0001558370-19-004355.txt : 20190508 0001558370-19-004355.hdr.sgml : 20190508 20190508070038 ACCESSION NUMBER: 0001558370-19-004355 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20190508 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190508 DATE AS OF CHANGE: 20190508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STARWOOD PROPERTY TRUST, INC. CENTRAL INDEX KEY: 0001465128 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 270247747 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34436 FILM NUMBER: 19805113 BUSINESS ADDRESS: STREET 1: C/O STARWOOD CAPITAL GROUP STREET 2: 591 WEST PUTNAM AVENUE CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: (203) 422-7700 MAIL ADDRESS: STREET 1: C/O STARWOOD CAPITAL GROUP STREET 2: 591 WEST PUTNAM AVENUE CITY: GREENWICH STATE: CT ZIP: 06830 8-K 1 f8-k.htm 8-K stwd_Current folio_8K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549 

FORM 8-K

 

CURRENT REPORT


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

 

Date of Report (Date of earliest event reported): May 8, 2019

 

Starwood Property Trust, Inc.

(Exact name of registrant as specified in its charter)

 

Maryland
(State or other jurisdiction
of incorporation)

 

001-34436
(Commission
File Number)

 

27-0247747
(IRS Employer
Identification No.)

 

 

591 West Putnam Avenue

Greenwich, CT 

 

06830

(Address of principal

 

(Zip Code)

executive offices)

 

 

Registrant’s telephone number,
including area code:
(203) 422-7700

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.01 par value per share

STWD

New York Stock Exchange

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On May 8, 2019, Starwood Property Trust, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2019. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

 

Item 9.01.  Financial Statements and Exhibits.

 

(d)Exhibits

 

 

 

 

Exhibit

Number

 

Description

 

 

99.1

Press Release, dated May 8, 2019

 

2

 

 

EXHIBIT INDEX

 

 

 

Exhibit
Number

Description

 

 

99.1

Press Release, dated May 8, 2019

 

3

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: May 8, 2019

STARWOOD PROPERTY TRUST, INC.

 

 

 

By:

/s/ ANDREW J. SOSSEN

 

Name:

Andrew J. Sossen

 

Title:

Chief Operating Officer

 

4

 

EX-99.1 2 ex-99d1.htm EX-99.1 stwd_Current folio_Press Release

Exhibit 99.1

C:\Users\105621\Desktop\Starwood_Logo.jpg

For Immediate Release

Starwood Property Trust Reports Results for the

Quarter Ended March 31, 2019

—    Deploys $2.0 Billion of Capital, Including $1.0 Billion in Commercial Lending –

 

—    Declares Dividend of $0.48 per share for the Second Quarter of 2019 –

 

GREENWICH, Conn., May 8, 2019 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended March 31, 2019.  The Company’s first quarter 2019 GAAP net income was $70.4 million, or $0.25 per diluted share, and Core Earnings was $82.9 million, or $0.28 per diluted share. These amounts reflect a write down of the Company’s interest in a regional mall portfolio of $44.9 million and $68.9 million for GAAP and Core Earnings, respectively, or $0.16 and $0.24 per diluted share, respectively.

“Our multi-cylinder platform continues to generate consistent returns, led by our commercial lending business, which deployed $1.0 billion of capital during the quarter.  We are also proud of the performance of our owned property portfolio, marked by 98% occupancy and stable and growing double-digit cash returns on invested capital.  We believe this portfolio on an undepreciated basis has over $500 million in unrealized gains,” commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

“We continue to source attractive and high credit quality investments across our businesses, with our commercial lending portfolio growing to $8.2 billion and our asset base growing to $16.7 billion, both record highs. With low leverage, ample capacity and the ability to monetize appreciated assets, our balance sheet and access to capital remain strong. We believe we are well-positioned to execute on our long-term business plan, regardless of interest rate environment, by prudently allocating capital across our multiple cylinders to generate attractive and sustainable risk adjusted returns for our shareholders.” 

