- Quarterly GAAP Earnings of $0.31 and Distributable Earnings of $1.10 per Diluted Share -
- Record $7.1 Billion of Investment Activity in Fourth Quarter, Including $4.4 Billion in CRE Lending -
- Record $16.7 Billion of Investment Activity in 2021, Including $10.0 Billion in CRE Lending -
- Established Affordable Housing Investment Fund, Selling a 20.6% Interest for $216.0 Million -
- Raised $393 Million of Common Equity and Issued $400 Million 3.75% Notes due 2024 -
- Largest Non-Bank CMBS Loan Contributor for Second Year in a Row -
- Paid Dividend of $0.48 per Share -
GREENWICH, Conn., Feb. 25, 2022 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter and year ended December 31, 2021. The Company's fourth quarter 2021 GAAP net income was $91.4 million, or $0.31 per diluted share, and Distributable Earnings (a non-GAAP financial measure) was $335.0 million, or $1.10 per diluted share. The Company's full year 2021 GAAP net income was $447.7 million, or $1.52 per diluted share, and Distributable Earnings was $794.1 million, or $2.63 per diluted share. Distributable Earnings in both periods includes a $191.3 million gain related to the sale of a 20.6% interest in the new affordable housing investment fund during the fourth quarter of 2021, or $0.62 and $0.63 per diluted share for the quarter and full year, respectively. For GAAP purposes, the establishment of the fund resulted in a $1.2 billion positive mark-to-market adjustment directly to equity which did not impact earnings.
"2021 was a record investment year at Starwood Property Trust. We leveraged our global multi-cylinder platform to invest $16.7 billion, over 50% more than any previous year. In the fourth quarter alone, we invested $7.1 billion, and closed or committed to close over $3.0 billion after quarter end. With $24.1 billion of predominately floating rate assets, we remain very well positioned to navigate the current environment," commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.
"To fund our record pace of investments and our pipeline, we recently raised $1.7 billion from debt and equity. With $9.0 billion of available secured financing and corporate debt capacity, we have ample liquidity to take advantage of the significant opportunities we see in the market," added Jeffrey DiModica, President of Starwood Property Trust.
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.
Webcast and Conference Call Information
The Company will host a live webcast and conference call on Friday, February 25, 2022, 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, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in.
To Participate via Telephone Conference Call:Dial in at least 15 minutes prior to start time.Domestic: 1-877-407-9039 International: 1-201-689-8470
Conference Call Playback:Domestic: 1-844-512-2921International: 1-412-317-6671Passcode: 13726790 The playback can be accessed through March 4, 2022.
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 $83 billion of capital since inception and manages a portfolio of over $24 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, the severity and duration of economic disruption caused by the COVID-19 global pandemic (including the emergence of new strains of the virus), completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, 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, 2021, 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 TanenbaumStarwood Property Trust Phone: 203-422-7788 Email: [email protected]
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 |
$ 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 |
Definition of Distributable Earnings
Distributable 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, Distributable 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 Distributable 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. |
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 |
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 |
$ 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 |
Reconciliation of Net Income to Distributable 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. |
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 |
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 |
$ 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 |
SOURCE Starwood Property Trust, Inc.
