Starwood Property Trust Reports Results for Quarter Ended September 30, 2024

$STWD
Real Estate Investment Trusts
Real Estate
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– Quarterly GAAP Earnings of $0.23 and Distributable Earnings (DE) of $0.48 per Diluted Share –

– Originated or Acquired $2.1 Billion of Assets in the Quarter and $3.5 Billion Year-To-Date –

– Received Repayments of $1.6 Billion in the Quarter and $3.7 Billion Year-To-Date –

– Raised $800 Million of Capital Bringing Liquidity to a Record $1.8 Billion

– Undepreciated Book Value Per Share of $20.22

– Paid Dividend of $0.48 per Share –

GREENWICH, Conn., Nov. 6, 2024 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE:STWD) today announced operating results for the fiscal quarter ended September 30, 2024.  The Company's third quarter 2024 GAAP net income was $76.1 million, inclusive of a $66.4 million credit loss provision, and Distributable Earnings (a non-GAAP financial measure) was $159.0 million.

"STWD's differentiated multi-cylinder business model, created exactly to help us weather storms, has served us well. To date, we are the only company in the United States categorized as a commercial mortgage REIT that did not reduce its dividend, either in the pandemic or because of the Fed's rapid increase in rates. While we remain among the dominant large real estate loan lenders in the nation, our commercial lending book is roughly 60% of our total assets today. Our other cylinders, particularly infrastructure lending, conduit and special servicing, have contributed an increasing share to our performance. We also used this period to significantly reduce our leverage, which is a full turn or more below many of our peers. Like most of our peers, we have had, and are likely to continue to have, restructurings in our loan book as the cycle moves on, but it is gratifying that knowing this, we are still able to move to full offense again," commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

"After successfully accessing the equity and debt markets for the third time this year, which were met with record demand, we have $1.8 billion of liquidity, our highest level ever, and a leverage ratio of just 2.1x.  We invested over $2.0 billion in the quarter, our highest volume since the Fed began raising rates in 2022. With record liquidity and a robust pipeline, along with additional access to capital via our $4.6 billion of unencumbered assets and over $4.00 per share of unrealized gains in our property book, we are well positioned to increase our investment pace as transaction volumes return to the real estate markets," 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 Wednesday, November 6, 2024, at 10:00 a.m. Eastern Time.  To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website.  The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. 

To Participate via Telephone Conference Call:

Dial in at least 15 minutes prior to start time.

Domestic:  1-877-407-9039

International:  1-201-689-8470

Conference Call Playback:

Domestic:  1-844-512-2921

International:  1-412-317-6671

Passcode:  13742861

The playback can be accessed through November 20, 2024.

About Starwood Property Trust, Inc.

Starwood Property Trust (NYSE:STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors.  As of September 30, 2024, the Company has successfully deployed over $100 billion of capital since inception and manages a portfolio of $26 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, 2023, as well as other risks and uncertainties set forth from time to time in the Company's reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.

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

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

Contact:

Zachary Tanenbaum

Starwood Property Trust

Phone: 203-422-7788

Email: ztanenbaum@starwood.com 

 

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the three months ended September 30, 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

$                       349,589



$           63,910



$           —



$           5,258



$             —



$   418,757



$                 —



$  418,757

Interest income from investment securities

29,392



123





24,882





54,397



(37,170)



17,227

Servicing fees

109







15,448





15,557



(3,730)



11,827

Rental income

4,267





16,352



5,360





25,979





25,979

Other revenues

2,149



1,410



212



1,338



641



5,750





5,750

Total revenues

385,506



65,443



16,564



52,286



641



520,440



(40,900)



479,540

Costs and expenses:































Management fees

185









27,254



27,439





27,439

Interest expense

209,464



38,381



10,375



10,160



69,687



338,067



(208)



337,859

General and administrative

14,430



4,440



1,236



24,249



3,699



48,054





48,054

Costs of rental operations

3,140





6,057



2,936





12,133





12,133

Depreciation and amortization

2,264



14



5,914



1,745



251



10,188





10,188

Credit loss provision, net

65,021



1,406









66,427





66,427

Other expense

15



175





285





475





475

Total costs and expenses

294,519



44,416



23,582



39,375



100,891



502,783



(208)



502,575

Other income (loss):































