Apollo commercial real estate finance, inc. (ARI)
CashFlow / TTM
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

34,574

230,174

211,261

244,389

238,311

219,986

208,313

214,451

195,339

193,031

210,741

212,279

186,385

157,876

126,089

82,043

96,359

103,256

98,057

91,369

90,672

82,739

76,562

70,303

58,133

52,485

45,588

44,899

43,020

40,181

39,884

33,185

29,795

25,882

0

0

0

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

-80,270

-81,611

-80,115

-74,567

-68,185

-64,269

-78,674

-70,320

-60,240

-48,062

-18,727

-14,168

-12,213

-10,679

-10,872

-10,616

-11,032

-11,211

-8,985

-7,976

-6,127

-4,221

-4,558

-5,011

-5,039

-5,721

-5,149

-3,991

-2,897

-399

2,475

5,345

7,344

7,782

0

0

0

Amortization of deferred financing costs

11,820

11,969

11,517

11,318

12,102

11,186

10,409

9,263

8,011

6,669

5,872

5,330

4,903

4,607

3,972

3,653

3,215

2,992

2,946

2,694

2,473

1,979

1,479

1,113

863

866

1,050

1,245

1,420

1,962

1,917

1,865

1,831

1,454

0

0

0

Equity-based compensation

21,255

15,897

9,221

9,376

9,099

8,809

10,098

8,684

8,131

10,977

9,207

8,127

6,605

4,464

4,501

3,707

2,590

4,266

3,051

2,603

2,115

698

1,582

2,058

2,153

3,457

1,696

2,187

2,645

2,845

0

0

0

-

-

-

-

Financing Receivable, Credit Loss, Expense (Reversal)

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized Gain (Loss) on Investments

-

-

-

-

-

-

-

-

-

37,165

22,332

-955

-8,173

-26,099

-48,093

-45,346

-35,891

-17,408

-6,556

-1,651

5,372

4,147

5,695

6,369

199

-3,065

-3,957

526

4,024

6,489

6,836

2,552

1,840

481

0

0

0

Restricted stock amortization expense

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Loss from unconsolidated joint venture

-

-

-

-

-

-

-

-

-

-2,259

-2,563

-2,483

293

-97

3,176

3,223

3,548

3,480

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Foreign currency (gain) loss

-51,704

-3,768

-29,566

-15,314

-33,642

-29,617

-20,457

-8,740

25,690

18,645

9,272

-1,217

-21,465

-28,790

-24,611

-25,080

-5,908

-5,192

-3,118

-2,668

-7,839

-4,038

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Unrealized loss on derivative instruments

-1,173

-43,046

-3,032

-3,907

23,215

29,345

27,027

14,851

-17,481

-11,523

-16,687

-19,851

1,091

2,608

4,819

17,204

601

-1,063

-2,014

-1,078

1,026

4,070

1,933

-1,068

83

155

250

265

400

323

654

412

-1,329

-865

0

0

0

Derivative, Gain (Loss) on Derivative, Net

-

-

-

-

-

-

-

-

-

-

-

-

-

28,552

26,269

11,158

11,252

5,169

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Debt Securities, Available-for-sale, Realized Loss

