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Published: 2023-08-03 06:50:18 ET

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EX-99.1 2 stwd_pressrelease-q22023.htm EX-99.1 Document

Exhibit 99.1

For Immediate Release

Starwood Property Trust Reports Results for

Quarter Ended June 30, 2023

– Quarterly GAAP Earnings of $0.54 and Distributable Earnings (DE) of $0.49 per Diluted Share –

– Undepreciated Book Value Per Share Increased to $21.46 –

– Received Repayments of $1.3 Billion in the Quarter and $0.5 Billion Subsequent to Quarter End –

– Issued $381 Million of 2027 Sustainable Convertible Notes Subsequent to Quarter End –

– Paid Dividend of $0.48 per Share –

GREENWICH, Conn., August 3, 2023 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended June 30, 2023. The Company’s second quarter 2023 GAAP net income was $168.8 million, and Distributable Earnings (a non-GAAP financial measure) was $157.5 million.

“The Federal Reserve's rapid increase in interest rates to combat inflation has created some collateral damage. Transaction volumes in real estate across the globe have declined precipitously as owners wait for more accommodating financial markets and lenders have cut lending, particularly in the regional banking system as they manage their balance sheets. This environment should provide exceptional lending opportunities for STWD as the underlying real estate markets remain in fundamentally good condition. Inflation is subsiding, and we expect rate increases to stop or reverse in the near term. As we have in past cycles, we have positioned our company conservatively to take advantage of these future compelling opportunities when the windshield becomes less opaque,” commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

“Our unique, diversified, low leverage company has near record liquidity of $1.2 billion and access to significant incremental liquidity. This provides us with tremendous flexibility to take advantage of opportunities to earn compelling risk adjusted returns as we continue to build our unique, diversified enterprise,” 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 3, 2023, 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: 13738883

The playback can be accessed through August 17, 2023.

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, 2023, the Company has successfully deployed $95 billion of capital since inception and manages a portfolio of $28 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

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, the severity and duration of economic disruption caused by the COVID-19 global pandemic (including the variants and resurgences) 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, 2022, 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, 2023.

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, 2023

(Amounts in thousands)


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	394,112	$	59,581	$	—	$	2,156	$	—	$	455,849	$	—	$	455,849
Interest income from investment securities	33,763		165		—		21,603		—		55,531		(36,612)		18,919
Servicing fees	135		—		—		9,410		—		9,545		(3,203)		6,342
Rental income	1,959		—		23,325		7,023		—		32,307		—		32,307
Other revenues	841		310		198		512		391		2,252		—		2,252
Total revenues	430,810		60,056		23,523		40,704		391		555,484		(39,815)		515,669
Costs and expenses:
Management fees	212		—		—		—		30,766		30,978		—		30,978
Interest expense	250,332		35,483		13,469		8,875		55,384		363,543		(211)		363,332
General and administrative	14,565		3,734		993		20,640		3,224		43,156		—		43,156
Acquisition and investment pursuit costs	251		5		—		(111)		—		145		—		145
Costs of rental operations	2,579		—		5,446		3,442		—		11,467		—		11,467
Depreciation and amortization	1,719		27		8,023		2,554		—		12,323		—		12,323
Credit loss provision, net	118,162		3,763		—		—		—		121,925		—		121,925
Other expense	103		—		23		—		—		126		—		126
Total costs and expenses	387,923		43,012		27,954		35,400		89,374		583,663		(211)		583,452
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		54,123		54,123
Change in fair value of servicing rights	—		—		—		(1,651)		—		(1,651)		1,813		162
Change in fair value of investment securities, net	26,444		—		—		(11,001)		—		15,443		(15,455)		(12)
Change in fair value of mortgage loans, net	(65,202)		—		—		11,860		—		(53,342)		—		(53,342)
Income from affordable housing fund investments	—		—		223,823		—		—		223,823		—		223,823
Earnings (loss) from unconsolidated entities	1,482		2,043		—		7,314		—		10,839		(877)		9,962
(Loss) gain on sale of investments and other assets, net	(88)		—		—		4,768		—		4,680		—		4,680
Gain (loss) on derivative financial instruments, net	67,314		197		5,108		3,820		(20,063)		56,376		—		56,376
Foreign currency gain (loss), net	23,261		82		(9)		—		—		23,334		—		23,334
Loss on extinguishment of debt	(1,004)		—		—		(119)		—		(1,123)		—		(1,123)
Other (loss) income, net	(26,625)		6		(5)		—		—		(26,624)		—		(26,624)
Total other income (loss)	25,582		2,328		228,917		14,991		(20,063)		251,755		39,604		291,359
Income (loss) before income taxes	68,469		19,372		224,486		20,295		(109,046)		223,576		—		223,576
Income tax (provision) benefit	(399)		292		—		(1,090)		—		(1,197)		—		(1,197)
Net income (loss)	68,070		19,664		224,486		19,205		(109,046)		222,379		—		222,379
Net income attributable to non-controlling interests	(4)		—		(50,359)		(3,173)		—		(53,536)		—		(53,536)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	68,066	$	19,664	$	174,127	$	16,032	$	(109,046)	$	168,843	$	—	$	168,843

