In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information to assess the performance of the business segments identified in Note 1, including segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating securitization VIEs under ASC 810. The segment information within this Note is reported on that basis. The financial condition and operating results of Fundamental have been aggregated into the Property Segment, which is characterized by owning and leasing commercial properties, given its similar economic characteristics.


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	310,314	$	61,438	$	—	$	2,059	$	—	$	373,811	$	—	$	373,811
Interest income from investment securities	15,637		384		—		23,933		—		39,954		(34,516)		5,438
Servicing fees	112		—		—		51,619		—		51,731		(3,711)		48,020
Rental income	16,305		—		60,843		2,823		—		79,971		—		79,971
Other revenues	2,213		1,473		457		403		670		5,216		—		5,216
Total revenues	344,581		63,295		61,300		80,837		670		550,683		(38,227)		512,456
Costs and expenses:
Management fees	32		—		—		—		36,150		36,182		—		36,182
Interest expense	154,923		36,696		27,951		6,826		102,654		329,050		(144)		328,906
General and administrative	16,792		5,918		8,868		21,928		4,827		58,333		—		58,333
Costs of rental operations	13,216		—		7,260		2,658		—		23,134		—		23,134
Depreciation and amortization	4,237		10		28,078		1,150		251		33,726		—		33,726
Credit loss provision (reversal), net	586		(963)		—		—		—		(377)		—		(377)
Other expense	77		112		72		140		—		401		—		401
Total costs and expenses	189,863		41,773		72,229		32,702		143,882		480,449		(144)		480,305
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		32,502		32,502
Change in fair value of servicing rights	—		—		—		1,004		—		1,004		(1,541)		(537)
Change in fair value of investment securities, net	451		—		—		(7,921)		—		(7,470)		7,559		89
Change in fair value of mortgage loans, net	(20,980)		—		—		8,312		—		(12,668)		—		(12,668)
Income from affordable housing fund investments	—		—		12,464		—		—		12,464		—		12,464
Earnings (loss) from unconsolidated entities	—		843		—		412		—		1,255		(437)		818
Gain on sale of investments and other assets, net	210		—		469		—		—		679		—		679
Gain (loss) on derivative financial instruments, net	16,363		89		2,276		242		(21,433)		(2,463)		—		(2,463)
Foreign currency (loss) gain, net	(6,115)		—		25		—		—		(6,090)		—		(6,090)
Loss on extinguishment of debt	—		(31)		(304)		—		—		(335)		—		(335)
Other (loss) income, net	(2,875)		51		(309)		—		—		(3,133)		—		(3,133)
Total other income (loss)	(12,946)		952		14,621		2,049		(21,433)		(16,757)		38,083		21,326
Income (loss) before income taxes	141,772		22,474		3,692		50,184		(164,645)		53,477		—		53,477
Income tax benefit (provision)	11,728		(50)		17		(7,750)		—		3,945		—		3,945
Net income (loss)	153,500		22,424		3,709		42,434		(164,645)		57,422		—		57,422
Net (income) loss attributable to non-controlling interests	(3)		—		(6,827)		1,286		—		(5,544)		—		(5,544)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	153,497	$	22,424	$	(3,118)	$	43,720	$	(164,645)	$	51,878	$	—	$	51,878


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	290,299	$	60,456	$	—	$	3,168	$	—	$	353,923	$	—	$	353,923
Interest income from investment securities	23,889		154		—		28,174		—		52,217		(39,996)		12,221
Servicing fees	65		—		—		21,829		—		21,894		(4,434)		17,460
Rental income	8,203		—		16,315		4,665		—		29,183		—		29,183
Other revenues	3,010		1,015		234		1,039		95		5,393		—		5,393
Total revenues	325,466		61,625		16,549		58,875		95		462,610		(44,430)		418,180
Costs and expenses:
Management fees	180		—		—		—		40,583		40,763		—		40,763
Interest expense	165,551		35,154		8,977		8,133		74,538		292,353		(195)		292,158
General and administrative	14,606		5,018		1,414		22,501		4,608		48,147		—		48,147
Costs of rental operations	5,518		—		6,018		3,284		—		14,820		—		14,820
Depreciation and amortization	3,607		10		5,865		1,751		251		11,484		—		11,484
Credit loss (reversal) provision, net	(25,759)		760		—		—		—		(24,999)		—		(24,999)
Other expense	(25)		1,923		(82)		35		—		1,851		—		1,851
Total costs and expenses	163,678		42,865		22,192		35,704		119,980		384,419		(195)		384,224
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		28,691		28,691
Change in fair value of servicing rights	—		—		—		(114)		—		(114)		867		753
Change in fair value of investment securities, net	7,397		—		—		(22,629)		—		(15,232)		15,059		(173)
Change in fair value of mortgage loans, net	42,574		—		—		15,830		—		58,404		—		58,404
Income from affordable housing fund investments	—		—		3,910		—		—		3,910		—		3,910
Earnings (loss) from unconsolidated entities	1,296		(622)		—		245		—		919		(382)		537