Dividend

On May 8, 2019, the Company’s Board of Directors declared a dividend of $0.48 per share of common stock for the quarter ending June 30, 2019. The dividend is payable on July 15, 2019 to common stockholders of record as of June 28, 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 Wednesday, May 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 ten 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:  13689755

The playback can be accessed through May 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 $53 billion of capital since inception and manages a portfolio in excess 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, 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: ztanenbaum@starwood.com

 

2

 

 

 

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the three months ended March 31, 2019

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

Infrastructure

 

 

 

Investing

 

 

 

 

 

 

 

 

 

 

Lending

 

Lending

 

Property

 

and Servicing

 

 

 

 

 

Securitization

 

 

 

 

Segment

 

Segment

 

Segment

 

Segment

 

Corporate

 

Subtotal

 

VIEs

 

Total

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income from loans

  

$

154,595

  

$

26,915

  

$

 —

  

$

1,906

  

$

 —

  

$

183,416

  

$

 —

  

$

183,416

Interest income from investment securities

 

 

19,908

  

 

885

 

 

 —

 

 

24,293

 

 

 —

 

 

45,086

 

 

(27,454)

 

 

17,632

Servicing fees

 

 

123

 

 

 —

 

 

 —

 

 

27,243

 

 

 —

 

 

27,366

 

 

(2,933)

 

 

24,433

Rental income

 

 

 —

 

 

 —

 

 

70,521

 

 

13,312

 

 

 —

 

 

83,833

 

 

 —

 

 

83,833

Other revenues

 

 

204

 

 

686

 

 

78

 

 

196

 

 

20

 

 

1,184

 

 

(18)

 

 

1,166

Total revenues 

 

 

174,830

 

 

28,486

 

 

70,599

 

 

66,950

 

 

20

 

 

340,885

 

 

(30,405)

 

 

310,480

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees

 

 

411

 

 

 —

 

 

 —

 

 

18

 

 

22,988

 

 

23,417

 

 

49

 

 

23,466

Interest expense

 

 

61,604

 

 

18,577

 

 

18,990

 

 

7,746

 

 

27,915

 

 

134,832

 

 

(160)

 

 

134,672

General and administrative

 

 

6,768

 

 

4,479

 

 

1,518

 

 

18,851

 

 

3,226

 

 

34,842

 

 

88

 

 

34,930

Acquisition and investment pursuit costs

 

 

249

 

 

16

 

 

 —

 

 

77

 

 

 —

 

 

342

 

 

 —

 

 

342

Costs of rental operations

 

 

19

 

 

 —

 

 

22,937

 

 

6,695

 

 

 —

 

 

29,651

 

 

 —

 

 

29,651

Depreciation and amortization

 

 

71

 

 

 —

 

 

23,896

 

 

5,287

 

 

 —

 

 

29,254

 

 

 —

 

 

29,254

Loan loss provision, net

 

 

(11)

 

 

774

 

 

 —

 

 

 —

 

 

 —

 

 

763

 

 

 —

 

 

763

Other expense

 

 

77

 

 

 —

 

 

134

 

 

 —

 

 

 —

 

 

211

 

 

 —

 

 

211

Total costs and expenses 

 

 

69,188

 

 

23,846

 

 

67,475

 

 

38,674

 

 

54,129

 

 

253,312

 

 

(23)

 

 

253,289

Other income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in net assets related to consolidated VIEs

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

47,836

 

 

47,836

Change in fair value of servicing rights

 

 

 —

 

 

 —

 

 

 —

 

 

(515)

 

 

 —

 

 

(515)

 

 

(252)

 

 

(767)

Change in fair value of investment securities, net

 

 

(1,694)

 

 

 —

 

 

 —

 

 

18,140

 

 

 —

 

 

16,446

 

 

(16,384)

 

 

62

Change in fair value of mortgage loans held-for-sale, net

 

 

1,386

 

 

 —

 

 

 —

 

 

9,880

 

 

 —

 

 

11,266

 

 

 —

 

