Starwood Property Trust Reports Results for Quarter Ended September 30, 2024
Starwood Property Trust (NYSE: STWD) reported Q3 2024 results with GAAP earnings of $0.23 and Distributable Earnings of $0.48 per diluted share. The company posted GAAP net income of $76.1 million, including a $66.4 million credit loss provision. During the quarter, STWD originated or acquired $2.1 billion in assets, received $1.6 billion in repayments, and raised $800 million of capital, bringing liquidity to a record $1.8 billion. The company maintained its $0.48 dividend per share and reported an undepreciated book value per share of $20.22. With a leverage ratio of 2.1x and commercial lending representing about 60% of total assets, STWD highlighted its strong position in infrastructure lending, conduit, and special servicing.
Starwood Property Trust (NYSE: STWD) ha riportato i risultati del terzo trimestre 2024 con utili GAAP di $0.23 e utili distribuiti di $0.48 per azione diluita. L'azienda ha registrato un reddito netto GAAP di $76.1 milioni, inclusa una riserva per perdite su crediti di $66.4 milioni. Durante il trimestre, STWD ha originato o acquisito $2.1 miliardi in attività, ricevuto $1.6 miliardi in rimborsi e raccolto $800 milioni di capitale, portando la liquidità a un record di $1.8 miliardi. L'azienda ha mantenuto il dividendo di $0.48 per azione e ha riportato un valore contabile non ammortizzato per azione di $20.22. Con un rapporto di indebitamento di 2.1x e con i prestiti commerciali che rappresentano circa il 60% delle attività totali, STWD ha evidenziato la sua forte posizione nel prestito infrastrutturale, nel conduit e nei servizi speciali.
Starwood Property Trust (NYSE: STWD) reportó resultados del tercer trimestre de 2024 con ganancias GAAP de $0.23 y ganancias distribuibles de $0.48 por acción diluida. La compañía reportó un ingreso neto GAAP de $76.1 millones, incluyendo una provisión por pérdidas crediticias de $66.4 millones. Durante el trimestre, STWD originó o adquirió activos por valor de $2.1 mil millones, recibió $1.6 mil millones en pagos y recaudó $800 millones en capital, llevando la liquidez a un récord de $1.8 mil millones. La compañía mantuvo su dividendo de $0.48 por acción y reportó un valor contable no depreciado por acción de $20.22. Con una relación de apalancamiento de 2.1x y préstamos comerciales que representan aproximadamente el 60% de los activos totales, STWD destacó su sólida posición en el financiamiento de infraestructura, conduit y servicios especiales.
스타우드 부동산 신탁 (NYSE: STWD)는 2024년 3분기 실적을 발표하며 GAAP 기준으로 주당 $0.23의 수익과 배당 가능한 수익 $0.48을 보고했습니다. 회사는 $76.1 백만의 GAAP 순이익을 기록했으며, 여기에는 $66.4 백만의 대출 손실 대비 준비금이 포함되어 있습니다. 이번 분기 동안 STWD는 $2.1억 달러의 자산을 창출하거나 인수하고, $1.6억 달러의 상환금을 받았으며, $8억 달러의 자본을 조달하여 유동성을 $1.8억 달러의 기록적인 수준으로 끌어올렸습니다. 회사는 주당 $0.48의 배당금을 유지했으며, 주당 감가상각되지 않은 장부 가치는 $20.22로 보고되었습니다. STWD는 2.1배의 레버리지 비율과 약 60%의 상업 대출 비율을 유지하며 인프라 대출, 컨듀잇 및 특별 서비스에서의 강력한 입지를 강조했습니다.
