Starwood Property Trust, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Starwood Property Trust, Inc. has filed its Q1 2024 10-Q report detailing financial performance and position as of March 31, 2024.</b>

AI Summary

STARWOOD PROPERTY TRUST, INC. (STWD) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Starwood Property Trust, Inc. filed its quarterly report (10-Q) on May 8, 2024, for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31. The filing includes financial data for periods ending March 31, 2024, December 31, 2023, and December 31, 2022. Key financial statement items such as Common Stock, Additional Paid In Capital, Retained Earnings, and Accumulated Other Comprehensive Income are detailed for these periods.

Why It Matters

For investors and stakeholders tracking STARWOOD PROPERTY TRUST, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Starwood Property Trust, Inc., crucial for understanding its performance and stability in the current market. The detailed financial data allows for analysis of trends in equity, retained earnings, and other comprehensive income, which are key indicators for real estate investment trusts.

Risk Assessment

Risk Level: low — STARWOOD PROPERTY TRUST, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating routine financial disclosure.

Analyst Insight

Review the detailed financial statements within the 10-Q to assess Starwood Property Trust's asset and liability structure, and equity changes for Q1 2024.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-08 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (First quarter of fiscal year 2024)
• 2023-12-31 — Prior Year End Date (Balance sheet comparison)

Key Players & Entities

• STARWOOD PROPERTY TRUST, INC. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-08 (date) — Filed as of date
• 0001465128 (company) — Central Index Key
• GREENWICH (location) — Business address city
• CT (location) — Business address state
• 203-422-7700 (phone) — Business phone
• 2024-01-01 (date) — Quarterly period start date

FAQ

Industry Context

Starwood Property Trust, Inc. operates as a real estate investment trust (REIT), focusing on various real estate debt and equity investments.

Regulatory Implications

As a publicly traded company, Starwood Property Trust, Inc. is subject to SEC regulations, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity from the previous quarter.
2. Review the statement of comprehensive income for revenue and net income trends.
3. Examine disclosures related to variable interest entities and collateralized loan obligations.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for Starwood Property Trust, Inc. in fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share STWD New York Stock

Filing Documents

• stwd-20240331.htm (10-Q) — 4618KB
• stwd_ex-311xq12024.htm (EX-31.1) — 10KB
• stwd_ex-312xq12024.htm (EX-31.2) — 10KB
• stwd_ex-321xq12024.htm (EX-32.1) — 4KB
• stwd_ex-322xq12024.htm (EX-32.2) — 4KB
• 0001628280-24-021357.txt (&nbsp;) — 24238KB
• stwd-20240331.xsd (EX-101.SCH) — 144KB
• stwd-20240331_cal.xml (EX-101.CAL) — 157KB
• stwd-20240331_def.xml (EX-101.DEF) — 891KB
• stwd-20240331_lab.xml (EX-101.LAB) — 1396KB
• stwd-20240331_pre.xml (EX-101.PRE) — 1148KB
• stwd-20240331_htm.xml (XML) — 5221KB

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Income 6 Condensed Consolidated Statements of Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 10 Note 1 Business and Organization 10 Note 2 Summary of Significant Accounting Policies 11 Note 3 Acquisitions and Divestitures 18 Note 4 Loans 19 Note 5 Investment Securities 24 Note 6 Properties 27 Note 7 Investments of Consolidated Affordable Housing Fund 28 Note 8 Investments in Unconsolidated Entities 29 Note 9 Goodwill and Intangibles 30 Note 10 Secured Borrowings 32 Note 11 Unsecured Senior Notes 37 Note 12 Loan Securitization/Sale Activities 39 Note 13 Derivatives and Hedging Activity 40 Note 14 Offsetting Assets and Liabilities 41 Note 15 Variable Interest Entities 41 Note 16 Related-Party Transactions 43 Note 17 Stockholders' Equity and Non-Controlling Interests 45 Note 18 Earnings per Share 47 Note 19 Accumulated Other Comprehensive Income 48 Note 20 Fair Value 49 Note 21 Income Taxes 56 Note 22 Commitments and Contingencies 56 Note 23 Segment Data 58 Note 24 Subsequent Events 62 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 63 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 95 Item 4.

Controls and Procedures

Controls and Procedures 97 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 98 Item 1A.

Risk Factors

Risk Factors 98 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 98 Item 3. Defaults Upon Senior Securities 98 Item 4. Mine Safety Disclosures 98 Item 5. Other Information 98 Item 6. Exhibits 99 3 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited, amounts in thousands, except share data) As of March 31, As of December 31, 2024 2023 Assets: Cash and cash equivalents $ 327,363 $ 194,660 Restricted cash 125,341 117,312 Loans held-for-investment, net of credit loss allowances of $ 331,646 and $ 309,039 16,606,862 17,574,249 Loans held-for-sale ($ 2,642,219 and $ 2,645,637 held at fair value) 2,689,368 2,645,637 Investment securities, net of credit loss allowances of $ 17,589 and $ 13,143 ($ 127,070 and $ 129,308 held at fair value) 716,073 735,562 Properties, net 1,044,565 1,046,384 Properties held-for-sale — 290,937 Investments of consolidated affordable housing fund, at fair value 2,008,937 2,012,833 Investments in unconsolidated entities 96,927 90,376 Goodwill 259,846 259,846 Intangible assets ($ 19,612 and $ 19,384 held at fair value) 63,267 64,967 Derivative assets 82,916 63,437 Accrued interest receivable 194,498 200,867 Other assets 319,853 420,773 Variable interest entity ("VIE") assets, at fair value 41,633,853 43,786,356 Total Assets $ 66,169,669 $ 69,504,196 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 259,998 $ 293,442 Related-party payable 44,226 44,816 Dividends payable 153,174 152,888 Derivative liabilities 74,647 102,467 Secured financing agreements, net 12,556,487 13,867,996 Collateralized loan obligations and single asset securitization, net 3,223,867 3,491,292 Unsecured senior notes, net 2,751,666 2,158,888 Debt related to properties held for sale — 193,691 VIE liabilities, at fair value 40,065,423 42,175,734 Total Liabilities 59,129,488 62,481,214 Commitments and contingencies (Note 22) Temporary Equity: Redeemable non-controlling interests 415,485 414,348 Permanent Equity: Starwood Property Trust, Inc. Stockholders' Equity: Preferred stock, $ 0.01 per share, 100,000,000