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0001465128FALSE00014651282023-08-032023-08-03

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2023

Starwood Property Trust, Inc.
(Exact name of registrant as specified in its charter)

Maryland 001-34436 27-0247747
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(IRS Employer
Identification No.)

591 West Putnam Avenue
Greenwich, CT
  06830
(Address of principal   (Zip Code)
executive offices)    
Registrant’s telephone number,
including area code:
(203) 422-7700

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition.

On August 3, 2023, Starwood Property Trust, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2023. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
 
Item 9.01. Financial Statements and Exhibits.

(d)    Exhibits

Exhibit
Number

Description
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



2



EXHIBIT INDEX

Exhibit
Number
Description
99.1



3



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 3, 2023
STARWOOD PROPERTY TRUST, INC.
  By:
/s/ RINA PANIRY
  Name: Rina Paniry
  Title: Chief Financial Officer, Treasurer, Chief Accounting Officer and Principal Financial Officer

4

EX-99.1 2 stwd_pressrelease-q22023.htm EX-99.1 Document
image_0a.jpg
Exhibit 99.1
For Immediate Release
Starwood Property Trust Reports Results for
Quarter Ended June 30, 2023
– Quarterly GAAP Earnings of $0.54 and Distributable Earnings (DE) of $0.49 per Diluted Share –
– Undepreciated Book Value Per Share Increased to $21.46 –
– Received Repayments of $1.3 Billion in the Quarter and $0.5 Billion Subsequent to Quarter End –
– Issued $381 Million of 2027 Sustainable Convertible Notes Subsequent to Quarter End –
– Paid Dividend of $0.48 per Share –
GREENWICH, Conn., August 3, 2023 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended June 30, 2023. The Company’s second quarter 2023 GAAP net income was $168.8 million, and Distributable Earnings (a non-GAAP financial measure) was $157.5 million.

“The Federal Reserve's rapid increase in interest rates to combat inflation has created some collateral damage. Transaction volumes in real estate across the globe have declined precipitously as owners wait for more accommodating financial markets and lenders have cut lending, particularly in the regional banking system as they manage their balance sheets. This environment should provide exceptional lending opportunities for STWD as the underlying real estate markets remain in fundamentally good condition. Inflation is subsiding, and we expect rate increases to stop or reverse in the near term. As we have in past cycles, we have positioned our company conservatively to take advantage of these future compelling opportunities when the windshield becomes less opaque,” commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

“Our unique, diversified, low leverage company has near record liquidity of $1.2 billion and access to significant incremental liquidity. This provides us with tremendous flexibility to take advantage of opportunities to earn compelling risk adjusted returns as we continue to build our unique, diversified enterprise,” added Jeffrey DiModica, President of Starwood Property Trust.


Supplemental Schedules
The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders. Specifically, these materials can be found on the Company’s website in the Investor Relations section under “Quarterly Results” at www.starwoodpropertytrust.com.
1



Webcast and Conference Call Information
The Company will host a live webcast and conference call on Thursday, August 3, 2023, at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. 
To Participate via Telephone Conference Call:
Dial in at least 15 minutes prior to start time.
Domestic: 1-877-407-9039
International: 1-201-689-8470

Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 13738883
The playback can be accessed through August 17, 2023.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of June 30, 2023, the Company has successfully deployed $95 billion of capital since inception and manages a portfolio of $28 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.
Forward-Looking Statements
Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions.  Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.  Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, the severity and duration of economic disruption caused by the COVID-19 global pandemic (including the variants and resurgences) and other risks detailed under the heading “Risk Factors” in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.

2




Additional information can be found on the Company’s website at www.starwoodpropertytrust.com.

Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
3



Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the three months ended June 30, 2023
(Amounts in thousands)
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
Corporate Subtotal Securitization
VIEs
Total
Revenues:
Interest income from loans $ 394,112  $ 59,581  $ —  $ 2,156  $ —  $ 455,849  $ —  $ 455,849 
Interest income from investment securities 33,763  165  —  21,603  —  55,531  (36,612) 18,919 
Servicing fees 135  —  —  9,410  —  9,545  (3,203) 6,342 
Rental income 1,959  —  23,325  7,023  —  32,307  —  32,307 
Other revenues 841  310  198  512  391  2,252  —  2,252 
Total revenues 430,810  60,056  23,523  40,704  391  555,484  (39,815) 515,669 
Costs and expenses:
Management fees 212  —  —  —  30,766  30,978  —  30,978 
Interest expense 250,332  35,483  13,469  8,875  55,384  363,543  (211) 363,332 
General and administrative 14,565  3,734  993  20,640  3,224  43,156  —  43,156 
Acquisition and investment pursuit costs 251  —  (111) —  145  —  145 
Costs of rental operations 2,579  —  5,446  3,442  —  11,467  —  11,467 
Depreciation and amortization 1,719  27  8,023  2,554  —  12,323  —  12,323 
Credit loss provision, net 118,162  3,763  —  —  —  121,925  —  121,925 
Other expense 103  —  23  —  —  126  —  126 
Total costs and expenses 387,923  43,012  27,954  35,400  89,374  583,663  (211) 583,452 
Other income (loss):
Change in net assets related to consolidated VIEs —  —  —  —  —  —  54,123  54,123 
Change in fair value of servicing rights —  —  —  (1,651) —  (1,651) 1,813  162 
Change in fair value of investment securities, net 26,444  —  —  (11,001) —  15,443  (15,455) (12)
Change in fair value of mortgage loans, net (65,202) —  —  11,860  —  (53,342) —  (53,342)
Income from affordable housing fund investments —  —  223,823  —  —  223,823  —  223,823 
Earnings (loss) from unconsolidated entities 1,482  2,043  —  7,314  —  10,839  (877) 9,962 
(Loss) gain on sale of investments and other assets, net (88) —  —  4,768  —  4,680  —  4,680 
Gain (loss) on derivative financial instruments, net 67,314  197  5,108  3,820  (20,063) 56,376  —  56,376 
Foreign currency gain (loss), net 23,261  82  (9) —  —  23,334  —  23,334 
Loss on extinguishment of debt (1,004) —  —  (119) —  (1,123) —  (1,123)
Other (loss) income, net (26,625) (5) —  —  (26,624) —  (26,624)
Total other income (loss) 25,582  2,328  228,917  14,991  (20,063) 251,755  39,604  291,359 
Income (loss) before income taxes 68,469  19,372  224,486  20,295  (109,046) 223,576  —  223,576 
Income tax (provision) benefit (399) 292  —  (1,090) —  (1,197) —  (1,197)
Net income (loss) 68,070  19,664  224,486  19,205  (109,046) 222,379  —  222,379 
Net income attributable to non-controlling interests (4) —  (50,359) (3,173) —  (53,536) —  (53,536)
Net income (loss) attributable to Starwood Property Trust, Inc. $ 68,066  $ 19,664  $ 174,127  $ 16,032  $ (109,046) $ 168,843  $ —  $ 168,843 
4



