Starwood Property Trust Reports Results for the Quarter Ended September 30, 2019
-- Quarterly GAAP Earnings of $0.49 and Core Earnings of $0.52 per Diluted Common Share --
-- Deploys $2.5 Billion of Capital, Including $1.2 Billion in Commercial Lending --
-- Executes $1.1 Billion CRE CLO --
-- Enhances Capital Structure with $400 Million Term Loan B and $100 Million Revolver --
-- Declares Dividend of $0.48 per share for the Fourth Quarter of 2019 --
GREENWICH, Conn., Nov. 8, 2019 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended September 30, 2019. The Company's third quarter 2019 GAAP net income was $140.4 million, or $0.49 per diluted share, and Core Earnings (a non-GAAP financial measure) was $152.6 million, or $0.52 per diluted share.
"We had another strong quarter, with over $2.5 billion of capital deployed across all our segments, including $1.2 billion in Commercial Lending. Notably, our non-agency residential lending business continued to expand with purchases of over $600 million of loans and the completion of our fourth and largest securitization for $546 million. We also continue to experience growing, double-digit yields in our Property segment. We expect that these yields will increase over 200 basis points as a result of the $180 million partial cash out refinance of our medical office portfolio and first multifamily portfolio, which have appreciated meaningfully since acquisition. Our pipeline remains robust, and we expect to invest this capital accretively as we continue to utilize our global organization to find the best opportunities across our cylinders," commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.
Added Jeffrey DiModica, President of Starwood Property Trust, "During the quarter, we continued to reduce our reliance on warehouse financing, completing our first $1.1 billion CRE CLO. The transaction was structurally superior, reducing balance sheet exposure, and with a higher advance rate and lower cost of funds than the repurchase facilities it replaced. We also executed on a $400 million term loan, which allowed us to increase our unencumbered asset base, providing us with additional capacity to issue attractive corporate debt in the future. We ended the quarter with a record high of over $8.0 billion of available capacity across our financing facilities, giving us tremendous flexibility as investment opportunities arise."
Dividend
On November 8, 2019, the Company's Board of Directors declared a dividend of $0.48 per share of common stock for the quarter ending December 31, 2019. The dividend is payable on January 15, 2020 to common stockholders of record as of December 31, 2019.
Supplemental Schedules
The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company's stakeholders. Specifically, these materials can be found on the Company's website in the Investor Relations section under "Quarterly Results" at www.starwoodpropertytrust.com.
Conference Call and Webcast Information
The Company will host a live webcast and conference call on Friday, November 8, 2019, at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register and download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the investor relations section of the website.
To Participate via Telephone:
Dial in at least five minutes prior to start time.
Domestic: 1-877-407-9039
International: 1-201-689-8470
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 13695217
The playback can be accessed through November 15, 2019.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. An affiliate of global private investment firm Starwood Capital Group, the Company has successfully deployed over $57 billion of capital since inception and manages a portfolio of $16 billion across debt and equity investments. Starwood Property Trust's investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.
Forward-Looking Statements
Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words "believe," "expect," "anticipate" and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, economic conditions, availability of financing and other risks detailed under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, as well as other risks and uncertainties set forth from time to time in the Company's reports filed with the SEC.
In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.
Additional information can be found on the Company's website at www.starwoodpropertytrust.com.
Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: [email protected]
Starwood Property Trust, Inc. and Subsidiaries | ||||||||||||||||||||||||
Commercial and |
Infrastructure Lending Segment |
Property Segment |
Investing and Servicing Segment |
Corporate |
Subtotal |
Securitization VIEs |
Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Interest income from loans | $ | 145,290 | $ | 22,763 | $ | — | $ | 3,977 | $ | — | $ | 172,030 | $ | — | $ | 172,030 | ||||||||
Interest income from investment securities | 18,163 | 810 | — | 32,556 | — | 51,529 | (34,853) | 16,676 | ||||||||||||||||
Servicing fees | 97 | — | — | 18,243 | — | 18,340 | (4,007) | 14,333 | ||||||||||||||||
Rental income | — | — | 72,251 | 12,403 | — | 84,654 | — | 84,654 | ||||||||||||||||
Other revenues | 258 | 39 | 125 | 218 | — | 640 | (3) | 637 | ||||||||||||||||
Total revenues | 163,808 | 23,612 | 72,376 | 67,397 | — | 327,193 | (38,863) | 288,330 | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Management fees | 363 | — | — | 18 | 29,829 | 30,210 | 28 | 30,238 | ||||||||||||||||
Interest expense | 51,844 | 14,422 | 19,020 | 8,891 | 29,142 | 123,319 | (163) | 123,156 | ||||||||||||||||
General and administrative | 7,104 | 4,315 | 2,170 | 22,915 | 3,184 | 39,688 | 78 | 39,766 | ||||||||||||||||
Acquisition and investment pursuit costs | 506 | 21 | — | (364) | — | 163 | — | 163 | ||||||||||||||||
Costs of rental operations | 765 | — | 24,784 | 6,019 | — | 31,568 | — | 31,568 | ||||||||||||||||
Depreciation and amortization | 339 | 15 | 23,106 | 4,809 | — | 28,269 | — | 28,269 | ||||||||||||||||
Loan loss provision, net | (39) | — | — | — | — | (39) | — | (39) | ||||||||||||||||
Other expense | 77 | — | 46 | — | — | 123 | — | 123 | ||||||||||||||||
Total costs and expenses | 60,959 | 18,773 | 69,126 | 42,288 | 62,155 | 253,301 | (57) | 253,244 | ||||||||||||||||
Other income (loss): | ||||||||||||||||||||||||
Change in net assets related to consolidated VIEs | — | — | — | — | — | — | 61,767 | 61,767 | ||||||||||||||||
Change in fair value of servicing rights | — | — | — | 57 | — | 57 | (682) | (625) | ||||||||||||||||
Change in fair value of investment securities, net | (303) | — | — | 22,476 | — | 22,173 | (21,907) | 266 | ||||||||||||||||
Change in fair value of mortgage loans held-for-sale, net | 10,088 | — | — | 22,433 | — | 32,521 | — | 32,521 | ||||||||||||||||
Earnings from unconsolidated entities | 2,507 | — | 223 | 253 | — | 2,983 | (236) | 2,747 | ||||||||||||||||
Gain (loss) on sale of investments and other assets, net | 482 | (25) | — | 20,700 | — | 21,157 | — | 21,157 | ||||||||||||||||
Gain (loss) on derivative financial instruments, net | 15,729 | (109) | 5,900 | (6,376) | 6,789 | 21,933 | — | 21,933 | ||||||||||||||||
Foreign currency loss, net | (15,337) | (319) | (8) | — | — | (15,664) | — | (15,664) | ||||||||||||||||
Loss on extinguishment of debt | (857) | (2,101) | — | (194) | (1,472) | (4,624) | — | (4,624) | ||||||||||||||||
Other loss, net | — | (50) | — | — | — | (50) | — | (50) | ||||||||||||||||
Total other income (loss) | 12,309 | (2,604) | 6,115 | 59,349 | 5,317 | 80,486 | 38,942 | 119,428 | ||||||||||||||||
Income (loss) before income taxes | 115,158 | 2,235 | 9,365 | 84,458 | (56,838) | 154,378 | 136 | 154,514 | ||||||||||||||||
Income tax (provision) benefit | (3,194) | 475 | — | (1,794) | — | (4,513) | — | (4,513) | ||||||||||||||||
Net income (loss) | 111,964 | 2,710 | 9,365 | 82,664 | (56,838) | 149,865 | 136 | 150,001 | ||||||||||||||||
Net income attributable to non-controlling interests | — | — | (5,250) | (4,219) | — | (9,469) | (136) | (9,605) | ||||||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 111,964 | $ | 2,710 | $ | 4,115 | $ | 78,445 | $ | (56,838) | $ | 140,396 | $ | — | $ | 140,396 | ||||||||
Definition of Core Earnings
Core Earnings, a non-GAAP financial measure, is used to compute the Company's incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company's purposes, Core Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company's external manager, acquisition costs from successful acquisitions, depreciation and amortization of real estate and associated intangibles and any unrealized gains, losses or other non-cash items recorded in net income for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company's external manager and approved by a majority of the Company's independent directors.
