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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Interest income from loans $ 457,299 $ 328,354 $ 1,344,056 $ 823,123
Interest income from investment securities 20,133 19,019 57,689 48,308
Servicing fees 8,630 8,427 22,228 30,972
Rental income 33,091 32,932 97,687 96,036
Other revenues 2,394 1,809 5,970 11,680
Total revenues 521,547 390,541 1,527,630 1,010,119
Costs and expenses:        
Management fees 27,143 27,356 97,661 114,275
Interest expense 368,357 222,423 1,066,990 501,492
General and administrative 46,691 45,495 131,955 134,821
Acquisition and investment pursuit costs 211 1,213 625 2,152
Costs of rental operations 11,777 12,206 34,910 32,094
Depreciation and amortization 12,271 12,611 37,010 36,498
Credit loss provision, net 52,634 15,343 217,753 20,123
Other expense 516 0 1,490 1,313
Total costs and expenses 519,600 336,647 1,588,394 842,768
Other income (loss):        
Change in net assets related to consolidated VIEs 43,763 37,146 139,024 72,268
Change in fair value of servicing rights (68) 515 398 1,234
Change in fair value of investment securities, net 283 (83) 353 (1,683)
Change in fair value of mortgage loans, net (66,806) (87,474) (111,247) (326,737)
(Loss) earnings from unconsolidated entities (1,309) (2,044) 11,378 911
Gain on sale of investments and other assets, net 10,616 13,453 15,486 112,059
Gain on derivative financial instruments, net 94,883 206,070 118,431 461,921
Foreign currency loss, net (56,646) (107,318) (18,293) (213,201)
Loss on extinguishment of debt (1,072) (212) (2,256) (1,035)
Other loss, net (2,521) (56,391) (31,686) (90,963)
Total other income 38,031 121,189 375,284 673,507
Income before income taxes 39,978 175,083 314,520 840,858
Income tax benefit 11,399 48,755 18,997 48,999
Net income 51,377 223,838 333,517 889,857
Net income attributable to non-controlling interests (3,942) (29,276) (65,265) (158,409)
Net income attributable to Starwood Property Trust, Inc. $ 47,435 $ 194,562 $ 268,252 $ 731,448
Earnings per share data attributable to Starwood Property Trust, Inc.:        
Basic (in dollars per share) $ 0.15 $ 0.62 $ 0.85 $ 2.35
Diluted (in dollars per share) $ 0.15 $ 0.61 $ 0.85 $ 2.30
Primary Beneficiary        
Other income (loss):        
Income from affordable housing fund investments $ 16,908 $ 117,527 $ 253,696 $ 658,733