Zachary Tanenbaum
Commercial and Residential Lending Segment |
Infrastructure Lending Segment |
Property Segment |
Investing and Servicing Segment | Corporate | Subtotal |
Securitization VIEs | Total | |||||||||
Revenues: | ||||||||||||||||
Interest income from loans | $ | 189,723 | $ | 23,512 | $ | - | $ | 3,957 | $ | - | $ | 217,192 | $ | - | $ | 217,192 |
Interest income from investment securities | 15,971 | 531 | - | 25,023 | - | 41,525 | (29,312) | 12,213 | ||||||||
Servicing fees | 120 | - | - | 14,628 | - | 14,748 | (5,748) | 9,000 | ||||||||
Rental income | 1,370 | - | 37,653 | 8,839 | - | 47,862 | - | 47,862 | ||||||||
Other revenues | 71 | 65 | 60 | 3,246 | - | 3,442 | (4) | 3,438 | ||||||||
Total revenues | 207,255 | 24,108 | 37,713 | 55,693 | - | 324,769 | (35,064) | 289,705 | ||||||||
Costs and expenses: | ||||||||||||||||
Management fees | 47 | - | - | - | 76,010 | 76,057 | 3 | 76,060 | ||||||||
Interest expense | 61,636 | 9,755 | 10,273 | 5,653 | 29,432 | 116,749 | (220) | 116,529 | ||||||||
General and administrative | 11,078 | 4,276 | 5,103 | 23,697 | 4,300 | 48,454 | 83 | 48,537 | ||||||||
Acquisition and investment pursuit costs | 371 | 1 | (60) | 66 | - | 378 | - | 378 | ||||||||
Costs of rental operations | 421 | - | 15,674 | 4,580 | - | 20,675 | - | 20,675 | ||||||||
Depreciation and amortization | 313 | 101 | 11,950 | 3,645 | - | 16,009 | - | 16,009 | ||||||||
Credit loss provision, net | 9,397 | 11,301 | - | - | - | 20,698 | - | 20,698 | ||||||||
Other expense | - | - | - | - | - | - | - | - | ||||||||
Total costs and expenses | 83,263 | 25,434 | 42,940 | 37,641 | 109,742 | 299,020 | (134) | 298,886 | ||||||||
Other income (loss): | ||||||||||||||||
Change in net assets related to consolidated VIEs | - | - | - | - | - | - | 82,030 | 82,030 | ||||||||
Change in fair value of servicing rights | - | - | - | 3,524 | - | 3,524 | (2,686) | 838 | ||||||||
Change in fair value of investment securities, net | 11,857 | - | - | 30,766 | - | 42,623 | (43,913) | (1,290) | ||||||||
Change in fair value of mortgage loans, net | (10,243) | - | - | 11,177 | - | 934 | - | 934 | ||||||||
Income from affordable housing fund investments | - | - | 6,425 | - | - | 6,425 | - | 6,425 | ||||||||
Earnings (loss) from unconsolidated entities | 1,569 | 1,085 | - | 580 | - | 3,234 | (484) | 2,750 | ||||||||
(Loss) gain on sale of investments and other assets, net | (43) | 162 | - | 12,488 | - | 12,607 | - | 12,607 | ||||||||
Gain (loss) on derivative financial instruments, net | 13,997 | 370 | 6,121 | 744 | (4,661) | 16,571 | - | 16,571 | ||||||||
Foreign currency (loss) gain, net | (346) | 96 | 16 | (1) | - | (235) | - | (235) | ||||||||
Loss on extinguishment of debt | - | - | (5,140) | (91) | - | (5,231) | - | (5,231) | ||||||||
Other (loss) income, net | (939) | - | - | 41 | - | (898) | - | (898) | ||||||||
Total other income (loss) | 15,852 | 1,713 | 7,422 | 59,228 | (4,661) | 79,554 | 34,947 | 114,501 | ||||||||
Income (loss) before income taxes | 139,844 | 387 | 2,195 | 77,280 | (114,403) | 105,303 | 17 | 105,320 | ||||||||
Income tax (provision) benefit | (2,087) | (32) | - | (173) | 1 | (2,291) | - | (2,291) | ||||||||
Net income (loss) | 137,757 | 355 | 2,195 | 77,107 | (114,402) | 103,012 | 17 | 103,029 | ||||||||
