Starwood Property Trust Files Q3 2024 10-Q

TL;DR

**STARWOOD PROPERTY TRUST (STWD) files Q3 2024 10-Q. Financials out.**

AI Summary

Starwood Property Trust, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operations during the third quarter. Key financial data and operational highlights are presented, reflecting the company's real estate investment trust activities.

Why It Matters

This filing provides investors with a detailed look into Starwood Property Trust's financial health and strategic positioning as of Q3 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Starwood Property Trust is subject to market fluctuations, interest rate changes, and real estate sector-specific risks.

Key Numbers

• 2024-09-30 — Period End Date (The financial data presented in the 10-Q covers this period.)
• 2024-11-06 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• STARWOOD PROPERTY TRUST, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241106 (date) — Filing Date
• 0001465128 (company) — Central Index Key
• STARWOOD CAPITAL GROUP (company) — Business and Mail Address

FAQ

Key Financial Figures

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

Filing Documents

• stwd-20240930.htm (10-Q) — 5802KB
• stwd_ex-311xq32024.htm (EX-31.1) — 10KB
• stwd_ex-312xq32024.htm (EX-31.2) — 10KB
• stwd_ex-321xq32024.htm (EX-32.1) — 4KB
• stwd_ex-322xq32024.htm (EX-32.2) — 4KB
• 0001628280-24-045445.txt ( ) — 29158KB
• stwd-20240930.xsd (EX-101.SCH) — 158KB
• stwd-20240930_cal.xml (EX-101.CAL) — 157KB
• stwd-20240930_def.xml (EX-101.DEF) — 952KB
• stwd-20240930_lab.xml (EX-101.LAB) — 1511KB
• stwd-20240930_pre.xml (EX-101.PRE) — 1234KB
• stwd-20240930_htm.xml (XML) — 6688KB

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 9 Notes to Condensed Consolidated Financial Statements 11 Note 1 Business and Organization 11 Note 2 Summary of Significant Accounting Policies 12 Note 3 Acquisitions and Divestitures 19 Note 4 Loans 20 Note 5 Investment Securities 26 Note 6 Properties 30 Note 7 Investments of Consolidated Affordable Housing Fund 32 Note 8 Investments in Unconsolidated Entities 33 Note 9 Goodwill and Intangibles 34 Note 10 Secured Borrowings 36 Note 11 Unsecured Senior Notes 41 Note 12 Loan Securitization/Sale Activities 42 Note 13 Derivatives and Hedging Activity 44 Note 14 Offsetting Assets and Liabilities 45 Note 15 Variable Interest Entities 46 Note 16 Related-Party Transactions 47 Note 17 Stockholders' Equity and Non-Controlling Interests 50 Note 18 Earnings per Share 53 Note 19 Accumulated Other Comprehensive Income 54 Note 20 Fair Value 55 Note 21 Income Taxes 63 Note 22 Commitments and Contingencies 64 Note 23 Segment Data 65 Note 24 Subsequent Events 71 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 72 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 107 Item 4.

Controls and Procedures

Controls and Procedures 109 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 110 Item 1A.

Risk Factors

Risk Factors 110 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 110 Item 3. Defaults Upon Senior Securities 110 Item 4. Mine Safety Disclosures 110 Item 5. Other Information 110 Item 6. Exhibits 111 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 September 30, As of December 31, 2024 2023 Assets: Cash and cash equivalents $ 357,853 $ 194,660 Restricted cash 152,283 117,312 Loans held-for-investment, net of credit loss allowances of $ 404,924 and $ 309,039 16,128,765 17,574,249 Loans held-for-sale, at fair value 2,773,379 2,645,637 Investment securities, net of credit loss allowances of $ 23,177 and $ 13,143 ($ 129,870 and $ 129,308 held at fair value) 715,802 735,562 Properties, net 1,194,590 1,046,384 Properties held-for-sale — 290,937 Investments of consolidated affordable housing fund, at fair value 1,984,822 2,012,833 Investments in unconsolidated entities 91,009 90,376 Goodwill 259,846 259,846 Intangible assets ($ 20,166 and $ 19,384 held at fair value) 60,159 64,967 Derivative assets 74,639 63,437 Accrued interest receivable 197,146 200,867 Other assets 293,162 420,773 Variable interest entity ("VIE") assets, at fair value 39,950,395 43,786,356 Total Assets $ 64,233,850 $ 69,504,196 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 395,234 $ 293,442 Related-party payable 25,542 44,816 Dividends payable 163,669 152,888 Derivative liabilities 118,161 102,467 Secured financing agreements, net 11,854,618 13,867,996 Collateralized loan obligations and single asset securitization, net 3,302,249 3,491,292 Unsecured senior notes, net 2,757,146 2,158,888 Debt related to properties held for sale — 193,691 VIE liabilities, at fair value 38,334,618 42,175,734 Total Liabilities 56,951,237 62,481,214 Commitments and contingencies (Note 22) Temporary Equity: Redeemable non-controlling interests 410,799 414,348 Permanent Equity: Starwood Property Trust, Inc. Stockholders' Equity: Preferred stock, $ 0.01 per share, 100,000,000 shares authorized, no shares