Reconciliation of Net Income to Core Earnings | ||||||||||||||||||
Commercial and Residential Lending Segment |
Infrastructure Lending Segment |
Property Segment |
Investing and Servicing Segment |
Corporate |
Total | |||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 111,964 | $ | 2,710 | $ | 4,115 | $ | 78,445 | $ | (56,838) | $ | 140,396 | ||||||
Add / (Deduct): | ||||||||||||||||||
Non-controlling interests attributable to Woodstar II Class A Units | — | — | 5,250 | — | — | 5,250 | ||||||||||||
Non-cash equity compensation expense | 1,140 | 577 | 83 | 1,765 | 9,411 | 12,976 | ||||||||||||
Management incentive fee | — | — | — | — | 1,875 | 1,875 | ||||||||||||
Acquisition and investment pursuit costs | 6 | — | (89) | (146) | — | (229) | ||||||||||||
Depreciation and amortization | 339 | 15 | 23,440 | 4,444 | — | 28,238 | ||||||||||||
Loan loss provision, net | (39) | — | — | — | — | (39) | ||||||||||||
Interest income adjustment for securities | (194) | — | — | 5,345 | — | 5,151 | ||||||||||||
Extinguishment of debt, net | — | — | — | — | (247) | (247) | ||||||||||||
Other non-cash items | — | — | 321 | 191 | 152 | 664 | ||||||||||||
Reversal of GAAP unrealized (gains) / losses on: | ||||||||||||||||||
Loans held-for-sale | (10,088) | — | — | (22,433) | — | (32,521) | ||||||||||||
Securities | 303 | — | — | (22,476) | — | (22,173) | ||||||||||||
Derivatives | (15,749) | 109 | (4,576) | 6,590 | (6,913) | (20,539) | ||||||||||||
Foreign currency | 15,337 | 319 | 8 | — | — | 15,664 | ||||||||||||
Earnings from unconsolidated entities | (2,507) | — | (223) | (253) | — | (2,983) | ||||||||||||
Recognition of Core realized gains / (losses) on: | ||||||||||||||||||
Loans held-for-sale | 8,383 | (230) | — | 22,134 | — | 30,287 | ||||||||||||
Securities | 373 | — | — | 4,593 | — | 4,966 | ||||||||||||
Derivatives | 977 | 64 | 406 | (7,875) | — | (6,428) | ||||||||||||
Foreign currency | (3,911) | (171) | (8) | — | — | (4,090) | ||||||||||||
Earnings from unconsolidated entities | 2,298 | — | — | 1,324 | — | 3,622 | ||||||||||||
Sales of properties | — | — | — | (7,221) | — | (7,221) | ||||||||||||
Core Earnings (Loss) | $ | 108,632 | $ | 3,393 | $ | 28,727 | $ | 64,427 | $ | (52,560) | $ | 152,619 | ||||||
Core Earnings (Loss) per Weighted Average Diluted Share | $ | 0.37 | $ | 0.01 | $ | 0.10 | $ | 0.22 | $ | (0.18) | $ | 0.52 | ||||||
Starwood Property Trust, Inc. and Subsidiaries | ||||||||||||||||||||||||
Commercial and Residential Lending Segment |
Infrastructure Lending Segment |
Property Segment |
Investing and Servicing Segment |
Corporate |
Subtotal |
Securitization VIEs |
Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Interest income from loans | $ | 462,956 | $ | 74,969 | $ | — | $ | 8,987 | $ | — | $ | 546,912 | $ | — | $ | 546,912 | ||||||||
Interest income from investment securities | 62,438 | 2,563 | — | 88,012 | — | 153,013 | (96,160) | 56,853 | ||||||||||||||||
Servicing fees | 310 | — | — | 61,366 | — | 61,676 | (13,902) | 47,774 | ||||||||||||||||
Rental income | — | — | 215,098 | 40,686 | — | 255,784 | — | 255,784 | ||||||||||||||||
Other revenues | 714 | 732 | 291 | 929 | 26 | 2,692 | (24) | 2,668 | ||||||||||||||||
