☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the fiscal year ended December 31, 2022 | |||||
or | |||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to |
Maryland (State or other jurisdiction of incorporation or organization) | 27-0247747 (I.R.S. Employer Identification No.) | ||||
591 West Putnam Avenue Greenwich, Connecticut (Address of Principal Executive Offices) | 06830 (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 par value per share | STWD | New York Stock Exchange |
Large accelerated filer ☒ | Accelerated filer ☐ | ||||||||||||||||
Non-accelerated filer ☐ | Smaller reporting company ☐ | ||||||||||||||||
Emerging growth company ☐ |
Page | ||||||||
Face Amount | Carrying Value | Asset Specific Financing | Net Investment | Unlevered Return on Asset (6) | ||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||
First mortgages (1) | $ | 15,638,781 | $ | 15,552,875 | $ | 10,883,417 | $ | 4,669,458 | 8.2 | % | ||||||||||||||||||||||
Subordinated mortgages (2) | 72,118 | 71,100 | — | 71,100 | 14.6 | % | ||||||||||||||||||||||||||
Mezzanine loans (1) | 442,339 | 445,363 | — | 445,363 | 14.1 | % | ||||||||||||||||||||||||||
Other loans | 59,393 | 58,393 | — | 58,393 | 12.0 | % | ||||||||||||||||||||||||||
Loans held-for-sale, fair value option, residential | 3,092,915 | 2,763,458 | 2,155,078 | 608,380 | 4.5 | % | (5) | |||||||||||||||||||||||||
RMBS, available-for-sale | 202,818 | 113,386 | 74,798 | 38,588 | 11.0 | % | ||||||||||||||||||||||||||
RMBS, fair value option | 326,274 | 423,183 | (3) | 166,560 | 256,623 | 12.1 | % | |||||||||||||||||||||||||
CMBS, fair value option | 102,900 | 97,218 | (3) | 49,798 | 47,420 | 8.4 | % | |||||||||||||||||||||||||
HTM debt securities (4) | 603,497 | 607,438 | 133,143 | 474,295 | 9.4 | % | ||||||||||||||||||||||||||
Credit loss allowance | N/A | (88,973) | — | (88,973) | ||||||||||||||||||||||||||||
Equity security | 11,057 | 9,840 | — | 9,840 | ||||||||||||||||||||||||||||
Investments in unconsolidated entities | N/A | 25,326 | — | 25,326 | ||||||||||||||||||||||||||||
Properties, net | N/A | 463,492 | 204,387 | 259,105 | ||||||||||||||||||||||||||||
$ | 20,552,092 | $ | 20,542,099 | $ | 13,667,181 | $ | 6,874,918 | |||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||
First mortgages (1) | $ | 13,057,621 | $ | 12,981,196 | $ | 9,116,486 | $ | 3,864,710 | 5.2 | % | ||||||||||||||||||||||
Subordinated mortgages (2) | 72,371 | 70,771 | — | 70,771 | 11.8 | % | ||||||||||||||||||||||||||
Mezzanine loans (1) | 415,155 | 417,504 | — | 417,504 | 10.9 | % | ||||||||||||||||||||||||||
Residential loans, fair value option | 60,133 | 59,225 | 36,934 | 22,291 | 6.0 | % | (5) | |||||||||||||||||||||||||
Other loans | 19,029 | 17,424 | — | 17,424 | 13.3 | % | ||||||||||||||||||||||||||
Loans held-for-sale, fair value option, residential | 2,525,910 | 2,590,005 | 1,808,372 | 781,633 | 4.2 | % | (5) | |||||||||||||||||||||||||
Loans held-for-sale, commercial | — | — | — | — | — | % | ||||||||||||||||||||||||||
RMBS, available-for-sale | 221,806 | 143,980 | 97,354 | 46,626 | 11.8 | % | ||||||||||||||||||||||||||
RMBS, fair value option | 127,437 | 250,424 | (3) | 37,213 | 213,211 | 12.6 | % | |||||||||||||||||||||||||
CMBS, fair value option | 102,900 | 98,211 | (3) | 49,798 | 48,413 | 5.2 | % | |||||||||||||||||||||||||
HTM debt securities (4) | 655,557 | 656,915 | 113,143 | 543,772 | 6.7 | % | ||||||||||||||||||||||||||
Credit loss allowance | N/A | (52,302) | — | (52,302) | ||||||||||||||||||||||||||||
Equity security | 12,366 | 11,624 | — | 11,624 | ||||||||||||||||||||||||||||
Investments in unconsolidated entities | N/A | 44,938 | — | 44,938 | ||||||||||||||||||||||||||||
Properties, net | N/A | 124,503 | 49,483 | 75,020 | ||||||||||||||||||||||||||||
$ | 17,270,285 | $ | 17,414,418 | $ | 11,308,783 | $ | 6,105,635 |
Collateral Property Type | December 31, 2022 | December 31, 2021 | ||||||||||||
Multifamily | 33.3 | % | 27.3 | % | ||||||||||
Office | 23.1 | % | 29.5 | % | ||||||||||
Hotel | 16.5 | % | 19.0 | % | ||||||||||
Mixed Use | 9.7 | % | 11.5 | % | ||||||||||
Industrial | 6.0 | % | 5.6 | % | ||||||||||
Residential | 1.8 | % | 1.6 | % | ||||||||||
Retail | 1.6 | % | 2.1 | % | ||||||||||
Other | 8.0 | % | 3.4 | % | ||||||||||
100.0 | % | 100.0 | % |
Geographic Location | December 31, 2022 | December 31, 2021 | ||||||||||||
U.S. Regions: | ||||||||||||||
South East | 16.7 | % | 12.9 | % | ||||||||||
North East | 16.0 | % | 20.0 | % | ||||||||||
South West | 15.6 | % | 13.0 | % | ||||||||||
West | 10.3 | % | 15.1 | % | ||||||||||
Mid Atlantic | 9.3 | % | 10.8 | % | ||||||||||
Midwest | 2.7 | % | 3.4 | % | ||||||||||
International: | ||||||||||||||
United Kingdom | 13.8 | % | 15.8 | % | ||||||||||
Other Europe | 6.4 | % | 5.1 | % | ||||||||||
Australia | 7.4 | % | 1.8 | % | ||||||||||
Bahamas/Bermuda | 1.8 | % | 2.1 | % | ||||||||||
100.0 | % | 100.0 | % |
Face Amount | Carrying Value | Asset Specific Financing | Net Investment | Unlevered Return on Asset (1) | |||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
First priority infrastructure loans and HTM securities | $ | 2,474,994 | $ | 2,432,758 | $ | 1,856,692 | $ | 576,066 | 9.1 | % | |||||||||||||||||||
Credit loss allowance | N/A | (13,622) | — | (13,622) | |||||||||||||||||||||||||
Investments in unconsolidated entities | N/A | 47,078 | — | 47,078 | |||||||||||||||||||||||||
$ | 2,474,994 | $ | 2,466,214 | $ | 1,856,692 | $ | 609,522 | ||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
First priority infrastructure loans and HTM securities | $ | 2,116,836 | $ | 2,082,927 | $ | 1,630,866 | $ | 452,061 | 5.1 | % | |||||||||||||||||||
Credit loss allowance | N/A | (23,578) | — | (23,578) | |||||||||||||||||||||||||
Investments in unconsolidated entities | N/A | 26,255 | — | 26,255 | |||||||||||||||||||||||||
$ | 2,116,836 | $ | 2,085,604 | $ | 1,630,866 | $ | 454,738 |
Collateral Type | December 31, 2022 | December 31, 2021 | ||||||||||||
Natural gas power | 61.2 | % | 61.0 | % | ||||||||||
Midstream/downstream oil & gas | 37.5 | % | 33.2 | % | ||||||||||
Other thermal power | 1.3 | % | 4.0 | % | ||||||||||
Renewable power | — | % | 1.8 | % | ||||||||||
100.0 | % | 100.0 | % |
Geographic Location | December 31, 2022 | December 31, 2021 | ||||||||||||
U.S. Regions: | ||||||||||||||
North East | 39.0 | % | 41.5 | % | ||||||||||
South West | 21.9 | % | 19.5 | % | ||||||||||
Midwest | 21.9 | % | 18.9 | % | ||||||||||
South East | 7.4 | % | 8.8 | % | ||||||||||
West | 4.6 | % | 4.3 | % | ||||||||||
Mid-Atlantic | 1.8 | % | 1.6 | % | ||||||||||
Other | 2.1 | % | 2.1 | % | ||||||||||
International: | ||||||||||||||
Mexico | 0.5 | % | 2.0 | % | ||||||||||
Other | 0.8 | % | 1.3 | % | ||||||||||
100.0 | % | 100.0 | % |
December 31, 2022 | December 31, 2021 | ||||||||||
Properties, net | $ | 864,778 | $ | 887,553 | |||||||
Lease intangibles, net | 28,470 | 33,151 | |||||||||
Woodstar Fund | 1,761,002 | 1,040,309 | |||||||||
$ | 2,654,250 | $ | 1,961,013 |
Carrying Value | Asset Specific Financing | Net Investment | Occupancy Rate | Weighted Average Remaining Lease Term | |||||||||||||||||||||||||
Office—Medical Office Portfolio | $ | 768,248 | $ | 596,351 | $ | 171,897 | 91.4 | % | 5.7 years | ||||||||||||||||||||
Retail—Master Lease Portfolio | 343,790 | 193,368 | 150,422 | 100.0 | % | 19.3 years | |||||||||||||||||||||||
Subtotal—undepreciated carrying value | 1,112,038 | 789,719 | 322,319 | ||||||||||||||||||||||||||
Accumulated depreciation and amortization | (218,790) | — | (218,790) | ||||||||||||||||||||||||||
Net carrying value | $ | 893,248 | $ | 789,719 | $ | 103,529 |
Geographic Location | December 31, 2022 | December 31, 2021 | ||||||||||||
South East | 81.2 | % | 77.4 | % | ||||||||||
South West | 5.2 | % | 6.2 | % | ||||||||||
Midwest | 5.0 | % | 6.0 | % | ||||||||||
North East | 4.7 | % | 5.7 | % | ||||||||||
West | 3.9 | % | 4.7 | % | ||||||||||
100.0 | % | 100.0 | % |
Face Amount | Carrying Value | Asset Specific Financing | Net Investment | ||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||
CMBS, fair value option | $ | 2,753,810 | $ | 1,165,628 | (1) | $ | 405,665 | (2) | $ | 759,963 | |||||||||||||||||||
Intangible assets - servicing rights | N/A | 56,848 | (3) | — | 56,848 | ||||||||||||||||||||||||
Lease intangibles, net | N/A | 8,791 | — | 8,791 | |||||||||||||||||||||||||
Loans held-for-sale, fair value option, commercial | 23,900 | 21,136 | 7,519 | 13,617 | |||||||||||||||||||||||||
Loans held-for-investment | 9,577 | 9,577 | — | 9,577 | |||||||||||||||||||||||||
Investments in unconsolidated entities | N/A | 33,030 | (4) | — | 33,030 | ||||||||||||||||||||||||
Properties, net | N/A | 121,716 | 130,072 | (8,356) | |||||||||||||||||||||||||
$ | 2,787,287 | $ | 1,416,726 | $ | 543,256 | $ | 873,470 | ||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
CMBS, fair value option | $ | 2,694,413 | $ | 1,165,395 | (1) | $ | 380,004 | (2) | $ | 785,391 | |||||||||||||||||||
Intangible assets - servicing rights | N/A | 58,899 | (3) | — | 58,899 | ||||||||||||||||||||||||
Lease intangibles, net | N/A | 11,342 | — | 11,342 | |||||||||||||||||||||||||
Loans held-for-sale, fair value option, commercial | 289,761 | 286,795 | 173,430 | 113,365 | |||||||||||||||||||||||||
Loans held-for-investment | 9,903 | 9,903 | — | 9,903 | |||||||||||||||||||||||||
Investments in unconsolidated entities | N/A | 34,160 | (4) | — | 34,160 | ||||||||||||||||||||||||
Properties, net | N/A | 154,331 | 160,803 | (6,472) | |||||||||||||||||||||||||
$ | 2,994,077 | $ | 1,720,825 | $ | 714,237 | $ | 1,006,588 |
Property Type | December 31, 2022 | December 31, 2021 | ||||||||||||
Retail | 49.3 | % | 37.9 | % | ||||||||||
Office | 29.6 | % | 37.4 | % | ||||||||||
Mixed Use | 11.7 | % | 9.0 | % | ||||||||||
Multifamily | 6.8 | % | 5.4 | % | ||||||||||
Hotel | 2.6 | % | 2.3 | % | ||||||||||
Self-storage | — | % | 8.0 | % | ||||||||||
100.0 | % | 100.0 | % |
Geographic Location | December 31, 2022 | December 31, 2021 | ||||||||||||
North East | 28.8 | % | 31.8 | % | ||||||||||
West | 22.0 | % | 18.1 | % | ||||||||||
Mid Atlantic | 21.9 | % | 14.5 | % | ||||||||||
Midwest | 12.2 | % | 10.1 | % | ||||||||||
South West | 8.3 | % | 6.6 | % | ||||||||||
South East | 6.8 | % | 18.9 | % | ||||||||||
100.0 | % | 100.0 | % |
Starwood Property | Bloomberg REIT | |||||||||||||||||||
Trust | Mortgage Index | S&P © 500 | ||||||||||||||||||
12/31/2017 | $ | 100.00 | $ | 100.00 | $ | 100.00 | ||||||||||||||
12/31/2018 | $ | 101.05 | $ | 97.09 | $ | 95.61 | ||||||||||||||
12/31/2019 | $ | 138.22 | $ | 120.03 | $ | 125.70 | ||||||||||||||
12/31/2020 | $ | 122.14 | $ | 93.38 | $ | 148.81 | ||||||||||||||
12/31/2021 | $ | 165.90 | $ | 109.82 | $ | 191.48 | ||||||||||||||
12/31/2022 | $ | 137.51 | $ | 83.05 | $ | 156.77 |
For the Year Ended December 31, | $ Change 2022 vs. 2021 | $ Change 2021 vs. 2020 | ||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Commercial and Residential Lending Segment | $ | 1,167,980 | $ | 779,321 | $ | 749,660 | $ | 388,659 | $ | 29,661 | ||||||||||||||||||||||
Infrastructure Lending Segment | 154,362 | 87,540 | 80,987 | 66,822 | 6,553 | |||||||||||||||||||||||||||
Property Segment | 91,832 | 235,038 | 255,745 | (143,206) | (20,707) | |||||||||||||||||||||||||||
Investing and Servicing Segment | 205,311 | 210,185 | 183,027 | (4,874) | 27,158 | |||||||||||||||||||||||||||
Corporate | 69 | — | — | 69 | — | |||||||||||||||||||||||||||
Securitization VIE eliminations | (154,838) | (141,996) | (133,264) | (12,842) | (8,732) | |||||||||||||||||||||||||||
1,464,716 | 1,170,088 | 1,136,155 | 294,628 | 33,933 | ||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Commercial and Residential Lending Segment | 611,637 | 249,677 | 273,861 | 361,960 | (24,184) | |||||||||||||||||||||||||||
Infrastructure Lending Segment | 100,591 | 64,775 | 54,008 | 35,816 | 10,767 | |||||||||||||||||||||||||||
Property Segment | 92,651 | 226,583 | 243,857 | (133,932) | (17,274) | |||||||||||||||||||||||||||
Investing and Servicing Segment | 137,814 | 144,055 | 138,677 | (6,241) | 5,378 | |||||||||||||||||||||||||||
Corporate | 330,833 | 304,468 | 253,997 | 26,365 | 50,471 | |||||||||||||||||||||||||||
Securitization VIE eliminations | (575) | (501) | 8 | (74) | (509) | |||||||||||||||||||||||||||
1,272,951 | 989,057 | 964,408 | 283,894 | 24,649 | ||||||||||||||||||||||||||||
Other income (loss): | ||||||||||||||||||||||||||||||||
Commercial and Residential Lending Segment | (115,802) | 58,595 | 53,126 | (174,397) | 5,469 | |||||||||||||||||||||||||||
Infrastructure Lending Segment | 4,431 | 1,178 | (2,712) | 3,253 | 3,890 | |||||||||||||||||||||||||||
Property Segment | 789,726 | 11,299 | (36,757) | 778,427 | 48,056 | |||||||||||||||||||||||||||
Investing and Servicing Segment | 56,095 | 118,961 | 34,224 | (62,866) | 84,737 | |||||||||||||||||||||||||||
Corporate | (82,987) | (11,023) | 33,158 | (71,964) | (44,181) | |||||||||||||||||||||||||||
Securitization VIE eliminations | 154,310 | 141,054 | 133,492 | 13,256 | 7,562 | |||||||||||||||||||||||||||
805,773 | 320,064 | 214,531 | 485,709 | 105,533 | ||||||||||||||||||||||||||||
Income (loss) before income taxes: | ||||||||||||||||||||||||||||||||
Commercial and Residential Lending Segment | 440,541 | 588,239 | 528,925 | (147,698) | 59,314 | |||||||||||||||||||||||||||
Infrastructure Lending Segment | 58,202 | 23,943 | 24,267 | 34,259 | (324) | |||||||||||||||||||||||||||
Property Segment | 788,907 | 19,754 | (24,869) | 769,153 | 44,623 | |||||||||||||||||||||||||||
Investing and Servicing Segment | 123,592 | 185,091 | 78,574 | (61,499) | 106,517 | |||||||||||||||||||||||||||
Corporate | (413,751) | (315,491) | (220,839) | (98,260) | (94,652) | |||||||||||||||||||||||||||
Securitization VIE eliminations | 47 | (441) | 220 | 488 | (661) | |||||||||||||||||||||||||||
997,538 | 501,095 | 386,278 | 496,443 | 114,817 | ||||||||||||||||||||||||||||
Income tax benefit (provision) | 61,523 | (8,669) | (20,197) | 70,192 | 11,528 | |||||||||||||||||||||||||||
Net income attributable to non-controlling interests | (187,586) | (44,687) | (34,392) | (142,899) | (10,295) | |||||||||||||||||||||||||||
Net income attributable to Starwood Property Trust, Inc. | $ | 871,475 | $ | 447,739 | $ | 331,689 | $ | 423,736 | $ | 116,050 |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Interest income from loans | $ | 1,058,326 | $ | 705,499 | $ | 352,827 | |||||||||||
Interest income from investment securities | 102,125 | 67,589 | 34,536 | ||||||||||||||
Interest expense | (501,126) | (206,353) | (294,773) | ||||||||||||||
Net interest income | $ | 659,325 | $ | 566,735 | $ | 92,590 |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Interest income from loans | $ | 150,230 | $ | 85,057 | $ | 65,173 | |||||||||||
Interest income from investment securities | 3,681 | 2,190 | 1,491 | ||||||||||||||
Interest expense | (79,137) | (37,671) | (41,466) | ||||||||||||||
Net interest income | $ | 74,774 | $ | 49,576 | $ | 25,198 |
$ Change from prior period | |||||||||||||||||||||||||||||
Revenues | Costs and expenses | Gain (loss) on derivative financial instruments | Other income (loss) | Income (loss) before income taxes | |||||||||||||||||||||||||
Master Lease Portfolio | $ | 691 | $ | (39) | $ | — | $ | — | $ | 730 | |||||||||||||||||||
Medical Office Portfolio | 1,995 | 9,740 | 25,249 | — | 17,504 | ||||||||||||||||||||||||
Woodstar I Portfolio | (84,209) | (78,578) | (323) | 5,140 | (814) | ||||||||||||||||||||||||
Woodstar II Portfolio | (61,705) | (61,323) | — | 140 | (242) | ||||||||||||||||||||||||
Woodstar Fund | 3 | 104 | — | 749,311 | 749,210 | ||||||||||||||||||||||||
Other/Corporate | 19 | (3,836) | — | (1,090) | 2,765 | ||||||||||||||||||||||||
Total | $ | (143,206) | $ | (133,932) | $ | 24,926 | $ | 753,501 | $ | 769,153 |
For the Year Ended December 31, | ||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||
Interest income from loans | $ | 705,499 | $ | 665,503 | $ | 39,996 | ||||||||||||||
Interest income from investment securities | 67,589 | 78,490 | (10,901) | |||||||||||||||||
Interest expense | (206,353) | (176,230) | (30,123) | |||||||||||||||||
Net interest income | $ | 566,735 | $ | 567,763 | $ | (1,028) |
For the Year Ended December 31, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Interest income from loans | $ | 85,057 | $ | 77,851 | $ | 7,206 | |||||||||||
Interest income from investment securities | 2,190 | 2,637 | (447) | ||||||||||||||
Interest expense | (37,671) | (40,913) | 3,242 | ||||||||||||||
Net interest income | $ | 49,576 | $ | 39,575 | $ | 10,001 |
For the Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Loans and investment securities held-for-investment | 5.0 | % | 5.2 | % | |||||||
Loans held-for-sale | 2.9 | % | 3.5 | % |
$ Change from prior year | |||||||||||||||||||||||||||||
Revenues | Costs and expenses | Gain (loss) on derivative financial instruments | Other income (loss) | Income (loss) before income taxes | |||||||||||||||||||||||||
Master Lease Portfolio | $ | (11) | $ | (117) | $ | — | $ | — | $ | 106 | |||||||||||||||||||
Medical Office Portfolio | (595) | (4,230) | 43,929 | — | 47,564 | ||||||||||||||||||||||||
Woodstar I Portfolio | (11,356) | (12,467) | 617 | (3,437) | (1,709) | ||||||||||||||||||||||||
Woodstar II Portfolio | (8,714) | (4,099) | — | (141) | (4,756) | ||||||||||||||||||||||||
Woodstar Fund | — | 1,986 | — | 6,425 | 4,439 | ||||||||||||||||||||||||
Other/Corporate | (31) | 1,653 | — | 663 | (1,021) | ||||||||||||||||||||||||
Total | $ | (20,707) | $ | (17,274) | $ | 44,546 | $ | 3,510 | $ | 44,623 |
For the Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Diluted weighted average shares - GAAP EPS | 315,728 | 296,826 | 282,483 | |||||||||||||||||
Add: Unvested stock awards | 3,485 | 4,107 | 2,801 | |||||||||||||||||
Add: Woodstar II Class A Units | 9,773 | 10,154 | 10,656 | |||||||||||||||||
Less: Convertible Notes dilution | (9,649) | (9,649) | — | |||||||||||||||||
Diluted weighted average shares - Distributable EPS | 319,337 | 301,438 | 295,940 |
Distributable Earnings For the Three-Month Periods Ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
2022 | $ | 0.76 | $ | 0.51 | $ | 0.51 | $ | 0.50 | ||||||
2021 | 0.50 | 0.51 | 0.52 | 1.10 | ||||||||||
2020 | 0.55 | 0.43 | 0.50 | 0.50 |
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Total | ||||||||||||||||||||||||||||||
Revenues | $ | 1,167,980 | $ | 154,362 | $ | 91,832 | $ | 205,311 | $ | 69 | $ | 1,619,554 | |||||||||||||||||||||||
Costs and expenses | (611,637) | (100,591) | (92,651) | (137,814) | (330,833) | (1,273,526) | |||||||||||||||||||||||||||||
Other income (loss) | (115,802) | 4,431 | 789,726 | 56,095 | (82,987) | 651,463 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 440,541 | 58,202 | 788,907 | 123,592 | (413,751) | 997,491 | |||||||||||||||||||||||||||||
Income tax benefit (provision) | 69,199 | 12 | — | (7,688) | — | 61,523 | |||||||||||||||||||||||||||||
Income attributable to non-controlling interests | (14) | — | (172,598) | (14,927) | — | (187,539) | |||||||||||||||||||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | 509,726 | 58,214 | 616,309 | 100,977 | (413,751) | 871,475 | |||||||||||||||||||||||||||||
Add / (Deduct): | |||||||||||||||||||||||||||||||||||
Non-controlling interests attributable to Woodstar II Class A Units | — | — | 18,764 | — | — | 18,764 | |||||||||||||||||||||||||||||
Non-controlling interests attributable to unrealized gains/losses | — | — | 143,769 | (5,161) | — | 138,608 | |||||||||||||||||||||||||||||
Non-cash equity compensation expense | 7,966 | 1,246 | 285 | 5,616 | 25,072 | 40,185 | |||||||||||||||||||||||||||||
Management incentive fee | — | — | — | — | 49,586 | 49,586 | |||||||||||||||||||||||||||||
Acquisition and investment pursuit costs | (381) | — | (324) | (392) | — | (1,097) | |||||||||||||||||||||||||||||
Depreciation and amortization | 4,919 | 348 | 33,005 | 11,959 | — | 50,231 | |||||||||||||||||||||||||||||
Interest income adjustment for securities | 10,777 | — | — | 12,362 | — | 23,139 | |||||||||||||||||||||||||||||
Extinguishment of debt, net | — | — | — | — | (986) | (986) | |||||||||||||||||||||||||||||
Income tax benefit associated with unrealized fair value adjustments | (64,616) | (7) | — | 3,345 | — | (61,278) | |||||||||||||||||||||||||||||
Other non-cash items | 88,194 | — | 1,498 | 355 | — | 90,047 | |||||||||||||||||||||||||||||
Reversal of GAAP unrealized and realized (gains) / losses on: (1) | |||||||||||||||||||||||||||||||||||
Loans | 352,412 | — | — | (6,190) | — | 346,222 | |||||||||||||||||||||||||||||
Credit loss provision, net | 39,780 | 6,877 | — | — | — | 46,657 | |||||||||||||||||||||||||||||
Securities | (11,818) | — | — | 43,179 | — | 31,361 | |||||||||||||||||||||||||||||
Woodstar Fund investments | — | — | (755,736) | — | — | (755,736) | |||||||||||||||||||||||||||||
Derivatives | (338,994) | (1,235) | (35,081) | (41,692) | 82,987 | (334,015) | |||||||||||||||||||||||||||||
Foreign currency | 96,651 | 317 | (12) | — | — | 96,956 | |||||||||||||||||||||||||||||
Loss (earnings) from unconsolidated entities | 11,242 | (3,982) | — | (2,871) | — | 4,389 | |||||||||||||||||||||||||||||
Sales of properties | (86,610) | — | — | (51,079) | — | (137,689) | |||||||||||||||||||||||||||||
Recognition of Distributable realized gains / (losses) on: | |||||||||||||||||||||||||||||||||||
Loans (2) | (73,406) | — | — | 5,467 | — | (67,939) | |||||||||||||||||||||||||||||
Securities (4) | (3,102) | — | — | (20,443) | — | (23,545) | |||||||||||||||||||||||||||||
Woodstar Fund investments (5) | — | — | 56,576 | — | — | 56,576 | |||||||||||||||||||||||||||||
Derivatives (7) | 97,444 | 5 | 2,138 | 32,591 | 214 | 132,392 | |||||||||||||||||||||||||||||
Foreign currency (8) | (4,652) | 58 | 12 | — | — | (4,582) | |||||||||||||||||||||||||||||
(Loss) earnings from unconsolidated entities (9) | (10,798) | 2,632 | — | 4,236 | — | (3,930) | |||||||||||||||||||||||||||||
Sales of properties (10) | 84,738 | — | 35,768 | — | 120,506 | ||||||||||||||||||||||||||||||
Distributable Earnings (Loss) | $ | 709,472 | $ | 64,473 | $ | 81,203 | $ | 128,027 | $ | (256,878) | $ | 726,297 | |||||||||||||||||||||||
Distributable Earnings (Loss) per Weighted Average Diluted Share | $ | 2.22 | $ | 0.20 | $ | 0.26 | $ | 0.40 | $ | (0.80) | $ | 2.28 |
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Total | ||||||||||||||||||||||||||||||
Revenues | $ | 779,321 | $ | 87,540 | $ | 235,038 | $ | 210,185 | $ | — | $ | 1,312,084 | |||||||||||||||||||||||
Costs and expenses | (249,677) | (64,775) | (226,583) | (144,055) | (304,468) | (989,558) | |||||||||||||||||||||||||||||
Other income (loss) | 58,595 | 1,178 | 11,299 | 118,961 | (11,023) | 179,010 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 588,239 | 23,943 | 19,754 | 185,091 | (315,491) | 501,536 | |||||||||||||||||||||||||||||
Income tax (provision) benefit | (1,201) | 306 | — | (7,775) | 1 | (8,669) | |||||||||||||||||||||||||||||
Income attributable to non-controlling interests | (14) | — | (20,121) | (24,993) | — | (45,128) | |||||||||||||||||||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | 587,024 | 24,249 | (367) | 152,323 | (315,490) | 447,739 | |||||||||||||||||||||||||||||
Add / (Deduct): | |||||||||||||||||||||||||||||||||||
Non-controlling interests attributable to Woodstar II Class A Units | — | — | 19,373 | — | — | 19,373 | |||||||||||||||||||||||||||||
Non-controlling interests attributable to unrealized gains/losses | — | — | (155) | 7,741 | — | 7,586 | |||||||||||||||||||||||||||||
Non-cash equity compensation expense | 7,210 | 2,217 | 197 | 4,129 | 25,534 | 39,287 | |||||||||||||||||||||||||||||
Management incentive fee | — | — | — | — | 70,270 | 70,270 | |||||||||||||||||||||||||||||
Acquisition and investment pursuit costs | (555) | — | (355) | (166) | — | (1,076) | |||||||||||||||||||||||||||||
Depreciation and amortization | 1,003 | 363 | 66,101 | 15,078 | — | 82,545 | |||||||||||||||||||||||||||||
