Apollo commercial real estate finance, inc. (ARI)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows provided by operating activities:
Net Income (Loss) Attributable to Parent

-127,842

71,903

29,089

61,424

67,758

52,990

62,217

55,346

49,433

41,317

68,355

36,234

47,125

59,027

69,893

10,340

18,616

27,240

25,847

24,656

25,513

22,041

19,159

23,959

17,580

15,864

12,900

11,789

11,932

8,967

12,211

9,910

9,093

8,670

5,512

6,520

5,180

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of discount/premium and PIK

-18,270

-19,662

-21,459

-20,879

-19,611

-18,166

-15,911

-14,497

-15,695

-32,571

-7,557

-4,417

-3,517

-3,236

-2,998

-2,462

-1,983

-3,429

-2,742

-2,878

-2,162

-1,203

-1,733

-1,029

-256

-1,540

-2,186

-1,057

-938

-968

-1,028

37

1,560

1,906

1,842

2,036

1,998

Amortization of deferred financing costs

3,312

3,434

3,048

2,026

3,461

2,982

2,849

2,810

2,545

2,205

1,703

1,558

1,203

1,408

1,161

1,131

907

773

842

693

684

727

590

472

190

227

224

222

193

411

419

397

735

366

367

363

358

Equity-based compensation

4,263

8,813

3,889

4,290

-1,095

2,137

4,044

4,013

-1,385

3,426

2,630

3,460

1,461

1,656

1,550

1,938

-680

1,693

756

821

996

478

308

333

-421

1,362

784

428

883

-399

1,275

886

1,083

-

-

-

-

Financing Receivable, Credit Loss, Expense (Reversal)

183,465

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized Gain (Loss) on Investments

-

-

-

-

-

-

-

-

-

25,335

13,488

-4,510

2,852

10,502

-9,799

-11,728

-15,074

-11,492

-7,052

-2,273

3,409

-640

-2,147

4,750

2,184

908

-1,473

-1,420

-1,080

16

3,010

2,078

1,385

363

-1,274

1,366

26

Restricted stock amortization expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

418

384

351

Loss from unconsolidated joint venture

-

-

-

-

-

-

-

-

-

0

0

-2,717

458

-304

80

59

68

2,969

127

384

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Foreign currency (gain) loss

-42,108

18,343

-19,043

-8,896

5,828

-7,455

-4,791

-27,224

9,853

1,705

6,926

7,206

2,808

-7,668

-3,563

-13,042

-4,517

-3,489

-4,032

6,130

-3,801

-1,415

-3,582

959

0

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized loss on derivative instruments

26,888

-31,655

5,920

-2,326

-14,985

8,359

5,045

24,796

-8,855

6,041

-7,131

-7,536

-2,897

877

-10,295

13,406

-1,380

3,088

2,090

-3,197

-3,044

2,137

3,026

-1,093

0

0

25

58

72

95

40

193

-5

426

-202

-1,548

459

Derivative, Gain (Loss) on Derivative, Net

-

-

-

-

-

-

-

-

-

-

-

-

-

7,452

15,111

-94

6,083

5,169

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt Securities, Available-for-sale, Realized Loss

-

-

-

-

-

-

-

-

-

-

4,076

2,084

-1,042

-3,609

-225

0

0

0

0

0

-443

0

0

0

0

-

-

-

-

0

0

0

262

-

-

-

-

Changes in operating assets and liabilities:
Proceeds received from PIK

-

-

-

-

-

48

0

20,652

55,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

6,696

710

-2,244

3,562

2,898

1,722

4,407

1,449

2,620

-23,701

11,159

6,808

10,926

25,458

-8,996

9,300

-183

276

-25

149

-520

-300

216

-366

-50

600

0

0

-203

-4

197

-4

-3

-96

89

-4

-3

Accrued interest receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

750

171

16,717

9,509

8,383

4,641

7,687

-68

6,062

7,334

3,125

3,047

2,967

2,073

1,401

312

-6,828

5,487

-1,267

-931

1,858

-821

2,696

Accounts payable, accrued expenses and other liabilities

807

2,594

1,794

48

620

-7,770

-2,103

8,115

2,075

5,272

-3,496

2,884

-8,011

1,914

-12,534

3,604

-1,480

4,607

-3,846

5,077

-4,433

4,128

-1,732

3,172

-363

771

399

195

-85

-665

553

176

-324

-725

518

-105

651

Payable to related party

-162

-4

175

646

-191

289

502

921

-76

-142

567

310

418

1,112

661

13

-68

1,197

210

549

101

47

227

401

-63

3

25

440

123

517

226

5

-9

57

140

13

405

Net cash provided by operating activities

54,097

85,134

78,372

52,728

57,201

44,836

49,510

83,339

88,279

41,396

42,015

45,888

25,574

44,147

34,649

31,492

13,598

26,051

21,576

23,084

17,411

26,573

13,332

15,724

11,408

12,132

10,627

11,306

11,918

7,444

17,237

3,657

11,766

10,911

8,562

10,218

5,765

Cash flows used in investing activities:
Fees received from commercial mortgage loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