Starwood Property Trust (NYSE: STWD) a annoncé ses résultats du troisième trimestre 2024 avec un bénéfice GAAP de $0.23 et un bénéfice distribuable de $0.48 par action diluée. L'entreprise a enregistré un revenu net GAAP de $76.1 millions, y compris une provision pour pertes sur créances de $66.4 millions. Au cours du trimestre, STWD a généré ou acquis $2.1 milliards d'actifs, reçu $1.6 milliard de remboursements et levé $800 millions de capital, atteignant une liquidité record de $1.8 milliard. L'entreprise a maintenu son dividende de $0.48 par action et a déclaré une valeur comptable non amortie par action de $20.22. Avec un ratio d'endettement de 2.1x et des prêts commerciaux représentant environ 60% des actifs totaux, STWD a souligné sa position solide dans le financement des infrastructures, le conduit et les services spéciaux.
Starwood Property Trust (NYSE: STWD) hat die Ergebnisse für das dritte Quartal 2024 veröffentlicht mit GAAP-Erträgen von $0.23 und ausschüttbaren Erträgen von $0.48 pro verwässerter Aktie. Das Unternehmen wies einen GAAP-Nettoertrag von $76.1 Millionen aus, einschließlich einer Rückstellung für Kreditverluste in Höhe von $66.4 Millionen. Im Laufe des Quartals hat STWD Vermögenswerte im Wert von $2.1 Milliarden originär oder erworben, $1.6 Milliarden an Rückzahlungen erhalten und $800 Millionen an Kapital beschafft, was die Liquidität auf einen Rekordwert von $1.8 Milliarden brachte. Das Unternehmen hielt die Dividende von $0.48 pro Aktie aufrecht und berichtete über einen nicht abgeschriebenen Buchwert pro Aktie von $20.22. Mit einem Verschuldungsverhältnis von 2.1x und gewerblichen Krediten, die etwa 60% der Gesamtkapitalien ausmachen, hob STWD seine starke Position im Bereich Infrastrukturfinanzierung, Conduit und spezielle Dienstleistungen hervor.
- Maintained quarterly dividend at $0.48 per share
- Record liquidity of $1.8 billion
- Originated/acquired $2.1 billion in assets during Q3
- Low leverage ratio of 2.1x compared to peers
- $4.6 billion of unencumbered assets
- Over $4.00 per share of unrealized gains in property book
- GAAP net income included $66.4 million credit loss provision
- GAAP earnings decreased to $0.23 per share
- Ongoing loan restructurings in portfolio
Insights
The Q3 results highlight both strengths and challenges for STWD. The
- Strong origination activity of
$2.1B in Q3, highest since 2022 - Record liquidity of
$1.8B after successful capital raises - Conservative leverage ratio of
2.1% - Maintained
$0.48 dividend despite market challenges
The company's diversified model, with commercial lending reduced to
– Quarterly GAAP Earnings of
– Originated or Acquired
– Received Repayments of
– Raised
– Undepreciated Book Value Per Share of
– Paid Dividend of
"STWD's differentiated multi-cylinder business model, created exactly to help us weather storms, has served us well. To date, we are the only company in
"After successfully accessing the equity and debt markets for the third time this year, which were met with record demand, we have
Supplemental Schedules
The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company's stakeholders. Specifically, these materials can be found on the Company's website in the Investor Relations section under "Quarterly Results" at www.starwoodpropertytrust.com.
Webcast and Conference Call Information
The Company will host a live webcast and conference call on Wednesday, November 6, 2024, at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in.
To Participate via Telephone Conference Call:
Dial in at least 15 minutes prior to start time.
Domestic: 1-877-407-9039
International: 1-201-689-8470
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 13742861
The playback can be accessed through November 20, 2024.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of September 30, 2024, the Company has successfully deployed over
Forward-Looking Statements
Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words "believe," "expect," "anticipate" and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as other risks and uncertainties set forth from time to time in the Company's reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.
Additional information can be found on the Company's website at www.starwoodpropertytrust.com.
Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
Starwood Property Trust, Inc. and Subsidiaries | |||||||||||||||
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total | ||||||||
Revenues: | |||||||||||||||
Interest income from loans | $ 349,589 | $ 63,910 | $ — | $ 5,258 | $ — | $ 418,757 | $ — | $ 418,757 | |||||||
Interest income from investment securities | 29,392 | 123 | — | 24,882 | — | 54,397 | (37,170) | 17,227 | |||||||
Servicing fees | 109 | — | — | 15,448 | — | 15,557 | (3,730) | 11,827 | |||||||
Rental income | 4,267 | — | 16,352 | 5,360 | — | 25,979 | — | 25,979 | |||||||
Other revenues | 2,149 | 1,410 | 212 | 1,338 | 641 | 5,750 | — | 5,750 | |||||||
Total revenues | 385,506 | 65,443 | 16,564 | 52,286 | 641 | 520,440 | (40,900) | 479,540 | |||||||
Costs and expenses: | |||||||||||||||
Management fees | 185 | — | — | — | 27,254 | 27,439 | — | 27,439 | |||||||
Interest expense | 209,464 | 38,381 | 10,375 | 10,160 | 69,687 | 338,067 | (208) | 337,859 | |||||||
General and administrative | 14,430 | 4,440 | 1,236 | 24,249 | 3,699 | 48,054 | — | 48,054 | |||||||
Costs of rental operations | 3,140 | — | 6,057 | 2,936 | — | 12,133 | — | 12,133 | |||||||
Depreciation and amortization | 2,264 | 14 | 5,914 | 1,745 | 251 | 10,188 | — | 10,188 | |||||||
Credit loss provision, net | 65,021 | 1,406 | — | — | — | 66,427 | — | 66,427 | |||||||
Other expense | 15 | 175 | — | 285 | — | 475 | — | 475 | |||||||
Total costs and expenses | 294,519 | 44,416 | 23,582 | 39,375 | 100,891 | 502,783 | (208) | 502,575 | |||||||
Other income (loss): | |||||||||||||||
Change in net assets related to consolidated VIEs | — | — | — | — | — | — | 16,570 | 16,570 | |||||||
Change in fair value of servicing rights | — | — | — | 975 | — | 975 | (1,316) | (341) | |||||||
Change in fair value of investment securities, net | 2,913 | — | — | (29,277) | — | (26,364) | 25,586 | (778) | |||||||
Change in fair value of mortgage loans, net | 95,747 | — | — | 19,124 | — | 114,871 | — | 114,871 | |||||||
Loss from affordable housing fund investments | — | — | (5,590) | — | — | (5,590) | — | (5,590) | |||||||
Earnings (loss) from unconsolidated entities | 1,277 | (963) | — | 183 | — | 497 | (148) | 349 | |||||||
Gain on sale of investments and other assets, net | — | — | — | 8,316 | — | 8,316 | — | 8,316 | |||||||
(Loss) gain on derivative financial instruments, net | (108,436) | (104) | (546) | (3,592) | 28,737 | (83,941) | — | (83,941) | |||||||
Foreign currency gain (loss), net | 58,930 | 546 | (55) | — | — | 59,421 | — | 59,421 | |||||||
Loss on extinguishment of debt | (142) | — | — | (100) | — | (242) | — | (242) | |||||||
Other (loss) income, net | (2,146) | — | (879) | 44 | — | (2,981) | — | (2,981) | |||||||
Total other income (loss) | 48,143 | (521) | (7,070) | (4,327) | 28,737 | 64,962 | 40,692 | 105,654 | |||||||
Income (loss) before income taxes | 139,130 | 20,506 | (14,088) | 8,584 | (71,513) | 82,619 | — | 82,619 | |||||||
Income tax (provision) benefit | (7,422) | 156 | — | (3,183) | — | (10,449) | — | (10,449) | |||||||
Net income (loss) | 131,708 | 20,662 | (14,088) | 5,401 | (71,513) | 72,170 | — | 72,170 | |||||||
Net (income) loss attributable to non-controlling interests | (3) | — | (3,148) | 7,049 | — | 3,898 | — | 3,898 | |||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ 131,705 | $ 20,662 | $ (17,236) | $ 12,450 | $ (71,513) | $ 76,068 | $ — | $ 76,068 |
Definition of Distributable Earnings
Distributable Earnings, a non-GAAP financial measure, is used to compute the Company's incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company's purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company's external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company's external manager and approved by a majority of the Company's independent directors. Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for additional information regarding Distributable Earnings.
