v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 416,455 $ 353,628 $ 304,500
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 121,961 99,991 91,727
Gain on sale of vessels (46,272) 0 0
Impairment of vessels 0 0 18,830
Amounts reclassified to other comprehensive income 0 877 214
Amortization of derivative assets’ premium 3,568 4,586 4,271
Amortization of deferred financing costs 3,660 6,828 5,526
Amortization of original issue discount on instruments (73) 0 0
Amortization of intangible liabilities - charter agreements (13,486) (5,526) (8,080)
Fair value adjustment on derivative asset 4,952 5,170 5,372
Prepayment fees on debt repayment 175 870 0
Stock based compensation expense 13,964 8,704 10,189
Changes in operating assets and liabilities:      
(Increase)/decrease in accounts receivable and other assets (29,735) 4,535 (669)
Decrease/(increase) in inventories 4,305 (3,141) (3,527)
Increase in derivative assets (194) (249) 0
Increase/(decrease) in accounts payable and other liabilities 38,745 16,244 (5,890)
Decrease in related parties' balances, net 163 290 192
Increase/(decrease) in deferred revenue 68,299 (20,153) (9,306)
Payments for drydocking and special survey costs (58,189) (42,506) (38,341)
Unrealized foreign exchange loss/(gain) 1 (2) 0
Net cash provided by operating activities 528,299 430,146 375,008
Cash flows from investing activities:      
Acquisition of vessels (121,541) (205,500) (123,300)
Cash paid for vessel expenditures (14,173) (12,840) (19,586)
Net proceeds from sale of vessels 88,568 0 5,940
Advances for vessel acquisitions and other additions (33,226) (24,154) (9,587)
Time deposits and other instruments acquired (271,532) (12,150) (5,450)
Net cash used in investing activities (351,904) (254,644) (151,983)
Cash flows from financing activities:      
Proceeds from drawdown of credit facilities and sale and leaseback 218,500 344,500 76,000
Repayment of credit facilities and sale and leaseback (144,672) (185,438) (202,348)
Repayment of refinanced debt, including prepayment fees (70,393) (292,010) 0
Deferred financing costs paid (2,185) (3,120) (1,140)
Net proceeds from offering of Class A common shares, net of offering costs (332) 445 0
Cancellation of Class A common shares 0 (4,994) (21,969)
Class A common shares - dividend paid (76,061) (58,438) (53,249)
Series B Preferred Shares - dividend paid (9,536) (9,536) (9,536)
Net cash used in financing activities (84,679) (208,591) (212,242)
Net increase/(decrease) in cash and cash equivalents and restricted cash 91,716 (33,089) 10,783
Cash and cash equivalents and restricted cash at beginning of the year 247,624 280,713 269,930
Cash and cash equivalents and restricted cash at end of the year 339,340 247,624 280,713
Supplementary Cash Flow Information:      
Cash paid for interest 46,806 55,421 67,997
Cash received from interest rate caps 16,600 27,027 32,549
Non-cash investing activities:      
Acquisition of intangibles 54,109 49,295 0
Non-cash financing activities:      
Unpaid offering costs 40 0 0
Unrealized loss on derivative assets/FX option $ (10,415) $ (16,179) $ (16,625)