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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): February 27, 2025

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.)



2340 Collins Avenue, Suite 700 Miami Beach, FL						33139
(Address of principal						(Zip Code)
executive offices)

Registrant’s telephone number,
including area code:
(305) 695-5500

591 West Putnam Avenue Greenwich, CT 06830

(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 February 27, 2025, Starwood Property Trust, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2024. 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			Press Release, dated February 2 7 , 202 5

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

EXHIBIT INDEX



Exhibit Number			Description

99.1			Press Release, dated February 2 7 , 202 5

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: February 27, 2025	STARWOOD PROPERTY TRUST, INC.

	By:	/s/ RINA PANIRY
	Name:	Rina Paniry
	Title:	Chief Financial Officer, Treasurer, Chief Accounting Officer and Principal Financial Officer

EX-99.1 2 stwd_pressrelease-ye2024.htm EX-99.1 Document

Exhibit 99.1

For Immediate Release

Starwood Property Trust Reports Results for the

Quarter and Year Ended December 31, 2024

– GAAP EPS of $0.15 for the Quarter and $1.10 for the Year and Distributable EPS for the Quarter of $0.48 and $2.02 for the Year –

– Invested $1.6 Billion in the Quarter, $5.1 Billion for the Year and $1.5 Billion After Year End –

– Executed $2.3 Billion of Corporate Debt in the Quarter, Extending Average Maturity to 3.5 Years –

– Current Liquidity of $1.8 Billion –

– Paid Dividend of $0.48 per Share for the 62nd Straight Quarter –

MIAMI BEACH, FL, February 27, 2025 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter and year ended December 31, 2024. The Company’s fourth quarter 2024 GAAP net income was $51.6 million, inclusive of a $52.4 million credit loss provision, and Distributable Earnings (a non-GAAP financial measure) was $166.7 million. The Company’s full year 2024 GAAP net income was $359.9 million, inclusive of a $197.4 million credit loss provision, and Distributable Earnings was $675.0 million.

“Having a low leverage multi-cylinder platform has allowed us to invest every quarter for 15 years despite volatile and disruptive market conditions, successfully deploying over $100 billion of capital. With capital markets continuing to thaw, we expect to significantly increase our pace of investment in 2025 and have already closed $1.5 billion so far this year,” commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

“With significant liquidity and proven access to capital at record low spreads, we are well positioned to grow across our investing cylinders. Our success is not reliant on any one of our many businesses. We have $1.5 billion of harvestable unrealized property gains and high return on equity divisions, including our special servicer (the largest named servicer in the U.S.) and our conduit (the largest non-bank contributor into CMBS in 2024),” 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.

Webcast and Conference Call Information

The Company will host a live webcast and conference call on Thursday, February 27, 2025, 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: 13750198

The playback can be accessed through March 13, 2025.

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 December 31, 2024, the Company has successfully deployed over $102 billion of capital since inception and manages a portfolio of over $25 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, 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, 2024, as well as other risks and uncertainties set forth from time to time in the Company's reports filed with the SEC.

In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.

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

Contact:
Zachary Tanenbaum

Starwood Property Trust

Phone: 203-422-7788

Email: ztanenbaum@starwood.com

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the three months ended December 31, 2024

