2014 Q1 Form 10-K Financial Statement

#000104746914001344 Filed on February 26, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q3
Revenue $172.0M $187.9M $150.4M
YoY Change 104.71% 113.54% 106.1%
Cost Of Revenue $65.70M $62.40M $54.90M
YoY Change 102.15% 126.09% 105.62%
Gross Profit $106.3M $118.3M $95.50M
YoY Change 106.41% 95.86% 106.26%
Gross Profit Margin 61.81% 62.94% 63.5%
Selling, General & Admin $46.10M $54.20M $47.50M
YoY Change 1052.5% 1835.71% 1432.26%
% of Gross Profit 43.37% 45.82% 49.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.800M $6.900M $4.600M
YoY Change 728.57% 6800.0%
% of Gross Profit 5.46% 5.83% 4.82%
Operating Expenses $52.90M $58.70M $52.60M
YoY Change 129.37% 948.21% 186.41%
Operating Profit $53.01M $59.60M $41.13M
YoY Change 22.89% 8.76% -2.46%
Interest Expense $37.83M $43.80M $34.02M
YoY Change 117.1% 409.3% 182.77%
% of Operating Profit 71.37% 73.49% 82.7%
Other Income/Expense, Net $75.04M $700.0K $65.53M
YoY Change 223.58% -200.0% 673.51%
Pretax Income $128.1M $102.1M $106.7M
YoY Change 93.06% 74.23% 110.62%
Income Tax $5.620M -$1.800M $13.72M
% Of Pretax Income 4.39% -1.76% 12.86%
Net Earnings $120.9M $96.15M $87.36M
YoY Change 90.59% 64.55% 73.53%
Net Earnings / Revenue 70.29% 51.16% 58.09%
Basic Earnings Per Share $0.61 $0.48 $0.51
Diluted Earnings Per Share $0.60 $0.48 $0.51
COMMON SHARES
Basic Shares Outstanding 195.5M shares 195.3M shares 171.5M shares
Diluted Shares Outstanding 198.9M shares 171.5M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.150B $1.253B $1.104B
YoY Change 564.48% 17.97% 666.41%
Cash & Equivalents $226.5M $317.6M $536.8M
Short-Term Investments $923.1M $935.1M $566.8M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $261.0M $356.0M $558.0M
YoY Change 34.54% 76.24% 244.44%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $140.4M $140.4M $107.1M
YoY Change
Intangibles $168.1M $177.2M $187.7M
YoY Change
Long-Term Investments $93.26M $111.5M $1.536B
YoY Change -92.16% 358.69% 49.27%
Other Assets $43.00M $69.00M $83.00M
YoY Change 4.88% 2200.0%
Total Long-Term Assets $124.9B $110.4B $103.5B
YoY Change 2727.99% 2578.42% 2741.25%
TOTAL ASSETS
Total Short-Term Assets $261.0M $356.0M $558.0M
Total Long-Term Assets $124.9B $110.4B $103.5B
Total Assets $125.2B $110.8B $104.1B
YoY Change 2614.67% 2461.54% 2634.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.0M $225.0M $189.0M
YoY Change 626.32% 2400.0% 2000.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $263.0M $333.0M $306.0M
YoY Change 192.22% 291.76% 319.18%
LONG-TERM LIABILITIES
Long-Term Debt $3.745B $3.437B $2.394B
YoY Change 123.45% 146.56% 71.24%
Other Long-Term Liabilities $117.9B $102.7B $97.06B
YoY Change 181360.0% 209436.73% 294024.24%
Total Long-Term Liabilities $121.7B $106.1B $99.46B
YoY Change 6889.89% 7253.43% 6850.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $263.0M $333.0M $306.0M
Total Long-Term Liabilities $121.7B $106.1B $99.46B
Total Liabilities $122.0B $106.4B $99.76B
YoY Change 6562.23% 6869.99% 6532.57%
SHAREHOLDERS EQUITY
Retained Earnings -$59.54M -$84.72M -$85.34M
YoY Change -15.31% 17.01% 55.34%
Common Stock $3.194B $4.302B $4.297B
YoY Change 15.91% 58.02% 86.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.64M $10.64M $10.64M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 625.9K shares 625.9K shares
Shareholders Equity $3.204B $4.283B $4.270B
YoY Change
Total Liabilities & Shareholders Equity $125.2B $110.8B $104.1B
YoY Change 2614.67% 2461.54% 2634.96%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income $120.9M $96.15M $87.36M
YoY Change 90.59% 64.55% 73.53%
Depreciation, Depletion And Amortization $5.800M $6.900M $4.600M
YoY Change 728.57% 6800.0%
Cash From Operating Activities $104.3M $152.3M -$21.30M
YoY Change 22.85% 346.63% -152.21%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$402.5M -$1.135B -$487.5M
YoY Change 43.14% 161.72% 56.65%
Cash From Investing Activities -$402.5M -$1.135B -$487.5M
YoY Change 43.14% 161.72% 56.65%
FINANCING ACTIVITIES
Cash Dividend Paid $90.17M
YoY Change 22.19%
Common Stock Issuance & Retirement, Net $691.2M
YoY Change
Debt Paid & Issued, Net $656.6M
YoY Change 4.97%
Cash From Financing Activities 206.9M 763.5M 677.8M
YoY Change 7.87% 76.33% 205.59%
NET CHANGE
Cash From Operating Activities 104.3M 152.3M -21.30M
Cash From Investing Activities -402.5M -1.135B -487.5M
Cash From Financing Activities 206.9M 763.5M 677.8M
Net Change In Cash -91.30M -219.3M 169.0M
YoY Change 1928.89% -756.59% -447.74%
FREE CASH FLOW
Cash From Operating Activities $104.3M $152.3M -$21.30M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="FONT-FAMILY: times;"><font size="2"><b><i>Concentration of Credit Risk</i></b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash investments, CMBS, RMBS, loan investments and interest receivable. We may place cash investments in excess of insured amounts with high quality financial institutions. We perform an ongoing analysis of credit risk concentrations in our investment portfolio by evaluating exposure to various counterparties markets, underlying property types, contract terms, tenant mix and other credit metrics.</font></p> </div>
CY2013 us-gaap Use Of Estimates
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="FONT-FAMILY: times;"><font size="2"><b><i>Use of Estimates</i></b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our loans, investment securities and intangible assets which has a significant impact on the amounts of interest income, credit losses (if any), and fair values that we record and/or disclose. In addition, the fair value of financial assets and liabilities that are estimated using a discounted cash flows method are significantly impacted by the rates at which we estimate market participants would discount the expected cash flows.</font></p> </div>
CY2013 us-gaap Prior Period Reclassification Adjustment Description
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30881000 USD
CY2012 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.005 pure
CY2011 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2011 stwd Effective Income Tax Rate Reconciliation Real Estate Investment Trust And Other Non Taxable Income
