| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Cash Flows from Operating Activities: | |||||||||
Net (loss) income | |||||||||
536 | 411 | 412 | 367 | 452 | 500 | 310 | 203 | 120 | 58 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||
Amortization of deferred financing costs, premiums and discounts on secured borrowings | |||||||||
36 | 27 | 19 | 16 | 14 | 10 | 9 | 5 | 3 | 0 |
Amortization of discounts and deferred financing costs on unsecured senior notes | |||||||||
7 | 11 | 21 | 21 | 20 | - | - | -44 | -26 | -6 |
Amortization of discounts and deferred financing costs on senior notes | |||||||||
- | - | - | - | - | 14 | 8 | -1 | -0 | - |
Accretion of net discount on investment securities | |||||||||
11 | 15 | 15 | 16 | 24 | 25 | 30 | 33 | 18 | 7 |
Accretion of net deferred loan fees and discounts | |||||||||
35 | 38 | 39 | 48 | 36 | 21 | -44 | - | - | - |
Amortization of net discount from secured borrowings on transferred loans | |||||||||
- | - | - | - | - | - | -1 | - | - | - |
Share-based compensation | |||||||||
36 | 22 | 18 | 32 | 32 | 28 | 16 | 16 | 13 | 7 |
Share-based component of incentive fees | |||||||||
11 | 20 | 19 | 17 | 17 | 11 | 2 | 3 | 1 | - |
Change in fair value of investment securities | |||||||||
0 | 10 | -3 | -1 | 3 | 15 | -8 | - | - | - |
Change in fair value of consolidated VIEs | |||||||||
67 | 17 | 69 | -28 | -45 | 52 | 23 | - | - | - |
Change in fair value of servicing rights | |||||||||
-3 | -10 | -24 | -47 | -12 | 16 | 6 | - | - | - |
Change in fair value of loans | |||||||||
71 | 40 | 66 | 74 | 64 | 70 | 43 | -5 | 5 | - |
Gain on sale of available-for-sale securities | |||||||||
- | - | - | - | - | - | - | 16 | 10 | 2 |
Gain on sale of loans | |||||||||
- | - | - | - | - | - | - | 8 | 10 | 9 |
Gain on foreign currency remeasurement | |||||||||
- | - | - | - | - | - | - | 8 | - | - |
Gain on sale of real estate assets | |||||||||
- | - | - | - | - | - | - | 0 | - | - |
Unrealized gains on securities | |||||||||
- | - | - | - | - | - | - | 0 | - | - |
Change in fair value of derivatives | |||||||||
-11 | 30 | -68 | 75 | 28 | 24 | -7 | - | - | - |
Foreign currency loss (gain), net | |||||||||
17 | -9 | 33 | -33 | -37 | -29 | 10 | 6 | -6 | 6 |
Unrealized gains on interest rate hedges | |||||||||
- | - | - | - | - | - | - | 10 | -11 | -0 |
Unrealized (gains) losses on currency hedges | |||||||||
- | - | - | - | - | - | - | -17 | 5 | -7 |
Gain on sale of investments and other assets | |||||||||
188 | 59 | 20 | 1 | 22 | 13 | 40 | - | 0 | 0 |
Impairment charges on properties and related intangibles | |||||||||
1 | 1 | 1 | 0 | - | - | - | - | - | - |
Impairment of real estate | |||||||||
- | - | - | - | - | - | 1 | - | - | - |
Impairment charges | |||||||||
- | - | - | - | - | 1 | 1 | - | - | - |
Other-than-temporary impairment | |||||||||
- | - | - | - | - | - | - | 4 | 6 | - |
Credit loss provision, net | |||||||||
7 | 34 | -5 | 3 | -0 | 2 | 1 | 2 | - | - |
Depreciation and amortization | |||||||||
113 | 130 | 90 | 61 | 27 | 16 | 14 | - | - | - |
(Earnings) loss from unconsolidated entities | |||||||||
-101 | 10 | 30 | 21 | 26 | -19 | -8 | - | - | - |
Distributions of earnings from unconsolidated entities | |||||||||
