Starwood Property Trust, Inc. STWD Income Statement

Starwood property trust, inc. (STWD)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10
Revenues:
Interest income from loans
217,427	177,101	172,030	191,466	183,416	176,718	154,501	151,704	137,620	142,720	138,599	120,612	111,883	105,881	121,225	122,557	117,532	120,612	120,598	118,292	118,429	113,628	110,669	105,455	104,910	107,969	94,045	74,936	67,690	72,537	56,261	53,740	69,077	54,802	51,879	41,047	32,717	21,451
Interest income from investment securities
15,240	19,776	16,676	22,545	17,632	19,272	11,508	10,790	15,269	12,768	12,451	12,370	15,224	16,969	19,175	15,301	19,403	17,437	24,674	23,810	27,744	26,302	28,640	27,620	29,454	21,691	17,804	18,577	16,240	15,015	16,585	15,144	8,675	5,442	6,195	7,121	6,860	6,348
Servicing fees
4,793	6,522	14,333	9,008	24,433	7,560	27,824	17,315	26,067	13,874	14,842	18,628	14,102	18,035	22,918	23,312	24,691	26,129	32,528	30,154	28,257	34,032	34,641	32,681	34,211	-	36,509	39,135	-	-	-	-	-	-	-	-	-	-
Rental income
74,146	82,182	84,654	87,297	83,833	88,551	91,132	88,891	81,110	72,839	60,153	58,966	57,042	42,498	39,742	37,843	32,677	18,891	10,045	5,014	2,672	-	3,385	2,552	-	-	-	-	-	-	59	-	-	-	-	-	-	-
Other revenues
954	847	637	865	1,166	1,317	754	856	521	631	722	993	469	1,094	1,645	979	1,190	3,154	4,300	1,390	1,747	922	4,033	2,442	3,404	1,903	2,034	1,795	79	-	66	-	-	-	-	-	-	-
Total revenues
312,560	286,428	288,330	311,181	310,480	293,418	285,719	269,556	260,587	242,832	226,767	211,569	198,720	184,477	204,705	199,992	195,493	186,223	192,145	178,660	178,849	178,778	181,368	170,750	171,979	180,651	150,392	134,443	84,009	-	72,971	-	-	-	-	-	-	22,822
Costs and expenses:
Management fees
40,728	42,905	30,238	22,523	23,466	44,800	26,519	27,494	30,642	42,702	30,980	24,633	24,384	40,941	27,780	23,767	24,963	41,862	28,082	26,821	27,968	39,883	24,943	25,085	27,821	24,676	20,925	16,146	15,069	14,613	14,659	12,847	15,167	10,168	10,004	9,664	9,346	6,860
Interest expense
120,025	120,775	123,156	130,126	134,672	126,755	102,658	91,592	87,183	82,058	76,431	71,317	65,860	57,562	59,082	57,635	56,520	51,529	50,688	49,799	50,534	45,839	39,739	37,695	37,831	37,712	34,017	22,648	17,426	12,780	12,030	10,463	11,852	6,276	7,321	7,041	8,144	4,977
Investment pursuit costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	861	-	-	-	-	-
General and administrative
38,702	42,838	39,766	37,578	34,930	37,259	31,203	35,528	32,142	33,746	32,892	32,520	30,429	33,264	51,470	35,409	32,798	39,267	38,693	41,404	35,264	32,826	47,640	43,094	46,101	54,172	47,474	44,335	4,038	2,825	3,084	2,731	3,023	1,754	2,177	2,760	2,104	1,800
Net interest margin
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	58,421	65,900	-	50,753	41,127	31,433	-
Business combination costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	342	13,420	4,196	-	-	-	-	-	-	-	-	-
Acquisition and investment pursuit costs
