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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 251,613 $ 298,047
Adjustments to reconcile net income to net cash provided by operating activities    
Non-cash compensation expense 22,926 25,286
Amortization of deferred fees on loans and debt securities (60,333) (59,285)
Amortization of deferred financing costs and premiums/discounts on debt obligations 42,620 35,455
Increase in current expected credit loss reserve 134,530 22,694
Gain on extinguishment of debt (4,541) 0
Unrealized gain on assets denominated in foreign currencies, net 0 (31)
Unrealized loss (gain) on derivative financial instruments, net 3,195 (3,227)
Realized gain on derivative financial instruments, net (23,800) (8,418)
Changes in assets and liabilities, net    
Other assets (931) (72,769)
Other liabilities (16,226) 28,858
Net cash provided by operating activities 349,053 266,610
Cash flows from investing activities    
Principal fundings of loans receivable (1,068,853) (6,210,880)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable and debt securities 2,325,690 2,670,902
Origination and other fees received on loans receivable 11,046 67,950
Payments under derivative financial instruments (224,367) (7,385)
Receipts under derivative financial instruments 40,466 279,343
Collateral deposited under derivative agreements (230,620) (56,330)
Return of collateral deposited under derivative agreements 333,730 56,330
Net cash provided by (used in) investing activities 1,187,092 (3,200,070)
Cash flows from financing activities    
Borrowings under secured debt 1,490,503 4,857,829
Repayments under secured debt (2,162,706) (3,090,429)
Repayments of securitized debt obligations (161,030) 0
Borrowings under asset-specific debt 223,357 654,578
Repayments under asset-specific debt (239,037) (78,659)
Proceeds from sale of loan participations 50,692 245,278
Net proceeds from term loan borrowings 0 492,500
Repayments of term loans (16,497) (11,554)
Repurchases of senior secured notes (28,525) 0
Net proceeds from issuance of convertible notes 0 294,000
Repayment of convertible notes (220,000) (402,500)
Payment of deferred financing costs (18,680) (37,747)
Contributions from non-controlling interests 0 5,040
Distributions to non-controlling interests (5,436) (11,927)
Net proceeds from issuance of class A common stock 0 70,651
Dividends paid on class A common stock (320,104) (315,430)
Net cash (used in) provided by financing activities (1,407,463) 2,671,630
Net increase (decrease) in cash and cash equivalents 128,682 (261,830)
Cash and cash equivalents at beginning of period 291,340 551,154
Effects of currency translation on cash and cash equivalents 1,473 (17,425)
Cash and cash equivalents at end of period 421,495 271,899
Supplemental disclosure of cash flows information    
Payments of interest (981,945) (374,646)
Payments of income taxes (5,228) (730)
Supplemental disclosure of non-cash investing and financing activities    
Dividends declared, not paid (106,824) (105,956)
Loan principal payments held by servicer, net $ 12,713 $ 1,902