Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash flows from operating activities      
Net income (loss) $ 124,548 $ 24,598  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Provision for loss on receivables 2,022 1,883  
Depreciation and amortization 340 926  
Amortization of financing costs 4,012 3,250  
Equity-based compensation 6,601 7,898  
Equity method investments (145,900) (11,415)  
Non-cash gain on securitization (32,342) (6,882)  
(Gain) loss on sale of receivables and investments 9,869 1,305  
Changes in receivables held-for-sale 3 37,249  
Changes in accounts payable and accrued expenses 59,123 936  
Change in accrued interest on receivables and investments (17,709) (12,231)  
Other 10,364 1,287  
Net cash provided by (used in) operating activities 20,931 48,804  
Cash flows from investing activities      
Equity method investments (127,422) (362,831)  
Equity method investment distributions received 3,762 1,469  
Purchases of and investments in receivables (230,885) (96,842)  
Principal collections from receivables 141,594 22,741  
Proceeds from sales of receivables 24,769 7,634  
Proceeds from sale of real estate 115,767 0  
Posting of hedge collateral 0 (20,350)  
Receipt of hedge collateral 2,920 0  
Other (450) (548)  
Net cash provided by (used in) investing activities (69,945) (448,727)  
Cash flows from financing activities      
Proceeds from credit facilities 250,000 312,000  
Principal payments on credit facilities (450,000) (5,000)  
Principal payments on term loan (35,339) 0  
Proceeds from issuance of commercial paper notes 35,000 100,000  
Proceeds from issuance of senior unsecured notes 205,500 0  
Net proceeds of common stock issuances 30,386 23,256  
Payments of dividends and distributions (45,093) (35,142)  
Withholdings on employee share vesting (157) (1,317)  
Payment of financing costs (7,498) 0  
Posting of hedge collateral (24,900) 0  
Receipt of hedge collateral 69,000 0  
Other (725) (503)  
Net cash provided by (used in) financing activities 51,264 388,154  
Increase (decrease) in cash, cash equivalents, and restricted cash 2,250 (11,769)  
Cash, cash equivalents, and restricted cash at beginning of period 75,082 175,972 $ 175,972
Cash, cash equivalents, and restricted cash at end of period 77,332 164,203 $ 75,082
Interest paid 33,207 20,343  
Supplemental disclosure of non-cash activity      
Residual assets retained from securitization transactions 6,715 5,330  
Equity method investments retained from securitization transactions 32,564 0  
Deconsolidation of non-recourse debt 51,233 32,923  
Deconsolidation of assets pledged for non-recourse debt 51,761 31,371  
Non-recourse debt      
Cash flows from financing activities      
Proceeds from issuance of non-recourse debt 94,000 0  
Principal payments on non-recourse debt $ (68,910) $ (5,140)