Western Asset Mortgage Capital Corp WMC Cash Flow

Western asset mortgage capital corp (WMC)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13
Cash flows from operating activities:
Net income (loss)
-381,855	12,489	19,720	10,614	27,876	-17,655	20,882	1,453	21,729	21,404	22,767	20,684	20,242	-38,296	32,282	17,303	-36,304	-20,085	-1,852	-1,693	14,146	15,444	26,136	67,574	-8,441	20,755	7,543	-27,654	-28,499
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Premium amortization and (discount accretion), net
-1,837	-2,233	-2,805	-2,003	-357	-2,490	-2,607	-644	367	-588	614	845	1,199	2,903	-494	-966	-895	559	-2,049	-1,014	-2,582	-2,208	-3,835	-991	-3,223	-1,992	-4,862	-5,574	-8,625
Interest income earned added to principal of securities
-	-	-	-	-	-	-	-	-	0	0	0	46	113	105	101	94	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred financing costs
646	546	459	291	192	191	192	192	192	192	0	0	0	56	1	0	134	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of discount on convertible senior notes
273	257	186	138	137	138	137	138	137	137	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted stock amortization
165	165	164	165	70	70	70	50	75	186	218	215	362	348	433	346	572	332	509	781	679	549	587	479	588	263	319	235	270
Premium amortization for MAC interest rate swaps
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	164	175	337	367	371	-	-	-	-	-	-	-	-
Interest payments and basis recovered on MAC interest rate swaps
-202	-902	-1,666	-2,867	-337	-1,401	-771	-229	-64	-167	-100	-421	163	-167	-165	-485	159	-152	-524	-673	-246	-	-	-	-	-	-	-	-
Premium on purchase of Residential Whole Loans
3,858	8,364	2,058	0	4,882	6,987	6,186	1,225	1,452	885	0	0	354	1	573	0	0	939	2,058	102	230	-	-	-	-	-	-	-	-
Premium on purchase of Residential Bridge Loans
-	-	-	-	-	698	995	1,586	610	328	0	401	24	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Premium on purchase of securitized commercial loans
0	0	0	0	3,769	0	0	0	3,019	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unrealized (gain) loss, net
-296,111	-52,896	35,030	74,614	50,781	62,855	13,128	-31,693	-68,961	-6,730	5,249	35,017	-5,140	-64,678	15,293	21,509	10,769	-44,295	24,723	-42,849	28,410	48,256	-4,453	114,117	31,091	13,408	37,528	-156,286	-54,759
Realized loss on sale of real estate owned ("REO")
-267	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mark-to-market adjustments on linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,929	486	104	10	135	132	579
Unrealized (gain) loss on derivative instruments, net
-8,807	6,097	2,499	-10,519	11,313	-8,921	-7,036	4,268	1,308	-7,790	-598	160,002	-3,306	40,938	26,054	-7,572	-64,555	9,353	-58,546	31,631	-56,037	-52,013	-16,770	-52,952	-56,390	41,904	-47,419	91,400	-1,097
Other than temporary impairment
0	2,228	1,819	3,295	1,232	2,757	2,533	2,974	2,916	2,972	7,225	6,579	6,097	-	4,978	6,356	10,797	4,907	5,917	4,316	4,651	9,449	2,857	2,999	1,709	3,694	2,363	3,533	2,268
Realized (gain) loss on investments, net
89,453	-	-	-	-5,105	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on derivatives, net
-135	-7,563	-291	3,112	-4,889	-2,589	5,136	3,586	4,183	579	-410	-153,224	-3,021	761	11,103	-669	30,321	638	-21,035	-971	7,448	-15,415	2,608	20,191	2,370	48	1,016	-3,164	601
Debt Securities, Available-for-sale, Realized Gain (Loss)
-	-	-	-	-	-	-	-5,608	575	-	1,830	-2,488	21,258	-17,023	1,439	-352	-6,055	-988	-2,482	4,281	7,468	472	4,912	-11,278	3,716	-46,827	-46,142	-6,083	-11,660
Realized loss on sale of Interest-Only Strips accounted for as derivatives, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-2	-	389	-275	-869	-1,025	0	0	-99
Gain on linked transactions, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	107	0	1,290	-	-	-	-
Realized loss on sale of swaptions, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-4,436	713	-	-	-	-	-	-	-	-
Realized loss on forward contracts
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,492	646	-	-	-	-	-	-	-	-
Loss on foreign currency transactions, net