Reconciliation of Net Income to Distributable Earnings | |||||||||||
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Total | ||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ 131,705 | $ 20,662 | $ (17,236) | $ 12,450 | $ (71,513) | $ 76,068 | |||||
Add / (Deduct): | |||||||||||
Non-controlling interests attributable to Woodstar II Class A Units | — | — | 4,659 | — | — | 4,659 | |||||
Non-controlling interests attributable to unrealized gains/losses | — | — | (5,065) | (13,975) | — | (19,040) | |||||
Non-cash equity compensation expense | 2,582 | 521 | 103 | 1,624 | 5,958 | 10,788 | |||||
Management incentive fee | — | — | — | — | — | — | |||||
Depreciation and amortization | 2,409 | 5 | 6,004 | 1,839 | — | 10,257 | |||||
Interest income adjustment for securities | 4,943 | — | — | 8,342 | — | 13,285 | |||||
Consolidated income tax provision (benefit) associated with fair value adjustments | 7,422 | (156) | — | 3,183 | — | 10,449 | |||||
Other non-cash items | 3 | — | 282 | (471) | — | (186) | |||||
Reversal of GAAP unrealized and realized (gains) / losses on: | |||||||||||
Loans | (95,747) | — | — | (19,124) | — | (114,871) | |||||
Credit loss provision, net | 65,021 | 1,406 | — | — | — | 66,427 | |||||
Securities | (2,913) | — | — | 29,277 | — | 26,364 | |||||
Woodstar Fund investments | — | — | 5,590 | — | — | 5,590 | |||||
Derivatives | 108,436 | 104 | 546 | 3,592 | (28,737) | 83,941 | |||||
Foreign currency | (58,930) | (546) | 55 | — | — | (59,421) | |||||
(Earnings) loss from unconsolidated entities | (1,277) | 963 | — | (183) | — | (497) | |||||
Sales of properties | — | — | — | (8,316) | — | (8,316) | |||||
Recognition of Distributable realized gains / (losses) on: | |||||||||||
Loans | (1,551) | — | — | 19,841 | — | 18,290 | |||||
Securities | (10) | — | — | 817 | — | 807 | |||||
Woodstar Fund investments | — | — | 19,043 | — | — | 19,043 | |||||
Derivatives | 30,099 | 85 | (129) | (4,354) | (11,425) | 14,276 | |||||
Foreign currency | (3,534) | 67 | (55) | — | — | (3,522) | |||||
Earnings (loss) from unconsolidated entities | 1,278 | (297) | — | 350 | — | 1,331 | |||||
Sales of properties | — | — | — | 3,237 | — | 3,237 | |||||
Distributable Earnings (Loss) | $ 189,936 | $ 22,814 | $ 13,797 | $ 38,129 | $ (105,717) | $ 158,959 | |||||
Distributable Earnings (Loss) per Weighted Average Diluted Share | $ 0.57 | $ 0.07 | $ 0.04 | $ 0.12 | $ (0.32) | $ 0.48 |
Starwood Property Trust, Inc. and Subsidiaries | |||||||||||||||
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total | ||||||||
Revenues: | |||||||||||||||
Interest income from loans | $ 1,102,810 | $ 194,526 | $ — | $ 12,345 | $ — | $ 1,309,681 | $ — | $ 1,309,681 | |||||||
Interest income from investment securities | 90,170 | 391 | — | 70,663 | — | 161,224 | (108,791) | 52,433 | |||||||
Servicing fees | 361 | — | — | 48,512 | — | 48,873 | (11,324) | 37,549 | |||||||
Rental income | 11,819 | — | 52,863 | 15,603 | — | 80,285 | — | 80,285 | |||||||
Other revenues | 4,455 | 2,690 | 574 | 2,836 | 1,951 | 12,506 | — | 12,506 | |||||||
Total revenues | 1,209,615 | 197,607 | 53,437 | 149,959 | 1,951 | 1,612,569 | (120,115) | 1,492,454 | |||||||