 

11,266

Earnings (loss) from unconsolidated entities

 

 

577

 

 

 —

 

 

(43,805)

 

 

594

 

 

 —

 

 

(42,634)

 

 

(566)

 

 

(43,200)

Gain on sale of investments and other assets, net

 

 

2,755

 

 

790

 

 

 —

 

 

940

 

 

 —

 

 

4,485

 

 

 —

 

 

4,485

(Loss) gain on derivative financial instruments, net

 

 

(9,297)

 

 

(395)

 

 

1,290

 

 

(3,432)

 

 

9,627

 

 

(2,207)

 

 

 —

 

 

(2,207)

Foreign currency gain (loss), net

 

 

5,239

 

 

300

 

 

 9

 

 

(1)

 

 

 —

 

 

5,547

 

 

 —

 

 

5,547

(Loss) gain on extinguishment of debt

 

 

 —

 

 

(3,304)

 

 

 —

 

 

 —

 

 

 6

 

 

(3,298)

 

 

 —

 

 

(3,298)

Other loss, net

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(73)

 

 

(73)

 

 

 —

 

 

(73)

Total other income (loss)

 

 

(1,034)

 

 

(2,609)

 

 

(42,506)

 

 

25,606

 

 

9,560

 

 

(10,983)

 

 

30,634

 

 

19,651

Income (loss) before income taxes 

 

 

104,608

 

 

2,031

 

 

(39,382)

 

 

53,882

 

 

(44,549)

 

 

76,590

 

 

252

 

 

76,842

Income tax benefit (provision)

 

 

248

 

 

85

 

 

(258)

 

 

(409)

 

 

 —

 

 

(334)

 

 

 —

 

 

(334)

Net income (loss) 

 

 

104,856

 

 

2,116

 

 

(39,640)

 

 

53,473

 

 

(44,549)

 

 

76,256

 

 

252

 

 

76,508

Net (income) loss attributable to non-controlling interests

 

 

(371)

 

 

 —

 

 

(5,717)

 

 

215

 

 

 —

 

 

(5,873)

 

 

(252)

 

 

(6,125)

Net income (loss) attributable to Starwood Property Trust, Inc.  

 

$

104,485

 

$

2,116

 

$

(45,357)

 

$

53,688

 

$

(44,549)

 

$

70,383

 

$

 —

 

$

70,383

3

 

 

 

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

For the three months ended March 31, 2019

(Amounts in thousands except per share data) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Commercial and

   

 

    

 

    

 

    

 

    

 

 

 

Residential

 

Infrastructure

 

 

 

Investing

 

 

 

 

 

 

Lending

 

Lending

 

Property

 

and Servicing

 

 

 

 

 

 

Segment

 

Segment

 

Segment

 

Segment

 

Corporate

 

Total

Net income (loss) attributable to Starwood Property Trust, Inc.

 

$

104,485

 

$ 

2,116

 

$

(45,357)

 

$

53,688

 

$

(44,549)

 

$

70,383

Add / (Deduct):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlling interests attributable to Woodstar II Class A Units

 

 

 —

 

 

 —

 

 

5,717

 

 

 —

 

 

 —

 

 

5,717

Non-cash equity compensation expense

 

 

706

 

 

551

 

 

69

 

 

1,350

 

 

3,687

 

 

6,363

Management incentive fee

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

173

 

 

173

Acquisition and investment pursuit costs

 

 

(38)

 

 

 2

 

 

(89)

 

 

 —

 

 

 —

 

 

(125)

Depreciation and amortization

 

 

71

 

 

 —

 

 

24,211

 

 

4,915

 

 

 —

 

 

29,197

Loan loss provision, net

 

 

(11)

 

 

774

 

 

 —

 

 

 —

 

 

 —

 

 

763

Interest income adjustment for securities

 

 

(197)

 

 

 —

 

 

 —

 

 

5,972

 

 

 —

 

 

5,775

Extinguishment of debt, net

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(1,211)

 

 

(1,211)

