STARWOOD PROPERTY TRUST INC
For the period ended Mar 31, 2024. Filed May 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 8, 2024
STWD$11.89-1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| For the Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Operating Activities: | ||
| Net income | $159,860 | $59,761 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Amortization of deferred financing costs, premiums and discounts on secured borrowings | 12,490 | 13,205 |
| Amortization of discounts and deferred financing costs on unsecured senior notes | 2,300 | 2,234 |
| Accretion of net discount on investment securities | (1,387) | (2,094) |
| Accretion of net deferred loan fees and discounts | (19,891) | (15,180) |
| Share-based compensation | 10,046 | 10,936 |
| Manager fees paid in stock | 9,762 | 7,233 |
| Change in fair value of investment securities | (915) | (82) |
| Change in fair value of consolidated VIEs | 23,769 | (4,245) |
| Change in fair value of servicing rights | (228) | (304) |
| Change in fair value of loans | 29,013 | (8,901) |
| Change in fair value of affordable housing fund investments | 3,896 | (1,160) |
| Change in fair value of derivatives | (75,079) | 48,431 |
| Foreign currency loss (gain), net | 41,870 | (15,019) |
| Gain on sale of investments and other assets | (91,962) | (190) |
| Credit loss provision, net | 35,839 | 43,194 |
| Depreciation and amortization | 11,049 | 13,635 |
| Earnings from unconsolidated entities | (7,675) | (2,725) |
| Distributions of earnings from unconsolidated entities | 1,125 | 243 |
| Loss on extinguishment of debt | 1,704 | 61 |
| Origination and purchase of loans held-for-sale, net of principal collections | (243,325) | (28,333) |
| Proceeds from sale of loans held-for-sale | 218,596 | 13,439 |
| Changes in operating assets and liabilities: | ||
| Related-party payable | (590) | (1,603) |
| Accrued and capitalized interest receivable, less purchased interest | (15,475) | (41,541) |
| Other assets | (9,875) | (89,667) |
| Accounts payable, accrued expenses and other liabilities | (38,968) | (29,886) |
| Net cash provided by (used in) operating activities | 55,949 | (28,558) |
| Cash Flows from Investing Activities: | ||
| Origination, purchase and funding of loans held-for-investment | (265,185) | (431,615) |
| Proceeds from principal collections on loans | 1,220,995 | 407,199 |
| Purchase and funding of investment securities | (9,220) | (591) |
| Proceeds from sales and redemptions of investment securities | 1,314 | — |
| Proceeds from principal collections on investment securities | 19,149 | 40,778 |
| Proceeds from sales of real estate, net of debt assumed by purchaser | 188,040 | 543 |
| Purchases and additions to properties and other assets | (5,576) | (5,839) |
| Distribution of capital from unconsolidated entities | — | 277 |
| Payments for purchase or termination of derivatives | (781) | (3,340) |
| Proceeds from termination of derivatives | 16,925 | 5,605 |
| Net cash provided by investing activities | 1,165,661 | 13,017 |
Condensed Consolidated Statements of Cash Flows (Continued)
| For the Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash Flows from Financing Activities: | ||
| Proceeds from borrowings | $1,234,980 | $1,202,077 |
| Principal repayments on and repurchases of borrowings | (2,165,427) | (892,238) |
| Payment of deferred financing costs | (6,574) | (2,924) |
| Proceeds from common stock issuances | 1,400 | 1,269 |
| Payment of dividends | (152,305) | (149,765) |
| Distributions to non-controlling interests | (9,987) | (9,390) |
| Issuance of debt of consolidated VIEs | 3,166 | — |
| Repayment of debt of consolidated VIEs | (108) | (108) |
| Distributions of cash from consolidated VIEs | 15,022 | 15,329 |
| Net cash (used in) provided by financing activities | (1,079,833) | 164,250 |
| Net increase in cash, cash equivalents and restricted cash | 141,777 | 148,709 |
| Cash, cash equivalents and restricted cash, beginning of period | 311,972 | 382,133 |
| Effect of exchange rate changes on cash | (1,045) | 594 |
| Cash, cash equivalents and restricted cash, end of period | $452,704 | $531,436 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $367,142 | $322,932 |
| Income taxes (refunded) paid, net | (269) | 42 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Dividends declared, but not yet paid | $152,591 | $152,551 |
| Deconsolidation of VIEs (VIE asset/liability reductions) | (622,077) | — |
| Debt assumed by purchaser in sale of real estate | (194,900) | — |
| Reclassification of loans held-for-investment to loans held-for-sale | 48,695 | — |
| Loan principal collections temporarily held at master servicer | 5,305 | 15,197 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.