909	477	163	74	342	122	6,527	1,561	377	1,240	1,024	537	671	7,780	1,509	2,888	1,285	3,694	3,682	4,867	1,186	1,757	759	771	394	1,258	1,393	916	81	-	622	1,254	-	1,841	1,201	531	88	-25
Costs of rental operations
28,214	31,108	31,568	30,655	29,651	34,287	30,191	32,897	29,693	26,557	23,799	23,024	20,878	18,583	18,011	15,852	12,655	6,281	2,352	1,211	1,698	-	1,783	1,674	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Residential properties and non-performing loans - other operating costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	327	-	-	-	-	-	-	-
Depreciation and amortization
23,980	27,247	28,269	28,552	29,254	29,462	34,293	37,150	31,744	26,472	22,871	22,032	22,228	13,601	15,352	19,073	18,760	11,863	7,234	5,828	4,085	3,820	3,017	5,154	4,636	-	3,435	2,228	-	-	78	-	-	-	-	-	-	-
Credit loss provision, net
48,669	3,884	-39	2,518	763	7,095	929	25,259	1,538	-2,288	-171	-2,694	-305	364	2,127	2,029	-761	-313	-2,667	2,661	317	114	1,575	-139	497	8	1,160	725	30	-	-	-	-	-	-	-	-	-
Other expense
-388	-588	-123	-1,443	-211	-55	-76	-497	-104	-146	-376	-142	-758	-17	-711	-200	100	-767	3	0	375	260	918	4,352	1,689	556	513	196	33	-	-	-	-	-	-	-	-	-
Total costs and expenses
301,615	269,822	253,244	253,469	253,289	279,835	232,396	251,978	213,423	210,633	188,202	171,511	164,903	172,112	176,042	156,653	146,320	154,194	128,067	132,591	121,427	126,980	120,374	117,686	118,969	122,420	109,259	100,614	40,873	-	30,800	-	-	-	-	-	-	-
Income before other income (loss), income taxes and non-controlling interests
-	-	-	-	-	-	-	-	-	-	38,565	40,058	33,817	-	28,663	43,339	49,173	32,029	64,078	46,069	57,422	51,798	60,994	53,064	53,010	58,231	41,133	33,829	43,136	-	42,171	-	-	-	-	-	-	14,187
Other (loss) income:
Change in net assets related to consolidated VIEs
-45,493	71,548	61,767	55,158	47,836	36,004	33,289	43,946	52,653	49,326	56,177	77,761	69,170	57,205	47,848	50,707	-4,167	32,091	49,665	55,873	47,861	21,696	87,778	47,028	56,004	-	47,963	31,949	-	-	-	-	-	-	-	-	-	-
Change in fair value of servicing rights
-393	-1,332	-625	-916	-767	-1,211	-974	-2,203	-5,814	-3,022	-4,867	-8,001	-8,433	-27,414	-14,283	-12,191	6,739	-21,016	4,217	2,652	1,542	-1,884	7,897	5,523	5,251	-	1,867	-2,898	-	-	-	-	-	-	-	-	-	-
Change in fair value of investment securities, net
2,504	-162	266	667	62	2,491	301	7,702	-149	250	-397	-2,493	-1,171	-687	-2,786	1,319	753	-480	2,617	1,446	-499	-103	1,860	4,959	8,361	-5,619	-2,278	-1,392	405	-	-	-	-	-	-	-	-	-
Change in fair value of mortgage loans, net
-16,134	5,923	32,521	21,891	11,266	13,949	3,940	14,833	7,800	21,503	19,485	15,406	10,593	4,129	49,996	13,235	6,891	13,276	19,082	10,831	21,131	22,402	15,517	11,608	20,893	-	25,857	458	-	-	-	-	-	-	-	-	-	-
Earnings (loss) from unconsolidated entities
97	-69,718	2,747	8,817	-43,200	3,907	2,625	5,470	-1,462	2,742	-4,689	29,465	2,987	8,874	4,305	4,479	4,065	5,927	5,706	8,951	6,090	6,500	3,805	9,563	64	2,108	2,222	3,770	741	-	787	-	-	-	-	-	-	-
Gain on sale of investments and other assets, net
