Rina. Thanks,
improve, earned and a we To-date, themes our and We create late Trust demonstrated few across model, are market in dividend. which durability group. we value a the pleased ability greater have create Starwood pay to for our believe past in ability of peer believe will inception talk with stock the than the business business this today will return cycles to our Property total price, our XXXX, unrealized continue highest later. shareholder today differentiated and shareholders recognizes of since that $X.X book our value of performance year $XXX we about our to very in XX% more our to we I discuss annualized properties our on I in more gains, of suggests the The losses have will our approaching no $X market have case high million The in coming our collections quarters. shareholders than we have on share. a today At and base approximately COVID. credit per continues modeling our disclosed book billion result CRE are little to valuations will increase. as our loan loan this owned detail previously to continued
and is the today, below could lowest cheapest capital sector five-year access to liquidity Our new our unparalleled X% of in our and issue or at we corporate in some the bonds history.
to come existing liquidity We have having $XXX coupon. early assets on off of unencumbered to X% their accretively open pay excess in balance to create sheet, benefit or Xst, X% our and date at which million notes us market our versus maturing the December allow September to
the market the as core Finally, one into quarter. who of began. remarks we first quarter billion return gotten a billion, able at had in We at momentum of valued property XXXX XX% marks three-year owned markets at terms dislocated CRE structure. the of approximately property dive on significantly currently equity business today loans We Lending portfolio my $X.X advantage it advantage with since assets few sector where a was into XXXX to favorable liquidity significant start business of in like were became and making in slowed of and too borrower our cap excess basis. annual has We over originations higher lender. very property portfolio, make deploying rates $X.X pricing, felt purchased of our assets deep participants in billion debt $X.X We in our to today. rather began and a we our cash market portfolio. add to investments This XXXX our a COVID of more across in are investment than taking I’d a to LTV had defensive to gains our which the our $X.X and markets continued our every period that in have were a a quarter we becoming assets and billion take core dynamics in aggressive care use carries second strong than
loans were We to -- seven par invest mortgage our differentiated where term and gives felt producing billion after our our with across us already of the in platform. best frozen almost XX% pivot same for financing in prove we to and assets waited Our ability last When out available highlights the strategy that to markets pre-COVID. power most of distressed returns would gains opportunities to loans have purchase business exemplary a returned itself traded the our and the lending lines diversified volatile or and markets markets, dislocate. higher this spring, discount and to These $X bought multi-cylinder residential patiently securitized portfolio. soon non-mark-to-market at large for been the model
We returns thought CMBS use of have when Infrastructure down our value increased had the sell the Energy shifted. opportunity when and we size and creative were portfolios to
the strategy the our the This results the business our quarter to income drawn allowed best and to allocate first largest bond us We continue are its capital will into like for in portfolio. proven the best allow in The were and this invest down XXXX. Energy any go credits to look come quarter the to multiple regardless not deployment. end, for income multifamily is on centered the we last flexible MSA. we choose around to market falls. median level or one investment effectiveness since -- work completed portfolio never of of as believe in done our and environment. Tampa, day years. the XX,XXX we Infrastructure the of largest even kind every CLO business to and if equity forced markets its of this This very characteristics. where We housing are is to of business, of We our rents CRE we have based lease XX% Owners Orlando to property completed which and rents our CLO LIHTC assets unit But raise approach increases how additional lines, aren’t tax and low-income ourselves finance after Florida our port growing fastest two country capital five
other tax roll market passed schedule Last to and the in to forego for incentivize acquisition, XX-year further from State taxes growth the increase, XX% rate law the affordable pro Friday, remain upside Although, the affordable as the by program. XX% underwrote into these this at state’s critical of this source over of sales these to very signed this bill over we removed In area the housing able to approximately owners rents desire of assets of their LIHTC rates Florida free in of cap XX% rate at a as income contractual available housing time, the of while believe to modest an Governor, forma by incentive same purchase, rents. keep the more have on recent cap units HB X% from fallen rate that they we XXXX average long taxes, been dramatically If will property Florida right market affordable low available of bill assets and that since conservatively behavior the rents there. acquisition residents. at XXXX, XX% time as its have supports leaving Florida. for we’ve the current leaving year’s families State X% by in to there’s increase to At reduce in
accretive this $XXX distributable a GAAP today $X XX% and year. equity our cash earnings over billion in our affordable we are rate and options, believe excess will Although, portfolio reducing units believe we returns what gains our time, generate we the billion this economic still gains strategy units $X now us million portfolio. owners remaining was this worth to after per always like re-financings, valuations, evaluating bill industry supply. market thus rethink roll best return can was approximately into affordable We over in make At now in of
told a we quarter, we which evaluate you with we minority provide in us to comfort deploy today. we continue give would share investors can selling capital, more portfolio, and As metrics around this valuation last believe credibly incremental our
as portfolio Cabela’s we million between Industrial from you to addition term Orlando incremental long the asset million the our of the we took that time it gain. choose Orlando XXXX. asset Bass incremental of markets, leased an difficult ability platform’s Montgomery GAAP sold the Rena estate this shareholders is distributable medical Industrial for on $X we XX% now over $XXX this impairment million same to approximately from for believe told split remaining the a gains we Pro of reposition net evenly earnings we lease assets, Orlando office we at at to asset, portfolio. $X reversed back gains the an and outcome and fairly over statement our When we $XX to gain investment, great will the we on quarter we on in million sell foreclosed In assets. $XX in our owned our fully internal remainder asset shops have our the and report Amazon, gain a million, ultimately real and believe of
