XML 100 R89.htm IDEA: XBRL DOCUMENT v3.5.0.2
Segment Data - Results of Operations (Details) - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2015
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), gain net   (16,988) 20,854 (17,366) (9,453)
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 benefit (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
Investment and Servicing Segment          
Other income (loss):          
(Loss) gain on sale of investments and other assets, net $ 17,100        
Operating Segments and Corporate          
Revenues:          
Interest income from loans   122,557 118,292 240,089 236,721
Interest income from investment securities   43,481 64,322 100,735 111,314
Servicing fees   37,455 54,447 73,832 105,479
Rental income   37,843 5,014 70,520 7,686
Other revenues   1,152 1,635 2,523 3,644
Total revenues   242,488 243,710 487,699 464,844
Costs and expenses:          
Management fees   23,711 26,770 48,632 54,688
Interest expense   57,635 49,799 114,155 100,333
General and administrative   35,228 41,226 67,849 76,304
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   156,416 132,362 302,517 253,553
Income before other income (loss), income taxes and non-controlling interests   86,072 111,348 185,182 211,291
Other income (loss):          
Change in fair value of servicing rights   (11,034) (8,381) (19,704) (13,256)
Change in fair value of investment securities, net   7,429 (2,681) (44,313) 5,293
Change in fair value of mortgage loans held-for-sale, net   13,235 10,831 20,126 31,962
Earnings from unconsolidated entities   4,939 9,243 9,213 15,463
(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), gain net   (16,988) 20,854 (17,366) (9,453)
Loss on extinguishment of debt     (629)   (5,921)
Other income, net   8,714 10 10,729 55
Total other income (loss)   26,458 9,926 (45,625) 46,643
Income before income taxes   112,530 121,274 139,557 257,934
Income tax benefit (provision)   (706) (3,792) (800) (19,743)
Net income   111,824 117,482 138,757 238,191
Net income attributable to non-controlling interests   (351) (334) (627) (680)
Net income attributable to Starwood Property Trust, Inc.   111,473 117,148 138,130 237,511
Operating segment | Lending Segment          
Revenues:          
Interest income from loans   119,296 113,928 233,954 227,400
Interest income from investment securities   11,046 17,050 20,674 39,346
Servicing fees   206 98 365 182
Other revenues   58 334 81 413
Total revenues   130,606 131,410 255,074 267,341
Costs and expenses:          
Management fees   395 367 770 755
Interest expense   22,572 20,197 44,907 41,720
General and administrative   4,540 6,083 8,462 10,941
Acquisition and investment pursuit costs   942 224 1,280 997
Loan loss allowance, net   2,029 2,661 1,268 2,978
Total costs and expenses   30,478 29,532 56,687 57,391
Income before other income (loss), income taxes and non-controlling interests   100,128 101,878 198,387 209,950
Other income (loss):          
Change in fair value of investment securities, net   (30) 510 (244) 171
Earnings from unconsolidated entities   1,224 1,361 1,692 2,216
(Loss) gain on sale of investments and other assets, net   (90) 209 155 307
Gain (loss) on derivative financial instruments, net   15,868 (23,954) 12,842 8,909
Foreign currency (loss), gain net   (17,840) 21,181 (19,662) (8,155)
Total other income (loss)   (868) (693) (5,217) 3,448
Income before income taxes   99,260 101,185 193,170 213,398
Income tax benefit (provision)       (75) 30
Net income   99,260 101,185 193,095 213,428
Net income attributable to non-controlling interests   (348) (334) (698) (680)
Net income attributable to Starwood Property Trust, Inc.   98,912 100,851 192,397 212,748
Operating segment | Investment and Servicing Segment          
Revenues:          
Interest income from loans   3,261 4,364 6,135 9,321
Interest income from investment securities   32,435 47,272 80,061 71,968
Servicing fees   37,249 54,349 73,467 105,297
Rental income   8,223 1,478 14,698 4,150
Other revenues   1,076 1,301 2,418 3,231
Total revenues   82,244 108,764 176,779 193,967
Costs and expenses:          
Management fees   12 18 30 36
Interest expense   3,328 2,751 6,566 4,870
General and administrative   26,721 32,626 52,015 61,815