-

-

-

-

-

-

-

-

-

-

1,509

-2,792

-4,876

-3,834

-225

0

0

-443

-443

-443

-443

0

0

0

0

-

-

-

-

262

0

0

0

-

-

-

-

Changes in operating assets and liabilities:
Proceeds received from PIK

-

-

-

-

-

75,700

75,652

75,652

55,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

8,724

4,926

5,938

12,589

10,476

10,198

-15,225

-8,473

-3,114

5,192

54,351

34,196

36,688

25,579

397

9,368

217

-120

-696

-455

-970

-500

400

184

550

397

-207

-10

-14

186

94

-14

-14

-14

0

0

0

Accrued interest receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

27,147

34,780

39,250

30,220

20,643

18,322

21,015

16,453

19,568

16,473

11,212

9,488

6,753

-3,042

372

-2,296

-3,539

5,147

-1,161

2,802

0

0

0

Accounts payable, accrued expenses and other liabilities

5,243

5,056

-5,308

-9,205

-1,138

317

13,359

11,966

6,735

-3,351

-6,709

-15,747

-15,027

-8,496

-5,803

2,885

4,358

1,405

926

3,040

1,135

5,205

1,848

3,979

1,002

1,280

-156

-2

-21

-260

-320

-355

-636

339

0

0

0

Payable to related party

655

626

919

1,246

1,521

1,636

1,205

1,270

659

1,153

2,407

2,501

2,204

1,718

1,803

1,352

1,888

2,057

907

924

776

612

568

366

405

591

1,105

1,306

871

739

279

193

201

615

0

0

0

Net cash provided by operating activities

270,331

273,435

233,137

204,275

234,886

265,964

262,524

255,029

217,578

154,873

157,624

150,258

135,862

123,886

105,790

92,717

84,309

88,122

88,644

80,400

73,040

67,037

52,596

49,891

45,473

45,983

41,295

47,905

40,256

40,104

43,571

34,896

41,457

35,456

0

0

0

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

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

280

0

0

0

-

-

-

-

-

-

-

-

New funding of commercial mortgage loans

2,769,320

2,526,384

1,744,266

1,084,903

1,569,149

1,849,100

2,013,369

2,072,365

1,354,253

1,136,252

582,952

651,587

706,176

625,800

707,035

685,379

716,640

641,954

675,335

492,575

483,693

403,983

211,738

214,233

56,821

32,643

0

0

0

-

-

-

-

-

-

-

-

Add-on funding of commercial mortgage loans

379,824

385,508

313,237

246,715

223,985

131,718

96,197

81,444

34,776

82,240

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

New funding of subordinate loans and other lending assets

248,173

493,017

506,143

295,450

453,966

220,809

339,812

552,857

391,816

497,629

522,698

314,937

299,019

209,119

273,509

467,059

623,009

705,068

532,430

362,343

511,995

402,336

500,906

505,767

269,738

361,035

263,358

240,380

157,487

96,023

0

0

0

-

-

-

-

Add-on funding of subordinate loans and other lending assets

44,423

30,549

82,709

118,779

148,909

149,238

87,486

79,125

62,663

112,637

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds received from the repayment and sale of commercial mortgage loans

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments received on securities at estimated fair value

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Principal payments received on commercial mortgage loans

430,921

560,089

400,546

373,475

482,513

610,051

618,773

685,255

596,537

376,727

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Proceeds and payments received on commercial mortgage loans

-

-

-

-

-

-

0

0

302,213

-

104,168

179,381

196,738

205,226

180,604

111,533

118,060

103,963

146,314

133,523

105,985

105,501

885

17,756

17,737

18,117

49,172

32,095

31,734

31,300

0

0

0

-

-

-

-

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

430,921

560,089

400,546

373,475

482,513

610,051

618,773

685,255

596,537

376,727

257,103

149,226

135,058

117,149

312,991

380,345

397,405

378,242

223,822

147,051

179,309

194,050

164,601

121,426

81,873

118,771

46,740

44,524

52,403

108

0

0

0

-

-

-

-

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

45,258

45,882

33,873

25,735

28,806

41,822

47,330

49,137

40,695

27,904

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Funding of unconsolidated joint venture

-

-

-

-

-

-

-

-

-

726

726

726

1,088

362

362

362

0

3,929

3,929

43,406

43,406

39,477

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Funding of other assets

-

-

-

-

-

-

-

-

-

1,379

3,019

3,019

3,019

1,640

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds (payments) on settlements of derivative instruments

-

-

-

-

-

-

-

-

-

-

-

-

-

-28,552

-26,269

-11,158

-11,252

-5,169

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-8,910

-34,160

170

1,820

21,970

24,930

14,240

0

-19,212

-4,952

-24,892

-10,752

650

2,480

13,110

13,210

870

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments and proceeds received on securities

-

-

-

-

-

-

-

-

-

468,171

342,558

357,936

210,261

140,228

92,789

6,338

6,338

23,629

17,291

17,291

17,291

0

0

0

0

-

-

-

-

121,338

0

0

0

-

-

-

0

Decrease in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of securities at estimated fair value

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,338

6,338

6,338

0

0

0

0

-

-

-

-

16,918

0

0

0

-

-

-

-

Principal payments received on repurchase agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,598

0

0

0

-

-

-

-

-

-

-

-

Proceeds from sale of investments in unconsolidated joint venture

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

20,794

20,794

20,794

20,794

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Funding of repurchase agreements

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

0

0

0

Funding of commercial mortgage loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Principal payments received on securities available-for-sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

16,053

172,942

182,840

191,379

186,138

42,510

70,578

86,489

113,216

112,080

128,375

93,272

52,555

0

0

0

Payments received on securities

-

-

-

-

-

-

-

-

-

-

-

-

-

-

31,127

23,248

15,047

8,735

226

1,523

6,452

15,500

-1,514

20,938

28,995

32,344

55,556

45,613

54,793

98,401

98,479

112,309

82,680

23,138

0

0

0

Payments received on securities, held-to-maturity

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,720

3,000

2,500

1,750

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments received on other assets

-

-

-

-

-

-

-

-

-

-

-

-

-

132

129

115

156

189

226

249

208

145

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayment of contractual deposits

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

Principal payments received on subordinate loans

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Net cash (used in) provided by investing activities