(Loss) gain on derivative financial instruments, net	(65,838)		(19)		(98)		(1,073)		27,339		(39,689)		—		(39,689)
Foreign currency gain (loss), net	34,616		236		(61)		—		—		34,791		—		34,791

Other (loss) income, net	(489)		—		(828)		4		—		(1,313)		—		(1,313)
Total other income (loss)	19,556		(405)		2,923		(7,737)		27,339		41,676		44,235		85,911
Income (loss) before income taxes	181,344		18,355		(2,720)		15,434		(92,546)		119,867		—		119,867
Income tax provision	(294)		(133)		—		(3,339)		—		(3,766)		—		(3,766)
Net income (loss)	181,050		18,222		(2,720)		12,095		(92,546)		116,101		—		116,101
Net (income) loss attributable to non-controlling interests	(3)		—		(5,084)		1,241		—		(3,846)		—		(3,846)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	181,047	$	18,222	$	(7,804)	$	13,336	$	(92,546)	$	112,255	$	—	$	112,255


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Assets:
Cash and cash equivalents	$	44,239	$	125,331	$	33,521	$	6,001	$	81,193	$	290,285	$	—	$	290,285
Restricted cash	322,650		22,909		3,085		412		26,721		375,777		—		375,777
Loans held-for-investment, net	16,214,754		3,066,806		—		—		—		19,281,560		—		19,281,560
Loans held-for-sale	2,218,429		—		—		104,511		—		2,322,940		—		2,322,940
Investment securities	639,401		30,301		—		1,236,128		—		1,905,830		(1,597,627)		308,203
Properties, net	1,039,257		—		2,778,893		40,984		—		3,859,134		—		3,859,134

Investments of consolidated affordable housing fund	—		—		1,729,433		—		—		1,729,433		—		1,729,433
Investments in unconsolidated entities	8,514		58,840		—		33,316		—		100,670		(15,112)		85,558
Goodwill	—		119,409		—		140,437		—		259,846		—		259,846
Intangible assets, net	2,670		—		392,643		70,136		—		465,449		(38,794)		426,655
Derivative assets	24,074		—		—		219		7,958		32,251		—		32,251
Accrued interest receivable	168,183		8,160		—		218		847		177,408		—		177,408
Other assets	329,455		42,273		131,023		(15,547)		51,262		538,466		—		538,466
VIE assets, at fair value	—		—		—		—		—		—		32,399,812		32,399,812
Total Assets	$	21,011,626	$	3,474,029	$	5,068,598	$	1,616,815	$	167,981	$	31,339,049	$	30,748,279	$	62,087,328
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	207,080	$	36,017	$	117,476	$	38,940	$	137,872	$	537,385	$	—	$	537,385
Related-party payable	—		—		—		—		33,708		33,708		—		33,708
Dividends payable	—		—		—		—		180,900		180,900		—		180,900
Derivative liabilities	63,970		—		—		—		15,460		79,430		—		79,430
Secured financing agreements, net	9,846,525		587,374		533,953		596,988		2,224,516		13,789,356		(19,780)		13,769,576
Securitized financing, net	1,874,602		1,809,126		1,398,169		—		—		5,081,897		—		5,081,897
Unsecured senior notes, net	—		—		—		—		4,287,646		4,287,646		—		4,287,646

VIE liabilities, at fair value	—		—		—		—		—		—		30,768,059		30,768,059
Total Liabilities	11,992,177		2,432,517		2,049,598		635,928		6,880,102		23,990,322		30,748,279		54,738,601
Temporary Equity: Redeemable non-controlling interests	—		—		357,487		—		—		357,487		—		357,487
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	—		—		—		—		3,793		3,793		—		3,793
Additional paid-in capital	2,122,871		665,085		381,367		(941,857)		4,747,155		6,974,621		—		6,974,621
Treasury stock	—		—		—		—		(157,958)		(157,958)		—		(157,958)
Retained earnings (accumulated deficit)	6,885,579		376,427		2,074,321		1,802,916		(11,305,111)		(165,868)		—		(165,868)
Accumulated other comprehensive income	10,881		—		—		—		—		10,881		—		10,881
Total Starwood Property Trust, Inc. Stockholders’ Equity	9,019,331		1,041,512		2,455,688		861,059		(6,712,121)		6,665,469		—		6,665,469
Non-controlling interests in consolidated subsidiaries	118		—		205,825		119,828		—		325,771		—		325,771
Total Permanent Equity	9,019,449		1,041,512		2,661,513		980,887		(6,712,121)		6,991,240		—		6,991,240
Total Liabilities and Equity	$	21,011,626	$	3,474,029	$	5,068,598	$	1,616,815	$	167,981	$	31,339,049	$	30,748,279	$	62,087,328