Interest income adjustment for securities | (1,437) | — | — | 17,301 | — | 15,864 | |||||||||||||||||||||||||||||
Extinguishment of debt, net | — | — | — | — | (986) | (986) | |||||||||||||||||||||||||||||
Income tax provision associated with realized fair value adjustments | (6,495) | — | — | 405 | — | (6,090) | |||||||||||||||||||||||||||||
Other non-cash items | 14 | — | (771) | (1,435) | 415 | (1,777) | |||||||||||||||||||||||||||||
Reversal of GAAP unrealized and realized (gains) / losses on: (1) | |||||||||||||||||||||||||||||||||||
Loans | (13,836) | — | — | (55,214) | — | (69,050) | |||||||||||||||||||||||||||||
Credit loss (reversal) provision, net | (3,560) | 11,895 | — | — | — | 8,335 | |||||||||||||||||||||||||||||
Securities | 8,277 | — | — | (28,221) | — | (19,944) | |||||||||||||||||||||||||||||
Woodstar Fund investments | — | — | (6,425) | — | — | (6,425) | |||||||||||||||||||||||||||||
Derivatives | (73,209) | (1,253) | (10,155) | (8,288) | 10,542 | (82,363) | |||||||||||||||||||||||||||||
Foreign currency | 36,045 | 183 | — | 64 | — | 36,292 | |||||||||||||||||||||||||||||
(Earnings) loss from unconsolidated entities | (6,984) | (1,160) | — | (815) | — | (8,959) | |||||||||||||||||||||||||||||
Sales of properties | (17,693) | — | — | (22,210) | — | (39,903) | |||||||||||||||||||||||||||||
Recognition of Distributable realized gains / (losses) on: | |||||||||||||||||||||||||||||||||||
Loans (2) | 45,621 | — | — | 57,723 | — | 103,344 | |||||||||||||||||||||||||||||
Realized credit loss (3) | (14,807) | — | — | — | — | (14,807) | |||||||||||||||||||||||||||||
Securities (4) | (38,180) | — | — | (5,696) | — | (43,876) | |||||||||||||||||||||||||||||
Woodstar Fund investments (5) | — | — | 7,182 | — | — | 7,182 | |||||||||||||||||||||||||||||
Sale of interest in Woodstar Fund (6) | — | — | 196,410 | — | — | 196,410 | |||||||||||||||||||||||||||||
Derivatives (7) | 1,720 | (27) | (7,252) | 2,885 | 9,804 | 7,130 | |||||||||||||||||||||||||||||
Foreign currency (8) | 12,471 | (145) | — | (64) | — | 12,262 | |||||||||||||||||||||||||||||
Earnings (loss) from unconsolidated entities (9) | 11,356 | 1,160 | — | 2,456 | — | 14,972 | |||||||||||||||||||||||||||||
Sales of properties (10) | 8,298 | — | 12,483 | — | 20,781 | ||||||||||||||||||||||||||||||
Distributable Earnings (Loss) | $ | 542,283 | $ | 37,482 | $ | 263,783 | $ | 150,479 | $ | (199,911) | $ | 794,116 | |||||||||||||||||||||||
Distributable Earnings (Loss) per Weighted Average Diluted Share | $ | 1.80 | $ | 0.12 | $ | 0.87 | $ | 0.50 | $ | (0.66) | $ | 2.63 |
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Total | ||||||||||||||||||||||||||||||
Revenues | $ | 749,660 | $ | 80,987 | $ | 255,745 | $ | 183,027 | $ | — | $ | 1,269,419 | |||||||||||||||||||||||
Costs and expenses | (273,861) | (54,008) | (243,857) | (138,677) | (253,997) | (964,400) | |||||||||||||||||||||||||||||
Other income (loss) | 53,126 | (2,712) | (36,757) | 34,224 | 33,158 | 81,039 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | 528,925 | 24,267 | (24,869) | 78,574 | (220,839) | 386,058 | |||||||||||||||||||||||||||||
Income tax (provision) benefit | (21,091) | (117) | — | 1,011 | — | (20,197) | |||||||||||||||||||||||||||||
Income attributable to non-controlling interests | (14) | — | (20,394) | (13,764) | — | (34,172) | |||||||||||||||||||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | 507,820 | 24,150 | (45,263) | 65,821 | (220,839) | 331,689 | |||||||||||||||||||||||||||||
Add / (Deduct): | |||||||||||||||||||||||||||||||||||
Non-controlling interests attributable to Woodstar II Class A Units | — | — | 20,394 | — | — | 20,394 | |||||||||||||||||||||||||||||
Non-controlling interests attributable to unrealized gains/losses | — | — | — | (4,145) | — | (4,145) | |||||||||||||||||||||||||||||
Non-cash equity compensation expense | 4,454 | 1,120 | 219 | 4,594 | 20,854 | 31,241 | |||||||||||||||||||||||||||||
Management incentive fee | — | — | — | — | 30,773 | 30,773 | |||||||||||||||||||||||||||||
Acquisition and investment pursuit costs | 123 | — | (355) | (72) | — | (304) | |||||||||||||||||||||||||||||
Depreciation and amortization | 1,467 | 294 | 76,544 | 14,501 | — | 92,806 | |||||||||||||||||||||||||||||
Interest income adjustment for securities | (864) | — | — | 15,101 | — | 14,237 | |||||||||||||||||||||||||||||
Extinguishment of debt, net | — | — | — | — | (986) | (986) | |||||||||||||||||||||||||||||
Income tax benefit associated with unrealized fair value adjustments | 6,495 | — | — | (405) | — | 6,090 | |||||||||||||||||||||||||||||
Other non-cash items | 14 | — | (2,063) | 942 | 631 | (476) | |||||||||||||||||||||||||||||
Reversal of GAAP unrealized and realized (gains) / losses on: (1) | |||||||||||||||||||||||||||||||||||
Loans | (76,897) | — | — | (56,227) | — | (133,124) | |||||||||||||||||||||||||||||
Credit loss provision (reversal), net | 46,215 | (4,103) | — | — | — | 42,112 | |||||||||||||||||||||||||||||
Securities | 15,108 | — | — | 51,403 | — | 66,511 | |||||||||||||||||||||||||||||
Derivatives | 58,664 | 1,499 | 34,392 | 21,269 | (33,646) | 82,178 | |||||||||||||||||||||||||||||
Foreign currency | (42,205) | (207) | 14 | 3 | — | (42,395) | |||||||||||||||||||||||||||||
(Earnings) loss from unconsolidated entities | (8,779) | 767 | — | (30,845) | — | (38,857) | |||||||||||||||||||||||||||||
Recognition of Distributable realized gains / (losses) on: | |||||||||||||||||||||||||||||||||||
Loans (2) | 48,203 | (62) | — | 55,287 | — | 103,428 | |||||||||||||||||||||||||||||
Realized credit loss (3) | |||||||||||||||||||||||||||||||||||
Securities (4) | 398 | — | — | (13,955) | — | (13,557) | |||||||||||||||||||||||||||||
Derivatives (7) | (9,513) | (16) | (4,752) | (14,919) | 14,082 | (15,118) | |||||||||||||||||||||||||||||
Foreign currency (8) | (4,810) | (133) | (14) | (3) | — | (4,960) | |||||||||||||||||||||||||||||
Earnings (loss) from unconsolidated entities (9) | 5,686 | (382) | — | 18,247 | — | 23,551 | |||||||||||||||||||||||||||||
Sales of properties (10) | — | — | — | (5,789) | — | (5,789) | |||||||||||||||||||||||||||||
Distributable Earnings (Loss) | $ | 551,579 | $ | 22,927 | $ | 79,116 | $ | 120,808 | $ | (189,131) | $ | 585,299 | |||||||||||||||||||||||
Distributable Earnings (Loss) per Weighted Average Diluted Share | $ | 1.86 | $ | 0.08 | $ | 0.27 | $ | 0.41 | $ | (0.64) | $ | 1.98 |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Master Lease Portfolio | $ | 17,947 | $ | 17,217 | $ | 730 | |||||||||||
Medical Office Portfolio | 21,221 | 20,299 | 922 | ||||||||||||||
Woodstar I Portfolio | — | 13,807 | (13,807) | ||||||||||||||
Woodstar II Portfolio | — | 16,901 | (16,901) | ||||||||||||||
Woodstar Fund | 46,092 | 6,279 | 39,813 | ||||||||||||||
Sale of interest in Woodstar Fund | — | 191,301 | (191,301) | ||||||||||||||
Other/Corporate | (4,057) | (2,021) | (2,036) | ||||||||||||||
Distributable Earnings | $ | 81,203 | $ | 263,783 | $ | (182,580) |
For the Year Ended December 31, | |||||||||||||||||
2021 | 2020 | Change | |||||||||||||||
Master Lease Portfolio | $ | 17,217 | $ | 17,110 | $ | 107 | |||||||||||
Medical Office Portfolio | 20,299 | 19,864 | 435 | ||||||||||||||
Woodstar I Portfolio | 13,807 | 22,036 | (8,229) | ||||||||||||||
Woodstar II Portfolio | 16,901 | 24,206 | (7,305) | ||||||||||||||
Woodstar Fund | 6,279 | — | 6,279 | ||||||||||||||
Sale of interest in Woodstar Fund | 191,301 | — | 191,301 | ||||||||||||||
Other/Corporate | (2,021) | (4,100) | 2,079 | ||||||||||||||
Distributable Earnings | $ | 263,783 | $ | 79,116 | $ | 184,667 |
GAAP | VIE Adjustments | Excluding Securitization VIEs | |||||||||||||||
Net cash provided by operating activities | $ | 213,741 | $ | (1,482) | $ | 212,259 | |||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Origination, purchase and funding of loans held-for-investment | (5,544,012) | — | (5,544,012) | ||||||||||||||
Proceeds from principal collections and sale of loans | 2,198,460 | — | 2,198,460 | ||||||||||||||
Purchase and funding of investment securities | (86,512) | (289,833) | (376,345) | ||||||||||||||
Proceeds from sales and collections of investment securities | 115,947 | 93,412 | 209,359 | ||||||||||||||
Proceeds from sales of real estate | 203,702 | — | 203,702 | ||||||||||||||
Purchases and additions to properties and other assets | (25,225) | — | (25,225) | ||||||||||||||
Net cash flows from other investments and assets | 187,334 | 1,876 | 189,210 | ||||||||||||||
Net cash used in investing activities | (2,950,306) | (194,545) | (3,144,851) | ||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from borrowings | 13,521,148 | — | 13,521,148 | ||||||||||||||
Principal repayments on and repurchases of borrowings | (9,888,088) | (394) | (9,888,482) | ||||||||||||||
Payment of deferred financing costs | (69,820) | — | (69,820) | ||||||||||||||
Proceeds from common stock issuances, net of offering costs | 50,443 | — | 50,443 | ||||||||||||||
Payment of dividends | (591,457) | — | (591,457) | ||||||||||||||
Contributions from non-controlling interests | 21,925 | — | 21,925 | ||||||||||||||
Distributions to non-controlling interests | (49,452) | 191 | (49,261) | ||||||||||||||
Repayment of debt of consolidated VIEs | (290,232) | 290,232 | — | ||||||||||||||
Distributions of cash from consolidated VIEs | 93,412 | (93,412) | — | ||||||||||||||
Net cash provided by financing activities | 2,797,879 | 196,617 | 2,994,496 | ||||||||||||||
Net increase in cash, cash equivalents and restricted cash | 61,314 | 590 | 61,904 | ||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 321,914 | (590) | 321,324 | ||||||||||||||
Effect of exchange rate changes on cash | (1,095) | — | (1,095) | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 382,133 | $ | — | $ | 382,133 |
Current Maturity | Extended Maturity (a) | Weighted Average Pricing | Pledged Asset Carrying Value | Maximum Facility Size | Outstanding Balance | Approved but Undrawn Capacity (b) | Unallocated Financing Amount (c) | ||||||||||||||||||||||||||||||||||||||||
Repurchase Agreements: | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Loans | Jun 2023 to Jun 2027 | (d) | Sep 2025 to Dec 2030 | (d) | Index + 2.04% | (e) | $ | 11,166,171 | $ | 11,917,353 | (f) | $ | 7,746,867 | $ | 535,379 | $ | 3,635,107 | ||||||||||||||||||||||||||||||
Residential Loans | Oct 2023 to Apr 2024 | N/A | Index + 2.20% | 2,229,958 | 3,062,701 | 1,912,774 | — | 1,149,927 | |||||||||||||||||||||||||||||||||||||||
Infrastructure Loans | Sep 2024 | Sep 2026 | SOFR + 2.07% | 353,271 | 650,000 | 290,431 | — | 359,569 | |||||||||||||||||||||||||||||||||||||||
Conduit Loans | Feb 2023 to Jun 2025 | Feb 2024 to Jun 2026 | SOFR + 2.29% | 14,141 | 375,000 | 8,423 | — | 366,577 | |||||||||||||||||||||||||||||||||||||||
CMBS/RMBS | Sep 2023 to Apr 2032 | (g) | Oct 2023 to Oct 2032 | (g) | (h) | 1,495,141 | 1,086,804 | 840,625 | (i) | — | 246,179 | ||||||||||||||||||||||||||||||||||||
Total Repurchase Agreements | 15,258,682 | 17,091,858 | 10,799,120 | 535,379 | 5,757,359 | ||||||||||||||||||||||||||||||||||||||||||
Other Secured Financing: | |||||||||||||||||||||||||||||||||||||||||||||||
Borrowing Base Facility | Nov 2024 | Oct 2026 | SOFR + 2.11% | — | 750,000 | (j) | — | — | 750,000 | ||||||||||||||||||||||||||||||||||||||
Commercial Financing Facilities | Dec 2023 to Aug 2025 | Jul 2025 to Dec 2030 | Index + 1.94% | 410,533 | 520,709 | (k) | 311,825 | — | 208,884 | ||||||||||||||||||||||||||||||||||||||
Residential Financing Facility | Mar 2024 | Mar 2027 | SOFR + 2.45% | 533,502 | 500,000 | 244,418 | 235,497 | 20,085 | |||||||||||||||||||||||||||||||||||||||
Infrastructure Financing Facilities | Jun 2025 to Oct 2025 | Jun 2027 to Jul 2032 | Index + 2.05% | 1,040,798 | 1,550,000 | 765,265 | 55,000 | 729,735 | |||||||||||||||||||||||||||||||||||||||
Property Mortgages - Fixed rate | Nov 2024 to Sep 2029 | (l) | N/A | 4.46% | 367,215 | 261,100 | 261,100 | — | — | ||||||||||||||||||||||||||||||||||||||
Property Mortgages - Variable rate | Nov 2023 to Dec 2027 | N/A | (m) | 1,007,375 | 850,387 | 847,633 | — | 2,754 | |||||||||||||||||||||||||||||||||||||||
Term Loans and Revolver | (n) | N/A | (n) | N/A | (n) | 1,530,766 | 1,380,766 | 150,000 | — | ||||||||||||||||||||||||||||||||||||||
STWD 2022-FL3 CLO | Nov 2038 | N/A | SOFR + 1.64% | 1,010,051 | 842,500 | 842,500 | — | — | |||||||||||||||||||||||||||||||||||||||
STWD 2021-HTS SASB | Apr 2034 | N/A | LIBOR + 2.22% | 231,186 | 210,091 | 210,091 | — | — | |||||||||||||||||||||||||||||||||||||||
STWD 2021-FL2 CLO | Apr 2038 | N/A | LIBOR + 1.50% | 1,284,240 | 1,077,375 | 1,077,375 | — | — | |||||||||||||||||||||||||||||||||||||||
STWD 2019-FL1 CLO | Jul 2038 | N/A | SOFR + 1.40% | 906,409 | 739,174 | 739,174 | — | — | |||||||||||||||||||||||||||||||||||||||
STWD 2021-SIF2 CLO | Jan 2033 | N/A | SOFR + 1.89% | 510,730 | 410,000 | 410,000 | — | ||||||||||||||||||||||||||||||||||||||||
STWD 2021-SIF1 CLO | Apr 2032 | N/A | LIBOR + 1.81% | 511,471 | 410,000 | 410,000 | — | — | |||||||||||||||||||||||||||||||||||||||
Total Other Secured Financing | 7,813,510 | 9,652,102 | 7,500,147 | 440,497 | 1,711,458 | ||||||||||||||||||||||||||||||||||||||||||
$ | 23,072,192 | $ | 26,743,960 | $ | 18,299,267 | $ | 975,876 | $ | 7,468,817 | ||||||||||||||||||||||||||||||||||||||
Unamortized net discount | (24,991) | ||||||||||||||||||||||||||||||||||||||||||||||
Unamortized deferred financing costs | (96,520) | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 18,177,756 |
Quarter Ended | Quarter-End Balance | Weighted-Average Balance During Quarter | Variance | Explanations for Significant Variances | ||||||||||||||||||||||
March 31, 2022 | 15,419,344 | 15,645,668 | (226,324) | (a) | ||||||||||||||||||||||
June 30, 2022 | 17,008,158 | 16,151,019 | 857,139 | (b) | ||||||||||||||||||||||
September 30, 2022 | 17,282,020 | 17,521,495 | (239,475) | (c) | ||||||||||||||||||||||
December 31, 2022 | 18,299,267 | 18,084,425 | 214,842 | (d) |
Quarter Ended | Quarter-End Balance | Weighted-Average Balance During Quarter | Variance | Explanations for Significant Variances | ||||||||||||||||||||||
March 31, 2021 | 11,913,568 | 11,274,970 | 638,598 | (a) | ||||||||||||||||||||||
June 30, 2021 | 12,436,034 | 12,403,163 | 32,871 | (b) | ||||||||||||||||||||||
September 30, 2021 | 14,221,047 | 13,099,170 | 1,121,877 | (c) | ||||||||||||||||||||||
December 31, 2021 | 15,288,261 | 14,428,687 | 859,574 | (d) |
Scheduled Principal Repayments on Loans and HTM Securities | Scheduled/Projected Principal Repayments on RMBS and CMBS | Projected/Required Repayments of Financing | Scheduled Principal Inflows Net of Financing Outflows | |||||||||||||||||||||||
First Quarter 2023 | $ | 343,396 | $ | 4,961 | $ | (204,931) | $ | 143,426 | ||||||||||||||||||
Second Quarter 2023 | 819,103 | 7,255 | (788,384) | 37,974 | ||||||||||||||||||||||
Third Quarter 2023 | 581,085 | 3,348 | (423,796) | 160,637 | ||||||||||||||||||||||
Fourth Quarter 2023 | 631,258 | 29,429 | (1,919,730) | (1,259,043) | (1) | |||||||||||||||||||||
Total | $ | 2,374,842 | $ | 44,993 | $ | (3,336,841) | $ | (917,006) |
Record Date | Payable Date | Per Share Dividend | Ordinary Taxable Dividends | Taxable Qualified Dividends | Total Capital Gain Distribution | Unrecaptured 1250 Gain | Section 199A Dividends | |||||||||||||||||||||||||||||||||||||
12/31/2021 | 1/14/2022 | $ | 0.0755 | $ | 0.0556 | $ | 0.0009 | $ | 0.0199 | $ | 0.0007 | $ | 0.0547 | |||||||||||||||||||||||||||||||
3/31/2022 | 4/15/2022 | 0.4800 | 0.3534 | 0.0054 | 0.1266 | 0.0041 | 0.3480 | |||||||||||||||||||||||||||||||||||||
6/30/2022 | 7/15/2022 | 0.4800 | 0.3534 | 0.0054 | 0.1266 | 0.0041 | 0.3480 | |||||||||||||||||||||||||||||||||||||
9/30/2022 | 10/14/2022 | 0.4800 | 0.3534 | 0.0054 | 0.1266 | 0.0041 | 0.3480 | |||||||||||||||||||||||||||||||||||||
12/30/2022 | 1/13/2023 | 0.4800 | 0.3534 | 0.0054 | 0.1266 | 0.0041 | 0.3480 | |||||||||||||||||||||||||||||||||||||
$ | 1.9955 | $ | 1.4692 | $ | 0.0225 | $ | 0.5263 | $ | 0.0171 | $ | 1.4467 |
Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||||||||||||||
Secured financings (a) | $ | 14,610,127 | $ | 1,474,728 | $ | 2,729,981 | $ | 8,677,535 | $ | 1,727,883 | |||||||||||||||||||
CLOs and SASB (b) | 3,689,140 | 771,977 | 1,139,280 | 1,682,111 | 95,772 | ||||||||||||||||||||||||
Unsecured senior notes | 2,350,000 | 550,000 | 900,000 | 900,000 | — | ||||||||||||||||||||||||
Future loan commitments: | |||||||||||||||||||||||||||||
Commercial Lending (c) | 2,316,718 | 1,472,614 | 810,459 | 33,645 | — | ||||||||||||||||||||||||
Infrastructure Lending (d) | 148,279 | 148,279 | — | — | — |
Face Value of Loans Held-for-Sale | Aggregate Notional Value of Credit Index Instruments | Number of Credit Index Instruments | |||||||||||||||
December 31, 2022 | $ | 23,900 | $ | 49,000 | 3 | ||||||||||||
December 31, 2021 | $ | 289,761 | $ | 49,000 | 3 |
Face Value of Hedged Instruments | Aggregate Notional Value of Credit Index Instruments | Number of Credit Index Instruments | |||||||||||||||
Instrument hedged as of December 31, 2022 | |||||||||||||||||
Loans held-for-sale | $ | 3,116,815 | $ | 2,718,900 | 36 | ||||||||||||
RMBS, available-for-sale | 202,818 | 85,000 | 2 | ||||||||||||||
CMBS, fair value option | 42,793 | 58,800 | 2 | ||||||||||||||
HTM debt securities | 12,005 | 12,005 | 1 | ||||||||||||||
Secured financing agreements | 681,823 | 1,471,446 | 9 | ||||||||||||||
Unsecured senior notes | 1,000,000 | 970,000 | 2 | ||||||||||||||
$ | 5,056,254 | $ | 5,316,151 | 52 | |||||||||||||
Instrument hedged as of December 31, 2021 | |||||||||||||||||
Loans held-for-sale | $ | 2,815,671 | $ | 2,135,800 | 62 | ||||||||||||
RMBS, available-for-sale | 221,806 | 85,000 | 2 | ||||||||||||||
CMBS, fair value option | 79,651 | 71,000 | 2 | ||||||||||||||
HTM debt securities | 14,283 | 14,283 | 1 | ||||||||||||||
Secured financing agreements | 754,620 | 1,425,396 | 10 | ||||||||||||||
Unsecured senior notes | 500,000 | 470,000 | 1 | ||||||||||||||
$ | 4,386,031 | $ | 4,201,479 | 78 |
Income (Expense) Subject to Interest Rate Sensitivity | Variable rate investments and indebtedness (1) | 0.25% Decrease | 0.50% Increase | 1.00% Increase | 1.50% Increase | |||||||||||||||||||||||||||
Investment income from variable rate investments | $ | 18,821,874 | $ | (46,866) | $ | 93,740 | $ | 187,481 | $ | 281,221 | ||||||||||||||||||||||
Interest expense from variable rate debt, net of interest rate derivatives | (14,411,438) | 38,046 | (74,900) | (148,296) | (221,692) | |||||||||||||||||||||||||||
Net investment income from variable rate instruments | $ | 4,410,436 | $ | (8,820) | $ | 18,840 | $ | 39,185 | $ | 59,529 |
December 31, 2022 | ||||||||||||||||||||||||||
GBP | EUR | AUD | CHF | |||||||||||||||||||||||
Foreign currency assets | £ | 1,955,257 | € | 959,280 | A$ | 1,863,969 | Fr. | 58,140 | ||||||||||||||||||
Foreign currency liabilities | (1,437,484) | (373,901) | (1,387,924) | (38,218) | ||||||||||||||||||||||
Foreign currency contracts - notional | (579,970) | (661,468) | (636,167) | (24,455) | ||||||||||||||||||||||
Expected future net interest cash flows | 62,197 | 76,089 | 160,122 | 4,533 | ||||||||||||||||||||||
Net exposure to exchange rate fluctuations | £ | — | € | — | A$ | — | Fr. | — | ||||||||||||||||||
Net exposure to exchange rate fluctuations in USD (1) | $ | — | $ | — | $ | — | $ | — |
December 31, 2021 | ||||||||||||||||||||||||||
GBP | EUR | AUD | CHF | |||||||||||||||||||||||
Foreign currency assets | £ | 1,703,759 | € | 651,685 | A$ | 359,136 | Fr. | — | ||||||||||||||||||
Foreign currency liabilities | (1,253,959) | (248,634) | (283,796) | — | ||||||||||||||||||||||
Foreign currency contracts - notional | (521,148) | (422,515) | (247,901) | — | ||||||||||||||||||||||
Expected future net interest cash flows | 71,348 | 19,464 | 12,561 | — | ||||||||||||||||||||||
Net exposure to exchange rate fluctuations | £ | — | € | — | A$ | (160,000) | (2) | Fr. | — | |||||||||||||||||
Net exposure to exchange rate fluctuations in USD (1) | $ | — | $ | — | $ | — | $ | — |
Financial Information | |||||
Reports of Independent Registered Public Accounting Firm (PCAOB ID no. 34) | |||||
As of December 31, | |||||||||||
2022 | 2021 | ||||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 261,061 | $ | 217,362 | |||||||
Restricted cash | 121,072 | 104,552 | |||||||||
Loans held-for-investment, net of credit loss allowances of $99,413 and $67,270 (none and $59,225 held at fair value) | 18,401,439 | 15,536,849 | |||||||||
Loans held-for-sale, at fair value | 2,784,594 | 2,876,800 | |||||||||
Investment securities, net of credit loss allowances of $3,182 and $8,610 ($142,334 and $177,848 held at fair value) | 815,804 | 860,984 | |||||||||
Properties, net | 1,449,986 | 1,166,387 | |||||||||
Investments of consolidated affordable housing fund, at fair value | 1,761,002 | 1,040,309 | |||||||||
Investments in unconsolidated entities | 91,892 | 90,097 | |||||||||
Goodwill | 259,846 | 259,846 | |||||||||
Intangible assets ($17,790 and $16,780 held at fair value) | 68,773 | 63,564 | |||||||||
Derivative assets | 108,621 | 48,216 | |||||||||
Accrued interest receivable | 168,521 | 116,262 | |||||||||
Other assets | 297,477 | 188,626 | |||||||||
Variable interest entity (“VIE”) assets, at fair value | 52,453,041 | 61,280,543 | |||||||||
Total Assets | $ | 79,043,129 | $ | 83,850,397 | |||||||
Liabilities and Equity | |||||||||||
Liabilities: | |||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 298,999 | $ | 189,696 | |||||||
Related-party payable | 41,186 | 76,371 | |||||||||
Dividends payable | 151,511 | 147,624 | |||||||||
Derivative liabilities | 91,404 | 13,421 | |||||||||
Secured financing agreements, net | 14,501,532 | 12,576,850 | |||||||||
Collateralized loan obligations and single asset securitization, net | 3,676,224 | 2,616,116 | |||||||||
Unsecured senior notes, net | 2,329,211 | 1,828,590 | |||||||||
VIE liabilities, at fair value | 50,754,355 | 59,752,922 | |||||||||
Total Liabilities | 71,844,422 | 77,201,590 | |||||||||
Commitments and contingencies (Note 23) | |||||||||||
Temporary Equity: Redeemable non-controlling interests | 362,790 | 214,915 | |||||||||
Permanent 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, 318,123,861 issued and 310,675,170 outstanding as of December 31, 2022 and 312,268,944 issued and 304,820,253 outstanding as of December 31, 2021 | 3,181 | 3,123 | |||||||||
Additional paid-in capital | 5,807,087 | 5,673,376 | |||||||||
Treasury stock (7,448,691 shares) | (138,022) | (138,022) | |||||||||
Retained earnings | 769,237 | 493,106 | |||||||||
Accumulated other comprehensive income | 20,955 | 40,953 | |||||||||
Total Starwood Property Trust, Inc. Stockholders’ Equity | 6,462,438 | 6,072,536 | |||||||||
Non-controlling interests in consolidated subsidiaries | 373,479 | 361,356 | |||||||||
Total Permanent Equity | 6,835,917 | 6,433,892 | |||||||||
Total Liabilities and Equity | $ | 79,043,129 | $ | 83,850,397 |
For the Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Revenues: | ||||||||||||||||||||
Interest income from loans | $ | 1,218,521 | $ | 800,291 | $ | 751,943 | ||||||||||||||
Interest income from investment securities | 65,058 | 45,168 | 54,412 | |||||||||||||||||
Servicing fees | 40,359 | 38,739 | 29,634 | |||||||||||||||||
Rental income | 128,263 | 278,831 | 297,828 | |||||||||||||||||
Other revenues | 12,515 | 7,059 | 2,338 | |||||||||||||||||
Total revenues | 1,464,716 | 1,170,088 | 1,136,155 | |||||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Management fees | 155,551 | 167,773 | 127,127 | |||||||||||||||||
Interest expense | 797,121 | 445,087 | 419,763 | |||||||||||||||||
General and administrative | 175,500 | 171,302 | 157,874 | |||||||||||||||||
Acquisition and investment pursuit costs | 3,400 | 1,184 | 3,572 | |||||||||||||||||
Costs of rental operations | 44,115 | 111,667 | 117,676 | |||||||||||||||||
Depreciation and amortization | 49,293 | 83,001 | 94,405 | |||||||||||||||||
Credit loss provision, net | 46,657 | 8,335 | 43,153 | |||||||||||||||||
