Market Overview

Starwood Property Trust Reports Results for the Quarter Ended March 31, 2018

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Starwood Property Trust Reports Results for the Quarter Ended March 31, 2018

- Quarterly GAAP Earnings of $0.38 and Core Earnings of $0.58 per Diluted Common Share -

- Deploys $2.0 Billion of Capital -

- Closes $405 Million of Previously Announced $595 Million Affordable Housing Portfolio Purchase -

- Issues $500 Million of 3.625% Unsecured Notes (Swapped to L+128 bps) -

- Retires $370 Million of 4.55% Convertible Senior Notes -

- Declares Dividend of $0.48 per share for the Second Quarter of 2018 -

PR Newswire

GREENWICH, Conn., May 4, 2018 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE:STWD) today announced operating results for the fiscal quarter ended March 31, 2018.  The Company's first quarter 2018 GAAP net income was $99.9 million, or $0.38 per diluted share, and Core Earnings (a non-GAAP financial measure) was $155.8 million, or $0.58 per diluted share.

"2018 is off to a great start as we have put more than $2.5 billion of capital to work year-to-date, including $1.8 billion in our Lending Segment," commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust. "Our advantaged access to best-in-class low cost funding options, including our most recent $500 million unsecured debt offering, has enabled us to continue to source and close attractive risk adjusted lending investments in a very competitive market. With a robust investment pipeline generated by our multi-cylinder investment platform, and a very strong liquidity profile, we are well positioned to continue to deliver stable and compelling total returns for our shareholders for the long-term."

Dividend

On May 4, 2018, the Company's Board of Directors declared a dividend of $0.48 per share of common stock for the quarter ending June 30, 2018. The dividend is payable on July 13, 2018 to common stockholders of record as of June 29, 2018.

Supplemental Schedules

The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company's stakeholders.  Specifically, these materials can be found on the Company's website in the Investor Relations section under "Quarterly Results" at www.starwoodpropertytrust.com.

Conference Call and Webcast Information 

The Company will host a webcast and conference call on Friday, May 4, 2018, at 10:00 a.m. Eastern Time to discuss the quarter's financial results and recent events.  A webcast will be available on the Company's website at www.starwoodpropertytrust.com.  To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register and download and install any necessary audio software.

To Participate in the Telephone Conference Call:

Dial in at least five minutes prior to start time.

Domestic:  1-800-263-0877 
International:  1-323-794-2094

Conference Call Playback:
Domestic:  1-844-512-2921
International:  1-412-317-6671
Passcode:  8903392 

The playback can be accessed through May 18, 2018.

About Starwood Property Trust, Inc.

Starwood Property Trust (NYSE:STWD), an affiliate of global private investment firm Starwood Capital Group, is the largest commercial mortgage real estate investment trust in the United States. The Company's core business focuses on originating, acquiring, financing and managing commercial mortgage loans and other commercial real estate debt and equity investments. With total capital deployed since inception of over $41 billion, Starwood Property Trust continues to solidify its position as one of the premier real estate finance companies in the country.

Forward-Looking Statements

Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained.  Factors that could cause actual results to differ materially from the Company's expectations include completion of pending investments, continued ability to acquire additional investments, competition within the finance and real estate industries, economic conditions, availability of financing and other risks detailed from time to time in the Company's reports filed with the SEC.

 

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the three months ended March 31, 2018

(Amounts in thousands)





























Investing






Investing





Lending


Property


and Servicing






and Servicing





Segment


Segment


Segment


Corporate


Subtotal


VIEs


Total

Revenues:






















Interest income from loans


$

134,972


$


$

2,648


$


$

137,620


$


$

137,620

Interest income from investment
  securities



14,439





34,399





48,838



(33,569)



15,269

Servicing fees



165



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