Open the filing on EDGARStarwood Property Trust Reports Results for
- Quarterly GAAP Earnings of $0.01 and Distributable Earnings (DE) of $0.40 per Diluted Share -
- Invested $2.5 Billion in the Quarter and $6.7 Billion through July -
- Record Total Assets of $31.8 Billion and Commercial Lending Assets of $17.3 Billion -
- Repurchased $30 Million of Common Shares in the Six Months -
- Dividend of $0.48 per Share -
- Awarded Nareit Gold Investor CARE Award for 10th Time in 12 Years -
MIAMI BEACH, FL, August 6, 2026 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended June 30, 2026. The Company delivered second quarter GAAP net income of $6.6 million, and Distributable Earnings (a non-GAAP financial measure) was $151.5 million. See reconciliation tables below.
“Real estate fundamentals are improving steadily in almost every asset class, supported by a drop in construction and broad and robust economic growth. This provides a more constructive backdrop to deploy capital and improving credit in our loan portfolio. For us importantly, it provides a solid foundation to support the values of our real estate owned and underperforming loan assets. We expect to resolve nearly $900 million of underperforming assets by year end or shortly thereafter, returning the trapped equity to higher use cases across all our business lines,” said Barry Sternlicht, Chairman and CEO of Starwood Property Trust.
“We have invested $6.7 billion through July, at double digit return on equity, and our $2.1 billion of corporate debt transactions in the quarter extends our weighted average corporate debt maturity to 3.7 years and lowers our cost of funds, solidifying an already strong balance sheet. This positions us well to continue deploying capital and driving growth across all our business lines,” added Jeffrey DiModica, President of Starwood Property Trust.
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.
Webcast and Conference Call Information
The Company will host a live webcast and conference call on Thursday, August 6, 2026, at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in.
To Participate via Telephone Conference Call:
Dial in at least 15 minutes prior to start time.
Domestic: 1-877-407-9039
International: 1-201-689-8470
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 13758023
The playback can be accessed through August 20, 2026.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of June 30, 2026, the Company has successfully deployed $120 billion of capital since inception and manages a portfolio of $32 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.
Forward-Looking Statements
Forward-looking statements notice
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. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions. 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, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.
Additional information can be found on the Company’s website at www.starwoodpropertytrust.com.
Contact: Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the three months ended June 30, 2026
(Amounts in thousands)
| Commercial andResidentialLendingSegment | InfrastructureLendingSegment | PropertySegment | Investingand ServicingSegment | Corporate | Subtotal | SecuritizationVIEs | Total |
|---|
| Revenues: | | | | | | | | |
| Interest income from loans | $327,151 | $66,991 | $ - | $4,273 | $ - | $398,415 | $ - | $398,415 |
| Interest income from investment securities | 15,344 | 481 | - | 22,170 | - | 37,995 | (33,245) | 4,750 |
| Servicing fees | 111 | - | - | 20,476 | - | 20,587 | (3,920) | 16,667 |
| Rental income | 19,808 | - | 63,827 | 4,219 | - | 87,854 | - | 87,854 |
| Other revenues | 1,800 | 1,474 | 362 | 1,524 | 822 | 5,982 | - | 5,982 |
