v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES:      
Net income $ 285,334 $ 367,308 $ 433,645
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 348,933 292,077 261,144
Amortization of unfavorable lease terms (11,680) (12,718) (19,922)
Other non-cash adjustments (14,669) (7,006) 54,396
Amortization of operating lease assets/ liabilities (752) (2,973) 8,918
Amortization and write-off of deferred finance costs 10,705 7,841 7,188
Gain on sale of vessels, net (16,926) (25,760) (50,248)
Stock-based compensation 0 0 4
Changes in operating assets and liabilities:      
(Increase)/ decrease in accounts receivable (671) 8,838 32,793
Decrease in prepaid expenses and other current assets 3,744 8,992 7,609
Decrease in amounts due from related parties (including current and non-current portion) 36,620 3,627 1,156
Increase/ (decrease) in accounts payable 128 (7,728) (1,629)
Increase in accrued expenses 4,808 1,199 7,559
Increase/ (decrease) in amounts due to related parties 23,484 (32,006) (72,725)
Increase/ (decrease) in deferred revenue 5,296 929 (8,284)
Payments for dry dock and special survey costs (169,365) (119,142) (101,287)
Net cash provided by operating activities 504,989 483,478 560,317
INVESTING ACTIVITIES:      
Net cash proceeds from sale of vessels 191,124 190,293 259,004
Acquisition of/ additions to vessels (223,950) (747,023) (182,898)
Deposits for acquisition/ option to acquire vessel (317,028) (260,108) (282,121)
Other investments 1,806 34,712 (47,000)
Net cash used in investing activities (348,048) (782,126) (253,015)
FINANCING ACTIVITIES:      
Cash distributions paid (5,955) (6,132) (6,160)
Proceeds from long-term debt, finance lease and financial liabilities 767,947 966,141 609,723
Proceeds from issuance of senior unsecured bonds 300,000 0 0
Repayment of long-term debt, finance lease and financial liabilities (1,055,399) (574,991) (822,743)
Payments of deferred finance costs (17,354) (10,756) (14,045)
Acquisition of treasury units (43,000) (25,000) 0
Net cash (used in)/ provided by financing activities (53,761) 349,262 (233,225)
Increase in cash, cash equivalents and restricted cash 103,180 50,614 74,077
Cash, cash equivalents and restricted cash, beginning of period 299,789 249,175 175,098
Cash, cash equivalents and restricted cash, end of period 402,969 299,789 249,175
Supplemental disclosures of cash flow information      
Cash interest paid 131,128 139,261 144,388
Non cash financing activities      
Stock-based compensation 0 0 4
Financial and finance lease liabilities 32,274 27,463 202,373
Non cash investing activities      
Net cash proceeds from sale of vessels 10,000 0 0
Deposits for acquisition/ option to acquire vessel 293,475 245,665 20,188
Acquisition of/ additions to vessels $ (339,367) $ (318,926) $ (249,875)