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Assets:
Cash and cash equivalents	$	74,534	$	198,031	$	70,900	$	25,149	$	130,866	$	499,480	$	—	$	499,480
Restricted cash	123,215		33,794		3,236		454		14,468		175,167		—		175,167
Loans held-for-investment, net	16,038,333		2,824,379		—		—		—		18,862,712		—		18,862,712
Loans held-for-sale	2,278,067		—		—		45,476		—		2,323,543		—		2,323,543
Investment securities	641,893		31,273		—		1,284,863		—		1,958,029		(1,657,029)		301,000
Properties, net	732,714		—		2,674,276		41,662		—		3,448,652		—		3,448,652

Investments of consolidated affordable housing fund	—		—		1,727,499		—		—		1,727,499		—		1,727,499
Investments in unconsolidated entities	8,514		57,997		—		33,203		—		99,714		(14,962)		84,752
Goodwill	—		119,409		—		140,437		—		259,846		—		259,846
Intangible assets, net	2,817		—		401,268		69,227		—		473,312		(37,253)		436,059
Derivative assets	27,157		—		—		201		18,455		45,813		—		45,813
Accrued interest receivable	157,116		4,424		442		562		135		162,679		—		162,679
Other assets	193,525		4,623		107,468		5,454		51,921		362,991		—		362,991
VIE assets, at fair value	—		—		—		—		—		—		34,493,164		34,493,164
Total Assets	$	20,277,885	$	3,273,930	$	4,985,089	$	1,646,688	$	215,845	$	30,399,437	$	32,783,920	$	63,183,357
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	165,317	$	32,732	$	113,707	$	60,423	$	127,571	$	499,750	$	—	$	499,750
Related-party payable	—		—		—		—		31,662		31,662		—		31,662
Dividends payable	—		—		—		—		180,413		180,413		—		180,413
Derivative liabilities	72,351		—		—		—		11,632		83,983		—		83,983
Secured financing agreements, net	8,637,246		719,942		596,906		517,897		2,226,843		12,698,834		(19,886)		12,678,948
Securitized financing, net	2,224,239		1,645,536		1,261,678		—		—		5,131,453		—		5,131,453
Unsecured senior notes, net	—		—		—		—		4,283,836		4,283,836		—		4,283,836

VIE liabilities, at fair value	—		—		—		—		—		—		32,803,806		32,803,806
Total Liabilities	11,099,153		2,398,210		1,972,291		578,320		6,861,957		22,909,931		32,783,920		55,693,851
Temporary Equity: Redeemable non-controlling interests	—		—		364,118		—		—		364,118		—		364,118
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	—		—		—		—		3,780		3,780		—		3,780
Additional paid-in capital	2,434,975		521,717		365,416		(814,760)		4,449,868		6,957,216		—		6,957,216
Treasury stock	—		—		—		—		(138,022)		(138,022)		—		(138,022)
Retained earnings (accumulated deficit)	6,732,082		354,003		2,077,439		1,759,196		(10,961,738)		(39,018)		—		(39,018)
Accumulated other comprehensive income	11,560		—		—		—		—		11,560		—		11,560
Total Starwood Property Trust, Inc. Stockholders’ Equity	9,178,617		875,720		2,442,855		944,436		(6,646,112)		6,795,516		—		6,795,516
Non-controlling interests in consolidated subsidiaries	115		—		205,825		123,932		—		329,872		—		329,872
Total Permanent Equity	9,178,732		875,720		2,648,680		1,068,368		(6,646,112)		7,125,388		—		7,125,388
Total Liabilities and Equity	$	20,277,885	$	3,273,930	$	4,985,089	$	1,646,688	$	215,845	$	30,399,437	$	32,783,920	$	63,183,357

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

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-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

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-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

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-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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-Topic 280
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-Topic 280
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+ Details