Other expense | 1,314 | 708 | 838 | |||||||||||||||||
Total costs and expenses | 1,272,951 | 989,057 | 964,408 | |||||||||||||||||
Other income (loss): | ||||||||||||||||||||
Change in net assets related to consolidated VIEs | 124,001 | 162,333 | 78,258 | |||||||||||||||||
Change in fair value of servicing rights | 1,010 | 3,578 | (3,715) | |||||||||||||||||
Change in fair value of investment securities, net | (2,204) | (387) | 5,393 | |||||||||||||||||
Change in fair value of mortgage loans, net | (346,222) | 69,050 | 133,124 | |||||||||||||||||
Income from affordable housing fund investments | 755,736 | 6,425 | — | |||||||||||||||||
(Loss) earnings from unconsolidated entities | (6,323) | 8,752 | 37,317 | |||||||||||||||||
Gain on sale of investments and other assets, net | 137,611 | 38,984 | 7,310 | |||||||||||||||||
Gain (loss) on derivative financial instruments, net | 334,015 | 82,363 | (82,178) | |||||||||||||||||
Foreign currency (loss) gain, net | (96,956) | (36,292) | 42,395 | |||||||||||||||||
Loss on extinguishment of debt | (1,185) | (7,428) | (3,654) | |||||||||||||||||
Other (loss) income, net | (93,710) | (7,314) | 281 | |||||||||||||||||
Total other income | 805,773 | 320,064 | 214,531 | |||||||||||||||||
Income before income taxes | 997,538 | 501,095 | 386,278 | |||||||||||||||||
Income tax benefit (provision) | 61,523 | (8,669) | (20,197) | |||||||||||||||||
Net income | 1,059,061 | 492,426 | 366,081 | |||||||||||||||||
Net income attributable to non-controlling interests | (187,586) | (44,687) | (34,392) | |||||||||||||||||
Net income attributable to Starwood Property Trust, Inc. | $ | 871,475 | $ | 447,739 | $ | 331,689 | ||||||||||||||
Earnings per share data attributable to Starwood Property Trust, Inc.: | ||||||||||||||||||||
Basic | $ | 2.80 | $ | 1.54 | $ | 1.16 | ||||||||||||||
Diluted | $ | 2.74 | $ | 1.52 | $ | 1.16 |
For the Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Net income | $ | 1,059,061 | $ | 492,426 | $ | 366,081 | ||||||||||||||
Other comprehensive income (loss) (net change by component): | ||||||||||||||||||||
Available-for-sale securities | (19,998) | (3,104) | (6,939) | |||||||||||||||||
Foreign currency translation | — | 64 | — | |||||||||||||||||
Other comprehensive loss | (19,998) | (3,040) | (6,939) | |||||||||||||||||
Comprehensive income | 1,039,063 | 489,386 | 359,142 | |||||||||||||||||
Less: Comprehensive income attributable to non-controlling interests | (187,586) | (44,687) | (34,392) | |||||||||||||||||
Comprehensive income attributable to Starwood Property Trust, Inc. | $ | 851,477 | $ | 444,699 | $ | 324,750 |
Temporary Equity | Common stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income | Total Starwood Property Trust, Inc. Stockholders’ Equity | Non- Controlling Interests | Total Permanent Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | — | 287,380,891 | $ | 2,874 | $ | 5,132,532 | 5,180,140 | $ | (104,194) | $ | (381,719) | $ | 50,932 | $ | 4,700,425 | $ | 436,589 | $ | 5,137,014 | |||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | (32,286) | — | (32,286) | — | (32,286) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from DRIP Plan | — | 71,776 | 1 | 1,097 | — | — | — | — | 1,098 | — | 1,098 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Class A Units | — | 409,712 | 4 | 8,960 | — | — | — | — | 8,964 | (10,273) | (1,309) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity offering costs | — | — | — | (95) | — | — | — | — | (95) | — | (95) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | — | — | — | — | 2,268,551 | (33,828) | — | — | (33,828) | — | (33,828) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 1,807,990 | 18 | 31,223 | — | — | — | — | 31,241 | — | 31,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manager fees paid in stock | — | 2,421,232 | 24 | 36,022 | — | — | — | — | 36,046 | — | 36,046 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 331,689 | — | 331,689 | 34,392 | 366,081 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared, $1.92 per share | — | — | — | — | — | — | (547,417) | — | (547,417) | — | (547,417) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | — | — | — | (6,939) | (6,939) | — | (6,939) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VIE non-controlling interests | — | — | — | — | — | — | — | — | — | (2,178) | (2,178) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | — | — | — | — | — | 13,351 | 13,351 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | — | — | — | — | (98,203) | (98,203) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | — | 292,091,601 | $ | 2,921 | $ | 5,209,739 | 7,448,691 | $ | (138,022) | $ | (629,733) | $ | 43,993 | $ | 4,488,898 | $ | 373,678 | $ | 4,862,576 | |||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | (3,755) | — | — | 2,219 | — | (1,536) | — | (1,536) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of investment company fair value adjustment | — | — | — | — | — | — | 1,236,476 | — | 1,236,476 | — | 1,236,476 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from public offering of common stock | — | 16,000,000 | 160 | 392,960 | — | — | — | — | 393,120 | — | 393,120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from DRIP Plan | — | 39,957 | — | 966 | — | — | — | — | 966 | — | 966 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of Class A Units | — | 853,681 | 9 | 17,729 | — | — | — | — | 17,738 | (17,738) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity offering costs | — | — | — | (720) | — | — | — | — | (720) | — | (720) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 2,568,525 | 26 | 39,261 | — | — | — | — | 39,287 | — | 39,287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manager fees paid in stock | — | 715,180 | 7 | 17,033 | — | — | — | — | 17,040 | — | 17,040 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 748 | — | — | — | — | — | 447,739 | — | 447,739 | 43,939 | 491,678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared, $1.92 per share | — | — | — | — | — | — | (563,595) | — | (563,595) | — | (563,595) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | — | — | — | (3,040) | (3,040) | — | (3,040) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interests | 214,167 | — | — | — | — | — | — | — | — | 5,590 | 5,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | 163 | — | — | — | — | 163 | (44,113) | (43,950) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | 214,915 | 312,268,944 | $ | 3,123 | $ | 5,673,376 | 7,448,691 | $ | (138,022) | $ | 493,106 | $ | 40,953 | $ | 6,072,536 | $ | 361,356 | $ | 6,433,892 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from ATM Agreement | — | 2,168,710 | 22 | 49,241 | — | — | — | — | 49,263 | — | 49,263 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from DRIP Plan | — | 48,357 | — | 1,073 | — | — | — | — | 1,073 | — | 1,073 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from employee stock purchase plan | — | 67,965 | 1 | 1,180 | — | — | — | — | 1,181 | — | 1,181 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity offering costs | — | — | — | (1,074) | — | — | — | — | (1,074) | — | (1,074) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 1,724,165 | 17 | 40,168 | — | — | — | — | 40,185 | — | 40,185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Manager fees paid in stock | — | 1,845,720 | 18 | 43,123 | — | — | — | — | 43,141 | — | 43,141 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 153,820 | — | — | — | — | — | 871,475 | — | 871,475 | 33,766 | 905,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared, $1.92 per share | — | — | — | — | — | — | (595,344) | — | (595,344) | — | (595,344) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | — | — | — | (19,998) | (19,998) | — | (19,998) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | — | — | — | — | — | 21,925 | 21,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interests | (5,945) | — | — | — | — | — | — | — | — | (43,568) | (43,568) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 362,790 | 318,123,861 | 3,181 | $ | 5,807,087 | 7,448,691 | $ | (138,022) | $ | 769,237 | $ | 20,955 | $ | 6,462,438 | $ | 373,479 | $ | 6,835,917 |
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income | $ | 1,059,061 | $ | 492,426 | $ | 366,081 | |||||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||||
Amortization of deferred financing costs, premiums and discounts on secured borrowings | 47,662 | 43,199 | 40,131 | ||||||||||||||
Amortization of discounts and deferred financing costs on unsecured senior notes | 8,782 | 7,076 | 7,939 | ||||||||||||||
Accretion of net discount on investment securities | (12,227) | (13,513) | (12,818) | ||||||||||||||
Accretion of net deferred loan fees and discounts | (62,557) | (57,948) | (42,199) | ||||||||||||||
Share-based compensation | 40,185 | 39,287 | 31,241 | ||||||||||||||
Manager fees paid in stock | 43,141 | 17,040 | 36,046 | ||||||||||||||
Change in fair value of investment securities | 2,204 | 387 | (5,393) | ||||||||||||||
Change in fair value of consolidated VIEs | 25,159 | (20,070) | 58,160 | ||||||||||||||
Change in fair value of servicing rights | (1,010) | (3,578) | 3,715 | ||||||||||||||
Change in fair value of loans | 346,222 | (69,050) | (133,124) | ||||||||||||||
Change in fair value of affordable housing fund investments | (720,693) | (402) | — | ||||||||||||||
Change in fair value of derivatives | (329,204) | (90,126) | 88,544 | ||||||||||||||
Foreign currency loss (gain), net | 96,956 | 36,292 | (42,395) | ||||||||||||||
Gain on sale of investments and other assets | (137,611) | (38,984) | (7,310) | ||||||||||||||
Impairment charges on properties and related intangibles | 55 | — | — | ||||||||||||||
Credit loss provision, net | 46,657 | 8,335 | 43,153 | ||||||||||||||
Depreciation and amortization | 53,941 | 84,591 | 94,154 | ||||||||||||||
Loss (earnings) from unconsolidated entities | 6,323 | (8,752) | (37,317) | ||||||||||||||
Distributions of earnings from unconsolidated entities | 5,354 | 4,708 | 2,978 | ||||||||||||||
Loss on extinguishment of debt | 986 | 7,428 | 3,654 | ||||||||||||||
Origination and purchase of loans held-for-sale, net of principal collections | (4,437,448) | (5,172,721) | (2,074,678) | ||||||||||||||
Proceeds from sale of loans held-for-sale | 4,153,003 | 3,831,712 | 2,802,118 | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Related-party payable, net | (35,185) | 37,201 | (1,755) | ||||||||||||||
Accrued and capitalized interest receivable, less purchased interest | (201,500) | (136,772) | (175,287) | ||||||||||||||
Other assets | 44,118 | (28,437) | 282 | ||||||||||||||
Accounts payable, accrued expenses and other liabilities | 171,367 | 40,696 | (372) | ||||||||||||||
Net cash provided by (used in) operating activities | 213,741 | (989,975) | 1,045,548 | ||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Origination, purchase and funding of loans held-for-investment | (5,544,012) | (8,637,213) | (3,133,196) | ||||||||||||||
Proceeds from principal collections on loans | 2,096,777 | 4,024,958 | 1,696,244 | ||||||||||||||
Proceeds from loans sold | 101,683 | 344,221 | 504,231 | ||||||||||||||
Purchase and funding of investment securities | (86,512) | (198,358) | (22,408) | ||||||||||||||
Proceeds from sales of investment securities | — | — | 7,940 | ||||||||||||||
Proceeds from principal collections on investment securities | 115,947 | 87,450 | 83,533 | ||||||||||||||
Proceeds from sales of real estate | 203,702 | 98,210 | 24,541 | ||||||||||||||
Purchases and additions to properties and other assets | (25,225) | (26,272) | (25,164) | ||||||||||||||
Investments in unconsolidated entities | (461) | (1,312) | (3,133) | ||||||||||||||
Proceeds from sale of interest in unconsolidated entities | — | — | 10,313 | ||||||||||||||
Distribution of capital from unconsolidated entities | 3,375 | 30,448 | 3,422 | ||||||||||||||
Cash reclassified to investments of affordable housing fund | — | (28,094) | — | ||||||||||||||
Cash resulting from initial consolidation of entities | 617 | — | — | ||||||||||||||
Payments for purchase or termination of derivatives | (19,077) | (33,902) | (74,801) | ||||||||||||||
Proceeds from termination of derivatives | 202,880 | 58,210 | 16,673 | ||||||||||||||
Net cash used in investing activities | $ | (2,950,306) | $ | (4,281,654) | $ | (911,805) | |||||||||||
For the Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Proceeds from borrowings | $ | 13,521,148 | $ | 17,436,866 | $ | 7,100,563 | |||||||||||
Principal repayments on and repurchases of borrowings | (9,888,088) | (11,929,179) | (6,137,778) | ||||||||||||||
Payment of deferred financing costs | (69,820) | (71,858) | (27,122) | ||||||||||||||
Proceeds from common stock issuances | 51,517 | 394,086 | 1,098 | ||||||||||||||
Payment of equity offering costs | (1,074) | (720) | (95) | ||||||||||||||
Payment of dividends | (591,457) | (553,930) | (546,885) | ||||||||||||||
Contributions from non-controlling interests | 21,925 | 219,757 | 11,775 | ||||||||||||||
Distributions to non-controlling interests | (49,452) | (43,950) | (99,512) | ||||||||||||||
Purchase of treasury stock | — | — | (33,828) | ||||||||||||||
Issuance of debt of consolidated VIEs | — | 69,398 | 187,494 | ||||||||||||||
Repayment of debt of consolidated VIEs | (290,232) | (767,427) | (522,348) | ||||||||||||||
Distributions of cash from consolidated VIEs | 93,412 | 120,060 | 79,921 | ||||||||||||||
Net cash provided by financing activities | 2,797,879 | 4,873,103 | 13,283 | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 61,314 | (398,526) | 147,026 | ||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 321,914 | 722,162 | 574,031 | ||||||||||||||
Effect of exchange rate changes on cash | (1,095) | (1,722) | 1,105 | ||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 382,133 | $ | 321,914 | $ | 722,162 | |||||||||||
Supplemental disclosure of cash flow information: | |||||||||||||||||
Cash paid for interest | $ | 671,186 | $ | 386,918 | $ | 379,949 | |||||||||||
Income taxes (refunded) paid, net | (7,862) | 7,793 | 11,369 | ||||||||||||||
Supplemental disclosure of non-cash investing and financing activities: | |||||||||||||||||
Dividends declared, but not yet paid | $ | 152,443 | $ | 148,527 | $ | 138,075 | |||||||||||
Consolidation of VIEs (VIE asset/liability additions) | 4,361,325 | 5,332,754 | 4,665,636 | ||||||||||||||
Deconsolidation of VIEs (VIE asset/liability reductions) | 730,013 | 935,855 | 32,270 | ||||||||||||||
Net assets acquired through foreclosure, equity control or conversion to equity interest: | |||||||||||||||||
Assets acquired, less cash | 406,705 | 36,308 | 75,246 | ||||||||||||||
Liabilities assumed | 95,691 | — | 3,758 | ||||||||||||||
Lease liabilities arising from obtaining right-of-use assets | 29,821 | 1,430 | — | ||||||||||||||
Loan principal collections temporarily held at master servicer | 429 | 31,681 | 34,601 | ||||||||||||||
Unsettled derivative transactions | 2,323 | — | — | ||||||||||||||
Reclassification of loans held-for-investment to loans held-for-sale | 113,710 | 267,557 | 749,995 | ||||||||||||||
Reclassification of loans held-for-sale to loans held-for-investment | — | 155,548 | 104,327 | ||||||||||||||
Transfer of loans from VIE assets to residential loans upon redemption of consolidated RMBS trusts | — | 526,679 | 176,614 | ||||||||||||||
Redemption of Class A Units for common stock | — | 17,738 | 8,538 | ||||||||||||||
Contribution of Woodstar II Portfolio net assets from non-controlling interests | — | — | 1,576 | ||||||||||||||
As of December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash collateral for derivative financial instruments | $ | 69,607 | $ | 55,032 | ||||||||||
Cash restricted by lender | 49,727 | 46,059 | ||||||||||||
Funds held on behalf of borrowers and tenants | 1,255 | 3,420 | ||||||||||||
Other restricted cash | 483 | 41 | ||||||||||||
$ | 121,072 | $ | 104,552 |
December 31, 2022 | Carrying Value | Face Amount | Weighted Average Coupon (1) | Weighted Average Life (“WAL”) (years)(2) | ||||||||||||||||||||||
Loans held-for-investment: | ||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||
First mortgages (3) | $ | 15,562,452 | $ | 15,648,358 | 7.9 | % | 1.7 | |||||||||||||||||||
Subordinated mortgages (4) | 71,100 | 72,118 | 13.6 | % | 1.8 | |||||||||||||||||||||
Mezzanine loans (3) | 445,363 | 442,339 | 12.9 | % | 1.0 | |||||||||||||||||||||
Other | 58,393 | 59,393 | 8.2 | % | 1.4 | |||||||||||||||||||||
Total commercial loans | 16,137,308 | 16,222,208 | ||||||||||||||||||||||||
Infrastructure first priority loans | 2,363,544 | 2,395,762 | 8.6 | % | 3.9 | |||||||||||||||||||||
Total loans held-for-investment | 18,500,852 | 18,617,970 | ||||||||||||||||||||||||
Loans held-for-sale: | ||||||||||||||||||||||||||
Residential, fair value option (5) | 2,763,458 | 3,092,915 | 4.5 | % | N/A | (6) | ||||||||||||||||||||
Commercial, fair value option | 21,136 | 23,900 | 5.7 | % | 8.6 | |||||||||||||||||||||
Total loans held-for-sale | 2,784,594 | 3,116,815 | ||||||||||||||||||||||||
Total gross loans | 21,285,446 | $ | 21,734,785 | |||||||||||||||||||||||
Credit loss allowances: | ||||||||||||||||||||||||||
Commercial loans held-for-investment | (88,801) | |||||||||||||||||||||||||
Infrastructure loans held-for-investment | (10,612) | |||||||||||||||||||||||||
Total allowances | (99,413) | |||||||||||||||||||||||||
Total net loans | $ | 21,186,033 | ||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||
Loans held-for-investment: | ||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||
First mortgages (3) | $ | 12,991,099 | $ | 13,067,524 | 4.5 | % | 1.9 | |||||||||||||||||||
Subordinated mortgages (4) | 70,771 | 72,371 | 10.0 | % | 2.8 | |||||||||||||||||||||
Mezzanine loans (3) | 417,504 | 415,155 | 9.4 | % | 1.4 | |||||||||||||||||||||
Other | 17,424 | 19,029 | 8.2 | % | 2.1 | |||||||||||||||||||||
Total commercial loans | 13,496,798 | 13,574,079 | ||||||||||||||||||||||||
Infrastructure first priority loans | 2,048,096 | 2,071,912 | 4.4 | % | 4.3 | |||||||||||||||||||||
Residential loans, fair value option (5) | 59,225 | 60,133 | 6.0 | % | N/A | (6) | ||||||||||||||||||||
Total loans held-for-investment | 15,604,119 | 15,706,124 | ||||||||||||||||||||||||
Loans held-for-sale: | ||||||||||||||||||||||||||
Residential, fair value option (5) | 2,590,005 | 2,525,910 | 4.2 | % | N/A | (6) | ||||||||||||||||||||
Commercial, fair value option | 286,795 | 289,761 | 4.0 | % | 9.0 | |||||||||||||||||||||
Total loans held-for-sale | 2,876,800 | 2,815,671 | ||||||||||||||||||||||||
Total gross loans | 18,480,919 | $ | 18,521,795 | |||||||||||||||||||||||
Credit loss allowances: | ||||||||||||||||||||||||||
Commercial loans held-for-investment | (46,600) | |||||||||||||||||||||||||
Infrastructure loans held-for-investment | (20,670) | |||||||||||||||||||||||||
Total allowances | (67,270) | |||||||||||||||||||||||||
Total net loans | $ | 18,413,649 |
December 31, 2022 | Carrying Value | Weighted-average Spread Above Index | |||||||||
Commercial loans | $ | 15,631,979 | 4.0 | % | |||||||
Infrastructure loans | 2,363,544 | 4.0 | % | ||||||||
Total variable rate loans held-for-investment | $ | 17,995,523 | 4.0 | % |
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans Amortized Cost Total | Total Amortized Cost Basis | Credit Loss Allowance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2022 | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LTV < 60% | $ | 1,894,108 | $ | 2,606,796 | $ | 453,914 | $ | 1,038,506 | $ | 390,248 | $ | 634,470 | $ | — | $ | 7,018,042 | $ | 9,362 | ||||||||||||||||||||||||||||||||||||||
LTV 60% - 70% | 1,876,566 | 3,866,518 | 148,866 | 1,024,962 | 282,980 | 68,528 | — | 7,268,420 | 30,929 | |||||||||||||||||||||||||||||||||||||||||||||||
LTV > 70% | 101,664 | 468,305 | 240,295 | 441,198 | 265,673 | 270,393 | — | 1,787,528 | 43,585 | |||||||||||||||||||||||||||||||||||||||||||||||
Credit deteriorated | — | — | — | — | — | 4,925 | — | 4,925 | 4,925 | |||||||||||||||||||||||||||||||||||||||||||||||
Defeased and other | 42,138 | — | — | — | — | 16,255 | — | 58,393 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | $ | 3,914,476 | $ | 6,941,619 | $ | 843,075 | $ | 2,504,666 | $ | 938,901 | $ | 994,571 | $ | — | $ | 16,137,308 | $ | 88,801 | ||||||||||||||||||||||||||||||||||||||
Infrastructure loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit quality indicator: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Power | $ | 89,342 | $ | 218,382 | $ | 83,410 | $ | 285,434 | $ | 405,453 | $ | 381,238 | $ | 7,036 | $ | 1,470,295 | $ | 5,267 | ||||||||||||||||||||||||||||||||||||||
Oil and gas | 109,894 | 357,483 | — | 289,017 | 84,482 | 50,384 | 1,989 | 893,249 | 5,345 | |||||||||||||||||||||||||||||||||||||||||||||||
Total infrastructure | $ | 199,236 | $ | 575,865 | $ | 83,410 | $ | 574,451 | $ | 489,935 | $ | 431,622 | $ | 9,025 | $ | 2,363,544 | $ | 10,612 | ||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | 2,784,594 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross loans | $ | 21,285,446 | $ | 99,413 |
Funded Commitments Credit Loss Allowance | |||||||||||||||||||||||
Loans Held-for-Investment | Loans Held-for-Sale | Total Funded Loans | |||||||||||||||||||||
Commercial | Infrastructure | Infrastructure | |||||||||||||||||||||
Credit loss allowance at December 31, 2019 | $ | 33,415 | $ | — | $ | 196 | $ | 33,611 | |||||||||||||||
Cumulative effect of ASC 326 effective January 1, 2020 | 10,112 | 10,328 | — | 20,440 | |||||||||||||||||||
Credit loss provision (reversal), net | 48,711 | (2,495) | (125) | 46,091 | |||||||||||||||||||
Charge-offs | (22,627) | (1) | — | (71) | (22,698) | ||||||||||||||||||
Credit loss allowance at December 31, 2020 | 69,611 | 7,833 | — | 77,444 | |||||||||||||||||||
Credit loss (reversal) provision, net | (7,947) | 12,580 | — | 4,633 | |||||||||||||||||||
Charge-offs | (14,807) | (2) | — | — | (14,807) | ||||||||||||||||||
Transfers | (257) | 257 | — | — | |||||||||||||||||||
Credit loss allowance at December 31, 2021 | 46,600 | 20,670 | — | 67,270 | |||||||||||||||||||
Credit loss provision, net | 42,201 | 6,848 | — | 49,049 | |||||||||||||||||||
Charge-offs | — | (16,906) | (3) | — | (16,906) | ||||||||||||||||||
Credit loss allowance at December 31, 2022 | $ | 88,801 | $ | 10,612 | $ | — | $ | 99,413 |
Unfunded Commitments Credit Loss Allowance (4) | |||||||||||||||||||||||
Loans Held-for-Investment | |||||||||||||||||||||||
Commercial | Infrastructure | CMBS (5) | Total | ||||||||||||||||||||
Credit loss allowance at December 31, 2019 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Cumulative effect of ASC 326 effective January 1, 2020 | 8,348 | 2,205 | — | 10,553 | |||||||||||||||||||
Credit loss (reversal) provision, net | (3,090) | (1,393) | — | (4,483) | |||||||||||||||||||
Credit loss allowance at December 31, 2020 | 5,258 | 812 | — | 6,070 | |||||||||||||||||||
Credit loss provision (reversal), net | 1,434 | (667) | — | 767 | |||||||||||||||||||
Credit loss allowance at December 31, 2021 | 6,692 | 145 | — | 6,837 | |||||||||||||||||||
Credit loss provision (reversal), net | 3,057 | (73) | 52 | 3,036 | |||||||||||||||||||
Credit loss allowance at December 31, 2022 | $ | 9,749 | $ | 72 | $ | 52 | $ | 9,873 | |||||||||||||||
Memo: Unfunded commitments as of December 31, 2022 (6) | $ | 2,282,391 | $ | 15,500 | $ | 34,327 | $ | 2,332,218 |
Held-for-Investment Loans | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | Commercial | Infrastructure | Residential | Held-for-Sale Loans | Total Loans | ||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 13,450,198 | $ | 2,027,426 | $ | 59,225 | $ | 2,876,800 | $ | 18,413,649 | |||||||||||||||||||||||||
Acquisitions/originations/additional funding | 4,882,414 | 661,598 | — | 4,634,722 | 10,178,734 | ||||||||||||||||||||||||||||||
Capitalized interest (1) | 121,500 | 503 | 1,639 | 508 | 124,150 | ||||||||||||||||||||||||||||||