EffectiveIncomeTaxRateReconciliationRealEstateInvestmentTrustAndOtherNonTaxableIncome
0.345 pure
CY2011 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.001 pure
CY2011 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.006 pure
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344640000 USD
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InterestIncomeSecuritiesMortgageBacked
74312000 USD
CY2013 us-gaap Fees And Commissions Mortgage Banking And Servicing
FeesAndCommissionsMortgageBankingAndServicing
124726000 USD
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RetainedEarningsAccumulatedDeficit
-84719000 USD
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
4282528000 USD
CY2013 us-gaap Gain Loss On Derivative Instruments Net Pretax
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-11170000 USD
CY2013 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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10383000 USD
CY2013 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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1574000 USD
CY2013 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
9676000 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
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110770575000 USD
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191535000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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334383000 USD
CY2013 us-gaap Profit Loss
ProfitLoss
310330000 USD
CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
5300000 USD
CY2012 us-gaap Interest And Fee Income Loans Commercial
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251615000 USD
CY2012 us-gaap Interest Income Securities Mortgage Backed
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55419000 USD
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177671000 USD
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2914434000 USD
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85901000 USD
CY2012 stwd Management Fees
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57491000 USD
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99115000 USD
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47125000 USD
CY2012 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11663000 USD
CY2012 stwd Acquisition And Investment Pursuit Costs
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5097000 USD
CY2012Q4 us-gaap Interest Receivable
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24120000 USD
CY2012 stwd Residential Properties And Non Performing Loans Costs
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757000 USD
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25021000 USD
CY2012 us-gaap Depreciation And Amortization
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213000 USD
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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317627000 USD
CY2012 us-gaap Costs And Expenses
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124557000 USD
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4324373000 USD
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183180000 USD
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4363718000 USD
CY2012Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
30094000 USD
CY2012 stwd Unrealized Gain Loss On Mortgage Loans Held For Sale
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-5760000 USD
CY2012Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
1803000 USD
CY2012 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5086000 USD
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DividendsPayableCurrentAndNoncurrent
73796000 USD
CY2012 stwd Gain Loss On Sale Of Investments Net
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25532000 USD
CY2012 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-14157000 USD
CY2012Q4 us-gaap Secured Debt
SecuredDebt
1305812000 USD
CY2012 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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15120000 USD
CY2012Q4 us-gaap Principal Amount Outstanding On Loans Securitized
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87893000 USD
CY2012 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
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4402000 USD
CY2012 us-gaap Other Nonoperating Income Expense
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-189000 USD
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21525000 USD
CY2012Q4 us-gaap Common Stock Value
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1361000 USD
CY2012 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
204705000 USD
CY2012Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
2721353000 USD
CY2012Q4 us-gaap Treasury Stock Value
TreasuryStockValue
10642000 USD
CY2012 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
201195000 USD
CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
119377000 USD
CY2012 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
1605000 USD
CY2011 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
2226000 USD
CY2012 stwd Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
199590000 USD
CY2011 stwd Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
117151000 USD
CY2012 us-gaap Weighted Average Number Of Shares Outstanding Basic
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113721070 shares
CY2011 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84974604 shares
CY2012 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
114633183 shares
CY2011 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
86409327 shares
CY2012 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.76
CY2011 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.38
CY2012 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.76
CY2011 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.38
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.82
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.82
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
