| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Revenues: | |||||||||
Interest income from loans | |||||||||
724,013 | 620,543 | 513,814 | 467,195 | 477,931 | 434,662 | 344,640 | 251,615 | 180,445 | 71,543 |
Interest income from investment securities | |||||||||
76,629 | 56,839 | 52,813 | 70,848 | 93,665 | 112,016 | 74,312 | 55,419 | 25,618 | 21,981 |
Servicing fees | |||||||||
54,296 | 78,766 | 61,446 | 88,956 | 117,068 | 135,565 | 124,726 | - | - | - |
Rental income | |||||||||
337,966 | 349,684 | 249,000 | 152,760 | 36,622 | 9,831 | 6 | - | - | - |
Other revenues | |||||||||
3,515 | 3,448 | 2,815 | 4,908 | 10,591 | 10,801 | 5,811 | 260 | 389 | - |
Total revenues | |||||||||
1,196,419 | 1,109,280 | 879,888 | 784,667 | 735,877 | 702,875 | 549,495 | 307,294 | 206,452 | - |
Costs and expenses: | |||||||||
Management fees | |||||||||
119,132 | 129,455 | 122,699 | 117,451 | 124,733 | 117,732 | 76,816 | 57,286 | 39,182 | 22,775 |
Interest expense | |||||||||
508,729 | 408,188 | 295,666 | 230,799 | 202,550 | 161,104 | 111,803 | 47,125 | 28,782 | 15,788 |
General and administrative | |||||||||
155,112 | 136,132 | 129,587 | 152,941 | 154,628 | 169,661 | 150,019 | 11,663 | 8,795 | 6,899 |
Net interest margin | |||||||||
- | - | - | - | - | - | - | - | - | 77,736 |
Business combination costs | |||||||||
- | - | - | - | - | - | 17,958 | - | - | - |
Acquisition and investment pursuit costs | |||||||||
1,056 | 8,587 | 3,472 | 13,462 | 13,429 | 3,681 | 3,648 | 3,476 | 3,661 | 378 |
Costs of rental operations | |||||||||
122,982 | 127,068 | 94,258 | 65,101 | 11,542 | 5,938 | - | - | - | - |
Depreciation and amortization | |||||||||
113,322 | 132,649 | 93,603 | 66,786 | 29,010 | 16,627 | 9,701 | - | - | - |
Credit loss provision, net | |||||||||
7,126 | 34,821 | -5,458 | 3,759 | -2 | 2,047 | 1,923 | 2,061 | - | - |
Other expense | |||||||||
-2,365 | -732 | -1,422 | -828 | -389 | 7,219 | 1,298 | 150 | - | - |
Total costs and expenses | |||||||||
1,029,824 | 977,632 | 735,249 | 651,127 | 536,279 | 484,009 | 373,166 | 121,761 | 80,420 | - |
Income before other income (loss), income taxes and non-controlling interests | |||||||||
- | - | - | - | 199,598 | 218,866 | 176,329 | 185,533 | 126,032 | - |
Other (loss) income: | |||||||||
Change in net assets related to consolidated VIEs | |||||||||
236,309 | 165,892 | 252,434 | 151,593 | 185,490 | 212,506 | 116,377 | - | - | - |
Change in fair value of servicing rights | |||||||||
-3,640 | -10,202 | -24,323 | -47,149 | -12,605 | 16,787 | 6,844 | - | - | - |
Change in fair value of investment securities, net | |||||||||
833 | 10,345 | -3,811 | -1,401 | 3,084 | 15,077 | -8,884 | 295 | - | - |
Change in fair value of mortgage loans, net | |||||||||
71,601 | 40,522 | 66,987 | 74,251 | 64,320 | 70,420 | 43,849 | -5,760 | 5,760 | - |
Earnings (loss) from unconsolidated entities | |||||||||
-101,354 | 10,540 | 30,505 | 21,723 | 26,674 | 19,932 | 8,841 | 5,086 | 2,987 | - |
Gain on sale of investments and other assets, net | |||||||||
188,028 | 59,044 | 20,499 | 1,942 | 22,664 | 12,886 | 25,063 | 24,836 | 21,000 | 11,629 |
Gain (loss) on derivative financial instruments, net | |||||||||
