607 304,037
Cash flows from investing activities      
Principal fundings of loans receivable (12,550,463) (1,896,276) (6,890,249)
Principal collections and sales proceeds from loans receivable and debt securities 6,730,339 1,850,003 4,940,194
Origination and exit fees received on loans receivable 143,002 21,275 66,558
Receipts under derivative financial instruments 76,383 90,427 49,673
Payments under derivative financial instruments (77,772) (133,430) (6,524)
Collateral deposited under derivative agreements (109,670) (346,640) (59,720)
Return of collateral deposited under derivative agreements 160,720 326,390 28,920
Net cash used in investing activities (5,627,461) (88,251) (1,871,148)
Cash flows from financing activities      
Borrowings under secured debt 12,475,664 2,567,834 6,322,165
Repayments under secured debt (7,801,330) (4,690,607) (5,526,989)
Proceeds from issuance of securitized debt obligations 803,750 2,051,875 0
Repayment of securitized debt obligations (888,763) (300,879) (102,478)
Borrowings under asset-specific debt 272,065 161,960 247,295
Repayments under asset-specific debt (271,065) (82,754) 0
Proceeds from sale of loan participations 0 0 21,346
Repayment of loan participations 0 0 (115,874)
Net proceeds from issuance of term loans 298,500 315,438 748,414
Repayments of term loans (13,495) (9,113) (3,122)
Proceeds from issuance of senior secured notes 400,000 0 0
Payment of deferred financing costs (43,725) (47,345) (39,370)
Contributions from non-controlling interests 55,912 8,431 51,418
Distributions to non-controlling interests (46,632) (15,024) (41,629)
Net proceeds from issuance of class A common stock 638,005 278,322 372,337
Dividends paid on class A common stock (370,662) (348,907) (320,961)
Net cash provided by (used in) financing activities 5,508,224 (110,769) 1,612,552
Net increase in cash and cash equivalents 263,246 137,587 45,441
Cash and cash equivalents at beginning of year 289,970 150,090 105,662
Effects of currency translation on cash and cash equivalents (2,062) 2,293 (1,013)
Cash and cash equivalents at end of year 551,154 289,970 150,090
Supplemental disclosure of cash flows information      
Payments of interest (287,715) (312,093) (425,801)
Receipts (payments) of income taxes 73 (232) 109
Supplemental disclosure of non-cash investing and financing activities      
Dividends declared, not paid (104,271) (91,004) (83,702)
Satisfaction of management and incentive fees in stock 0 19,277 0
Loan principal payments held by servicer, net $ 17,528 $ 19,460 $ 49,584