| Total revenues | 364,214 | 68,946 | 64,189 | 52,662 | 822 | 550,833 | (37,165) | 513,668 |
| Costs and expenses: | | | | | | | | |
| Management fees | 165 | - | - | - | 30,392 | 30,557 | - | 30,557 |
| Interest expense | 160,750 | 38,625 | 28,775 | 9,117 | 107,564 | 344,831 | (254) | 344,577 |
| General and administrative | 14,979 | 6,015 | 7,925 | 23,661 | 4,114 | 56,694 | - | 56,694 |
| Costs of rental operations | 16,161 | - | 7,254 | 2,898 | - | 26,313 | - | 26,313 |
| Depreciation and amortization | 4,780 | 9 | 29,137 | 1,082 | 252 | 35,260 | - | 35,260 |
| Credit loss provision, net | 29,816 | 348 | - | - | - | 30,164 | - | 30,164 |
| Other expense | 88 | 787 | 227 | 101 | - | 1,203 | - | 1,203 |
| Total costs and expenses | 226,739 | 45,784 | 73,318 | 36,859 | 142,322 | 525,022 | (254) | 524,768 |
| Other income (loss): | | | | | | | | |
| Change in net assets related to consolidated VIEs | - | - | - | - | - | - | 33,087 | 33,087 |
| Change in fair value of servicing rights | - | - | - | 1,018 | - | 1,018 | 726 | 1,744 |
| Change in fair value of investment securities, net | (1,587) | - | - | (1,717) | - | (3,304) | 3,252 | (52) |
| Change in fair value of mortgage loans, net | (12,711) | - | - | 12,650 | - | (61) | - | (61) |
| Income from affordable housing fund investments | - | - | 4,929 | - | - | 4,929 | - | 4,929 |
| Earnings from unconsolidated entities | - | 2,677 | - | 193 | - | 2,870 | (154) | 2,716 |
| Gain on sale of investments and other assets, net | 88 | - | 27 | 2,264 | - | 2,379 | - | 2,379 |
| Gain (loss) on derivative financial instruments, net | 21,529 | 350 | 8,354 | 983 | (34,240) | (3,024) | - | (3,024) |
| Foreign currency (loss) gain, net | (5,719) | - | 13 | - | - | (5,706) | - | (5,706) |
| Other (loss) income, net | (2,597) | - | (1,092) | 6 | - | (3,683) | - | (3,683) |
| Total other (loss) income | (997) | 3,027 | 12,231 | 15,397 | (34,240) | (4,582) | 36,911 | 32,329 |
| Income (loss) before income taxes | 136,478 | 26,189 | 3,102 | 31,200 | (175,740) | 21,229 | - | 21,229 |
| Income tax (provision) benefit | (2,536) | (95) | 8 | (3,601) | - | (6,224) | - | (6,224) |
| Net income (loss) | 133,942 | 26,094 | 3,110 | 27,599 | (175,740) | 15,005 | - | 15,005 |
| Net income attributable to non-controlling interests | (4) | - | (5,325) | (3,119) | - | (8,448) | - | (8,448) |
| Net income (loss) attributable to Starwood Property Trust, Inc. | $133,938 | $26,094 | $(2,215) | $24,480 | $(175,740) | $6,557 | $ - | $6,557 |
Definition of Distributable Earnings
Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors. Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 for additional information regarding Distributable Earnings.
Reconciliation of Net Income to Distributable Earnings
For the three months ended June 30, 2026
(Amounts in thousands except per share data)
| Commercial andResidentialLendingSegment | InfrastructureLendingSegment | PropertySegment | Investingand ServicingSegment | Corporate | Total |
|---|
| Net income (loss) attributable to Starwood Property Trust, Inc. | $133,938 | $26,094 | $(2,215) | $24,480 | $(175,740) | $6,557 |
| Add / (Deduct): | | | | | | |
| Non-controlling interests attributable to Woodstar II Class A Units | - | - | 4,629 | - | - | 4,629 |
| Non-controlling interests attributable to unrealized gains/losses | - | - | (2,724) | (2,226) | - | (4,950) |
| Non-cash equity compensation expense | 2,585 | 788 | 2,014 | 1,449 | 6,477 | 13,313 |
| Depreciation and amortization | 4,817 | - | 29,632 | 1,121 | - | 35,570 |
| Straight-line rent adjustment | - | - | (1,697) | 57 | - | (1,640) |
| Interest income adjustment for loans and securities | 4,675 | - | - | 12,686 | - | 17,361 |
| Consolidated income tax provision (benefit) associated with fair value adjustments | 2,536 | 95 | (8) | 3,601 | - | 6,224 |