-	-	-	-	-	-	-	-	-	0	1	-1	-1	147	-344	14	-575	466	-74	-658	2,396	-	-	-	-	-	-	-	-
Changes in operating assets and liabilities:
Decrease in interest receivable
-4,608	612	-612	-1,251	-1,295	90	2,382	2,872	3,012	578	1,219	871	-7,877	-6,473	993	-202	1,873	1,206	-19,438	9,011	4,533	-8,322	8,926	12,176	2,263	-1,123	-1,719	-214	-2,039
(Increase) decrease in other assets
1,583	-890	590	362	-1,219	-415	-668	1,326	-59	-1,973	3,041	596	99	-358	-122	705	-209	-223	-275	709	-155	-292	-195	575	-101	-195	-116	321	85
(Decrease) increase in interest payable
-8,572	5,267	-2,248	1,662	1,788	-1,495	-282	452	1,535	3,463	-586	1,064	-11,660	-2,270	1,100	-3,129	-91	-1,288	-13,121	18,514	-1,247	-6,997	1,931	12,341	-2,236	5,413	1,234	-1,057	383
Increase in accounts payable and accrued expenses
3,119	-385	827	-1,317	356	342	808	-2,244	1,657	393	-220	-723	276	566	877	141	-107	-484	-347	-26	841	-505	662	367	-21	-139	118	-231	554
Increase (decrease) in payable to affiliate
1,089	122	-801	-1,387	-401	2,126	-573	-1,197	2,218	121	7	-633	-38	-130	-187	-202	84	222	-587	501	178	-351	298	752	164	-190	16	-97	189
Net cash used in operating activities
-168,062	58,108	-36,076	-47,979	-26,293	-34,345	31,251	25,129	85,017	43,748	18,565	-14,412	11,481	13,607	-14,951	8,896	3,994	16,051	54,400	37,392	26,055	29,695	41,301	24,866	11,512	25,588	60,133	41,441	52,179
Cash flows from investing activities:
Proceeds from sale of securities underlying linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-136,315	66,721	37,238	38,571	61,187	17,657	38,350	47,895
Purchase of securities
320,997	113,012	374,931	1,069,367	24,175	281,719	611,637	24,675	210,368	407,897	817,140	643,636	1,012,603	722,486	384,355	6,062	1,059,720	783,833	96,758	139,254	334,429	203,196	313,100	3,119,766	371,178	171,225	108,067	794,297	931,007
Purchase of securities underlying linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	80,605	19,615	9,704	66,704
Proceeds from sale of securities
1,685,381	328,177	586,565	6,165	215,710	1,318,507	694,678	405,098	11,771	2,783,738	-227,420	-146,249	-816,155	3,569,891	-84,290	-45,058	-1,166,621	4,635,042	-2,912,506	287,959	536,869	134,926	547,521	1,578,796	114,021	872,179	538,702	681,250	1,528,357
Proceeds from sale of REO
1,347	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal repayments and basis recovered on securities
25,454	40,111	30,805	37,828	17,347	13,899	42,679	32,596	34,663	53,628	46,344	71,538	69,275	92,861	88,116	88,429	75,531	81,967	104,961	109,709	100,436	98,785	95,888	82,425	55,483	69,207	79,256	77,477	79,493
Principal repayments and basis recovered on securities underlying linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	393	631	759	3,018	870	95	474	569
Purchase of Residential Whole Loans
109,481	240,818	78,686	0	244,317	380,546	369,140	54,328	69,897	52,317	6	0	35,317	0	28,825	0	0	78,534	130,343	6,763	10,230	-	-	-	-	-	-	-	-
Principal repayments on Residential Whole Loans
77,217	88,901	77,609	59,322	28,293	34,075	18,996	12,848	11,023	9,889	8,287	14,390	9,610	12,876	17,633	7,943	14,021	11,278	6,514	2,543	20	-	-	-	-	-	-	-	-
Purchase of commercial loans
0	49,313	129,731	50,000	121,188	71,287	94,313	29,851	40,406	0	0	0	0	-	-	-	-	0	0	0	8,750	-	-	-	-	-	-	-	-
Principal repayments on commercial loans
-37,638	-121,245	0	-75,835	-165	0	-20,638	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of securitized commercial loans
0	209,461	0	0	900,000	0	0	0	1,350,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal repayments on securitized commercial loans
-154,702	-105	-100,699	-125,170	-988,714	-165,774	-117,100	-78,807	-100	-95	-59	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchase of Residential Bridge Loans
-	-	-	-	-	62,369	80,411	183,125	93,048	69,348	0	35,666	37,899	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Principal repayments on Residential Bridge Loans
6,372	24,327	42,997	63,986	80,006	77,865	98,571	69,267	29,261	15,543	8,091	7,150	1,010	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Payment of premium for option derivatives