Change in net assets related to consolidated VIEs













16,570



16,570

Change in fair value of servicing rights







975





975



(1,316)



(341)

Change in fair value of investment securities, net

2,913







(29,277)





(26,364)



25,586



(778)

Change in fair value of mortgage loans, net

95,747







19,124





114,871





114,871

Loss from affordable housing fund investments





(5,590)







(5,590)





(5,590)

Earnings (loss) from unconsolidated entities

1,277



(963)





183





497



(148)



349

Gain on sale of investments and other assets, net







8,316





8,316





8,316

(Loss) gain on derivative financial instruments, net

(108,436)



(104)



(546)



(3,592)



28,737



(83,941)





(83,941)

Foreign currency gain (loss), net

58,930



546



(55)







59,421





59,421

Loss on extinguishment of debt

(142)







(100)





(242)





(242)

Other (loss) income, net

(2,146)





(879)



44





(2,981)





(2,981)

Total other income (loss)

48,143



(521)



(7,070)



(4,327)



28,737



64,962



40,692



105,654

Income (loss) before income taxes

139,130



20,506



(14,088)



8,584



(71,513)



82,619





82,619

Income tax (provision) benefit

(7,422)



156





(3,183)





(10,449)





(10,449)

Net income (loss)

131,708



20,662



(14,088)



5,401



(71,513)



72,170





72,170

Net (income) loss attributable to non-controlling interests

(3)





(3,148)



7,049





3,898





3,898

Net income (loss) attributable to Starwood Property Trust, Inc.

$                       131,705



$           20,662



$    (17,236)



$          12,450



$     (71,513)



$     76,068



$                 —



$    76,068

Definition of Distributable Earnings

Distributable Earnings, a non-GAAP financial measure, is used to compute the Company's incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT.  For the Company's purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company's external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein.  The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company's external manager and approved by a majority of the Company's independent directors.  Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 for additional information regarding Distributable Earnings.

Reconciliation of Net Income to Distributable Earnings

For the three months ended September 30, 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.

$                           131,705



$                              20,662



$                         (17,236)



$                             12,450



$                          (71,513)



$                              76,068

Add / (Deduct):























Non-controlling interests attributable to Woodstar II Class A Units





4,659







4,659

Non-controlling interests attributable to unrealized gains/losses





(5,065)



(13,975)





(19,040)

Non-cash equity compensation expense

2,582



521



103



1,624



5,958



10,788

Management incentive fee











Depreciation and amortization

2,409



5



6,004



1,839





10,257

Interest income adjustment for securities

4,943







8,342





13,285

Consolidated income tax provision (benefit) associated with fair value adjustments

7,422



(156)





3,183





10,449

Other non-cash items

3





282



(471)





(186)

Reversal of GAAP unrealized and realized (gains) / losses on:























Loans

(95,747)







(19,124)





(114,871)

Credit loss provision, net

65,021



1,406









66,427

Securities

(2,913)







29,277





26,364

Woodstar Fund investments





5,590







5,590

Derivatives

108,436



104



546



3,592



(28,737)



83,941

Foreign currency

(58,930)



(546)



55







(59,421)

(Earnings) loss from unconsolidated entities

(1,277)



963





(183)





(497)

Sales of properties







(8,316)





(8,316)

Recognition of Distributable realized gains / (losses) on:























Loans

(1,551)







19,841





18,290

Securities

(10)







817





807

Woodstar Fund investments





19,043







19,043

Derivatives

30,099



85



(129)



(4,354)



(11,425)



14,276

Foreign currency

(3,534)



67



(55)







(3,522)

Earnings (loss) from unconsolidated entities

1,278



(297)





350





1,331

Sales of properties







3,237





3,237

Distributable Earnings (Loss)

$                           189,936



$                              22,814



$                            13,797



$                             38,129



$                        (105,717)



$                           158,959

Distributable Earnings (Loss) per Weighted Average Diluted Share

$                                  0.57



$                                  0.07



$                                0.04



$                                  0.12



$                               (0.32)



$                                  0.48

 

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the nine months ended September 30, 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

$         1,102,810



$         194,526



$              —



$           12,345



$              —



$   1,309,681



$                 —



$      1,309,681

Interest income from investment securities

90,170



391





70,663





161,224



(108,791)



