Exhibit 99.1
For Immediate Release
Starwood Property Trust Reports Results for the
Quarter Ended September 30, 2016
– Quarterly GAAP Earnings of $0.44 and Core Earnings of $0.59 per Diluted Common Share –
– Deploys $1.3 Billion of Capital During the Quarter –
– Declares Dividend of $0.48 per Share for the Fourth Quarter of 2016 –
– Commits to Acquire Medical Office Portfolio for $837.9 Million with Expected Close by Year-End –
GREENWICH, Conn., November 2, 2016 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended September 30, 2016. The Company’s third quarter 2016 GAAP net income was $105.8 million, or $0.44 per diluted share, and Core Earnings (a non-GAAP financial measure) was $141.1 million, or $0.59 per diluted share.
“Our results this quarter were driven by contributions from across our businesses, demonstrating the strength of our multi-cylinder platform,” stated Barry Sternlicht, Chairman and Chief Executive Officer of Starwood Property Trust. “We deployed over $1.3 billion of capital this quarter and $3.8 billion year-to-date through volatile market conditions. The credit quality of our $9.1 billion portfolio remains strong, with an LTV on our loan book of just 63%. Since our move into long duration equity assets, we have reviewed countless property investments. This quarter, we identified an investment that met our objectives of long-term stable and rising cash flows, with attractive current cash-on-cash yields. We are under contract to close this investment, an exceptionally high quality medical office portfolio consisting of 38 buildings throughout the U.S. The portfolio is positioned to benefit from growth in the medical sector, high industry-wide tenant retention rates, minimal new supply and favorable demographic trends. By adding a resilient income stream that extends the duration of our overall book, we continue to build a portfolio that can withstand various market cycles.”
Mr. Sternlicht continued, “We continue to utilize our global scale and the deep industry relationships of both Starwood Property Trust and its manager, Starwood Capital Group, to identify unique investment opportunities. In doing so, we have developed a portfolio of both debt and equity investments with attractive in-place cash flows, strong underlying fundamentals and moderate risk profiles, which continues to drive the best risk-adjusted returns for our shareholders.”
Dividend
On November 2, 2016, the Company’s Board of Directors declared a dividend of $0.48 per share of common stock for the quarter ending December 31, 2016. The dividend is payable on January 13, 2017 to common stockholders of record as of December 30, 2016.
Supplemental Schedules
Starting this quarter, all of the quarterly disclosure by business segment that was previously contained in the Company’s earnings press release can be found in the Company’s supplemental earnings schedules, which the Company has published in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders. Specifically, these materials can be found at the Company’s website in the Investor Relations section under “Financial Information” at www.starwoodpropertytrust.com.
Conference Call and Webcast Information
The Company will host a webcast and conference call on Wednesday, November 2, 2016 at 10:00 a.m. Eastern Time to discuss third quarter financial results and recent events. A webcast will be available on the Company’s website at www.starwoodpropertytrust.com. To listen to a live broadcast, access the site at least five minutes prior to the scheduled start time in order to register and download and install any necessary audio software.
To Participate in the Telephone Conference Call:
Dial in at least five minutes prior to start time.
Domestic: 1-888-891-7634
International: 1-719-325-2201
Conference Call Playback:
Domestic: 1-877-870-5176
International: 1-858-384-5517
Passcode: 8035266
The playback can be accessed through November 16, 2016.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is the largest commercial mortgage real estate investment trust in the United States. The Company’s core business focuses on originating, acquiring, financing and managing commercial mortgage loans and other commercial real estate debt and equity investments. Through its subsidiary LNR Property, LLC, Starwood Property Trust also operates as the largest commercial mortgage special servicer in the United States. With total capital deployed since inception of over $29 billion, Starwood Property Trust continues to solidify its position as one of the premier real estate finance companies in the country.
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. 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 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 from time to time in the Company's reports filed with the SEC.