167322602 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
166355599 shares
CY2013 stwd Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
303451000 USD
CY2013 us-gaap Undistributed Earnings Allocated To Participating Securities
UndistributedEarningsAllocatedToParticipatingSecurities
1579000 USD
CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
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305030000 USD
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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544145 shares
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Revenues
68949000 USD
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ProfitLoss
61511000 USD
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ProfitLoss
89246000 USD
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62243000 USD
CY2013Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
60454000 USD
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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87360000 USD
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0.46
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0.37
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1185318 shares
CY2011 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
998604 shares
CY2013 stwd Incremental Common Shares Attributable To Manager Incentive Fee
IncrementalCommonSharesAttributableToManagerIncentiveFee
139495 shares
CY2012 stwd Incremental Common Shares Attributable To Manager Incentive Fee
IncrementalCommonSharesAttributableToManagerIncentiveFee
13188 shares
CY2011 stwd Incremental Common Shares Attributable To Manager Incentive Fee
IncrementalCommonSharesAttributableToManagerIncentiveFee
70220 shares
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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38800000 shares
CY2013 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
27850000 USD
CY2013 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
1484000 USD
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CurrentStateAndLocalTaxExpenseBenefit
4768000 USD
CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
34102000 USD
CY2012 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2487000 USD
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206672000 USD
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180414000 USD
CY2013Q4 us-gaap Intangible Assets Net Excluding Goodwill
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177173000 USD
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749214000 USD
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215371000 USD
CY2013 us-gaap Proceeds From Convertible Debt
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1037926000 USD
CY2013Q4 us-gaap Goodwill
Goodwill
140437000 USD
CY2013Q4 us-gaap Interest Receivable
InterestReceivable
37630000 USD
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95813000 USD
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103151624000 USD
CY2013Q4 us-gaap Assets
Assets
110770575000 USD
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225374000 USD
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DueToRelatedPartiesCurrentAndNoncurrent
17793000 USD
CY2013Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
90171000 USD
CY2013Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
997851000 USD
CY2013Q4 us-gaap Principal Amount Outstanding On Loans Securitized
PrincipalAmountOutstandingOnLoansSecuritized
181238000 USD
CY2013Q4 us-gaap Variable Interest Entity Consolidated Carrying Amount Liabilities
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102649263000 USD
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Liabilities
106443442000 USD
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Revenues
85173000 USD
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Revenues
88016000 USD
CY2012Q1 us-gaap Revenues
Revenues
77801000 USD
CY2012Q3 us-gaap Revenues
Revenues
72971000 USD
CY2013Q4 us-gaap Preferred Stock Value
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1961000 USD
CY2013Q4 us-gaap Treasury Stock Value
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10642000 USD
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75449000 USD
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MinorityInterest
44605000 USD
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4327133000 USD
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-72401000 USD
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StockholdersEquity
2719346000 USD
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77859000 USD
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2797205000 USD
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LiabilitiesAndStockholdersEquity
4324373000 USD
CY2012Q4 us-gaap Liabilities
Liabilities
1527168000 USD
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Revenues
137037000 USD
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Revenues
155536000 USD
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0.51
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EarningsPerShareDiluted
0.46
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EarningsPerShareDiluted
0.37
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2012Q2 us-gaap Profit Loss
ProfitLoss
44619000 USD
CY2012Q3 us-gaap Profit Loss
ProfitLoss
50342000 USD
CY2012Q4 us-gaap Profit Loss
ProfitLoss
58433000 USD
CY2012Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
44490000 USD
CY2012Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
50212000 USD
CY2012Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
56334000 USD
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EarningsPerShareBasic
0.40
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EarningsPerShareBasic
0.43
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EarningsPerShareBasic
0.42
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.40
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2012Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
CY2012Q1 us-gaap Profit Loss
ProfitLoss
50288000 USD
CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
50159000 USD