-1,515,281

-1,435,112

-1,323,186

-556,137

-1,086,810

-998,922

-1,119,326

-1,365,220

-500,840

-720,714

-862,010

1,015,138

874,681

1,066,529

1,365,849

-587,832

-802,408

-790,876

-845,126

-766,892

-1,066,590

-886,688

-801,289

-686,633

-140,964

-165,819

-205,865

-50,202

-17,515

192,933

250,304

179,415

168,269

-60,878

0

0

0

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

-

-

-

-

-

275,879

306,674

306,674

555,695

279,816

0

0

0

-

-

-

-

343,430

343,430

193,430

352,123

158,693

158,693

158,693

0

148,804

0

0

0

-

-

-

-

-

-

-

-

Repurchase of common stock

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of offering costs

-

-

-

-

-

484

764

753

904

924

720

720

421

406

76

753

922

987

1,037

460

380

389

318

256

633

824

0

0

0

-

-

-

-

2,257

0

0

0

Proceeds from secured debt arrangements

4,396,180

3,451,172

2,478,697

1,768,164

2,149,731

2,153,846

1,996,153

2,142,573

1,248,109

1,239,515

1,140,363

805,687

899,522

721,992

673,638

703,116

872,370

778,675

679,015

725,544

691,922

567,192

553,414

479,883

194,218

182,218

70,195

0

513,704

313,860

0

0

0

-

-

-

-

Repayments of secured debt arrangements

2,961,054

2,273,750

1,902,904

1,920,154

1,198,528

1,580,343

1,259,585

1,495,996

1,516,890

1,045,614

875,977

693,941

503,603

501,200

388,037

355,371

356,486

475,094

481,345

293,417

283,484

147,032

242,814

224,972

239,168

205,343

0

0

0

-

-

-

0

-

-

-

-

Repayments of Secured Debt

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

251,327

264,101

280,225

289,439

46,007

0

0

0

Proceeds from Convertible Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

256,970

256,970

143,750

143,750

0

0

0

0

-

-

-

-

-

-

-

-

Repayments of Convertible Debt

0

704

704

41,165

41,165

40,461

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from participations sold

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

30,484

30,484

119,496

89,012

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Repayments of participations sold

-

-

-

-

-

-

-

-

-

85,081

85,683

88,440

4,299

4,372

4,283

2,039

1,753

1,246

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from repurchase agreement borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Repayments of repurchase agreement borrowings

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Payment of deferred financing costs

16,319

13,688

14,835

13,439

13,194

15,337

17,214

20,225

12,094

14,254

8,861

6,514

7,206

4,017

3,741

2,916

1,775

2,900

-5,946

-2,603

-2,297

0

8,846

5,432

4,631

504

504

851

1,097

1,097

1,777

1,431

1,180

1,180

0

0

0

Collateral deposited under secured debt arrangements

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other financing activities

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Dividends on common stock

278,420

269,232

248,054

238,851

232,651

227,217

224,393

212,808

198,258

183,877

173,992

154,754

143,418

132,213

124,339

118,778

113,211

100,849

89,874

82,733

71,709

67,804

63,819

59,831

59,728

55,471

49,612

43,089

36,566

33,890

33,220

32,015

30,812

29,412

0

0

0

Dividends on preferred stock

18,524

21,974

25,424

28,875

27,340

27,340

29,560

30,856

33,332

35,807

36,062

33,790

30,340

27,956

20,506

16,506

12,506

7,440

7,440

7,440

7,440

7,440

7,441

7,440

7,440

7,440

0

0

0

-

-

-

-

-

-

-

-

Net cash (used in) provided by financing activities

1,717,745

1,504,153

1,151,795

391,950

862,957

765,093

815,685

914,894

183,964

380,059

527,724

-999,783

-866,097

-1,024,504

-956,406

522,208

701,172

729,528

469,440

672,005

907,039

840,196

720,518

543,280

-3,759

31,313

183,400

147,135

171,530

-145,986

-270,331

-226,833

-226,349

9,096

0

0

0

Net increase in cash and cash equivalents

472,795

342,476

61,746

40,088

11,033

32,135

-41,117

-195,297

-99,298

-185,782

-176,662

165,612

144,446

165,911

266,682

27,094

-16,927

26,774

-38,491

-14,487

-86,511

20,545

-28,175

-93,462

-99,250

-88,523

18,830

144,838

194,271

87,051

23,544

-12,522

-16,623

-16,326

0

0

0

Supplemental disclosure of cash flow information:
Interest paid

138,020

133,469

116,862

117,375

103,791

97,880

88,751

87,339

63,387

55,835

49,918

37,633

54,084

52,708

53,739

50,014

46,399

43,209

40,130

35,320

30,573

18,132

15,039

4,891

3,851

2,809

3,389

3,433

5,033

6,926

9,545

11,915

14,190

14,772

0

0

0

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

0

33,778

35,227

213,794

213,794

180,016

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loan proceeds held by servicer

-

-

-

-

-

1,000

0

0

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred financing costs, not yet paid

6,743

5,193

5,420

4,095

3,643

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

470

312

0

0

0

-

-

-

-

500

0

0

0