Acquisition and investment pursuit costs   780 505 1,135 718
Costs of rental operations   3,661 878 6,723 2,576
Depreciation and amortization   3,730 4,213 6,781 8,298
Other expense       100 375
Total costs and expenses   38,232 40,991 73,350 78,688
Income before other income (loss), income taxes and non-controlling interests   44,012 67,773 103,429 115,279
Other income (loss):          
Change in fair value of servicing rights   (11,034) (8,381) (19,704) (13,256)
Change in fair value of investment securities, net   7,459 (3,191) (44,069) 5,122
Change in fair value of mortgage loans held-for-sale, net   13,235 10,831 20,126 31,962
Earnings from unconsolidated entities   1,286 5,328 2,663 8,052
(Loss) gain on sale of investments and other assets, net         17,100
Gain (loss) on derivative financial instruments, net   (3,945) 4,274 (15,190) (3,733)
Foreign currency (loss), gain net   870 (120) 2,330 (1,291)
Other income, net   34 10 77 41
Total other income (loss)   7,905 8,751 (53,767) 43,997
Income before income taxes   51,917 76,524 49,662 159,276
Income tax benefit (provision)   (706) (3,792) (725) (19,773)
Net income   51,211 72,732 48,937 139,503
Net income attributable to non-controlling interests   (3)   71  
Net income attributable to Starwood Property Trust, Inc.   51,208 72,732 49,008 139,503
Operating segment | Property Segment          
Revenues:          
Rental income   29,620 3,536 55,822 3,536
Other revenues   18   24  
Total revenues   29,638 3,536 55,846 3,536
Costs and expenses:          
Interest expense   5,678 877 10,627 877
General and administrative   837 174 1,392 176
Acquisition and investment pursuit costs   166 4,262 758 4,262
Costs of rental operations   12,191 333 21,784 333
Depreciation and amortization   15,343 1,615 31,052 1,615
Total costs and expenses   34,215 7,261 65,613 7,263
Income before other income (loss), income taxes and non-controlling interests   (4,577) (3,725) (9,767) (3,727)
Other income (loss):          
Earnings from unconsolidated entities   2,429 2,554 4,858 5,195
Gain (loss) on derivative financial instruments, net   8,330 150 (2,117) (83)
Foreign currency (loss), gain net   (18) (207) (34) (7)
Other income, net   8,680   9,102  
Total other income (loss)   19,421 2,497 11,809 5,105
Income before income taxes   14,844 (1,228) 2,042 1,378
Net income   14,844 (1,228) 2,042 1,378
Net income attributable to Starwood Property Trust, Inc.   14,844 (1,228) 2,042 1,378
Corporate          
Costs and expenses:          
Management fees   23,304 26,385 47,832 53,897
Interest expense   26,057 25,974 52,055 52,866
General and administrative   3,130 2,343 5,980 3,372
Acquisition and investment pursuit costs   1,000 (124) 1,000 76
Total costs and expenses   53,491 54,578 106,867 110,211
Income before other income (loss), income taxes and non-controlling interests   (53,491) (54,578) (106,867) (110,211)
Other income (loss):          
Loss on extinguishment of debt     (629)   (5,921)
Other income, net       1,550 14
Total other income (loss)     (629) 1,550 (5,907)
Income before income taxes   (53,491) (55,207) (105,317) (116,118)
Net income   (53,491) (55,207) (105,317) (116,118)
Net income attributable to Starwood Property Trust, Inc.   (53,491) (55,207) (105,317) (116,118)
Investment and Servicing VIEs          
Revenues:          
Interest income from investment securities   (28,180) (40,512) (66,031) (59,760)
Servicing fees   (14,143) (24,293) (25,829) (47,068)
Other revenues   (173) (245) (354) (507)
Total revenues   (42,496) (65,050) (92,214) (107,335)
Costs and expenses:          
Management fees   56 51 98 101
General and administrative   181 178 358 364
Total costs and expenses   237 229 456 465
Income before other income (loss), income taxes and non-controlling interests   (42,733) (65,279) (92,670) (107,800)
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   (1,157) 5,729 774 9,062
Change in fair value of investment securities, net   (6,110) 4,127 46,385 (4,346)
Earnings from unconsolidated entities   (460) (292) (669) (422)
Total other income (loss)   42,980 65,437 93,030 108,028
Income before income taxes   247 158 360 228
Net income   247 158 360 228
Net income attributable to non-controlling interests   $ (247) $ (158) $ (360) $ (228)