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.53
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.53
CY2013Q4 us-gaap Revenues
Revenues
187949000 USD
CY2013Q4 us-gaap Profit Loss
ProfitLoss
96149000 USD
CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
94973000 USD
CY2013Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.48
CY2013Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.48
CY2013Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2013 stwd Share Based Compensation Arrangement By Share Based Payment Award Number Of Equity Incentive Plans
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfEquityIncentivePlans
3 item
CY2012Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.44
CY2013Q3 us-gaap Dividends Payable Amount Per Share
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0.46
CY2013Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.44
CY2012Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.44
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1185318 shares
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
544145 shares
CY2012Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.44
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
36228 shares
CY2012Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.44
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
677401 shares
CY2013Q4 stwd Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Future Vesting In First Full Fiscal Year
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsFutureVestingInFirstFullFiscalYear
317063 shares
CY2013Q4 stwd Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Future Vesting In Second Full Fiscal Year
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsFutureVestingInSecondFullFiscalYear
227082 shares
CY2013Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.46
CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2012Q4 stwd Special Dividend Declared
SpecialDividendDeclared
0.10
CY2011Q4 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.44
CY2011Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.44
CY2011Q2 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
0.44
CY2012 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
79768000 USD
CY2012 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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-3905000 USD
CY2011Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-3998000 USD
CY2010Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
8203000 USD
CY2011 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-13199000 USD
CY2011 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
141000 USD
CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
83673000 USD
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-4226000 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
326314000 USD
CY2012 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
265582000 USD
CY2011 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
79404000 USD
CY2013 stwd Real Estate And Accumulated Depreciation Number Of Properties
RealEstateAndAccumulatedDepreciationNumberOfProperties
5471 item
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
136685000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
511450000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements
107941000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
136685000 USD
CY2013Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
619391000 USD
CY2013Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
756075000 USD
CY2013Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
5767000 USD
CY2013Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
4750804000 USD
CY2012Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
3000335000 USD
CY2011Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
2447508000 USD
CY2010Q4 us-gaap Mortgage Loans On Real Estate
MortgageLoansOnRealEstate
1425243000 USD
CY2013 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
3896851000 USD
CY2013 stwd Mortgage Loans On Real Estate Capitalized Interest
MortgageLoansOnRealEstateCapitalizedInterest
19599000 USD
CY2013 us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
MortgageLoansOnRealEstateCostOfMortgagesSold
1762778000 USD
CY2013 us-gaap Mortgage Loans On Real Estate Amortization Of Premium
MortgageLoansOnRealEstateAmortizationOfPremium
-44643000 USD
CY2013 stwd Mortgage Loans On Real Estate Unrealized Foreign Currency Remeasurement Gain Loss
MortgageLoansOnRealEstateUnrealizedForeignCurrencyRemeasurementGainLoss
17541000 USD
CY2012 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
1753363000 USD
CY2012 stwd Mortgage Loans On Real Estate Capitalized Interest
MortgageLoansOnRealEstateCapitalizedInterest
3594000 USD
CY2012 us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
MortgageLoansOnRealEstateCostOfMortgagesSold
468079000 USD
CY2012 stwd Mortgage Loans On Real Estate Transfer Out
MortgageLoansOnRealEstateTransferOut
115100000 USD
CY2012 us-gaap Mortgage Loans On Real Estate Amortization Of Premium
MortgageLoansOnRealEstateAmortizationOfPremium
-44653000 USD
CY2012 stwd Mortgage Loans On Real Estate Unrealized Foreign Currency Remeasurement Gain Loss
MortgageLoansOnRealEstateUnrealizedForeignCurrencyRemeasurementGainLoss
12667000 USD
CY2011 us-gaap Mortgage Loans On Real Estate New Mortgage Loans
MortgageLoansOnRealEstateNewMortgageLoans
1828756000 USD
CY2011 stwd Mortgage Loans On Real Estate Capitalized Interest
MortgageLoansOnRealEstateCapitalizedInterest
7485000 USD
CY2011 us-gaap Mortgage Loans On Real Estate Cost Of Mortgages Sold
MortgageLoansOnRealEstateCostOfMortgagesSold
331312000 USD
CY2011 stwd Mortgage Loans On Real Estate Transfer Out
MortgageLoansOnRealEstateTransferOut
176635000 USD
CY2011 us-gaap Mortgage Loans On Real Estate Amortization Of Premium
MortgageLoansOnRealEstateAmortizationOfPremium
-26966000 USD
CY2011 stwd Mortgage Loans On Real Estate Unrealized Foreign Currency Remeasurement Gain Loss
MortgageLoansOnRealEstateUnrealizedForeignCurrencyRemeasurementGainLoss
-6506000 USD
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
22.57
