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Segment Data (Tables)
3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Results of Operations by Business Segment
The table below presents our results of operations for the three months ended March 31, 2024 by business segment (amounts in thousands):
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
CorporateSubtotalSecuritization
VIEs
Total
Revenues:
Interest income from loans$394,472 $66,398 $— $2,622 $— $463,492 $— $463,492 
Interest income from investment securities31,405 138 — 21,144 — 52,687 (34,481)18,206 
Servicing fees128 — — 13,039 — 13,167 (3,478)9,689 
Rental income3,565 — 20,775 4,507 — 28,847 — 28,847 
Other revenues983 392 127 748 604 2,854 — 2,854 
Total revenues430,553 66,928 20,902 42,060 604 561,047 (37,959)523,088 
Costs and expenses:
Management fees192 — — — 45,822 46,014 — 46,014 
Interest expense236,149 38,973 13,298 8,317 59,429 356,166 (210)355,956 
General and administrative16,828 5,955 1,263 23,467 3,150 50,663 — 50,663 
Costs of rental operations2,025 — 5,707 2,612 — 10,344 — 10,344 
Depreciation and amortization1,949 14 5,855 1,749 251 9,818 — 9,818 
Credit loss provision, net34,977 862 — — — 35,839 — 35,839 
Other expense730 — — (56)— 674 — 674 
Total costs and expenses292,850 45,804 26,123 36,089 108,652 509,518 (210)509,308 
Other income (loss):
Change in net assets related to consolidated VIEs— — — — — — 10,086 10,086 
Change in fair value of servicing rights— — — (3,381)— (3,381)3,609 228 
Change in fair value of investment securities, net(6,991)— — (16,458)— (23,449)24,364 915 
Change in fair value of mortgage loans, net(40,677)— — 11,664 — (29,013)— (29,013)
Income from affordable housing fund investments— — 9,448 — — 9,448 — 9,448 
Earnings from unconsolidated entities
7,345 327 — 313 — 7,985 (310)7,675 
(Loss) gain on sale of investments and other assets, net(41)— 92,003 — — 91,962 — 91,962 
Gain (loss) on derivative financial instruments, net110,952 122 1,721 3,012 (13,868)101,939 — 101,939 
Foreign currency (loss) gain, net
(41,818)(84)32 — — (41,870)— (41,870)
Gain (loss) on extinguishment of debt
315 (560)(1,209)— — (1,454)— (1,454)
Other (loss) income, net(2,676)40 — — (2,630)— (2,630)
Total other income (loss)26,409 (155)101,995 (4,844)(13,868)109,537 37,749 147,286 
Income (loss) before income taxes164,112 20,969 96,774 1,127 (121,916)161,066  161,066 
Income tax (provision) benefit
(721)128 — (613)— (1,206)— (1,206)
Net income (loss)163,391 21,097 96,774 514 (121,916)159,860  159,860 
Net (income) loss attributable to non-controlling interests
(3)— (6,225)700 — (5,528)— (5,528)
Net income (loss) attributable to Starwood Property Trust, Inc.
$163,388 $21,097 $90,549 $1,214 $(121,916)$154,332 $ $154,332 
The table below presents our results of operations for the three months ended March 31, 2023 by business segment (amounts in thousands):
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
CorporateSubtotalSecuritization
VIEs
Total
Revenues:
Interest income from loans$375,601 $54,760 $— $547 $— $430,908 $— $430,908 
Interest income from investment securities32,521 1,338 — 22,785 — 56,644 (38,007)18,637 
Servicing fees159 — — 9,834 — 9,993 (2,737)7,256 
Rental income1,981 — 23,695 6,613 — 32,289 — 32,289 
Other revenues344 216 103 383 278 1,324 — 1,324 
Total revenues410,606 56,314 23,798 40,162 278 531,158 (40,744)490,414 
Costs and expenses:
Management fees218 — — — 39,322 39,540 — 39,540 
Interest expense226,393 32,818 12,599 7,429 56,272 335,511 (210)335,301 
General and administrative11,893 3,964 952 20,047 5,252 42,108 — 42,108 
Costs of rental operations2,451 — 5,549 3,666 — 11,666 — 11,666 
Depreciation and amortization1,631 30 8,108 2,647 — 12,416 — 12,416 
Credit loss provision, net30,790 12,404 — — — 43,194 — 43,194 