Costs and expenses: | |||||||||||||||
Management fees | 569 | — | — | — | 103,401 | 103,970 | — | 103,970 | |||||||
Interest expense | 662,124 | 115,229 | 35,325 | 26,952 | 199,200 | 1,038,830 | (626) | 1,038,204 | |||||||
General and administrative | 49,003 | 14,625 | 3,701 | 71,407 | 11,063 | 149,799 | — | 149,799 | |||||||
Costs of rental operations | 8,577 | — | 17,309 | 8,661 | — | 34,547 | — | 34,547 | |||||||
Depreciation and amortization | 6,349 | 43 | 17,695 | 5,289 | 754 | 30,130 | — | 30,130 | |||||||
Credit loss provision, net | 142,993 | 1,982 | — | — | — | 144,975 | — | 144,975 | |||||||
Other expense | 771 | 175 | 35 | 453 | — | 1,434 | — | 1,434 | |||||||
Total costs and expenses | 870,386 | 132,054 | 74,065 | 112,762 | 314,418 | 1,503,685 | (626) | 1,503,059 | |||||||
Other income (loss): | |||||||||||||||
Change in net assets related to consolidated VIEs | — | — | — | — | — | — | 43,836 | 43,836 | |||||||
Change in fair value of servicing rights | — | — | — | (1,521) | — | (1,521) | 2,303 | 782 | |||||||
Change in fair value of investment securities, net | (4,352) | — | — | (69,445) | — | (73,797) | 74,301 | 504 | |||||||
Change in fair value of mortgage loans, net | 102,781 | — | — | 47,498 | — | 150,279 | — | 150,279 | |||||||
Income from affordable housing fund investments | — | — | 10,304 | — | — | 10,304 | — | 10,304 | |||||||
Earnings (loss) from unconsolidated entities | 10,293 | (694) | — | 1,046 | — | 10,645 | (951) | 9,694 | |||||||
(Loss) gain on sale of investments and other assets, net | (41) | — | 92,003 | 8,316 | — | 100,278 | — | 100,278 | |||||||
Gain on derivative financial instruments, net | 11,636 | 59 | 1,442 | 129 | 5,718 | 18,984 | — | 18,984 | |||||||
Foreign currency gain (loss), net | 23,970 | 479 | (13) | — | — | 24,436 | — | 24,436 | |||||||
Gain (loss) on extinguishment of debt | 173 | (620) | (2,254) | (100) | — | (2,801) | — | (2,801) | |||||||
Other (loss) income, net | (7,337) | 40 | (1,156) | 50 | — | (8,403) | — | (8,403) | |||||||
Total other income (loss) | 137,123 | (736) | 100,326 | (14,027) | 5,718 | 228,404 | 119,489 | 347,893 | |||||||
Income (loss) before income taxes | 476,352 | 64,817 | 79,698 | 23,170 | (306,749) | 337,288 | — | 337,288 | |||||||
Income tax (provision) benefit | (18,930) | 414 | — | (9,017) | — | (27,533) | — | (27,533) | |||||||
Net income (loss) | 457,422 | 65,231 | 79,698 | 14,153 | (306,749) | 309,755 | — | 309,755 | |||||||
Net (income) loss attributable to non-controlling interests | (10) | — | (15,010) | 13,555 | — | (1,465) | — | (1,465) | |||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ 457,412 | $ 65,231 | $ 64,688 | $ 27,708 | $ (306,749) | $ 308,290 | $ — | $ 308,290 |
Reconciliation of Net Income to Distributable Earnings | |||||||||||
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Total | ||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ 457,412 | $ 65,231 | $ 64,688 | $ 27,708 | $ (306,749) | $ 308,290 | |||||
Add / (Deduct): | |||||||||||
Non-controlling interests attributable to Woodstar II Class A Units | — | — | 13,978 | — | — | 13,978 | |||||
