| | | | | | | | | | | |
| Nine Months Ended September 30, |
| 2025 | | 2024 |
| Cash flows from operating activities: | | | |
| Net income (loss) | $ | 387,826 | | | $ | 353,632 | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | |
| Depreciation and amortization | 296,961 | | | 406,569 | |
| Amortization of deferred debt cost and other debt related amortization | 11,386 | | | 7,086 | |
| Lease related amortization | — | | | 2,031 | |
| | | |
| Other non-cash compensation costs | 4,910 | | | 2,460 | |
| Net (gain) loss on sale of leasing equipment | (21,722) | | | 6,061 | |
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| | | |
| | | |
| Deferred income taxes | 15,694 | | | 3,031 | |
| Changes in operating assets and liabilities: | | | |
| Accounts receivable, net | 2,162 | | | 14,953 | |
| Deferred revenue | (51,090) | | | (55,190) | |
| | | |
| Accounts payable and other accrued expenses | 11,971 | | | 20,890 | |
| Equipment sold (purchased) for resale activity | (31,696) | | | 8,067 | |
| Cash received (paid) for settlement of interest rate swaps | (2,137) | | | — | |
| Cash collections on finance lease receivables, net of income earned | 100,421 | | | 89,803 | |
| Other assets | (749) | | | 8,720 | |
| Net cash provided by (used in) operating activities | 723,937 | | | 868,113 | |
| | | |
| Cash flows from investing activities: | | | |
| Purchases of leasing equipment and investments in finance leases | (270,626) | | | (666,319) | |
Purchase of assets in connection with the GCI acquisition(1) | (743,653) | | | — | |
| Proceeds from sale of equipment, net of selling costs | 195,642 | | | 286,096 | |
| Other | 214 | | | 114 | |
| Net cash provided by (used in) investing activities | (818,423) | | | (380,109) | |
| | | |
| Cash flows from financing activities: | | | |
| Issuance of preferred shares, net of underwriting discount | 144,264 | | | — | |
| | | |
| Debt issuance costs | (7,084) | | | (18,815) | |
| Borrowings under debt facilities | 1,714,910 | | | 2,410,483 | |
| Payments under debt facilities and finance lease obligations | (1,534,262) | | | (2,423,613) | |
| Dividends paid on preferred shares | (46,043) | | | (39,084) | |
Restricted cash balance transferred as part of equity distribution of TCF VIII(2) | (25,903) | | | — | |
| Dividends and distributions to Parent | (154,629) | | | (404,984) | |
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| | | |
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| Net cash provided by (used in) financing activities | 91,253 | | | (476,013) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (3,233) | | | $ | 11,991 | |
| | | |
| Cash, cash equivalents and restricted cash, beginning of period | 169,716 | | | 149,226 | |
| Cash, cash equivalents and restricted cash, end of period | $ | 166,483 | | | $ | 161,217 | |
| Supplemental disclosures: | | | |
| | | |
| Interest paid | $ | 183,156 | | | $ | 180,651 | |
| Income taxes paid (refunded) | $ | 16,102 | | | $ | 13,669 | |
| Non-cash operating activities: | | | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 406 | | | $ | 1,441 | |
| Non-cash investing activities: | | | |
| Equipment purchases payable | $ | 15,264 | | | $ | 173,606 | |
| Non-cash financing activities: | | | |
Equity distribution of TCF VIII to Parent including restricted cash balance of $25.9 million(2) | $ | 516,306 | | | $ | — | |
Debt transferred in connection with the GCI acquisition(1) | $ | 284,878 | | | $ | — | |