Other non-cash items

 

 

 —

 

 

 —

 

 

(434)

 

 

137

 

 

168

 

 

(129)

Reversal of GAAP unrealized (gains) / losses on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held-for-sale

 

 

(1,386)

 

 

 —

 

 

 —

 

 

(9,880)

 

 

 —

 

 

(11,266)

Securities

 

 

1,694

 

 

 —

 

 

 —

 

 

(18,140)

 

 

 —

 

 

(16,446)

Derivatives

 

 

9,505

 

 

395

 

 

316

 

 

3,324

 

 

(10,144)

 

 

3,396

Foreign currency

 

 

(5,239)

 

 

(300)

 

 

(9)

 

 

 1

 

 

 —

 

 

(5,547)

Earnings from unconsolidated entities

 

 

(577)

 

 

 —

 

 

43,805

 

 

(594)

 

 

 —

 

 

42,634

Recognition of Core realized gains / (losses) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans held-for-sale

 

 

(653)

 

 

 —

 

 

 —

 

 

7,430

 

 

 —

 

 

6,777

Securities

 

 

 —

 

 

 —

 

 

 —

 

 

7,532

 

 

 —

 

 

7,532

Derivatives

 

 

87

 

 

768

 

 

367

 

 

(1,625)

 

 

 —

 

 

(403)

Foreign currency

 

 

391

 

 

(891)

 

 

 9

 

 

 8

 

 

 —

 

 

(483)

Earnings from unconsolidated entities

 

 

98

 

 

 —

 

 

(68,905)

 

 

8,733

 

 

 —

 

 

(60,074)

Sales of properties

 

 

 —

 

 

 —

 

 

 —

 

 

(76)

 

 

 —

 

 

(76)

Core Earnings (Loss)

 

$

108,936

 

$

3,415

 

$

(40,300)

 

$

62,775

 

$

(51,876)

 

$

82,950

Core Earnings (Loss) per Weighted Average Diluted Share

 

$

0.37

 

$

0.01

 

$

(0.14)

 

$

0.22

 

$

(0.18)

 

$

0.28

 

4

 

 

 

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet by Segment

As of March 31, 2019

(Amounts in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residential

 

Infrastructure

 

 

 

Investing

 

 

 

 

 

 

 

 

 

 

Lending

 

Lending

 

Property

 

and Servicing

 

 

 

 

 

Securitization

 

 

 

 

Segment

 

Segment

 

Segment

 

Segment

 

Corporate

 

Subtotal

 

VIEs

 

Total

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

13,206

 

$

58

 

$

36,107

 

$

47,225

 

$

295,463

 

$

392,059

 

$

20,211

 

$

412,270

Restricted cash

 

 

32,156

 

 

68,057

 

 

19,671

 

 

13,295

 

 

535

 

 

133,714

 

 

 —

 

 

133,714

Loans held-for-investment, net

 

 

7,513,130

 

 

1,450,097

 

 

 —

 

 

1,498

 

 

 —

 

 

8,964,725

 

 

 —

 

 

8,964,725

Loans held-for-sale

 

 

688,435

 

 

302,803

 

 

 —

 

 

153,252

 

 

 —

 

 

1,144,490

 

 

 —

 

 

1,144,490

Investment securities

 

 

1,061,011

 

 

59,610

 

 

 —

 

 

992,739

 

 

 —

 

 

2,113,360

 

 

(1,203,127)

 

 

910,233

Properties, net

 

 

8,937

 

 

 —

 

 

2,487,285

 

 

273,152

 

 

 —

 

 

2,769,374

 

 

 —

 

 

2,769,374

Intangible assets

 

 

 —

 

 

 —

 

 

85,356

 

 

75,806

 

 

 —

 

 

161,162

 

 

(24,327)

 

 

136,835

Investment in unconsolidated entities

 

 

35,351

 

 

 —

 

 

70,557

 

 

54,251

 

 

 —

 

 

160,159

 

 

(35,799)

 

 

124,360

Goodwill

 