Basis of loans sold (2) | (10,109) | (26,824) | — | (4,216,618) | (4,253,551) | ||||||||||||||||||||||||||||||
Loan maturities/principal repayments | (1,764,638) | (293,264) | (7,623) | (193,105) | (2,258,630) | ||||||||||||||||||||||||||||||
Discount accretion/premium amortization | 52,939 | 9,618 | — | — | 62,557 | ||||||||||||||||||||||||||||||
Changes in fair value | — | — | (3,169) | (343,053) | (346,222) | ||||||||||||||||||||||||||||||
Foreign currency translation gain/(loss), net | (304,051) | (2,895) | — | — | (306,946) | ||||||||||||||||||||||||||||||
Credit loss provision, net | (42,201) | (6,848) | — | — | (49,049) | ||||||||||||||||||||||||||||||
Loan foreclosure, equity control and conversion to equity interest | (273,929) | (16,382) | — | — | (290,311) | (3) | |||||||||||||||||||||||||||||
Transfer to/from other asset/liability classifications or between segments | (63,616) | — | (50,072) | 25,340 | (88,348) | (4) | |||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | 16,048,507 | $ | 2,352,932 | $ | — | $ | 2,784,594 | $ | 21,186,033 |
Held-for-Investment Loans | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | Commercial | Infrastructure | Residential | Held-for-Sale Loans | Total Loans | ||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 9,583,949 | $ | 1,412,440 | $ | 90,684 | $ | 1,052,835 | $ | 12,139,908 | |||||||||||||||||||||||||
Acquisitions/originations/additional funding | 7,822,441 | 817,104 | — | 5,351,034 | 13,990,579 | ||||||||||||||||||||||||||||||
Capitalized interest (1) | 112,178 | — | 4,308 | 2,650 | 119,136 | ||||||||||||||||||||||||||||||
Basis of loans sold (2) | (307,454) | (12,678) | — | (3,856,736) | (4,176,868) | ||||||||||||||||||||||||||||||
Loan maturities/principal repayments | (3,508,969) | (304,878) | (31,251) | (352,711) | (4,197,809) | ||||||||||||||||||||||||||||||
Discount accretion/premium amortization | 52,416 | 5,028 | — | 504 | 57,948 | ||||||||||||||||||||||||||||||
Changes in fair value | — | — | 1,186 | 67,864 | 69,050 | ||||||||||||||||||||||||||||||
Foreign currency translation gain/(loss), net | (71,419) | (711) | — | — | (72,130) | ||||||||||||||||||||||||||||||
Credit loss reversal (provision), net | 7,947 | (12,580) | — | — | (4,633) | ||||||||||||||||||||||||||||||
Loan foreclosure and conversion to equity interest | (36,308) | — | — | — | (36,308) | (5) | |||||||||||||||||||||||||||||
Transfer to/from other asset classifications or between segments | (204,583) | 123,701 | (5,702) | 611,360 | 524,776 | (6) | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 13,450,198 | $ | 2,027,426 | $ | 59,225 | $ | 2,876,800 | $ | 18,413,649 |
Held-for-Investment Loans | |||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | Commercial | Infrastructure | Residential | Held-for-Sale Loans | Total Loans | ||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 8,517,054 | $ | 1,397,448 | $ | 671,572 | $ | 884,150 | $ | 11,470,224 | |||||||||||||||||||||||||
Cumulative effect of ASC 326 effective January 1, 2020 | (10,112) | (10,328) | — | — | (20,440) | ||||||||||||||||||||||||||||||
Acquisitions/originations/additional funding | 2,753,782 | 278,694 | 100,720 | 2,204,203 | 5,337,399 | ||||||||||||||||||||||||||||||
Capitalized interest (1) | 143,818 | 195 | — | — | 144,013 | ||||||||||||||||||||||||||||||
Basis of loans sold (2) | (443,793) | — | (604) | (2,862,606) | (3,307,003) | ||||||||||||||||||||||||||||||
Loan maturities/principal repayments | (1,398,991) | (189,288) | (90,273) | (142,644) | (1,821,196) | ||||||||||||||||||||||||||||||
Discount accretion/premium amortization | 39,642 | 2,447 | — | 110 | 42,199 | ||||||||||||||||||||||||||||||
Changes in fair value | — | — | (15,382) | 148,506 | 133,124 | ||||||||||||||||||||||||||||||
Foreign currency translation gain/(loss), net | 102,748 | 1,096 | — | (1,291) | 102,553 | ||||||||||||||||||||||||||||||
Credit loss (provision) reversal, net | (48,711) | 2,495 | — | 125 | (46,091) | ||||||||||||||||||||||||||||||
Consolidation of properties upon obtaining equity control | (71,488) | (7) | — | — | — | (71,488) | |||||||||||||||||||||||||||||
Transfer to/from other asset classifications | — | (70,319) | (575,349) | 822,282 | 176,614 | (6) | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 9,583,949 | $ | 1,412,440 | $ | 90,684 | $ | 1,052,835 | $ | 12,139,908 |
Carrying Value as of | |||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||
RMBS, available-for-sale | $ | 113,386 | $ | 143,980 | |||||||
RMBS, fair value option (1) | 423,183 | 250,424 | |||||||||
CMBS, fair value option (1), (2) | 1,262,846 | 1,263,606 | |||||||||
HTM debt securities, amortized cost net of credit loss allowance of $3,182 and $8,610 | 673,470 | 683,136 | |||||||||
Equity security, fair value | 9,840 | 11,624 | |||||||||
Subtotal—Investment securities | 2,482,725 | 2,352,770 | |||||||||
VIE eliminations (1) | (1,666,921) | (1,491,786) | |||||||||
Total investment securities | $ | 815,804 | $ | 860,984 |
RMBS, available-for-sale | RMBS, fair value option | CMBS, fair value option | HTM Securities | Securitization VIEs (1) | Total | ||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Purchases | $ | — | $ | 226,152 | $ | 63,681 | $ | 86,512 | $ | (289,833) | $ | 86,512 | |||||||||||||||||||||||
Sales | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Principal collections | 19,087 | 74,542 | 20,862 | 94,868 | (93,412) | 115,947 | |||||||||||||||||||||||||||||
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Purchases/fundings | $ | — | $ | 168,825 | $ | 71,476 | $ | 198,358 | $ | (240,301) | $ | 198,358 | |||||||||||||||||||||||
Sales | — | 30,684 | 38,714 | — | (69,398) | — | |||||||||||||||||||||||||||||
Principal collections | 30,722 | 63,144 | 7,732 | 54,725 | (68,873) | 87,450 | |||||||||||||||||||||||||||||
Redemptions | — | 51,187 | — | — | (51,187) | — | |||||||||||||||||||||||||||||
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
Purchases | $ | — | $ | 282,368 | $ | 49,416 | $ | 22,408 | $ | (331,784) | $ | 22,408 | |||||||||||||||||||||||
Sales | — | 135,567 | 37,867 | — | (165,494) | 7,940 | |||||||||||||||||||||||||||||
Principal collections | 26,000 | 44,197 | 30,079 | 52,704 | (69,447) | 83,533 | |||||||||||||||||||||||||||||
Redemptions | — | 10,474 | — | — | (10,474) | — |
Unrealized Gains or (Losses) Recognized in AOCI | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Credit Loss Allowance | Net Basis | Gross Unrealized Gains | Gross Unrealized Losses | Net Fair Value Adjustment | Fair Value | |||||||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
RMBS | $ | 92,431 | $ | — | $ | 92,431 | $ | 21,765 | $ | (810) | $ | 20,955 | $ | 113,386 | |||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
RMBS | $ | 103,027 | $ | — | $ | 103,027 | $ | 41,052 | $ | (99) | $ | 40,953 | $ | 143,980 |
Weighted Average Coupon (1) | WAL (Years) (2) | ||||||||||
December 31, 2022 | |||||||||||
RMBS | 4.8 | % | 7.4 |
Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||
Securities with a loss less than 12 months | Securities with a loss greater than 12 months | Securities with a loss less than 12 months | Securities with a loss greater than 12 months | ||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||
RMBS | $ | 6,961 | $ | 1,889 | $ | (502) | $ | (308) | |||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||
RMBS | $ | 2,478 | $ | — | $ | (99) | $ | — |
Amortized Cost Basis | Credit Loss Allowance | Net Carrying Amount | Gross Unrealized Holding Gains | Gross Unrealized Holding Losses | Fair Value | ||||||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
CMBS | $ | 577,681 | $ | (172) | $ | 577,509 | $ | 30 | $ | (30,424) | $ | 547,115 | |||||||||||||||||||||||
Preferred interests | 29,757 | — | 29,757 | 125 | (4,863) | 25,019 | |||||||||||||||||||||||||||||
Infrastructure bonds | 69,214 | (3,010) | 66,204 | 47 | (1,110) | 65,141 | |||||||||||||||||||||||||||||
Total | $ | 676,652 | $ | (3,182) | $ | 673,470 | $ | 202 | $ | (36,397) | $ | 637,275 | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
CMBS | $ | 538,506 | $ | (3,140) | $ | 535,366 | $ | 195 | $ | (25,029) | $ | 510,532 | |||||||||||||||||||||||
Preferred interests | 118,409 | (2,562) | 115,847 | 450 | (2,449) | 113,848 | |||||||||||||||||||||||||||||
Infrastructure bonds | 34,831 | (2,908) | 31,923 | 561 | — | 32,484 | |||||||||||||||||||||||||||||
Total | $ | 691,746 | $ | (8,610) | $ | 683,136 | $ | 1,206 | $ | (27,478) | $ | 656,864 |
CMBS | Preferred Interests | Infrastructure Bonds | Total HTM Credit Loss Allowance | ||||||||||||||||||||
Credit loss allowance at December 31, 2019 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Cumulative effect of ASC 326 effective January 1, 2020: | |||||||||||||||||||||||
Beginning accumulated deficit charge | — | 1,114 | 179 | 1,293 | |||||||||||||||||||
Gross-up of PCD bond amortized cost basis | — | — | 2,837 | 2,837 | |||||||||||||||||||
Credit loss provision (reversal), net | — | 1,635 | (90) | 1,545 | |||||||||||||||||||
Credit loss allowance at December 31, 2020 | — | 2,749 | 2,926 | 5,675 | |||||||||||||||||||
Credit loss provision (reversal), net | 3,140 | (187) | (18) | 2,935 | |||||||||||||||||||
Credit loss allowance at December 31, 2021 | 3,140 | 2,562 | 2,908 | 8,610 | |||||||||||||||||||
Credit loss (reversal) provision, net | (2,968) | (2,562) | 102 | (5,428) | |||||||||||||||||||
Credit loss allowance at December 31, 2022 | $ | 172 | $ | — | $ | 3,010 | $ | 3,182 |
CMBS | Preferred Interests | Infrastructure Bonds | Total | ||||||||||||||||||||
Less than one year | $ | 339,430 | $ | 29,757 | $ | — | $ | 369,187 | |||||||||||||||
One to three years | 187,956 | — | 37,385 | 225,341 | |||||||||||||||||||
Three to five years | 50,123 | — | 12,494 | 62,617 | |||||||||||||||||||
Thereafter | — | — | 16,325 | 16,325 | |||||||||||||||||||
Total | $ | 577,509 | $ | 29,757 | $ | 66,204 | $ | 673,470 |
Depreciable Life | December 31, 2022 | December 31, 2021 | |||||||||||||||
Property Segment | |||||||||||||||||
Land and land improvements | 0 - 15 years | $ | 176,029 | $ | 175,810 | ||||||||||||
Buildings and building improvements | 0 - 45 years | 856,411 | 851,274 | ||||||||||||||
Furniture & fixtures | 3 - 5 years | 446 | 260 | ||||||||||||||
Investing and Servicing Segment | |||||||||||||||||
Land and land improvements | 0 - 15 years | 34,613 | 41,771 | ||||||||||||||
Buildings and building improvements | 3 - 40 years | 122,384 | 149,399 | ||||||||||||||
Furniture & fixtures | 2 - 5 years | 3,207 | 3,143 | ||||||||||||||
Commercial and Residential Lending Segment | |||||||||||||||||
Land and land improvements | N/A | 99,043 | 9,691 | ||||||||||||||
Buildings and building improvements | 0 - 24 years | 79,661 | 12,408 | ||||||||||||||
Construction in progress | N/A | 287,701 | 104,088 | ||||||||||||||
Properties, cost | 1,659,495 | 1,347,844 | |||||||||||||||
Less: accumulated depreciation | (209,509) | (181,457) | |||||||||||||||
Properties, net | $ | 1,449,986 | $ | 1,166,387 |
2023 | $ | 64,136 | ||||||
2024 | 58,076 | |||||||
2025 | 53,056 | |||||||
2026 | 44,465 | |||||||
2027 | 38,871 | |||||||
Thereafter | 154,225 | |||||||
Total | $ | 412,829 |
Year Ended December 31, 2022 | November 5, 2021 - December 31, 2021 | |||||||||||||
Distributions from affordable housing fund investments | $ | 35,043 | $ | 6,023 | ||||||||||
Unrealized change in fair value of investments (1) | 720,693 | 402 | ||||||||||||
Income from affordable housing fund investments | $ | 755,736 | $ | 6,425 |
Participation / Ownership % (1) | Carrying value as of | ||||||||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||||||||
Equity method investments: | |||||||||||||||||
Equity interests in two natural gas power plants (2) | 10% - 12% | $ | 46,618 | $ | 26,255 | ||||||||||||
Investor entity which owns equity in an online real estate company | 50% | 5,457 | 5,206 | ||||||||||||||
Equity interest in and advances to a residential mortgage originator (3) | N/A | 1,449 | 20,327 | ||||||||||||||
Various | 25% - 50% | 15,377 | 12,528 | ||||||||||||||
68,901 | 64,316 | ||||||||||||||||
Other equity investments: | |||||||||||||||||
Equity interest in a servicing and advisory business | 2% | 12,955 | 12,955 | ||||||||||||||
Investment funds which own equity in a loan servicer and other real estate assets (4) | 4% - 6% | 940 | 4,194 | ||||||||||||||
Investor entities which own equity interests in two entertainment and retail centers (5) | 15% | 7,322 | 7,320 | ||||||||||||||
Various | 1% - 3% | 1,774 | 1,312 | ||||||||||||||
22,991 | 25,781 | ||||||||||||||||
$ | 91,892 | $ | 90,097 |
As of December 31, 2022 | As of December 31, 2021 | ||||||||||||||||||||||||||||||||||
Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||||||||||||
Domestic servicing rights, at fair value | $ | 17,790 | $ | — | $ | 17,790 | $ | 16,780 | $ | — | $ | 16,780 | |||||||||||||||||||||||
In-place lease intangible assets | 98,622 | (64,246) | 34,376 | 94,712 | (62,721) | 31,991 | |||||||||||||||||||||||||||||
Favorable lease intangible assets | 26,649 | (10,042) | 16,607 | 23,746 | (8,953) | 14,793 | |||||||||||||||||||||||||||||
Total net intangible assets | $ | 143,061 | $ | (74,288) | $ | 68,773 | $ | 135,238 | $ | (71,674) | $ | 63,564 |
Domestic Servicing Rights | In-place Lease Intangible Assets | Favorable Lease Intangible Assets | Total | ||||||||||||||||||||
Balance as of January 1, 2021 | $ | 13,202 | $ | 40,663 | $ | 16,252 | $ | 70,117 | |||||||||||||||
Amortization | — | (8,116) | (1,387) | (9,503) | |||||||||||||||||||
Sales | — | (556) | (72) | (628) | |||||||||||||||||||
Changes in fair value due to changes in inputs and assumptions | 3,578 | — | — | 3,578 | |||||||||||||||||||
Balance as of December 31, 2021 | $ | 16,780 | $ | 31,991 | $ | 14,793 | $ | 63,564 | |||||||||||||||
Acquisition (1) | — | 10,083 | 3,520 | 13,603 | |||||||||||||||||||
Amortization | — | (7,132) | (1,664) | (8,796) | |||||||||||||||||||
Impairment (2) | — | (43) | (4) | (47) | |||||||||||||||||||
Sales | — | (523) | (38) | (561) | |||||||||||||||||||
Changes in fair value due to changes in inputs and assumptions | 1,010 | — | — | 1,010 | |||||||||||||||||||
Balance as of December 31, 2022 | $ | 17,790 | $ | 34,376 | $ | 16,607 | $ | 68,773 |
2023 | $ | 8,451 | |||
2024 | 6,754 | ||||
2025 | 5,649 | ||||
2026 | 4,123 | ||||
2027 | 3,630 | ||||
Thereafter | 22,376 | ||||
Total | $ | 50,983 |
Outstanding Balance at | |||||||||||||||||||||||||||||||||||||||||
Current Maturity | Extended Maturity (a) | Weighted Average Pricing | Pledged Asset Carrying Value | Maximum Facility Size | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||
Repurchase Agreements: | |||||||||||||||||||||||||||||||||||||||||
Commercial Loans | Jun 2023 to Jun 2027 | (b) | Sep 2025 to Dec 2030 | (b) | Index + 2.04% | (c) | $ | 11,166,171 | $ | 11,917,353 | (d) | $ | 7,746,867 | $ | 6,556,438 | ||||||||||||||||||||||||||
Residential Loans | Oct 2023 to Apr 2024 | N/A | Index + 2.20% | 2,229,958 | 3,062,701 | 1,912,774 | 1,744,225 | ||||||||||||||||||||||||||||||||||
Infrastructure Loans | Sep 2024 | Sep 2026 | SOFR + 2.07% | 353,271 | 650,000 | 290,431 | 379,095 | ||||||||||||||||||||||||||||||||||
Conduit Loans | Feb 2023 to Jun 2025 | Feb 2024 to Jun 2026 | SOFR + 2.29% | 14,141 | 375,000 | 8,423 | 174,130 | ||||||||||||||||||||||||||||||||||
CMBS/RMBS | Sep 2023 to Apr 2032 | (e) | Oct 2023 to Oct 2032 | (e) | (f) | 1,495,141 | 1,086,804 | 840,625 | (g) | 688,146 | |||||||||||||||||||||||||||||||
Total Repurchase Agreements | 15,258,682 | 17,091,858 | 10,799,120 | 9,542,034 | |||||||||||||||||||||||||||||||||||||
Other Secured Financing: | |||||||||||||||||||||||||||||||||||||||||
Borrowing Base Facility | Nov 2024 | Oct 2026 | SOFR + 2.11% | — | 750,000 | (h) | — | 213,478 | |||||||||||||||||||||||||||||||||
Commercial Financing Facilities | Dec 2023 to Aug 2025 | Jul 2025 to Dec 2030 | Index + 1.94% | 410,533 | 520,709 | (i) | 311,825 | 167,476 | |||||||||||||||||||||||||||||||||
Residential Financing Facility | Mar 2024 | Mar 2027 | SOFR + 2.45% | 533,502 | 500,000 | 244,418 | 102,018 | ||||||||||||||||||||||||||||||||||
Infrastructure Financing Facilities | Jun 2025 to Oct 2025 | Jun 2027 to Jul 2032 | Index + 2.05% | 1,040,798 | 1,550,000 | 765,265 | 855,646 | ||||||||||||||||||||||||||||||||||
Property Mortgages - Fixed rate | Nov 2024 to Sep 2029 | (j) | N/A | 4.46% | 367,215 | 261,100 | 261,100 | 272,522 | |||||||||||||||||||||||||||||||||
Property Mortgages - Variable rate | Nov 2023 to Dec 2027 | N/A | (k) | 1,007,375 | 850,387 | 847,633 | 712,493 | ||||||||||||||||||||||||||||||||||
Term Loans and Revolver | (l) | N/A | (l) | N/A | (l) | 1,530,766 | 1,380,766 | 788,753 | |||||||||||||||||||||||||||||||||
Total Other Secured Financing | 3,359,423 | 5,962,962 | 3,811,007 | 3,112,386 | |||||||||||||||||||||||||||||||||||||
$ | 18,618,105 | $ | 23,054,820 | 14,610,127 | 12,654,420 | ||||||||||||||||||||||||||||||||||||
Unamortized net discount | (30,320) | (13,350) | |||||||||||||||||||||||||||||||||||||||
Unamortized deferred financing costs | (78,275) | (64,220) | |||||||||||||||||||||||||||||||||||||||
$ | 14,501,532 | $ | 12,576,850 |
December 31, 2022 | Count | Face Amount | Carrying Value | Weighted Average Spread | Maturity | ||||||||||||||||||||||||||||||
STWD 2022-FL3 | |||||||||||||||||||||||||||||||||||
Collateral assets | 51 | $ | 1,000,000 | $ | 1,010,051 | Index + 3.52% | (a) | February 2026 | (b) | ||||||||||||||||||||||||||
Financing | 1 | $ | 842,500 | $ | 842,374 | SOFR + 1.93% | (c) | November 2038 | (d) | ||||||||||||||||||||||||||
STWD 2021-HTS | |||||||||||||||||||||||||||||||||||
Collateral assets | 1 | $ | 230,000 | $ | 231,186 | LIBOR + 3.85% | (a) | April 2026 | (b) | ||||||||||||||||||||||||||
Financing | 1 | $ | 210,091 | $ | 208,961 | LIBOR + 2.71% | (c) | April 2034 | (d) | ||||||||||||||||||||||||||
STWD 2021-FL2 | |||||||||||||||||||||||||||||||||||
Collateral assets | 36 | $ | 1,277,474 | $ | 1,284,240 | Index + 4.04% | (a) | June 2025 | (b) | ||||||||||||||||||||||||||
Financing | 1 | $ | 1,077,375 | $ | 1,072,403 | LIBOR + 1.80% | (c) | April 2038 | (d) | ||||||||||||||||||||||||||
STWD 2019-FL1 | |||||||||||||||||||||||||||||||||||
Collateral assets | 16 | $ | 902,799 | $ | 906,409 | Index + 3.67% | (a) | December 2024 | (b) | ||||||||||||||||||||||||||
Financing | 1 | $ | 739,174 | $ | 738,473 | SOFR + 1.64% | (c) | July 2038 | (d) | ||||||||||||||||||||||||||
STWD 2021-SIF2 | |||||||||||||||||||||||||||||||||||
Collateral assets | 31 | $ | 495,587 | $ | 510,730 | Index + 3.73% | (a) | February 2027 | (b) | ||||||||||||||||||||||||||
Financing | 1 | $ | 410,000 | $ | 407,260 | SOFR + 2.11% | (c) | January 2033 | (d) | ||||||||||||||||||||||||||
STWD 2021-SIF1 | |||||||||||||||||||||||||||||||||||
Collateral assets | 31 | $ | 495,781 | $ | 511,471 | Index + 3.76% | (a) | November 2026 | (b) | ||||||||||||||||||||||||||
Financing | 1 | $ | 410,000 | $ | 406,753 | LIBOR + 2.15% | (c) | April 2032 | (d) | ||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||
Collateral assets | $ | 4,401,641 | $ | 4,454,087 | |||||||||||||||||||||||||||||||
Financing | $ | 3,689,140 | $ | 3,676,224 | |||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
STWD 2021-HTS | |||||||||||||||||||||||||||||||||||
Collateral assets | 1 | $ | 230,000 | $ | 230,587 | LIBOR + 4.12% | (a) | April 2026 | (b) | ||||||||||||||||||||||||||
Financing | 1 | $ | 210,091 | $ | 208,057 | LIBOR + 2.48% | (c) | April 2034 | (d) | ||||||||||||||||||||||||||
STWD 2021-FL2 | |||||||||||||||||||||||||||||||||||
Collateral assets | 25 | $ | 1,272,133 | $ | 1,279,678 | LIBOR + 4.22% | (a) | February 2025 | (b) | ||||||||||||||||||||||||||
Financing | 1 | $ | 1,077,375 | $ | 1,069,691 | LIBOR + 1.78% | (c) | April 2038 | (d) | ||||||||||||||||||||||||||
STWD 2019-FL1 | |||||||||||||||||||||||||||||||||||
Collateral assets | 24 | $ | 1,092,887 | $ | 1,103,513 | LIBOR + 4.19% | (a) | November 2024 | (b) | ||||||||||||||||||||||||||
Financing | 1 | $ | 936,375 | $ | 933,049 | SOFR + 1.63% | (c) | July 2038 | (d) | ||||||||||||||||||||||||||
STWD 2021-SIF1 | |||||||||||||||||||||||||||||||||||
Collateral assets | 31 | $ | 491,299 | $ | 506,666 | LIBOR + 3.91% | (a) | March 2026 | (b) | ||||||||||||||||||||||||||
Financing | 1 | $ | 410,000 | $ | 405,319 | LIBOR + 2.15% | (c) | April 2032 | (d) | ||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||||||||
Collateral assets | $ | 3,086,319 | $ | 3,120,444 | |||||||||||||||||||||||||||||||
Financing | $ | 2,633,841 | $ | 2,616,116 |
Repurchase Agreements | Other Secured Financing | CLOs and SASB (a) | Total | ||||||||||||||||||||
2023 | $ | 1,874,298 | $ | 140,566 | $ | 771,977 | $ | 2,786,841 | |||||||||||||||
2024 | 1,836,846 | 743,624 | 407,380 | 2,987,850 | |||||||||||||||||||
2025 | 1,203,706 | 295,224 | 731,900 | 2,230,830 | |||||||||||||||||||
2026 | 2,971,412 | 955,516 | 1,590,753 | 5,517,681 | |||||||||||||||||||
2027 | 2,650,703 | 1,504,853 | 91,358 | 4,246,914 | |||||||||||||||||||
Thereafter | 262,155 | 171,224 | 95,772 | 529,151 | |||||||||||||||||||
Total | $ | 10,799,120 | $ | 3,811,007 | $ | 3,689,140 | $ | 18,299,267 |
Coupon Rate | Effective Rate (1) | Maturity Date | Remaining Period of Amortization | Carrying Value at | ||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||
2023 Convertible Notes | 4.38 | % | 4.57 | % | 4/1/2023 | 0.2 years | 250,000 | 250,000 | ||||||||||||||||||||||||||||||
2023 Senior Notes | 5.50 | % | 5.71 | % | 11/1/2023 | 0.8 years | 300,000 | 300,000 | ||||||||||||||||||||||||||||||
2024 Senior Notes | 3.75 | % | 3.94 | % | 12/31/2024 | 2.0 years | 400,000 | 400,000 | ||||||||||||||||||||||||||||||
2025 Senior Notes | 4.75 | % | (2) | 5.04 | % | 3/15/2025 | 2.2 years | 500,000 | 500,000 | |||||||||||||||||||||||||||||
2026 Senior Notes | 3.63 | % | 3.77 | % | 7/15/2026 | 3.5 years | 400,000 | 400,000 | ||||||||||||||||||||||||||||||
2027 Senior Notes | 4.38 | % | (3) | 4.49 | % | 1/15/2027 | 4.0 years | 500,000 | — | |||||||||||||||||||||||||||||
Total principal amount | 2,350,000 | 1,850,000 | ||||||||||||||||||||||||||||||||||||
Unamortized discount—Convertible Notes | (118) | (578) | ||||||||||||||||||||||||||||||||||||
Unamortized discount—Senior Notes | (9,051) | (10,067) | ||||||||||||||||||||||||||||||||||||
Unamortized deferred financing costs | (11,620) | (10,765) | ||||||||||||||||||||||||||||||||||||
Total carrying amount | $ | 2,329,211 | $ | 1,828,590 |
December 31, 2022 | |||||||||||
Conversion | Conversion | ||||||||||
Rate (1) | Price (2) | ||||||||||
2023 Convertible Notes | 38.5959 | $ | 25.91 |
Commercial Loans | Residential Loans | ||||||||||||||||||||||
Face Amount | Proceeds | Face Amount | Proceeds | ||||||||||||||||||||
For the Year Ended December 31, | |||||||||||||||||||||||
2022 | $ | 1,202,274 | $ | 1,182,861 | $ | 1,905,829 | $ | 1,913,459 | |||||||||||||||
2021 | 1,185,251 | 1,242,974 | 2,287,733 | 2,362,798 | |||||||||||||||||||
2020 | 920,282 | 975,569 | 1,770,513 | 1,826,549 |
Type of Derivative | Number of Contracts | Aggregate Notional Amount | Notional Currency | Maturity | ||||||||||||||||||||||
Fx contracts – Buy Euros (“EUR”) | 8 | 17,400 | EUR | February 2023 - June 2023 | ||||||||||||||||||||||
Fx contracts – Buy Pounds Sterling (“GBP”) | 5 | 176 | GBP | October 2023 - October 2024 | ||||||||||||||||||||||
Fx contracts – Buy Australian dollar (“AUD”) | 3 | 26,183 | AUD | January 2023 - January 2025 | ||||||||||||||||||||||
Fx contracts – Sell EUR | 216 | 678,868 | EUR | January 2023 - June 2026 | ||||||||||||||||||||||
Fx contracts – Sell GBP | 208 | 580,146 | GBP | January 2023 - April 2027 | ||||||||||||||||||||||
Fx contracts – Sell AUD | 94 | 662,350 | AUD | January 2023 - January 2026 | ||||||||||||||||||||||
Fx contracts – Sell Swiss Franc (“CHF”) | 61 | 24,455 | CHF | January 2023 - November 2025 | ||||||||||||||||||||||
Interest rate swaps – Paying fixed rates | 43 | 3,514,360 | USD | April 2024 - January 2033 | ||||||||||||||||||||||
