XML 15 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenues:        
Interest income from loans $ 122,557 $ 118,292 $ 240,089 $ 236,721
Interest income from investment securities 15,301 23,810 34,704 51,554
Servicing fees 23,312 30,154 48,003 58,411
Rental income 37,843 5,014 70,520 7,686
Other revenues 979 1,390 2,169 3,137
Total revenues 199,992 178,660 395,485 357,509
Costs and expenses:        
Management fees 23,767 26,821 48,730 54,789
Interest expense 57,635 49,799 114,155 100,333
General and administrative 35,409 41,404 68,207 76,668
Acquisition and investment pursuit costs 2,888 4,867 4,173 6,053
Costs of rental operations 15,852 1,211 28,507 2,909
Depreciation and amortization 19,073 5,828 37,833 9,913
Loan loss allowance, net 2,029 2,661 1,268 2,978
Other expense     100 375
Total costs and expenses 156,653 132,591 302,973 254,018
Income before other income (loss), income taxes and non-controlling interests 43,339 46,069 92,512 103,491
Other income (loss):        
Change in net assets related to consolidated VIEs 50,707 55,873 46,540 103,734
Change in fair value of servicing rights (12,191) (2,652) (18,930) (4,194)
Change in fair value of investment securities, net 1,319 1,446 2,072 947
Change in fair value of mortgage loans held-for-sale, net 13,235 10,831 20,126 31,962
Earnings from unconsolidated entities 4,479 8,951 8,544 15,041
(Loss) gain on sale of investments and other assets, net (90) 209 155 17,407
Gain (loss) on derivative financial instruments, net 20,253 (19,530) (4,465) 5,093
Foreign currency loss, net (16,988) 20,854 (17,366) (9,453)
Total other-than-temporary impairment ("OTTI") (54)
Noncredit portion of OTTI recognized in other comprehensive income     54  
Loss on extinguishment of debt   (629)   (5,921)
Other income, net 8,714 10 10,729 55
Total other income (loss) 69,438 75,363 47,405 154,671
Income before income taxes 112,777 121,432 139,917 258,162
Income tax provision (706) (3,792) (800) (19,743)
Net income 112,071 117,640 139,117 238,419
Net income attributable to non-controlling interests (598) (492) (987) (908)
Net income attributable to Starwood Property Trust, Inc. $ 111,473 $ 117,148 $ 138,130 $ 237,511
Earnings per share data attributable to Starwood Property Trust, Inc.:        
Basic (in dollars per share) $ 0.47 $ 0.49 $ 0.58 $ 1.03
Diluted (in dollars per share) 0.47 0.49 0.58 1.02
Dividends declared per common share (in dollars per share) $ 0.48 $ 0.48 $ 0.96 $ 0.96