52,433

Servicing fees

361







48,512





48,873



(11,324)



37,549

Rental income

11,819





52,863



15,603





80,285





80,285

Other revenues

4,455



2,690



574



2,836



1,951



12,506





12,506

Total revenues

1,209,615



197,607



53,437



149,959



1,951



1,612,569



(120,115)



1,492,454

Costs and expenses:































Management fees

569









103,401



103,970





103,970

Interest expense

662,124



115,229



35,325



26,952



199,200



1,038,830



(626)



1,038,204

General and administrative

49,003



14,625



3,701



71,407



11,063



149,799





149,799

Costs of rental operations

8,577





17,309



8,661





34,547





34,547

Depreciation and amortization

6,349



43



17,695



5,289



754



30,130





30,130

Credit loss provision, net

142,993



1,982









144,975





144,975

Other expense

771



175



35



453





1,434





1,434

Total costs and expenses

870,386



132,054



74,065



112,762



314,418



1,503,685



(626)



1,503,059

Other income (loss):































Change in net assets related to consolidated VIEs













43,836



43,836

Change in fair value of servicing rights







(1,521)





(1,521)



2,303



782

Change in fair value of investment securities, net

(4,352)







(69,445)





(73,797)



74,301



504

Change in fair value of mortgage loans, net

102,781







47,498





150,279





150,279

Income from affordable housing fund investments





10,304







10,304





10,304

Earnings (loss) from unconsolidated entities

10,293



(694)





1,046





10,645



(951)



9,694

(Loss) gain on sale of investments and other assets, net

(41)





92,003



8,316





100,278





100,278

Gain on derivative financial instruments, net

11,636



59



1,442



129



5,718



18,984





18,984

Foreign currency gain (loss), net

23,970



479



(13)







24,436





24,436

Gain (loss) on extinguishment of debt

173



(620)



(2,254)



(100)





(2,801)





(2,801)

Other (loss) income, net

(7,337)



40



(1,156)



50





(8,403)





(8,403)

Total other income (loss)

137,123



(736)



100,326



(14,027)



5,718



228,404



119,489



347,893

Income (loss) before income taxes

476,352



64,817



79,698



23,170



(306,749)



337,288





337,288

Income tax (provision) benefit

(18,930)



414





(9,017)





(27,533)





(27,533)

Net income (loss)

457,422



65,231



79,698



14,153



(306,749)



309,755





309,755

Net (income) loss attributable to non-controlling interests

(10)





(15,010)



13,555





(1,465)





(1,465)

Net income (loss) attributable to Starwood Property Trust, Inc.

$            457,412



$           65,231



$        64,688



$           27,708



$    (306,749)



$      308,290



$                 —



$         308,290

 

Reconciliation of Net Income to Distributable Earnings

For the nine months ended September 30, 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.

$         457,412



$           65,231



$           64,688



$           27,708



$       (306,749)



$         308,290

Add / (Deduct):























Non-controlling interests attributable to Woodstar II Class A Units





13,978







13,978

Non-controlling interests attributable to unrealized gains/losses





(9,028)



(25,498)





(34,526)

Non-cash equity compensation expense

7,320



1,485



288



4,797



17,612



31,502

Management incentive fee









22,593



22,593

Depreciation and amortization

6,793



15



17,955



5,570





30,333

Interest income adjustment for securities

15,891







25,603





41,494

Consolidated income tax provision (benefit} associated with fair value adjustments

18,930



(414)





9,017





27,533

Other non-cash items

10





834



(823)





21

Reversal of GAAP unrealized and realized (gains) / losses on:























Loans

(102,781)







(47,498)





(150,279)

Credit loss provision, net

142,993



1,982









144,975

Securities

4,352







69,445





73,797

Woodstar Fund investments





(10,304)







(10,304)

Derivatives

(11,636)



(59)



(1,442)



(129)



(5,718)



(18,984)

Foreign currency

(23,970)



(479)



13







(24,436)

(Earnings) loss from unconsolidated entities

(10,293)



694





(1,046)





(10,645)

Sales of properties





(92,003)



(8,316)





(100,319)

Recognition of Distributable realized gains / (losses) on:























Loans

(4,949)







47,261





42,312

Realized credit loss



(1,546)









(1,546)

Securities

(9,302)







(37,078)





(46,380)

