23. Segment and Geographic Data

In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating securitization VIEs under ASC 810. The segment information within this note is reported on that basis.

The table below presents our results of operations for the year ended December 31, 2016 by business segment (amounts in thousands):


			Investing								Investing
	Lending		and Servicing		Property						and Servicing
	Segment		Segment		Segment		Corporate		Subtotal		VIEs		Total
Revenues:
Interest income from loans	$	449,470	$	17,725	$	—	$	—	$	467,195	$	—	$	467,195
Interest income from investment securities		47,241		146,692		—		—		193,933		(123,085)		70,848
Servicing fees		782		144,941		—		—		145,723		(56,767)		88,956
Rental income		—		38,223		114,537		—		152,760		—		152,760
Other revenues		242		5,255		62		—		5,559		(651)		4,908
Total revenues		497,735		352,836		114,599		—		965,170		(180,503)		784,667
Costs and expenses:
Management fees		1,829		78		—		115,348		117,255		196		117,451
Interest expense		88,000		15,983		22,009		105,267		231,259		(460)		230,799
General and administrative		18,517		121,140		3,338		9,243		152,238		703		152,941
Acquisition and investment pursuit costs		1,665		2,520		7,886		1,391		13,462		—		13,462
Costs of rental operations		—		17,638		47,463		—		65,101		—		65,101
Depreciation and amortization		—		16,117		50,669		—		66,786		—		66,786
Loan loss allowance, net		3,759		—		—		—		3,759		—		3,759
Other expense		—		100		—		—		100		—		100
Total costs and expenses		113,770		173,576		131,365		231,249		649,960		439		650,399
Income (loss) before other income (loss), income taxes and non-controlling interests		383,965		179,260		(16,766)		(231,249)		315,210		(180,942)		134,268
Other income (loss):
Change in net assets related to consolidated VIEs		—		—		—		—		—		151,593		151,593
Change in fair value of servicing rights		—		(43,258)		—		—		(43,258)		(3,891)		(47,149)
Change in fair value of investment securities, net		20		(44,094)		—		—		(44,074)		42,673		(1,401)
Change in fair value of mortgage loans held-for-sale, net		—		74,251		—		—		74,251		—		74,251
Earnings from unconsolidated entities		3,447		8,937		9,736		—		22,120		(397)		21,723
Gain on sale of investments and other assets, net		1,716		226		—		—		1,942		—		1,942
Gain (loss) on derivative financial instruments, net		41,576		(4,318)		33,476		—		70,734		—		70,734
Foreign currency (loss) gain, net		(37,595)		3,661		(38)		5		(33,967)		—		(33,967)
OTTI		—		(215)		(513)		—		(728)		—		(728)
Loss on extinguishment of debt		—		—		—		(8,781)		(8,781)		—		(8,781)
Other income, net		—		8,959		9,102		4,271		22,332		(8,822)		13,510
Total other income (loss)		9,164		4,149		51,763		(4,505)		60,571		181,156		241,727
Income (loss) before income taxes		393,129		183,409		34,997		(235,754)		375,781		214		375,995
Income tax benefit (provision)		1,610		(9,954)		—		—		(8,344)		—		(8,344)
Net income (loss)		394,739		173,455		34,997		(235,754)		367,437		214		367,651
Net income attributable to non-controlling interests		(1,398)		(853)		—		—		(2,251)		(214)		(2,465)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	393,341	$	172,602	$	34,997	$	(235,754)	$	365,186	$	—	$	365,186

The table below presents our results of operations for the year ended December 31, 2015 by business segment (amounts in thousands):