Total revenues | 526,418 | 78,264 | 215,389 | 199,980 | 26 | 1,020,077 | (110,086) | 909,991 | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Management fees | 1,127 | — | — | 54 | 74,924 | 76,105 | 122 | 76,227 | ||||||||||||||||
Interest expense | 172,012 | 49,257 | 57,142 | 25,152 | 84,878 | 388,441 | (487) | 387,954 | ||||||||||||||||
General and administrative | 20,626 | 13,624 | 5,394 | 61,943 | 10,429 | 112,016 | 258 | 112,274 | ||||||||||||||||
Acquisition and investment pursuit costs | 915 | 51 | — | (387) | — | 579 | — | 579 | ||||||||||||||||
Costs of rental operations | 1,525 | — | 70,846 | 19,503 | — | 91,874 | — | 91,874 | ||||||||||||||||
Depreciation and amortization | 695 | 15 | 70,078 | 15,287 | — | 86,075 | — | 86,075 | ||||||||||||||||
Loan loss provision, net | 2,046 | 1,196 | — | — | — | 3,242 | — | 3,242 | ||||||||||||||||
Other expense | 230 | — | 1,353 | 194 | — | 1,777 | — | 1,777 | ||||||||||||||||
Total costs and expenses | 199,176 | 64,143 | 204,813 | 121,746 | 170,231 | 760,109 | (107) | 760,002 | ||||||||||||||||
Other income (loss): | ||||||||||||||||||||||||
Change in net assets related to consolidated VIEs | — | — | — | — | — | — | 164,761 | 164,761 | ||||||||||||||||
Change in fair value of servicing rights | — | — | — | (1,617) | — | (1,617) | (691) | (2,308) | ||||||||||||||||
Change in fair value of investment securities, net | (2,945) | — | — | 56,431 | — | 53,486 | (52,491) | 995 | ||||||||||||||||
Change in fair value of mortgage loans held-for-sale, net | 16,837 | — | — | 48,841 | — | 65,678 | — | 65,678 | ||||||||||||||||
Earnings (loss) from unconsolidated entities | 8,576 | — | (42,538) | 3,601 | — | (30,361) | (1,275) | (31,636) | ||||||||||||||||
Gain on sale of investments and other assets, net | 3,476 | 3,041 | — | 21,640 | — | 28,157 | — | 28,157 | ||||||||||||||||
Gain (loss) on derivative financial instruments, net | 12,024 | (3,337) | (3,957) | (16,761) | 31,725 | 19,694 | — | 19,694 | ||||||||||||||||
Foreign currency loss, net | (17,025) | (102) | (7) | — | — | (17,134) | — | (17,134) | ||||||||||||||||
Loss on extinguishment of debt | (857) | (8,221) | — | (194) | (1,466) | (10,738) | — | (10,738) | ||||||||||||||||
Other loss, net | — | (50) | — | — | (73) | (123) | — | (123) | ||||||||||||||||
Total other income (loss) | 20,086 | (8,669) | (46,502) | 111,941 | 30,186 | 107,042 | 110,304 | 217,346 | ||||||||||||||||
Income (loss) before income taxes | 347,328 | 5,452 | (35,926) | 190,175 | (140,019) | 367,010 | 325 | 367,335 | ||||||||||||||||
Income tax (provision) benefit | (4,778) | 746 | (258) | (4,090) | — | (8,380) | — | (8,380) | ||||||||||||||||
Net income (loss) | 342,550 | 6,198 | (36,184) | 186,085 | (140,019) | 358,630 | 325 | 358,955 | ||||||||||||||||
Net income attributable to non-controlling interests | (392) | — | (16,322) | (4,121) | — | (20,835) | (325) | (21,160) | ||||||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 342,158 | $ | 6,198 | $ | (52,506) | $ | 181,964 | $ | (140,019) | $ | 337,795 | $ | — | $ | 337,795 | ||||||||
Reconciliation of Net Income to Core Earnings | ||||||||||||||||||
Commercial and Residential Lending Segment |
Infrastructure Lending Segment |
Property Segment |
Investing and Servicing Segment |