-6,310 | 34,603 | -72,532 | 70,734 | 21,598 | 20,451 | -11,170 | -14,157 | -20,280 | - |
Foreign currency (loss) gain, net | |||||||||
17,582 | -9,245 | 33,671 | -33,967 | -37,221 | -29,942 | 10,383 | 15,120 | -7,420 | - |
Total other-than-temporary impairment ("OTTI") | |||||||||
267 | - | 180 | 54 | 12 | 1,788 | 2,076 | 7,256 | 7,311 | - |
Foreign currency gain, net | |||||||||
- | - | - | - | - | - | - | - | - | 57 |
Noncredit portion of OTTI recognized in other comprehensive income | |||||||||
-267 | - | -71 | -54 | -12 | 732 | -1,062 | -2,854 | 1,310 | - |
Net impairment losses recognized in earnings | |||||||||
- | - | 109 | - | - | 1,056 | 1,014 | 4,402 | 6,001 | - |
Loss on extinguishment of debt | |||||||||
-19,270 | -5,808 | -5,915 | -8,781 | -5,921 | - | - | - | - | - |
Total expenses | |||||||||
- | - | - | - | - | - | - | - | - | 30,052 |
Income before other income (expense) and income taxes | |||||||||
- | - | - | - | - | - | - | - | - | 47,684 |
Other income (loss), net | |||||||||
-207 | -812 | 2,244 | 13,510 | 1,708 | 3,832 | 1,052 | 7 | -680 | 1,403 |
Total other (loss) income | |||||||||
383,572 | 294,879 | 299,650 | 242,455 | 269,791 | 307,319 | 177,653 | 21,025 | -4,634 | - |
Net gains (losses) on currency derivatives | |||||||||
- | - | - | - | - | - | - | - | - | -7,500 |
Net gains on interest rate derivatives | |||||||||
- | - | - | - | - | - | - | - | - | -55 |
Unrealized foreign currency remeasurement losses | |||||||||
- | - | - | - | - | - | - | - | - | 6,050 |
(Loss) income before income taxes | |||||||||
550,167 | 426,527 | 444,289 | 375,995 | 469,389 | 526,185 | 353,982 | 206,558 | 121,398 | 59,268 |
Income tax benefit (provision) | |||||||||
13,232 | 15,330 | 31,522 | 8,344 | 17,206 | 24,096 | 23,858 | 871 | 790 | 426 |
Income from continuing operations | |||||||||
- | - | - | - | - | 502,089 | 330,124 | 205,687 | - | - |
Loss from discontinued operations, net of tax (Note 3) | |||||||||
- | - | - | - | - | -1,551 | -19,794 | -2,005 | - | - |
Net (loss) income | |||||||||
536,935 | 411,197 | 412,767 | 367,651 | 452,183 | 500,538 | 310,330 | 203,682 | 120,608 | 58,842 |
Net income attributable to non-controlling interests | |||||||||
27,271 | 25,367 | 11,997 | 2,465 | 1,486 | 5,517 | 5,300 | 2,487 | 1,231 | 1,796 |
Net (loss) income attributable to Starwood Property Trust, Inc. | |||||||||
509,664 | 385,830 | 400,770 | 365,186 | 450,697 | 495,021 | 305,030 | 201,195 | 119,377 | 57,046 |
Basic: | |||||||||
Income from continuing operations (in dollars per share) | |||||||||
- | - | - | - | - | 2.29 | 1.94 | 1.77 | - | - |
Loss from discontinued operations (in dollars per share) | |||||||||
- | - | - | - | - | -0.01 | -0.12 | -0.01 | - | - |
Basic (in dollars per share) | |||||||||
1.81 | 1.44 | 1.53 | 1.52 | 1.92 | 2.28 | 1.82 | 1.76 | 1.38 | 1.16 |
Diluted: | |||||||||
Income from continuing operations (in dollars per share) | |||||||||
- | - | - | - | - | 2.25 | 1.94 | 1.77 | - | - |
Loss from discontinued operations (in dollars per share) | |||||||||
- | - | - | - | - | -0.01 | -0.12 | -0.01 | - | - |
Diluted (in dollars per share) | |||||||||
1.79 | 1.42 | 1.52 | 1.50 | 1.91 | 2.24 | 1.82 | 1.76 | 1.38 | 1.14 |