XML 103 R89.htm IDEA: XBRL DOCUMENT v3.7.0.1
Segment Data - Results of Operations (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues:    
Interest income from loans $ 111,883 $ 117,532
Interest income from investment securities 15,224 19,403
Servicing fees 14,102 24,691
Rental income 57,042 32,677
Other revenues 469 1,190
Total revenues 198,720 195,493
Costs and expenses:    
Management fees 24,384 24,963
Interest expense 65,860 56,520
General and administrative 30,429 32,798
Acquisition and investment pursuit costs 671 1,285
Costs of rental operations 20,878 12,655
Depreciation and amortization 22,228 18,760
Loan loss allowance, net (305) (761)
Other expense 758 100
Total costs and expenses 164,903 146,320
Income before other income (loss), income taxes and non-controlling interests 33,817 49,173
Other income (loss):    
Change in net assets related to consolidated VIEs 69,170 (4,167)
Change in fair value of servicing rights (8,433) (6,739)
Change in fair value of investment securities, net (1,171) 753
Change in fair value of mortgage loans held-for-sale, net 10,593 6,891
Earnings from unconsolidated entities 2,987 4,065
(Loss) gain on sale of investments and other assets, net (56) 245
Loss on derivative financial instruments, net (4,349) (24,718)
Foreign currency (loss), gain net 4,864 (378)
Loss on extinguishment of debt (5,916)  
Other income, net 365 2,015
Total other income (loss) 68,054 (22,033)
Income before income taxes 101,871 27,140
Income tax benefit (provision) 983 (94)
Net income 102,854 27,046
Net income attributable to non-controlling interests (496) (389)
Net income attributable to Starwood Property Trust, Inc. 102,358 26,657
Operating Segments and Corporate    
Revenues:    
Interest income from loans 111,883 117,532
Interest income from investment securities 47,555 57,254
Servicing fees 30,291 36,377
Rental income 57,042 32,677
Other revenues 588 1,371
Total revenues 247,359 245,211
Costs and expenses:    
Management fees 24,334 24,921
Interest expense 66,129 56,520
General and administrative 30,342 32,621
Acquisition and investment pursuit costs 671 1,285
Costs of rental operations 20,878 12,655
Depreciation and amortization 22,228 18,760
Loan loss allowance, net (305) (761)
Other expense 758 100
Total costs and expenses 165,035 146,101
Income before other income (loss), income taxes and non-controlling interests 82,324 99,110
Other income (loss):    
Change in fair value of servicing rights (9,637) (8,670)
Change in fair value of investment securities, net 19,217 (51,742)
Change in fair value of mortgage loans held-for-sale, net 10,593 6,891
Earnings from unconsolidated entities 3,948 4,274
(Loss) gain on sale of investments and other assets, net (56) 245
Loss on derivative financial instruments, net (4,349) (24,718)
Foreign currency (loss), gain net 4,864 (378)
Loss on extinguishment of debt (5,916)  
Other income, net 365 2,015
Total other income (loss) 19,029 (72,083)
Income before income taxes 101,353 27,027
Income tax benefit (provision) 983 (94)
Net income 102,336 26,933
Net income attributable to non-controlling interests 22 (276)
Net income attributable to Starwood Property Trust, Inc. 102,358 26,657
Operating segment | Lending Segment    
Revenues:    
Interest income from loans 109,046 114,658
Interest income from investment securities 12,719 9,628
Servicing fees 210 159
Other revenues 79 23
Total revenues 122,054 124,468
Costs and expenses:    
Management fees 454 375
Interest expense 19,957 22,335
General and administrative 4,211 3,922
Acquisition and investment pursuit costs 515 338
Depreciation and amortization 17  
Loan loss allowance, net (305) (761)
Total costs and expenses 24,849 26,209
Income before other income (loss), income taxes and non-controlling interests 97,205 98,259
Other income (loss):    
Change in fair value of investment securities, net 172 (214)
Earnings from unconsolidated entities 470 468
(Loss) gain on sale of investments and other assets, net (56) 245