(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	$	321,378	$	61,119	$	—	$	5,889	$	—	$	388,386	$	—	$	388,386
Interest income from investment securities	26,638		115		—		22,978		—		49,731		(35,359)		14,372
Servicing fees	64		—		—		24,067		—		24,131		(6,481)		17,650
Rental income	6,506		—		16,347		4,860		—		27,713		—		27,713
Other revenues	2,349		2,152		198		1,006		563		6,268		—		6,268
Total revenues	356,935		63,386		16,545		58,800		563		496,229		(41,840)		454,389
Costs and expenses:
Management fees	187		—		—		—		41,020		41,207		—		41,207
Interest expense	182,958		35,891		9,647		9,918		72,283		310,697		(208)		310,489
General and administrative	11,160		5,355		727		28,092		4,103		49,437		—		49,437
Costs of rental operations	4,586		—		6,174		2,930		—		13,690		—		13,690
Depreciation and amortization	3,304		13		5,840		1,768		251		11,176		—		11,176
Credit loss provision, net	51,267		1,158		—		—		—		52,425		—		52,425
Other expense	14		341		—		234		—		589		—		589
Total costs and expenses	253,476		42,758		22,388		42,942		117,657		479,221		(208)		479,013
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		31,870		31,870
Change in fair value of servicing rights	—		—		—		2,408		—		2,408		(184)		2,224
Change in fair value of investment securities, net	4,428		—		—		(14,303)		—		(9,875)		10,385		510
Change in fair value of mortgage loans, net	(99,184)		—		—		24,785		—		(74,399)		—		(74,399)
Income from affordable housing fund investments	—		—		91,837		—		—		91,837		—		91,837
Earnings (loss) from unconsolidated entities	1,306		2,108		—		427		—		3,841		(439)		3,402
Gain on sale of investments and other assets, net	346		—		—		86		—		432		—		432
Gain (loss) on derivative financial instruments, net	184,713		93		50		3,325		(49,231)		138,950		—		138,950
Foreign currency (loss) gain, net	(97,800)		(666)		102		—		—		(98,364)		—		(98,364)
Loss on extinguishment of debt	—		(846)		—		—		(293)		(1,139)		—		(1,139)
Other (loss) income, net	(2,676)		491		207		—		—		(1,978)		—		(1,978)
Total other income (loss)	(8,867)		1,180		92,196		16,728		(49,524)		51,713		41,632		93,345
Income (loss) before income taxes	94,592		21,808		86,353		32,586		(166,618)		68,721		—		68,721
Income tax benefit (provision)	9,814		(155)		—		(7,558)		—		2,101		—		2,101
Net income (loss)	104,406		21,653		86,353		25,028		(166,618)		70,822		—		70,822
Net (income) loss attributable to non-controlling interests	(4)		—		(23,191)		4,016		—		(19,179)		—		(19,179)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	104,402	$	21,653	$	63,162	$	29,044	$	(166,618)	$	51,643	$	—	$	51,643

Definition of Distributable Earnings

Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors. Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for additional information regarding Distributable Earnings.

Reconciliation of Net Income to Distributable Earnings

For the three months ended December 31, 2024

(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.	$	104,402	$	21,653	$	63,162	$	29,044	$	(166,618)	$	51,643
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		4,660		—		—		4,660
Non-controlling interests attributable to unrealized gains/losses	—		—		15,579		(9,463)		—		6,116
Non-cash equity compensation expense	2,430		490		82		1,330		5,952		10,284
Management incentive fee	—		—		—		—		12,731		12,731
Depreciation and amortization	3,446		2		5,941		1,870		—		11,259
Interest income adjustment for securities	4,361		—		—		9,990		—		14,351

Consolidated income tax (benefit) provision associated with fair value adjustments	(9,814)		155		—		7,558		—		(2,101)
Other non-cash items	4		—		277		(117)		—		164
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans	99,184		—		—		(24,785)		—		74,399
Credit loss provision, net	51,267		1,158		—		—		—		52,425
Securities	(4,428)		—		—		14,303		—		9,875
Woodstar Fund investments	—		—		(91,837)		—		—		(91,837)
Derivatives	(184,713)		(93)		(50)		(3,325)		49,231		(138,950)
Foreign currency	97,800		666		(102)		—		—		98,364
Earnings from unconsolidated entities	(1,306)		(2,108)		—		(427)		—		(3,841)
Sales of properties	—		—		—		(86)		—		(86)

Recognition of Distributable realized gains / (losses) on:
Loans	(286)		—		—		25,953		—		25,667

Securities	(254)		—		—		(11,633)		—		(11,887)
Woodstar Fund investments	—		—		16,100		—		—		16,100

Derivatives	43,141		65		(411)		8,335		(11,515)		39,615
Foreign currency	(13,846)		(101)		102		—		—		(13,845)
Earnings (loss) from unconsolidated entities	1,305		(111)		—		305		—		1,499
Sales of properties	—		—		—		86		—		86
Distributable Earnings (Loss)	$	192,693	$	21,776	$	13,503	$	48,938	$	(110,219)	$	166,691
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	0.55	$	0.06	$	0.04	$	0.14	$	(0.31)	$	0.48

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the year ended December 31, 2024

