XML 22 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statement of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Cash flows provided by operating activities:      
Net income $ 157,876 $ 103,256 $ 82,739
Adjustments to reconcile net income to net cash provided by operating activities:      
Premium amortization and (discount accretion), net (10,679) (11,211) (4,221)
Amortization of deferred financing costs 4,607 2,992 1,979
Equity-based compensation 4,464 4,266 698
Unrealized gain (loss) on securities 26,099 17,408 (4,147)
Provision for loan losses 15,000 0 0
Income (loss) from unconsolidated joint venture 97 (3,480) 157
Foreign currency loss 28,789 5,192 4,038
Realized gain (loss) on derivative instruments (28,552) (5,169) 0
Unrealized gain (loss) on derivative instruments (2,608) 1,063 (4,070)
Realized loss on sale of security (3,834) 443 0
Bargain purchase gain (40,021) 0 0
Changes in operating assets and liabilities:      
Accrued interest receivable, less purchased interest (27,773) (30,220) (16,453)
Other assets 2,194 120 500
Accounts payable and accrued expenses (8,496) 1,405 5,205
Payable to related party 1,718 2,057 612
Net cash provided by operating activities 118,881 88,122 67,037
Cash flows used in investing activities:      
Funding of securities at estimated fair value 0 0 (375,833)
Funding of commercial mortgage loans (843,791) (637,582) (403,983)
Funding of subordinate loans (283,248) (693,157) (402,336)
Funding of unconsolidated joint venture (362) (3,929) (39,477)
Funding of other assets (1,640) (8) (1,258)
Funding of derivative instruments 0 (327) 0
Proceeds from settlement of derivative instruments 28,552 5,169 0
Increase in collateral held related to derivative contracts 2,480
Increase in restricted cash (32,329) 0 0
Proceeds from sale of securities available-for-sale 0 17,291 0
Proceeds from sale of securities at estimated fair value 97,885 6,338 0
Proceeds from sale of subordinate loans 0 135,345 4,950
Proceeds from sale of investment in unconsolidated joint venture 0 20,794 0
Principal payments received on securities available-for-sale 0 32 16,053
Principal payments received on securities at estimated fair value 35,623 8,703 15,500
Principal payments received on securities, held-to-maturity 6,720 1,750 0
Principal payments received on commercial mortgage loans 210,383 105,618 105,501
Principal payments received on subordinate loans 120,806 242,898 194,050
Principal payments received on other assets 132 189 145
Net cash used in investing activities 1,039,204 (790,876) (886,688)
Cash flows from financing activities:      
Proceeds from issuance of common stock 178,185 343,430 158,693
Proceeds from issuance of preferred stock 0 197,680 0
Repurchase of common stock 0 (1,741) 0
Payment of offering costs (406) (987) (389)
Proceeds from repurchase agreement borrowings 721,992 778,675 567,192
Repayments of repurchase agreement borrowings (501,200) (475,094) (147,032)
Proceeds from issuance of convertible senior notes 0 0 256,970
Proceeds from participations sold 0 0 89,012
Repayments of participations sold (4,372) (1,246) 0
Payment of deferred financing costs (4,017) 0 0
Dividends on common stock (132,213) (100,849) (67,804)
Dividends on preferred stock (27,956) (7,440) (7,440)
Net cash provided by financing activities (1,024,504) 729,528 840,196
Net increase (decrease) in cash and cash equivalents 133,581 26,774 20,545
Cash and cash equivalents, beginning of period 67,415 40,641 20,096
Cash and cash equivalents, end of period 200,996 67,415 40,641
Supplemental disclosure of cash flow information:      
Interest paid 52,708 43,209 18,132
Supplemental disclosure of non-cash investing and financing activities:      
Offering costs payable 279 296 100
Dividend declared, not yet paid 51,278 37,828 21,018
Deferred financing costs, not yet paid 0 0 33
Participations sold (24,051) 30,672 0
Securities, held-to-maturity 0 0 154,283
Funding of subordinate loans 0 30,672 0
Repayment of subordinate loans (24,051) 0 0
Apollo Residential Mortgage, Inc. [Member]      
Supplemental disclosure of non-cash investing and financing activities:      
Fair value of assets acquired from AMTG 1,936,260 0 0
Fair value of liabilities assumed from AMTG (1,285,183) 0 0
Fair value of common stock issued to AMTG 218,397 0 0
Fair value of preferred stock issued to AMTG 172,500 0 0
Apollo Residential Mortgage, Inc. [Member]      
Cash flows used in investing activities:      
Proceeds from sale of AMTG assets, net 1,508,198 0 0
ARI investment in AMTG, net of cash acquired 189,795 0 0
Cash flows from financing activities:      
Repayments of repurchase agreement borrowings $ (1,254,517) $ 0 $ 0