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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues:        
Interest income from loans $ 328,354 $ 203,252 $ 823,123 $ 583,099
Interest income from investment securities 19,019 10,697 48,308 32,955
Servicing fees 8,427 10,473 30,972 29,739
Rental income 32,932 77,512 96,036 230,969
Other revenues 1,809 352 11,680 3,621
Total revenues 390,541 302,286 1,010,119 880,383
Costs and expenses:        
Management fees 27,356 23,727 114,275 91,713
Interest expense 222,423 115,531 501,492 328,558
General and administrative 45,495 38,864 134,821 122,765
Acquisition and investment pursuit costs 1,213 214 2,152 806
Costs of rental operations 12,206 31,516 32,094 90,992
Depreciation and amortization 12,611 22,041 36,498 66,992
Credit loss provision (reversal), net 15,343 (563) 20,123 (12,363)
Other expense 0 23 1,313 708
Total costs and expenses 336,647 231,353 842,768 690,171
Other income (loss):        
Change in net assets related to consolidated VIEs 37,146 28,049 72,268 80,303
Change in fair value of servicing rights 515 2,237 1,234 2,740
Change in fair value of investment securities, net (83) (299) (1,683) 903
Change in fair value of mortgage loans, net (87,474) 31,727 (326,737) 68,116
(Loss) earnings from unconsolidated entities (2,044) 2,042 911 6,002
Gain (loss) on sale of investments and other assets, net 13,453 (47) 112,059 26,377
Gain on derivative financial instruments, net 206,070 41,812 461,921 65,792
Foreign currency loss, net (107,318) (27,003) (213,201) (36,057)
Loss on extinguishment of debt (212) (499) (1,035) (2,197)
Other loss, net (56,391) (964) (90,963) (6,416)
Total other income 121,189 77,055 673,507 205,563
Income before income taxes 175,083 147,988 840,858 395,775
Income tax benefit (provision) 48,755 (7,501) 48,999 (6,378)
Net income 223,838 140,487 889,857 389,397
Net income attributable to non-controlling interests (29,276) (11,885) (158,409) (33,107)
Net income attributable to Starwood Property Trust, Inc. $ 194,562 $ 128,602 $ 731,448 $ 356,290
Earnings per share data attributable to Starwood Property Trust, Inc.:        
Basic (in dollars per share) $ 0.62 $ 0.44 $ 2.35 $ 1.23
Diluted (in dollars per share) $ 0.61 $ 0.44 $ 2.30 $ 1.22
Primary beneficiary        
Other income (loss):        
Income from affordable housing fund investments $ 117,527 $ 0 $ 658,733 $ 0