(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	$	1,424,188	$	255,645	$	—	$	18,234	$	—	$	1,698,067	$	—	$	1,698,067
Interest income from investment securities	116,808		506		—		93,641		—		210,955		(144,150)		66,805
Servicing fees	425		—		—		72,579		—		73,004		(17,805)		55,199
Rental income	18,325		—		69,210		20,463		—		107,998		—		107,998
Other revenues	6,804		4,842		772		3,842		2,514		18,774		—		18,774
Total revenues	1,566,550		260,993		69,982		208,759		2,514		2,108,798		(161,955)		1,946,843
Costs and expenses:
Management fees	756		—		—		—		144,421		145,177		—		$	145,177
Interest expense	845,082		151,120		44,972		36,870		271,483		1,349,527		(834)		1,348,693
General and administrative	60,163		19,980		4,428		99,499		15,166		199,236		—		199,236
Costs of rental operations	13,163		—		23,483		11,591		—		48,237		—		48,237
Depreciation and amortization	9,653		56		23,535		7,057		1,005		41,306		—		41,306
Credit loss provision, net	194,260		3,140		—		—		—		197,400		—		197,400
Other expense	785		516		35		687		—		2,023		—		2,023
Total costs and expenses	1,123,862		174,812		96,453		155,704		432,075		1,982,906		(834)		1,982,072
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		75,706		75,706
Change in fair value of servicing rights	—		—		—		887		—		887		2,119		3,006
Change in fair value of investment securities, net	76		—		—		(83,748)		—		(83,672)		84,686		1,014
Change in fair value of mortgage loans, net	3,597		—		—		72,283		—		75,880		—		75,880
Income from affordable housing fund investments	—		—		102,141		—		—		102,141		—		102,141
Earnings (loss) from unconsolidated entities	11,599		1,414		—		1,473		—		14,486		(1,390)		13,096
Gain on sale of investments and other assets, net	305		—		92,003		8,402		—		100,710		—		100,710
Gain (loss) on derivative financial instruments, net	196,349		152		1,492		3,454		(43,513)		157,934		—		157,934
Foreign currency (loss) gain, net	(73,830)		(187)		89		—		—		(73,928)		—		(73,928)
Gain (loss) on extinguishment of debt	173		(1,466)		(2,254)		(100)		(293)		(3,940)		—		(3,940)
Other (loss) income, net	(10,013)		531		(949)		50		—		(10,381)		—		(10,381)
Total other income (loss)	128,256		444		192,522		2,701		(43,806)		280,117		161,121		441,238
Income (loss) before income taxes	570,944		86,625		166,051		55,756		(473,367)		406,009		—		406,009
Income tax (provision) benefit	(9,116)		259		—		(16,575)		—		(25,432)		—		(25,432)
Net income (loss)	561,828		86,884		166,051		39,181		(473,367)		380,577		—		380,577
Net (income) loss attributable to non-controlling interests	(14)		—		(38,201)		17,571		—		(20,644)		—		(20,644)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	561,814	$	86,884	$	127,850	$	56,752	$	(473,367)	$	359,933	$	—	$	359,933

Reconciliation of Net Income to Distributable Earnings

For the year ended December 31, 2024

(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.	$	561,814	$	86,884	$	127,850	$	56,752	$	(473,367)	$	359,933
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		18,638		—		—		18,638
Non-controlling interests attributable to unrealized gains/losses	—		—		6,551		(34,961)		—		(28,410)
Non-cash equity compensation expense	9,750		1,975		370		6,127		23,564		41,786
Management incentive fee	—		—		—		—		35,324		35,324
Depreciation and amortization	10,239		17		23,896		7,440		—		41,592
Interest income adjustment for securities	20,252		—		—		35,593		—		55,845

Consolidated income tax provision (benefit) associated with fair value adjustments	9,116		(259)		—		16,575		—		25,432
Other non-cash items	14		—		1,111		(940)		—		185
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans	(3,597)		—		—		(72,283)		—		(75,880)
Credit loss provision, net	194,260		3,140		—		—		—		197,400
Securities	(76)		—		—		83,748		—		83,672
Woodstar Fund investments	—		—		(102,141)		—		—		(102,141)
Derivatives	(196,349)		(152)		(1,492)		(3,454)		43,513		(157,934)
Foreign currency	73,830		187		(89)		—		—		73,928
Earnings from unconsolidated entities	(11,599)		(1,414)		—		(1,473)		—		(14,486)
Sales of properties	—		—		(92,003)		(8,402)		—		(100,405)

Recognition of Distributable realized gains / (losses) on:
Loans	(5,235)		—		—		73,214		—		67,979
Realized credit loss	—		(1,546)		—		—		—		(1,546)
Securities	(9,556)		—		—		(48,711)		—		(58,267)
Woodstar Fund investments	—		—		70,346		—		—		70,346