CY2012Q4 stwd Mortgage Loans On Real Estate With Variable Rate Basis Amount
MortgageLoansOnRealEstateWithVariableRateBasisAmount
1918182000 USD
CY2013Q4 stwd Mortgage Loans On Real Estate With Variable Rate Basis Amount
MortgageLoansOnRealEstateWithVariableRateBasisAmount
3233832000 USD
CY2012Q4 stwd Mortgage Loans On Real Estate Gross Carrying Amount Of Mortgages
MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages
3002396000 USD
CY2013Q4 stwd Mortgage Loans On Real Estate Gross Carrying Amount Of Mortgages
MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages
4754788000 USD
CY2012Q4 stwd Mortgage Loans On Real Estate Allowance On Mortgages
MortgageLoansOnRealEstateAllowanceOnMortgages
2061000 USD
CY2013Q4 stwd Mortgage Loans On Real Estate Allowance On Mortgages
MortgageLoansOnRealEstateAllowanceOnMortgages
3984000 USD
CY2013Q4 stwd Mortgage Loans On Real Estate With Variable Rate Basis Percentage
MortgageLoansOnRealEstateWithVariableRateBasisPercentage
0.680 pure
CY2013 stwd Mortgage Loans On Real Estate Allowance Of Loan Losses As Percentage Of Carrying Amount
MortgageLoansOnRealEstateAllowanceOfLoanLossesAsPercentageOfCarryingAmount
0.056 pure
CY2012 stwd Mortgage Loans On Real Estate Allowance Of Loan Losses As Percentage Of Carrying Amount
MortgageLoansOnRealEstateAllowanceOfLoanLossesAsPercentageOfCarryingAmount
0.037 pure
CY2013 stwd Impairment Charges On Mortgage Individual Loans On Real Estate Held For Investment
ImpairmentChargesOnMortgageIndividualLoansOnRealEstateHeldForInvestment
0 USD
CY2012 stwd Impairment Charges On Mortgage Individual Loans On Real Estate Held For Investment
ImpairmentChargesOnMortgageIndividualLoansOnRealEstateHeldForInvestment
0 USD
CY2012Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
2061000 USD
CY2013Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
3984000 USD
CY2012Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
110555000 USD
CY2013Q4 us-gaap Loans And Leases Receivable Net Reported Amount
LoansAndLeasesReceivableNetReportedAmount
265640000 USD
CY2013 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
1923000 USD
CY2012 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
2061000 USD
CY2012 stwd Mortgage Loans On Real Estate Fair Value Adjustments
MortgageLoansOnRealEstateFairValueAdjustments
-5760000 USD
CY2011 stwd Mortgage Loans On Real Estate Fair Value Adjustments
MortgageLoansOnRealEstateFairValueAdjustments
5760000 USD
CY2013 stwd Mortgage Loans On Real Estate Write Off Of Capitalized Cost
MortgageLoansOnRealEstateWriteOffOfCapitalizedCost
1517000 USD
CY2013 stwd Mortgage Loans On Real Estate Fair Value Adjustments
MortgageLoansOnRealEstateFairValueAdjustments
43849000 USD
CY2013 dei Entity Registrant Name
EntityRegistrantName
STARWOOD PROPERTY TRUST, INC.
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001465128
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013Q2 dei Entity Public Float
EntityPublicFloat
4047081390 USD
CY2014Q1 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
195513195 shares
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 us-gaap Mortgage Loans On Real Estate Collections Of Principal
MortgageLoansOnRealEstateCollectionsOfPrincipal
770313000 USD
CY2013Q4 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
0 USD
CY2010Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1337229000 USD
CY2011 us-gaap Interest And Fee Income Loans Commercial
InterestAndFeeIncomeLoansCommercial
180445000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1765147000 USD
CY2013 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1513517000 USD
CY2011 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
476728000 USD
CY2012 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
875737000 USD
CY2013 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
1390000 USD
CY2011 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
1091000 USD
CY2012 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
2034000 USD
CY2013 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
16344000 USD
CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
13754000 USD
CY2012 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
16163000 USD
CY2011 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1207000 USD
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2753000 USD
CY2012 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3591000 USD
CY2011 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
10642000 USD
CY2012 us-gaap Profit Loss
ProfitLoss
203682000 USD
CY2011 us-gaap Profit Loss
ProfitLoss
120608000 USD
CY2011 us-gaap Interest Income Securities Mortgage Backed
InterestIncomeSecuritiesMortgageBacked
25618000 USD
CY2013 us-gaap Dividends Common Stock
DividendsCommonStock
317348000 USD
CY2011 us-gaap Dividends Common Stock
DividendsCommonStock
155204000 USD
CY2012 us-gaap Dividends Common Stock
DividendsCommonStock
218467000 USD
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4226000 USD
CY2011 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-13340000 USD
CY2012 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
83673000 USD
CY2013 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
1599000 USD
CY2011 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
5239000 USD
CY2012 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
2061000 USD
CY2012 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
94250000 USD
CY2013 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
48105000 USD
CY2011 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
9341000 USD
CY2012 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
24537000 USD
CY2013 stwd Noncontrolling Interests Increase From Variable Interest Entity
NoncontrollingInterestsIncreaseFromVariableInterestEntity
-753000 USD
CY2013 us-gaap Noncontrolling Interest Increase From Business Combination
NoncontrollingInterestIncreaseFromBusinessCombination
8705000 USD
CY2012Q4 stwd Marketable Securities Fair Value Disclosure
MarketableSecuritiesFairValueDisclosure
884254000 USD
CY2013Q4 stwd Marketable Securities Fair Value Disclosure
MarketableSecuritiesFairValueDisclosure
566789000 USD
CY2012Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