- Квартальная прибыль по GAAP в размере 0,31 доллара США и распределяемая прибыль в размере 1,10 доллара США на разводненную акцию -
- Рекордные $7,1 млрд инвестиционной деятельности в четвертом квартале, включая $4,4 млрд кредитов CRE -
- Рекордная инвестиционная деятельность в размере 16,7 млрд долларов США в 2021 году, включая 10,0 млрд долларов США в виде кредитов CRE -
- Учрежден Инвестиционный фонд доступного жилья, продав 20,6% акций за 216,0 млн долларов США -
- Привлечено 393 миллиона долларов в виде обыкновенных акций и выпущены облигации на 400 миллионов долларов со ставкой 3,75% со сроком погашения в 2024 году -
- Крупнейший небанковский кредитор CMBS второй год подряд -
- Выплаченные дивиденды в размере 0,48 доллара США на акцию -
ГРИНВИЧ, Коннектикут, 25 февраля 2022 г. /PRNewswire/ -- Компания Starwood Property Trust, Inc. (NYSE: STWD) сегодня объявила операционные результаты за финансовый квартал и год, закончившийся 31 декабря 2021 г. Чистая прибыль компании по GAAP за четвертый квартал 2021 г. составила 91,4 долл. США. млн, или 0,31 доллара на разводненную акцию, а Распределяемая прибыль (финансовый показатель, не предусмотренный GAAP) составила 335,0 млн долларов, или 1,10 доллара на разводненную акцию. Чистая прибыль компании по GAAP за 2021 год составила 447,7 млн долларов, или 1,52 доллара на разводненную акцию, а распределяемая прибыль — 794,1 млн долларов, или 2,63 доллара на разводненную акцию. Распределяемая прибыль за оба периода включает прибыль в размере 191,3 млн долларов, связанную с продажей 20,6% доли в новом инвестиционном фонде доступного жилья в четвертом квартале 2021 года, или 0,62 и 0,63 доллара на разводненную акцию за квартал и полный год соответственно. Для целей GAAP создание фонда привело к положительной корректировке рыночной стоимости в размере 1,2 миллиарда долларов США непосредственно к собственному капиталу, что не повлияло на прибыль.
«2021 год стал рекордным инвестиционным годом для Starwood Property Trust. Мы использовали нашу глобальную многоцилиндровую платформу, чтобы инвестировать 16,7 млрд долларов США, что более чем на 50% больше, чем в любой предыдущий год. Только в четвертом квартале мы инвестировали 7,1 млрд долларов США и закрыли или обязались закрыть более $3,0 млрд после окончания квартала. Имея $24,1 млрд активов преимущественно с плавающей процентной ставкой, мы сохраняем хорошие позиции, чтобы ориентироваться в текущих условиях», — прокомментировал Барри Стернлихт, председатель и главный исполнительный директор Starwood Property Trust.
«Чтобы профинансировать наши рекордные темпы инвестиций и наш портфель инвестиций, мы недавно привлекли 1,7 миллиарда долларов США за счет долга и собственного капитала. Имея доступное обеспеченное финансирование в размере 9,0 миллиардов долларов США и емкость корпоративного долга, у нас достаточно ликвидности, чтобы воспользоваться значительными возможностями, которые мы видим на рынке. », — добавил Джеффри ДиМодика, президент Starwood Property Trust.
Дополнительные расписания
Компания опубликовала дополнительные графики доходов на своем веб-сайте, чтобы обеспечить раскрытие дополнительной финансовой информации в интересах заинтересованных сторон Компании. В частности, эти материалы можно найти на сайте Компании в разделе «Отношения с инвесторами» в разделе «Квартальные результаты» на сайте www.starwoodpropertytrust.com.
Информация о веб-трансляциях и телефонных конференциях
Компания проведет прямую веб-трансляцию и телефонную конференцию в пятницу, 25 февраля 2022 г., в 10:00 по восточному поясному времени. Чтобы прослушать прямую трансляцию, зайдите на сайт как минимум за 15 минут до запланированного времени начала, чтобы зарегистрироваться, загрузить и установить любое необходимое звуковое программное обеспечение. Веб-трансляция доступна на сайте www.starwoodpropertytrust.com в разделе «Отношения с инвесторами». Компания поощряет использование веб-трансляции из-за возможного увеличения времени ожидания для доступа к конференц-связи по телефонной линии.
Чтобы принять участие в телефонной конференции: наберите не позднее, чем за 15 минут до начала. Телефон для звонков внутри страны: 1-877-407-9039. Для международных звонков: 1-201-689-8470.
Воспроизведение конференц-связи: Внутренний: 1-844-512-2921Международный: 1-412-317-6671Код доступа: 13726790 Воспроизведение доступно до 4 марта 2022 г.
О Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD) — ведущая диверсифицированная финансовая компания, специализирующаяся на секторах недвижимости и инфраструктуры. Являясь дочерней компанией глобальной частной инвестиционной компании Starwood Capital Group, компания с момента основания успешно привлекла более 83 миллиардов долларов капитала и управляет портфелем долговых и долевых инвестиций на сумму более 24 миллиардов долларов. Инвестиционная цель Starwood Property Trust состоит в том, чтобы обеспечить привлекательную и стабильную прибыль для акционеров, в первую очередь за счет дивидендов, за счет привлечения первоклассной глобальной организации для определения и реализации наиболее прибыльных инвестиций с поправкой на риск по целевым активам. Дополнительную информацию можно найти на сайте www.starwoodpropertytrust.com.
Прогнозные заявления
Заявления в этом пресс-релизе, которые не являются историческими фактами, могут считаться прогнозными заявлениями по смыслу Раздела 27A Закона о ценных бумагах 1933 года с поправками и Раздела 21E Закона о ценных бумагах и биржах 1934 года с поправками. Прогнозные заявления разрабатываются путем объединения имеющейся в настоящее время информации с нашими убеждениями и предположениями и обычно обозначаются словами «полагать», «ожидать», «предполагать» и другими подобными выражениями. Хотя компания Starwood Property Trust, Inc. считает, что ожидания, отраженные в любых прогнозных заявлениях, основаны на разумных предположениях, она не может гарантировать, что ее ожидания оправдаются. Факторы, которые могут привести к существенному отличию фактических результатов от ожиданий Компании, включают, помимо прочего, серьезность и продолжительность экономического спада, вызванного глобальной пандемией COVID-19 (включая появление новых штаммов вируса), завершение незавершенные инвестиции и финансирование, сохраняющаяся способность приобретать дополнительные инвестиции, конкуренция в сфере финансов и недвижимости, доступность финансирования и другие риски, подробно описанные в разделе «Факторы риска» в нашем годовом отчете по форме 10-K за финансовый год, закончившийся в декабре. 31, 2021, а также другие риски и неопределенности, время от времени изложенные в отчетах Компании, представляемых в SEC.
В свете этих рисков и неопределенностей не может быть никаких гарантий того, что результаты, упомянутые в прогнозных заявлениях, содержащихся в настоящем документе, действительно будут реализованы. За исключением случаев, предусмотренных применимым законодательством или нормативными актами, мы не берем на себя никаких обязательств и прямо отказываемся от любых таких обязательств по обновлению или пересмотру любых прогнозных заявлений, чтобы отразить измененные предположения, возникновение ожидаемых или непредвиденных событий, изменения будущих результатов. со временем или иначе.
Дополнительную информацию можно найти на веб-сайте Компании по адресу www.starwoodpropertytrust.com.
Контактное лицо: Zachary TanenbaumStarwood Property Trust Телефон: 203-422-7788 Электронная почта: [email protected]
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 |
$ 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 |
Определение распределяемой прибыли
Распределяемая прибыль, финансовый показатель не по GAAP, используется для расчета поощрительных вознаграждений Компании ее внешнему управляющему и является подходящим дополнительным раскрытием информации для ипотечных REIT. Для целей Компании Распределяемая прибыль определяется как чистая прибыль (убыток) по GAAP за вычетом неденежных расходов на компенсацию долевого участия, поощрительного вознаграждения, причитающегося внешнему управляющему Компании, затрат на приобретение в результате успешных приобретений, износа и амортизации недвижимости и связанных с ней нематериальных активов и любые нереализованные прибыли, убытки или другие неденежные статьи, отраженные в составе чистой прибыли за период, независимо от того, включены ли такие статьи в состав прочего совокупного дохода или убытка или в чистую прибыль, и в той мере, в какой они вычитаются из чистой прибыли (убытка), выплаты, подлежащие уплате в отношении долевых ценных бумаг дочерних компаний, выпущенных в обмен на имущество или доли в них. Сумма корректируется, чтобы исключить разовые события в связи с изменениями в GAAP и некоторыми другими неденежными корректировками, определяемыми внешним менеджером Компании и одобренными большинством независимых директоров Компании.
Reconciliation of Net Income to Distributable 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. |
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 |
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 |
$ 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 |
Reconciliation of Net Income to Distributable 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. |
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 |
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 |
$ 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 |
ИСТОЧНИК Starwood Property Trust, Inc.
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