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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income (loss) $ 80,540 $ (53,283)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Non-cash compensation expense 8,085 8,678
Amortization of deferred fees on loans and debt securities (14,212) (14,399)
Amortization of deferred financing costs and premiums/ discount on debt obligations 9,162 9,229
(Decrease) increase in current expected credit loss reserve (1,293) 122,702
Unrealized gain on assets denominated in foreign currencies, net (9,325) (679)
Unrealized loss on derivative financial instruments, net 3,755 705
Realized loss on derivative financial instruments, net 3,799 449
Changes in assets and liabilities, net    
Other assets (359) (7,432)
Other liabilities 2,896 2,647
Net cash provided by operating activities 83,048 68,617
Cash flows from investing activities    
Origination and fundings of loans receivable (1,405,119) (971,322)
Principal collections and sales proceeds from loans receivable and debt securities 862,204 620,994
Origination and exit fees received on loans receivable 17,475 8,610
Receipts under derivative financial instruments 7,287 85,432
Payments under derivative financial instruments (56,488) (23,780)
Collateral deposited under derivative agreements (35,860) (102,140)
Return of collateral deposited under derivative agreements 86,910 132,940
Net cash used in investing activities (523,591) (249,266)
Cash flows from financing activities    
Borrowings under secured debt agreements 1,222,548 955,786
Repayments under secured debt agreements (878,030) (1,531,637)
Proceeds from issuance of collateralized loan obligations 0 1,243,125
Repayment of collateralized loan obligations (48,853) (179,759)
Borrowings under asset-specific debt agreements 38,734 30,556
Repayments under asset-specific debt agreements 0 (24,360)
Net proceeds from issuance of secured term loan 198,500 0
Repayments of secured term loans (3,191) (1,872)
Payment of deferred financing costs (9,279) (20,487)
Contributions from non-controlling interests 13,448 8,108
Distributions to non-controlling interests (11,180) (6,681)
Dividends paid on class A common stock (91,004) (83,702)
Net cash provided by financing activities 431,693 389,077
Net (decrease) increase in cash and cash equivalents (8,850) 208,428
Cash and cash equivalents at beginning of period 289,970 150,090
Effects of currency translation on cash and cash equivalents (994) (3,500)
Cash and cash equivalents at end of period 280,126 355,018
Supplemental disclosure of cash flows information    
Payments of interest (67,410) (91,341)
Receipts (payments) of income taxes 264 (122)
Supplemental disclosure of non-cash investing and financing activities    
Dividends declared, not paid (91,159) (83,290)
Loan principal payments held by servicer, net $ 2,578 $ 656