Derivatives	144,325		334		8,283		9,354		(43,265)		119,031
Foreign currency	(26,055)		(46)		89		—		—		(26,012)
Earnings (loss) from unconsolidated entities	5,577		(437)		—		1,338		—		6,478
Sales of properties	—		—		39,150		3,323		—		42,473
Distributable Earnings (Loss)	$	776,710	$	88,683	$	100,559	$	123,240	$	(414,231)	$	674,961
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	2.32	$	0.27	$	0.30	$	0.37	$	(1.24)	$	2.02

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet by Segment

As of December 31, 2024

(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	$	19,743	$	122,134	$	24,717	$	11,946	$	199,291	$	377,831	$	—	$	377,831
Restricted cash	147,502		21,986		1,133		5,543		—		176,164		—		176,164
Loans held-for-investment, net	12,895,064		2,541,949		—		—		—		15,437,013		—		15,437,013
Loans held-for-sale	2,394,624		—		—		121,384		—		2,516,008		—		2,516,008
Investment securities	909,762		17,273		—		1,225,024		—		2,152,059		(1,618,801)		533,258
Properties, net	650,966		—		657,246		65,466		—		1,373,678		—		1,373,678

Investments of consolidated affordable housing fund	—		—		2,073,533		—		—		2,073,533		—		2,073,533
Investments in unconsolidated entities	26,441		54,105		—		33,640		—		114,186		(14,816)		99,370
Goodwill	—		119,409		—		140,437		—		259,846		—		259,846
Intangible assets	10,637		—		22,101		63,711		—		96,449		(35,745)		60,704
Derivative assets	174,507		—		115		898		—		175,520		—		175,520
Accrued interest receivable	150,474		13,961		—		684		2,648		167,767		—		167,767
Other assets	206,103		8,190		52,243		8,700		92,993		368,229		—		368,229
VIE assets, at fair value	—		—		—		—		—		—		38,937,576		38,937,576
Total Assets	$	17,585,823	$	2,899,007	$	2,831,088	$	1,677,433	$	294,932	$	25,288,283	$	37,268,214	$	62,556,497
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	185,303	$	30,157	$	13,232	$	57,624	$	148,268	$	434,584	$	—	$	434,584
Related-party payable	—		—		—		—		38,958		38,958		—		38,958
Dividends payable	—		—		—		—		163,383		163,383		—		163,383
Derivative liabilities	67,452		—		—		—		27,438		94,890		—		94,890
Secured financing agreements, net	7,912,536		760,299		479,732		591,094		1,428,227		11,171,888		(20,331)		11,151,557
Collateralized loan obligations and single asset securitization, net	1,966,865		1,229,561		—		—		—		3,196,426		—		3,196,426
Unsecured senior notes, net	—		—		—		—		2,994,682		2,994,682		—		2,994,682

VIE liabilities, at fair value	—		—		—		—		—		—		37,288,545		37,288,545
Total Liabilities	10,132,156		2,020,017		492,964		648,718		4,800,956		18,094,811		37,268,214		55,363,025
Temporary Equity: Redeemable non-controlling interests	—		—		426,695		—		—		426,695		—		426,695
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	—		—		—		—		3,449		3,449		—		3,449
Additional paid-in capital	1,363,238		619,428		(398,205)		(706,746)		5,445,048		6,322,763		—		6,322,763
Treasury stock	—		—		—		—		(138,022)		(138,022)		—		(138,022)
Retained earnings (accumulated deficit)	6,076,720		259,562		2,102,389		1,613,151		(9,816,499)		235,323		—		235,323
Accumulated other comprehensive income	13,594		—		—		—		—		13,594		—		13,594
Total Starwood Property Trust, Inc. Stockholders’ Equity	7,453,552		878,990		1,704,184		906,405		(4,506,024)		6,437,107		—		6,437,107
Non-controlling interests in consolidated subsidiaries	115		—		207,245		122,310		—		329,670		—		329,670
Total Permanent Equity	7,453,667		878,990		1,911,429		1,028,715		(4,506,024)		6,766,777		—		6,766,777
Total Liabilities and Equity	$	17,585,823	$	2,899,007	$	2,831,088	$	1,677,433	$	294,932	$	25,288,283	$	37,268,214	$	62,556,497