Corporate |
Total | |||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 342,158 | $ | 6,198 | $ | (52,506) | $ | 181,964 | $ | (140,019) | $ | 337,795 | ||||||
Add / (Deduct): | ||||||||||||||||||
Non-controlling interests attributable to Woodstar II Class A Units | — | — | 16,322 | — | — | 16,322 | ||||||||||||
Non-cash equity compensation expense | 2,757 | 1,691 | 229 | 4,817 | 16,909 | 26,403 | ||||||||||||
Management incentive fee | — | — | — | — | 2,048 | 2,048 | ||||||||||||
Acquisition and investment pursuit costs | (56) | 2 | (266) | (451) | (356) | (1,127) | ||||||||||||
Depreciation and amortization | 695 | 15 | 71,067 | 14,181 | — | 85,958 | ||||||||||||
Loan loss provision, net | 2,046 | 1,196 | — | — | — | 3,242 | ||||||||||||
Interest income adjustment for securities | (585) | — | — | 14,698 | — | 14,113 | ||||||||||||
Extinguishment of debt, net | — | — | — | — | (1,704) | (1,704) | ||||||||||||
Other non-cash items | — | — | (565) | 699 | 470 | 604 | ||||||||||||
Reversal of GAAP unrealized (gains) / losses on: | ||||||||||||||||||
Loans held-for-sale | (16,837) | — | — | (48,841) | — | (65,678) | ||||||||||||
Securities | 2,945 | — | — | (56,431) | — | (53,486) | ||||||||||||
Derivatives | (11,763) | 3,337 | 8,457 | 16,841 | (32,915) | (16,043) | ||||||||||||
Foreign currency | 17,025 | 102 | 7 | — | — | 17,134 | ||||||||||||
(Earnings) loss from unconsolidated entities | (8,576) | — | 42,538 | (3,601) | — | 30,361 | ||||||||||||
Recognition of Core realized gains / (losses) on: | ||||||||||||||||||
Loans held-for-sale | 7,180 | (985) | — | 49,719 | — | 55,914 | ||||||||||||
Securities | 970 | — | — | 11,702 | — | 12,672 | ||||||||||||
Derivatives | 1,800 | (1,396) | 2,257 | (17,114) | — | (14,453) | ||||||||||||
Foreign currency | (4,725) | (998) | (7) | 9 | — | (5,721) | ||||||||||||
Earnings (loss) from unconsolidated entities | 7,078 | — | (68,905) | 14,194 | — | (47,633) | ||||||||||||
Sales of properties | — | — | — | (7,297) | — | (7,297) | ||||||||||||
Core Earnings (Loss) | $ | 342,112 | $ | 9,162 | $ | 18,628 | $ | 175,089 | $ | (155,567) | $ | 389,424 | ||||||
Core Earnings (Loss) per Weighted Average Diluted Share | $ | 1.17 | $ | 0.03 | $ | 0.06 | $ | 0.60 | $ | (0.53) | $ | 1.33 | ||||||
Starwood Property Trust, Inc. and Subsidiaries | ||||||||||||||||||||||||
Commercial and Residential Lending Segment |
Infrastructure Lending Segment |
Property Segment |
Investing and Servicing Segment |
Corporate |
Subtotal |
Securitization VIEs |
Total | |||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 64,343 | $ | 6,404 | $ | 35,940 | $ | 46,872 | $ | 129,369 | $ | 282,928 | $ | 1,189 | $ | 284,117 | ||||||||
Restricted cash | 36,771 | 33,366 | 21,186 | 19,218 | — | 110,541 | — | 110,541 | ||||||||||||||||
Loans held-for-investment, net | 7,636,475 | 1,281,815 | — | 1,363 | — | 8,919,653 | — | 8,919,653 | ||||||||||||||||
Loans held-for-sale | 809,604 | 163,932 | — | 468,583 | — | 1,442,119 | — | 1,442,119 | ||||||||||||||||
Investment securities | 938,300 | 54,048 | — | 1,009,249 | — | 2,001,597 | (1,192,460) | 809,137 | ||||||||||||||||
Properties, net | 26,902 | — | 2,441,480 | 261,156 | — | 2,729,538 | — | 2,729,538 | ||||||||||||||||
