XML 35 R91.htm IDEA: XBRL DOCUMENT v3.20.1
Segment Data - Results of Operations (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues:    
Interest income from loans $ 217,427 $ 183,416
Interest income from investment securities 15,240 17,632
Servicing fees 4,793 24,433
Rental income 74,146 83,833
Other revenues 954 1,166
Total revenues 312,560 310,480
Costs and expenses:    
Management fees 40,728 23,466
Interest expense 120,025 134,672
General and administrative 38,702 34,930
Acquisition and investment pursuit costs 909 342
Costs of rental operations 28,214 29,651
Depreciation and amortization 23,980 29,254
Credit loss provision, net 48,669 763
Other expense 388 211
Total costs and expenses 301,615 253,289
Other (loss) income:    
Change in net assets related to consolidated VIEs (45,493) 47,836
Change in fair value of servicing rights (393) (767)
Change in fair value of investment securities, net 2,504 62
Change in fair value of mortgage loans, net (16,134) 11,266
Earnings (loss) from unconsolidated entities 97 (43,200)
(Loss) gain on derivative financial instruments, net 296 4,485
Gain (loss) on derivative financial instruments, net 9,710 (2,207)
Foreign currency gain (loss), net (34,486) 5,547
Loss on extinguishment of debt (170) (3,298)
Other income (loss), net 126 (73)
Total other (loss) income (83,943) 19,651
(Loss) income before income taxes (72,998) 76,842
Income tax benefit (provision) 6,729 (334)
Net (loss) income (66,269) 76,508
Net income attributable to Starwood Property Trust, Inc. (500) (6,125)
Net (loss) income attributable to Starwood Property Trust, Inc. (66,769) 70,383
Operating Segments and Corporate    
Revenues:    
Interest income from loans 217,427 183,416
Interest income from investment securities 44,129 45,086
Servicing fees 6,614 27,366
Rental income 74,146 83,833
Other revenues 956 1,184
Total revenues 343,272 340,885
Costs and expenses:    
Management fees 40,697 23,417
Interest expense 120,187 134,832
General and administrative 38,618 34,842
Acquisition and investment pursuit costs 909 342
Costs of rental operations 28,214 29,651
Depreciation and amortization 23,980 29,254
Credit loss provision, net 48,669 763
Other expense 388 211
Total costs and expenses 301,662 253,312
Other (loss) income:    
Change in fair value of servicing rights 318 (515)
Change in fair value of investment securities, net (75,095) 16,446
Change in fair value of mortgage loans, net (16,134) 11,266
Earnings (loss) from unconsolidated entities 671 (42,634)
(Loss) gain on derivative financial instruments, net 296 4,485
Gain (loss) on derivative financial instruments, net 9,710 (2,207)
Foreign currency gain (loss), net (34,486) 5,547
Loss on extinguishment of debt (170) (3,298)
Other income (loss), net 126 (73)
Total other (loss) income (114,764) (10,983)
(Loss) income before income taxes (73,154) 76,590
Income tax benefit (provision) 6,729 (334)
Net (loss) income (66,425) 76,256
Net income attributable to Starwood Property Trust, Inc. (344) (5,873)
Net (loss) income attributable to Starwood Property Trust, Inc. (66,769) 70,383
Operating segment | Commercial and Residential Lending Segment    
Revenues:    
Interest income from loans 192,381 154,595
Interest income from investment securities 18,628 19,908
Servicing fees 172 123
Rental income 78  
Other revenues 178 204
Total revenues 211,437 174,830
Costs and expenses:    
Management fees 351 411
Interest expense 53,950 61,604
General and administrative 8,132 6,768
Acquisition and investment pursuit costs 860 249
Costs of rental operations 778 19
Depreciation and amortization 415 71
Credit loss provision, net 40,217 (11)
Other expense 77 77
Total costs and expenses 104,780 69,188
Other (loss) income:    
Change in fair value of investment securities, net (27,879) (1,694)
Change in fair value of mortgage loans, net (35,517) 1,386
Earnings (loss) from unconsolidated entities 51 577
(Loss) gain on derivative financial instruments, net   2,755
Gain (loss) on derivative financial instruments, net 30,805 (9,297)
Foreign currency gain (loss), net (34,001) 5,239
Total other (loss) income (66,541) (1,034)
(Loss) income before income taxes 40,116 104,608
Income tax benefit (provision) 4,422 248
Net (loss) income 44,538 104,856
Net income attributable to Starwood Property Trust, Inc. (3) (371)
Net (loss) income attributable to Starwood Property Trust, Inc. 44,535 104,485
Operating segment | Infrastructure Lending Segment    
Revenues:    
Interest income from loans 22,413 26,915