Other expense1,039 — 70 — 1,117 — 1,117 
Total costs and expenses274,415 49,224 27,208 33,859 100,846 485,552 (210)485,342 
Other income (loss):
Change in net assets related to consolidated VIEs— — — — — — 41,138 41,138 
Change in fair value of servicing rights— — — (50)— (50)354 304 
Change in fair value of investment securities, net14,866 — — (14,459)— 407 (325)82 
Change in fair value of mortgage loans, net8,262 — — 639 — 8,901 — 8,901 
Income from affordable housing fund investments— — 12,965 — — 12,965 — 12,965 
Earnings (loss) from unconsolidated entities939 1,740 — 679 — 3,358 (633)2,725 
Gain on sale of investments and other assets, net— — — 190 — 190 — 190 
(Loss) gain on derivative financial instruments, net(34,363)(51)(1,217)(3,467)6,270 (32,828)— (32,828)
Foreign currency gain, net14,930 75 14 — — 15,019 — 15,019 
Loss on extinguishment of debt(61)— — — — (61)— (61)
Other loss, net(2,541)— — — — (2,541)— (2,541)
Total other income (loss)2,032 1,764 11,762 (16,468)6,270 5,360 40,534 45,894 
Income (loss) before income taxes138,223 8,854 8,352 (10,165)(94,298)50,966  50,966 
Income tax benefit6,557 46 — 2,192 — 8,795 — 8,795 
Net income (loss)144,780 8,900 8,352 (7,973)(94,298)59,761  59,761 
Net income attributable to non-controlling interests(3)— (6,978)(806)— (7,787)— (7,787)
Net income (loss) attributable to Starwood Property Trust, Inc.
$144,777 $8,900 $1,374 $(8,779)$(94,298)$51,974 $ $51,974 
Schedule of Consolidated Balance Sheet by Business Segment
The table below presents our consolidated balance sheet as of March 31, 2024 by business segment (amounts in thousands):
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
CorporateSubtotalSecuritization
VIEs
Total
Assets:
Cash and cash equivalents$9,602 $137,049 $29,103 $8,340 $143,269 $327,363 $— $327,363 
Restricted cash11,506 41,394 1,031 6,862 64,548 125,341 — 125,341 
Loans held-for-investment, net14,221,471 2,376,191 — 9,200 — 16,606,862 — 16,606,862 
Loans held-for-sale2,518,600 47,149 — 123,619 — 2,689,368 — 2,689,368 
Investment securities1,113,081 18,422 — 1,124,724 — 2,256,227 (1,540,154)716,073 
Properties, net434,365 — 551,502 58,698 — 1,044,565 — 1,044,565 
Investments of consolidated affordable housing fund— — 2,008,937 — — 2,008,937 — 2,008,937 
Investments in unconsolidated entities25,371 53,018 — 33,154 — 111,543 (14,616)96,927 
Goodwill— 119,409 — 140,437 — 259,846 — 259,846 
Intangible assets12,724 — 24,505 60,293 — 97,522 (34,255)63,267 
Derivative assets73,830 216 4,280 4,590 — 82,916 — 82,916 
Accrued interest receivable179,147 11,750 1,484 1,939 178 194,498 — 194,498 
Other assets186,807 5,745 61,505 17,296 48,500 319,853 — 319,853 
VIE assets, at fair value— — — — — — 41,633,853 41,633,853 
Total Assets$18,786,504 $2,810,343 $2,682,347 $1,589,152 $256,495 $26,124,841 $40,044,828 $66,169,669 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$127,023 $24,337 $10,730 $28,936 $68,972 $259,998 $— $259,998 
Related-party payable— — — — 44,226 44,226 — 44,226 
Dividends payable— — — — 153,174 153,174 — 153,174 
Derivative liabilities22,074 — — 261 52,312 74,647 — 74,647 
Secured financing agreements, net9,051,746 1,069,519 598,850 521,399 1,335,623 12,577,137 (20,650)12,556,487 
Collateralized loan obligations and single asset securitization, net2,406,928 816,939 — — — 3,223,867 — 3,223,867 
Unsecured senior notes, net— — — — 2,751,666 2,751,666 — 2,751,666 
VIE liabilities, at fair value— — — — — — 40,065,423 40,065,423 
Total Liabilities11,607,771 1,910,795 609,580 550,596 4,405,973 19,084,715 40,044,773 59,129,488 
Temporary Equity: Redeemable non-controlling interests
— — 415,485 — — 415,485 — 415,485 
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock— — — — 3,234 3,234 — 3,234 
Additional paid-in capital1,486,260 705,773 (615,052)(663,588)4,972,459 5,885,852 — 5,885,852 
