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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net (loss) income $ (239,216) $ 251,613
Adjustments to reconcile net (loss) income to net cash provided by operating activities    
Non-cash compensation expense 24,058 22,926
Amortization of deferred fees on loans (50,568) (60,333)
Amortization of deferred financing costs and premiums/discounts on debt obligations 32,185 42,620
Payment-in-kind interest, net of interest received (9,612) (1,372)
Increase in current expected credit loss reserve 519,747 134,530
Gain on extinguishment of debt (5,352) (4,541)
Depreciation and amortization of real estate owned 1,214 0
Unrealized (gain) loss on derivative financial instruments, net (6,346) 3,195
Realized gain on derivative financial instruments, net (6,923) (23,800)
Changes in assets and liabilities, net    
Other assets 52,699 (931)
Other liabilities (29,978) (16,226)
Net cash provided by operating activities 281,908 347,681
Cash flows from investing activities    
Principal fundings of loans receivable (982,229) (1,065,049)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable 3,135,968 2,323,258
Origination and other fees received on loans receivable 26,140 11,046
Payments under derivative financial instruments (140,566) (224,367)
Receipts under derivative financial instruments 56,767 40,466
Collateral deposited under derivative agreements (184,220) (230,620)
Return of collateral deposited under derivative agreements 238,640 333,730
Net cash provided by investing activities 2,150,500 1,188,464
Cash flows from financing activities    
Proceeds from sale of loan participations 0 50,692
Repayments of loan participations (235,960) 0
Payment of deferred financing costs (18,126) (18,680)
Contributions from non-controlling interests 1,245 0
Distributions to non-controlling interests (7,296) (5,436)
Dividends paid on class A common stock (322,712) (320,104)
Repurchases of class A common stock (10,998) 0
Net cash used in financing activities (2,458,947) (1,407,463)
Net (decrease) increase in cash and cash equivalents (26,539) 128,682
Cash and cash equivalents at beginning of period 350,014 291,340
Effects of currency translation on cash and cash equivalents (1,371) 1,473
Cash and cash equivalents at end of period 322,104 421,495
Supplemental disclosure of cash flows information    
Payments of interest (993,434) (981,945)
Payments of income taxes (4,653) (5,228)
Supplemental disclosure of non-cash investing and financing activities    
Dividends declared, not paid (81,306) (106,824)
Loan principal payments held by servicer, net 26,269 12,713
Transfer of senior loan to real estate owned 139,239 0
Assumption of other assets and liabilities related to real estate owned 16,256 0
Accrued capital expenditures on real estate owned 100 0
Secured debt, net    
Cash flows from financing activities    
Borrowings under long-term debt 1,016,974 1,490,503
Repayments and repurchases of long-term debt (2,742,691) (2,162,706)
Securitized debt obligations, net    
Cash flows from financing activities    
Repayments and repurchases of long-term debt (259,081) (161,030)
Asset-specific debt, net    
Cash flows from financing activities    
Borrowings under long-term debt 197,141 223,357
Repayments and repurchases of long-term debt 0 (239,037)
Secured term loans, net    
Cash flows from financing activities    
Repayments and repurchases of long-term debt (18,797) (16,497)
Senior Secured Notes    
Adjustments to reconcile net (loss) income to net cash provided by operating activities    
Gain on extinguishment of debt (3,300) (4,500)
Cash flows from financing activities    
Repayments and repurchases of long-term debt (27,222) (28,525)
Convertible notes, net    
Adjustments to reconcile net (loss) income to net cash provided by operating activities    
Amortization of deferred financing costs and premiums/discounts on debt obligations 944 1,270
Cash flows from financing activities    
Repayments and repurchases of long-term debt $ (31,424) $ (220,000)