Net income attributable to non-controlling interests | (4) | - | (5,439) | (6,120) | - | (11,563) | (17) | (11,580) | ||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 137,753 | $ | 355 | $ | (3,244) | $ | 70,987 | $ | (114,402) | $ | 91,449 | $ | - | $ | 91,449 |
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. | 137,753 | 355 | (3,244) | 70,987 | (114,402) | 91,449 | ||||||
Add / (Deduct): | ||||||||||||
Non-controlling interests attributable to Woodstar II Class A Units | - | - | 4,691 | - | - | 4,691 | ||||||
Non-cash equity compensation expense | 1,783 | 1,054 | 55 | 950 | 6,086 | 9,928 | ||||||
Management incentive fee | - | - | - | - | 51,163 | 51,163 | ||||||
Acquisition and investment pursuit costs | (97) | - | (89) | (108) | - | (294) | ||||||
Depreciation and amortization | 253 | 91 | 12,021 | 3,779 | - | 16,144 | ||||||
Credit loss provision, net | 9,397 | 11,301 | - | - | - | 20,698 | ||||||
Interest income adjustment for securities | 895 | - | - | 5,896 | - | 6,791 | ||||||
Extinguishment of debt, net | - | - | - | - | (247) | (247) | ||||||
Other non-cash items | 2 | - | 110 | (2,020) | 2 | (1,906) | ||||||
Reversal of GAAP unrealized (gains) / losses on: | ||||||||||||
Loans | 10,243 | - | - | (11,177) | - | (934) | ||||||
Securities | (11,857) | - | - | (30,766) | - | (42,623) | ||||||
Woodstar Fund investments | - | - | (6,425) | - | - | (6,425) | ||||||
Derivatives | (16,690) | (429) | (7,927) | (1,514) | 7,095 | (19,465) | ||||||
Foreign currency | 346 | (96) | (16) | 1 | - | 235 | ||||||
(Earnings) loss from unconsolidated entities | (1,569) | (1,085) | - | (580) | - | (3,234) | ||||||
Sales of properties | - | - | - | (12,487) | - | (12,487) | ||||||
Recognition of Distributable realized gains / (losses) on: | ||||||||||||
Loans | 996 | - | - | 13,287 | - | 14,283 | ||||||
Realized credit loss | (7,050) | - | - | - | - | (7,050) | ||||||
Securities | (6,138) | - | - | (594) | - | (6,732) | ||||||
Woodstar Fund investments | - | - | 7,027 | - | - | 7,027 | ||||||
Sale of interest in Woodstar Fund | - | - | 196,410 | - | - | 196,410 | ||||||
Derivatives | 3,718 | 217 | (34) | 503 | - | 4,404 | ||||||
Foreign currency | 2,340 | (91) | 16 | (1) | - | 2,264 | ||||||
Earnings (loss) from unconsolidated entities | 1,888 | 1,085 | - | 455 | - | 3,428 | ||||||
Sales of properties | - | - | - | 7,508 | - | 7,508 | ||||||
Distributable Earnings (Loss) | $ | 126,213 | $ | 12,402 | $ | 202,595 | $ | 44,119 | $ | (50,303) | $ | 335,026 |
Distributable Earnings (Loss) per Weighted Average Diluted Share | $ | 0.41 | $ | 0.04 | $ | 0.67 | $ | 0.15 | $ | (0.17) | $ | 1.10 |
Commercial and Residential Lending Segment |
Infrastructure Lending Segment |
Property Segment |
Investing and Servicing Segment | Corporate | Subtotal |
Securitization VIEs | Total | |||||||||
Revenues: | ||||||||||||||||
Interest income from loans | $ | 705,499 | $ | 85,057 | $ | - | $ | 9,735 | $ | - | $ | 800,291 | $ | - | $ | 800,291 |
Interest income from investment securities | 67,589 | 2,190 | - | 96,771 | - | 166,550 | (121,382) | 45,168 | ||||||||
Servicing fees | 453 | - | - | 58,896 | - | 59,349 | (20,610) | 38,739 | ||||||||
Rental income | 5,486 | - | 234,840 | 38,505 | - | 278,831 | - | 278,831 | ||||||||
