v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2023
Cash flows from operating activities:          
Net income (loss) $ 125,724 $ 77,436 $ 270,497 $ 202,979  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization 79,368 135,536 207,728 271,617  
Amortization of deferred debt cost and other debt related amortization     7,429 4,614  
Lease related amortization     0 1,360  
Other non-cash compensation costs     1,920 1,640  
Net (gain) loss on sale of leasing equipment     (18,555) 23,496  
Net (gain) loss on sale of building     (2) 47  
Deferred income taxes     4,292 930  
Changes in operating assets and liabilities:          
Accounts receivable, net     8,929 (18,097)  
Deferred revenue     (36,513) (35,872)  
Accounts payable and other accrued expenses     4,335 3,419  
Equipment sold (purchased) for resale activity     (13,641) 2,131  
Cash received (paid) for settlement of interest rate swaps     (1,663) 0  
Cash collections on finance lease receivables, net of income earned     64,546 59,811  
Other assets     1,059 7,175  
Net cash provided by (used in) operating activities     500,361 525,250  
Cash flows from investing activities:          
Purchases of leasing equipment and investments in finance leases (79,994) (293,852) (100,194) (368,160)  
Proceeds from sale of equipment, net of selling costs     130,884 200,727  
Other     572 (61)  
Net cash (used in) investing activities     31,262 (167,494)  
Cash flows from financing activities:          
Issuance of preferred shares, net of underwriting discount     144,264   $ 0
Debt issuance costs     (3,546) (8,757)  
Borrowings under debt facilities     1,554,910 1,319,855  
Payments under debt facilities and finance lease obligations     (1,206,384) (1,500,116)  
Dividends paid on preferred shares     (30,155) (26,056)  
Restricted cash balance transferred as part of equity distribution of TCF VIII [1]     (25,903) 0  
Dividends and distributions to Parent     (154,644) (204,905)  
Net Cash Provided by (Used in) Financing Activities     278,542 (419,979)  
Net increase (decrease) in cash, cash equivalents and restricted cash     810,165 (62,223)  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance     169,716 149,226  
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance 979,881 87,003 979,881 87,003 $ 149,226
Supplemental disclosures:          
Interest paid     118,795 117,840  
Income taxes (refunded) paid     10,549 8,921  
Right-of-use assets obtained in exchange for new operating lease liabilities     327 1,326  
Supplemental non-cash investing activities:          
Equipment purchases payable 100,495 28,048 100,495 28,048  
Equity distribution of TCF VIII to Parent [1] $ 516,306 $ 0 $ 516,306 $ 0  
[1]
(1)     For additional information on the TCF VIII Distribution, refer to Note 2 - "Merger, Acquisition and Other Transactions".