11 | 5 | 67 | 19 | 23 | 15 | 6 | - | - | - |
Bargain purchase gain | |||||||||
- | - | - | 8 | - | - | - | - | - | - |
Loss on extinguishment of debt | |||||||||
-19 | -5 | -5 | -8 | -5 | - | - | - | - | - |
Capitalized cost written off | |||||||||
- | - | - | - | - | - | 1 | - | - | - |
Origination and purchase of loans held-for-sale, net of principal collections | |||||||||
3,543 | 2,105 | 2,199 | 1,669 | 1,848 | 1,785 | 1,232 | - | 270 | 143 |
Other liabilities | |||||||||
- | - | - | - | - | - | - | 20 | -5 | 2 |
Proceeds from sale of loans held-for-sale | |||||||||
3,177 | 2,246 | 1,582 | 1,884 | 2,100 | 1,670 | 1,326 | 132 | 294 | - |
Changes in operating assets and liabilities: | |||||||||
Related-party payable, net | |||||||||
-3 | 1 | 4 | -3 | 0 | 22 | 15 | -6 | 3 | 1 |
Accrued and capitalized interest receivable, less purchased interest | |||||||||
114 | 62 | 94 | 76 | 65 | 52 | 32 | 11 | 10 | 7 |
Other assets | |||||||||
29 | -8 | 35 | -12 | 28 | -1 | -18 | 0 | 15 | 0 |
Accounts payable, accrued expenses and other liabilities | |||||||||
-5 | 25 | 22 | -6 | -34 | -40 | 35 | 3 | -0 | 4 |
Purchase of mortgage-backed securities | |||||||||
- | - | - | - | - | - | - | 626 | 208 | 204 |
Net cash provided by (used in) operating activities | |||||||||
-13 | 585 | -246 | 556 | 605 | 220 | 326 | 265 | 79 | -99 |
Cash Flows from Investing Activities: | |||||||||
Proceeds from sale of mortgage-backed securities | |||||||||
- | - | - | - | - | - | - | 261 | 287 | 58 |
Proceeds from mortgage-backed securities maturities | |||||||||
- | - | - | - | - | - | - | - | 27 | - |
Mortgage-backed securities principal paydowns | |||||||||
- | - | - | - | - | - | - | 89 | 113 | 38 |
Origination and purchase of loans held-for-investment | |||||||||
5,473 | 4,428 | 3,234 | 2,815 | 2,360 | 3,034 | 2,663 | 1,753 | 1,558 | 1,208 |
Proceeds from principal collections on loans | |||||||||
3,132 | 3,057 | 2,562 | 2,667 | 1,552 | 1,192 | 769 | - | - | - |
Proceeds from loans sold | |||||||||
1,141 | 835 | 52 | 382 | 637 | 501 | 435 | - | - | - |
Purchase and funding of investment securities | |||||||||
98 | 492 | 98 | 360 | 182 | 189 | 479 | - | - | - |
Proceeds from sales of investment securities | |||||||||
7 | 16 | 11 | 18 | 6 | 100 | 463 | - | - | - |
Proceeds from principal collections on investment securities | |||||||||
205 | 382 | 232 | 108 | 428 | 54 | 70 | - | - | - |
Infrastructure lending business combination | |||||||||
- | 2,158 | - | - | - | - | - | - | - | - |
Real estate business combinations, net of cash and restricted cash acquired | |||||||||
- | - | 17 | 849 | 544 | - | 586 | - | - | - |
Proceeds from sales of real estate | |||||||||
343 | 311 | 55 | - | 35 | 1 | 13 | 4 | - | - |
Purchases and additions to properties and other assets | |||||||||
30 | 54 | 573 | 15 | 1 | 37 | 2 | - | - | - |
Investment in unconsolidated entities | |||||||||
18 | 3 | 32 | 11 | 32 | 183 | 30 | - | - | - |
Distribution of capital from unconsolidated entities | |||||||||
18 | 21 | 14 | 15 | 30 | 62 | 6 | 0 | 0 | - |
Purchase of treasury securities | |||||||||
- | - | - | - | - | - | - | - | 112 | - |
Proceeds from sale of treasury securities | |||||||||
