v3.24.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net (loss) income $ (183,372) $ 221,053
Adjustments to reconcile net (loss) income to net cash provided by operating activities    
Non-cash compensation expense 16,074 15,320
Amortization of deferred fees on loans (33,700) (43,697)
Amortization of deferred financing costs and premiums/discounts on debt obligations 21,494 29,605
Payment-in-kind interest, net of interest received (6,164) (2,432)
Increase in current expected credit loss reserve 387,277 37,630
Gain on extinguishment of debt (2,963) 0
Depreciation of real estate owned 185 0
Unrealized loss on derivative financial instruments, net 291 1,366
Realized gain on derivative financial instruments, net (9,155) (16,926)
Changes in assets and liabilities, net    
Other assets 20,257 5,628
Other liabilities (15,431) (11,912)
Net cash provided by operating activities 194,793 235,635
Cash flows from investing activities    
Principal fundings of loans receivable (626,746) (713,075)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable 1,413,348 1,491,158
Origination and other fees received on loans receivable 11,774 8,088
Payments under derivative financial instruments (77,368) (164,342)
Receipts under derivative financial instruments 55,760 25,176
Collateral deposited under derivative agreements (63,110) (163,610)
Return of collateral deposited under derivative agreements 150,710 257,700
Net cash provided by investing activities 864,368 741,095
Cash flows from financing activities    
Repayment of loan participations (235,960) 0
Payment of deferred financing costs (13,734) (14,674)
Contributions from non-controlling interests 1,245 0
Distributions to non-controlling interests (2,467) (1,524)
Dividends paid on class A common stock (215,068) (213,272)
Net cash used in financing activities (1,032,778) (788,499)
Net increase in cash and cash equivalents 26,383 188,231
Cash and cash equivalents at beginning of period 350,014 291,340
Effects of currency translation on cash and cash equivalents (2,521) 3,285
Cash and cash equivalents at end of period 373,876 482,856
Supplemental disclosure of cash flows information    
Payments of interest (667,527) (639,090)
Payments of income taxes (2,020) (4,290)
Supplemental disclosure of non-cash investing and financing activities    
Dividends declared, not paid (107,644) (106,832)
Loan principal payments held by servicer, net 0 12,272
Transfer of senior loan to real estate owned 60,203 0
Secured debt, net    
Cash flows from financing activities    
Borrowings under long-term debt 658,123 1,339,606
Repayments of long-term debt (1,133,669) (1,590,332)
Securitized debt obligations, net    
Cash flows from financing activities    
Repayments of long-term debt (179,023) (1,807)
Asset-specific debt, net    
Cash flows from financing activities    
Borrowings under long-term debt 121,757 163,539
Repayments of long-term debt 0 (239,037)
Secured term loans, net    
Cash flows from financing activities    
Repayments of long-term debt (10,998) (10,998)
Senior Secured Notes    
Adjustments to reconcile net (loss) income to net cash provided by operating activities    
Gain on extinguishment of debt (3,000)  
Cash flows from financing activities    
Repayments of long-term debt (22,984) 0
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 639 950
Cash flows from financing activities    
Repayments of long-term debt $ 0 $ (220,000)