|
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Cash Flows from Operating Activities: |
|
|
|
| Net income |
$ 68,955 |
$ 28,182 |
$ 4,873 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Net amortization |
13,424 |
10,486 |
5,684 |
| Realized loss (gain) on investment securities and related hedges, net |
10,719 |
(6,268) |
(5,740) |
| Realized gain on distressed residential mortgage loans held in securitization trusts |
(1,600) |
(85) |
|
| Unrealized (gain) loss on investment securities and related hedges, net |
(5,464) |
3,947 |
9,657 |
| Unrealized gain on loans and debt held in multi-family securitization trusts, net |
(31,495) |
(6,662) |
|
| Impairment loss on investment securities |
225 |
|
250 |
| Net decrease in loans held for sale |
341 |
935 |
31 |
| Provision for loan losses |
1,262 |
766 |
1,693 |
| Income from investments in limited partnership and limited liability companies |
(2,297) |
(622) |
(2,167) |
| Distributions of income from investments in limited partnership and limited liability companies |
1,976 |
148 |
1,079 |
| Amortization of stock based compensation, net |
897 |
826 |
210 |
| Changes in operating assets and liabilities: |
|
|
|
| Receivables and other assets |
(18,097) |
(20,660) |
(2,923) |
| Accrued expenses and other liabilities and accrued expenses, related parties |
14,457 |
18,096 |
767 |
| Net cash provided by operating activities |
53,303 |
29,089 |
13,414 |
| Cash Flows from Investing Activities: |
|
|
|
| Restricted cash |
2,467 |
(20,783) |
(24,326) |
| Proceeds from sales of investment securities |
1,254 |
50,578 |
167,805 |
| Purchases of investment securities |
(72,183) |
(1,033,924) |
(291,211) |
| Return of capital from investments in limited partnership and limited liability companies |
3,558 |
9,042 |
10,909 |
| Purchases of other assets |
(996) |
|
(2,520) |
| Funding of first mortgage loan |
(6,500) |
|
|
| Funding of mezzanine loan, preferred equity investments and investments in limited partnership and limited liability companies |
(16,788) |
(3,344) |
(5,322) |
| Proceeds from mortgage loans held for investment |
21 |
3,344 |
5,004 |
| Net (payments) receipts on other derivative instruments settled during the period |
(11,011) |
7,191 |
4,961 |
| Principal paydowns on investment securities - available for sale |
125,913 |
47,684 |
19,459 |
| Net cash used in investing activities |
(152,287) |
(1,066,382) |
(95,291) |
| Cash Flows from Financing Activities: |
|
|
|
| (Payments to) proceeds from financing arrangements, net |
(98,009) |
776,460 |
77,042 |
| Common stock issuance |
100,551 |
232,668 |
30,382 |
| Preferred stock issuance |
72,637 |
|
|
| Costs associated with common stock and preferred stock issued |
(584) |
(1,032) |
(686) |
| Payments made on collateralized debt obligations |
(7,408) |
(184) |
|
| Net cash provided by financing activities |
99,005 |
1,052,484 |
79,088 |
| Capital (distributed to) contributed by noncontrolling interest |
|
(932) |
932 |
| Proceeds from securitized debt |
191,705 |
114,716 |
|
| Net Increase (Decrease) in Cash and Cash Equivalents |
21 |
15,191 |
(2,789) |
| Cash and Cash Equivalents - Beginning of Year |
31,777 |
16,586 |
19,375 |
| Cash and Cash Equivalents - End of Year |
31,798 |
31,777 |
16,586 |
| Supplemental Disclosures: |
|
|
|
| Cash paid for interest |
268,552 |
115,656 |
4,669 |
| Cash paid for income taxes |
794 |
1,207 |
232 |
| Non-Cash Investment Activities: |
|
|
|
| Sale of securities not yet settled |
|
|
1,133 |
| Purchase of securities not yet settled |
191,592 |
245,931 |
228,300 |
| Consolidation of multi-family loans held in securitization trusts |
3,218,301 |
5,305,933 |
|
| Consolidation of multi-family collateralized debt obligations |
3,146,676 |
5,195,166 |
|
| Transfer of investment securities from investment in limited liability company |
|
|
5,463 |
|
Residential Distressed Mortgage Loans Held in Securitization Trust [Member]
|
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
| Principal repayments received on loans |
22,292 |
18,498 |
19,950 |
|
Distressed Residential Mortgage Loans [Member]
|
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
| Principal repayments received on loans |
15,646 |
|
|
| Purchases of loans |
(218,166) |
(61,700) |
|
|
Multi-Family Collateralized Debt Obligations [Member]
|
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
| Principal repayments received on loans |
73,831 |
28,034 |
|
| Cash Flows from Financing Activities: |
|
|
|
| Payments made on collateralized debt obligations |
(73,813) |
(28,034) |
|
|
Multi-Family Loans Held in Securitization Trusts [Member]
|
|
|
|
| Cash Flows from Investing Activities: |
|
|
|
| Purchases of loans |
(71,625) |
(111,002) |
|
|
Residential Collateralized Debt Obligations [Member]
|
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
| Payments made on collateralized debt obligations |
(22,657) |
(18,874) |
(20,312) |
|
Common Stock [Member]
|
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
| Dividends paid |
(61,302) |
(22,304) |
(8,270) |
| Non-Cash Financing Activities: |
|
|
|
| Dividends declared on stock to be paid in subsequent period |
17,295 |
13,384 |
4,878 |
|
Preferred Stock [Member]
|
|
|
|
| Cash Flows from Financing Activities: |
|
|
|
| Dividends paid |
(2,115) |
|
|
| Non-Cash Financing Activities: |
|
|
|
| Dividends declared on stock to be paid in subsequent period |
$ 1,453 |
|
|