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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income $ 297,412 $ 55,991
Adjustments to reconcile net income to net cash provided by operating activities    
Satisfaction of management and incentive fees in stock 0 19,277
Non-cash compensation expense 24,184 25,978
Amortization of deferred fees on loans and debt securities (43,299) (43,516)
Amortization of deferred financing costs and premiums/ discounts on debt obligations 29,698 28,122
(Decrease) increase in current expected credit loss reserve (49,432) 173,466
Unrealized gain on assets denominated in foreign currencies, net (7,088) (648)
Unrealized gain on derivative financial instruments, net (3,298) (754)
Realized loss (gain) on derivative financial instruments, net 5,483 (481)
Changes in assets and liabilities, net    
Other assets (12,106) 8,713
Other liabilities 13,468 (4,852)
Net cash provided by operating activities 255,022 261,296
Cash flows from investing activities    
Origination and fundings of loans receivable (7,449,491) (1,489,101)
Principal collections and sales proceeds from loans receivable and debt securities 3,423,460 1,358,640
Origination and exit fees received on loans receivable 79,971 14,215
Receipts under derivative financial instruments 44,428 87,286
Payments under derivative financial instruments (75,458) (98,216)
Collateral deposited under derivative agreements (94,060) (255,830)
Return of collateral deposited under derivative agreements 145,110 277,280
Net cash used in investing activities (3,926,040) (105,726)
Cash flows from financing activities    
Borrowings under secured debt 7,701,481 2,317,616
Repayments under secured debt (4,239,614) (3,506,154)
Proceeds from issuance of securitized debt obligations 803,750 1,243,125
Repayment of securitized debt obligations (888,763) (253,260)
Borrowings under asset-specific debt 106,443 111,225
Repayments under asset-specific debt (178,073) (82,754)
Net proceeds from issuance of term loans 298,500 315,438
Repayments of term loans (10,060) (6,428)
Payment of deferred financing costs (29,339) (34,726)
Contributions from non-controlling interests 47,261 8,431
Distributions to non-controlling interests (33,581) (11,793)
Net proceeds from issuance of class A common stock 311,955 278,322
Dividends paid on class A common stock (273,311) (258,264)
Net cash provided by financing activities 3,616,649 120,778
Net (decrease) increase in cash, cash equivalents, and restricted cash (54,369) 276,348
Cash, cash equivalents, and restricted cash at beginning of period 289,970 150,090
Effects of currency translation on cash, cash equivalents, and restricted cash 579 590
Cash, cash equivalents, and restricted cash at end of period 236,180 427,028
Supplemental disclosure of cash flows information    
Payments of interest (207,293) (242,564)
Receipts (payments) of income taxes 107 (146)
Supplemental disclosure of non-cash investing and financing activities    
Dividends declared, not paid (97,552) (90,642)
Satisfaction of management and incentive fees in stock 0 19,277
Loan principal payments held by servicer, net $ 299 $ 3,235