Other revenues | 294 | 293 | 198 | 6,278 | - | 7,063 | (4) | 7,059 | ||||||||
Total revenues | 779,321 | 87,540 | 235,038 | 210,185 | - | 1,312,084 | (141,996) | 1,170,088 | ||||||||
Costs and expenses: | ||||||||||||||||
Management fees | 948 | - | - | (793) | 167,594 | 167,749 | 24 | 167,773 | ||||||||
Interest expense | 206,353 | 37,671 | 59,970 | 22,543 | 119,402 | 445,939 | (852) | 445,087 | ||||||||
General and administrative | 42,000 | 14,557 | 8,067 | 88,879 | 17,472 | 170,975 | 327 | 171,302 | ||||||||
Acquisition and investment pursuit costs | 893 | 250 | (60) | 101 | - | 1,184 | - | 1,184 | ||||||||
Costs of rental operations | 1,769 | - | 92,190 | 17,708 | - | 111,667 | - | 111,667 | ||||||||
Depreciation and amortization | 1,243 | 402 | 65,833 | 15,523 | - | 83,001 | - | 83,001 | ||||||||
Credit loss (reversal) provision, net | (3,560) | 11,895 | - | - | - | 8,335 | - | 8,335 | ||||||||
Other expense | 31 | - | 583 | 94 | - | 708 | - | 708 | ||||||||
Total costs and expenses | 249,677 | 64,775 | 226,583 | 144,055 | 304,468 | 989,558 | (501) | 989,057 | ||||||||
Other income (loss): | ||||||||||||||||
Change in net assets related to consolidated VIEs | - | - | - | - | - | - | 162,333 | 162,333 | ||||||||
Change in fair value of servicing rights | - | - | - | 4,319 | - | 4,319 | (741) | 3,578 | ||||||||
Change in fair value of investment securities, net | (8,277) | - | - | 28,221 | - | 19,944 | (20,331) | (387) | ||||||||
Change in fair value of mortgage loans, net | 13,836 | - | - | 55,214 | - | 69,050 | - | 69,050 | ||||||||
Income from affordable housing fund investments | - | - | 6,425 | - | - | 6,425 | - | 6,425 | ||||||||
Earnings (loss) from unconsolidated entities | 6,984 | 1,160 | - | 815 | - | 8,959 | (207) | 8,752 | ||||||||
Gain on sale of investments and other assets, net | 16,584 | 189 | - | 22,211 | - | 38,984 | - | 38,984 | ||||||||
Gain (loss) on derivative financial instruments, net | 73,209 | 1,253 | 10,155 | 8,288 | (10,542) | 82,363 | - | 82,363 | ||||||||
Foreign currency loss, net | (36,045) | (183) | - | (64) | - | (36,292) | - | (36,292) | ||||||||
Loss on extinguishment of debt | (289) | (1,264) | (5,281) | (113) | (481) | (7,428) | - | (7,428) | ||||||||
Other (loss) income, net | (7,407) | 23 | - | 70 | - | (7,314) | - | (7,314) | ||||||||
Total other income (loss) | 58,595 | 1,178 | 11,299 | 118,961 | (11,023) | 179,010 | 141,054 | 320,064 | ||||||||
Income (loss) before income taxes | 588,239 | 23,943 | 19,754 | 185,091 | (315,491) | 501,536 | (441) | 501,095 | ||||||||
Income tax (provision) benefit | (1,201) | 306 | - | (7,775) | 1 | (8,669) | - | (8,669) | ||||||||
Net income (loss) | 587,038 | 24,249 | 19,754 | 177,316 | (315,490) | 492,867 | (441) | 492,426 | ||||||||
Net (income) loss attributable to non-controlling interests | (14) | - | (20,121) | (24,993) | - | (45,128) | 441 | (44,687) | ||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 587,024 | $ | 24,249 | $ | (367) | $ | 152,323 | $ | (315,490) | $ | 447,739 | $ | - | $ | 447,739 |
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. | 587,024 | 24,249 | (367) | 152,323 | (315,490) | 447,739 | ||||||
Add / (Deduct): | ||||||||||||
Non-controlling interests attributable to Woodstar II Class A Units | - | - | 19,373 | - | - | 19,373 | ||||||
