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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 249,897 $ 251,057 $ 422,273
Adjustments to reconcile net income to net cash provided by operating activities      
Non-cash compensation expense 30,655 33,414 31,647
Amortization of deferred fees on loans and debt securities (78,428) (81,748) (68,905)
Amortization of deferred financing costs and premiums/discounts on debt obligations 54,264 50,020 41,002
Payment-in-kind interest, net of interest received (2,865) 0 0
Increase (decrease) in current expected credit loss reserve 249,790 211,505 (39,864)
Gain on extinguishment of debt (4,616) 0 0
Unrealized gain on assets denominated in foreign currencies, net 0 (31) (6,866)
Unrealized loss (gain) on derivative financial instruments, net 2,769 (4,339) (3,934)
Realized (gain) loss on derivative financial instruments, net (28,202) (15,609) 3,890
Changes in assets and liabilities, net      
Other assets (20,666) (106,372) (21,616)
Other liabilities 6,243 58,928 24,856
Net cash provided by operating activities 458,841 396,825 382,483
Cash flows from investing activities      
Principal fundings of loans receivable (1,344,130) (6,810,218) (12,550,463)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable and debt securities 2,840,467 3,254,595 6,730,339
Origination and other fees received on loans receivable 17,992 74,930 143,002
Payments under derivative financial instruments (233,544) (23,057) (77,772)
Receipts under derivative financial instruments 163,682 353,325 76,383
Collateral deposited under derivative agreements (352,120) (217,220) (109,670)
Return of collateral deposited under derivative agreements 351,730 114,110 160,720
Net cash provided by (used in) investing activities 1,444,077 (3,253,535) (5,627,461)
Cash flows from financing activities      
Borrowings under secured debt 1,636,899 5,282,882 12,475,664
Repayments under secured debt (2,742,450) (3,578,806) (7,801,330)
Proceeds from issuance of securitized debt obligations 0 0 803,750
Repayments of securitized debt obligations (166,027) (182,084) (888,763)
Borrowings under asset-specific debt 292,019 770,665 272,065
Repayments under asset-specific debt (239,037) (208,644) (271,065)
Proceeds from sale of loan participations 100,692 245,278 0
Net proceeds from term loan borrowings 0 807,750 298,500
Repayments of term loans (21,997) (17,053) (13,495)
Proceeds from issuance of senior secured notes 0 0 400,000
Repurchases of senior secured notes (28,945) 0 0
Net proceeds from issuance of convertible notes 0 294,000 0
Repayment of convertible notes (220,000) (402,500) 0
Payment of deferred financing costs (23,215) (45,996) (43,725)
Contributions from non-controlling interests 0 5,040 55,912
Distributions to non-controlling interests (8,955) (12,573) (46,632)
Net proceeds from issuance of class A common stock 0 70,651 638,005
Dividends paid on class A common stock (426,927) (421,386) (370,662)
Net cash (used in) provided by financing activities (1,847,943) 2,607,224 5,508,224
Net increase (decrease) in cash and cash equivalents 54,975 (249,486) 263,246
Cash and cash equivalents at beginning of year 291,340 551,154 289,970
Effects of currency translation on cash and cash equivalents 3,699 (10,328) (2,062)
Cash and cash equivalents at end of year 350,014 291,340 551,154
Supplemental disclosure of cash flows information      
Payments of interest (1,292,958) (608,259) (287,715)
Payments of income taxes (6,668) (676) 73
Supplemental disclosure of non-cash investing and financing activities      
Dividends declared, not paid (107,390) (106,455) (104,271)
Loan principal payments held by servicer, net $ 48,287 $ 7,425 $ 17,528