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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 100,263 $ 80,540
Adjustments to reconcile net income to net cash provided by operating activities    
Non-cash compensation expense 8,650 8,085
Amortization of deferred fees on loans and debt securities (18,573) (14,212)
Amortization of deferred financing costs and premiums/ discount on debt obligations 10,530 9,162
Decrease in current expected credit loss reserve (2,537) (1,293)
Unrealized gain on assets denominated in foreign currencies, net (21) (9,325)
Unrealized loss on derivative financial instruments, net 684 3,755
Realized (gain) loss on derivative financial instruments, net (2,437) 3,799
Changes in assets and liabilities, net    
Other assets (10,319) (359)
Other liabilities 3,858 2,896
Net cash provided by operating activities 90,098 83,048
Cash flows from investing activities    
Principal fundings of loans receivable (2,924,418) (1,405,119)
Principal collections and sales proceeds from loans receivable and debt securities 1,179,632 862,204
Origination and exit fees received on loans receivable 29,775 17,475
Receipts under derivative financial instruments 28,981 7,287
Payments under derivative financial instruments (2,720) (56,488)
Collateral deposited under derivative agreements 0 (35,860)
Return of collateral deposited under derivative agreements 0 86,910
Net cash used in investing activities (1,688,750) (523,591)
Cash flows from financing activities    
Borrowings under secured debt 2,093,695 1,222,548
Repayments under secured debt (1,205,929) (878,030)
Repayment of securitized debt obligations 0 (48,853)
Borrowings under asset-specific debt 147,726 38,734
Repayments under asset-specific debt (78,659) 0
Proceeds from sale of loan participations 245,278 0
Net proceeds from issuance of term loans 0 198,500
Repayments of term loans (3,435) (3,191)
Payment of deferred financing costs (11,616) (9,279)
Contributions from non-controlling interests 5,040 13,448
Distributions to non-controlling interests (9,241) (11,180)
Net proceeds from issuance of convertible notes 294,000 0
Repayment of convertible notes (64,650) 0
Net proceeds from issuance of class A common stock 52,155 0
Dividends paid on class A common stock (104,271) (91,004)
Net cash provided by financing activities 1,360,093 431,693
Net decrease in cash and cash equivalents (238,559) (8,850)
Cash and cash equivalents at beginning of period 551,154 289,970
Effects of currency translation on cash and cash equivalents (3,170) (994)
Cash and cash equivalents at end of period 309,425 280,126
Supplemental disclosure of cash flows information    
Payments of interest (81,984) (67,410)
(Payments) receipts of income taxes (161) 264
Supplemental disclosure of non-cash investing and financing activities    
Dividends declared, not paid (105,576) (91,159)
Loan principal payments held by servicer, net $ 4,635 $ 2,578