| Other non-cash items | 5 | 447 | (82) | (407) | - | (37) |
| Reversal of GAAP unrealized and realized (gains) / losses on: | | | | | | |
| Loans | 12,711 | - | - | (12,650) | - | 61 |
| Credit loss provision, net | 29,816 | 348 | - | - | - | 30,164 |
| Securities | 1,587 | - | - | 1,717 | - | 3,304 |
| Woodstar Fund investments | - | - | (4,929) | - | - | (4,929) |
| Derivatives | (21,529) | (350) | (8,354) | (983) | 34,240 | 3,024 |
| Foreign currency | 5,719 | - | (13) | - | - | 5,706 |
| Earnings from unconsolidated entities | - | (2,677) | - | (193) | - | (2,870) |
| Sales of properties | (32) | - | (27) | (2,264) | - | (2,323) |
| Recognition of Distributable realized gains / (losses) on: | | | | | | |
| Loans | (454) | - | - | 12,636 | - | 12,182 |
| Securities | (51) | - | - | (682) | - | (733) |
| Woodstar Fund investments | - | - | 18,208 | - | - | 18,208 |
| Derivatives | 8,570 | 248 | (235) | 1,650 | (2,907) | 7,326 |
| Foreign currency | 803 | - | 13 | - | - | 816 |
| Earnings from unconsolidated entities | - | 2,146 | - | 469 | - | 2,615 |
| Sales of properties | 32 | - | (35) | 1,928 | - | 1,925 |
| Distributable Earnings (Loss) | $185,728 | $27,139 | $34,177 | $42,389 | $(137,930) | $151,503 |
| Distributable Earnings (Loss) per Weighted Average Diluted Share | $0.49 | $0.07 | $0.09 | $0.11 | $(0.36) | $0.40 |
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the six months ended June 30, 2026
(Amounts in thousands)
| Commercial andResidentialLendingSegment | InfrastructureLendingSegment | PropertySegment | Investingand ServicingSegment | Corporate | Subtotal | SecuritizationVIEs | Total |
|---|
| Revenues: | | | | | | | | |
| Interest income from loans | $637,465 | $128,429 | $ - | $6,332 | $ - | $772,226 | $ - | $772,226 |
| Interest income from investment securities | 30,981 | 865 | - | 46,103 | - | 77,949 | (67,761) | 10,188 |
| Servicing fees | 223 | - | - | 72,095 | - | 72,318 | (7,631) | 64,687 |
| Rental income | 36,113 | - | 124,670 | 7,042 | - | 167,825 | - | 167,825 |
| Other revenues | 4,013 | 2,947 | 819 | 1,927 | 1,492 | 11,198 | - | 11,198 |
| Total revenues | 708,795 | 132,241 | 125,489 | 133,499 | 1,492 | 1,101,516 | (75,392) | 1,026,124 |
| Costs and expenses: | | | | | | | | |
| Management fees | 197 | - | - | - | 66,542 | 66,739 | - | 66,739 |
| Interest expense | 315,673 | 75,321 | 56,726 | 15,943 | 210,218 | 673,881 | (398) | 673,483 |
| General and administrative | 31,771 | 11,933 | 16,793 | 45,589 | 8,941 | 115,027 | - | 115,027 |
| Costs of rental operations | 29,377 | - | 14,514 | 5,556 | - | 49,447 | - | 49,447 |
| Depreciation and amortization | 9,017 | 19 | 57,215 | 2,232 | 503 | 68,986 | - | 68,986 |
| Credit loss provision (reversal), net | 30,402 | (615) | - | - | - | 29,787 | - | 29,787 |
| Other expense | 165 | 899 | 299 | 241 | - | 1,604 | - | 1,604 |
| Total costs and expenses | 416,602 | 87,557 | 145,547 | 69,561 | 286,204 | 1,005,471 | (398) | 1,005,073 |
| Other income (loss): | | | | | | | | |
| Change in net assets related to consolidated VIEs | - | - | - | - | - | - | 65,589 | 65,589 |
| Change in fair value of servicing rights | - | - | - | 2,022 | - | 2,022 | (815) | 1,207 |
| Change in fair value of investment securities, net | (1,136) | - | - | (9,638) | - | (10,774) | 10,811 | 37 |
| Change in fair value of mortgage loans, net | (33,691) | - | - | 20,962 | - | (12,729) | - | (12,729) |
| Income from affordable housing fund investments | - | - | 17,393 | - | - | 17,393 | - | 17,393 |
| Earnings from unconsolidated entities | - | 3,520 | - | 605 | - | 4,125 | (591) | 3,534 |
| Gain on sale of investments and other assets, net | 298 | - | 496 | 2,264 | - | 3,058 | - | 3,058 |
