Email pagePDF viewPrint viewRSS FeedsEmail AlertTearsheetSocial media sharing
 

 


 2013 Y2014 Y2015 Y2016 Y
Source Document12/31/201512/31/201612/31/201612/31/2016
Currency CodeUSDUSDUSDUSD
(in thousands)    
     
Cash Flows from Operating Activities 
Net income (loss) 159,822(217,540)114,055257,698
Adjustments to reconcile net income (loss) to net cash provided by operating activities 
Amortization of mortgage-backed and credit risk transfer securities premiums and (discounts), net 180,121113,932117,288118,248
Amortization of residential loans and asset-backed securities premiums (discounts), net 9942,761(656)0
Amortization of commercial loan origination fees (26)(9)(91)(302)
Reduction in provision for loan losses 884(142)(213)0
Unrealized (gain) loss on derivative instruments, net 13,923215,499(9,597)(99,932)
Unrealized (gain) loss on credit derivatives, net 86521,7534,623(42,817)
(Gain) loss on investments, net 182,73384,40718,00517,542
Realized (gain) loss on derivative instruments, net (56,279)72,18744,27257,943
Realized (gain) loss on credit derivatives, net 001,1406,017
Equity in earnings of unconsolidated ventures (5,345)(6,786)(12,630)(2,392)
Amortization of equity-based compensation 317532557440
Amortization of deferred securitization and financing costs 2,4463,0133,1462,468
Amortization of net deferred losses on de-designated interest rate swaps 085,17666,7575,154
Non-cash interest income capitalized in commercial loans (832)(768)00
(Gain) loss on foreign currency transactions, net 02,7181,9648,260
Changes in operating assets and liabilities 
Decrease in operating assets (5,280)2,4735,6603,966
Increase (decrease) in operating liabilities 16,0994564,305(2,578)
Net cash provided by operating activities 490,442379,662358,585329,715
Cash Flows from Investing Activities 
Purchase of mortgage-backed and credit risk transfer securities (8,323,891)(4,339,442)(2,352,380)(2,660,925)
Purchase of U.S. Treasury securities NA00(403,105)
Proceeds from sale of U.S. Treasury securities NA00524,478
(Contributions) distributions (from) to investments in unconsolidated ventures, net (3,757)7,19118,1837,632
Change in other assets 0(52,500)(12,875)623
Principal payments from mortgage-backed and credit risk transfer securities 2,818,9871,909,6322,602,1382,580,695
Proceeds from sale of mortgage-backed and credit risk transfer securities 5,041,2493,266,040907,1551,034,295
Payments on sale of credit derivatives 00(1,140)(6,017)
Payment of premiums for interest rate swaptions (72,723)(10,328)(1,486)0
Payments for termination of futures, forwards, swaps, swaptions and TBAs, net 114,538(48,913)(33,945)(56,458)
Purchase of residential loans held-for-investment (1,857,673)(1,816,638)(372,305)0
Principal payments from residential loans held-for-investment 43,869255,662549,5650
Principal payments from commercial loans held-for-investment 039992,79615,000
Origination and advances of commercial loans, net of origination fees (63,741)(83,483)(157,963)(87,202)
Net cash provided by (used in) investing activities (2,303,142)(912,380)1,237,743949,016
Cash Flows from Financing Activities 
Proceeds from issuance of common stock 396,46525619135
Repurchase of common stock (160,527)(21,130)(125,595)(25,000)
Proceeds from (cost of) issuance of preferred stock (6)149,896(36)0
Due from counterparties (1,500)(54,679)(53,830)29,445
Collateral held payable 46,904(32,014)(9,990)(3,200)
Proceeds from repurchase agreements 182,456,110141,072,770140,861,204127,056,247
Principal repayments of repurchase agreements (182,697,053)(142,901,817)(142,357,783)(128,023,042)
Proceeds from issuance of exchangeable senior notes 400,000NANANA
Proceeds from asset-backed securities 1,687,1271,525,905336,0770
Principal repayments of asset-backed securities (41,722)(236,210)(518,150)0
Proceeds from secured loans 02,835,2472,325,000125,000
Principal repayments on secured loans 0(1,585,247)(1,925,000)(125,000)
Payments of deferred offering costs (16,181)(2,199)0(136)
Payments of dividends and distributions (332,779)(264,528)(239,361)(204,491)
Net cash provided by (used in) financing activities 1,736,838486,250(1,707,273)(1,170,142)
Net change in cash and cash equivalents (75,862)(46,468)(110,945)108,589
Cash and cash equivalents, beginning of period 286,474210,612164,14453,199
Cash and cash equivalents, end of period 210,612164,14453,199161,788
Supplement Disclosure of Cash Flow Information 
Interest paid 320,253193,275211,414146,840
Non-cash Investing and Financing Activities Information 
Net change in unrealized gain (loss) on mortgage-backed and credit risk transfer securities (262,661)498,659(198,537)(31,498)
Dividends and distributions declared not paid 66,08761,75751,73450,924
Net change in investment related payable (receivable) (522,492)457,643(131,440)115,304
Repurchase agreements, not settled (27,842)49(50)(1,416)
Collateral held payable, not settled 5,794(5,794)00
Change in due from counterparties 0(1,425)1,425(5,886)


Data shown on this page is extracted directly from the company’s documents. SNL makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, SNL, as always, stands by its commitment to the quality of the data.
Copyright 2017, © S&P Global Market Intelligence  Terms of Use