Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities
Net income	$ 52,674	$ 20,799
Adjustments to net income:
Depreciation and amortization	148,106	146,094
Amortization of debt discounts, deferred financing costs and other noncash interest expense	19,110	19,468
Provisions for impairment	7,366	7,817
Net gain on dispositions of real estate	(4,253)	(9,983)
Noncash revenue and other	(16,408)	(1,659)
Payments made in settlement of cash flow hedges	(1,183)	0
Changes in operating assets and liabilities:
Other assets	(1,570)	(3,605)
Accrued expenses, deferred revenue and other liabilities	(31,601)	(2,339)
Net cash provided by operating activities	172,241	176,592
Investing activities
Acquisition of and additions to real estate	(147,035)	(195,408)
Investment in loans and financing receivables	(108,563)	(137,611)
Collections of principal on loans and financing receivables	452	428
Proceeds from dispositions of real estate	109,689	59,791
Net cash used in investing activities	(145,457)	(272,800)
Financing activities
Borrowings under unsecured notes and term loans payable	349,773	135,000
Repayments under non-recourse debt obligations of consolidated special purpose entities	(6,395)	(6,271)
Financing costs paid	(2,732)	(1,727)
Members' contributions	0	150,000
Members' distributions	(192,000)	(180,000)
Proceeds from issuance of preferred shares	125	(0)
Preferred shares issuance costs paid	(105)	0
Distributions to noncontrolling interest	(312)	(141)
Net cash provided by financing activities	148,354	96,861
Net change in cash, cash equivalents and restricted cash	175,138	653
Cash, cash equivalents and restricted cash, beginning of period	172,123	250,227
Cash, cash equivalents and restricted cash, end of period	347,261	250,880
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	327,283	235,930
Restricted cash included in other assets	19,978	14,950
Total cash, cash equivalents and restricted cash	347,261	250,880
Supplemental disclosure of noncash investing and financing activities:
Accrued tenant improvements included in real estate, loans and financing receivable investments	22,942	8,393
Tenant funded improvements to real estate investments	1,981	3,100
Supplemental disclosure of cash flow information:
Cash paid during the period for interest, net of amounts capitalized	73,900	67,813
Cash paid (refunds received) during the period for income and franchise taxes, net	$ (214)	$ 19

STORE CAPITAL LLC 10-Q