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the three months ended September 30, 2016
(Amounts in thousands)
| | | | Investing | | | | | | | | Investing | | |
| | Lending | | and Servicing | | Property | | | | | | and Servicing | | |
| | Segment | | Segment | | Segment | | Corporate | | Subtotal | | VIEs | | Total |
Revenues: | | | | | | | | | | | | | | | | | | | | | |
Interest income from loans | | $ | 114,506 | | $ | 6,719 | | $ | — | | $ | — | | $ | 121,225 | | $ | — | | $ | 121,225 |
Interest income from investment securities | | | 13,301 | | | 35,274 | | | — | | | — | | | 48,575 | | | (29,400) | | | 19,175 |
Servicing fees | | | 195 | | | 37,678 | | | — | | | — | | | 37,873 | | | (14,955) | | | 22,918 |
Rental income | | | — | | | 10,516 | | | 29,226 | | | — | | | 39,742 | | | — | | | 39,742 |
Other revenues | | | 99 | | | 1,692 | | | 11 | | | — | | | 1,802 | | | (157) | | | 1,645 |
Total revenues | | | 128,101 | | | 91,879 | | | 29,237 | | | — | | | 249,217 | | | (44,512) | | | 204,705 |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | |
Management fees | | | 525 | | | 24 | | | — | | | 27,183 | | | 27,732 | | | 48 | | | 27,780 |
Interest expense | | | 22,678 | | | 4,877 | | | 5,536 | | | 26,181 | | | 59,272 | | | (190) | | | 59,082 |
General and administrative | | | 5,067 | | | 43,711 | | | 867 | | | 1,651 | | | 51,296 | | | 174 | | | 51,470 |
Acquisition and investment pursuit costs | | | 322 | | | 416 | | | 759 | | | 12 | | | 1,509 | | | — | | | 1,509 |
Costs of rental operations | | | — | | | 4,872 | | | 13,139 | | | — | | | 18,011 | | | — | | | 18,011 |
Depreciation and amortization | | | — | | | 4,482 | | | 10,870 | | | — | | | 15,352 | | | — | | | 15,352 |
Loan loss allowance, net | | | 2,127 | | | — | | | — | | | — | | | 2,127 | | | — | | | 2,127 |
Total costs and expenses | | | 30,719 | | | 58,382 | | | 31,171 | | | 55,027 | | | 175,299 | | | 32 | | | 175,331 |
Income (loss) before other income (loss), income taxes and non-controlling interests | | | 97,382 | | | 33,497 | | | (1,934) | | | (55,027) | | | 73,918 | | | (44,544) | | | 29,374 |
Other income (loss): | | | | | | | | | | | | | | | | | | | | | |
Change in net assets related to consolidated VIEs | | | — | | | — | | | — | | | — | | | — | | | 47,848 | | | 47,848 |
Change in fair value of servicing rights | | | — | | | (14,006) | | | — | | | — | | | (14,006) | | | (277) | | | (14,283) |
Change in fair value of investment securities, net | | | 207 | | | 620 | | | — | | | — | | | 827 | | | (3,613) | | | (2,786) |
Change in fair value of mortgage loans held-for-sale, net | | | — | | | 49,996 | | | — | | | — | | | 49,996 | | | — | | | 49,996 |
Earnings from unconsolidated entities | | | 852 | | | 617 | | | 2,455 | | | — | | | 3,924 | | | 381 | | | 4,305 |
Gain on sale of investments and other assets, net | | | 10 | | | — | | | — | | | — | | | 10 | | | — | | | 10 |
Gain (loss) on derivative financial instruments, net | | | 4,982 | | | (2,590) | | | (4,720) | | | — | | | (2,328) | | | — | | | (2,328) |
Foreign currency (loss) gain, net | | | (3,839) | | | 632 | | | (7) | | | — | | | (3,214) | | | — | | | (3,214) |
OTTI | | | — | | | (198) | | | (513) | | | — | | | (711) | | | — | | | (711) |
Other income, net | | | — | | | 35 | | | — | | | 234 | | | 269 | | | — | | | 269 |
Total other income (loss) | | | 2,212 | | | 35,106 | | | (2,785) | | | 234 | | | 34,767 | | | 44,339 | | | 79,106 |