0 USD
CY2013Q4 us-gaap Servicing Asset At Fair Value Amount
ServicingAssetAtFairValueAmount
150149000 USD
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2012Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2012Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
136125356 shares
CY2012Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
135499506 shares
CY2012Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
625850 shares
CY2013Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
196139045 shares
CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
195513195 shares
CY2013Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
625850 shares
CY2011 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.74
CY2012 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.86
CY2013 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.82
CY2012 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
272000 USD
CY2012 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
431000 USD
CY2012 us-gaap Revenues
Revenues
307737000 USD
CY2011 stwd Management Fees
ManagementFees
39182000 USD
CY2011 us-gaap Interest Expense
InterestExpense
28782000 USD
CY2011 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
8795000 USD
CY2011 us-gaap Noninterest Income Other Operating Income
NoninterestIncomeOtherOperatingIncome
389000 USD
CY2011 stwd Acquisition And Investment Pursuit Costs
AcquisitionAndInvestmentPursuitCosts
3661000 USD
CY2011 us-gaap Costs And Expenses
CostsAndExpenses
80420000 USD
CY2011 us-gaap Operating Income Loss
OperatingIncomeLoss
126032000 USD
CY2012 us-gaap Marketable Securities Unrealized Gain Loss Excluding Other Than Temporary Impairments
MarketableSecuritiesUnrealizedGainLossExcludingOtherThanTemporaryImpairments
295000 USD
CY2013 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Period Increase Decrease
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsPeriodIncreaseDecrease
1015000 USD
CY2013 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities
1062000 USD
CY2012 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Period Increase Decrease
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsPeriodIncreaseDecrease
4402000 USD
CY2012 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities
2854000 USD
CY2011 stwd Unrealized Gain Loss On Mortgage Loans Held For Sale
UnrealizedGainLossOnMortgageLoansHeldForSale
5760000 USD
CY2011 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2987000 USD
CY2011 stwd Gain Loss On Sale Of Investments Net
GainLossOnSaleOfInvestmentsNet
21000000 USD
CY2011 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-20280000 USD
CY2011 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-7420000 USD
CY2011 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Period Increase Decrease
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsPeriodIncreaseDecrease
6001000 USD
CY2011 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities
1310000 USD
CY2011 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-680000 USD
CY2011 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4634000 USD
CY2011 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
121398000 USD
CY2011 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1231000 USD
CY2012 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-1152000 USD
CY2011 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
205000 USD
CY2013 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
1967000 USD
CY2012 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
287355000 USD
CY2011 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
107268000 USD
CY2012 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
2487000 USD
CY2011 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
92000 USD
CY2012 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
284868000 USD
CY2011 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
107176000 USD
CY2013 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
306104000 USD
CY2013Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
749214000 USD
CY2013 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
300804000 USD
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
9487000 USD
CY2013 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
9727000 USD
CY2013 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
8538000 USD
CY2013 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
30235000 USD
CY2013 stwd Accretion Of Net Deferred Loan Fees And Discounts
AccretionOfNetDeferredLoanFeesAndDiscounts
-44643000 USD
CY2013 stwd Accretion Of Premium From Loan Transfer Secured Borrowings
AccretionOfPremiumFromLoanTransferSecuredBorrowings
-1655000 USD
CY2013 stwd Share Based Compensation And Nonemployee Services Transaction Expense
ShareBasedCompensationAndNonemployeeServicesTransactionExpense
16344000 USD
CY2013 stwd Incentive Fee Compensation
IncentiveFeeCompensation
2752000 USD
CY2013 stwd Change In Fair Value Of Consolidated Variable Interest Entity
ChangeInFairValueOfConsolidatedVariableInterestEntity
23687000 USD
CY2013 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-7836000 USD
CY2013 stwd Foreign Currency Transaction Gain Loss Before Tax Cash Flow Impact
ForeignCurrencyTransactionGainLossBeforeTaxCashFlowImpact
10375000 USD
CY2013 stwd Gain On Sale Of Investments Cash Flow
GainOnSaleOfInvestmentsCashFlow
40315000 USD
CY2013 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
1095000 USD
CY2013 us-gaap Impairment Of Investments
ImpairmentOfInvestments
2636000 USD
CY2013 stwd Depreciation And Amortization Excluding Amortization Of Above Below Market Leases
DepreciationAndAmortizationExcludingAmortizationOfAboveBelowMarketLeases
14925000 USD
CY2013 stwd Cash Flow Earnings From Unconsolidated Entities
CashFlowEarningsFromUnconsolidatedEntities
-8841000 USD
CY2013 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
6808000 USD
CY2012 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
5669000 USD
CY2012 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
33964000 USD
CY2012 stwd Accretion Of Net Deferred Loan Fees And Discounts
AccretionOfNetDeferredLoanFeesAndDiscounts
-44653000 USD
