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PART I - FINANCIAL INFORMATION

​

Item 1. Financial Statements

​

Starwood Property Trust, Inc. and Subsidiaries

​

Condensed Consolidated Balance Sheets

(Unaudited, amounts in thousands, except share data)

​

​	​	​	​	​	​	​
​	​	As of		​	As of
​	​	September 30, 2019		​	December 31, 2018
Assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	284,117	​	$	239,824
Restricted cash	​		110,541	​		248,041
Loans held-for-investment, net ($479,169 and $0 held at fair value)	​		8,919,653	​		8,532,356
Loans held-for-sale ($1,170,193 and $671,282 held at fair value)	​		1,442,119	​		1,187,552
Loans transferred as secured borrowings	​		—	​		74,346
Investment securities ($252,882 and $262,319 held at fair value)	​		809,137	​		906,468
Properties, net	​	​	2,729,538	​	​	2,784,890
Intangible assets ($18,249 and $20,557 held at fair value)	​		119,947	​		145,033
Investment in unconsolidated entities	​		126,115	​		171,765
Goodwill	​		259,846	​		259,846
Derivative assets	​		81,483	​		52,691
Accrued interest receivable	​		51,777	​		60,355
Other assets	​		250,773	​		152,922
Variable interest entity (“VIE”) assets, at fair value	​		59,249,054	​		53,446,364
Total Assets	​	$	74,434,100	​	$	68,262,453
Liabilities and Equity	​	​	​	​	​	​
Liabilities:	​	​	​	​	​	​
Accounts payable, accrued expenses and other liabilities	​	$	234,120	​	$	217,663
Related-party payable	​		24,486	​		44,043
Dividends payable	​		137,273	​		133,466
Derivative liabilities	​		4,781	​		15,415
Secured financing agreements, net	​		8,248,088	​		8,683,565
Collateralized loan obligations, net	​	​	927,436	​	​	—
Unsecured senior notes, net	​		1,926,693	​		1,998,831
Secured borrowings on transferred loans, net	​		—	​		74,239
VIE liabilities, at fair value	​		58,018,209	​		52,195,042
Total Liabilities	​		69,521,086	​		63,362,264
Commitments and contingencies (Note 21)	​	​	​	​	​	​
Equity:	​	​	​	​	​	​
Starwood Property Trust, Inc. Stockholders’ Equity:	​	​	​	​	​	​
Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding	​		—	​		—
Common stock, $0.01 per share, 500,000,000 shares authorized, 287,117,159 issued and 281,937,019 outstanding as of September 30, 2019 and 280,839,692 issued and 275,659,552 outstanding as of December 31, 2018	​		2,871	​		2,808
Additional paid-in capital	​		5,121,671	​		4,995,156
Treasury stock (5,180,140 shares)	​		(104,194)	​		(104,194)
Accumulated other comprehensive income	​		52,377	​		58,660
Accumulated deficit	​		(417,529)	​		(348,998)
Total Starwood Property Trust, Inc. Stockholders’ Equity	​		4,655,196	​		4,603,432
Non-controlling interests in consolidated subsidiaries	​		257,818	​		296,757
Total Equity	​		4,913,014	​		4,900,189
Total Liabilities and Equity	​	$	74,434,100	​	$	68,262,453

Note: In addition to the VIE assets and liabilities which are separately presented, our condensed consolidated balance sheet as of September 30, 2019 includes assets of $1.1 billion and liabilities of $0.9 billion related to a consolidated collateralized loan obligation (“CLO”), which is considered to be a VIE.  The CLO’s assets can only be used to settle obligations of the CLO, and the CLO’s liabilities do not have recourse to Starwood Property Trust, Inc. Refer to Note 14 for additional discussion of VIEs.

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See notes to condensed consolidated financial statements.

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