CRE from billion, of core our COVID. IRR theme continued repeat average XX% optimal our a to believe CRE $X.X of with performance that Moving above of we those helped XXXX very over a to our an quarter business, strong originations the with portfolio of Lending were drive momentum we borrowers, through credit strong loans XX%,
in to more the million $XXX support than Our great more, COVID who value ability complex fresh put to and deals close quickly. have committed $XXX large contributed their projects any of borrowers million on began cycle flexibility, equity since consistency, and liquidity in
by future most by while assets end, our of our assets, the originations continues floor doubled and industrial reshaped property in and funding on XX% half. loans We hotels book have focus leverage on months. office to By durable the have and and exposure characteristics our a loan flows. have robust and our stable increased the as to cash a exposure our to both hit levels. to we last only financing multifamily the pipeline fall, by with decreasing approximately future XX XX%. portfolio, loan are we continue its of spreads that most to have our we by competition second exposure we to today Multifamily the rise lender our exposure quarter and type a very continue XX% reduced to being construction Year-over-year, To percentage to
strength recovery, other the normalized We borrowing believe we pivot where best have the classes sectors going once asset inside our were and many optimism we target the of have pre of always COVID to levels pre-COVID will have we assets With continued or investing, for the risk reward target are as forward. lines credit crisis. on at our spreads over we again
Europe Our us to with about similar lower with portfolio large quarter slightly at LTV, by of scale and our ability best-in-class build XX%. internationally levels to LTVs demonstrated is manager to focus our platform source decreased on to leverage again as and The ROI leaves this Australia. pre-COVID a our team which a
in seen have come We competitive tremendous to these been have out opportunities markets, of slower which less COVID.
of XX% we Our excited there about accounts and the today the for pipeline one book international are time portfolio increased and loan for and our large actual have quarter year-over-year first now over existing opportunities.
very investor the and for years reporting. are industry Gold We excellence straight communications in won Star have in that NAREIT for seven proud we our
three each and www.starwoodpropertytrust.com. information new of our We nearly restrictions April, existing in and to it on we person website, we Investor provides do series, hours shareholders of launched company businesses, Investor were our which find is which the we Relations kind posted useful. on Given investment hope Day section investor of our virtual both our unable its content, of and in to a first due will created biannual COVID detailed
daily. investment the credit help process to exemplary we you course and hope paramount we has told differentiated and had sponsors book, macro very we multiple during improved it support good We how normalized. webinar since our confidence credit outlook is to cradle our felt environment credits believe credit this and portfolio is improved our financial is COVID presentation, and that their three you that our grave outperform assets, markets why our committees investment inception. as about the to tremendous performance with that different Over of process we in and hour the have understand would the the We discuss our provided process, will in
this team COVID. thinking losses know week, day our quarterly a review that our result cycle we last to as long away no in asset portfolio on management with today, exit could the of came what with any we Following little loans
Of recovery ago statement of to a but they reinforces change, be lender course, as discussed. commitment I could our year to the our is no credit would path thought that process, able transitional a differentiated just make and
CLO on and earnings the we call closed highly CLO I in Finally, the accretive want the CRE in infrastructure quarter energy today we April. I priced our about spoke to talk transformational last about
coupon tepid technology to on was where had more allowed great over at of our for loan highest us In to $X.XXX our CLO only thrilled group us the to world orders team, in existing CRE rating we year CSSX. loans marks their accounts which with highest allowing in makes second going non-recourse or adeptly team XX% financing XX% subject servicing $XX our named in business Mortgage the which with today. on our segment, term spectacular more book thank our one our our base deal SMC the maintain twice. LNR, with agent return orders barely our we over scale forma warehouse originator performance in requests balance our Fitch versus mentioned the a like Our originations this special marks were bank and to it’s CRE priced non-bank over in to earning are time. put account the quarter XX% to grow. XX this special a forward. announce the subsequent warehouse to CLO, QX tighten and lines. than end servicer the + equity X% day LNR that upgraded and for a bond existing more servicer with at transaction special our that some to credit business we’re to of possible rate were a Rina price Pro I’d sheet behalf superhuman REIT pricing and deals only CRE of be multiple no reallocate that low billion in lines oversubscribed Fitch on kept today. was This of advance allowing widening LIBOR crisis to just of than funds largest bond our we and of asset for CRE servicer year. continued In financing and momentum the this financial is peer XXXX our Lending of Starwood credit CRE undoubtedly that enough facilities, servicing X% contributor assets up market to to to short achievement On inside Capital, last largest picked and resources business very will cited largest we of earned to conduit our financing new post management rating. financing had that spreads pipeline last and get us continues CMBS week CLO very We lead our a XXX successful with times billion. different facilities transaction the CMBS
is a business of we profitable very high should remain important and the their their Our us at while that consistently multiple. to believe investors it a last cycle of love consistency, we team regardless quarter-after-quarter, to Because years. the contribution, value is over has eight of quantum best-in-class been more market this ability
together say the Barry, this we distress are We we give to very to us proud Before to waited I outperform period. for patiently prove we’ve built to this want markets difficult company and would. that the to in opportunity of over turned I accomplished what
relative have outperformance we of to lot We run. proud a believe of room our are and
Our has company brighter. outlook With will and call to that, cylinders the turn Barry. the all firing is I on never been
