| | | | | | | | | | | |
| Six Months Ended June 30, |
| 2025 | | 2024 |
| Cash flows from operating activities: | | | |
| Net income (loss) | $ | 270,497 | | | $ | 202,979 | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | |
| Depreciation and amortization | 207,728 | | | 271,617 | |
| Amortization of deferred debt cost and other debt related amortization | 7,429 | | | 4,614 | |
| Lease related amortization | — | | | 1,360 | |
| | | |
| Other non-cash compensation costs | 1,920 | | | 1,640 | |
| Net (gain) loss on sale of leasing equipment | (18,555) | | | 23,496 | |
| | | |
| Unrealized (gain) loss on derivative instruments | (2) | | | 47 | |
| | | |
| Deferred income taxes | 4,292 | | | 930 | |
| Changes in operating assets and liabilities: | | | |
| Accounts receivable, net | 8,929 | | | (18,097) | |
| Deferred revenue | (36,513) | | | (35,872) | |
| | | |
| Accounts payable and other accrued expenses | 4,335 | | | 3,419 | |
| Equipment sold (purchased) for resale activity | (13,641) | | | 2,131 | |
| Cash received (paid) for settlement of interest rate swaps | (1,663) | | | — | |
| Cash collections on finance lease receivables, net of income earned | 64,546 | | | 59,811 | |
| Other assets | 1,059 | | | 7,175 | |
| Net cash provided by (used in) operating activities | 500,361 | | | 525,250 | |
| | | |
| Cash flows from investing activities: | | | |
| Purchases of leasing equipment and investments in finance leases | (100,194) | | | (368,160) | |
| Proceeds from sale of equipment, net of selling costs | 130,884 | | | 200,727 | |
| | | |
| | | |
| Other | 572 | | | (61) | |
| Net cash provided by (used in) investing activities | 31,262 | | | (167,494) | |
| | | |
| Cash flows from financing activities: | | | |
| Issuance of preferred shares, net of underwriting discount | 144,264 | | | — | |
| | | |
| Debt issuance costs | (3,546) | | | (8,757) | |
| Borrowings under debt facilities | 1,554,910 | | | 1,319,855 | |
| Payments under debt facilities and finance lease obligations | (1,206,384) | | | (1,500,116) | |
| Dividends paid on preferred shares | (30,155) | | | (26,056) | |
Restricted cash balance transferred as part of equity distribution of TCF VIII(1) | (25,903) | | | — | |
| Dividends and distributions to Parent | (154,644) | | | (204,905) | |
| | | |
| | | |
| | | |
| | | |
| Net cash provided by (used in) financing activities | 278,542 | | | (419,979) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 810,165 | | | $ | (62,223) | |
| | | |
| Cash, cash equivalents and restricted cash, beginning of period | 169,716 | | | 149,226 | |
| Cash, cash equivalents and restricted cash, end of period | $ | 979,881 | | | $ | 87,003 | |
| Supplemental disclosures: | | | |
| | | |
| Interest paid | $ | 118,795 | | | $ | 117,840 | |
| Income taxes paid (refunded) | $ | 10,549 | | | $ | 8,921 | |
| Non-cash operating activities: | | | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 327 | | | $ | 1,326 | |
| Non-cash investing activities: | | | |
| Equipment purchases payable | $ | 100,495 | | | $ | 28,048 | |
| Non-cash financing activities: | | | |
Equity distribution of TCF VIII to Parent including restricted cash balance of $25.9 million(1) | $ | 516,306 | | | $ | — | |