Intangible assets | — | — | 75,965 | 68,748 | — | 144,713 | (24,766) | 119,947 | ||||||||||||||||
Investment in unconsolidated entities | 42,518 | — | 71,824 | 33,246 | — | 147,588 | (21,473) | 126,115 | ||||||||||||||||
Goodwill | — | 119,409 | — | 140,437 | — | 259,846 | — | 259,846 | ||||||||||||||||
Derivative assets | 37,507 | 652 | 21,994 | 603 | 20,727 | 81,483 | — | 81,483 | ||||||||||||||||
Accrued interest receivable | 43,747 | 4,015 | 245 | 1,321 | 3,125 | 52,453 | (676) | 51,777 | ||||||||||||||||
Other assets | 98,664 | 5,978 | 72,932 | 64,068 | 9,129 | 250,771 | 2 | 250,773 | ||||||||||||||||
VIE assets, at fair value | — | — | — | — | — | — | 59,249,054 | 59,249,054 | ||||||||||||||||
Total Assets | $ | 9,734,831 | $ | 1,669,619 | $ | 2,741,566 | $ | 2,114,864 | $ | 162,350 | $ | 16,423,230 | $ | 58,010,870 | $ | 74,434,100 | ||||||||
Liabilities and Equity | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 25,836 | $ | 15,719 | $ | 69,550 | $ | 72,055 | $ | 50,868 | $ | 234,028 | $ | 92 | $ | 234,120 | ||||||||
Related-party payable | — | — | — | 44 | 24,442 | 24,486 | — | 24,486 | ||||||||||||||||
Dividends payable | — | — | — | — | 137,273 | 137,273 | — | 137,273 | ||||||||||||||||
Derivative liabilities | 2,336 | 904 | — | 1,541 | — | 4,781 | — | 4,781 | ||||||||||||||||
Secured financing agreements, net | 4,061,849 | 1,168,166 | 1,868,416 | 771,618 | 391,989 | 8,262,038 | (13,950) | 8,248,088 | ||||||||||||||||
Collateralized loan obligations, net | 927,436 | — | — | — | — | 927,436 | — | 927,436 | ||||||||||||||||
Unsecured senior notes, net | — | — | — | — | 1,926,693 | 1,926,693 | — | 1,926,693 | ||||||||||||||||
VIE liabilities, at fair value | — | — | — | — | — | — | 58,018,209 | 58,018,209 | ||||||||||||||||
Total Liabilities | 5,017,457 | 1,184,789 | 1,937,966 | 845,258 | 2,531,265 | 11,516,735 | 58,004,351 | 69,521,086 | ||||||||||||||||
Equity: | ||||||||||||||||||||||||
Starwood Property Trust, Inc. Stockholders' Equity: | ||||||||||||||||||||||||
Common stock | — | — | — | — | 2,871 | 2,871 | — | 2,871 | ||||||||||||||||
Additional paid-in capital | 1,307,064 | 481,206 | 609,241 | 156,094 | 2,568,066 | 5,121,671 | — | 5,121,671 | ||||||||||||||||
Treasury stock | — | — | — | — | (104,194) | (104,194) | — | (104,194) | ||||||||||||||||
Accumulated other comprehensive income (loss) | 52,471 | — | (30) | (64) | — | 52,377 | — | 52,377 | ||||||||||||||||
Retained earnings (accumulated deficit) | 3,357,839 | 3,624 | (38,936) | 1,095,602 | (4,835,658) | (417,529) | — | (417,529) | ||||||||||||||||
Total Starwood Property Trust, Inc. Stockholders' Equity | 4,717,374 | 484,830 | 570,275 | 1,251,632 | (2,368,915) | 4,655,196 | — | 4,655,196 | ||||||||||||||||
Non-controlling interests in consolidated subsidiaries | — | — | 233,325 | 17,974 | — | 251,299 | 6,519 | 257,818 | ||||||||||||||||
Total Equity | 4,717,374 | 484,830 | 803,600 | 1,269,606 | (2,368,915) | 4,906,495 | 6,519 | 4,913,014 | ||||||||||||||||
Total Liabilities and Equity | $ | 9,734,831 | $ | 1,669,619 | $ | 2,741,566 | $ | 2,114,864 | $ | 162,350 | $ | 16,423,230 | $ | 58,010,870 | $ | 74,434,100 | ||||||||
SOURCE Starwood Property Trust, Inc.
Share this article