Loss on derivative financial instruments, net (4,535) (3,026)
Foreign currency (loss), gain net 4,863 (1,822)
Total other income (loss) 914 (4,349)
Income before income taxes 98,119 93,910
Income tax benefit (provision) (215) (75)
Net income 97,904 93,835
Net income attributable to non-controlling interests (354) (350)
Net income attributable to Starwood Property Trust, Inc. 97,550 93,485
Operating segment | Investment and Servicing Segment    
Revenues:    
Interest income from loans 2,837 2,874
Interest income from investment securities 34,836 47,626
Servicing fees 30,081 36,218
Rental income 12,189 6,475
Other revenues 464 1,342
Total revenues 80,407 94,535
Costs and expenses:    
Management fees 18 18
Interest expense 4,358 3,238
General and administrative 22,580 25,294
Acquisition and investment pursuit costs (16) 355
Costs of rental operations 5,487 3,062
Depreciation and amortization 5,054 3,051
Other expense 758 100
Total costs and expenses 38,239 35,118
Income before other income (loss), income taxes and non-controlling interests 42,168 59,417
Other income (loss):    
Change in fair value of servicing rights (9,637) (8,670)
Change in fair value of investment securities, net 19,045 (51,528)
Change in fair value of mortgage loans held-for-sale, net 10,593 6,891
Earnings from unconsolidated entities 1,017 1,377
Loss on derivative financial instruments, net 697 (11,245)
Foreign currency (loss), gain net 1 1,460
Other income, net 365 43
Total other income (loss) 22,081 (61,672)
Income before income taxes 64,249 (2,255)
Income tax benefit (provision) 1,198 (19)
Net income 65,447 (2,274)
Net income attributable to non-controlling interests 376 74
Net income attributable to Starwood Property Trust, Inc. 65,823 (2,200)
Operating segment | Property Segment    
Revenues:    
Rental income 44,853 26,202
Other revenues 45 6
Total revenues 44,898 26,208
Costs and expenses:    
Interest expense 10,207 4,949
General and administrative 1,381 555
Acquisition and investment pursuit costs 172 592
Costs of rental operations 15,391 9,593
Depreciation and amortization 17,157 15,709
Total costs and expenses 44,308 31,398
Income before other income (loss), income taxes and non-controlling interests 590 (5,190)
Other income (loss):    
Earnings from unconsolidated entities 2,461 2,429
Loss on derivative financial instruments, net (511) (10,447)
Foreign currency (loss), gain net   (16)
Other income, net   422
Total other income (loss) 1,950 (7,612)
Income before income taxes 2,540 (12,802)
Net income 2,540 (12,802)
Net income attributable to Starwood Property Trust, Inc. 2,540 (12,802)
Corporate    
Costs and expenses:    
Management fees 23,862 24,528
Interest expense 31,607 25,998
General and administrative 2,170 2,850
Total costs and expenses 57,639 53,376
Income before other income (loss), income taxes and non-controlling interests (57,639) (53,376)
Other income (loss):    
Loss on extinguishment of debt (5,916)  
Other income, net   1,550
Total other income (loss) (5,916) 1,550
Income before income taxes (63,555) (51,826)
Net income (63,555) (51,826)
Net income attributable to Starwood Property Trust, Inc. (63,555) (51,826)
Investment and Servicing VIEs    
Revenues:    
Interest income from investment securities (32,331) (37,851)
Servicing fees (16,189) (11,686)
Other revenues (119) (181)
Total revenues (48,639) (49,718)
Costs and expenses:    
Management fees 50 42
Interest expense (269)  
General and administrative 87 177
Total costs and expenses (132) 219
Income before other income (loss), income taxes and non-controlling interests (48,507) (49,937)
Other income (loss):    
Change in net assets related to consolidated VIEs 69,170 (4,167)
Change in fair value of servicing rights 1,204 1,931
Change in fair value of investment securities, net (20,388) 52,495
Earnings from unconsolidated entities (961) (209)
Total other income (loss) 49,025 50,050
Income before income taxes 518 113
Net income 518 113
Net income attributable to non-controlling interests $ (518) $ (113)