280

-

-

-

-

-

-

-

-

New funding of commercial mortgage loans

439,936

1,248,778

766,296

314,310

197,000

466,660

106,933

798,556

476,951

630,929

165,929

80,444

258,950

77,629

234,564

135,033

178,574

158,864

212,908

166,294

103,888

192,245

30,148

157,412

24,178

0

32,643

0

0

-

-

-

-

-

-

-

-

Add-on funding of commercial mortgage loans

99,768

113,788

96,223

70,045

105,452

41,517

29,701

47,315

13,185

5,996

14,948

647

60,649

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

New funding of subordinate loans and other lending assets

0

0

216,410

31,763

244,844

13,126

5,717

190,279

11,687

132,129

218,762

29,238

117,500

157,198

11,001

13,320

27,600

221,588

204,551

169,270

109,659

48,950

34,464

318,922

0

147,520

39,325

82,893

91,297

49,843

16,347

0

29,833

-

-

-

-

Add-on funding of subordinate loans and other lending assets

18,753

12,226

5,498

7,946

4,879

64,386

41,568

38,076

5,208

2,634

33,207

21,614

55,182

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds received from the repayment and sale of commercial mortgage loans

221,972

-

-

-

191,317

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments received on securities at estimated fair value

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13,806

22,166

56,037

-

27,636

-7,463

-3,505

Principal payments received on commercial mortgage loans

842

306,070

123,452

557

130,010

146,527

96,381

109,595

257,548

155,249

162,863

20,877

37,738

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

178

24,353

10

-

9,167

-8,959

-182

Proceeds and payments received on commercial mortgage loans

-

-

-

-

-

-

128,952

137,366

90,547

-

6,863

3,863

6,336

87,106

82,076

21,220

14,824

62,484

13,005

27,747

727

104,835

214

209

243

219

17,085

190

623

31,274

8

-171

189

-

-

-

-

Proceeds received from the repayment of subordinate loans and other lending assets

842

306,070

123,452

557

130,010

146,527

96,381

109,595

257,548

155,249

162,863

20,877

37,738

35,625

54,986

6,709

19,829

231,467

122,340

23,769

666

77,047

45,569

56,027

15,407

47,598

2,394

16,474

52,305

-24,433

178

24,353

10

-

-

-

-

Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net

5,445

21,358

12,249

6,206

6,069

9,349

4,111

9,277

19,085

14,857

5,918

835

6,294

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Funding of unconsolidated joint venture

-

-

-

-

-

-

-

-

-

0

0

0

726

0

0

362

0

0

0

0

3,929

0

39,477

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Funding of other assets

-

-

-

-

-

-

-

-

-

0

0

0

1,379

1,640

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds (payments) on settlements of derivative instruments

-

-

-

-

-

-

-

-

-

-

-

-

-

-7,452

-15,111

94

-6,083

-5,169

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Increase (Decrease) in collateral held related to derivative contracts, net

7,070

-14,330

-1,650

0

-18,180

20,000

0

20,150

-15,220

9,310

-14,240

938

-960

-10,630

-100

12,340

870

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments and proceeds received on securities

-

-

-

-

-

-

-

-

-

179,390

71,073

147,675

70,033

53,777

86,451

0

0

6,338

0

0

17,291

0

0

0

0

-

-

-

-

0

0

0

121,338

-

-

-

0

Decrease in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-4,420

4,420

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of securities at estimated fair value

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

6,338

0

0

0

0

-

-

-

-

0

0

0

16,918

-

-

-

-

Principal payments received on repurchase agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

6,598

-

-

-

-

-

-

-

-

Proceeds from sale of investments in unconsolidated joint venture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

20,794

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Funding of repurchase agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

6,021

41,418

Funding of commercial mortgage loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

8,800

Principal payments received on securities available-for-sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-25,653

-

-

-

-

764

5,320

2,184

7,785

157,653

15,218

10,723

2,544

14,025

43,286

26,634

29,271

12,889

59,581

-8,469

-11,446

Payments received on securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

7,879

8,201

6,344

8,703

0

0

32

194

1,297

4,929

9,080

-16,820

23,749

12,986

12,429

6,392

13,806

22,166

56,037

6,470

27,636

-7,463

-3,505

Payments received on securities, held-to-maturity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,470

750

750

750

750

250

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments received on other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

25

56

21

30

22

42

62

63

59

65

21

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of contractual deposits

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

144

Principal payments received on subordinate loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-7