Non-controlling interests attributable to unrealized gains/losses | — | — | (9,028) | (25,498) | — | (34,526) | |||||
Non-cash equity compensation expense | 7,320 | 1,485 | 288 | 4,797 | 17,612 | 31,502 | |||||
Management incentive fee | — | — | — | — | 22,593 | 22,593 | |||||
Depreciation and amortization | 6,793 | 15 | 17,955 | 5,570 | — | 30,333 | |||||
Interest income adjustment for securities | 15,891 | — | — | 25,603 | — | 41,494 | |||||
Consolidated income tax provision (benefit} associated with fair value adjustments | 18,930 | (414) | — | 9,017 | — | 27,533 | |||||
Other non-cash items | 10 | — | 834 | (823) | — | 21 | |||||
Reversal of GAAP unrealized and realized (gains) / losses on: | |||||||||||
Loans | (102,781) | — | — | (47,498) | — | (150,279) | |||||
Credit loss provision, net | 142,993 | 1,982 | — | — | — | 144,975 | |||||
Securities | 4,352 | — | — | 69,445 | — | 73,797 | |||||
Woodstar Fund investments | — | — | (10,304) | — | — | (10,304) | |||||
Derivatives | (11,636) | (59) | (1,442) | (129) | (5,718) | (18,984) | |||||
Foreign currency | (23,970) | (479) | 13 | — | — | (24,436) | |||||
(Earnings) loss from unconsolidated entities | (10,293) | 694 | — | (1,046) | — | (10,645) | |||||
Sales of properties | — | — | (92,003) | (8,316) | — | (100,319) | |||||
Recognition of Distributable realized gains / (losses) on: | |||||||||||
Loans | (4,949) | — | — | 47,261 | — | 42,312 | |||||
Realized credit loss | — | (1,546) | — | — | — | (1,546) | |||||
Securities | (9,302) | — | — | (37,078) | — | (46,380) | |||||
Woodstar Fund investments | — | — | 54,246 | — | — | 54,246 | |||||
Derivatives | 101,184 | 269 | 8,694 | 1,019 | (31,750) | 79,416 | |||||
Foreign currency | (12,209) | 55 | (13) | — | — | (12,167) | |||||
Earnings (loss) from unconsolidated entities | 4,272 | (326) | — | 1,033 | — | 4,979 | |||||
Sales of properties | — | — | 39,150 | 3,237 | — | 42,387 | |||||
Distributable Earnings (Loss) | $ 584,017 | $ 66,907 | $ 87,056 | $ 74,302 | $ (304,012) | $ 508,270 | |||||
Distributable Earnings (Loss) per Weighted Average Diluted Share | $ 1.78 | $ 0.20 | $ 0.26 | $ 0.23 | $ (0.92) | $ 1.55 |
Starwood Property Trust, Inc. and Subsidiaries | |||||||||||||||
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total | ||||||||
Assets: | |||||||||||||||
Cash and cash equivalents | $ 11,235 | $ 174,581 | $ 35,527 | $ 13,692 | $ 122,818 | $ 357,853 | $ — | $ 357,853 | |||||||
Restricted cash | 93,839 | 19,825 | 1,057 | 4,627 | 32,935 | 152,283 | — | 152,283 | |||||||
Loans held-for-investment, net | 13,713,603 | 2,415,162 | — | — | — | 16,128,765 | — | 16,128,765 | |||||||
Loans held-for-sale | 2,540,411 | — | — | 232,968 | — | 2,773,379 | — | 2,773,379 | |||||||
Investment securities | 1,094,588 | 17,275 | — | 1,189,930 | — | 2,301,793 | (1,585,991) | 715,802 | |||||||
Properties, net | 476,951 | — | 659,351 | 58,288 | — | 1,194,590 | — | 1,194,590 | |||||||
Investments of consolidated affordable housing fund | — | — | 1,984,822 | — | — | 1,984,822 | — | 1,984,822 | |||||||
Investments in unconsolidated entities | 26,407 | 51,997 | — | 27,270 | — | 105,674 | (14,665) | 91,009 | |||||||
Goodwill | — | 119,409 | — | 140,437 | — | 259,846 | — | 259,846 | |||||||