CY2012 stwd Accretion Of Premium From Loan Transfer Secured Borrowings
AccretionOfPremiumFromLoanTransferSecuredBorrowings
-1044000 USD
CY2012 stwd Share Based Compensation And Nonemployee Services Transaction Expense
ShareBasedCompensationAndNonemployeeServicesTransactionExpense
16163000 USD
CY2012 stwd Incentive Fee Compensation
IncentiveFeeCompensation
3592000 USD
CY2012 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-7219000 USD
CY2012 stwd Foreign Currency Transaction Gain Loss Before Tax Cash Flow Impact
ForeignCurrencyTransactionGainLossBeforeTaxCashFlowImpact
15359000 USD
CY2012 stwd Gain On Sale Of Investments Cash Flow
GainOnSaleOfInvestmentsCashFlow
25272000 USD
CY2012 us-gaap Impairment Of Investments
ImpairmentOfInvestments
7256000 USD
CY2011 us-gaap Amortization Of Deferred Charges
AmortizationOfDeferredCharges
3780000 USD
CY2011 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
18071000 USD
CY2011 stwd Accretion Of Net Deferred Loan Fees And Discounts
AccretionOfNetDeferredLoanFeesAndDiscounts
-26966000 USD
CY2011 stwd Accretion Of Premium From Loan Transfer Secured Borrowings
AccretionOfPremiumFromLoanTransferSecuredBorrowings
-887000 USD
CY2011 stwd Share Based Compensation And Nonemployee Services Transaction Expense
ShareBasedCompensationAndNonemployeeServicesTransactionExpense
13743000 USD
CY2011 stwd Incentive Fee Compensation
IncentiveFeeCompensation
1206000 USD
CY2011 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-5532000 USD
CY2011 stwd Foreign Currency Transaction Gain Loss Before Tax Cash Flow Impact
ForeignCurrencyTransactionGainLossBeforeTaxCashFlowImpact
-6518000 USD
CY2011 stwd Gain On Sale Of Investments Cash Flow
GainOnSaleOfInvestmentsCashFlow
20994000 USD
CY2011 us-gaap Impairment Of Investments
ImpairmentOfInvestments
7311000 USD
CY2013 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
15997000 USD
CY2013 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
32387000 USD
CY2013 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-18686000 USD
CY2013 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
35398000 USD
CY2013 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
1232920000 USD
CY2013 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
1326602000 USD
CY2012 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-6545000 USD
CY2012 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
11393000 USD
CY2012 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
394000 USD
CY2012 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
23941000 USD
CY2012 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
132012000 USD
CY2011 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
3298000 USD
CY2011 us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
10982000 USD
CY2011 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
15308000 USD
CY2011 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-6374000 USD
CY2011 us-gaap Payments For Origination Of Mortgage Loans Held For Sale
PaymentsForOriginationOfMortgageLoansHeldForSale
270066000 USD
CY2011 us-gaap Proceeds From Sale Of Loans Held For Sale
ProceedsFromSaleOfLoansHeldForSale
294126000 USD
CY2013 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
586383000 USD
CY2013 us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
2663267000 USD
CY2013 us-gaap Proceeds From Loan And Lease Originations And Principal Collections1
ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1
769650000 USD
CY2013 us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
435818000 USD
CY2013 stwd Payment For Acquisition And Improvement Of Real Estate
PaymentForAcquisitionAndImprovementOfRealEstate
642099000 USD
CY2013 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
13617000 USD
CY2013 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
2157000 USD
CY2013 stwd Payments To Acquire Non Performing Loans
PaymentsToAcquireNonPerformingLoans
186263000 USD
CY2013 stwd Proceeds From Sale Of Non Performing Loans
ProceedsFromSaleOfNonPerformingLoans
25954000 USD
CY2013 us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
30562000 USD
CY2013 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
6515000 USD
CY2013 us-gaap Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
17389000 USD
CY2013 us-gaap Proceeds From Derivative Instrument Investing Activities
ProceedsFromDerivativeInstrumentInvestingActivities
10289000 USD
CY2013 stwd Proceeds From Return Of Investment Basis In Purchased Derivative Asset
ProceedsFromReturnOfInvestmentBasisInPurchasedDerivativeAsset
1948000 USD
CY2013 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
17275000 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2827602000 USD
CY2012 us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
1754388000 USD
CY2012 us-gaap Proceeds From Loan And Lease Originations And Principal Collections1
ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1
670450000 USD
CY2012 us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
344431000 USD
CY2012 stwd Payment For Acquisition And Improvement Of Real Estate
PaymentForAcquisitionAndImprovementOfRealEstate
172326000 USD
CY2012 us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
4714000 USD
CY2012 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
14824000 USD
CY2012 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
8341000 USD
CY2012 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
892000 USD
CY2012 stwd Proceeds From Return Of Investment Basis In Purchased Derivative Asset
ProceedsFromReturnOfInvestmentBasisInPurchasedDerivativeAsset
3336000 USD
CY2012 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
3429000 USD
CY2012 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1188665000 USD
CY2011 us-gaap Payments To Acquire Loans Held For Investment
PaymentsToAcquireLoansHeldForInvestment
1560801000 USD
CY2011 us-gaap Proceeds From Loan And Lease Originations And Principal Collections1
ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1
332249000 USD
CY2011 us-gaap Proceeds From Sale Of Loans Held For Investment
ProceedsFromSaleOfLoansHeldForInvestment
47500000 USD
CY2011 us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