- | - | - | - | - | - | - | - | 112 | - |
Cash deposited as collateral under treasury securities loan agreement | |||||||||
- | - | - | - | - | - | - | - | -112 | - |
Return of collateral under treasury securities loan agreement | |||||||||
- | - | - | - | - | - | - | - | -112 | - |
Payments for purchase or termination of derivatives | |||||||||
42 | 29 | 40 | 27 | 27 | 19 | 17 | - | 7 | - |
Proceeds from termination of derivatives | |||||||||
38 | 20 | 31 | 85 | 36 | 5 | 10 | - | - | - |
Proceeds from sale of other investments | |||||||||
- | - | - | - | - | - | - | 8 | 2 | 1 |
Return of investment basis in purchased derivative asset | |||||||||
- | - | 0 | 0 | 0 | 1 | 1 | 3 | - | - |
Restricted cash divested of European servicing and advisory business | |||||||||
- | - | - | 0 | - | - | - | - | - | - |
(Increase) decrease in restricted cash, net | |||||||||
- | - | - | - | - | -2 | 17 | 3 | - | - |
Spin-off of Starwood Waypoint Residential Trust | |||||||||
- | - | - | - | - | 111 | - | - | - | - |
Loan maturities | |||||||||
- | - | - | - | - | - | - | 615 | 305 | 114 |
Proceeds from sale of loans and participations | |||||||||
- | - | - | - | - | - | - | 344 | 47 | 38 |
Loan investment repayments | |||||||||
- | - | - | - | - | - | - | 55 | 26 | 13 |
Purchased interest on investments | |||||||||
- | - | - | - | - | - | - | 1 | 2 | 3 |
Investments in other investments | |||||||||
- | - | - | - | - | - | - | 14 | 37 | 15 |
Acquisition and improvement of single family homes | |||||||||
- | - | - | - | - | 61 | 642 | 172 | - | - |
Purchase of non-performing loans | |||||||||
- | - | - | - | - | - | 186 | - | - | - |
Proceeds from sale of non-performing loans | |||||||||
- | - | - | - | - | 1 | 25 | - | - | - |
Net cash used in investing activities | |||||||||
-775 | -2,520 | -1,036 | -800 | -420 | -1,714 | -2,827 | -1,188 | -1,002 | -1,165 |
Cash Flows from Financing Activities: | |||||||||
Proceeds from borrowings | |||||||||
10,167 | 9,412 | 6,273 | 6,024 | 4,856 | - | - | 1,777 | 1,604 | 477 |
Proceeds from issuance of convertible senior notes | |||||||||
- | - | - | - | - | - | 1,037 | - | - | - |
Borrowings under financing agreements | |||||||||
- | - | - | - | - | 4,742 | 4,391 | 35 | - | 54 |
Principal repayments on and repurchases of borrowings | |||||||||
8,671 | 6,360 | 4,586 | 5,266 | 4,335 | 3,419 | 3,884 | 1,575 | 1,080 | 69 |
Payment of deferred financing costs | |||||||||
72 | 67 | 22 | 37 | 21 | 16 | 26 | 8 | 4 | 4 |
Proceeds from secured borrowings | |||||||||
- | - | - | - | - | - | 95 | - | - | - |
Proceeds from common stock issuances | |||||||||
0 | 0 | 0 | 449 | 326 | 600 | 1,513 | 875 | 476 | 453 |
Payment of equity offering costs | |||||||||
0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 28 | 18 |
Payment of dividends | |||||||||
538 | 509 | 501 | 458 | 446 | 401 | 300 | 186 | 142 | 44 |
Contributions from non-controlling interests | |||||||||
183 | 13 | 0 | 11 | 0 | - | 1 | 94 | 5 | 3 |
Distributions to non-controlling interests | |||||||||
49 | 256 | 96 | 6 | 2 | 33 | 48 | 24 | 9 | 4 |
Purchase of treasury stock | |||||||||
- | 12 | - | 19 | 48 | 12 | - | - | 10 | - |
Issuance of debt of consolidated VIEs | |||||||||
