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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 001-34436
__________________________________________________
Starwood Property Trust, Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Maryland | | 27-0247747 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
| | |
591 West Putnam Avenue | | |
Greenwich, Connecticut | | 06830 |
(Address of Principal Executive Offices) | | (Zip Code) |
Registrant’s telephone number, including area code:
(203) 422-7700
___________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, $0.01 par value per share | STWD | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of the issuer’s common stock, $0.01 par value, outstanding as of November 1, 2024 was 337,159,481.
Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains certain forward-looking statements, including without limitation, statements concerning our operations, economic performance and financial condition. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions. Forward-looking statements do not guarantee future performance, which may be materially different from that expressed in, or implied by, any such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their respective dates.
These forward-looking statements are based largely on our current beliefs, assumptions and expectations of our future performance taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or within our control, and which could materially affect actual results, performance or achievements. Factors that may cause actual results to vary from our forward-looking statements include, but are not limited to:
•factors described in our Annual Report on Form 10-K for the year ended December 31, 2023 and this Quarterly Report on Form 10-Q, including those set forth under the captions “Risk Factors”, “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”;
•defaults by borrowers in paying debt service on outstanding indebtedness;
•impairment in the value of real estate property securing our loans or in which we invest;
•availability of mortgage origination and acquisition opportunities acceptable to us;
•potential mismatches in the timing of asset repayments and the maturity of the associated financing agreements;
•our ability to achieve the benefits that we anticipate from the prior acquisition of the project finance origination, underwriting and capital markets business of GE Capital Global Holdings, LLC;
•national and local economic and business conditions, including as a result of the impact of public health emergencies;
•the occurrence of certain geo-political events (such as wars, terrorist attacks and tensions between states) that affect the normal and peaceful course of international relations;
•general and local commercial and residential real estate property conditions;
•changes in federal government policies;
•changes in federal, state and local governmental laws and regulations;
•increased competition from entities engaged in mortgage lending and securities investing activities;
•changes in interest rates; and
•the availability of, and costs associated with, sources of liquidity.
In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained in this Quarterly Report on Form 10-Q will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
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 issued and outstanding | — | | | — | |
Common stock, $0.01 per share, 500,000,000 shares authorized, 344,664,618 issued and 337,215,927 outstanding as of September 30, 2024 and 320,814,765 issued and 313,366,074 outstanding as of December 31, 2023 | 3,447 | | | 3,208 | |
Additional paid-in capital | 6,311,863 | | | 5,864,670 | |
Treasury stock (7,448,691 shares) | (138,022) | | | (138,022) | |
Retained earnings | 346,179 | | | 505,881 | |
Accumulated other comprehensive income | 16,256 | | | 15,352 | |
Total Starwood Property Trust, Inc. Stockholders’ Equity | 6,539,723 | | | 6,251,089 | |
Non-controlling interests in consolidated subsidiaries | 332,091 | | | 357,545 | |
Total Permanent Equity | 6,871,814 | | | 6,608,634 | |
Total Liabilities and Equity | $ | 64,233,850 | | | $ | 69,504,196 | |
________________________________________________________
Note: In addition to the VIE assets and liabilities which are separately presented, our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 include assets of $4.2 billion and $4.3 billion, respectively, and liabilities of $3.3 billion and $3.5 billion, respectively, related to consolidated collateralized loan obligations (“CLOs”) and a single asset securitization (“SASB”), which are considered to be VIEs. The CLOs’ and SASB’s assets can only be used to settle obligations of the CLOs and SASB, and the CLOs’ and SASB’s liabilities do not have recourse to Starwood Property Trust, Inc. Refer to Note 15 for additional discussion of VIEs.
See notes to condensed consolidated financial statements.
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited, amounts in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Revenues: | | | | | | | |
Interest income from loans | $ | 418,757 | | | $ | 457,299 | | | $ | 1,309,681 | | | $ | 1,344,056 | |
Interest income from investment securities | 17,227 | | | 20,133 | | | 52,433 | | | 57,689 | |
Servicing fees | 11,827 | | | 8,630 | | | 37,549 | | | 22,228 | |
Rental income | 25,979 | | | 33,091 | | | 80,285 | | | 97,687 | |
Other revenues | 5,750 | | | 2,394 | | | 12,506 | | | 5,970 | |
Total revenues | 479,540 | | | 521,547 | | | 1,492,454 | | | 1,527,630 | |
Costs and expenses: | | | | | | | |
Management fees | 27,439 | | | 27,143 | | | 103,970 | | | 97,661 | |
Interest expense | 337,859 | | | 368,357 | | | 1,038,204 | | | 1,066,990 | |