Definition of Distributable Earnings
Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs from successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors. Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 for additional information regarding Distributable Earnings.
Reconciliation of Net Income to Distributable Earnings
For the three months ended June 30, 2023
(Amounts in thousands except per share data)
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
Corporate Total
Net income (loss) attributable to Starwood Property Trust, Inc. $ 68,066  $ 19,664  $ 174,127  $ 16,032  $ (109,046) $ 168,843 
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units —  —  4,691  —  —  4,691 
Non-controlling interests attributable to unrealized gains/losses —  —  43,063  (1,229) —  41,834 
Non-cash equity compensation expense 2,222  383  78  1,575  5,240  9,498 
Management incentive fee —  —  —  —  3,814  3,814 
Acquisition and investment pursuit costs (59) —  (82) (228) —  (369)
Depreciation and amortization 1,855  18  8,092  2,675  —  12,640 
Interest income adjustment for securities 5,937  —  —  7,594  —  13,531 
Consolidated income tax provision (benefit) associated with fair value adjustments 399  (292) —  1,090  —  1,197 
Other non-cash items —  395  74  —  472 
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans 65,202  —  —  (11,860) —  53,342 
Credit loss provision, net 118,162  3,763  —  —  —  121,925 
Securities (26,444) —  —  11,001  —  (15,443)
Woodstar Fund investments —  —  (223,823) —  —  (223,823)
Derivatives (67,314) (197) (5,108) (3,820) 20,063  (56,376)
Foreign currency (23,261) (82) —  —  (23,334)
Earnings from unconsolidated entities (1,482) (2,043) —  (7,314) —  (10,839)
Sales of properties —  —  —  (4,768) —  (4,768)
Unrealized impairment of properties 23,833  —  —  —  —  23,833 
Recognition of Distributable realized gains / (losses) on:
Loans (621) —  —  10,522  —  9,901 
Realized credit loss (14,662) —  —  —  —  (14,662)
Securities 10  —  —  (5,396) —  (5,386)
Woodstar Fund investments —  —  14,419  —  —  14,419 
Derivatives 30,363  99  5,462  300  (7,996) 28,228 
Foreign currency (1,910) 14  (9) —  —  (1,905)
Earnings (loss) from unconsolidated entities 1,482  (1,040) —  5,781  —  6,223 
Sales of properties —  —  —  44  —  44 
Distributable Earnings (Loss) $ 181,781  $ 20,287  $ 21,314  $ 22,073  $ (87,925) $ 157,530 
Distributable Earnings (Loss) per Weighted Average Diluted Share $ 0.56  $ 0.06  $ 0.07  $ 0.07  $ (0.27) $ 0.49 
5



Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the six months ended June 30, 2023
(Amounts in thousands)
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
Corporate Subtotal Securitization
VIEs
Total
Revenues:
Interest income from loans $ 769,713  $ 114,341  $ —  $ 2,703  $ —  $ 886,757  $ —  $ 886,757 
Interest income from investment securities 66,284  1,503  —  44,388  —  112,175  (74,619) 37,556 
Servicing fees 294  —  —  19,244  —  19,538  (5,940) 13,598 
Rental income 3,940  —  47,020  13,636  —  64,596  —  64,596 
Other revenues 1,185  526  301  895  669  3,576  —  3,576 
Total revenues 841,416  116,370  47,321  80,866  669  1,086,642  (80,559) 1,006,083 
Costs and expenses:
Management fees 430  —  —  —  70,088  70,518  —  70,518 
Interest expense 476,725  68,301  26,068  16,304  111,656  699,054  (421) 698,633 
General and administrative 26,458  7,698  1,945  40,687  8,476  85,264  —  85,264 
Acquisition and investment pursuit costs 458  13  —  (57) —  414  —  414 
Costs of rental operations 5,030  —  10,995  7,108  —  23,133  —  23,133 
Depreciation and amortization 3,350  57  16,131  5,201  —  24,739  —  24,739 
Credit loss provision, net 148,952  16,167  —  —  —  165,119  —  165,119 
Other expense 935  —  23  16  —  974  —  974 
Total costs and expenses 662,338  92,236  55,162  69,259  190,220  1,069,215  (421) 1,068,794 
Other income (loss):
Change in net assets related to consolidated VIEs —  —  —  —  —  —  95,261  95,261 
Change in fair value of servicing rights —  —  —  (1,701) —  (1,701) 2,167  466 
Change in fair value of investment securities, net 41,310  —  —  (25,460) —  15,850  (15,780) 70 
Change in fair value of mortgage loans, net (56,940) —  —  12,499  —  (44,441) —  (44,441)
Income from affordable housing fund investments —  —  236,788  —  —  236,788  —  236,788 
Earnings (loss) from unconsolidated entities 2,421  3,783  —  7,993  —  14,197  (1,510) 12,687 
(Loss) gain on sale of investments and other assets, net (88) —  —  4,958  —  4,870  —  4,870 
Gain (loss) on derivative financial instruments, net 32,951  146  3,891  353  (13,793) 23,548  —  23,548 
Foreign currency gain, net 38,191  157  —  —  38,353  —  38,353 
Loss on extinguishment of debt (1,065) —  —  (119) —  (1,184) —  (1,184)
Other (loss) income, net (29,166) (5) —  —  (29,165) —  (29,165)
Total other income (loss) 27,614  4,092  240,679  (1,477) (13,793) 257,115  80,138  337,253 
Income (loss) before income taxes 206,692  28,226  232,838  10,130  (203,344) 274,542  —  274,542 
Income tax benefit 6,158  338  —  1,102  —  7,598  —  7,598 
Net income (loss) 212,850  28,564  232,838  11,232  (203,344) 282,140  —  282,140 
Net income attributable to non-controlling interests (7) —  (57,337) (3,979) —  (61,323) —  (61,323)
Net income (loss) attributable to Starwood Property Trust, Inc. $ 212,843  $ 28,564  $ 175,501  $ 7,253  $ (203,344) $ 220,817  $ —  $ 220,817 
6