Intangible assets | 11,373 | — | 22,770 | 61,577 | — | 95,720 | (35,561) | 60,159 | |||||||
Derivative assets | 67,220 | — | 544 | 1,799 | 5,076 | 74,639 | — | 74,639 | |||||||
Accrued interest receivable | 179,174 | 16,572 | 224 | 964 | 212 | 197,146 | — | 197,146 | |||||||
Other assets | 150,882 | 7,247 | 52,816 | 8,646 | 73,571 | 293,162 | — | 293,162 | |||||||
VIE assets, at fair value | — | — | — | — | — | — | 39,950,395 | 39,950,395 | |||||||
Total Assets | $ 18,365,683 | $ 2,822,068 | $ 2,757,111 | $ 1,740,198 | $ 234,612 | $ 25,919,672 | $ 38,314,178 | $ 64,233,850 | |||||||
Liabilities and Equity | |||||||||||||||
Liabilities: | |||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ 184,956 | $ 63,422 | $ 12,584 | $ 44,583 | $ 89,689 | $ 395,234 | $ — | $ 395,234 | |||||||
Related-party payable | — | — | — | — | 25,542 | 25,542 | — | 25,542 | |||||||
Dividends payable | — | — | — | — | 163,669 | 163,669 | — | 163,669 | |||||||
Derivative liabilities | 90,530 | — | — | 69 | 27,562 | 118,161 | — | 118,161 | |||||||
Secured financing agreements, net | 8,628,342 | 796,183 | 479,138 | 639,323 | 1,332,072 | 11,875,058 | (20,440) | 11,854,618 | |||||||
Collateralized loan obligations and single asset securitization, net | 2,163,968 | 1,138,281 | — | — | — | 3,302,249 | — | 3,302,249 | |||||||
Unsecured senior notes, net | — | — | — | — | 2,757,146 | 2,757,146 | — | 2,757,146 | |||||||
VIE liabilities, at fair value | — | — | — | — | — | — | 38,334,618 | 38,334,618 | |||||||
Total Liabilities | 11,067,796 | 1,997,886 | 491,722 | 683,975 | 4,395,680 | 18,637,059 | 38,314,178 | 56,951,237 | |||||||
Temporary Equity: Redeemable non-controlling interests | — | — | 410,799 | — | — | 410,799 | — | 410,799 | |||||||
Permanent Equity: | |||||||||||||||
Starwood Property Trust, Inc. Stockholders' Equity: | |||||||||||||||
Common stock | — | — | — | — | 3,447 | 3,447 | — | 3,447 | |||||||
Additional paid-in capital | 1,309,195 | 586,273 | (391,883) | (652,611) | 5,460,889 | 6,311,863 | — | 6,311,863 | |||||||
Treasury stock | — | — | — | — | (138,022) | (138,022) | — | (138,022) | |||||||
Retained earnings (accumulated deficit) | 5,972,318 | 237,909 | 2,039,228 | 1,584,106 | (9,487,382) | 346,179 | — | 346,179 | |||||||
Accumulated other comprehensive income | 16,256 | — | — | — | — | 16,256 | — | 16,256 | |||||||
Total Starwood Property Trust, Inc. Stockholders' Equity | 7,297,769 | 824,182 | 1,647,345 | 931,495 | (4,161,068) | 6,539,723 | — | 6,539,723 | |||||||
Non-controlling interests in consolidated subsidiaries | 118 | — | 207,245 | 124,728 | — | 332,091 | — | 332,091 | |||||||
Total Permanent Equity | 7,297,887 | 824,182 | 1,854,590 | 1,056,223 | (4,161,068) | 6,871,814 | — | 6,871,814 | |||||||
Total Liabilities and Equity | $ 18,365,683 | $ 2,822,068 | $ 2,757,111 | $ 1,740,198 | $ 234,612 | $ 25,919,672 | $ 38,314,178 | $ 64,233,850 |
View original content:https://www.prnewswire.com/news-releases/starwood-property-trust-reports-results-for-quarter-ended-september-30-2024-302297302.html
SOURCE Starwood Property Trust, Inc.
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