Non-cash equity compensation expense | 7,210 | 2,217 | 197 | 4,129 | 25,534 | 39,287 | ||||||
Management incentive fee | - | - | - | - | 70,270 | 70,270 | ||||||
Acquisition and investment pursuit costs | (555) | - | (355) | (166) | - | (1,076) | ||||||
Depreciation and amortization | 1,003 | 363 | 66,101 | 15,078 | - | 82,545 | ||||||
Credit loss (reversal) provision, net | (3,560) | 11,895 | - | - | - | 8,335 | ||||||
Interest income adjustment for securities | (1,437) | - | - | 17,301 | - | 15,864 | ||||||
Extinguishment of debt, net | - | - | - | - | (986) | (986) | ||||||
Income tax (provision) benefit associated with realized (gains) losses | (6,495) | - | - | 405 | - | (6,090) | ||||||
Other non-cash items | 14 | - | (771) | (1,435) | 415 | (1,777) | ||||||
Reversal of GAAP unrealized (gains) / losses on: | ||||||||||||
Loans | (13,836) | - | - | (55,214) | - | (69,050) | ||||||
Securities | 8,277 | - | - | (28,221) | - | (19,944) | ||||||
Woodstar Fund investments | - | - | (6,425) | - | - | (6,425) | ||||||
Derivatives | (80,740) | (1,497) | (17,269) | (10,966) | 20,346 | (90,126) | ||||||
Foreign currency | 36,045 | 183 | - | 64 | - | 36,292 | ||||||
(Earnings) loss from unconsolidated entities | (6,984) | (1,160) | - | (815) | - | (8,959) | ||||||
Sales of properties | (17,693) | - | - | (22,210) | - | (39,903) | ||||||
Recognition of Distributable realized gains / (losses) on: | ||||||||||||
Loans | 45,621 | - | - | 57,723 | - | 103,344 | ||||||
Realized credit loss | (14,807) | - | - | - | - | (14,807) | ||||||
Securities | (38,180) | - | - | 2,045 | - | (36,135) | ||||||
Woodstar Fund investments | - | - | 7,027 | - | - | 7,027 | ||||||
Sale of interest in Woodstar Fund | - | - | 196,410 | - | - | 196,410 | ||||||
Derivatives | 9,251 | 217 | (138) | 5,563 | - | 14,893 | ||||||
Foreign currency | 12,471 | (145) | - | (64) | - | 12,262 | ||||||
Earnings (loss) from unconsolidated entities | 11,356 | 1,160 | - | 2,456 | - | 14,972 | ||||||
Sales of properties | 8,298 | - | 12,483 | - | 20,781 | |||||||
Distributable Earnings (Loss) | $ | 542,283 | $ | 37,482 | $ | 263,783 | $ | 150,479 | $ | (199,911) | $ | 794,116 |
Distributable Earnings (Loss) per Weighted Average Diluted Share | $ | 1.80 | $ | 0.12 | $ | 0.87 | $ | 0.50 | $ | (0.66) | $ | 2.63 |
Commercial and Residential Lending Segment |
Infrastructure Lending Segment |
Property Segment |
Investing and Servicing Segment | Corporate | Subtotal |
Securitization VIEs | Total | |||||||||
Assets: | ||||||||||||||||
Cash and cash equivalents | $ | 65,064 | $ | 17,011 | $ | 14,136 | $ | 26,700 | $ | 93,861 | $ | 216,772 | $ | 590 | $ | 217,362 |
Restricted cash | 39,853 | 43,408 | 954 | 20,337 | - | 104,552 | - | 104,552 | ||||||||
Loans held-for-investment, net | 13,499,520 | 2,027,426 | - | 9,903 | - | 15,536,849 | - | 15,536,849 | ||||||||
Loans held-for-sale | 2,590,005 | - | - | 286,795 | - | 2,876,800 | - | 2,876,800 | ||||||||
Investment securities | 1,155,452 | 31,923 | - | 1,165,395 | - | 2,352,770 | (1,491,786) | 860,984 | ||||||||
Properties, net | 124,503 | - | 887,553 | 154,331 | - | 1,166,387 | - | 1,166,387 | ||||||||
Investments of consolidated affordable housing fund | - | - | 1,040,309 | - | - | 1,040,309 | - | 1,040,309 | ||||||||
