v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net (loss) income $ (87,607) $ 6,633
Adjustments to reconcile net (loss) income to net cash provided by operating activities    
Non-cash compensation expense 13,362 14,268
Amortization of deferred fees on loans (34,353) (26,838)
Amortization of deferred financing costs and premiums/discounts on debt obligations 18,347 18,962
Payment-in-kind interest, net of interest received (9,049) (8,450)
Increase in current expected credit loss reserve 189,458 95,098
Straight-line rental income (4,036) (1,716)
Depreciation and amortization of owned real estate 41,197 32,918
Net loss on disposition of owned real estate 160 0
(Income) loss from unconsolidated entities (9,953) 2,889
Distributions of earnings from unconsolidated entities 16,078 0
Unrealized loss on derivative financial instruments, net 3,288 3,024
Realized gain on derivative financial instruments, net (10,764) (10,634)
Changes in assets and liabilities, net    
Other assets 112,315 27,313
Other liabilities (3,503) 4,282
Net cash provided by operating activities 234,940 157,749
Cash flows from investing activities    
Principal fundings of loans receivable (1,449,551) (3,440,030)
Principal collections, sales proceeds, and cost-recovery proceeds from loans receivable 1,794,016 3,408,253
Origination and other fees received on loans receivable 22,058 30,475
Investment in debt securities (66,650) 0
Payments under derivative financial instruments (48,412) (127,982)
Receipts under derivative financial instruments 25,859 94,364
Collateral deposited under derivative agreements (135,830) (343,500)
Return of collateral deposited under derivative agreements 157,850 261,890
Investment in unconsolidated entities (136,041) (107,712)
Return of capital from unconsolidated entities 26,534 0
Proceeds from disposition of owned real estate 15,148 0
Capital expenditures on owned real estate (18,958) (6,846)
Net cash provided by (used in) investing activities 186,023 (231,088)
Cash flows from financing activities    
Proceeds from issuance of securitized debt obligations 880,000 831,250
Repayments of loan participations 0 (54,028)
Proceeds from issuance of senior secured notes 450,000 0
Payment of deferred financing costs (27,416) (28,541)
Distributions to non-controlling interests (2,345) (137)
Dividends paid on class A common stock (158,363) (161,856)
Repurchases of class A common stock (3,836) (31,686)
Net cash (used in) provided by financing activities (438,630) 129,200
Net (decrease) increase in cash and cash equivalents (17,667) 55,861
Cash and cash equivalents at beginning of period 452,526 323,483
Effects of currency translation on cash and cash equivalents (2,026) 8,705
Cash and cash equivalents at end of period 432,833 388,049
Supplemental disclosure of cash flows information    
Payments of interest (426,789) (483,544)
Payments of income taxes (5,308) (1,748)
Supplemental disclosure of non-cash investing and financing activities    
Dividends declared, not paid (79,215) (80,649)
Loan principal payments held by servicer, net 3,874 91,996
Transfer of senior loans to owned real estate 180,416 34,721
Assumption of other assets and liabilities related to owned real estate 10,572 10,323
Accrued capital expenditures on owned real estate 312 0
Secured debt, net    
Cash flows from financing activities    
Borrowings under long-term debt 1,434,395 2,525,536
Repayments and repurchases of long-term debt (2,781,133) (2,072,147)
Securitized debt obligations, net    
Cash flows from financing activities    
Repayments and repurchases of long-term debt (275,561) (169,926)
Asset-specific debt, net    
Cash flows from financing activities    
Borrowings under long-term debt 26,322 230,699
Repayments and repurchases of long-term debt (48,000) (936,274)
Secured term loans, 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 4,472 4,068
Cash flows from financing activities    
Borrowings under long-term debt 72,117 0
Repayments and repurchases of long-term debt $ (4,810) $ (3,690)