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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income $ 221,053 $ 194,128
Adjustments to reconcile net income to net cash provided by operating activities    
Non-cash compensation expense 15,320 17,068
Amortization of deferred fees on loans and debt securities (43,697) (38,740)
Amortization of deferred financing costs and premiums/discounts on debt obligations 29,605 22,059
Increase in current expected credit loss reserve 37,630 10,446
Unrealized gain on assets denominated in foreign currencies, net 0 (31)
Unrealized loss (gain) on derivative financial instruments, net 1,366 (713)
Realized gain on derivative financial instruments, net (16,926) (4,326)
Changes in assets and liabilities, net    
Other assets 5,628 (39,865)
Other liabilities (11,912) 23,570
Net cash provided by operating activities 238,067 183,596
Cash flows from investing activities    
Principal fundings of loans receivable (715,507) (5,589,977)
Principal collections and sales proceeds from loans receivable and debt securities 1,491,158 2,004,323
Origination and other fees received on loans receivable 8,088 58,716
Receipts under derivative financial instruments 25,176 129,010
Payments under derivative financial instruments (164,342) (6,528)
Collateral deposited under derivative agreements (163,610) 0
Return of collateral deposited under derivative agreements 257,700 0
Net cash provided by (used in) investing activities 738,663 (3,404,456)
Cash flows from financing activities    
Borrowings under secured debt 1,339,606 4,246,219
Repayments under secured debt (1,590,332) (2,183,131)
Repayment of securitized debt obligations (1,807) 0
Borrowings under asset-specific debt 163,539 551,893
Repayments under asset-specific debt (239,037) (78,659)
Proceeds from sale of loan participations 0 245,278
Net proceeds from term loan borrowings 0 492,500
Repayments of term loans (10,998) (6,869)
Net proceeds from issuance of convertible notes 0 294,000
Repayment of convertible notes (220,000) (402,500)
Payment of deferred financing costs (14,674) (30,489)
Contributions from non-controlling interests 0 5,040
Distributions to non-controlling interests (1,524) (11,359)
Net proceeds from issuance of class A common stock 0 52,155
Dividends paid on class A common stock (213,272) (209,847)
Net cash (used in) provided by financing activities (788,499) 2,964,231
Net increase (decrease) in cash and cash equivalents 188,231 (256,629)
Cash and cash equivalents at beginning of period 291,340 551,154
Effects of currency translation on cash and cash equivalents 3,285 (10,945)
Cash and cash equivalents at end of period 482,856 283,580
Supplemental disclosure of cash flows information    
Payments of interest (639,090) (188,611)
Payments of income taxes (4,290) (407)
Supplemental disclosure of non-cash investing and financing activities    
Dividends declared, not paid (106,832) (105,583)
Loan principal payments held by servicer, net $ 12,272 $ 189,909