Interest rate swaps – Receiving fixed rates | 2 | 970,000 | USD | March 2025 - January 2027 | ||||||||||||||||||||||
Interest rate caps | 6 | 758,000 | USD | February 2023 - April 2025 | ||||||||||||||||||||||
Interest rate caps | 1 | 61,000 | GBP | April 2024 | ||||||||||||||||||||||
Credit instruments | 3 | 49,000 | USD | September 2058 - August 2061 | ||||||||||||||||||||||
Interest rate swap guarantees | 2 | 149,126 | USD | June 2023 - June 2025 | ||||||||||||||||||||||
Total | 652 |
Fair Value of Derivatives in an Asset Position (1) as of December 31, | Fair Value of Derivatives in a Liability Position (2) as of December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Interest rate contracts | $ | 10,756 | $ | 17,728 | $ | 69,776 | $ | 16 | |||||||||||||||
Interest rate swap guarantees | — | — | — | 260 | |||||||||||||||||||
Foreign exchange contracts | 97,289 | 30,478 | 21,628 | 12,870 | |||||||||||||||||||
Credit instruments | 576 | 10 | — | 275 | |||||||||||||||||||
Total derivatives | $ | 108,621 | $ | 48,216 | $ | 91,404 | $ | 13,421 |
Derivatives Not Designated as Hedging Instruments | Location of Gain (Loss) Recognized in Income | Amount of Gain (Loss) Recognized in Income for the Year Ended December 31, | ||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||
Interest rate contracts | Gain (loss) on derivative financial instruments | $ | 216,778 | $ | 41,033 | $ | (48,692) | |||||||||||||||||||
Interest rate swap guarantees | Gain (loss) on derivative financial instruments | 260 | 589 | (235) | ||||||||||||||||||||||
Foreign exchange contracts | Gain (loss) on derivative financial instruments | 116,443 | 41,228 | (32,561) | ||||||||||||||||||||||
Credit instruments | Gain (loss) on derivative financial instruments | 534 | (487) | (690) | ||||||||||||||||||||||
$ | 334,015 | $ | 82,363 | $ | (82,178) |
(ii) Gross Amounts Offset in the Statement of Financial Position | (iii) = (i) - (ii) Net Amounts Presented in the Statement of Financial Position | (iv) Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||||||||||
(i) Gross Amounts Recognized | Financial Instruments | Cash Collateral Received / Pledged | (v) = (iii) - (iv) Net Amount | ||||||||||||||||||||||||||||||||
As of December 31, 2022 | |||||||||||||||||||||||||||||||||||
Derivative assets | $ | 108,621 | $ | — | $ | 108,621 | $ | 69,221 | $ | — | $ | 39,400 | |||||||||||||||||||||||
Derivative liabilities | $ | 91,404 | $ | — | $ | 91,404 | $ | 69,221 | $ | 22,183 | $ | — | |||||||||||||||||||||||
Repurchase agreements | 10,799,120 | — | 10,799,120 | 10,799,120 | — | — | |||||||||||||||||||||||||||||
$ | 10,890,524 | $ | — | $ | 10,890,524 | $ | 10,868,341 | $ | 22,183 | $ | — | ||||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Derivative assets | $ | 48,216 | $ | — | $ | 48,216 | $ | 12,870 | $ | 21,290 | $ | 14,056 | |||||||||||||||||||||||
Derivative liabilities | $ | 13,421 | $ | — | $ | 13,421 | $ | 12,870 | $ | 291 | $ | 260 | |||||||||||||||||||||||
Repurchase agreements | 9,542,034 | — | 9,542,034 | 9,542,034 | — | — | |||||||||||||||||||||||||||||
$ | 9,555,455 | $ | — | $ | 9,555,455 | $ | 9,554,904 | $ | 291 | $ | 260 |
December 31, 2022 | December 31, 2021 | ||||||||||
Assets: | |||||||||||
Cash and cash equivalents | $ | 31,611 | $ | 15,297 | |||||||
Loans held-for-investment | 4,365,791 | 3,073,572 | |||||||||
Investment securities | 36,466 | 11,426 | |||||||||
Accrued interest receivable | 20,088 | 8,936 | |||||||||
Other assets | 131 | 11,213 | |||||||||
Total Assets | $ | 4,454,087 | $ | 3,120,444 | |||||||
Liabilities | |||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 17,737 | $ | 3,335 | |||||||
Collateralized loan obligations and single asset securitization, net | 3,676,224 | 2,616,116 | |||||||||
Total Liabilities | $ | 3,693,961 | $ | 2,619,451 |
Declaration Date | Record Date | Ex-Dividend Date | Payment Date | Amount | Frequency | |||||||||||||||||||||||||||
12/9/22 | 12/30/22 | 12/29/22 | 1/13/23 | $ | 0.48 | Quarterly | ||||||||||||||||||||||||||
9/16/22 | 9/30/22 | 9/29/22 | 10/14/22 | 0.48 | Quarterly | |||||||||||||||||||||||||||
6/15/22 | 6/30/22 | 6/29/22 | 7/15/22 | 0.48 | Quarterly | |||||||||||||||||||||||||||
3/14/22 | 3/31/22 | 3/30/22 | 4/15/22 | 0.48 | Quarterly | |||||||||||||||||||||||||||
12/15/21 | 12/31/21 | 12/30/21 | 1/14/22 | 0.48 | Quarterly | |||||||||||||||||||||||||||
9/15/21 | 9/30/21 | 9/29/21 | 10/15/21 | 0.48 | Quarterly | |||||||||||||||||||||||||||
6/14/21 | 6/30/21 | 6/29/21 | 7/15/21 | 0.48 | Quarterly | |||||||||||||||||||||||||||
3/11/21 | 3/31/21 | 3/30/21 | 4/15/21 | 0.48 | Quarterly | |||||||||||||||||||||||||||
12/9/20 | 12/31/20 | 12/30/20 | 1/15/21 | 0.48 | Quarterly | |||||||||||||||||||||||||||
9/16/20 | 9/30/20 | 9/29/20 | 10/15/20 | 0.48 | Quarterly | |||||||||||||||||||||||||||
6/16/20 | 6/30/20 | 6/29/20 | 7/15/20 | 0.48 | Quarterly | |||||||||||||||||||||||||||
2/25/20 | 3/31/20 | 3/30/20 | 4/15/20 | 0.48 | Quarterly |
Grant Date | Type | Amount Granted | Grant Date Fair Value | Vesting Period | ||||||||||||||||||||||
November 2022 | RSU | 1,500,000 | $ | 31,605 | 3 years | |||||||||||||||||||||
November 2020 | RSU | 1,800,000 | 30,078 | 3 years | ||||||||||||||||||||||
September 2019 | RSU | 1,200,000 | 29,484 | (1) | ||||||||||||||||||||||
April 2018 | RSU | 775,000 | 16,329 | 3 years | ||||||||||||||||||||||
March 2017 | RSU | 1,000,000 | 22,240 | 3 years |
Timing of Issuance | Shares of Common Stock Issued | Price per share | ||||||||||||
November 2022 | 21,390 | $ | 20.92 | |||||||||||
August 2022 | 108,374 | 23.94 | ||||||||||||
May 2022 | 647,128 | 22.69 | ||||||||||||
February 2022 | 1,068,828 | 23.78 | ||||||||||||
November 2021 | 18,649 | 26.08 | ||||||||||||
August 2021 | 97,151 | 25.79 | ||||||||||||
May 2021 | 267,378 | 24.54 | ||||||||||||
February 2021 | 332,002 | 22.55 | ||||||||||||
May 2020 | 2,065,322 | (1) | ||||||||||||
February 2020 | 355,910 | 25.51 |
For the Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Management fees: | ||||||||||||||||||||
Manager incentive fee | $ | 24,903 | $ | 35,135 | $ | 15,405 | ||||||||||||||
Base management fee | — | — | 19,088 | |||||||||||||||||
Manager Equity Plans (1) | 18,693 | 19,448 | 17,987 | |||||||||||||||||
43,596 | 54,583 | 52,480 | ||||||||||||||||||
General and administrative: | ||||||||||||||||||||
Equity Plans (1) | 21,219 | 19,838 | 13,254 | |||||||||||||||||
ESPP | 273 | — | — | |||||||||||||||||
21,492 | 19,838 | 13,254 | ||||||||||||||||||
Total share-based compensation expense (2) | $ | 65,089 | $ | 74,421 | $ | 65,734 |
Equity Plan | Manager Equity Plan | Total | Weighted Average Grant Date Fair Value (per share) | ||||||||||||||||||||
Balance as of January 1, 2022 | 2,406,730 | 1,295,277 | 3,702,007 | $ | 18.90 | ||||||||||||||||||
Granted | 829,805 | 1,500,000 | 2,329,805 | 21.95 | |||||||||||||||||||
Vested | (646,771) | (970,277) | (1,617,048) | 18.57 | |||||||||||||||||||
Forfeited | (75,917) | — | (75,917) | 19.42 | |||||||||||||||||||
Balance as of December 31, 2022 | 2,513,847 | 1,825,000 | 4,338,847 | 20.65 |
Equity | Manager | |||||||||||||||||||
Plan | Equity Plan | Total | ||||||||||||||||||
2023 | 665,290 | 950,000 | 1,615,290 | |||||||||||||||||
2024 | 1,481,187 | 500,000 | 1,981,187 | |||||||||||||||||
2025 | 367,370 | 375,000 | 742,370 | |||||||||||||||||
Total | 2,513,847 | 1,825,000 | 4,338,847 |
For the Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Basic Earnings | ||||||||||||||||||||
Income attributable to STWD common stockholders | $ | 871,475 | $ | 447,739 | $ | 331,689 | ||||||||||||||
Less: Income attributable to participating shares not already deducted as non-controlling interests | (17,113) | (6,808) | (5,216) | |||||||||||||||||
Basic earnings | $ | 854,362 | $ | 440,931 | $ | 326,473 | ||||||||||||||
Diluted Earnings | ||||||||||||||||||||
Income attributable to STWD common stockholders | $ | 871,475 | $ | 447,739 | $ | 331,689 | ||||||||||||||
Less: Income attributable to participating shares not already deducted as non-controlling interests | (17,113) | (6,808) | (5,216) | |||||||||||||||||
Add: Interest expense on Convertible Notes | 11,632 | 11,619 | * | |||||||||||||||||
Add: Undistributed earnings to participating shares | 11,229 | — | — | |||||||||||||||||
Less: Undistributed earnings reallocated to participating shares | (10,880) | — | — | |||||||||||||||||
Diluted earnings | $ | 866,343 | $ | 452,550 | $ | 326,473 | ||||||||||||||
Number of Shares: | ||||||||||||||||||||
Basic — Average shares outstanding | 305,524 | 285,942 | 281,978 | |||||||||||||||||
Effect of dilutive securities — Convertible Notes | 9,649 | 9,649 | * | |||||||||||||||||
Effect of dilutive securities — Contingently issuable shares | 386 | 1,037 | 383 | |||||||||||||||||
Effect of dilutive securities — Unvested non-participating shares | 169 | 198 | 122 | |||||||||||||||||
Diluted — Average shares outstanding | 315,728 | 296,826 | 282,483 | |||||||||||||||||
Earnings Per Share Attributable to STWD Common Stockholders: | ||||||||||||||||||||
Basic | $ | 2.80 | $ | 1.54 | $ | 1.16 | ||||||||||||||
Diluted | $ | 2.74 | $ | 1.52 | $ | 1.16 |
Cumulative Unrealized Gain (Loss) on Available-for- Sale Securities | Foreign Currency Translation | Total | |||||||||||||||
Balance at January 1, 2020 | $ | 50,996 | $ | (64) | $ | 50,932 | |||||||||||
OCI before reclassifications | (6,939) | — | (6,939) | ||||||||||||||
Amounts reclassified from AOCI | — | — | — | ||||||||||||||
Net period OCI | (6,939) | — | (6,939) | ||||||||||||||
Balance at December 31, 2020 | 44,057 | (64) | 43,993 | ||||||||||||||
OCI before reclassifications | (3,101) | — | (3,101) | ||||||||||||||
Amounts reclassified from AOCI | (3) | 64 | 61 | ||||||||||||||
Net period OCI | (3,104) | 64 | (3,040) | ||||||||||||||
Balance at December 31, 2021 | 40,953 | — | 40,953 | ||||||||||||||
OCI before reclassifications | (19,998) | — | (19,998) | ||||||||||||||
Amounts reclassified from AOCI | — | — | — | ||||||||||||||
Net period OCI | (19,998) | — | (19,998) | ||||||||||||||
Balance at December 31, 2022 | $ | 20,955 | $ | — | $ | 20,955 |
Amounts Reclassified from | ||||||||||||||||||||||||||
AOCI during the Year | Affected Line Item | |||||||||||||||||||||||||
Ended December 31, | in the Statements | |||||||||||||||||||||||||
Details about AOCI Components | 2022 | 2021 | 2020 | of Operations | ||||||||||||||||||||||
Unrealized gains on available-for-sale securities: | ||||||||||||||||||||||||||
Interest realized upon collection | $ | — | $ | 3 | $ | — | Interest income from investment securities | |||||||||||||||||||
Foreign currency translation: | ||||||||||||||||||||||||||
Foreign currency adjustment | — | (64) | — | Gain on sale of investments and other assets, net | ||||||||||||||||||||||
Total reclassifications for the period | $ | — | $ | (61) | $ | — |
December 31, 2022 | |||||||||||||||||||||||
Total | Level I | Level II | Level III | ||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Loans under fair value option | $ | 2,784,594 | $ | — | $ | — | $ | 2,784,594 | |||||||||||||||
RMBS | 113,386 | — | — | 113,386 | |||||||||||||||||||
CMBS | 19,108 | — | — | 19,108 | |||||||||||||||||||
Equity security | 9,840 | 9,840 | — | — | |||||||||||||||||||
Woodstar Fund investments | 1,761,002 | — | — | 1,761,002 | |||||||||||||||||||
Domestic servicing rights | 17,790 | — | — | 17,790 | |||||||||||||||||||
Derivative assets | 108,621 | — | 108,621 | — | |||||||||||||||||||
VIE assets | 52,453,041 | — | — | 52,453,041 | |||||||||||||||||||
Total | $ | 57,267,382 | $ | 9,840 | $ | 108,621 | $ | 57,148,921 | |||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | 91,404 | $ | — | $ | 91,404 | $ | — | |||||||||||||||
VIE liabilities | 50,754,355 | — | 45,248,412 | 5,505,943 | |||||||||||||||||||
Total | $ | 50,845,759 | $ | — | $ | 45,339,816 | $ | 5,505,943 |
December 31, 2021 | |||||||||||||||||||||||
Total | Level I | Level II | Level III | ||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||
Loans under fair value option | $ | 2,936,025 | $ | — | $ | — | $ | 2,936,025 | |||||||||||||||
RMBS | 143,980 | — | — | 143,980 | |||||||||||||||||||
CMBS | 22,244 | — | — | 22,244 | |||||||||||||||||||
Equity security | 11,624 | 11,624 | — | — | |||||||||||||||||||
Woodstar Fund investments | 1,040,309 | — | — | 1,040,309 | |||||||||||||||||||
Domestic servicing rights | 16,780 | — | — | 16,780 | |||||||||||||||||||
Derivative assets | 48,216 | — | 48,216 | — | |||||||||||||||||||
VIE assets | 61,280,543 | — | — | 61,280,543 | |||||||||||||||||||
Total | $ | 65,499,721 | $ | 11,624 | $ | 48,216 | $ | 65,439,881 | |||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | 13,421 | $ | — | $ | 13,421 | $ | — | |||||||||||||||
VIE liabilities | 59,752,922 | — | 54,972,701 | 4,780,221 | |||||||||||||||||||
Total | $ | 59,766,343 | $ | — | $ | 54,986,122 | $ | 4,780,221 |
Loans at Fair Value | RMBS | CMBS | Woodstar Fund Investments | Domestic Servicing Rights | VIE Assets | VIE Liabilities | Total | |||||||||||||||||||||||||||||||||||||||||||
January 1, 2021 balance | $ | 1,022,979 | $ | 167,349 | $ | 19,457 | $ | — | $ | 13,202 | $ | 64,238,328 | $ | (2,019,876) | $ | 63,441,439 | ||||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value / gain on sale | 69,050 | — | (894) | 402 | 3,578 | (6,830,193) | 1,066,130 | (5,691,927) | ||||||||||||||||||||||||||||||||||||||||||
Net accretion | — | 10,457 | — | — | — | — | — | 10,457 | ||||||||||||||||||||||||||||||||||||||||||
— | (3,104) | — | — | — | — | — | (3,104) | |||||||||||||||||||||||||||||||||||||||||||
Purchases / Originations | 5,351,019 | — | — | — | — | — | — | 5,351,019 | ||||||||||||||||||||||||||||||||||||||||||
Sales | (3,831,712) | — | — | — | — | — | — | (3,831,712) | ||||||||||||||||||||||||||||||||||||||||||
Issuances | — | — | — | — | — | — | (38,715) | (38,715) | ||||||||||||||||||||||||||||||||||||||||||
Cash repayments / receipts | (207,043) | (30,722) | (2,003) | — | — | — | (5,728) | (245,496) | ||||||||||||||||||||||||||||||||||||||||||
Transfers into Level III | 7,241 | — | — | 1,039,907 | — | — | (3,058,607) | (2,011,459) | ||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level III | — | — | — | — | — | — | 1,152,827 | 1,152,827 | ||||||||||||||||||||||||||||||||||||||||||
Transfers within Level III | 524,491 | — | (524,491) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidation of VIEs | — | — | — | — | — | 5,332,754 | (1,911,702) | 3,421,052 | ||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of VIEs | — | — | 5,684 | — | — | (935,855) | 35,450 | (894,721) | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 balance | 2,936,025 | 143,980 | 22,244 | 1,040,309 | 16,780 | 61,280,543 | (4,780,221) | 60,659,660 | ||||||||||||||||||||||||||||||||||||||||||
Total realized and unrealized gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in fair value / gain on sale | (346,222) | — | (1,674) | 720,693 | 1,010 | (12,458,814) | 1,940,362 | (10,144,645) | ||||||||||||||||||||||||||||||||||||||||||
Net accretion | — | 8,491 | — | — | — | — | — | 8,491 | ||||||||||||||||||||||||||||||||||||||||||
— | (19,998) | — | — | — | — | — | (19,998) | |||||||||||||||||||||||||||||||||||||||||||
Purchases / Originations | 4,634,722 | — | — | — | — | — | — | 4,634,722 | ||||||||||||||||||||||||||||||||||||||||||
Sales | (3,678,671) | — | — | — | — | — | — | (3,678,671) | ||||||||||||||||||||||||||||||||||||||||||
Issuances | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Cash repayments / receipts | (200,728) | (19,087) | (1,992) | — | — | — | (18,870) | (240,677) | ||||||||||||||||||||||||||||||||||||||||||
Transfers into Level III | (86,201) | — | — | — | — | — | (1,506,438) | (1,592,639) | ||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level III | (474,331) | — | — | — | — | — | 668,365 | 194,034 | ||||||||||||||||||||||||||||||||||||||||||
Transfers within Level III | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Consolidation of VIEs | — | — | — | — | — | 4,361,325 | (1,810,101) | 2,551,224 | ||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of VIEs | — | — | 530 | — | — | (730,013) | 960 | (728,523) | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 balance | $ | 2,784,594 | $ | 113,386 | $ | 19,108 | $ | 1,761,002 | $ | 17,790 | $ | 52,453,041 | $ | (5,505,943) | $ | 51,642,978 | ||||||||||||||||||||||||||||||||||
Amount of unrealized gains (losses) attributable to assets still held at December 31, 2022: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | $ | (368,368) | $ | 8,157 | $ | (1,148) | $ | 720,693 | $ | 1,010 | $ | (12,458,814) | $ | 1,940,362 | $ | (10,158,108) | ||||||||||||||||||||||||||||||||||
Included in OCI | — | (19,592) | — | — | — | — | — | (19,592) | ||||||||||||||||||||||||||||||||||||||||||
Amount of unrealized gains (losses) attributable to assets still held at December 31, 2021: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings | $ | (8,036) | $ | 10,412 | $ | 306 | $ | 402 | $ | 3,578 | $ | (6,830,193) | $ | 1,066,130 | $ | (5,757,401) | ||||||||||||||||||||||||||||||||||
Included in OCI | — | (3,066) | — | — | — | — | — | (3,066) |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
Financial assets not carried at fair value: | |||||||||||||||||||||||
Loans | $ | 18,401,439 | $ | 18,215,072 | $ | 15,477,624 | $ | 15,526,235 | |||||||||||||||
HTM debt securities | 673,470 | 637,275 | 683,136 | 656,864 | |||||||||||||||||||
Financial liabilities not carried at fair value: | |||||||||||||||||||||||
Secured financing agreements, CLOs and SASB | $ | 18,177,756 | $ | 18,017,651 | $ | 15,192,966 | $ | 15,266,440 | |||||||||||||||
Unsecured senior notes | 2,329,211 | 2,199,135 | 1,828,590 | 1,893,065 |
Carrying Value at December 31, 2022 | Valuation Technique | Unobservable Input | Range (Weighted Average) as of (1) | ||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
Loans under fair value option | $ | 2,784,594 | Discounted cash flow, market pricing | Coupon (d) | 2.8% - 9.3% (4.5%) | 2.6% - 9.2% (4.2%) | |||||||||||||||||||||||
Remaining contractual term (d) | 5.3 - 39.5 years (28.6 years) | 6.3 - 39.9 years (27.4 years) | |||||||||||||||||||||||||||
FICO score (a) | 585 - 900 (749) | 582 - 829 (748) | |||||||||||||||||||||||||||
LTV (b) | 4% - 92% (67%) | 1% - 94% (66%) | |||||||||||||||||||||||||||
Purchase price (d) | 80.0% - 108.6% (101.4%) | 80.0% - 108.6% (102.3%) | |||||||||||||||||||||||||||
RMBS | 113,386 | Discounted cash flow | Constant prepayment rate (a) | 2.8% - 12.0% (5.5%) | 4.8% - 19.2% (9.9%) | ||||||||||||||||||||||||
Constant default rate (b) | 1.1% - 4.4% (2.0%) | 0.8% - 6.0% (2.1%) | |||||||||||||||||||||||||||
Loss severity (b) | 0% - 109% (24%) (f) | 0% - 86% (26%) (f) | |||||||||||||||||||||||||||
Delinquency rate (c) | 6% - 29% (16%) | 10.4% - 35% (19%) | |||||||||||||||||||||||||||
Servicer advances (a) | 31% - 77.7% (53%) | 19% - 83% (52%) | |||||||||||||||||||||||||||
Annual coupon deterioration (b) | 0% - 2.6% (0.1%) | 0% - 1.7% (0.1%) | |||||||||||||||||||||||||||
Putback amount per projected total collateral loss (e) | 0% - 8% (0.5%) | 0% - 8% (0.5%) | |||||||||||||||||||||||||||
CMBS | 19,108 | Discounted cash flow | Yield (b) | 0% - 117.5% (10.1%) | 0% - 613.6% (9.3%) | ||||||||||||||||||||||||
Duration (c) | 0 - 7.7 years (3.0 years) | 0 - 7.2 years (5.2 years) | |||||||||||||||||||||||||||
Woodstar Fund investments | 1,761,002 | Discounted cash flow | Discount rate - properties (b) | 6.3% - 6.8% (6.5%) | 5.8% - 6.3% (6.0%) | ||||||||||||||||||||||||
Discount rate - debt (a) | 5.6% - 6.7% (6.1%) | 2.6% - 3.3% (2.9%) | |||||||||||||||||||||||||||
Terminal capitalization rate (b) | 5.0% - 5.5% (5.1%) | 4.8% - 5.3% (4.9%) | |||||||||||||||||||||||||||
Implied capitalization rate (b) | 4.2% (4.2%) | 4.1% - 4.2% (4.2%) | |||||||||||||||||||||||||||
Domestic servicing rights | 17,790 | Discounted cash flow | Debt yield (a) | 8.25% (8.25%) | 7.30% (7.30%) | ||||||||||||||||||||||||
Discount rate (b) | 15% (15%) | 15% (15%) | |||||||||||||||||||||||||||
VIE assets | 52,453,041 | Discounted cash flow | Yield (b) | 0% - 453.6% (15.3%) | 0% - 615.3% (13.0%) | ||||||||||||||||||||||||
Duration (c) | 0 - 11.0 years (2.4 years) | 0 - 11.0 years (3.2 years) | |||||||||||||||||||||||||||
VIE liabilities | 5,505,943 | Discounted cash flow | Yield (b) | 0% - 453.6% (10.4%) | 0% - 615.3% (6.4%) | ||||||||||||||||||||||||
Duration (c) | 0 - 11.0 years (1.8 years) | 0 - 11.0 years (2.3 years) |
For the Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Current | ||||||||||||||||||||
Federal | $ | 1,446 | $ | 142 | $ | 5,690 | ||||||||||||||
State | 705 | (80) | 3,201 | |||||||||||||||||
Foreign | — | (392) | 195 | |||||||||||||||||
Total current | 2,151 | (330) | 9,086 | |||||||||||||||||
Deferred | ||||||||||||||||||||
Federal | (47,128) | 6,893 | 8,213 | |||||||||||||||||
State | (16,546) | 2,106 | 2,898 | |||||||||||||||||
Total deferred | (63,674) | 8,999 | 11,111 | |||||||||||||||||
Total income tax (benefit) provision | $ | (61,523) | $ | 8,669 | $ | 20,197 |
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Deferred tax assets/(liabilities), net | ||||||||||||||
Reserves and accruals | $ | 3,314 | $ | 3,155 | ||||||||||
Domestic intangible assets | (15,946) | (9,652) | ||||||||||||
Investments in unconsolidated entities | 782 | (1,515) | ||||||||||||
Net operating loss and other carryforwards | 69,294 | 1,908 | ||||||||||||
Other U.S. temporary differences | 140 | 14 | ||||||||||||
Net deferred tax assets/(liabilities) | $ | 57,584 | $ | (6,090) |
For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
Federal statutory tax rate | $ | 209,483 | 21.0 | % | $ | 105,230 | 21.0 | % | $ | 81,118 | 21.0 | % | ||||||||||||||||||||||||||
REIT and other non-taxable income | (256,105) | (25.7) | % | (92,121) | (18.4) | % | (58,265) | (15.1) | % | |||||||||||||||||||||||||||||
State income taxes | (15,319) | (1.5) | % | 4,307 | 0.9 | % | 7,509 | 1.9 | % | |||||||||||||||||||||||||||||
Federal benefit of state tax deduction | 3,217 | 0.3 | % | (905) | (0.2) | % | (1,577) | (0.4) | % | |||||||||||||||||||||||||||||
Net operating loss carryback rate differential | — | — | % | — | — | % | (3,387) | (0.9) | % | |||||||||||||||||||||||||||||
Intra-entity transfers | (4,327) | (0.4) | % | (6,635) | (1.3) | % | (5,385) | (1.4) | % | |||||||||||||||||||||||||||||
Other | 1,528 | 0.1 | % | (1,207) | (0.3) | % | 184 | 0.1 | % | |||||||||||||||||||||||||||||
Effective tax rate | $ | (61,523) | (6.2) | % | $ | 8,669 | 1.7 | % | $ | 20,197 | 5.2 | % |
For the Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Operating lease costs | $ | 4,646 | $ | 4,100 | $ | 5,571 | ||||||||||||||
Short-term lease costs | 44 | 2,227 | $ | 42 | ||||||||||||||||
Sublease income | — | (766) | $ | (1,509) | ||||||||||||||||
Total lease cost | $ | 4,690 | $ | 5,560 | $ | 4,104 |
For the Year Ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities —operating | $ | 2,129 | $ | 1,274 |
December 31, 2022 | December 31, 2021 | ||||||||||
Weighted-average remaining lease term | 13.0 years | 7.0 years | |||||||||
Weighted-average discount rate | 8.7% | 4.0% |
Future maturity of operating lease liabilities: | ||||||||
2023 | $ | 5,024 | ||||||
2024 | 5,145 | |||||||
2025 | 5,320 | |||||||
2026 | 5,275 | |||||||
2027 | 4,829 | |||||||
Thereafter | 46,411 | |||||||
Total | 72,004 | |||||||
Less interest component | (32,702) | |||||||
$ | 39,302 |
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total | ||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income from loans | $ | 1,058,326 | $ | 150,230 | $ | — | $ | 9,965 | $ | — | $ | 1,218,521 | $ | — | $ | 1,218,521 | |||||||||||||||||||||||||||||||
Interest income from investment securities | 102,125 | 3,681 | — | 99,043 | — | 204,849 | (139,791) | 65,058 | |||||||||||||||||||||||||||||||||||||||
Servicing fees | 558 | — | — | 54,836 | — | 55,394 | (15,035) | 40,359 | |||||||||||||||||||||||||||||||||||||||