			Investing								Investing
	Lending		and Servicing		Property						and Servicing
	Segment		Segment		Segment		Corporate		Subtotal		VIEs		Total
Revenues:
Interest income from loans	$	460,365	$	17,566	$	—	$	—	$	477,931	$	—	$	477,931
Interest income from investment securities		68,059		156,365		—		—		224,424		(130,759)		93,665
Servicing fees		428		215,770		—		—		216,198		(99,130)		117,068
Rental income		—		11,177		25,445		—		36,622		—		36,622
Other revenues		597		10,928		—		—		11,525		(934)		10,591
Total revenues		529,449		411,806		25,445		—		966,700		(230,823)		735,877
Costs and expenses:
Management fees		901		72		—		123,532		124,505		228		124,733
Interest expense		81,676		10,386		5,584		104,904		202,550		—		202,550
General and administrative		21,685		123,746		1,205		7,275		153,911		717		154,628
Acquisition and investment pursuit costs		2,065		2,375		8,951		38		13,429		—		13,429
Costs of rental operations		—		6,121		5,421		—		11,542		—		11,542
Depreciation and amortization		—		13,972		15,038		—		29,010		—		29,010
Loan loss allowance, net		(2)		—		—		—		(2)		—		(2)
Other expense		6		383		—		—		389		—		389
Total costs and expenses		106,331		157,055		36,199		235,749		535,334		945		536,279
Income (loss) before other income (loss), income taxes and non-controlling interests		423,118		254,751		(10,754)		(235,749)		431,366		(231,768)		199,598
Other income (loss):
Change in net assets related to consolidated VIEs		—		—		—		—		—		185,490		185,490
Change in fair value of servicing rights		—		(46,831)		—		—		(46,831)		34,226		(12,605)
Change in fair value of investment securities, net		209		(9,952)		—		—		(9,743)		12,827		3,084
Change in fair value of mortgage loans held-for-sale, net		—		64,320		—		—		64,320		—		64,320
Earnings from unconsolidated entities		4,045		13,042		10,090		—		27,177		(503)		26,674
Gain on sale of investments and other assets, net		4,839		17,825		—		—		22,664		—		22,664
Gain (loss) on derivative financial instruments, net		30,764		(14,226)		5,060		—		21,598		—		21,598
Foreign currency (loss) gain, net		(36,956)		(296)		31		—		(37,221)		—		(37,221)
Loss on extinguishment of debt		—		—		—		(5,921)		(5,921)		—		(5,921)
Other income, net		—		161		1,530		17		1,708		—		1,708
Total other income (loss)		2,901		24,043		16,711		(5,904)		37,751		232,040		269,791
Income (loss) before income taxes		426,019		278,794		5,957		(241,653)		469,117		272		469,389
Income tax provision		(242)		(16,964)		—		—		(17,206)		—		(17,206)
Net income (loss)		425,777		261,830		5,957		(241,653)		451,911		272		452,183
Net (income) loss attributable to non-controlling interests		(1,389)		175		—		—		(1,214)		(272)		(1,486)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	424,388	$	262,005	$	5,957	$	(241,653)	$	450,697	$	—	$	450,697

The table below presents our results of operations for the year ended December 31, 2014 by business segment (amounts in thousands):


			Investing						Single				Investing
	Lending		and Servicing		Property				Family				and Servicing
	Segment		Segment		Segment		Corporate		Residential		Subtotal		VIEs		Total
Revenues:
Interest income from loans	$	420,683	$	13,979	$	—	$	—	$	—	$	434,662	$	—	$	434,662
Interest income from investment securities		68,348		109,819		—		—		—		178,167		(66,151)		112,016
Servicing fees		330		227,145		—		—		—		227,475		(91,910)		135,565
Rental income		—		9,831		—		—		—		9,831		—		9,831
Other revenues		406		11,619		—		—		—		12,025		(1,224)		10,801
Total revenues		489,767		372,393		—		—		—		862,160		(159,285)		702,875
Costs and expenses:
Management fees		2,079		72		—		115,411		—		117,562		170		117,732
Interest expense		65,913		4,781		—		90,410		—		161,104		—		161,104
General and administrative		21,551		141,500		—		5,887		—		168,938		723		169,661
Acquisition and investment pursuit costs		2,023		1,206		—		452		—		3,681		—		3,681
Costs of rental operations		—		5,938		—		—		—		5,938		—		5,938
Depreciation and amortization		—		16,627		—		—		—		16,627		—		16,627
Loan loss allowance, net		2,047		—		—		—		—		2,047		—		2,047
Other expense		52		7,167		—		—		—		7,219		—		7,219
Total costs and expenses		93,665		177,291		—		212,160		—		483,116		893		484,009
Income (loss) before other income, income taxes and non-controlling interests		396,102		195,102		—		(212,160)		—		379,044		(160,178)		218,866
Other income:
Change in net assets related to consolidated VIEs		—		—		—		—		—		—		212,506		212,506
Change in fair value of servicing rights		—		(53,065)		—		—		—		(53,065)		36,278		(16,787)
Change in fair value of investment securities, net		822		97,723		—		—		—		98,545		(83,468)		15,077
Change in fair value of mortgage loans held-for-sale, net		—		70,420		—		—		—		70,420		—		70,420
Earnings from unconsolidated entities		7,484		13,610		2,176		—		—		23,270		(3,338)		19,932
Gain on sale of investments and other assets, net		12,886		—		—		—		—		12,886		—		12,886
Gain (loss) on derivative financial instruments, net		30,713		(10,262)		—		—		—		20,451		—		20,451
Foreign currency loss, net		(29,139)		(803)		—		—		—		(29,942)		—		(29,942)
OTTI		(259)		(797)		—		—		—		(1,056)		—		(1,056)
Other (loss) income, net		(327)		4,159		—		—		—		3,832		—		3,832
Total other income		22,180		120,985		2,176		—		—		145,341		161,978		307,319
Income (loss) from continuing operations before income taxes		418,282		316,087		2,176		(212,160)		—		524,385		1,800		526,185
Income tax provision		(1,476)		(22,620)		—		—		—		(24,096)		—		(24,096)
Income (loss) from continuing operations		416,806		293,467		2,176		(212,160)		—		500,289		1,800		502,089
Loss from discontinued operations, net of tax		—		—		—		—		(1,551)		(1,551)		—		(1,551)
Net income (loss)		416,806		293,467		2,176		(212,160)		(1,551)		498,738		1,800		500,538
Net income attributable to non-controlling interests		(3,717)		—		—		—		—		(3,717)		(1,800)		(5,517)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	413,089	$	293,467	$	2,176	$	(212,160)	$	(1,551)	$	495,021	$	—	$	495,021