Income (loss) before income taxes | | | 99,594 | | | 68,603 | | | (4,719) | | | (54,793) | | | 108,685 | | | (205) | | | 108,480 |
Income tax provision | | | — | | | (2,667) | | | — | | | — | | | (2,667) | | | — | | | (2,667) |
Net income (loss) | | | 99,594 | | | 65,936 | | | (4,719) | | | (54,793) | | | 106,018 | | | (205) | | | 105,813 |
Net (income) loss attributable to non-controlling interests | | | (352) | | | 100 | | | — | | | — | | | (252) | | | 205 | | | (47) |
Net income (loss) attributable to Starwood Property Trust, Inc. | | $ | 99,242 | | $ | 66,036 | | $ | (4,719) | | $ | (54,793) | | $ | 105,766 | | $ | — | | $ | 105,766 |
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, losses on debt extinguishment 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. 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 September 30, 2016
(Amounts in thousands except per share data)
| | | | Investing | | | | | | | |
| | Lending | | and Servicing | | Property | | | | | |
| | Segment | | Segment | | Segment | | Corporate | | Total |
Net income (loss) attributable to Starwood Property Trust, Inc. | | $ | 99,242 | | $ | 66,036 | | $ | (4,719) | | $ | (54,793) | | $ | 105,766 |
Add / (Deduct): | | | | | | | | | | | | | | | |
Non-cash equity compensation expense | | | 824 | | | 1,298 | | | 27 | | | 5,986 | | | 8,135 |
Management incentive fee | | | — | | | — | | | — | | | 6,303 | | | 6,303 |
Acquisition and investment pursuit costs | | | — | | | 89 | | | 727 | | | 12 | | | 828 |
Depreciation and amortization | | | — | | | 3,791 | | | 10,908 | | | — | | | 14,699 |
Loan loss allowance, net | | | 2,127 | | | — | | | — | | | — | | | 2,127 |
Interest income adjustment for securities | | | (236) | | | 3,874 | | | — | | | — | | | 3,638 |
Other non-cash items | | | — | | | 230 | | | (108) | | | — | | | 122 |
Reversal of unrealized (gains) / losses on: | | | | | | | | | | | | | | | |
Loans held-for-sale | | | — | | | (49,996) | | | — | | | — | | | (49,996) |
Securities | | | (207) | | | (620) | | | — | | | — | | | (827) |
Derivatives | | | (5,624) | | | 1,932 | | | 4,720 | | | — | | | 1,028 |
Foreign currency | | | 3,839 | | | (632) | | | 7 | | | — | | | 3,214 |
Earnings from unconsolidated entities | | | (852) | | | (617) | | | (2,455) | | | — | | | (3,924) |
Recognition of realized gains / (losses) on: | | | | | | | | | | | | | | | |
Loans held-for-sale | | | — | | | 52,919 | | | — | | | — | | | 52,919 |
Securities | | | — | | | (3,259) | | | — | | | — | | | (3,259) |
Derivatives | | | 7,436 | | | (6,042) | | | 44 | | | — | | | 1,438 |
Foreign currency | | | (6,145) | | | 632 | | | (7) | | | — | | | (5,520) |
Earnings from unconsolidated entities | | | 852 | | | 1,100 | | | 2,487 | | | — | | | 4,439 |
Core Earnings (Loss) | | $ | 101,256 | | $ | 70,735 | | $ | 11,631 | | $ | (42,492) | | $ | 141,130 |
Core Earnings (Loss) per Weighted Average Diluted Share | | $ | 0.42 | | $ | 0.30 | | $ | 0.05 | | $ | (0.18) | | $ | 0.59 |
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the nine months ended September 30, 2016
(Amounts in thousands)
| | | | Investing | | | | | | | | Investing | | |
| | Lending | | and Servicing | | Property | | | | | | and Servicing | | |
| | Segment | | Segment | | Segment | | Corporate | | Subtotal | | VIEs | | Total |
Revenues: | | | | | | | | | | | | | | | | | | | | | |
Interest income from loans | | $ | 348,460 | | $ | 12,854 | | $ | — | | $ | — | | $ | 361,314 | | $ | — | | $ | 361,314 |