Rental income | 6,467 | — | 91,587 | 30,209 | — | 128,263 | — | 128,263 | |||||||||||||||||||||||||||||||||||||||
Other revenues | 504 | 451 | 245 | 11,258 | 69 | 12,527 | (12) | 12,515 | |||||||||||||||||||||||||||||||||||||||
Total revenues | 1,167,980 | 154,362 | 91,832 | 205,311 | 69 | 1,619,554 | (154,838) | 1,464,716 | |||||||||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Management fees | 592 | — | — | — | 154,959 | 155,551 | — | 155,551 | |||||||||||||||||||||||||||||||||||||||
Interest expense | 501,126 | 79,137 | 33,938 | 26,686 | 157,097 | 797,984 | (863) | 797,121 | |||||||||||||||||||||||||||||||||||||||
General and administrative | 52,701 | 14,187 | 4,069 | 85,478 | 18,777 | 175,212 | 288 | 175,500 | |||||||||||||||||||||||||||||||||||||||
Acquisition and investment pursuit costs | 3,634 | 3 | 7 | (244) | — | 3,400 | — | 3,400 | |||||||||||||||||||||||||||||||||||||||
Costs of rental operations | 7,833 | — | 21,868 | 14,414 | — | 44,115 | — | 44,115 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,720 | 387 | 32,714 | 11,472 | — | 49,293 | — | 49,293 | |||||||||||||||||||||||||||||||||||||||
Credit loss provision, net | 39,780 | 6,877 | — | — | — | 46,657 | — | 46,657 | |||||||||||||||||||||||||||||||||||||||
Other expense | 1,251 | — | 55 | 8 | — | 1,314 | — | 1,314 | |||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 611,637 | 100,591 | 92,651 | 137,814 | 330,833 | 1,273,526 | (575) | 1,272,951 | |||||||||||||||||||||||||||||||||||||||
Other income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||
Change in net assets related to consolidated VIEs | — | — | — | — | — | — | 124,001 | 124,001 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of servicing rights | — | — | — | (2,051) | — | (2,051) | 3,061 | 1,010 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of investment securities, net | 11,818 | — | — | (43,179) | — | (31,361) | 29,157 | (2,204) | |||||||||||||||||||||||||||||||||||||||
Change in fair value of mortgage loans, net | (352,412) | — | — | 6,190 | — | (346,222) | — | (346,222) | |||||||||||||||||||||||||||||||||||||||
Income from affordable housing fund investments | — | — | 755,736 | — | — | 755,736 | — | 755,736 | |||||||||||||||||||||||||||||||||||||||
(Loss) earnings from unconsolidated entities | (11,242) | 3,982 | — | 2,871 | — | (4,389) | (1,934) | (6,323) | |||||||||||||||||||||||||||||||||||||||
Gain on sale of investments and other assets, net | 86,532 | — | — | 51,079 | — | 137,611 | — | 137,611 | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on derivative financial instruments, net | 338,994 | 1,235 | 35,081 | 41,692 | (82,987) | 334,015 | — | 334,015 | |||||||||||||||||||||||||||||||||||||||
Foreign currency (loss) gain, net | (96,651) | (317) | 12 | — | — | (96,956) | — | (96,956) | |||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (209) | (469) | — | (507) | — | (1,185) | — | (1,185) | |||||||||||||||||||||||||||||||||||||||
Other (loss) income, net | (92,632) | — | (1,103) | — | — | (93,735) | 25 | (93,710) | |||||||||||||||||||||||||||||||||||||||
Total other income (loss) | (115,802) | 4,431 | 789,726 | 56,095 | (82,987) | 651,463 | 154,310 | 805,773 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 440,541 | 58,202 | 788,907 | 123,592 | (413,751) | 997,491 | 47 | 997,538 | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (provision) | 69,199 | 12 | — | (7,688) | — | 61,523 | — | 61,523 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 509,740 | 58,214 | 788,907 | 115,904 | (413,751) | 1,059,014 | 47 | 1,059,061 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | (14) | — | (172,598) | (14,927) | — | (187,539) | (47) | (187,586) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 509,726 | $ | 58,214 | $ | 616,309 | $ | 100,977 | $ | (413,751) | $ | 871,475 | $ | — | $ | 871,475 |
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total | ||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income from loans | $ | 705,499 | $ | 85,057 | $ | — | $ | 9,735 | $ | — | $ | 800,291 | $ | — | $ | 800,291 | |||||||||||||||||||||||||||||||
Interest income from investment securities | 67,589 | 2,190 | — | 96,771 | — | 166,550 | (121,382) | 45,168 | |||||||||||||||||||||||||||||||||||||||
Servicing fees | 453 | — | — | 58,896 | — | 59,349 | (20,610) | 38,739 | |||||||||||||||||||||||||||||||||||||||
Rental income | 5,486 | — | 234,840 | 38,505 | — | 278,831 | — | 278,831 | |||||||||||||||||||||||||||||||||||||||
Other revenues | 294 | 293 | 198 | 6,278 | — | 7,063 | (4) | 7,059 | |||||||||||||||||||||||||||||||||||||||
Total revenues | 779,321 | 87,540 | 235,038 | 210,185 | — | 1,312,084 | (141,996) | 1,170,088 | |||||||||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Management fees | 948 | — | — | (793) | 167,594 | 167,749 | 24 | 167,773 | |||||||||||||||||||||||||||||||||||||||
Interest expense | 206,353 | 37,671 | 59,970 | 22,543 | 119,402 | 445,939 | (852) | 445,087 | |||||||||||||||||||||||||||||||||||||||
General and administrative | 42,000 | 14,557 | 8,067 | 88,879 | 17,472 | 170,975 | 327 | 171,302 | |||||||||||||||||||||||||||||||||||||||
Acquisition and investment pursuit costs | 893 | 250 | (60) | 101 | — | 1,184 | — | 1,184 | |||||||||||||||||||||||||||||||||||||||
Costs of rental operations | 1,769 | — | 92,190 | 17,708 | — | 111,667 | — | 111,667 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,243 | 402 | 65,833 | 15,523 | — | 83,001 | — | 83,001 | |||||||||||||||||||||||||||||||||||||||
Credit loss (reversal) provision, net | (3,560) | 11,895 | — | — | — | 8,335 | — | 8,335 | |||||||||||||||||||||||||||||||||||||||
Other expense | 31 | — | 583 | 94 | — | 708 | — | 708 | |||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 249,677 | 64,775 | 226,583 | 144,055 | 304,468 | 989,558 | (501) | 989,057 | |||||||||||||||||||||||||||||||||||||||
Other income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||
Change in net assets related to consolidated VIEs | — | — | — | — | — | — | 162,333 | 162,333 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of servicing rights | — | — | — | 4,319 | — | 4,319 | (741) | 3,578 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of investment securities, net | (8,277) | — | — | 28,221 | — | 19,944 | (20,331) | (387) | |||||||||||||||||||||||||||||||||||||||
Change in fair value of mortgage loans, net | 13,836 | — | — | 55,214 | — | 69,050 | — | 69,050 | |||||||||||||||||||||||||||||||||||||||
Income from affordable housing fund investments | — | — | 6,425 | — | — | 6,425 | — | 6,425 | |||||||||||||||||||||||||||||||||||||||
Earnings (loss) from unconsolidated entities | 6,984 | 1,160 | — | 815 | — | 8,959 | (207) | 8,752 | |||||||||||||||||||||||||||||||||||||||
Gain on sale of investments and other assets, net | 16,584 | 189 | — | 22,211 | — | 38,984 | — | 38,984 | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on derivative financial instruments, net | 73,209 | 1,253 | 10,155 | 8,288 | (10,542) | 82,363 | — | 82,363 | |||||||||||||||||||||||||||||||||||||||
Foreign currency loss, net | (36,045) | (183) | — | (64) | — | (36,292) | — | (36,292) | |||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (289) | (1,264) | (5,281) | (113) | (481) | (7,428) | — | (7,428) | |||||||||||||||||||||||||||||||||||||||
Other (loss) income, net | (7,407) | 23 | — | 70 | — | (7,314) | — | (7,314) | |||||||||||||||||||||||||||||||||||||||
Total other income (loss) | 58,595 | 1,178 | 11,299 | 118,961 | (11,023) | 179,010 | 141,054 | 320,064 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 588,239 | 23,943 | 19,754 | 185,091 | (315,491) | 501,536 | (441) | 501,095 | |||||||||||||||||||||||||||||||||||||||
Income tax (provision) benefit | (1,201) | 306 | — | (7,775) | 1 | (8,669) | — | (8,669) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 587,038 | 24,249 | 19,754 | 177,316 | (315,490) | 492,867 | (441) | 492,426 | |||||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to non-controlling interests | (14) | — | (20,121) | (24,993) | — | (45,128) | 441 | (44,687) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 587,024 | $ | 24,249 | $ | (367) | $ | 152,323 | $ | (315,490) | $ | 447,739 | $ | — | $ | 447,739 |
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total | ||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income from loans | $ | 665,503 | $ | 77,851 | $ | — | $ | 8,589 | $ | — | $ | 751,943 | $ | — | $ | 751,943 | |||||||||||||||||||||||||||||||
Interest income from investment securities | 78,490 | 2,637 | — | 93,823 | — | 174,950 | (120,538) | 54,412 | |||||||||||||||||||||||||||||||||||||||
Servicing fees | 549 | — | — | 41,806 | — | 42,355 | (12,721) | 29,634 | |||||||||||||||||||||||||||||||||||||||
Rental income | 4,706 | — | 255,452 | 37,670 | — | 297,828 | — | 297,828 | |||||||||||||||||||||||||||||||||||||||
Other revenues | 412 | 499 | 293 | 1,139 | — | 2,343 | (5) | 2,338 | |||||||||||||||||||||||||||||||||||||||
Total revenues | 749,660 | 80,987 | 255,745 | 183,027 | — | 1,269,419 | (133,264) | 1,136,155 | |||||||||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Management fees | 796 | — | — | 901 | 125,372 | 127,069 | 58 | 127,127 | |||||||||||||||||||||||||||||||||||||||
Interest expense | 176,230 | 40,913 | 65,390 | 24,303 | 113,313 | 420,149 | (386) | 419,763 | |||||||||||||||||||||||||||||||||||||||
General and administrative | 41,972 | 15,673 | 4,542 | 80,039 | 15,312 | 157,538 | 336 | 157,874 | |||||||||||||||||||||||||||||||||||||||
Acquisition and investment pursuit costs | 2,406 | 1,183 | 12 | (29) | — | 3,572 | — | 3,572 | |||||||||||||||||||||||||||||||||||||||
Costs of rental operations | 3,186 | — | 97,136 | 17,354 | — | 117,676 | — | 117,676 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,708 | 342 | 76,246 | 16,109 | — | 94,405 | — | 94,405 | |||||||||||||||||||||||||||||||||||||||
Credit loss provision (reversal), net | 47,256 | (4,103) | — | — | — | 43,153 | — | 43,153 | |||||||||||||||||||||||||||||||||||||||
Other expense | 307 | — | 531 | — | — | 838 | — | 838 | |||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 273,861 | 54,008 | 243,857 | 138,677 | 253,997 | 964,400 | 8 | 964,408 | |||||||||||||||||||||||||||||||||||||||
Other income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||
Change in net assets related to consolidated VIEs | — | — | — | — | — | — | 78,258 | 78,258 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of servicing rights | — | — | — | 11,415 | — | 11,415 | (15,130) | (3,715) | |||||||||||||||||||||||||||||||||||||||
Change in fair value of investment securities, net | (15,108) | — | — | (51,403) | — | (66,511) | 71,904 | 5,393 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of mortgage loans, net | 76,897 | — | — | 56,227 | — | 133,124 | — | 133,124 | |||||||||||||||||||||||||||||||||||||||
Earnings (loss) from unconsolidated entities | 8,779 | (767) | — | 30,845 | — | 38,857 | (1,540) | 37,317 | |||||||||||||||||||||||||||||||||||||||
(Loss) gain on sale of investments and other assets, net | (961) | 306 | — | 7,965 | — | 7,310 | — | 7,310 | |||||||||||||||||||||||||||||||||||||||
(Loss) gain on derivative financial instruments, net | (58,664) | (1,499) | (34,392) | (21,269) | 33,646 | (82,178) | — | (82,178) | |||||||||||||||||||||||||||||||||||||||
Foreign currency gain (loss), net | 42,205 | 207 | (14) | (3) | — | 42,395 | — | 42,395 | |||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | (22) | (959) | (2,185) | — | (488) | (3,654) | — | (3,654) | |||||||||||||||||||||||||||||||||||||||
Other (loss) income, net | — | — | (166) | 447 | — | 281 | — | 281 | |||||||||||||||||||||||||||||||||||||||
Total other income (loss) | 53,126 | (2,712) | (36,757) | 34,224 | 33,158 | 81,039 | 133,492 | 214,531 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 528,925 | 24,267 | (24,869) | 78,574 | (220,839) | 386,058 | 220 | 386,278 | |||||||||||||||||||||||||||||||||||||||
Income tax (provision) benefit | (21,091) | (117) | — | 1,011 | — | (20,197) | — | (20,197) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 507,834 | 24,150 | (24,869) | 79,585 | (220,839) | 365,861 | 220 | 366,081 | |||||||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | (14) | — | (20,394) | (13,764) | — | (34,172) | (220) | (34,392) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 507,820 | $ | 24,150 | $ | (45,263) | $ | 65,821 | $ | (220,839) | $ | 331,689 | $ | — | $ | 331,689 |
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total | ||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 68,593 | $ | 31,153 | $ | 31,194 | $ | 39,023 | $ | 91,098 | $ | 261,061 | $ | — | $ | 261,061 | |||||||||||||||||||||||||||||||
Restricted cash | 18,556 | 31,133 | 981 | 5,259 | 65,143 | 121,072 | — | 121,072 | |||||||||||||||||||||||||||||||||||||||
Loans held-for-investment, net | 16,038,930 | 2,352,932 | — | 9,577 | — | 18,401,439 | — | 18,401,439 | |||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | 2,763,458 | — | — | 21,136 | — | 2,784,594 | — | 2,784,594 | |||||||||||||||||||||||||||||||||||||||
Investment securities | 1,250,893 | 66,204 | — | 1,165,628 | — | 2,482,725 | (1,666,921) | 815,804 | |||||||||||||||||||||||||||||||||||||||
Properties, net | 463,492 | — | 864,778 | 121,716 | — | 1,449,986 | — | 1,449,986 | |||||||||||||||||||||||||||||||||||||||
Investments of consolidated affordable housing fund | — | — | 1,761,002 | — | — | 1,761,002 | — | 1,761,002 | |||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated entities | 25,326 | 47,078 | — | 33,030 | — | 105,434 | (13,542) | 91,892 | |||||||||||||||||||||||||||||||||||||||
Goodwill | — | 119,409 | — | 140,437 | — | 259,846 | — | 259,846 | |||||||||||||||||||||||||||||||||||||||
Intangible assets | 11,908 | — | 29,613 | 66,310 | — | 107,831 | (39,058) | 68,773 | |||||||||||||||||||||||||||||||||||||||
Derivative assets | 101,082 | 122 | 1,803 | 5,614 | — | 108,621 | — | 108,621 | |||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | 151,852 | 9,856 | 863 | 1,105 | 5,120 | 168,796 | (275) | 168,521 | |||||||||||||||||||||||||||||||||||||||
Other assets | 170,177 | 3,614 | 54,313 | 12,929 | 56,444 | 297,477 | — | 297,477 | |||||||||||||||||||||||||||||||||||||||
VIE assets, at fair value | — | — | — | — | — | — | 52,453,041 | 52,453,041 | |||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 21,064,267 | $ | 2,661,501 | $ | 2,744,547 | $ | 1,621,764 | $ | 217,805 | $ | 28,309,884 | $ | 50,733,245 | $ | 79,043,129 | |||||||||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 146,897 | $ | 20,656 | $ | 11,716 | $ | 46,377 | $ | 73,353 | $ | 298,999 | $ | — | $ | 298,999 | |||||||||||||||||||||||||||||||
Related-party payable | — | — | — | — | 41,186 | 41,186 | — | 41,186 | |||||||||||||||||||||||||||||||||||||||
Dividends payable | — | — | — | — | 151,511 | 151,511 | — | 151,511 | |||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 21,523 | 105 | — | — | 69,776 | 91,404 | — | 91,404 | |||||||||||||||||||||||||||||||||||||||
Secured financing agreements, net | 10,804,970 | 1,042,679 | 789,719 | 543,256 | 1,342,074 | 14,522,698 | (21,166) | 14,501,532 | |||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations and single asset securitization, net | 2,862,211 | 814,013 | — | — | — | 3,676,224 | — | 3,676,224 | |||||||||||||||||||||||||||||||||||||||
Unsecured senior notes, net | — | — | — | — | 2,329,211 | 2,329,211 | — | 2,329,211 | |||||||||||||||||||||||||||||||||||||||
VIE liabilities, at fair value | — | — | — | — | — | — | 50,754,355 | 50,754,355 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities | 13,835,601 | 1,877,453 | 801,435 | 589,633 | 4,007,111 | 21,111,233 | 50,733,189 | 71,844,422 | |||||||||||||||||||||||||||||||||||||||
Temporary Equity: Redeemable non-controlling interests | — | — | 362,790 | — | — | 362,790 | — | 362,790 | |||||||||||||||||||||||||||||||||||||||
Permanent Equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Starwood Property Trust, Inc. Stockholders’ Equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock | — | — | — | — | 3,181 | 3,181 | — | 3,181 | |||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 2,124,496 | 683,258 | (405,955) | (646,662) | 4,051,950 | 5,807,087 | — | 5,807,087 | |||||||||||||||||||||||||||||||||||||||
Treasury stock | — | — | — | — | (138,022) | (138,022) | — | (138,022) | |||||||||||||||||||||||||||||||||||||||
Retained earnings (accumulated deficit) | 5,083,100 | 100,790 | 1,777,643 | 1,514,119 | (7,706,415) | 769,237 | — | 769,237 | |||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income | 20,955 | — | — | — | — | 20,955 | — | 20,955 | |||||||||||||||||||||||||||||||||||||||
Total Starwood Property Trust, Inc. Stockholders’ Equity | 7,228,551 | 784,048 | 1,371,688 | 867,457 | (3,789,306) | 6,462,438 | — | 6,462,438 | |||||||||||||||||||||||||||||||||||||||
Non-controlling interests in consolidated subsidiaries | 115 | — | 208,634 | 164,674 | — | 373,423 | 56 | 373,479 | |||||||||||||||||||||||||||||||||||||||
Total Permanent Equity | 7,228,666 | 784,048 | 1,580,322 | 1,032,131 | (3,789,306) | 6,835,861 | 56 | 6,835,917 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 21,064,267 | $ | 2,661,501 | $ | 2,744,547 | $ | 1,621,764 | $ | 217,805 | $ | 28,309,884 | $ | 50,733,245 | $ | 79,043,129 |
Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total | ||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 65,064 | $ | 17,011 | $ | 14,136 | $ | 26,700 | $ | 93,861 | $ | 216,772 | $ | 590 | $ | 217,362 | |||||||||||||||||||||||||||||||
Restricted cash | 39,853 | 43,408 | 954 | 20,337 | — | 104,552 | — | 104,552 | |||||||||||||||||||||||||||||||||||||||
Loans held-for-investment, net | 13,499,520 | 2,027,426 | — | 9,903 | — | 15,536,849 | — | 15,536,849 | |||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | 2,590,005 | — | — | 286,795 | — | 2,876,800 | — | 2,876,800 | |||||||||||||||||||||||||||||||||||||||
Investment securities | 1,155,452 | 31,923 | — | 1,165,395 | — | 2,352,770 | (1,491,786) | 860,984 | |||||||||||||||||||||||||||||||||||||||
Properties, net | 124,503 | — | 887,553 | 154,331 | — | 1,166,387 | — | 1,166,387 | |||||||||||||||||||||||||||||||||||||||
Investments of consolidated affordable housing fund | — | — | 1,040,309 | — | — | 1,040,309 | — | 1,040,309 | |||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated entities | 44,938 | 26,255 | — | 34,160 | — | 105,353 | (15,256) | 90,097 | |||||||||||||||||||||||||||||||||||||||
Goodwill | — | 119,409 | — | 140,437 | — | 259,846 | — | 259,846 | |||||||||||||||||||||||||||||||||||||||
Intangible assets | — | — | 34,619 | 71,064 | — | 105,683 | (42,119) | 63,564 | |||||||||||||||||||||||||||||||||||||||
Derivative assets | 34,265 | 128 | 8 | 391 | 13,424 | 48,216 | — | 48,216 | |||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | 106,251 | 3,207 | — | 947 | 5,988 | 116,393 | (131) | 116,262 | |||||||||||||||||||||||||||||||||||||||
Other assets | 68,908 | 14,265 | 43,420 | 40,395 | 21,800 | 188,788 | (162) | 188,626 | |||||||||||||||||||||||||||||||||||||||
VIE assets, at fair value | — | — | — | — | — | — | 61,280,543 | 61,280,543 | |||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 17,728,759 | $ | 2,283,032 | $ | 2,020,999 | $ | 1,950,855 | $ | 135,073 | $ | 24,118,718 | $ | 59,731,679 | $ | 83,850,397 | |||||||||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 57,267 | $ | 8,917 | $ | 14,757 | $ | 58,920 | $ | 49,779 | $ | 189,640 | $ | 56 | $ | 189,696 | |||||||||||||||||||||||||||||||
Related-party payable | — | — | — | — | 76,371 | 76,371 | — | 76,371 | |||||||||||||||||||||||||||||||||||||||
Dividends payable | — | — | — | — | 147,624 | 147,624 | — | 147,624 | |||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 12,870 | 260 | — | 291 | — | 13,421 | — | 13,421 | |||||||||||||||||||||||||||||||||||||||
Secured financing agreements, net | 9,097,985 | 1,225,548 | 787,396 | 714,237 | 773,244 | 12,598,410 | (21,560) | 12,576,850 | |||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations and single asset securitization, net | 2,210,798 | 405,318 | — | — | — | 2,616,116 | — | 2,616,116 | |||||||||||||||||||||||||||||||||||||||
Unsecured senior notes, net | — | — | — | — | 1,828,590 | 1,828,590 | — | 1,828,590 | |||||||||||||||||||||||||||||||||||||||
VIE liabilities, at fair value | — | — | — | — | — | — | 59,752,922 | 59,752,922 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities | 11,378,920 | 1,640,043 | 802,153 | 773,448 | 2,875,608 | 17,470,172 | 59,731,418 | 77,201,590 | |||||||||||||||||||||||||||||||||||||||
Temporary Equity: Redeemable non-controlling interests | — | — | 214,915 | — | — | 214,915 | — | 214,915 | |||||||||||||||||||||||||||||||||||||||
Permanent Equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Starwood Property Trust, Inc. Stockholders’ Equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock | — | — | — | — | 3,123 | 3,123 | — | 3,123 | |||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 1,735,397 | 600,412 | (365,922) | (388,196) | 4,091,685 | 5,673,376 | — | 5,673,376 | |||||||||||||||||||||||||||||||||||||||
Treasury stock | — | — | — | — | (138,022) | (138,022) | — | (138,022) | |||||||||||||||||||||||||||||||||||||||
Retained earnings (accumulated deficit) | 4,573,374 | 42,577 | 1,161,334 | 1,413,142 | (6,697,321) | 493,106 | — | 493,106 | |||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | 40,953 | — | — | — | — | 40,953 | — | 40,953 | |||||||||||||||||||||||||||||||||||||||
Total Starwood Property Trust, Inc. Stockholders’ Equity | 6,349,724 | 642,989 | 795,412 | 1,024,946 | (2,740,535) | 6,072,536 | — | 6,072,536 | |||||||||||||||||||||||||||||||||||||||
Non-controlling interests in consolidated subsidiaries | 115 | — | 208,519 | 152,461 | — | 361,095 | 261 | 361,356 | |||||||||||||||||||||||||||||||||||||||
Total Permanent Equity | 6,349,839 | 642,989 | 1,003,931 | 1,177,407 | (2,740,535) | 6,433,631 | 261 | 6,433,892 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities and Equity | $ | 17,728,759 | $ | 2,283,032 | $ | 2,020,999 | $ | 1,950,855 | $ | 135,073 | $ | 24,118,718 | $ | 59,731,679 | $ | 83,850,397 |
Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost | Capitalized | Gross Amounts Carried at | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Type / | to Company | Subsequent to | December 31, 2022 | Accumulated | Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Location | Encumbrances | Land | Property | Acquisition(1) | Land | Property | Total | Depreciation(3) | Date | |||||||||||||||||||||||||||||||||||||||||||||||
Aggregated Properties | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel - U.S., Midwest (1 property) | $ | — | $ | — | $ | 5,565 | $ | 1,434 | $ | — | $ | 6,999 | $ | 6,999 | $ | (4,062) | Feb-18 | |||||||||||||||||||||||||||||||||||||||
Medical office - U.S., Midwest (7 properties) | 78,048 | 2,764 | 97,797 | 4,911 | 2,764 | 102,708 | 105,472 | (18,904) | Dec-16 | |||||||||||||||||||||||||||||||||||||||||||||||
Medical office - U.S., North East (7 properties) | 191,661 | 11,283 | 176,996 | 178 | 11,283 | 177,174 | 188,457 | (32,425) | Dec-16 | |||||||||||||||||||||||||||||||||||||||||||||||
Medical office - U.S., South East (6 properties) | 107,252 | 7,930 | 117,678 | 948 | 7,930 | 118,626 | 126,556 | (22,712) | Dec-16 | |||||||||||||||||||||||||||||||||||||||||||||||
Medical office - U.S., South West (8 properties) | 125,345 | 15,921 | 126,842 | 2,860 | 15,921 | 129,702 | 145,623 | (26,129) | Dec-16 | |||||||||||||||||||||||||||||||||||||||||||||||
Medical office - U.S., West (6 properties) | 97,694 | 13,415 | 107,845 | 1,727 | 13,415 | 109,572 | 122,987 | (23,518) | Dec-16 | |||||||||||||||||||||||||||||||||||||||||||||||
Mixed Use - U.S., West (1 property) | 8,667 | 1,003 | 14,323 | 1,341 | 1,002 | 15,664 | 16,666 | (3,086) | Feb-16 | |||||||||||||||||||||||||||||||||||||||||||||||
Multifamily - U.S., South East (1 property) | 11,385 | 1,284 | 7,189 | 727 | 1,284 | 7,916 | 9,200 | (1,381) | Aug-19 | |||||||||||||||||||||||||||||||||||||||||||||||