-	-	-	-	-	928	362	0	467	1,360	10,209	2,128	2,658	0	0	0	17,951	-	-	-	-	-	-	-	-	0	0	0	4,675
Premium received from option derivatives
-	-	-	-	-	938	0	0	298	832	9,971	2,338	1,412	0	0	0	22,707	-	-	-	-	-	-	-	-	0	0	0	3,750
Premium for credit default swaps, net
566	-1	-4,251	0	367	123	0	174	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net settlements of TBAs
883	1,934	0	0	0	-936	2	802	-668	900	577	2,125	433	-6,026	3,575	967	7,624	3,244	-8,198	-965	9,629	12,660	2,608	20,191	2,370	48	1,015	-2,659	601
(Payments on) Proceeds from termination of futures, net
0	-6,144	3,620	-5,835	-4,503	-2,711	4,232	613	3,978	100	-77	-2,515	-6,638	-42,862	5,844	-907	14,316	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from termination of foreign currency swaps
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,409	0	3,942	-	-	-	-	-	-	-	-	-	-	-	-
Payments on total return swaps
-	-	-	-	-	-	-	-	-	0	52	-14	514	-21	-2	-7	-8	-	-	-	-	-	-	-	-	-	-	-	-
Payments on termination of MAC interest rate swaps
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Interest payments and basis recovered on MAC interest rate swaps
202	902	1,666	2,867	337	1,401	771	229	64	167	100	421	-163	167	165	485	-159	152	336	673	32	-	-	-	-	-	-	-	-
Proceeds from sale of interest rate swaptions
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	2,075	4,287	2,278	7,853	17,768	-	-	-	-	-	-	-	-
Premium for MAC interest rate swaps, net
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-465	-	-	-	-	-	-	-	-	-	-	-	-
Due from counterparties
4,120	-	-	-	0	-	-	-	-	0	-4,325	0	-4,124	-1,270	0	0	9,719	-	-	-	-	-	-	-	-	-	-	-	-
Payments made on reverse repurchase agreements, net
24,826	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-9,307	-	-	-	-65,674	-	-	-	-	-	-	-	-
Premium for interest rate swaptions, net
-	-	-	-	-	-	-	-	-	0	0	0	115	0	0	0	0	5,464	5,407	10,129	19,215	-	-	-	-	9,360	0	22,544	1,000
Net cash provided by investing activities
1,528,802	-13,164	258,848	-759,535	35,348	809,038	-159,738	307,649	-1,673,824	-45,938	-522,510	-440,562	-193,562	362,078	-212,476	144,257	210,772	435,393	385,820	312,250	226,392	27,348	298,409	-1,441,149	-196,286	681,114	535,546	176,367	609,384
Cash flows from financing activities:
Payment of offering costs
3	90	85	231	174	130	65	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	67
Repurchase of common stock
578	0	0	0	0	0	0	626	1,107	1,094	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from offering to non-controlling interest, net of offering costs
42	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from repurchase agreement borrowings
5,786,714	4,980,447	5,579,425	5,056,897	5,764,802	6,003,845	5,539,710	5,415,442	4,513,966	5,383,171	5,590,290	3,588,348	3,876,357	5,301,732	3,683,410	3,216,603	3,775,760	3,898,205	4,233,771	4,337,142	5,074,942	4,658,553	6,380,878	7,449,962	4,330,593	4,419,980	5,454,122	8,870,355	11,203,749
Repayments of repurchase agreement borrowings
7,057,810	5,080,678	5,655,537	4,972,278	5,667,038	6,654,327	5,337,760	5,704,993	4,208,732	5,467,742	5,055,640	3,111,168	3,707,574	5,669,513	3,470,674	3,308,732	3,959,010	4,322,196	4,629,896	4,580,411	5,331,410	4,664,959	6,619,805	6,151,869	4,086,699	5,149,783	6,106,881	8,963,656	11,943,549
Proceeds from other liabilities
12,549	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of repurchase agreement borrowings underlying linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	29,229	54,234	37,670	87,044	0	20,942	78,935	4,025
Repayment of cash overdraft
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-5,666
Proceeds from securitized debt
92,828	70,897	0	918,995	838,469	0	0	0	1,285,219	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayments of securitized debt
208,379	58,988	149,593	145,755	937,805	158,597	111,170	74,800	45	42	26	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from forward contracts
