Apollo Residential Mortgage, Inc.
CIK:0001515980|SEC Filings
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2016 |
Jun. 30, 2015 |
|
| Cash Flows from Operating Activities: | ||
| Net income | $ 7,264 | $ 11,375 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Premium amortization/(discount accretion), net | (12,718) | (16,916) |
| Amortization of deferred financing costs | 309 | 250 |
| Equity based compensation expense | 302 | 797 |
| Unrealized (gain)/loss on mortgage-backed securities, net | (11,280) | 26,486 |
| Unrealized gain on securitized mortgage loans | (1,992) | (466) |
| Unrealized (gain)/loss on other investment securities | (3,418) | 2,569 |
| Unrealized gain on derivative instruments, net | (8,876) | (7,835) |
| Unrealized (gain) on securitized debt | (22) | (1,014) |
| Other-than-temporary impairments recognized | 5,707 | 2,772 |
| Realized (gain) on sales of mortgage-backed securities | (3,999) | (13,763) |
| Realized loss on sales of mortgage-backed securities | 3,404 | 9,755 |
| Realized loss on derivative instruments | 46,476 | 12,009 |
| Realized loss on real estate owned, net | 310 | 1,128 |
| Realized (gain)/loss on sale of other investment securities, net | 26 | (102) |
| Depreciation on real estate underlying bond for title contracts | 461 | 179 |
| Changes in operating assets and liabilities: | ||
| Increase/(decrease) in accrued interest receivable, less purchased interest | 1,784 | 195 |
| Decrease in other assets | 513 | 456 |
| Decrease in accrued interest payable | (6,779) | (4,475) |
| Increase/(decrease) in accounts payable and accrued expenses | 3,087 | (226) |
| Decrease in payable to related party | (2,128) | (440) |
| Increase in other liabilities | 120 | 76 |
| Net cash provided by operating activities | 18,551 | 22,810 |
| Cash Flows from Investing Activities: | ||
| Purchases of mortgage-backed securities | (251,630) | (1,353,785) |
| Proceeds from sales of mortgage-backed securities | 647,044 | 1,581,047 |
| Purchases of mortgage loans, simultaneously securitized | 0 | (67,357) |
| Purchases of other investment securities | 0 | (142,383) |
| Proceeds from sales of other investment securities | 2,900 | 17,679 |
| Purchases of other investments | (7,863) | (11,223) |
| Proceeds from other investments | 6,900 | 8,563 |
| Proceeds from sales of real estate owned | 255 | 0 |
| Decrease in restricted cash related to investing activities | 12,317 | 805 |
| Increase in cash collateral held related to investing activities | (280) | 8,820 |
| Principal payments received on mortgage-backed securities | 201,290 | 209,146 |
| Principal payments received on securitized mortgage loans | 8,823 | 5,512 |
| Principal payments received on other investment securities | 7,763 | 7,565 |
| Payments made for termination of derivative instruments | (37,268) | (1,977) |
| Purchase of interest rate swaptions | 0 | (8,385) |
| Other, net | 14 | |
| Net cash provided by investing activities | 590,251 | 254,041 |
| Cash Flows from Financing Activities: | ||
| Proceeds from repurchase agreement borrowings | 10,630,914 | 7,943,331 |
| Repayments of repurchase agreement borrowings | (11,259,408) | (8,167,979) |
| Decrease in restricted cash related to financing activities | 47,113 | (8,915) |
| Principal payments on securitized debt | (5,522) | (7,269) |
| Dividends paid on preferred stock | (6,900) | (6,900) |
| Dividends paid on common stock and dividend equivalent rights | (30,975) | (30,186) |
| Deferred financing costs/offering costs expensed/(incurred) net | 0 | (26) |
| Net cash used by financing activities | (624,778) | (277,944) |
| Net decrease in cash | (15,976) | (1,093) |
| Cash and cash equivalents at beginning of period | 120,144 | 114,443 |
| Cash and cash equivalents at end of period | 104,168 | 113,350 |
| Supplemental Disclosure of Operating Cash Flow Information: | ||
| Interest Paid | 20,970 | 19,936 |
| Supplemental Disclosure of Non-cash Financing/Investing Activities: | ||
| Dividends and dividend equivalent rights declared, not yet paid | 18,923 | 19,192 |
| Residential mortgage-backed securities purchased not settled, net | 0 | 3,322 |
| Due from broker | 6,071 | 4,559 |
| Due to broker | $ 1,256 | $ 0 |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2016 |
Dec. 31, 2015 |
|---|---|---|
| Assets: | ||
| Cash and cash equivalents | $ 104,168 | $ 120,144 |
| Restricted cash | 24,263 | 83,693 |
| Residential mortgage-backed securities, at fair value ($2,368,893 and $2,981,085 pledged as collateral, respectively) | 2,478,448 | 3,061,582 |
| Securitized mortgage loans (transferred to consolidated variable interest entities), at fair value | 160,206 | 167,624 |
| Other investment securities, at fair value ($155,904 and $163,263 pledged as collateral, respectively) | 160,396 | 166,190 |
| Other investments | 45,724 | 45,233 |
| Investment related receivable | 6,071 | 2,692 |
| Interest receivable | 8,065 | 9,849 |
| Derivative instruments, at fair value | 0 | 4,347 |
| Other assets | 1,337 | 1,616 |
| Total Assets | 2,988,678 | 3,662,970 |
| Liabilities: | ||
| Borrowings under repurchase agreements (net of deferred financing costs of $3 and $55, respectively) | 2,269,850 | 2,898,292 |
| Non-recourse securitized debt, at fair value | 13,407 | 18,951 |
| Obligation to return cash held as collateral | 0 | 280 |
| Accrued interest payable | 2,359 | 9,138 |
| Derivative instruments, at fair value | 8,542 | 13,813 |
| Payable to related party | 4,243 | 6,373 |
| Dividends and dividend equivalents payable | 18,923 | 19,170 |
| Investment related payable | 1,256 | 0 |
| Accounts payable, accrued expenses and other liabilities | 5,297 | 2,090 |
| Total Liabilities | 2,323,877 | 2,968,107 |
| Commitments and Contingencies (Note 13) | ||
| Stockholders’ Equity: | ||
| Preferred stock, $0.01 par value, 50,000,000 shares authorized, 6,900,000 shares issued and outstanding ($172,500 aggregate liquidation preference) | 69 | 69 |
| Common stock, $0.01 par value, 450,000,000 shares authorized, 31,894,717 and 31,853,025 shares issued and outstanding, respectively | 319 | 319 |
| Additional paid-in capital | 789,767 | 789,465 |
| Accumulated deficit | (125,354) | (94,990) |
| Total Stockholders’ Equity | 664,801 | 694,863 |
| Total Liabilities and Stockholders’ Equity | $ 2,988,678 | $ 3,662,970 |