Reconciliation of Net Income to Distributable Earnings
For the six months ended June 30, 2023
(Amounts in thousands except per share data)
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
Corporate Total
Net income (loss) attributable to Starwood Property Trust, Inc. $ 212,843  $ 28,564  $ 175,501  $ 7,253  $ (203,344) $ 220,817 
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units —  —  9,382  —  —  9,382 
Non-controlling interests attributable to unrealized gains/losses —  —  42,800  (4,027) —  38,773 
Non-cash equity compensation expense 4,309  695  152  3,170  12,108  20,434 
Management incentive fee —  —  —  —  16,179  16,179 
Acquisition and investment pursuit costs (81) —  (164) (228) —  (473)
Depreciation and amortization 3,597  38  16,277  5,446  —  25,358 
Interest income adjustment for securities 11,157  —  —  13,014  —  24,171 
Extinguishment of debt, net —  —  —  —  (246) (246)
Consolidated income tax benefit associated with fair value adjustments (6,158) (338) —  (1,102) —  (7,598)
Other non-cash items —  747  148  —  901 
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans 56,940  —  —  (12,499) —  44,441 
Credit loss provision, net 148,952  16,167  —  —  —  165,119 
Securities (41,310) —  —  25,460  —  (15,850)
Woodstar Fund investments —  —  (236,788) —  —  (236,788)
Derivatives (32,951) (146) (3,891) (353) 13,793  (23,548)
Foreign currency (38,191) (157) (5) —  —  (38,353)
Earnings from unconsolidated entities (2,421) (3,783) —  (7,993) —  (14,197)
Sales of properties —  —  —  (4,958) —  (4,958)
Unrealized impairment of properties 23,833  —  —  —  —  23,833 
Recognition of Distributable realized gains / (losses) on:
Loans (2,341) —  —  12,285  —  9,944 
Realized credit loss (14,662) —  —  —  —  (14,662)
Securities 10  —  —  (7,472) —  (7,462)
Woodstar Fund investments —  —  28,662  —  —  28,662 
Derivatives 50,309  190  9,674  189  (14,525) 45,837 
Foreign currency (2,624) (16) —  —  (2,635)
Earnings (loss) from unconsolidated entities 2,421  (1,136) —  6,278  —  7,563 
Sales of properties —  —  123  —  123 
Distributable Earnings (Loss) $ 373,638  $ 40,078  $ 42,352  $ 34,734  $ (176,035) $ 314,767 
Distributable Earnings (Loss) per Weighted Average Diluted Share $ 1.16  $ 0.12  $ 0.13  $ 0.11  $ (0.54) $ 0.98 
7



Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of June 30, 2023
(Amounts in thousands)
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
Corporate Subtotal Securitization
VIEs
Total
Assets:
Cash and cash equivalents $ 54,876  $ 79,411  $ 31,769  $ 31,614  $ 136,259  $ 333,929  $ —  $ 333,929 
Restricted cash 25,912  23,060  958  4,637  65,716  120,283  —  120,283 
Loans held-for-investment, net 15,511,767  2,191,973  —  9,406  —  17,713,146  —  17,713,146 
Loans held-for-sale 2,663,034  —  —  111,354  —  2,774,388  —  2,774,388 
Investment securities 1,266,437  20,157  —  1,127,934  —  2,414,528  (1,650,411) 764,117 
Properties, net 476,847  —  857,354  108,562  —  1,442,763  —  1,442,763 
Investments of consolidated affordable housing fund —  —  1,976,985  —  —  1,976,985  —  1,976,985 
Investments in unconsolidated entities 24,815  50,352  —  32,947  —  108,114  (14,463) 93,651 
Goodwill —  119,409  —  140,437  —  259,846  —  259,846 
Intangible assets 14,933  —  27,365  62,825  —  105,123  (36,891) 68,232 
Derivative assets 73,909  189  1,073  3,838  —  79,009  —  79,009 
Accrued interest receivable 167,752  14,272  1,213  1,551  5,114  189,902  (280) 189,622 
Other assets 340,171  19,316  54,319  20,214  55,506  489,526  —  489,526 
VIE assets, at fair value —  —  —  —  —  —  46,864,870  46,864,870 
Total Assets $ 20,620,453  $ 2,518,139  $ 2,951,036  $ 1,655,319  $ 262,595  $ 28,007,542  $ 45,162,825  $ 73,170,367 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities $ 131,382  $ 20,197  $ 13,463  $ 29,472  $ 73,563  $ 268,077  $ —  $ 268,077 
Related-party payable —  —  —  —  27,325  27,325  —  27,325 
Dividends payable —  —  —  —  152,418  152,418  —  152,418 
Derivative liabilities 28,278  161  —  —  69,044  97,483  —  97,483 
Secured financing agreements, net 10,830,397  974,267  790,880  590,969  1,339,494  14,526,007  (20,960) 14,505,047 
Collateralized loan obligations and single asset securitization, net 2,844,610  815,183  —  —  —  3,659,793  —  3,659,793 
Unsecured senior notes, net —  —  —  —  2,083,517  2,083,517  —  2,083,517 
VIE liabilities, at fair value —  —  —  —  —  —  45,183,730  45,183,730 
Total Liabilities 13,834,667  1,809,808  804,343  620,441  3,745,361  20,814,620  45,162,770  65,977,390 
Temporary Equity: Redeemable non-controlling interests
—  —  408,034  —  —  408,034  —  408,034 
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock —  —  —  —  3,202  3,202  —  3,202 
Additional paid-in capital 1,472,374  578,977  (423,121) (648,140) 4,862,723  5,842,813  —  5,842,813 
Treasury stock —  —  —  —  (138,022) (138,022) —  (138,022)
Retained earnings (accumulated deficit) 5,295,942  129,354  1,953,146  1,521,373  (8,210,669) 689,146  —  689,146 
Accumulated other comprehensive income 17,355  —  —  —  —  17,355  —  17,355 
Total Starwood Property Trust, Inc. Stockholders’ Equity 6,785,671  708,331  1,530,025  873,233  (3,482,766) 6,414,494  —  6,414,494 
Non-controlling interests in consolidated subsidiaries 115  —  208,634  161,645  —  370,394  55  370,449 
Total Permanent Equity 6,785,786  708,331  1,738,659  1,034,878  (3,482,766) 6,784,888  55  6,784,943 
Total Liabilities and Equity $ 20,620,453  $ 2,518,139  $ 2,951,036  $ 1,655,319  $ 262,595  $ 28,007,542  $ 45,162,825  $ 73,170,367 
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