| Gain (loss) on derivative financial instruments, net | 37,892 | 439 | 10,630 | 1,225 | (55,673) | (5,487) | - | (5,487) |
| Foreign currency (loss) gain, net | (11,834) | - | 38 | - | - | (11,796) | - | (11,796) |
| Loss on extinguishment of debt | - | (31) | (304) | - | - | (335) | - | (335) |
| Other (loss) income, net | (5,472) | 51 | (1,401) | 6 | - | (6,816) | - | (6,816) |
| Total other (loss) income | (13,943) | 3,979 | 26,852 | 17,446 | (55,673) | (21,339) | 74,994 | 53,655 |
| Income (loss) before income taxes | 278,250 | 48,663 | 6,794 | 81,384 | (340,385) | 74,706 | - | 74,706 |
| Income tax benefit (provision) | 9,192 | (145) | 25 | (11,351) | - | (2,279) | - | (2,279) |
| Net income (loss) | 287,442 | 48,518 | 6,819 | 70,033 | (340,385) | 72,427 | - | 72,427 |
| Net income attributable to non-controlling interests | (7) | - | (12,152) | (1,833) | - | (13,992) | - | (13,992) |
| Net income (loss) attributable to Starwood Property Trust, Inc. | $287,435 | $48,518 | $(5,333) | $68,200 | $(340,385) | $58,435 | $ - | $58,435 |
Reconciliation of Net Income to Distributable Earnings
For the six months ended June 30, 2026
(Amounts in thousands except per share data)
| Commercial andResidentialLendingSegment | InfrastructureLendingSegment | PropertySegment | Investingand ServicingSegment | Corporate | Total |
|---|
| Net income (loss) attributable to Starwood Property Trust, Inc. | $287,435 | $48,518 | $(5,333) | $68,200 | $(340,385) | $58,435 |
| Add / (Deduct): | | | | | | |
| Non-controlling interests attributable to Woodstar II Class A Units | - | - | 9,258 | - | - | 9,258 |
| Non-controlling interests attributable to unrealized gains/losses | - | - | (4,031) | (6,971) | - | (11,002) |
| Non-cash equity compensation expense | 5,669 | 1,540 | 4,009 | 2,874 | 13,215 | 27,307 |
| Management incentive fee | - | - | - | - | 5,567 | 5,567 |
| Depreciation and amortization | 9,090 | - | 58,206 | 2,313 | - | 69,609 |
| Straight-line rent adjustment | - | - | (3,346) | 171 | - | (3,175) |
| Interest income adjustment for loans and securities | 9,749 | - | - | 18,062 | - | 27,811 |
| Consolidated income tax (benefit) provision associated with fair value adjustments | (9,192) | 145 | (25) | 11,351 | - | 2,279 |
| Other non-cash items | 7 | 447 | (164) | (813) | - | (523) |
| Reversal of GAAP unrealized and realized (gains) / losses on: | | | | | | |
| Loans | 33,691 | - | - | (20,962) | - | 12,729 |
| Credit loss provision (reversal), net | 30,402 | (615) | - | - | - | 29,787 |
| Securities | 1,136 | - | - | 9,638 | - | 10,774 |
| Woodstar Fund investments | - | - | (17,393) | - | - | (17,393) |
| Derivatives | (37,892) | (439) | (10,630) | (1,225) | 55,673 | 5,487 |
| Foreign currency | 11,834 | - | (38) | - | - | 11,796 |
| Earnings from unconsolidated entities | - | (3,520) | - | (605) | - | (4,125) |
| Sales of properties | (356) | - | (496) | (2,264) | - | (3,116) |
| Recognition of Distributable realized gains / (losses) on: | | | | | | |
| Loans | (822) | - | - | 21,194 | - | 20,372 |
| Securities | (137) | - | - | (5,936) | - | (6,073) |
| Woodstar Fund investments | - | - | 37,029 | - | - | 37,029 |
| Derivatives | 21,205 | 279 | (3,324) | 1,926 | (5,724) | 14,362 |
| Foreign currency | 942 | - | 38 | - | - | 980 |
| Earnings from unconsolidated entities | - | 2,657 | - | 905 | - | 3,562 |
| Sales of properties | (4,753) | - | (135) | 1,928 | - | (2,960) |
| Distributable Earnings (Loss) | $358,008 | $49,012 | $63,625 | $99,786 | $(271,654) | $298,777 |
| Distributable Earnings (Loss) per Weighted Average Diluted Share | $0.94 | $0.13 | $0.16 | $0.26 | $(0.71) | $0.78 |
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of June 30, 2026
(Amounts in thousands)