296	159,871	21,157	2,515	4,485	33,485	1,462	13,437	10,660	3,495	11,877	5,183	-56	1,777	10	-90	245	1,909	3,348	209	17,198	-79	1,332	10,078	1,555	5,373	6,184	-18	13,524	5,689	9,017	2,797	7,333	164	4,961	7,771	8,104	10,016
Gain (loss) on derivative financial instruments, net
9,710	-26,004	21,933	-32	-2,207	7,105	11,735	32,622	-16,859	-6,373	-24,224	-37,586	-4,349	77,527	-2,328	20,253	-24,718	14,275	2,230	-19,530	24,623	8,832	29,275	-9,790	-7,866	-11,105	-22,451	6,158	16,228	-	-7,561	-	-	-	-	-	-	-
Foreign currency (loss) gain, net
-34,486	34,716	-15,664	-7,017	5,547	-5,452	-4,078	-13,264	13,549	5,237	10,660	12,910	4,864	-13,387	-3,214	-16,988	-378	-9,986	-17,782	20,854	-30,307	-13,730	-21,466	3,777	1,477	6,888	9,580	1,580	-7,665	-	-	-	-	-	-	-	-	-
Total other-than-temporary impairment ("OTTI")
-	-	267	-	-	-	0	-	-	-	66	109	-	108	0	0	-54	12	0	0	0	-468	264	800	1,192	617	86	846	527	5,941	-737	1,396	656	4,690	892	1,295	434	-
Foreign currency gain, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	6,725	18	8,834	-	-61	28	-30	17
Noncredit portion of OTTI recognized in other comprehensive income
-	-	267	-	-	-	-	-	-	-	-66	-	-	-108	0	0	54	-	-	-	-	1,978	-264	-3	-979	-56	-34	-487	-485	-	-61	-	-	-	-	-	-	-
Net impairment losses recognized in earnings
-	-	-	-	-	-	-	-	-	-	-	109	-	-	-	-	-	-	-	-	-	46	0	797	213	561	52	359	42	-	-676	-	-	-	-	-	-	-
Loss on extinguishment of debt
-170	-8,532	-4,624	-2,816	-3,298	-	-2,540	-186	-	1	0	0	-5,916	-	-	-	-	0	0	-629	-5,292	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	16,832	19,051	-	13,382	12,955	11,538	8,635
Income before other income (expense) and income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	41,589	46,849	-	37,371	28,172	19,895	-
Interest income from cash balances
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	65	-	-	63	119	144	233
Other income (loss), net
126	-84	-50	0	-73	3	-1,421	498	108	1,760	28	91	365	2,512	269	8,714	2,015	1,589	64	10	45	3,094	28	692	18	-	374	39	-	-2,524	180	1,548	803	-1,846	975	663	-472	42
Total other (loss) income
-83,943	166,226	119,428	78,267	19,651	87,199	44,339	102,855	60,486	74,919	64,050	92,627	68,054	115,233	79,817	69,438	-22,033	54,407	60,713	75,363	79,308	50,450	110,232	71,595	75,042	43,847	65,532	45,083	23,191	-	8,472	-	-	-	-	-	-	-
Net gains (losses) on currency derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,375	-6,257	-	8,617	-2,243	-3,916	-5,350
Net gains on interest rate derivatives
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	93	566	-	-19,171	-7,921	1,450	-
Net gains on credit spread hedges
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,259	1,900	-187	-
Net change in unrealized (losses) on loans held-for-sale at fair value
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-5,760	-	-10,679	5,767	3,187	-
Unrealized foreign currency remeasurement losses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,330	-1,025	-	-9,403	1,174	3,984	4,306
(Loss) income before income taxes