184 | 102 | 25 | 35 | 9 | 89 | 13 | - | - | - |
Repayment of debt of consolidated VIEs | |||||||||
373 | 410 | 137 | 283 | 463 | 136 | 180 | - | - | - |
Distributions of cash from consolidated VIEs | |||||||||
45 | 92 | 92 | 57 | 34 | 27 | 29 | - | - | - |
Net cash provided by financing activities | |||||||||
876 | 2,004 | 1,047 | 505 | -93 | 1,437 | 2,640 | 986 | 809 | 847 |
Net increase in cash, cash equivalents and restricted cash | |||||||||
87 | 69 | -235 | 261 | 92 | -56 | 138 | 63 | -112 | -418 |
Effect of exchange rate changes on cash | |||||||||
-1 | 0 | 3 | -2 | -4 | -5 | 1 | - | - | - |
Supplemental disclosure of cash flow information: | |||||||||
Cash paid for interest | |||||||||
481 | 337 | 250 | 185 | 160 | 131 | 79 | 42 | 25 | 14 |
Income taxes paid | |||||||||
11 | 10 | 20 | 9 | 29 | 34 | 43 | 1 | 1 | 0 |
Supplemental disclosure of non-cash investing and financing activities: | |||||||||
Consolidation of VIEs (VIE asset/liability additions) | |||||||||
10,368 | 9,885 | 3,925 | 21,289 | 12,050 | 29,363 | 25,165 | - | - | - |
Deconsolidation of VIEs (VIE asset/liability reductions) | |||||||||
377 | 1,649 | 2,480 | 5,717 | 7,825 | 9,392 | 1,218 | - | - | - |
Interest only security received in connection with securitization | |||||||||
- | - | - | - | - | - | 1 | - | - | - |
Unsettled trades and loans receivable | |||||||||
- | - | - | - | - | - | - | 2 | - | 22 |
Unsettled securities trade payable | |||||||||
- | - | - | - | - | - | - | - | - | 47 |
Lease liabilities arising from obtaining right-of-use assets | |||||||||
9 | - | - | - | - | - | - | - | - | - |
Net assets acquired from consolidated VIEs | |||||||||
8 | 27 | 31 | 181 | 124 | - | - | - | - | - |
Fair value of assets acquired, net of cash and restricted cash | |||||||||
- | 2,167 | 18 | 1,043 | 872 | - | 1,152 | - | - | - |
Fair value of liabilities assumed | |||||||||
- | 9 | 0 | 184 | 328 | - | 562 | - | - | - |
Net assets distributed in spin-off of Starwood Waypoint Residential Trust | |||||||||
- | - | - | - | - | 1,008 | - | - | - | - |
Contribution of Woodstar II Portfolio net assets from non-controlling interests | |||||||||
2 | 416 | 145 | - | - | 7 | - | - | - | - |
Loan principal collections temporarily held at master servicer | |||||||||
44 | - | - | - | - | - | - | - | - | - |
Redemption of Class A Units for common stock | |||||||||
21 | - | - | - | - | - | - | - | - | - |
Reclassification of residential loans held-for-sale to held-for-investment | |||||||||
340 | - | - | - | - | - | - | - | - | - |
Settlement of 2019 Convertible Notes in shares | |||||||||
75 | 271 | - | - | - | - | - | - | - | - |
Settlement of loans transferred as secured borrowings | |||||||||
74 | - | 35 | 68 | 94 | 50 | - | - | - | - |
Unsettled derivative transactions | |||||||||
- | - | - | 28 | - | - | - | - | - | - |
Net assets divested of Europe servicing and advisory business, net of cash and restricted cash | |||||||||
- | - | - | 1 | - | - | - | - | - | - |
Equity interest acquired in Situs Group Holdings Corporation | |||||||||
- | - | - | 12 | - | - | - | - | - | - |
Net assets acquired through foreclosure | |||||||||
53 | - | - | - | 14 | - | 18 | - | - | - |