Interest income from investment securities | | | 33,975 | | | 115,335 | | | — | | | — | | | 149,310 | | | (95,431) | | | 53,879 |
Servicing fees | | | 560 | | | 111,145 | | | — | | | — | | | 111,705 | | | (40,784) | | | 70,921 |
Rental income | | | — | | | 25,214 | | | 85,048 | | | — | | | 110,262 | | | — | | | 110,262 |
Other revenues | | | 180 | | | 4,110 | | | 35 | | | — | | | 4,325 | | | (511) | | | 3,814 |
Total revenues | | | 383,175 | | | 268,658 | | | 85,083 | | | — | | | 736,916 | | | (136,726) | | | 600,190 |
Costs and expenses: | | | | | | | | | | | | | | | | | | | | | |
Management fees | | | 1,295 | | | 54 | | | — | | | 75,015 | | | 76,364 | | | 146 | | | 76,510 |
Interest expense | | | 67,585 | | | 11,443 | | | 16,163 | | | 78,236 | | | 173,427 | | | (190) | | | 173,237 |
General and administrative | | | 13,529 | | | 95,726 | | | 2,259 | | | 7,631 | | | 119,145 | | | 532 | | | 119,677 |
Acquisition and investment pursuit costs | | | 1,602 | | | 1,551 | | | 1,517 | | | 1,012 | | | 5,682 | | | — | | | 5,682 |
Costs of rental operations | | | — | | | 11,595 | | | 34,923 | | | — | | | 46,518 | | | — | | | 46,518 |
Depreciation and amortization | | | — | | | 11,263 | | | 41,922 | | | — | | | 53,185 | | | — | | | 53,185 |
Loan loss allowance, net | | | 3,395 | | | — | | | — | | | — | | | 3,395 | | | — | | | 3,395 |
Other expense | | | — | | | 100 | | | — | | | — | | | 100 | | | — | | | 100 |
Total costs and expenses | | | 87,406 | | | 131,732 | | | 96,784 | | | 161,894 | | | 477,816 | | | 488 | | | 478,304 |
Income (loss) before other (loss) income, income taxes and non-controlling interests | | | 295,769 | | | 136,926 | | | (11,701) | | | (161,894) | | | 259,100 | | | (137,214) | | | 121,886 |
Other (loss) income: | | | | | | | | | | | | | | | | | | | | | |
Change in net assets related to consolidated VIEs | | | — | | | — | | | — | | | — | | | — | | | 94,388 | | | 94,388 |
Change in fair value of servicing rights | | | — | | | (33,710) | | | — | | | — | | | (33,710) | | | 497 | | | (33,213) |
Change in fair value of investment securities, net | | | (37) | | | (43,449) | | | — | | | — | | | (43,486) | | | 42,772 | | | (714) |
Change in fair value of mortgage loans held-for-sale, net | | | — | | | 70,122 | | | — | | | — | | | 70,122 | | | — | | | 70,122 |
Earnings from unconsolidated entities | | | 2,544 | | | 3,280 | | | 7,313 | | | — | | | 13,137 | | | (288) | | | 12,849 |
Gain on sale of investments and other assets, net | | | 165 | | | — | | | — | | | — | | | 165 | | | — | | | 165 |
Gain (loss) on derivative financial instruments, net | | | 17,824 | | | (17,780) | | | (6,837) | | | — | | | (6,793) | | | — | | | (6,793) |
Foreign currency (loss) gain, net | | | (23,501) | | | 2,962 | | | (41) | | | — | | | (20,580) | | | — | | | (20,580) |
OTTI | | | — | | | (198) | | | (513) | | | — | | | (711) | | | — | | | (711) |
Other income, net | | | — | | | 112 | | | 9,102 | | | 1,784 | | | 10,998 | | | — | | | 10,998 |
Total other (loss) income | | | (3,005) | | | (18,661) | | | 9,024 | | | 1,784 | | | (10,858) | | | 137,369 | | | 126,511 |
Income (loss) before income taxes | | | 292,764 | | | 118,265 | | | (2,677) | | | (160,110) | | | 248,242 | | | 155 | | | 248,397 |
Income tax provision | | | (75) | | | (3,392) | | | — | | | — | | | (3,467) | | | — | | | (3,467) |
Net income (loss) | | | 292,689 | | | 114,873 | | | (2,677) | | | (160,110) | | | 244,775 | | | 155 | | | 244,930 |