The table below presents our consolidated balance sheet as of December 31, 2016 by business segment (amounts in thousands):


			Investing								Investing
	Lending		and Servicing		Property						and Servicing
	Segment		Segment		Segment		Corporate		Subtotal		VIEs		Total
Assets:
Cash and cash equivalents	$	7,085	$	38,798	$	7,701	$	560,790	$	614,374	$	1,148	$	615,522
Restricted cash		17,885		8,202		9,146		—		35,233		—		35,233
Loans held-for-investment, net		5,827,553		20,442		—		—		5,847,995		—		5,847,995
Loans held-for-sale		—		63,279		—		—		63,279		—		63,279
Loans transferred as secured borrowings		35,000		—		—		—		35,000		—		35,000
Investment securities		776,072		990,570		—		—		1,766,642		(959,024)		807,618
Properties, net		—		277,612		1,667,108		—		1,944,720		—		1,944,720
Intangible assets		—		125,327		128,159		—		253,486		(34,238)		219,248
Investment in unconsolidated entities		30,874		56,376		124,977		—		212,227		(7,622)		204,605
Goodwill		—		140,437		—		—		140,437		—		140,437
Derivative assets		45,282		1,186		42,893		—		89,361		—		89,361
Accrued interest receivable		25,831		2,393		—		—		28,224		—		28,224
Other assets		13,470		59,503		29,569		1,866		104,408		(2,645)		101,763
VIE assets, at fair value		—		—		—		—		—		67,123,261		67,123,261
Total Assets	$	6,779,052	$	1,784,125	$	2,009,553	$	562,656	$	11,135,386	$	66,120,880	$	77,256,266
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	20,769	$	68,603	$	81,873	$	26,003	$	197,248	$	886	$	198,134
Related-party payable		—		440		—		37,378		37,818		—		37,818
Dividends payable		—		—		—		125,075		125,075		—		125,075
Derivative liabilities		3,388		516		—		—		3,904		—		3,904
Secured financing agreements, net		2,258,462		426,683		1,196,830		295,851		4,177,826		(23,700)		4,154,126
Unsecured senior notes, net		—		—		—		2,011,544		2,011,544		—		2,011,544
Secured borrowings on transferred loans		35,000		—		—		—		35,000		—		35,000
VIE liabilities, at fair value		—		—		—		—		—		66,130,592		66,130,592
Total Liabilities		2,317,619		496,242		1,278,703		2,495,851		6,588,415		66,107,778		72,696,193
Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock		—		—		—		2,639		2,639		—		2,639
Additional paid-in capital		2,218,671		883,761		696,049		892,699		4,691,180		—		4,691,180
Treasury stock		—		—		—		(92,104)		(92,104)		—		(92,104)
Accumulated other comprehensive income (loss)		44,903		(437)		(8,328)		—		36,138		—		36,138
Retained earnings (accumulated deficit)		2,186,727		390,994		43,129		(2,736,429)		(115,579)		—		(115,579)
Total Starwood Property Trust, Inc. Stockholders’ Equity		4,450,301		1,274,318		730,850		(1,933,195)		4,522,274		—		4,522,274
Non-controlling interests in consolidated subsidiaries		11,132		13,565		—		—		24,697		13,102		37,799
Total Equity		4,461,433		1,287,883		730,850		(1,933,195)		4,546,971		13,102		4,560,073
Total Liabilities and Equity	$	6,779,052	$	1,784,125	$	2,009,553	$	562,656	$	11,135,386	$	66,120,880	$	77,256,266