-	-	-	-	-	-	-	-	-	1,371	1,468	2,001	3,406	30,554	32,579	18,565	30,876	36,039	53,155	81,668	71,417	-	-	-	-	-	-	-	-
Repayments of forward contracts
-	-	-	-	-	-	-	-	-	1,364	1,423	1,998	3,429	30,530	32,476	18,730	30,904	35,960	53,289	83,160	70,771	-	-	-	-	-	-	-	-
Interest payments and basis recovered on MAC interest rate swaps containing an other-than-insignificant financing element
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	188	0	214	-	-	-	-	-	-	-	-
Due from counterparties, net
14,603	9,661	30,917	17,498	-1,602	-41,890	16,722	-31,679	9,540	-2,002	22,356	14,489	-25,136	-25,543	-35,672	25,599	21,189	13,038	4,856	-4,523	51,435	223,555	-14,407	-77,438	-2,387	-11,318	90,293	-95,063	14,796
Due to counterparties, net
24,102	-1,387	-19,933	672	3,576	16,713	-4,140	4,908	-1,190	-830	135	-1,665	3,110	-5,307	-10,617	-4,944	11,658	-4,481	5,921	-66,043	62,373	8,873	-16,129	-14,577	-31,848	-	-	-	-
Increase in other liabilities
-19,720	16,491	-50,682	15,962	15,369	-44,330	41,392	21,712	37,034	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid on common stock
16,590	16,499	16,500	14,950	14,915	14,917	12,902	12,920	12,960	12,996	12,994	12,996	12,995	12,995	12,996	18,864	24,313	25,153	26,830	28,085	29,204	29,203	27,951	18,136	19,445	21,875	21,873	23,090	27,041
Net cash (used in) provided by financing activities
-1,401,448	-47,278	-305,059	885,678	3,886	-809,853	166,400	-319,598	1,602,645	13,545	499,454	448,033	184,011	-360,516	224,540	-141,701	-217,122	-466,441	-422,714	-352,982	-274,302	-65,888	-284,690	1,411,838	141,741	-697,546	-565,026	-213,039	-713,908
Effect of exchange rate changes on cash and cash equivalents
-	-	-	-	-	-	-	-	-	0	1	-1	-1	38	-17	-23	85	5	7	48	115	-	-	-	-	-	-	-	-
Net (decrease) increase in cash, cash equivalents and restricted cash
-40,708	-2,334	-82,287	78,164	12,941	-35,160	37,913	13,180	13,838	11,355	-4,490	-6,942	1,929	15,207	-2,904	11,429	-2,271	-14,992	17,513	-3,292	-21,740	-8,845	55,020	-4,445	-43,033	9,156	30,653	4,769	-52,345
Supplemental disclosure of operating cash flow information:
Interest paid
43,800	31,241	41,515	36,712	35,519	42,494	39,095	38,102	18,833	13,022	13,108	8,834	8,068	9,191	7,372	7,852	7,626	7,152	6,961	6,842	6,560	6,203	6,595	4,480	3,275	4,144	3,926	4,591	7,090
Supplemental disclosure of non-cash financing/investing activities:
Repurchase of common stock, not settled
-	-	-	-	-	-	-	-	-	-153	0	0	16	-	0	0	0	-	-	-268	290	362	-80	-351	114	-	-	-	-
Securities recorded upon unlinking of linked transactions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-139,676	7,403	0	62,435	-	-	-	-
Securities sold, not settled
47,475	-	-	-	0	-	-	-	-	-	-209,310	186,345	22,965	-	5,241	3,501	151	-	-	-	-	-	-	33,173	2,442	-	144,075	-296,900	300,365
Assets of deconsolidated VIE
150,804	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Liabilities of deconsolidated VIE
143,952	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage-backed securities recorded upon deconsolidation
6,852	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Securities purchased, not settled
-	-	-	-	-	124,036	-71,506	-32,856	-19,674	276,742	-293,959	333,505	-333,505	-	-	-	0	-	-	-	-	-20,834	9,726	-99,420	104,526	-	26,345	-197,537	219,704
Net unsettled TBAs
612	-	-	-	0	-	-	-	1	-	-	-	0	-14	5	-120	115	8	-6	-6	4	-	-	-	-	-	-	-	-
Derivative collateral offset against derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Dividends to non-controlling interest, not paid
0	-	-	-	2	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments of Residential Whole Loans, not settled
22,181	-4,367	1,086	9,989	10,546	-1,831	5,216	3,538	2,307	-2,294	2,982	-2,170	3,768	-1,989	-3,140	3,170	3,200	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments of Residential Bridge Loans, not settled
2,557	-8,463	-4,832	-6,770	22,014	11,490	-9,214	14,923	16,518	2,783	1,789	-2,894	3,703	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Other assets - Transfer of Bridge Loans to REO
489	1,493	3,536	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-