Net (income) loss attributable to non-controlling interests | | | (1,050) | | | 171 | | | — | | | — | | | (879) | | | (155) | | | (1,034) |
Net income (loss) attributable to Starwood Property Trust, Inc. | | $ | 291,639 | | $ | 115,044 | | $ | (2,677) | | $ | (160,110) | | $ | 243,896 | | $ | — | | $ | 243,896 |
Reconciliation of Net Income to Core Earnings
For the nine months ended September 30, 2016
(Amounts in thousands except per share data)
| | | | Investing | | | | | | |
| | Lending | | and Servicing | | Property | | | | |
| | Segment | | Segment | | Segment | | Corporate | | Total |
Net income (loss) attributable to Starwood Property Trust, Inc. | | $ | 291,639 | | $ | 115,044 | | $ | (2,677) | | $ | (160,110) | | $ | 243,896 |
Add / (Deduct): | | | | | | | | | | | | | | | |
Non-cash equity compensation expense | | | 2,110 | | | 3,785 | | | 89 | | | 16,893 | | | 22,877 |
Management incentive fee | | | — | | | — | | | — | | | 13,770 | | | 13,770 |
Acquisition and investment pursuit costs | | | — | | | 904 | | | 1,421 | | | 12 | | | 2,337 |
Depreciation and amortization | | | — | | | 8,918 | | | 41,997 | | | — | | | 50,915 |
Loan loss allowance, net | | | 3,395 | | | — | | | — | | | — | | | 3,395 |
Interest income adjustment for securities | | | (740) | | | 10,620 | | | — | | | — | | | 9,880 |
Other non-cash items | | | — | | | 247 | | | (10,922) | | | — | | | (10,675) |
Reversal of unrealized (gains) / losses on: | | | | | | | | | | | | | | | |
Loans held-for-sale | | | — | | | (70,122) | | | — | | | — | | | (70,122) |
Securities | | | 37 | | | 43,449 | | | — | | | — | | | 43,486 |
Derivatives | | | (19,807) | | | 16,330 | | | 6,837 | | | — | | | 3,360 |
Foreign currency | | | 23,501 | | | (2,962) | | | 41 | | | — | | | 20,580 |
Earnings from unconsolidated entities | | | (2,544) | | | (3,280) | | | (7,313) | | | — | | | (13,137) |
Recognition of realized gains / (losses) on: | | | | | | | | | | | | | | | |
Loans held-for-sale | | | — | | | 71,390 | | | — | | | — | | | 71,390 |
Securities | | | — | | | (11,136) | | | — | | | — | | | (11,136) |
Derivatives | | | 33,311 | | | (15,858) | | | (26) | | | — | | | 17,427 |
Foreign currency | | | (31,916) | | | 2,825 | | | (41) | | | — | | | (29,132) |
Earnings from unconsolidated entities | | | 3,148 | | | 2,855 | | | 4,820 | | | — | | | 10,823 |
Core Earnings (Loss) | | $ | 302,134 | | $ | 173,009 | | $ | 34,226 | | $ | (129,435) | | $ | 379,934 |
Core Earnings (Loss) per Weighted Average Diluted Share | | $ | 1.26 | | $ | 0.73 | | $ | 0.14 | | $ | (0.54) | | $ | 1.59 |
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of September 30, 2016
(Amounts in thousands)
| | | | Investing | | | | | | | | Investing | | |
| | Lending | | and Servicing | | Property | | | | | | and Servicing | | |
| | Segment | | Segment | | Segment | | Corporate | | Subtotal | | VIEs | | Total |
Assets: | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 136,096 | | $ | 73,779 | | $ | 6,222 | | $ | 284,325 | | $ | 500,422 | | $ | 1,135 | | $ | 501,557 |
Restricted cash | | | 26,963 | | | 16,301 | | | 8,471 | | | — | | | 51,735 | | | — | | | 51,735 |
Loans held-for-investment, net | | | 5,207,092 | | | 25,139 | | | — | | | — | | | 5,232,231 | | | — | | | 5,232,231 |
Loans held-for-sale | | | — | | | 347,490 | | | — | | | — | | | 347,490 | | | — | | | 347,490 |
Loans transferred as secured borrowings | | | 100,978 | | | — | | | — | | | — | | | 100,978 | | | — | | | 100,978 |
Investment securities | | | 795,882 | | | 1,029,205 | | | — | | | — | | | 1,825,087 | | | (970,420) | | | 854,667 |