The table below presents our consolidated balance sheet as of December 31, 2015 by business segment (amounts in thousands):


			Investing								Investing
	Lending		and Servicing		Property						and Servicing
	Segment		Segment		Segment		Corporate		Subtotal		VIEs		Total
Assets:
Cash and cash equivalents	$	83,836	$	62,649	$	2,944	$	218,408	$	367,837	$	978	$	368,815
Restricted cash		9,775		8,826		4,468		—		23,069		—		23,069
Loans held-for-investment, net		5,973,079		—		—		—		5,973,079		—		5,973,079
Loans held-for-sale		—		203,865		—		—		203,865		—		203,865
Loans transferred as secured borrowings		86,573		—		—		—		86,573		—		86,573
Investment securities		511,966		1,038,200		—		—		1,550,166		(825,219)		724,947
Properties, net		—		150,497		768,728		—		919,225		—		919,225
Intangible assets		—		152,278		61,121		—		213,399		(11,829)		201,570
Investment in unconsolidated entities		30,827		53,145		122,454		—		206,426		(7,225)		199,201
Goodwill		—		140,437		—		—		140,437		—		140,437
Derivative assets		33,412		2,087		9,592		—		45,091		—		45,091
Accrued interest receivable		34,028		286		—		—		34,314		—		34,314
Other assets		7,938		71,505		23,657		1,436		104,536		(2,057)		102,479
VIE assets, at fair value		—		—		—		—		—		76,675,689		76,675,689
Total Assets	$	6,771,434	$	1,883,775	$	992,964	$	219,844	$	9,868,017	$	75,830,337	$	85,698,354
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	18,822	$	90,399	$	25,427	$	21,468	$	156,116	$	689	$	156,805
Related-party payable		—		423		—		40,532		40,955		—		40,955
Dividends payable		—		—		—		114,947		114,947		—		114,947
Derivative liabilities		5,190		6		—		—		5,196		—		5,196
Secured financing agreements, net		2,341,897		422,260		568,738		647,804		3,980,699		—		3,980,699
Unsecured senior notes, net		—		—		—		1,323,795		1,323,795		—		1,323,795
Secured borrowings on transferred loans		88,000		—		—		—		88,000		—		88,000
VIE liabilities, at fair value		—		—		—		—		—		75,817,014		75,817,014
Total Liabilities		2,453,909		513,088		594,165		2,148,546		5,709,708		75,817,703		81,527,411
Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock		—		—		—		2,410		2,410		—		2,410
Additional paid-in capital		2,477,987		1,146,926		394,465		173,466		4,192,844		—		4,192,844
Treasury stock		—		—		—		(72,381)		(72,381)		—		(72,381)
Accumulated other comprehensive income (loss)		37,242		(3,714)		(3,799)		—		29,729		—		29,729
Retained earnings (accumulated deficit)		1,790,705		221,073		8,133		(2,032,197)		(12,286)		—		(12,286)
Total Starwood Property Trust, Inc. Stockholders’ Equity		4,305,934		1,364,285		398,799		(1,928,702)		4,140,316		—		4,140,316
Non-controlling interests in consolidated subsidiaries		11,591		6,402		—		—		17,993		12,634		30,627
Total Equity		4,317,525		1,370,687		398,799		(1,928,702)		4,158,309		12,634		4,170,943
Total Liabilities and Equity	$	6,771,434	$	1,883,775	$	992,964	$	219,844	$	9,868,017	$	75,830,337	$	85,698,354

Revenues generated from foreign sources were $100.1 million, $134.7 million and $111.5 million for the years ended December 31, 2016, 2015 and 2014, respectively. The majority of our revenues generated from foreign sources are derived from Ireland and the United Kingdom. Refer to Schedule III for a detailed listing of the properties held by the Company, including their respective geographic locations.