Office - U.S., North East (1 property) | 18,611 | 7,250 | 10,614 | 8,618 | 7,250 | 19,232 | 26,482 | (5,975) | May-18 | |||||||||||||||||||||||||||||||||||||||||||||||
Office - U.S., South West (1 property) | 87,750 | 32,867 | 79,661 | — | 32,867 | 79,661 | 112,528 | (2,915) | May-22 | |||||||||||||||||||||||||||||||||||||||||||||||
Office - U.S., West (2 properties) | 116,637 | 65,363 | 183,731 | 8,507 | 65,363 | 192,238 | 257,601 | (5,647) | Oct-17 to Dec-22 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail - U.S., Mid Atlantic (1 property) | 24,634 | 6,432 | 6,315 | 18,468 | 6,432 | 24,783 | 31,215 | (6,084) | Mar-16 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail - U.S., Midwest (7 properties) | 78,939 | 24,384 | 109,445 | 1,423 | 24,384 | 110,868 | 135,252 | (21,455) | Nov-15 to Sep-17 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail - U.S., North East (1 property) | 11,218 | 472 | 12,260 | 657 | 472 | 12,917 | 13,389 | (3,292) | Nov-15 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail - U.S., South East (4 properties) | 42,200 | 19,995 | 59,949 | — | 19,995 | 59,949 | 79,944 | (9,309) | Sep-17 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail - U.S., South West (6 properties) | 75,692 | 37,254 | 78,579 | 816 | 37,254 | 79,397 | 116,651 | (15,932) | Oct-14 to Sep-17 | |||||||||||||||||||||||||||||||||||||||||||||||
Retail - U.S., West (2 properties) | 33,000 | 18,633 | 36,794 | — | 18,633 | 36,794 | 55,427 | (6,683) | Sep-17 | |||||||||||||||||||||||||||||||||||||||||||||||
Industrial - U.S., South East (1 property) | — | 813 | — | — | 813 | — | 813 | — | Mar-19 | |||||||||||||||||||||||||||||||||||||||||||||||
Residential - U.S., North East (1 property) | — | — | 104,088 | 4,145 | — | 108,233 | 108,233 | — | Oct-20 to Apr-21 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,108,733 | $ | 267,063 | $ | 1,335,671 | $ | 56,760 | $ | 267,062 | $ | 1,392,433 | $ | 1,659,495 | (2) | $ | (209,509) |
2022 | 2021 | 2020 | ||||||||||||||||||
Beginning balance, January 1 | $ | 1,347,844 | $ | 2,573,296 | $ | 2,490,630 | ||||||||||||||
Additions during the year: | ||||||||||||||||||||
Acquisitions through foreclosure and other transfers | 357,360 | 28,843 | 75,245 | |||||||||||||||||
Improvements | 20,931 | 24,390 | 25,164 | |||||||||||||||||
Contingent consideration issued | — | — | 1,576 | |||||||||||||||||
Total additions | 378,291 | 53,233 | 101,985 | |||||||||||||||||
Deductions during the year: | ||||||||||||||||||||
Costs of real estate sold | (66,578) | (55,945) | (19,319) | |||||||||||||||||
Reclassification of multifamily properties (1) | — | (1,222,740) | — | |||||||||||||||||
Other | (62) | — | — | |||||||||||||||||
Total deductions | (66,640) | (1,278,685) | (19,319) | |||||||||||||||||
Ending balance, December 31 | $ | 1,659,495 | $ | 1,347,844 | $ | 2,573,296 |
2022 | 2021 | 2020 | ||||||||||||||||||
Beginning balance, January 1 | $ | 181,457 | $ | 302,143 | $ | 224,190 | ||||||||||||||
Depreciation expense | 40,006 | 72,299 | 81,610 | |||||||||||||||||
Reclassification of multifamily properties (1) | — | (186,716) | — | |||||||||||||||||
Disposition/write-offs | (11,954) | (6,269) | (3,657) | |||||||||||||||||
Ending balance, December 31 | $ | 209,509 | $ | 181,457 | $ | 302,143 |
Principal | |||||||||||||||||||||||||||||||||||||||||
Amount of | |||||||||||||||||||||||||||||||||||||||||
Prior | Face | Carrying | Payment | Maturity | Delinquent | ||||||||||||||||||||||||||||||||||||
Description/Location | Liens (1) | Amount (1) | Amount | Interest Rate (2) | Terms (1) | Date (3) | Loans | ||||||||||||||||||||||||||||||||||
Individually Significant Mortgage Loans | |||||||||||||||||||||||||||||||||||||||||
Other, Various, Australia (1 mortgage) | None | 938,150 | 926,595 | 3BBSY+4.75% | I/O | 6/30/2027 | — | ||||||||||||||||||||||||||||||||||
Aggregated First Mortgages: (4) | |||||||||||||||||||||||||||||||||||||||||
Hotel, International, Floating (2 mortgages) | N/A | N/A | 93,205 | 3EUR+4.50% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Hotel, International, Floating (4 mortgages) | N/A | N/A | 57,400 | L+3.00% to 9.00% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Hotel, International, Floating (3 mortgages) | N/A | N/A | 61,195 | SARON+4.75% | N/A | 2026 | — | ||||||||||||||||||||||||||||||||||
Hotel, Mid Atlantic, Floating (5 mortgages) | N/A | N/A | 111,835 | SOFR+2.10% to 6.90% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Hotel, Midwest, Floating (4 mortgages) | N/A | N/A | 53,482 | L+2.25% to 8.63% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Hotel, North East, Floating (4 mortgages) | N/A | N/A | 234,928 | L+3.00% to 10.00% | N/A | 2023-2024 | — | ||||||||||||||||||||||||||||||||||
Hotel, North East, Floating (2 mortgages) | N/A | N/A | 77,036 | SOFR+2.50% to 8.50% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Hotel, South East, Floating (10 mortgages) | N/A | N/A | 169,243 | L+2.50% to 13.27% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Hotel, South East, Floating (12 mortgages) | N/A | N/A | 62,718 | SOFR+2.50% to 7.50% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Hotel, South West, Floating (12 mortgages) | N/A | N/A | 80,993 | L+2.00% to 7.67% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Hotel, South West, Floating (8 mortgages) | N/A | N/A | 98,317 | SOFR+2.10% to 5.85% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Hotel, Various, Floating (4 mortgages) | N/A | N/A | 229,233 | L+3.75% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Hotel, Various, Floating (10 mortgages) | N/A | N/A | 328,676 | SOFR+4.00% to 10.25% | N/A | 2024-2025 | — | ||||||||||||||||||||||||||||||||||
Hotel, West, Floating (19 mortgages) | N/A | N/A | 350,875 | L+2.00% to 9.50% | N/A | 2022-2024 | 37,763 | ||||||||||||||||||||||||||||||||||
Industrial, International, Floating (12 mortgages) | N/A | N/A | 135,307 | 3BBSY+3.00% to 3.55% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Industrial, International, Floating (10 mortgages) | N/A | N/A | 190,187 | 3EUR+2.25% to 11.00% | N/A | 2023-2024 | — | ||||||||||||||||||||||||||||||||||
Industrial, International, Floating (2 mortgages) | N/A | N/A | 79,366 | SONIA ON+2.27% to 4.50% | N/A | 2023-2024 | — | ||||||||||||||||||||||||||||||||||
Industrial, North East, Floating (5 mortgages) | N/A | N/A | 275,352 | L+2.40% to 7.25% | N/A | 2024-2025 | — | ||||||||||||||||||||||||||||||||||
Industrial, North East, Floating (8 mortgages) | N/A | N/A | 158,280 | SOFR+4.20% to 8.00% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Industrial, South East, Fixed (4 mortgages) | N/A | N/A | 32,996 | 8.18% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Industrial, West, Floating (4 mortgages) | N/A | N/A | 91,009 | L+1.75% to 7.50% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Industrial, West, Floating (2 mortgages) | N/A | N/A | 25,625 | SOFR+6.00% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Mixed Use, International, Fixed (2 mortgages) | N/A | N/A | 36,851 | 8.50% to 10.00% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Mixed Use, International, Floating (2 mortgages) | N/A | N/A | 98,358 | 3EUR+4.65% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Mixed Use, International, Floating (2 mortgages) | N/A | N/A | 672,802 | SONIA ON+4.03% to 5.40% | N/A | 2023-2025 | — | ||||||||||||||||||||||||||||||||||
Mixed Use, Mid Atlantic, Floating (1 mortgage) | N/A | N/A | 242,622 | L+3.15% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Mixed Use, South East, Floating (12 mortgages) | N/A | N/A | 143,860 | SOFR+2.35% to 11.24% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Mixed Use, South West, Floating (18 mortgages) | N/A | N/A | 324,273 | L+2.75% to 11.50% | N/A | 2023-2024 | — | ||||||||||||||||||||||||||||||||||
Multi-family, International, Floating (1 mortgage) | N/A | N/A | 20,997 | 1BBSY+3.75% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Multi-family, International, Floating (1 mortgage) | N/A | N/A | 151,307 | 3BBSY+3.95% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Multi-family, International, Floating (8 mortgages) | N/A | N/A | 666,385 | SONIA ON+2.76% to 4.07% | N/A | 2024-2027 | — | ||||||||||||||||||||||||||||||||||
Multi-family, Mid Atlantic, Floating (10 mortgages) | N/A | N/A | 232,714 | L+1.75% to 7.75% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Multi-family, Mid Atlantic, Floating (6 mortgages) | N/A | N/A | 144,097 | SOFR+2.25% to 9.00% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Multi-family, Midwest, Fixed (1 mortgage) | N/A | N/A | 377 | 6.28% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Multi-family, Midwest, Floating (4 mortgages) | N/A | N/A | 76,428 | L+2.75% to 9.75% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Multi-family, North East, Floating (14 mortgages) | N/A | N/A | 516,067 | L+2.50% to 10.25% | N/A | 2023-2024 | — | ||||||||||||||||||||||||||||||||||
Multi-family, North East, Floating (10 mortgages) | N/A | N/A | 81,917 | SOFR+2.95% to 10.85% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Multi-family, South East, Floating (52 mortgages) | N/A | N/A | 1,326,606 | SOFR+1.75% to 16.50% | N/A | 2023-2025 | — | ||||||||||||||||||||||||||||||||||
Multi-family, South West, Floating(24 mortgages) | N/A | N/A | 395,500 | L+2.75% to 4.25% | N/A | 2024-2025 | — | ||||||||||||||||||||||||||||||||||
Multi-family, South West, Floating (77 mortgages) | N/A | N/A | 1,229,553 | SOFR+1.75% to 16.50% | N/A | 2023-2026 | — | ||||||||||||||||||||||||||||||||||
Multi-family, West, Floating (8 mortgages) | N/A | N/A | 278,714 | L+2.50% to 8.75% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Multi-family, West, Floating (20 mortgages) | N/A | N/A | 344,774 | SOFR+2.60% to 9.10% | N/A | 2024-2025 | — | ||||||||||||||||||||||||||||||||||
Office, International, Floating (3 mortgages) | N/A | N/A | 220,423 | 3EUR+2.75% to 7.50% | N/A | 2024-2027 | — | ||||||||||||||||||||||||||||||||||
Office, International, Floating (2 mortgages) | N/A | N/A | 127,636 | EUR+6.00% to 7.80% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Office, International, Floating (8 mortgages) | N/A | N/A | 541,787 | SONIA ON+3.55% to 4.37% | N/A | 2023-2025 | — | ||||||||||||||||||||||||||||||||||
Office, Mid Atlantic, Floating (26 mortgages) | N/A | N/A | 414,708 | L+2.00% to 7.00% | N/A | 2023-2024 | — | ||||||||||||||||||||||||||||||||||
Office, Mid Atlantic, Floating (21 mortgages) | N/A | N/A | 372,807 | SOFR+2.60% to 7.60% | N/A | 2023-2025 | — | ||||||||||||||||||||||||||||||||||
Office, Midwest, Floating (8 mortgages) | N/A | N/A | 52,968 | L+1.75% to 9.75% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Office, Midwest, Floating (9 mortgages) | N/A | N/A | 88,116 | SOFR+2.90% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Office, North East, Floating (15 mortgages) | N/A | N/A | 320,620 | L+2.80% to 10.25% | N/A | 2023-2024 | — |
Principal | |||||||||||||||||||||||||||||||||||||||||
Amount of | |||||||||||||||||||||||||||||||||||||||||
Prior | Face | Carrying | Payment | Maturity | Delinquent | ||||||||||||||||||||||||||||||||||||
Description/Location | Liens (1) | Amount (1) | Amount | Interest Rate (2) | Terms (1) | Date (3) | Loans | ||||||||||||||||||||||||||||||||||
Office, North East, Floating (23 mortgages ) | N/A | N/A | 386,584 | SOFR+2.70% to 8.70% | N/A | 2024-2025 | — | ||||||||||||||||||||||||||||||||||
Office, South East, Fixed (2 mortgages) | N/A | N/A | 49,325 | 5.00% to 12.00% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Office, South East, Floating (16 mortgages) | N/A | N/A | 321,869 | L+1.65% to 10.40% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Office, South West, Floating (16 mortgages) | N/A | N/A | 251,767 | L+2.00% to 8.00% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Office, South West, Floating (10 mortgages) | N/A | N/A | 201,598 | SOFR+2.10% to 8.35% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Office, West, Floating (36 mortgages) | N/A | N/A | 338,947 | L+2.00% to 6.00% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Other, International, Floating (1 mortgage) | N/A | N/A | 301,285 | SONIA ON+4.40% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Other, Midwest, Floating (4 mortgages) | N/A | N/A | 59,975 | L+4.50% to 11.17% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Other, North East, Floating (4 mortgages) | N/A | N/A | 46,852 | SOFR+3.85% to 10.73% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Other, Northeast, Fixed (1 mortgage) | N/A | N/A | 9,200 | 4.09% | N/A | 2026 | 9,200 | ||||||||||||||||||||||||||||||||||
Residential, North East, Floating (3 mortgages) | N/A | N/A | 171,018 | SOFR+4.10% | N/A | 2026 | — | ||||||||||||||||||||||||||||||||||
Residential, South East, Floating (2 mortgages) | N/A | N/A | 48,194 | L+4.75% to 10.56% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Residential, South East, Floating (4 mortgages) | N/A | N/A | 16,377 | SOFR+5.80% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Residential, West, Floating (4 mortgages) | N/A | N/A | 61,828 | L+3.81% to 8.60% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Retail, Midwest, Floating (4 mortgages) | N/A | N/A | 41,635 | L+2.75% to 10.75% | N/A | 2022 | 41,635 | ||||||||||||||||||||||||||||||||||
Retail, North East, Floating (3 mortgages) | N/A | N/A | 207,486 | SOFR+9.00% | N/A | 2026 | — | ||||||||||||||||||||||||||||||||||
Loans Held-for-Sale, Various, Fixed | N/A | N/A | 2,784,594 | 2.80% to 9.30% | N/A | 2028-2062 | 33,006 | ||||||||||||||||||||||||||||||||||
Aggregated Subordinated and Mezzanine Loans: (4) | |||||||||||||||||||||||||||||||||||||||||
Hotel, South East, Floating (2 mortgages) | N/A | N/A | 53,000 | L+6.85% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Hotel, South East, Floating (1 mortgage) | N/A | N/A | 37,278 | SOFR+9.47% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Hotel, West, Floating (1 mortgage) | N/A | N/A | 15,316 | L+10.98% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Industrial, South East, Fixed (1 mortgage) | N/A | N/A | 3,476 | 8.18% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Industrial, South East, Floating (1 mortgage) | N/A | N/A | 1,945 | SOFR+9.43% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Industrial, South West, Floating (2 mortgages) | N/A | N/A | 2,275 | SOFR+10.15% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Industrial, West, Floating (2 mortgages) | N/A | N/A | 12,042 | SOFR+11.40% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Mixed Use, International, Floating (1 mortgage) | N/A | N/A | 9,404 | 3EUR+7.25% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Mixed Use, South West, Floating (1 mortgage) | N/A | N/A | 109,423 | SOFR+12.84% | N/A | 2022 | 109,423 | ||||||||||||||||||||||||||||||||||
Multi-family, North East, Floating (2 mortgages) | N/A | N/A | 53,829 | L+4.50% to 4.65% | N/A | 2023-2024 | — | ||||||||||||||||||||||||||||||||||
Multi-family, North East, Floating (1 mortgage) | N/A | N/A | 33,832 | SOFR+13.75% | N/A | 2025 | — | ||||||||||||||||||||||||||||||||||
Office, International, Floating (5 mortgages) | N/A | N/A | 36,278 | 3EUR+7.00% to 8.95% | N/A | 2024-2025 | — | ||||||||||||||||||||||||||||||||||
Office, North East, Fixed (2 mortgages) | N/A | N/A | 36,319 | 8.72% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Office, West, Floating (2 mortgages) | N/A | N/A | 79,247 | L+6.24% | N/A | 2024 | — | ||||||||||||||||||||||||||||||||||
Office, West, Floating (2 mortgages) | N/A | N/A | 28,219 | SOFR+6.77% | N/A | 2023 | — | ||||||||||||||||||||||||||||||||||
Retail, Midwest, Fixed (1 mortgage) | N/A | N/A | 4,925 | 7.16% | N/A | 2024 | 4,925 | ||||||||||||||||||||||||||||||||||
Loan Loss Allowance | — | — | (88,801) | — | |||||||||||||||||||||||||||||||||||||
Prepaid Loan Costs, Net | — | — | 1,047 | — | |||||||||||||||||||||||||||||||||||||
$ | 18,774,708 | (5) | $ | 235,952 |
For the year ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Balance at January 1 | $ | 16,368,799 | $ | 10,584,400 | $ | 9,890,693 | ||||||||||||||
Cumulative effect of ASC 326 effective January 1, 2020 | — | — | (10,112) | |||||||||||||||||
Acquisitions/originations/additional funding | 9,474,999 | 13,173,459 | 5,058,705 | |||||||||||||||||
Capitalized interest | 122,711 | 118,273 | 143,023 | |||||||||||||||||
Basis of loans sold | (4,226,727) | (4,139,166) | (3,246,515) | |||||||||||||||||
Loan maturities/principal repayments | (1,962,657) | (3,709,444) | (1,590,379) | |||||||||||||||||
Discount accretion/premium amortization | 52,334 | 51,816 | 38,942 | |||||||||||||||||
Changes in fair value | (346,222) | 69,050 | 133,124 | |||||||||||||||||
Foreign currency translation, net | (304,051) | (71,419) | 102,748 | |||||||||||||||||
Credit loss (provision) reversal, net | (42,201) | 7,947 | (40,955) | |||||||||||||||||
Loan foreclosure, equity control and conversion to equity interest | (273,929) | (36,308) | (71,488) | |||||||||||||||||
Transfer to/from other asset classifications or between segments | (88,348) | 320,191 | 176,614 | |||||||||||||||||
Balance at December 31 | $ | 18,774,708 | $ | 16,368,799 | $ | 10,584,400 |
Exhibit No. | Description | |||||||
10.11 | Starwood Property Trust, Inc. 2017 Manager Equity Plan (Incorporated by reference to Appendix A of the Company’s Definitive Proxy Statement on Schedule 14A filed March 31, 2017)* | |||||||
10.12 | Restricted Stock Unit Award Agreement (Starwood Property Trust, Inc. 2017 Manager Equity Plan) (Incorporated by reference to Exhibit 10.2 of the Company's Quarterly Report on Form 10-Q filed November 8, 2019)* | |||||||
10.13 | Starwood Property Trust, Inc. 2022 Manager Equity Plan (Incorporated by reference to Exhibit 10.2 of the Company s Quarterly Report on Form 10-Q filed May 4, 2022)* | |||||||
10.14 | ||||||||
10.15 | Starwood Property Trust, Inc. 2017 Equity Plan (Incorporated by reference to Appendix B of the Company’s Definitive Proxy Statement on Schedule 14A filed March 31, 2017)* | |||||||
10.16 | Form of Restricted Stock Award Agreement for Independent Directors (Starwood Property Trust, Inc. 2017 Equity Plan) (Incorporated by reference to Exhibit 10.3 of the Company's Quarterly Report on Form 10-Q filed November 8, 2019)* | |||||||
10.17 | Form of Restricted Stock Award Agreement (Starwood Property Trust, Inc. 2017 Equity Plan) (Incorporated by reference to Exhibit 10.7 of the Company's Quarterly Report on Form 10-Q filed May 8, 2019)* | |||||||
10.18 | Starwood Property Trust, Inc. 2022 Equity Plan (Incorporated by reference to Exhibit 10.3 of the Company's Quarterly Report on Form 10-Q filed May 4, 2022)* | |||||||
10.19 | Form of Restricted Stock Award Agreement for Independent Directors (Starwood Property Trust, Inc. 2022 Equity Plan)* | |||||||
10.20 | Form of Indemnification Agreement for Directors and Officers (Incorporated by reference to Exhibit 10.23 of the Company’s Annual Report on Form 10-K filed February 25, 2016)* | |||||||
10.21 | Tax Protection Agreement, dated as of December 28, 2017, among SPT Dolphin Intermediate LLC, SPT Dolphin Parent LLC and the persons listed on Annex A thereto (Incorporated by reference to Exhibit 10.17 of the Company’s Annual Report on Form 10-K filed February 28, 2018) | |||||||
21.1 | ||||||||
23.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
Exhibit No. | Description | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Starwood Property Trust, Inc. | ||||||||
Date: March 1, 2023 | ||||||||
By: | /s/ BARRY S. STERNLICHT | |||||||
Barry S. Sternlicht Chief Executive Officer and Chairman of the Board of Directors |
Date: March 1, 2023 | By: | /s/ BARRY S. STERNLICHT | ||||||
Barry S. Sternlicht Chief Executive Officer and Chairman of the Board of Directors (Principal Executive Officer) | ||||||||
Date: March 1, 2023 | By: | /s/ RINA PANIRY | ||||||
Rina Paniry Chief Financial Officer, Treasurer, Chief Accounting Officer and Principal Financial Officer | ||||||||
Date: March 1, 2023 | By: | /s/ RICHARD D. BRONSON | ||||||
Richard D. Bronson Director | ||||||||
Date: March 1, 2023 | By: | /s/ JEFFREY G. DISHNER | ||||||
Jeffrey G. Dishner Director | ||||||||
Date: March 1, 2023 | By: | /s/ CAMILLE J. DOUGLAS | ||||||
Camille J. Douglas Director | ||||||||
Date: March 1, 2023 | By: | /s/ SOLOMON J. KUMIN | ||||||
Solomon J. Kumin Director | ||||||||
Date: March 1, 2023 | By: | /s/ FRED PERPALL | ||||||
Fred Perpall Director | ||||||||
Date: March 1, 2023 | By: | /s/ FRED S. RIDLEY | ||||||
Fred S. Ridley Director | ||||||||
Date: March 1, 2023 | By: | /s/ STRAUSS ZELNICK | ||||||
Strauss Zelnick Director |
Subsidiary | Jurisdiction | ||||
10301 Jacksonville Office, LLC | Delaware | ||||
16th Street Partners, LLC | Florida | ||||
200 Lincoln Retail, LLC | Delaware | ||||
241 Norwood, LLC | Delaware | ||||
2102 Tallahassee Apartments, LLC | Delaware | ||||
2425 North Bergen Self Storage, LLC | Delaware | ||||
4021 Durham Office, LLC | Delaware | ||||
4900 Long Beach Office Intermediate, LLC | Delaware | ||||
4900 Long Beach Office, LLC | Delaware | ||||
5025 Plano Office, LLC | Delaware | ||||
5060 Loxahatchee Retail, LLC | Delaware | ||||
5175 Depew Retail Outparcel, LLC | Delaware | ||||
5175 Depew Retail, LLC | Delaware | ||||
6120 Peachtree Apartments, LLC | Delaware | ||||
6200 Raleigh Apartments, LLC | Delaware | ||||
629 Sierra Vista Retail, LLC | Delaware | ||||
6711 Glen Burnie Retail, LLC | Delaware | ||||
701 Seventh Intermediate LLC | Delaware | ||||
7047 Scottsdale Office, LLC | Delaware | ||||
787 Gresham Apartments, LLC | Delaware | ||||
823 Dayton Hotel Intermediate, LLC | Delaware | ||||
823 Dayton Hotel Owner, LLC | Delaware | ||||
823 Dayton Hotel Tenant, LLC | Delaware | ||||
900 Atlanta Office, LLC | Delaware | ||||
Archetype Holdings LLC | Delaware | ||||
Archetype Investment Management LLC | Delaware | ||||
Argentic H3 Holdings LLC | Delaware | ||||
Auction.com Holding Company , Inc. | Delaware | ||||
Bert L. Smokler, LLC | Delaware | ||||
Cherry Grove, Ltd. | Florida | ||||
Cypresswood Retail Partners, LLC | Delaware | ||||
DCA Homes, LLC | Florida | ||||
DCA Management, LLC | Florida | ||||
Diesel Ltd. | Bermuda | ||||
Diesel Mortgage Investments, LLC | Delaware | ||||
DSHI Opco LLC | Delaware | ||||
IMC Retail, LLC | Delaware | ||||
Island C-III Holdings II, LLC | Delaware | ||||
Island C-III Holdings, LLC | Delaware | ||||
Kentwood Apartments LP | Michigan |
Subsidiary | Jurisdiction | ||||
LEI Euro Holdings S.à.r.l. | Luxembourg | ||||
Leisure Colony Management LLC | Florida | ||||
Leisure Communities Management, LLC | Florida | ||||
LNR ADC Ventures LLC | Florida | ||||
LNR AFIS Asset Services LLC | Delaware | ||||
LNR AFIS Holding I LLC | Delaware | ||||
LNR AFIS Holding II LLC | Delaware | ||||
LNR AFIS Holding III LLC | Delaware | ||||
LNR AFIS Holdings LLC | Delaware | ||||
LNR AFIS Investments LLC | Delaware | ||||
LNR Alabama Partners, LLC | Delaware | ||||
LNR California Partners, LLC | California | ||||
LNR Capital Services, LLC | Florida | ||||
LNR CCR, LLC | Delaware | ||||
LNR CCR Advisor, LLC | Delaware | ||||
LNR CDO 2002-1 Ltd. | Cayman Islands | ||||
LNR CDO 2002-1, LLC | Delaware | ||||
LNR CDO 2003-1 Ltd. | Cayman Islands | ||||
LNR CDO 2003-1, LLC | Delaware | ||||
LNR CDO Depositor, LLC | Delaware | ||||
LNR CDO III Ltd. | Cayman Islands | ||||
LNR CDO III, LLC | Delaware | ||||
LNR CDO IV Ltd. | Cayman Islands | ||||
LNR CDO IV, LLC | Delaware | ||||
LNR CDO V LLC | Delaware | ||||
LNR CDO V Ltd. | Cayman Islands | ||||
LNR Dakota Partners, LLC | North Dakota | ||||
LNR DSHI Legacy, LLC | Florida | ||||
LNR Illinois Partners, LLC | Illinois | ||||
LNR Madison Square, LLC | Delaware | ||||
LNR Massachusetts Partners, LLC | Massachusetts | ||||
LNR New Jersey Partners, LLC | New Jersey | ||||
LNR Partners California Manager, LLC | California | ||||
LNR Partners Europa Associates Management, LLC | Florida | ||||
LNR Partners Parent, LLC | Delaware | ||||