11575000 USD
CY2011 us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
25513000 USD
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="FONT-FAMILY: times;"><font size="2"><b>1. Business and Organization</b></font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Starwood Property Trust,&#160;Inc. ("the Trust" together with its subsidiaries, "we" or the "Company") is a Maryland corporation that commenced operations on August&#160;17, 2009 upon the completion of its initial public offering ("IPO"). From our inception in 2009 through the end of the first quarter of 2013, we have been focused primarily on originating, acquiring, financing and managing commercial mortgage loans and other commercial real estate debt investments, commercial mortgage-backed securities, and other commercial real estate-related debt investments. We have traditionally referred to the following as our target assets:</font></p> <ul> <li style="list-style: none;"> <dl compact="compact"> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">Commercial real estate mortgage loans;</font> <font size="2"><br /> <br /></font></dd> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">Commercial real estate mortgage-backed securities ("CMBS");</font> <font size="2"><br /> <br /></font></dd> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">Other commercial real estate-related debt investments;</font> <font size="2"><br /> <br /></font></dd> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">Residential mortgage-backed securities ("RMBS"); and</font> <font size="2"><br /> <br /></font></dd> <dt style="FONT-FAMILY: times; MARGIN-BOTTOM: -11pt;"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times;"><font size="2">Residential real estate owned ("REO") and residential non-performing mortgage loans.</font></dd></dl></li></ul> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On April&#160;19, 2013, we acquired the equity of LNR Property&#160;LLC ("LNR") and certain of its subsidiaries for an initial agreed upon purchase price of approximately $859&#160;million, which was reduced for transaction expenses and distributions occurring after September&#160;30, 2012, resulting in cash consideration of approximately $730&#160;million. Immediately prior to the acquisition, an affiliate acquired the remaining equity comprising LNR's commercial property division for a purchase price of $194&#160;million. The portion of the LNR business acquired by us includes the following: (i)&#160;a servicing business that manages and works out problem assets, (ii)&#160;a finance business that is focused on selectively acquiring and managing real estate finance investments, including unrated, investment grade and non-investment grade rated CMBS, including subordinated interests of securitization and resecuritization transactions, and high yielding real estate loans; and (iii)&#160;a mortgage loan business which originates conduit loans for the primary purpose of selling these loans into securitization transactions. Refer to Note&#160;3 for further discussion.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On January&#160;31, 2014, we completed the spin-off of our single family residential ("SFR") segment to our stockholders. The newly-formed real estate investment trust, Starwood Waypoint Residential Trust ("SWAY"), is listed on the New York Stock Exchange ("NYSE") and trades under the ticker symbol "SWAY." Our stockholders received one common share of SWAY for every five shares of Starwood Property Trust common stock held at the close of business on January&#160;24, 2014. As part of the spin-off, we contributed $100&#160;million to the unlevered balance sheet of SWAY to fund its growth and operations. As of December&#160;31, 2013, our consolidated financial statements reflect SFR segment net assets of $1.0&#160;billion, representing approximately 13% of the Company's total assets at December&#160;31, 2013. The net assets of the SFR segment consisted of approximately 7,200 units of single-family homes and residential non-performing mortgage loans. Refer to Note&#160;24 for additional SFR segment financial information. In connection with the spin-off, 40.1&#160;million shares of SWAY were issued.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We are organized and conduct our operations to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). As such, we will generally not be subject to U.S. federal corporate income tax on that portion of our net income that is distributed to stockholders if we distribute at least 90% of our taxable income to our stockholders by prescribed dates and comply with various other requirements.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In connection with the LNR acquisition, we established additional taxable REIT subsidiaries ("TRSs"). TRSs permit us to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, we will continue to maintain our qualification as a REIT.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The newly established TRSs engage in various real estate related operations, including special servicing of commercial real estate, originating and securitizing commercial mortgage loans, and investing in entities which engage in real estate related operations. As of December&#160;31, 2013, $873&#160;million of the LNR assets were owned by TRS entities. Our TRSs are not consolidated for federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by us with respect to our interest in TRSs.</font></p> <p style="FONT-FAMILY: times;"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We are organized as a holding company and conduct our business primarily through our various wholly-owned subsidiaries. We are externally managed and advised by SPT Management,&#160;LLC (our "Manager") pursuant to the terms of a management agreement. Our Manager is controlled by Barry Sternlicht, our Chairman and Chief Executive Officer. Our Manager is an affiliate of Starwood Capital Group, a privately-held private equity firm founded and controlled by Mr.&#160;Sternlicht.</font></p> </div>
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