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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 251,057 $ 422,273 $ 140,414
Adjustments to reconcile net income to net cash provided by operating activities      
Satisfaction of management and incentive fees in stock 0 0 19,277
Non-cash compensation expense 33,414 31,647 34,532
Amortization of deferred fees on loans and debt securities (81,748) (68,905) (56,844)
Amortization of deferred financing costs and premiums/discounts on debt obligations 50,020 41,002 37,403
Increase (decrease) in current expected credit loss reserve 211,505 (39,864) 167,653
Unrealized gain on assets denominated in foreign currencies, net (31) (6,866) (3,366)
Unrealized gain on derivative financial instruments, net (4,339) (3,934) (867)
Realized (gain) loss on derivative financial instruments, net (15,609) 3,890 1,364
Changes in assets and liabilities, net      
Other assets (106,372) (21,616) 3,352
Other liabilities 58,928 24,856 (6,311)
Net cash provided by operating activities 396,825 382,483 336,607
Cash flows from investing activities      
Principal fundings of loans receivable (6,810,218) (12,550,463) (1,896,276)
Principal collections and sales proceeds from loans receivable and debt securities 3,254,595 6,730,339 1,850,003
Origination and exit fees received on loans receivable 74,930 143,002 21,275
Receipts under derivative financial instruments 353,325 76,383 90,427
Payments under derivative financial instruments (23,057) (77,772) (133,430)
Collateral deposited under derivative agreements (217,220) (109,670) (346,640)
Return of collateral deposited under derivative agreements 114,110 160,720 326,390
Net cash used in investing activities (3,253,535) (5,627,461) (88,251)
Cash flows from financing activities      
Borrowings under secured debt 5,282,882 12,475,664 2,567,834
Repayments under secured debt (3,578,806) (7,801,330) (4,690,607)
Proceeds from issuance of securitized debt obligations 0 803,750 2,051,875
Repayment of securitized debt obligations (182,084) (888,763) (300,879)
Borrowings under asset-specific debt 770,665 272,065 161,960
Repayments under asset-specific debt (208,644) (271,065) (82,754)
Proceeds from sale of loan participations 245,278 0 0
Net proceeds from issuance of term loans 807,750 298,500 315,438
Repayments of term loans (17,053) (13,495) (9,113)
Net proceeds from issuance of convertible notes 294,000 0 0
Repayment of convertible notes (402,500) 0 0
Proceeds from issuance of senior secured notes 0 400,000 0
Payment of deferred financing costs (45,996) (43,725) (47,345)
Contributions from non-controlling interests 5,040 55,912 8,431
Distributions to non-controlling interests (12,573) (46,632) (15,024)
Net proceeds from issuance of class A common stock 70,651 638,005 278,322
Dividends paid on class A common stock (421,386) (370,662) (348,907)
Net cash provided by (used in) financing activities 2,607,224 5,508,224 (110,769)
Net (decrease) increase in cash, cash equivalents, and restricted cash (249,486) 263,246 137,587
Cash, cash equivalents, and restricted cash at beginning of year 551,154 289,970 150,090
Effects of currency translation on cash, cash equivalents, and restricted cash (10,328) (2,062) 2,293
Cash, cash equivalents, and restricted cash at end of year 291,340 551,154 289,970
Supplemental disclosure of cash flows information      
Payments of interest (608,259) (287,715) (312,093)
(Payments) refunds of income taxes (676) 73 (232)
Supplemental disclosure of non-cash investing and financing activities      
Dividends declared, not paid (106,455) (104,271) (91,004)
Satisfaction of management and incentive fees in stock 0 0 19,277
Loan principal payments held by servicer, net $ 7,425 $ 17,528 $ 19,460