Investments in unconsolidated entities | 44,938 | 26,255 | - | 34,160 | - | 105,353 | (15,256) | 90,097 | ||||||||
Goodwill | - | 119,409 | - | 140,437 | - | 259,846 | - | 259,846 | ||||||||
Intangible assets | - | - | 34,619 | 71,064 | - | 105,683 | (42,119) | 63,564 | ||||||||
Derivative assets | 34,265 | 128 | 8 | 391 | 13,424 | 48,216 | - | 48,216 | ||||||||
Accrued interest receivable | 106,251 | 3,207 | - | 947 | 5,988 | 116,393 | (131) | 116,262 | ||||||||
Other assets | 68,908 | 14,265 | 43,420 | 40,395 | 21,800 | 188,788 | (162) | 188,626 | ||||||||
VIE assets, at fair value | - | - | - | - | - | - | 61,280,543 | 61,280,543 | ||||||||
Total Assets | $ | 17,728,759 | $ | 2,283,032 | $ | 2,020,999 | $ | 1,950,855 | $ | 135,073 | $ | 24,118,718 | $ | 59,731,679 | $ | 83,850,397 |
Liabilities and Equity | ||||||||||||||||
Liabilities: | ||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 57,267 | $ | 8,917 | $ | 14,757 | $ | 58,920 | $ | 49,779 | $ | 189,640 | $ | 56 | $ | 189,696 |
Related-party payable | - | - | - | - | 76,371 | 76,371 | - | 76,371 | ||||||||
Dividends payable | - | - | - | - | 147,624 | 147,624 | - | 147,624 | ||||||||
Derivative liabilities | 12,870 | 260 | - | 291 | - | 13,421 | - | 13,421 | ||||||||
Secured financing agreements, net | 9,097,985 | 1,225,548 | 787,396 | 714,237 | 773,244 | 12,598,410 | (21,560) | 12,576,850 | ||||||||
Collateralized loan obligations and single asset securitization, net | 2,210,798 | 405,318 | - | - | - | 2,616,116 | - | 2,616,116 | ||||||||
Unsecured senior notes, net | - | - | - | - | 1,828,590 | 1,828,590 | - | 1,828,590 | ||||||||
VIE liabilities, at fair value | - | - | - | - | - | - | 59,752,922 | 59,752,922 | ||||||||
Total Liabilities | 11,378,920 | 1,640,043 | 802,153 | 773,448 | 2,875,608 | 17,470,172 | 59,731,418 | 77,201,590 | ||||||||
Temporary Equity: Redeemable non-controlling interests
| - | - | 214,915 | - | - | 214,915 | - | 214,915 | ||||||||
Permanent Equity: | ||||||||||||||||
Starwood Property Trust, Inc. Stockholders' Equity: | ||||||||||||||||
Common stock | - | - | - | - | 3,123 | 3,123 | - | 3,123 | ||||||||
Additional paid-in capital | 1,735,397 | 600,412 | (365,922) | (388,196) | 4,091,685 | 5,673,376 | - | 5,673,376 | ||||||||
Treasury stock | - | - | - | - | (138,022) | (138,022) | - | (138,022) | ||||||||
Accumulated other comprehensive income | 40,953 | - | - | - | - | 40,953 | - | 40,953 | ||||||||
Retained earnings (accumulated deficit) | 4,573,374 | 42,577 | 1,161,334 | 1,413,142 | (6,697,321) | 493,106 | - | 493,106 | ||||||||
Total Starwood Property Trust, Inc. Stockholders' Equity | 6,349,724 | 642,989 | 795,412 | 1,024,946 | (2,740,535) | 6,072,536 | - | 6,072,536 | ||||||||
Non-controlling interests in consolidated subsidiaries | 115 | - | 208,519 | 152,461 | - | 361,095 | 261 | 361,356 | ||||||||
Total Permanent Equity | 6,349,839 | 642,989 | 1,003,931 | 1,177,407 | (2,740,535) | 6,433,631 | 261 | 6,433,892 | ||||||||
Total Liabilities and Equity | $ | 17,728,759 | $ | 2,283,032 | $ | 2,020,999 | $ | 1,950,855 | $ | 135,073 | $ | 24,118,718 | $ | 59,731,679 | $ | 83,850,397 |
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Starwood Property Trust Inc. published this content on 25 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2022 12:32:41 UTC.