STARWOOD PROPERTY TRUST INC
For the period ended Mar 31, 2025. Filed May 9, 2025.
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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, 2025 · Filed May 9, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
(Unaudited, amounts in thousands, except share data)
| As of March 31, | As of December 31, | |
|---|---|---|
| 2025 | 2024 | |
| Assets: | ||
| Cash and cash equivalents | $440,580 | $377,831 |
| Restricted cash | 251,771 | 176,164 |
| Loans held-for-investment, net of credit loss allowances of $428,067 and $448,295 | 16,521,979 | 15,437,013 |
| Loans held-for-sale, at fair value | 2,446,636 | 2,516,008 |
| Investment securities, net of credit loss allowances of $23,490 and $24,463 ($127,040 and $126,297 held at fair value) | 497,459 | 533,258 |
| Properties, net | 1,413,234 | 1,373,678 |
| Investments of consolidated affordable housing fund, at fair value | 2,065,498 | 2,073,533 |
| Investments in unconsolidated entities | 98,462 | 99,370 |
| Goodwill | 259,846 | 259,846 |
| Intangible assets ($23,143 and $22,390 held at fair value) | 59,797 | 60,704 |
| Derivative assets | 84,972 | 175,520 |
| Accrued interest receivable | 142,691 | 167,767 |
| Other assets | 409,804 | 368,229 |
| Variable interest entity (“VIE”) assets, at fair value | 37,470,618 | 38,937,576 |
| Total Assets | $62,163,347 | $62,556,497 |
| Liabilities and Equity | ||
| Liabilities: | ||
| Accounts payable, accrued expenses and other liabilities | $479,895 | $434,584 |
| Related-party payable | 36,538 | 38,958 |
| Dividends payable | 165,039 | 163,383 |
| Derivative liabilities | 72,975 | 94,890 |
| Secured financing agreements, net | 12,438,438 | 11,151,557 |
| Collateralized loan obligations and single asset securitization, net | 3,165,296 | 3,196,426 |
| Unsecured senior notes, net | 2,747,330 | 2,994,682 |
| VIE liabilities, at fair value | 35,901,085 | 37,288,545 |
| Total Liabilities | 55,006,596 | 55,363,025 |
| Commitments and contingencies (Note 22) | ||
| Temporary Equity: Redeemable non-controlling interests | 426,835 | 426,695 |
| 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, 346,825,014 issued and 339,376,323 outstanding as of March 31, 2025 and 344,858,379 issued and 337,409,688 outstanding as of December 31, 2024 | 3,468 | 3,449 |
| Additional paid-in capital | 6,343,893 | 6,322,763 |
| Treasury stock (7,448,691 shares) | (138,022) | (138,022) |
| Retained earnings | 183,599 | 235,323 |
| Accumulated other comprehensive income | 12,727 | 13,594 |
| Total Starwood Property Trust, Inc. Stockholders’ Equity | 6,405,665 | 6,437,107 |
| Non-controlling interests in consolidated subsidiaries | 324,251 | 329,670 |
| Total Permanent Equity | 6,729,916 | 6,766,777 |
| Total Liabilities and Equity | $62,163,347 | $62,556,497 |
Note: In addition to the VIE assets and liabilities which are separately presented, our condensed consolidated balance sheets as of both March 31, 2025 and December 31, 2024 include assets of $4.1 billion and liabilities of $3.2 billion 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.
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