Treasury stock— — — — (138,022)(138,022)— (138,022)
Retained earnings (accumulated deficit)5,678,294 193,775 2,065,089 1,557,613 (8,987,149)507,622 — 507,622 
Accumulated other comprehensive income14,061 — — — — 14,061 — 14,061 
Total Starwood Property Trust, Inc. Stockholders’ Equity7,178,615 899,548 1,450,037 894,025 (4,149,478)6,272,747 — 6,272,747 
Non-controlling interests in consolidated subsidiaries118 — 207,245 144,531 — 351,894 55 351,949 
Total Permanent Equity7,178,733 899,548 1,657,282 1,038,556 (4,149,478)6,624,641 55 6,624,696 
Total Liabilities and Equity$18,786,504 $2,810,343 $2,682,347 $1,589,152 $256,495 $26,124,841 $40,044,828 $66,169,669 
The table below presents our consolidated balance sheet as of December 31, 2023 by business segment (amounts in thousands):
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
CorporateSubtotalSecuritization
VIEs
Total
Assets:
Cash and cash equivalents$8,823 $56,300 $19,957 $22,011 $87,569 $194,660 $— $194,660 
Restricted cash23,902 28,693 1,016 5,175 58,526 117,312 — 117,312 
Loans held-for-investment, net15,069,389 2,495,660 — 9,200 — 17,574,249 — 17,574,249 
Loans held-for-sale2,604,594 — — 41,043 — 2,645,637 — 2,645,637 
Investment securities1,147,829 19,042 — 1,147,550 — 2,314,421 (1,578,859)735,562 
Properties, net431,155 — 555,455 59,774 — 1,046,384 — 1,046,384 
Properties held-for-sale, net— — 290,937 — — 290,937 — 290,937 
Investments of consolidated affordable housing fund— — 2,012,833 — — 2,012,833 — 2,012,833 
Investments in unconsolidated entities19,151 52,691 — 33,134 — 104,976 (14,600)90,376 
Goodwill— 119,409 — 140,437 — 259,846 — 259,846 
Intangible assets13,415 — 25,432 63,985 — 102,832 (37,865)64,967 
Derivative assets55,559 84 5,638 2,156 — 63,437 — 63,437 
Accrued interest receivable180,441 12,485 1,502 1,369 5,070 200,867 — 200,867 
Other assets301,436 3,486 50,459 15,828 49,564 420,773 — 420,773 
VIE assets, at fair value— — — — — — 43,786,356 43,786,356 
Total Assets$19,855,694 $2,787,850 $2,963,229 $1,541,662 $200,729 $27,349,164 $42,155,032 $69,504,196 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$106,236 $45,232 $12,225 $44,452 $85,297 $293,442 $— $293,442 
Related-party payable— — — — 44,816 44,816 — 44,816 
Dividends payable— — — — 152,888 152,888 — 152,888 
Derivative liabilities54,066 — — — 48,401 102,467 — 102,467 
Secured financing agreements, net10,368,668 1,088,965 598,350 495,857 1,336,913 13,888,753 (20,757)13,867,996 
Collateralized loan obligations and single asset securitization, net2,674,938 816,354 — — — 3,491,292 — 3,491,292 
Unsecured senior notes, net— — — — 2,158,888 2,158,888 — 2,158,888 
Debt related to properties held-for-sale
— — 193,691 — — 193,691 — 193,691 
VIE liabilities, at fair value— — — — — — 42,175,734 42,175,734 
Total Liabilities13,203,908 1,950,551 804,266 540,309 3,827,203 20,326,237 42,154,977 62,481,214 
Temporary Equity: Redeemable non-controlling interests
— — 414,348 — — 414,348 — 414,348 
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock— — — — 3,208 3,208 — 3,208 
Additional paid-in capital1,121,413 664,621 (437,169)(705,176)5,220,981 5,864,670 — 5,864,670 
Treasury stock— — — — (138,022)(138,022)— (138,022)
Retained earnings (accumulated deficit)5,514,906 172,678 1,974,539 1,556,399 (8,712,641)505,881 — 505,881 
Accumulated other comprehensive income15,352 — — — — 15,352 — 15,352 
Total Starwood Property Trust, Inc. Stockholders’ Equity6,651,671 837,299 1,537,370 851,223 (3,626,474)6,251,089 — 6,251,089 
Non-controlling interests in consolidated subsidiaries115 — 207,245 150,130 — 357,490 55 357,545 
Total Permanent Equity6,651,786 837,299 1,744,615 1,001,353 (3,626,474)6,608,579 55 6,608,634 
Total Liabilities and Equity$19,855,694 $2,787,850 $2,963,229 $1,541,662 $200,729 $27,349,164 $42,155,032 $69,504,196