| Commercial andResidentialLendingSegment | InfrastructureLendingSegment | PropertySegment | Investingand ServicingSegment | Corporate | Subtotal | SecuritizationVIEs | Total |
|---|
| Assets: | | | | | | | | |
| Cash and cash equivalents | $22,616 | $206,331 | $30,912 | $9,281 | $98,452 | $367,592 | $ - | $367,592 |
| Restricted cash | 177,912 | 46,173 | 2,802 | 189 | 45,688 | 272,764 | - | 272,764 |
| Loans held-for-investment, net | 16,965,888 | 2,851,080 | - | - | - | 19,816,968 | - | 19,816,968 |
| Loans held-for-sale | 2,154,653 | - | - | 62,828 | - | 2,217,481 | - | 2,217,481 |
| Investment securities | 556,876 | 123,934 | - | 1,262,903 | - | 1,943,713 | (1,540,884) | 402,829 |
| Properties, net | 1,028,671 | - | 2,938,255 | 31,743 | - | 3,998,669 | - | 3,998,669 |
| Investments of consolidated affordable housing fund | - | - | 1,725,368 | - | - | 1,725,368 | - | 1,725,368 |
| Investments in unconsolidated entities | 8,514 | 61,517 | - | 33,200 | - | 103,231 | (15,030) | 88,201 |
| Goodwill | - | 119,409 | - | 140,437 | - | 259,846 | - | 259,846 |
| Intangible assets, net | 2,522 | - | 405,459 | 71,062 | - | 479,043 | (38,069) | 440,974 |
| Derivative assets | 23,233 | - | 931 | 242 | - | 24,406 | - | 24,406 |
| Accrued interest receivable | 195,044 | 3,611 | 4 | 493 | 1,664 | 200,816 | - | 200,816 |
| Other assets | 195,215 | 20,947 | 111,988 | (16,670) | 50,735 | 362,215 | - | 362,215 |
| VIE assets, at fair value | - | - | - | - | - | - | 30,868,147 | 30,868,147 |
| Total Assets | $21,331,144 | $3,433,002 | $5,215,719 | $1,595,708 | $196,539 | $31,772,112 | $29,274,164 | $61,046,276 |
| Liabilities and Equity | | | | | | | | |
| Liabilities: | | | | | | | | |
| Accounts payable, accrued expenses and other liabilities | $232,135 | $38,666 | $123,067 | $37,521 | $144,167 | $575,556 | $ - | $575,556 |
| Related-party payable | - | - | - | - | 27,033 | 27,033 | - | 27,033 |
| Dividends payable | - | - | - | - | 180,744 | 180,744 | - | 180,744 |
| Derivative liabilities | 64,972 | - | - | - | 26,601 | 91,573 | - | 91,573 |
| Secured financing agreements, net | 9,496,528 | 716,722 | 731,638 | 583,078 | 2,491,581 | 14,019,547 | (19,656) | 13,999,891 |
| Securitized financing, net | 1,603,874 | 1,810,038 | 1,397,599 | - | - | 4,811,511 | - | 4,811,511 |
| Unsecured senior notes, net | - | - | - | - | 4,882,722 | 4,882,722 | - | 4,882,722 |
| VIE liabilities, at fair value | - | - | - | - | - | - | 29,293,820 | 29,293,820 |
| Total Liabilities | 11,397,509 | 2,565,426 | 2,252,304 | 620,599 | 7,752,848 | 24,588,686 | 29,274,164 | 53,862,850 |
| Temporary Equity: Redeemable non-controlling interests | - | - | 356,377 | - | - | 356,377 | - | 356,377 |
| Permanent Equity: | | | | | | | | |
| Starwood Property Trust, Inc. Stockholders’ Equity: | | | | | | | | |
| Common stock | - | - | - | - | 3,798 | 3,798 | - | 3,798 |
| Additional paid-in capital | 2,904,306 | 465,056 | 329,107 | (974,433) | 4,267,303 | 6,991,339 | - | 6,991,339 |
| Treasury stock | - | - | - | - | (167,962) | (167,962) | - | (167,962) |
| Retained earnings (accumulated deficit) | 7,019,517 | 402,520 | 2,072,106 | 1,827,396 | (11,659,448) | (337,909) | - | (337,909) |
| Accumulated other comprehensive income | 9,697 | - | - | - | - | 9,697 | - | 9,697 |
| Total Starwood Property Trust, Inc. Stockholders’ Equity | 9,933,520 | 867,576 | 2,401,213 | 852,963 | (7,556,309) | 6,498,963 | - | 6,498,963 |
| Non-controlling interests in consolidated subsidiaries | 115 | - | 205,825 | 122,146 | - | 328,086 | - | 328,086 |
| Total Permanent Equity | 9,933,635 | 867,576 | 2,607,038 | 975,109 | (7,556,309) | 6,827,049 | - | 6,827,049 |
| Total Liabilities and Equity | $21,331,144 | $3,433,002 | $5,215,719 | $1,595,708 | $196,539 | $31,772,112 | $29,274,164 | $61,046,276 |