LNR Partners, LLC | Florida | ||||
LNR Property LLC | Delaware | ||||
LNR Property Payroll LLC | Florida | ||||
LNR REFSG Holdings, LLC | Florida | ||||
LNR REFSG Investments, LLC | Delaware |
Subsidiary | Jurisdiction | ||||
LNR Retail Corners Manager, LLC | Delaware | ||||
LNR Securities CDO Legacy, LLC | Delaware | ||||
LNR Securities Equity, LLC | Delaware | ||||
LNR Securities Holdings II, LLC | Delaware | ||||
LNR Securities Holdings III, LLC | Delaware | ||||
LNR Securities Holdings IV, LLC | Delaware | ||||
LNR Securities Holdings V, LLC | Delaware | ||||
LNR Securities Holdings, LLC | Delaware | ||||
LNR Securities Preferred, LLC | Delaware | ||||
LNR Securities Reliance VI, LLC | Delaware | ||||
LNR Securities Reliance, LLC | Delaware | ||||
LNR Texas Partners, LLC | Texas | ||||
LNR Utah Partners, LLC | Utah | ||||
Lutz/Gordon | Michigan | ||||
Madison Square 2004-1 Corp. | Delaware | ||||
Madison Square 2004-1 Ltd. | Cayman Islands | ||||
Madison Square Company LLC | Delaware | ||||
Madison Square Mortgage Securities, LLC | Delaware | ||||
Market Street SF Hotel Holdings, LLC | Delaware | ||||
MMP 5555 San Felipe, LLC | Delaware | ||||
MRF Sub 1, LLC | Delaware | ||||
MRF Trust I | Delaware | ||||
Museum Building Holdings, LLC | Delaware | ||||
North Troy Timberland Office II, LLC | Delaware | ||||
North Troy Timberland Office III, LLC | Delaware | ||||
North Troy Timberland Office IV, LLC | Delaware | ||||
Novare National Settlement Service of Alabama, LLC | Alabama | ||||
Novare National Settlement Service, LLC | Delaware | ||||
Novare Settlement Holdings, LLC | Delaware | ||||
Pines Self Storage Associates, Ltd. | Florida | ||||
Plaza Vista Outparcel, LLC | Delaware | ||||
Woodstar Portfolio Holdings, LLC | Delaware | ||||
SGH Holdco LLC | Delaware | ||||
SID Offshore Feeder GP, LLC | Delaware | ||||
SID Onshore Feeder GP, LLC | Delaware | ||||
SID Ontario Investor, L.P. | Ontario | ||||
SID U.S. Investor, L.P. | Delaware | ||||
SID-A Fund GP Holdco, L.P. | Ontario | ||||
SID-A Fund GP, L.P. | Delaware | ||||
SID-A Fund, L.P. | Delaware |
Subsidiary | Jurisdiction | ||||
SID-O Fund GP Holdco, LLC | Delaware | ||||
SID-O Fund GP, L.P. | Delaware | ||||
SID-O Fund, L.P. | Delaware | ||||
SID-RE Fund, L.P. | Delaware | ||||
SID-RE GP, L.P. | Delaware | ||||
SMRF Depositor, LLC | Delaware | ||||
SMRF Servicing Administrator, LLC | Delaware | ||||
SMRF TRS, LLC | Delaware | ||||
SMRF Trust Holdings II, LLC | Delaware | ||||
SMRF Trust Holdings II-A, LLC | Delaware | ||||
SMRF Trust Holdings IV, LLC | Delaware | ||||
SMRF Trust Holdings IV-A, LLC | Delaware | ||||
SMRF Trust Holdings V, LLC | Delaware | ||||
SMRF Trust Holdings V-A, LLC | Delaware | ||||
SMRF Trust Holdings VI, LLC | Delaware | ||||
SMRF Trust Holdings VI-A, LLC | Delaware | ||||
SMRF Trust Holdings VII, LLC | Delaware | ||||
SMRF Trust Holdings VII-A, LLC | Delaware | ||||
SMRF Trust I | Delaware | ||||
SMRF Trust I-A | Delaware | ||||
SMRF Trust II | Delaware | ||||
SMRF Trust II-A | Delaware | ||||
SMRF Trust III-A | Delaware | ||||
SMRF Trust IV | Delaware | ||||
SMRF Trust IV-A | Delaware | ||||
SMRF Trust V | Delaware | ||||
SMRF Trust V-A | Delaware | ||||
SMRF Trust VI | Delaware | ||||
SMRF Trust VI-A | Delaware | ||||
SMRF Trust VII | Delaware | ||||
SMRF Trust VII-A | Delaware | ||||
SPT 701 Lender, L.L.C. | Delaware | ||||
SPT Acquisitions Holdco, LLC | Delaware | ||||
SPT Acquisitions Sub-1, LLC | Delaware | ||||
SPT Acquisitions Sub-1-A, LLC | Delaware | ||||
SPT Atlanta Partner, LLC | Delaware | ||||
SPT Bordentown Partner, LLC | Delaware | ||||
SPT CA Fundings 2, LLC | Delaware | ||||
SPT CA Fundings, LLC | Delaware | ||||
SPT CB Holdings, LLC | Delaware |
Subsidiary | Jurisdiction | ||||
SPT Cedar Parent, LLC | Delaware | ||||
SPT Chatsworth Holdings, L.L.C. | Delaware | ||||
SPT CLO Sub-REIT SH TRS Holdings, LLC | Delaware | ||||
SPT CLO Sub-REIT SH, LLC | Delaware | ||||
SPT CRE Property Holdings 2015, LLC | Delaware | ||||
SPT Dolphin Avalon Reserve LLC | Delaware | ||||
SPT Dolphin Buena Vista I LLC | Delaware | ||||
SPT Dolphin Buena Vista II LLC | Delaware | ||||
SPT Dolphin Camellia Pointe LLC | Delaware | ||||
SPT Dolphin Congress Park LLC | Delaware | ||||
SPT Dolphin Cyprus Point LLC | Delaware | ||||
SPT Dolphin Glen Oaks LLC | Delaware | ||||
SPT Dolphin Hickory Pointe LLC | Delaware | ||||
SPT Dolphin Hidden Creek LLC | Delaware | ||||
SPT Dolphin Holdings LLC | Delaware | ||||
SPT Dolphin Holdings Parent LLC | Delaware | ||||
SPT Dolphin Homestead Colony LLC | Delaware | ||||
SPT Dolphin ICB LLC | Delaware | ||||
SPT Dolphin Intermediate LLC | Delaware | ||||
SPT Dolphin Madison Chase LLC | Delaware | ||||
SPT Dolphin Madison Commons LLC | Delaware | ||||
SPT Dolphin Magnolia Pointe LLC | Delaware | ||||
SPT Dolphin Mariners Cove LLC | Delaware | ||||
SPT Dolphin Metro Place I LLC | Delaware | ||||
SPT Dolphin Metro Place II LLC | Delaware | ||||
SPT Dolphin Osprey Ridge LLC | Delaware | ||||
SPT Dolphin Palmetto Trace LLC | Delaware | ||||
SPT Dolphin Parent LLC | Vermont | ||||
SPT Dolphin Park Avenue LLC | Delaware | ||||
SPT Dolphin Pointe Vista I LLC | Delaware | ||||
SPT Dolphin Pointe Vista II LLC | Delaware | ||||
SPT Dolphin Providence Reserve LLC | Delaware | ||||
SPT Dolphin Sand Lake LLC | Delaware | ||||
SPT Dolphin Spring Harbor LLC | Delaware | ||||
SPT Dolphin Waterford Pointe LLC | Delaware | ||||
SPT Dolphin West Pointe LLC | Delaware | ||||
SPT Dolphin Whistlers Cove LLC | Delaware | ||||
SPT FDS Troy JV, LLC | Delaware | ||||
SPT Friedman Sierra Vista JV, LLC | Delaware | ||||
SPT Friedman Sierra Vista JV, LLC | Delaware |
Subsidiary | Jurisdiction | ||||
SPT Glen Burnie Partner, LLC | Delaware | ||||
SPT Glen Burnie Partner, LLC | Delaware | ||||
SPT Goodman Bordentown JV, LLC | Delaware | ||||
SPT Goodman Bordentown JV, LLC | Delaware | ||||
SPT Goodman Glen Burnie JV, LLC | Delaware | ||||
SPT Goodman Glen Burnie JV, LLC | Delaware | ||||
SPT HD Holdings, Ltd. | Delaware | ||||
SPT HD Holdings, LLC | Delaware | ||||
SPT IMC Partner, LLC | Delaware | ||||
SPT IMC Partner, LLC | Delaware | ||||
SPT Infrastructure CLO Equity Parent, LLC | Delaware | ||||
SPT Infrastructure CLO Retention Holder, LLC | Delaware | ||||
SPT Infrastructure CLO Seller, LLC | Delaware | ||||
SPT Infrastructure Finance Domestic TRS, LLC | Delaware | ||||
SPT Infrastructure Finance Holdings, LLC | Delaware | ||||
SPT Infrastructure Finance Offshore TRS, Ltd. | Cayman Islands | ||||
SPT Infrastructure Finance Offshore TRS, Ltd. | Jersey | ||||
SPT Infrastructure Finance Servicer, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-1 CB, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-1, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-2, Ltd. | Cayman Islands | ||||
SPT Infrastructure Finance Sub-3 CB, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-3, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-4 (DT) CB, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-4 (DT), LLC | Delaware | ||||
SPT Infrastructure Finance Sub-4 (OT) CB, Ltd. | Cayman Islands | ||||
SPT Infrastructure Finance Sub-4 (OT), Ltd. | Cayman Islands | ||||
SPT Infrastructure Finance Sub-4 CB, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-4, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-5 (DT) CB, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-5 (DT), LLC | Delaware | ||||
SPT Infrastructure Finance Sub-5 (OT) CB, Ltd. | Jersey | ||||
SPT Infrastructure Finance Sub-5 (OT), Ltd. | Jersey | ||||
SPT Infrastructure Finance Sub-5 CB, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-5, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-6 (DT) CB, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-6 (DT) CB, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-6 (DT), LLC | Delaware | ||||
SPT Infrastructure Finance Sub-6 (OT) CB, Ltd. | Cayman Islands | ||||
SPT Infrastructure Finance Sub-6 (OT), Ltd. | Cayman Islands |
Subsidiary | Jurisdiction | ||||
SPT Infrastructure Finance Sub-6 CB, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-6 CB, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-6, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-7, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-7 (DT), LLC | Delaware | ||||
SPT Infrastructure Finance Sub-7 CB, LLC | Delaware | ||||
SPT Infrastructure Finance Sub-7 (DT) CB, LLC | Delaware | ||||
SPT Infrastructure Finance, LLC | Delaware | ||||
Woodstar Portfolio SPT Member, LLC | Delaware | ||||
SPT Ivey 1 Rykowski MOB LLC | Delaware | ||||
SPT Ivey 109 Rykowski MOB LLC | Delaware | ||||
SPT Ivey 155 Crystal Run MOB LLC | Delaware | ||||
SPT Ivey 300 Crystal Run MOB LLC | Delaware | ||||
SPT Ivey 61 Emerald MOB LLC | Delaware | ||||
SPT Ivey 8220 Naab Rd MOB LLC | Delaware | ||||
SPT Ivey 8260 Naab Rd MOB LLC | Delaware | ||||
SPT Ivey 95 Crystal Run MOB LLC | Delaware | ||||
SPT Ivey Abilene MOB LLC | Delaware | ||||
SPT Ivey Amarillo MOB LLC | Delaware | ||||
SPT Ivey Boynton MOB LLC | Delaware | ||||
SPT Ivey Brentwood CA MOB LLC | Delaware | ||||
SPT Ivey Brownsburg MOB LLC | Delaware | ||||
SPT Ivey Dowell Springs MOB LLC | Delaware | ||||
SPT Ivey Eagle Carson City MOB LLC | Delaware | ||||
SPT Ivey El Paso MOB LLC | Delaware | ||||
SPT Ivey Frisco MOB LLC | Delaware | ||||
SPT Ivey Greeley Cottonwood MOB LLC | Delaware | ||||
SPT Ivey Greeley MOB LLC | Delaware | ||||
SPT Ivey Hendersonville MOB LLC | Delaware | ||||
SPT Ivey Holdings 2, LLC | Delaware | ||||
SPT Ivey Holdings Parent, LLC | Delaware | ||||
SPT Ivey Holdings, LLC | Delaware | ||||
SPT Ivey Intermediate LLC | Delaware | ||||
SPT Ivey Jersey City MOB LLC | Delaware | ||||
SPT Ivey Johns Creek GA MOB LLC | Delaware | ||||
SPT Ivey Parent LLC | Delaware | ||||
SPT Ivey Rockwall MOB II LLC | Delaware | ||||
SPT Ivey Rockwall MOB LLC | Delaware | ||||
SPT Ivey Santa Rosa MOB LLC | Delaware | ||||
SPT Ivey Shenandoah TX MOB LLC | Delaware |
Subsidiary | Jurisdiction | ||||
SPT Ivey St. Francis Lafayette MOB I LLC | Delaware | ||||
SPT Ivey St. Francis Lafayette MOB II LLC | Delaware | ||||
SPT Ivey St. Petersburg MOB LLC | Delaware | ||||
SPT Ivey Sub-Manager, LLC | Delaware | ||||
SPT Ivey Sylva MOB LLC | Delaware | ||||
SPT Ivey Tempe MOB Intermediate LLC | Delaware | ||||
SPT Ivey Tempe MOB LLC | Delaware | ||||
SPT Ivey Treeline San Antonio MOB LLC | Delaware | ||||
SPT Ivey Urbana MOB LLC | Delaware | ||||
SPT Jacksonville Partner, LLC | Delaware | ||||
SPT Jacksonville Partner, LLC | Delaware | ||||
SPT LMC Holdings, LLC | Delaware | ||||
SPT LNR CDO Cayman Ltd. | Cayman Islands | ||||
SPT LNR Property Sub, LLC | Delaware | ||||
SPT LNR Property TRS, LLC | Delaware | ||||
SPT LNR Property, LLC | Delaware | ||||
SPT LNR Securities Holdings Parent, LLC | Delaware | ||||
SPT Marathon Holdings, LLC | Delaware | ||||
SPT Operations 2, LLC | Delaware | ||||
SPT Parmenter Atlanta JV, LLC | Delaware | ||||
SPT Parmenter Atlanta JV, LLC | Delaware | ||||
SPT Parmenter Jacksonville JV, LLC | Delaware | ||||
SPT Parmenter Jacksonville JV, LLC | Delaware | ||||
SPT Peachtree Partner, LLC | Delaware | ||||
SPT Prairie 1 CB Drive, LLC | Delaware | ||||
SPT Prairie 1000 CB Drive, LLC | Delaware | ||||
SPT Prairie 10501 Palm River Road, LLC | Delaware | ||||
SPT Prairie 10670 CB Drive, LLC | Delaware | ||||
SPT Prairie 110 CB Blvd. East, LLC | Delaware | ||||
SPT Prairie 17907 IH-10 West, LLC | Delaware | ||||
SPT Prairie 200 BP Drive, LLC | Delaware | ||||
SPT Prairie 20200 Rogers Drive, LLC | Delaware | ||||
SPT Prairie 210 Demers Avenue, LLC | Delaware | ||||
SPT Prairie 2250 Gatlin Blvd., LLC | Delaware | ||||
SPT Prairie 2427 N. Greenwich Road, LLC | Delaware | ||||
SPT Prairie 2502 W. CB Drive, LLC | Delaware | ||||
SPT Prairie 2700 Market Place Drive, LLC | Delaware | ||||
SPT Prairie 3900 CB Drive, LLC | Delaware | ||||
SPT Prairie 5500 Cornerstone North Blvd., LLC | Delaware | ||||
SPT Prairie 7090 CB Drive NW, LLC | Delaware |
Subsidiary | Jurisdiction | ||||
SPT Prairie 7700 CB Drive, LLC | Delaware | ||||
SPT Prairie Holdings II, LLC | Delaware | ||||
SPT Prairie Holdings III, LLC | Delaware | ||||
SPT Prairie Holdings Parent, LLC | Delaware | ||||
SPT Prairie Holdings, LLC | Delaware | ||||
SPT Prairie Springing Member LLC | Delaware | ||||
SPT Raleigh Partner TRS, LLC | Delaware | ||||
SPT Raleigh Partner TRS, LLC | Delaware | ||||
SPT Raleigh Partner, LLC | Delaware | ||||
SPT Raleigh Partner, LLC | Delaware | ||||
SPT Real Estate AU, LLC | Delaware | ||||
SPT Real Estate BM, LLC | Delaware | ||||
SPT Real Estate Capital, LLC | Delaware | ||||
SPT Real Estate Sub III, LLC | Delaware | ||||
SPT Red1 Ltd. | Cayman Islands | ||||
SPT Sierra Vista Partner, LLC | Delaware | ||||
SPT Sierra Vista Partner, LLC | Delaware | ||||
SPT SK Holdings, LLC | Delaware | ||||
SPT SK Holdings Parent, LLC | Delaware | ||||
SPT Spear Holdings, LLC | Delaware | ||||
SPT Special Member, Inc. | Delaware | ||||
SPT TALF Holdings, LLC | Delaware | ||||
SPT TCO Acquisition, LLC | Delaware | ||||
SPT Ten-X Holdings, LLC | Delaware | ||||
SPT TLA BB Holdings TRS, LLC | Delaware | ||||
SPT TLA BB Holdings, LLC | Delaware | ||||
SPT TLA Parent, LLC | Delaware | ||||
SPT TLB BB Holdings TRS Parent, LLC | Delaware | ||||
SPT TLB BB Holdings TRS, LLC | Delaware | ||||
SPT TLB BB Holdings, LLC | Delaware | ||||
SPT TLB BB Intermediate, LLC | Delaware | ||||
SPT TLB BB PE Holdings, LLC | Delaware | ||||
SPT Troy Partner, LLC | Delaware | ||||
SPT Victoria Holdings 1, Ltd. | Cayman Islands | ||||
SPT Victoria Holdings 2, Ltd. | Cayman Islands | ||||
SPT Victoria Holdings 3, Ltd. | Cayman Islands | ||||
SPT WAH Holdings LLC | Delaware | ||||
SPT WAH Walden Park LLC | Delaware | ||||
SPT WAH Waterford LLC | Delaware | ||||
SPT WAH Waverly LLC | Delaware |
Subsidiary | Jurisdiction | ||||
SPT WAH Wedgewood LLC | Delaware | ||||
SPT WAH Wellesley LLC | Delaware | ||||
SPT WAH Wellington LLC | Delaware | ||||
SPT WAH Wentworth I LLC | Delaware | ||||
SPT WAH Wentworth II LLC | Delaware | ||||
SPT WAH Westbrook LLC | Delaware | ||||
SPT WAH Westchase LLC | Delaware | ||||
SPT WAH Westchester LLC | Delaware | ||||
SPT WAH Westminster LLC | Delaware | ||||
SPT WAH Weston Oaks LLC | Delaware | ||||
SPT WAH Westwood LLC | Delaware | ||||
SPT WAH Wexford LLC | Delaware | ||||
SPT WAH Whispering Pines LLC | Delaware | ||||
SPT WAH Whispering Woods LLC | Delaware | ||||
SPT WAH Willow Lake LLC | Delaware | ||||
SPT WAH Wilmington LLC | Delaware | ||||
SPT WAH Windchase LLC | Delaware | ||||
SPT WAH Windermere I LLC | Delaware | ||||
SPT WAH Windermere II LLC | Delaware | ||||
SPT WAH Windsong I LLC | Delaware | ||||
SPT WAH Windsong II LLC | Delaware | ||||
SPT WAH Windsor Park LLC | Delaware | ||||
SPT WAH Woodbridge LLC | Delaware | ||||
SPT WAH Woodcrest LLC | Delaware | ||||
SPT WAH Woodhill LLC | Delaware | ||||
SPT WAH Woodridge LLC | Delaware | ||||
SPT WAH Worthington LLC | Delaware | ||||
SPT WAH Wyndham Place LLC | Delaware | ||||
SPT WAH Wyngate LLC | Delaware | ||||
SPT WD Holdings, LLC | Delaware | ||||
SPT Wilkinson Raleigh JV, LLC | Delaware | ||||
SPT Wilkinson Raleigh JV, LLC | Delaware | ||||
SPT Wilkinson Raleigh JV, LLC | Delaware | ||||
SPT Wilkinson Raleigh JV, LLC | Delaware | ||||
SPT Woodmont IMC JV, LLC | Delaware | ||||
SPT Woodmont IMC JV, LLC | Delaware | ||||
SPTIF Parent, LLC | Delaware | ||||
SPTIF Sub-5 (DT) Holdings CB, LLC | Delaware | ||||
SPTIF Sub-5 (DT) Holdings, LLC | Delaware | ||||
SPTIF Sub-5 (OT) Holdings CB, Ltd. | Jersey |
Subsidiary | Jurisdiction | ||||
SPTIF Sub-5 (OT) Holdings, Ltd. | Jersey | ||||
SPTIF Sub-5 Holdings CB, LLC | Delaware | ||||
SPTIF Sub-5 Holdings, LLC | Delaware | ||||
SPTIF Sub-6 (DT) Holdings CB, LLC | Delaware | ||||
SPTIF Sub-6 (DT) Holdings CB, LLC | Delaware | ||||
SPTIF Sub-6 (DT) Holdings, LLC | Delaware | ||||
SPTIF Sub-6 (OT) Holdings CB, Ltd. | Cayman Islands | ||||
SPTIF Sub-6 (OT) Holdings, Ltd. | Cayman Islands | ||||
SPTIF Sub-6 Holdings CB, LLC | Delaware | ||||
SPTIF Sub-6 Holdings CB, LLC | Delaware | ||||
SPTIF Sub-6 Holdings, LLC | Delaware | ||||
SPTIF Sub-7 Holdings, LLC | Delaware | ||||
SPTIF Sub-7 (DT) Holdings, LLC | Delaware | ||||
SPTIF Sub-7 Holdings CB, LLC | Delaware | ||||
SPTIF Sub-7 (DT) Holdings, CB, LLC | Delaware | ||||
SPT-IX 701 Lender GP, L.L.C. | Delaware | ||||
SPT-IX 701 Lender, L.P. | Delaware | ||||
SPT-IX 701 Lender, L.P. | Delaware | ||||
Starwood CMBS Fund GP, LLC | Delaware | ||||
Starwood CMBS Horizontal Retention BBCMS 2018-C2 LLC | Delaware | ||||
Starwood CMBS Horizontal Retention BBCMS 2020-C8 LLC | Delaware | ||||
Starwood CMBS Horizontal Retention CF 2019-CF1 LLC | Delaware | ||||
Starwood CMBS Horizontal Retention CF 2019-CF2-LLC | Delaware | ||||
Starwood CMBS Horizontal Retention CGCMT 2019-C7 LLC | Delaware | ||||
Starwood CMBS Horizontal Retention MSC 2019-L3 LLC | Delaware | ||||
Starwood CMBS Horizontal Retention MSC 2021-L5 LLC | Delaware | ||||
Starwood CMBS Horizontal Retention MSC 2022-L8 LLC | Delaware | ||||
Starwood Commercial Mortgage Depositor, LLC | Delaware | ||||
Starwood Conduit CMBS Horizontal Retention I, LLC | Delaware | ||||
Starwood Conduit CMBS Vertical Retention I LLC | Delaware | ||||
Starwood ID GP, LLC | Delaware | ||||
Starwood Infrastructure Debt Offshore Feeder Fund, L.P. | Delaware | ||||
Starwood Infrastructure Debt Onshore Feeder Fund, L.P. | Delaware | ||||
Starwood Mortgage Capital LLC | Delaware | ||||
Starwood Mortgage Funding I LLC | Delaware | ||||
Starwood Mortgage Funding II LLC | Delaware | ||||
Starwood Mortgage Funding III LLC | Delaware | ||||
Starwood Mortgage Funding IV LLC | Delaware | ||||
Starwood Mortgage Funding V LLC | Delaware | ||||
Starwood Mortgage Funding VI LLC | Delaware |
Subsidiary | Jurisdiction | ||||
Starwood Mortgage Funding VII, LLC | Delaware | ||||
Starwood Mortgage Residential Finance, LLC | Delaware | ||||
Starwood Mortgage WD, L.L.C. | Delaware | ||||
Starwood Non-Agency Lending, LLC | Delaware | ||||
Starwood Non-Agency Securities Holdings, LLC | Delaware | ||||
Starwood Non-Agency Securities Holdings II, LLC | Delaware | ||||
Starwood Property Mortgage BC, L.L.C. | Delaware | ||||
Starwood Property Mortgage Depositor, LLC | Delaware | ||||
Starwood Property Mortgage Sub-10 HoldCo, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-10, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-10-A Holdco, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-10-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-11, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-12, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-12-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-14, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-14-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-15, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-15-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-16, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-16-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-18 Holdings, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-18, L.L.C | Delaware | ||||
Starwood Property Mortgage Sub-18-A Holdings, L.L.C | Delaware | ||||
Starwood Property Mortgage Sub-18-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-19 Holdings, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-19, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-19-A Holdings, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-19-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-2, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-20, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-20-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-21, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-21-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-22, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-22-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-23, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-23-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-24, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-24-A, L.L.C. | Delaware |
Subsidiary | Jurisdiction | ||||
Starwood Property Mortgage Sub-25, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-25-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-26, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-27, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-27-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-28, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-28-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-29, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-29-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-2-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-3, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-30, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-30-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-31, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-31-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-32, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-32-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-33-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-34, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-34-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-35-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-4, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-5, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-5-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-6(P), L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-6, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-6-A Holdings, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-6-A(P), L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-6-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-9, L.L.C. | Delaware | ||||
Starwood Property Mortgage Sub-9-A, L.L.C. | Delaware | ||||
Starwood Property Mortgage, L.L.C. | Delaware | ||||
Starwood Residential Finance, LLC | Delaware | ||||
Starwood WD Montgomery Holdings, LLC | Delaware | ||||
STWD 2019-FL1, LLC | Delaware | ||||
STWD 2019-FL1, Ltd. | Cayman Islands | ||||
STWD 2021-FL2, LLC | Delaware | ||||
STWD 2021-FL2, Ltd. | Cayman Islands | ||||
STWD 2021-FL2 Retention Holder, LLC | Delaware | ||||
STWD 2022-FL3 Retention Holder, LLC | Delaware |
Subsidiary | Jurisdiction | ||||
STWD 2022-FL3, Ltd. | Cayman Islands | ||||
STWD 2022-FL3, LLC | Delaware | ||||
STWD 2021-SIF1, Ltd. | Cayman Islands | ||||
STWD 2021-SIF1, LLC | Delaware | ||||
STWD 2021-SIF2, Ltd. | Cayman Islands | ||||
STWD 2021-SIF2, LLC | Delaware | ||||
STWD 2022-UK1 DAC | Ireland | ||||
SPT Infrastructure 2021-SIF2 Retention Holder, LLC | Delaware | ||||
STWD CLO Retention Holder, LLC | Delaware | ||||
STWD CLO Seller, LLC | Delaware | ||||
STWD CLO Sub-REIT, LLC | Delaware | ||||
STWD CMBS Liquid Holdings LLC | Delaware | ||||
STWD CMBS RR Holdings LLC | Delaware | ||||
STWD CMBS Venture Holdings LLC | Delaware | ||||
STWD Co-Investment 2015, L.P. | Delaware | ||||
STWD Co-Investment Fund GP, LLC | Delaware | ||||
STWD Europe Special Servicer, LLC | Delaware | ||||
STWD Europe Seller LLC | Delaware | ||||
STWD Europe Retention Holder, LLC | Delaware | ||||
STWD Investment Management, LLC | Delaware | ||||
STWD JV Holdings LLC | Delaware | ||||
TIAA Real Estate CDO 2003-1 Ltd. | Cayman Islands | ||||
WD Coast Line Drive FL Property, LLC | Delaware | ||||
WD Mobile Highway AL Property, LLC | Alabama | ||||
West End Partners, LLC | Delaware | ||||
Woodstar Feeder REIT, LLC | Delaware | ||||
Woodstar Feeder Fund, L.P. | Delaware |
Date: March 1, 2023 | /s/ BARRY S. STERNLICHT | ||||
Barry S. Sternlicht | |||||
Chief Executive Officer |
Date: March 1, 2023 | /s/ RINA PANIRY | ||||
Rina Paniry | |||||
Chief Financial Officer |
Date: March 1, 2023 | /s/ BARRY S. STERNLICHT | ||||
Barry S. Sternlicht | |||||
Chief Executive Officer |
Date: March 1, 2023 | /s/ RINA PANIRY | ||||
Rina Paniry | |||||
Chief Financial Officer |