-12

Net cash (used in) provided by investing activities

-323,128

-203,464

-721,524

-267,165

-242,959

-91,538

45,525

-797,838

-155,071

-211,942

-200,369

66,542

-374,945

-353,238

1,676,779

-73,915

-183,097

-53,918

-276,902

-288,491

-171,565

-108,168

-198,668

-588,189

8,337

-22,769

-84,012

-42,520

-16,518

-62,815

71,651

-9,833

193,930

-5,444

762

-20,979

-35,217

Cash flows from financing activities:
Proceeds from issuance of common stock

-

-

-

-

-

0

0

0

275,879

30,795

0

249,021

0

-

-

-

-

0

150,000

0

193,430

0

0

158,693

0

0

0

0

148,804

-

-

-

-

-

-

-

-

Repurchase of common stock

2,441

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of offering costs

-

-

-

-

-

285

11

150

38

565

0

301

58

361

0

2

43

31

677

171

108

81

100

91

117

10

38

468

308

-

-

-

-

565

1,121

77

494

Proceeds from secured debt arrangements

1,357,442

1,503,135

966,508

569,095

412,434

530,660

255,975

950,662

416,549

372,967

402,395

56,198

407,955

273,815

67,719

150,033

230,425

225,461

97,197

319,287

136,730

125,801

143,726

285,665

12,000

112,023

70,195

0

0

0

0

513,704

-199,844

-

-

-

-

Repayments of secured debt arrangements

844,051

1,009,527

201,152

906,324

156,747

638,681

218,402

184,698

538,562

317,923

454,813

205,592

67,286

148,286

272,777

15,254

64,883

35,123

240,111

16,369

183,491

41,374

52,183

6,436

47,039

137,156

34,341

20,632

13,214

-

-

-

-264,401

-

-

-

-

Repayments of Secured Debt

1,300

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

251,327

12,774

16,124

9,214

7,895

Proceeds from Convertible Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

113,220

0

143,750

0

0

0

0

-

-

-

-

-

-

-

-

Repayments of Convertible Debt

0

0

0

0

704

0

40,461

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from participations sold

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

30,484

0

0

89,012

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of participations sold

-

-

-

-

-

-

-

-

-

0

0

84,647

434

602

2,757

506

507

513

513

220

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from repurchase agreement borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-10,195

-58,819

Repayments of repurchase agreement borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,716

3,155

Payment of deferred financing costs

2,722

2,645

1,627

9,325

91

3,792

231

9,080

2,234

5,669

3,242

949

4,394

276

895

1,641

1,205

0

70

500

2,330

-8,846

3,413

806

4,627

0

-1

5

500

0

346

251

500

680

0

0

500

Collateral deposited under secured debt arrangements

26,262

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other financing activities

-6,494

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends on common stock

71,950

71,475

71,468

63,527

62,762

50,297

62,265

57,327

57,328

47,473

50,680

42,777

42,947

37,588

31,442

31,441

31,742

29,714

25,881

25,874

19,380

18,739

18,740

14,850

15,475

14,754

14,752

14,747

11,218

8,895

8,229

8,224

8,542

8,225

7,024

7,021

7,142

Dividends on preferred stock

3,385

3,385

3,385

8,369

6,835

6,835

6,836

6,834

6,835

9,055

8,132

9,310

9,310

9,310

5,860

5,860

6,926

1,860

1,860

1,860

1,860

1,860

1,860

1,860

1,860

1,861

1,859

1,860

1,860

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

398,887

409,678

687,614

221,566

185,295

57,320

-72,231

692,573

87,431

107,912

26,978

-38,357

283,526

255,577

-1,500,529

95,329

125,119

323,675

-21,915

274,293

153,475

63,587

180,650

509,327

86,632

-56,091

3,412

-37,712

121,704

95,996

-32,853

-13,317

-195,812

-28,349

10,645

-12,833

39,633

Net increase in cash and cash equivalents

129,856

291,348

44,462

7,129

-463

10,618

22,804

-21,926

20,639

-62,634

-131,376

74,073

-65,845

-53,514

210,898

52,907

-44,380

47,257

-28,690

8,886

-679

-18,008

-4,686

-63,138

106,377

-66,728

-69,973

-68,926

117,104

40,625

56,035

-19,493

9,884

-22,882

19,969

-23,594

10,181

Supplemental disclosure of cash flow information:
Interest paid

36,979

37,268

33,286

30,487

32,428

20,661

33,799

16,903

26,517

11,532

32,387

-7,049

18,965

5,615

20,102

9,402

17,589

6,646

16,377

5,787

14,399

3,567

11,567

1,040

1,958

474

1,419

0

916

1,054

1,463

1,600

2,809

3,673

3,833

3,875

3,391

Supplemental disclosure of non-cash financing activities:
Exchange of convertible senior notes for common stock

0

0

0

0

33,778

1,449

178,567

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loan proceeds held by servicer

-

-

-

-

-

1,000

0

-1,000

1,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred financing costs, not yet paid

5,193

-227

1,325

452

3,643

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

412

62

0

-4

254

-

-

-

-

0

0

0

500