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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income $ 140,414 $ 307,393 $ 285,813
Adjustments to reconcile net income to net cash provided by operating activities      
Non-cash compensation expense 34,532 30,656 28,154
Satisfaction of management and incentive fees in stock 19,277    
Amortization of deferred fees on loans and debt securities (56,844) (57,926) (47,093)
Amortization of deferred financing costs and premiums/discount on debt obligations 37,403 32,195 28,284
Increase in current expected credit loss reserve 167,653    
Unrealized (gain) loss on assets denominated in foreign currencies, net (3,366) 881 (165)
Unrealized (gain) loss on derivative financial instruments, net (867) (1,071) 327
Realized loss (gain) on derivative financial instruments, net 1,364 11 (349)
Changes in assets and liabilities, net      
Other assets 3,352 (7,355) (23,352)
Other liabilities (6,311) (747) 18,383
Net cash provided by operating activities 336,607 304,037 290,002
Cash flows from investing activities      
Origination and fundings of loans receivable (1,896,276) (6,890,249) (7,890,051)
Principal collections and sales proceeds from loans receivable and debt securities 1,850,003 4,940,194 3,084,747
Loan contributed to securitization     512,002
Investment in debt securities held-to-maturity     (95,937)
Origination and exit fees received on loans receivable 21,275 66,558 104,408
Receipts under derivative financial instruments 90,427 49,673 47,527
Payments under derivative financial instruments (133,430) (6,524) (18,475)
Collateral deposited under derivative agreements (346,640) (59,720) (38,990)
Return of collateral deposited under derivative agreements 326,390 28,920 43,110
Net cash used in investing activities (88,251) (1,871,148) (4,251,659)
Cash flows from financing activities      
Borrowings under secured debt agreements 2,567,834 6,322,165 9,100,019
Repayments under secured debt agreements (4,690,607) (5,526,989) (5,313,679)
Proceeds from issuance of securitized debt obligations 2,051,875    
Repayment of securitized debt obligations (300,879) (102,478)  
Borrowings under asset-specific debt agreements 161,960 247,295 83,833
Repayments under asset-specific debt agreements (82,754)   (99,391)
Proceeds from sale of loan participations   21,346 99,696
Repayment of loan participations   (115,874) (85,875)
Net proceeds from issuance of secured term loan 315,438 748,414  
Repayments of secured term loan (9,113) (3,122)  
Payment of deferred financing costs (47,345) (39,370) (25,006)
Contributions from non-controlling interests 8,431 51,418 9,315
Distributions to non-controlling interests (15,024) (41,629) (5,907)
Net proceeds from issuance of convertible notes     214,775
Repayment of convertible notes     (219,232)
Net proceeds from issuance of class A common stock 278,322 372,337 476,420
Dividends paid on class A common stock (348,907) (320,961) (277,260)
Net cash (used in) provided by financing activities (110,769) 1,612,552 3,957,708
Net increase (decrease) in cash and cash equivalents 137,587 45,441 (3,949)
Cash and cash equivalents at beginning of year 150,090 105,662 102,518
Effects of currency translation on cash and cash equivalents 2,293 (1,013) 7,093
Cash and cash equivalents at end of year 289,970 150,090 105,662
Supplemental disclosure of cash flows information      
Payments of interest (312,093) (425,801) (318,919)
(Payments) receipts of income taxes (232) 109 (554)
Supplemental disclosure of non-cash investing and financing activities      
Dividends declared, not paid (91,004) (83,702) (76,530)
Satisfaction of management and incentive fees in stock 19,277    
Loan principal payments held by servicer, net $ 19,460 $ 49,584 $ 4,855