Woodstar Fund investments





54,246







54,246

Derivatives

101,184



269



8,694



1,019



(31,750)



79,416

Foreign currency

(12,209)



55



(13)







(12,167)

Earnings (loss) from unconsolidated entities

4,272



(326)





1,033





4,979

Sales of properties





39,150



3,237





42,387

Distributable Earnings (Loss)

$         584,017



$           66,907



$           87,056



$           74,302



$       (304,012)



$         508,270

Distributable Earnings (Loss) per Weighted Average Diluted Share

$               1.78



$               0.20



$               0.26



$               0.23



$             (0.92)



$               1.55

 

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet by Segment

As of September 30, 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

$                   11,235



$             174,581



$                35,527



$                13,692



$             122,818



$             357,853



$                        —



$             357,853

Restricted cash

93,839



19,825



1,057



4,627



32,935



152,283





152,283

Loans held-for-investment, net

13,713,603



2,415,162









16,128,765





16,128,765

Loans held-for-sale

2,540,411







232,968





2,773,379





2,773,379

Investment securities

1,094,588



17,275





1,189,930





2,301,793



(1,585,991)



715,802

Properties, net

476,951





659,351



58,288





1,194,590





1,194,590

Investments of consolidated affordable housing fund





1,984,822







1,984,822





1,984,822

Investments in unconsolidated entities

26,407



51,997





27,270





105,674



(14,665)



91,009

Goodwill



119,409





140,437





259,846





259,846

Intangible assets

11,373





22,770



61,577





95,720



(35,561)



60,159

Derivative assets

67,220





544



1,799



5,076



74,639





74,639

Accrued interest receivable

179,174



16,572



224



964



212



197,146





197,146

Other assets

150,882



7,247



52,816



8,646



73,571



293,162





293,162

VIE assets, at fair value













39,950,395



39,950,395

Total Assets

$          18,365,683



$          2,822,068



$          2,757,111



$          1,740,198



$             234,612



$       25,919,672



$       38,314,178



$       64,233,850

Liabilities and Equity































Liabilities:































Accounts payable, accrued expenses and other liabilities

$                184,956



$                63,422



$                12,584



$                44,583



$                89,689



$             395,234



$                        —



$             395,234

Related-party payable









25,542



25,542





25,542

Dividends payable









163,669



163,669





163,669

Derivative liabilities

90,530







69



27,562



118,161





118,161

Secured financing agreements, net

8,628,342



796,183



479,138



639,323



1,332,072



11,875,058



(20,440)



11,854,618

Collateralized loan obligations and single asset securitization, net

2,163,968



1,138,281









3,302,249





3,302,249

Unsecured senior notes, net









2,757,146



2,757,146





2,757,146

VIE liabilities, at fair value













38,334,618



38,334,618

Total Liabilities

11,067,796



1,997,886



491,722



683,975



4,395,680



18,637,059



38,314,178



56,951,237

Temporary Equity: Redeemable non-controlling interests





410,799







410,799





410,799

Permanent Equity:































Starwood Property Trust, Inc. Stockholders' Equity:































Common stock









3,447



3,447





3,447

Additional paid-in capital

1,309,195



586,273



(391,883)



(652,611)



5,460,889



6,311,863





6,311,863

Treasury stock









(138,022)



(138,022)





(138,022)

Retained earnings (accumulated deficit)

5,972,318



237,909



2,039,228



1,584,106



(9,487,382)



346,179





346,179

Accumulated other comprehensive income

16,256











16,256





16,256

Total Starwood Property Trust, Inc. Stockholders' Equity

7,297,769



824,182



1,647,345



931,495



(4,161,068)



6,539,723





6,539,723

Non-controlling interests in consolidated subsidiaries

118





207,245



124,728





332,091





332,091

Total Permanent Equity

7,297,887



824,182



1,854,590



1,056,223



(4,161,068)



6,871,814





6,871,814

Total Liabilities and Equity

$          18,365,683



$          2,822,068



$          2,757,111



$          1,740,198



$             234,612



$       25,919,672



$       38,314,178



$       64,233,850

 

Cision View original content:https://www.prnewswire.com/news-releases/starwood-property-trust-reports-results-for-quarter-ended-september-30-2024-302297302.html

SOURCE Starwood Property Trust, Inc.

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