Interest income from investment securities 701 885
Other revenues 143 686
Total revenues 23,257 28,486
Costs and expenses:    
Interest expense 13,117 18,577
General and administrative 4,423 4,479
Acquisition and investment pursuit costs 17 16
Depreciation and amortization 70  
Credit loss provision, net 8,452 774
Total costs and expenses 26,079 23,846
Other (loss) income:    
(Loss) gain on derivative financial instruments, net 296 790
Gain (loss) on derivative financial instruments, net (1,001) (395)
Foreign currency gain (loss), net (473) 300
Loss on extinguishment of debt (170) (3,304)
Total other (loss) income (1,348) (2,609)
(Loss) income before income taxes (4,170) 2,031
Income tax benefit (provision) 145 85
Net (loss) income (4,025) 2,116
Net (loss) income attributable to Starwood Property Trust, Inc. (4,025) 2,116
Operating segment | Investing and Servicing Segment    
Revenues:    
Interest income from loans 2,633 1,906
Interest income from investment securities 24,800 24,293
Servicing fees 6,442 27,243
Rental income 10,107 13,312
Other revenues 513 196
Total revenues 44,495 66,950
Costs and expenses:    
Management fees 239 18
Interest expense 7,194 7,746
General and administrative 20,684 18,851
Acquisition and investment pursuit costs 20 77
Costs of rental operations 4,584 6,695
Depreciation and amortization 4,207 5,287
Total costs and expenses 36,928 38,674
Other (loss) income:    
Change in fair value of servicing rights 318 (515)
Change in fair value of investment securities, net (47,216) 18,140
Change in fair value of mortgage loans, net 19,383 9,880
Earnings (loss) from unconsolidated entities 620 594
(Loss) gain on derivative financial instruments, net   940
Gain (loss) on derivative financial instruments, net (19,106) (3,432)
Foreign currency gain (loss), net 7 (1)
Other income (loss), net 76  
Total other (loss) income (45,918) 25,606
(Loss) income before income taxes (38,351) 53,882
Income tax benefit (provision) 2,162 (409)
Net (loss) income (36,189) 53,473
Net income attributable to Starwood Property Trust, Inc. 4,770 215
Net (loss) income attributable to Starwood Property Trust, Inc. (31,419) 53,688
Operating segment | Property Segment    
Revenues:    
Rental income 63,961 70,521
Other revenues 122 78
Total revenues 64,083 70,599
Costs and expenses:    
Interest expense 17,121 18,990
General and administrative 1,078 1,518
Acquisition and investment pursuit costs 12  
Costs of rental operations 22,852 22,937
Depreciation and amortization 19,288 23,896
Other expense 311 134
Total costs and expenses 60,662 67,475
Other (loss) income:    
Earnings (loss) from unconsolidated entities   (43,805)
Gain (loss) on derivative financial instruments, net (30,223) 1,290
Foreign currency gain (loss), net (19) 9
Other income (loss), net 50  
Total other (loss) income (30,192) (42,506)
(Loss) income before income taxes (26,771) (39,382)
Income tax benefit (provision)   (258)
Net (loss) income (26,771) (39,640)
Net income attributable to Starwood Property Trust, Inc. (5,111) (5,717)
Net (loss) income attributable to Starwood Property Trust, Inc. (31,882) (45,357)
Corporate    
Revenues:    
Other revenues   20
Total revenues   20
Costs and expenses:    
Management fees 40,107 22,988
Interest expense 28,805 27,915
General and administrative 4,301 3,226
Total costs and expenses 73,213 54,129
Other (loss) income:    
Gain (loss) on derivative financial instruments, net 29,235 9,627
Loss on extinguishment of debt   6
Other income (loss), net   (73)
Total other (loss) income 29,235 9,560
(Loss) income before income taxes (43,978) (44,549)
Net (loss) income (43,978) (44,549)
Net (loss) income attributable to Starwood Property Trust, Inc. (43,978) (44,549)
LNR VIEs    
Revenues:    
Interest income from investment securities (28,889) (27,454)
Servicing fees (1,821) (2,933)
Other revenues (2) (18)
Total revenues (30,712) (30,405)
Costs and expenses:    
Management fees 31 49
Interest expense (162) (160)
General and administrative 84 88
Total costs and expenses (47) (23)
Other (loss) income:    
Change in net assets related to consolidated VIEs (45,493) 47,836
Change in fair value of servicing rights (711) (252)
Change in fair value of investment securities, net 77,599 (16,384)
Earnings (loss) from unconsolidated entities (574) (566)
Total other (loss) income 30,821 30,634
(Loss) income before income taxes 156 252
Net (loss) income 156 252
Net income attributable to Starwood Property Trust, Inc. $ (156) $ (252)