General and administrative | 48,054 | | | 46,691 | | | 149,799 | | | 131,955 | |
Costs of rental operations | 12,133 | | | 11,777 | | | 34,547 | | | 34,910 | |
Depreciation and amortization | 10,188 | | | 12,271 | | | 30,130 | | | 37,010 | |
Credit loss provision, net | 66,427 | | | 52,634 | | | 144,975 | | | 217,753 | |
Other expense | 475 | | | 727 | | | 1,434 | | | 2,115 | |
Total costs and expenses | 502,575 | | | 519,600 | | | 1,503,059 | | | 1,588,394 | |
Other income (loss): | | | | | | | |
Change in net assets related to consolidated VIEs | 16,570 | | | 43,763 | | | 43,836 | | | 139,024 | |
Change in fair value of servicing rights | (341) | | | (68) | | | 782 | | | 398 | |
Change in fair value of investment securities, net | (778) | | | 283 | | | 504 | | | 353 | |
Change in fair value of mortgage loans, net | 114,871 | | | (66,806) | | | 150,279 | | | (111,247) | |
(Loss) income from affordable housing fund investments | (5,590) | | | 16,908 | | | 10,304 | | | 253,696 | |
Earnings (loss) from unconsolidated entities | 349 | | | (1,309) | | | 9,694 | | | 11,378 | |
Gain on sale of investments and other assets, net | 8,316 | | | 10,616 | | | 100,278 | | | 15,486 | |
(Loss) gain on derivative financial instruments, net | (83,941) | | | 94,883 | | | 18,984 | | | 118,431 | |
Foreign currency gain (loss), net | 59,421 | | | (56,646) | | | 24,436 | | | (18,293) | |
Loss on extinguishment of debt | (242) | | | (1,072) | | | (2,801) | | | (2,256) | |
Other loss, net | (2,981) | | | (2,521) | | | (8,403) | | | (31,686) | |
Total other income | 105,654 | | | 38,031 | | | 347,893 | | | 375,284 | |
Income before income taxes | 82,619 | | | 39,978 | | | 337,288 | | | 314,520 | |
Income tax (provision) benefit | (10,449) | | | 11,399 | | | (27,533) | | | 18,997 | |
Net income | 72,170 | | | 51,377 | | | 309,755 | | | 333,517 | |
Net loss (income) attributable to non-controlling interests | 3,898 | | | (3,942) | | | (1,465) | | | (65,265) | |
Net income attributable to Starwood Property Trust, Inc. | $ | 76,068 | | | $ | 47,435 | | | $ | 308,290 | | | $ | 268,252 | |
| | | | | | | |
Earnings per share data attributable to Starwood Property Trust, Inc.: | | | | | | | |
Basic | $ | 0.23 | | | $ | 0.15 | | | $ | 0.96 | | | $ | 0.85 | |
Diluted | $ | 0.23 | | | $ | 0.15 | | | $ | 0.96 | | | $ | 0.85 | |
See notes to condensed consolidated financial statements.
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited, amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended September 30, | | For the Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Net income | $ | 72,170 | | | $ | 51,377 | | | $ | 309,755 | | | $ | 333,517 | |
Other comprehensive income (loss) (net change by component): | | | | | | | |
Available-for-sale securities | 2,336 | | | (3,241) | | | 904 | | | (6,841) | |
| | | | | | | |
Other comprehensive income (loss) | 2,336 | | | (3,241) | | | 904 | | | (6,841) | |
Comprehensive income | 74,506 | | | 48,136 | | | 310,659 | | | 326,676 | |
Less: Comprehensive loss (income) attributable to non-controlling interests | 3,898 | | | (3,942) | | | (1,465) | | | (65,265) | |
Comprehensive income attributable to Starwood Property Trust, Inc. | $ | 78,404 | | | $ | 44,194 | | | $ | 309,194 | | | $ | 261,411 | |
See notes to condensed consolidated financial statements.
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
For the Three Months Ended September 30, 2024 and 2023
(Unaudited, amounts in thousands, except share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Temporary Equity | | | Common stock | | Additional Paid-in Capital | | Treasury Stock | | Retained Earnings | | Accumulated Other Comprehensive Income | | Total Starwood Property Trust, Inc. Stockholders’ Equity | | Non- Controlling Interests | | Total Permanent Equity |
| | | | Shares | | Par Value | | Shares | | Amount | |
Balance, June 30, 2024 | | $ | 414,095 | | | | 324,133,801 | | | $ | 3,241 | | | $ | 5,906,653 | | | 7,448,691 | | | $ | (138,022) | | | $ | 432,682 | | | $ | 13,920 | | | $ | 6,218,474 | | | $ | 341,204 | | | $ | 6,559,678 | |
Net proceeds from common stock offering | | — | | | | 20,125,000 | | | 201 | | | 392,061 | | | — | | | — | | | — | | | — | | | 392,262 | | | — | | | 392,262 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from DRIP Plan | | — | | | | 16,863 | | | 1 | | | 337 | | | — | | | — | | | — | | | — | | | 338 | | | — | | | 338 | |
Proceeds from employee stock purchase plan | | — | | | | 16,621 | | | — | | | 273 | | | — | | | — | | | — | | | — | | | 273 | | | — | | | 273 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | |
Share-based compensation | | — | | | | 281,952 | | | 3 | | | 10,785 | | | — | | | — | | | — | | | — | | | 10,788 | | | — | | | 10,788 | |
Manager fees paid in stock | | — | | | | 90,381 | | | 1 | | | 1,754 | | | — | | | — | | | — | | | — | | | 1,755 | | | — | | | 1,755 | |
Net (loss) income | | (1,513) | | | | — | | | — | | | — | | | — | | | — | | | 76,068 | | | — | | | 76,068 | | | (2,385) | | | 73,683 | |
Dividends declared with respect to the third quarter, $0.48 per share | | — | | | | — | | | — | | | — | | | — | | | — | | | (162,571) | | | — | | | (162,571) | | | — | | | (162,571) | |
Other comprehensive income, net | | — | | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,336 | | | 2,336 | | | — | | | 2,336 | |
| | | | | | | | | | | | | | | | | | | | | | | |
Contributions from non-controlling interests | | — | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 3,786 | | | 3,786 | |
Distributions to non-controlling interests | | (1,783) | | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (10,514) | | | (10,514) | |
Balance, September 30, 2024 | | $ | 410,799 | | | | 344,664,618 | | | $ | 3,447 | | | $ | 6,311,863 | | | 7,448,691 | | | |