 

 —

 

 

119,409

 

 

 —

 

 

140,437

 

 

 —

 

 

259,846

 

 

 —

 

 

259,846

Derivative assets

 

 

14,247

 

 

1,029

 

 

32,093

 

 

41

 

 

 —

 

 

47,410

 

 

 —

 

 

47,410

Accrued interest receivable

 

 

50,269

 

 

7,135

 

 

392

 

 

296

 

 

3,079

 

 

61,171

 

 

(857)

 

 

60,314

Other assets

 

 

11,259

 

 

72,720

 

 

65,898

 

 

75,348

 

 

1,944

 

 

227,169

 

 

(16)

 

 

227,153

VIE assets, at fair value

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

56,974,864

 

 

56,974,864

Total Assets

 

$

9,428,001

 

$

2,080,918

 

$

2,797,359

 

$

1,827,340

 

$

301,021

 

$

16,434,639

 

$

55,730,949

 

$

72,165,588

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other liabilities

 

$

29,302

 

$

6,788

 

$

63,644

 

$

71,675

 

$

21,628

 

$

193,037

 

$

106

 

$

193,143

Related-party payable

 

 

 1

 

 

 —

 

 

 —

 

 

 9

 

 

23,935

 

 

23,945

 

 

 —

 

 

23,945

Dividends payable

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

135,889

 

 

135,889

 

 

 —

 

 

135,889

Derivative liabilities

 

 

4,608

 

 

772

 

 

 —

 

 

2,739

 

 

2,044

 

 

10,163

 

 

 —

 

 

10,163

Secured financing agreements, net

 

 

5,010,958

 

 

1,410,124

 

 

1,876,514

 

 

653,078

 

 

298,186

 

 

9,248,860

 

 

(13,950)

 

 

9,234,910

Unsecured senior notes, net

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

1,922,795

 

 

1,922,795

 

 

 —

 

 

1,922,795

VIE liabilities, at fair value

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

55,727,776

 

 

55,727,776

Total Liabilities

 

 

5,044,869

 

 

1,417,684

 

 

1,940,158

 

 

727,501

 

 

2,404,477

 

 

11,534,689

 

 

55,713,932

 

 

67,248,621

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Starwood Property Trust, Inc. Stockholders’ Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

2,855

 

 

2,855

 

 

 —

 

 

2,855

Additional paid-in capital

 

 

1,199,646

 

 

663,692

 

 

631,392

 

 

118,760

 

 

2,466,683

 

 

5,080,173

 

 

 —

 

 

5,080,173

Treasury stock

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(104,194)

 

 

(104,194)

 

 

 —

 

 

(104,194)

Accumulated other comprehensive income (loss)

 

 

53,128

 

 

 —

 

 

2,734

 

 

(64)

 

 

 —

 

 

55,798

 

 

 —

 

 

55,798

Retained earnings (accumulated deficit)

 

 

3,120,166

 

 

(458)

 

 

(31,787)

 

 

967,326

 

 

(4,468,800)

 

 

(413,553)

 

 

 —

 

 

(413,553)

Total Starwood Property Trust, Inc. Stockholders’ Equity

 

 

4,372,940

 

 

663,234

 

 

602,339

 

 

1,086,022

 

 

(2,103,456)

 

 

4,621,079

 

 

 —

 

 

4,621,079

Non-controlling interests in consolidated subsidiaries

 

 

10,192

 

 

 —

 

 

254,862

 

 

13,817

 

 

 —

 

 

278,871

 

 

17,017

 

 

295,888

Total Equity

 

 

4,383,132

 

 

663,234

 

 

857,201

 

 

1,099,839

 

 

(2,103,456)

 

 

4,899,950

 

 

17,017

 

 

4,916,967

Total Liabilities and Equity

 

$

9,428,001

 

$

2,080,918

 

$

2,797,359

 

$

1,827,340

 

$

301,021

 

$

16,434,639

 

$

55,730,949

 

$

72,165,588

 

5

 

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