-72,998	182,832	154,514	135,979	76,842	100,782	97,662	120,433	107,650	107,118	102,615	132,685	101,871	127,598	108,480	112,777	27,140	86,436	124,791	121,432	136,730	102,248	171,226	124,659	128,052	102,078	106,665	78,912	66,327	60,469	50,643	44,759	50,687	41,498	14,040	34,135	31,725	23,451
Income tax benefit (provision)
-6,729	4,852	4,513	3,533	334	850	8,281	3,343	2,856	13,237	9,816	9,452	-983	4,877	2,667	706	94	-10,212	7,675	3,792	15,951	10,363	3,836	4,277	5,620	-1,821	13,721	11,343	615	31	301	140	399	-	-463	823	-	168
Income from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	91,885	167,390	120,382	122,432	103,899	92,944	67,569	65,712	-	-	-	-	-	-	-	-	-
Loss from discontinued operations, net of tax (Note 3)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-1,551	-7,750	-3,698	-6,058	-2,288	-	-	-	-	-	-	-	-	-
Net (loss) income
-66,269	177,980	150,001	132,446	76,508	99,932	89,381	117,090	104,794	93,881	92,799	123,233	102,854	122,721	105,813	112,071	27,046	96,648	117,116	117,640	120,779	91,885	167,390	120,382	120,881	96,149	89,246	61,511	63,424	58,433	50,342	44,619	50,288	41,068	14,503	33,312	31,725	23,283
Net income attributable to non-controlling interests
500	6,111	9,605	5,430	6,125	7,800	4,845	7,860	4,862	1,277	4,371	5,853	496	1,431	47	598	389	197	381	492	416	377	2,346	2,514	280	1,176	1,886	1,057	1,181	2,099	130	129	129	40	25	888	278	600
Net (loss) income attributable to Starwood Property Trust, Inc.
-66,769	171,869	140,396	127,016	70,383	92,132	84,536	109,230	99,932	92,604	88,428	117,380	102,358	121,290	105,766	111,473	26,657	96,451	116,735	117,148	120,363	91,508	165,044	117,868	120,601	94,973	87,360	60,454	62,243	56,334	50,212	44,490	50,159	41,028	14,478	32,424	31,447	22,683
Basic:
Income from continuing operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.41	0.73	0.53	0.62	0.53	0.53	0.41	0.47	-	-	-	-	-	-	-	-	-
Loss from discontinued operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	0.00	-0.01	-0.05	-0.02	-0.04	-0.01	-	-	-	-	-	-	-	-	-
Basic (in dollars per share)
-0.24	0.61	0.50	0.45	0.25	0.34	0.31	0.41	0.38	0.35	0.34	0.45	0.39	0.50	0.44	0.47	0.11	0.41	0.49	0.49	0.53	0.41	0.73	0.53	0.61	0.48	0.51	0.37	0.46	0.40	0.43	0.40	0.53	0.38	0.16	0.40	0.44	0.47
Diluted:
Income from continuing operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.39	0.73	0.52	0.61	0.53	0.53	0.41	0.47	-	-	-	-	-	-	-	-	-
Loss from discontinued operations (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	0.00	0.00	-0.01	-0.05	-0.02	-0.04	-0.01	-	-	-	-	-	-	-	-	-
Diluted (in dollars per share)
-0.24	0.60	0.49	0.45	0.25	0.33	0.31	0.40	0.38	0.36	0.33	0.44	0.39	0.48	0.44	0.47	0.11	0.41	0.49	0.49	0.52	0.39	0.73	0.52	0.60	0.48	0.51	0.37	0.46	0.40	0.43	0.40	0.53	0.41	0.15	0.39	0.43	0.47
Basic (in shares)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	47,837
Diluted (in shares)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	48,626
Dividend declared (in dollars per share)
-	-	-	-	-	-	-	-	-	-	0.48	0.48	0.48	-	0.48	0.48	0.48	-	0.48	0.48	0.48	-	0.48	0.48	0.48	-	0.46	0.46	0.44	-	0.44	0.44	0.44	-	0.44	0.44	0.42	0.33