Properties, net | | | — | | | 225,608 | | | 1,012,271 | | | — | | | 1,237,879 | | | — | | | 1,237,879 |
Intangible assets | | | — | | | 137,746 | | | 47,495 | | | — | | | 185,241 | | | (29,849) | | | 155,392 |
Investment in unconsolidated entities | | | 30,838 | | | 41,453 | | | 120,970 | | | — | | | 193,261 | | | (7,513) | | | 185,748 |
Goodwill | | | — | | | 140,437 | | | — | | | — | | | 140,437 | | | — | | | 140,437 |
Derivative assets | | | 29,818 | | | 1,399 | | | 3,092 | | | — | | | 34,309 | | | — | | | 34,309 |
Accrued interest receivable | | | 25,771 | | | 973 | | | — | | | — | | | 26,744 | | | — | | | 26,744 |
Other assets | | | 6,947 | | | 89,097 | | | 32,250 | | | 2,519 | | | 130,813 | | | (2,521) | | | 128,292 |
VIE assets, at fair value | | | — | | | — | | | — | | | — | | | — | | | 73,923,699 | | | 73,923,699 |
Total Assets | | $ | 6,360,385 | | $ | 2,128,627 | | $ | 1,230,771 | | $ | 286,844 | | $ | 10,006,627 | | $ | 72,914,531 | | $ | 82,921,158 |
Liabilities and Equity | | | | | | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 21,410 | | $ | 87,324 | | $ | 46,530 | | $ | 18,025 | | $ | 173,289 | | $ | 835 | | $ | 174,124 |
Related-party payable | | | — | | | 279 | | | — | | | 23,622 | | | 23,901 | | | — | | | 23,901 |
Dividends payable | | | — | | | — | | | — | | | 115,190 | | | 115,190 | | | — | | | 115,190 |
Derivative liabilities | | | 12,002 | | | 455 | | | 296 | | | — | | | 12,753 | | | — | | | 12,753 |
Secured financing agreements, net | | | 2,269,960 | | | 494,213 | | | 737,796 | | | 644,570 | | | 4,146,539 | | | (23,700) | | | 4,122,839 |
Convertible senior notes, net | | | — | | | — | | | — | | | 1,339,853 | | | 1,339,853 | | | — | | | 1,339,853 |
Secured borrowings on transferred loans | | | 102,365 | | | — | | | — | | | — | | | 102,365 | | | — | | | 102,365 |
VIE liabilities, at fair value | | | — | | | — | | | — | | | — | | | — | | | 72,924,751 | | | 72,924,751 |
Total Liabilities | | | 2,405,737 | | | 582,271 | | | 784,622 | | | 2,141,260 | | | 5,913,890 | | | 72,901,886 | | | 78,815,776 |
Equity: | | | | | | | | | | | | | | | | | | | | | |
Starwood Property Trust, Inc. Stockholders’ Equity: | | | | | | | | | | | | | | | | | | | | | |
Common stock | | | — | | | — | | | — | | | 2,430 | | | 2,430 | | | — | | | 2,430 |
Additional paid-in capital | | | 1,814,902 | | | 1,205,686 | | | 438,512 | | | 771,477 | | | 4,230,577 | | | — | | | 4,230,577 |
Treasury stock | | | — | | | — | | | — | | | (92,104) | | | (92,104) | | | — | | | (92,104) |
Accumulated other comprehensive income (loss) | | | 45,762 | | | (7,696) | | | 2,182 | | | — | | | 40,248 | | | — | | | 40,248 |
Retained earnings (accumulated deficit) | | | 2,082,734 | | | 335,727 | | | 5,455 | | | (2,536,219) | | | (112,303) | | | — | | | (112,303) |
Total Starwood Property Trust, Inc. Stockholders’ Equity | | | 3,943,398 | | | 1,533,717 | | | 446,149 | | | (1,854,416) | | | 4,068,848 | | | — | | | 4,068,848 |
Non-controlling interests in consolidated subsidiaries | | | 11,250 | | | 12,639 | | | — | | | — | | | 23,889 | | | 12,645 | | | 36,534 |
Total Equity | | | 3,954,648 | | | 1,546,356 | | | 446,149 | | | (1,854,416) | | | 4,092,737 | | | 12,645 | | | 4,105,382 |
Total Liabilities and Equity | | $ | 6,360,385 | | $ | 2,128,627 | | $ | 1,230,771 | | $ | 286,844 | | $ | 10,006,627 | | $ | 72,914,531 | | $ | 82,921,158 |
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
