Quarterly report [Sections 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, 2025
Mar. 31, 2024
Dec. 31, 2024
Cash flows from operating activities      
Net income (loss) $ 58,185 $ 124,548  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Provision for loss on receivables 3,812 2,022  
Depreciation and amortization 167 340  
Amortization of financing costs 4,147 4,012  
Equity-based compensation 9,825 6,601  
Equity method investments (69,491) (145,900)  
Non-cash gain on securitization (5,347) (32,342)  
(Gain) loss on sale of receivables and investments 0 9,869  
Changes in receivables held-for-sale (23,719) 3  
Changes in accounts payable and accrued expenses 8,534 59,123  
Change in accrued interest on receivables and investments (20,810) (17,709)  
Other (2,424) 10,364  
Net cash provided by (used in) operating activities (37,121) 20,931  
Cash flows from investing activities      
Equity method investments (247,714) (127,422)  
Equity method investment distributions received 7,642 3,762  
Purchases of and investments in receivables (137,596) (230,885)  
Principal collections from receivables 40,455 141,594  
Proceeds from sales of receivables 8,344 24,769  
Proceeds from sale of real estate 0 115,767  
Collateral provided to hedge counterparties (1,060) 0  
Collateral received from hedge counterparties 3,050 2,920  
Other 3,214 (450)  
Net cash provided by (used in) investing activities (323,665) (69,945)  
Cash flows from financing activities      
Proceeds from credit facilities 25,000 250,000  
Principal payments on credit facilities (25,000) (450,000)  
Principal payments on term loan (5,437) (35,339)  
Proceeds from (repayments of) commercial paper notes 331,000 35,000  
Proceeds from issuance of senior unsecured notes 0 205,500  
Net proceeds of common stock issuances 46,614 30,386  
Payments of dividends and distributions (50,397) (45,093)  
Withholdings on employee share vesting (393) (157)  
Payment of financing costs (634) (7,498)  
Collateral provided to hedge counterparties (45,270) (24,900)  
Collateral received from hedge counterparties 27,000 69,000  
Other (3,860) (725)  
Net cash provided by (used in) financing activities 294,275 51,264  
Increase (decrease) in cash, cash equivalents, and restricted cash (66,511) 2,250  
Cash, cash equivalents, and restricted cash at beginning of period 150,156 75,082 $ 75,082
Cash, cash equivalents, and restricted cash at end of period 83,645 77,332 $ 150,156
Interest paid 61,963 33,207  
Supplemental disclosure of non-cash activity      
Residual assets retained from securitization transactions 7,313 6,715  
Equity method investments retained from securitization and deconsolidation transactions 0 32,564  
Deconsolidation of non-recourse debt 0 51,233  
Deconsolidation of assets pledged for non-recourse debt 0 51,761  
Non-recourse debt      
Cash flows from financing activities      
Proceeds from issuance of non-recourse debt 0 94,000  
Principal payments on non-recourse debt $ (4,348) $ (68,910)