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 from 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, 2023 for additional information regarding Distributable Earnings.

Reconciliation of Net Income to Distributable Earnings

For the three months ended June 30, 2023

(Amounts in thousands except per share data)


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Total
Net income (loss) attributable to Starwood Property Trust, Inc.	$	68,066	$	19,664	$	174,127	$	16,032	$	(109,046)	$	168,843
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		4,691		—		—		4,691
Non-controlling interests attributable to unrealized gains/losses	—		—		43,063		(1,229)		—		41,834
Non-cash equity compensation expense	2,222		383		78		1,575		5,240		9,498
Management incentive fee	—		—		—		—		3,814		3,814
Acquisition and investment pursuit costs	(59)		—		(82)		(228)		—		(369)
Depreciation and amortization	1,855		18		8,092		2,675		—		12,640
Interest income adjustment for securities	5,937		—		—		7,594		—		13,531

Consolidated income tax provision (benefit) associated with fair value adjustments	399		(292)		—		1,090		—		1,197
Other non-cash items	3		—		395		74		—		472
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans	65,202		—		—		(11,860)		—		53,342
Credit loss provision, net	118,162		3,763		—		—		—		121,925
Securities	(26,444)		—		—		11,001		—		(15,443)
Woodstar Fund investments	—		—		(223,823)		—		—		(223,823)
Derivatives	(67,314)		(197)		(5,108)		(3,820)		20,063		(56,376)
Foreign currency	(23,261)		(82)		9		—		—		(23,334)
Earnings from unconsolidated entities	(1,482)		(2,043)		—		(7,314)		—		(10,839)
Sales of properties	—		—		—		(4,768)		—		(4,768)
Unrealized impairment of properties	23,833		—		—		—		—		23,833
Recognition of Distributable realized gains / (losses) on:
Loans	(621)		—		—		10,522		—		9,901
Realized credit loss	(14,662)		—		—		—		—		(14,662)
Securities	10		—		—		(5,396)		—		(5,386)
Woodstar Fund investments	—		—		14,419		—		—		14,419

Derivatives	30,363		99		5,462		300		(7,996)		28,228
Foreign currency	(1,910)		14		(9)		—		—		(1,905)
Earnings (loss) from unconsolidated entities	1,482		(1,040)		—		5,781		—		6,223
Sales of properties	—		—		—		44		—		44
Distributable Earnings (Loss)	$	181,781	$	20,287	$	21,314	$	22,073	$	(87,925)	$	157,530
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	0.56	$	0.06	$	0.07	$	0.07	$	(0.27)	$	0.49

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the six months ended June 30, 2023

(Amounts in thousands)


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	769,713	$	114,341	$	—	$	2,703	$	—	$	886,757	$	—	$	886,757
Interest income from investment securities	66,284		1,503		—		44,388		—		112,175		(74,619)		37,556
Servicing fees	294		—		—		19,244		—		19,538		(5,940)		13,598
Rental income	3,940		—		47,020		13,636		—		64,596		—		64,596
Other revenues	1,185		526		301		895		669		3,576		—		3,576
Total revenues	841,416		116,370		47,321		80,866		669		1,086,642		(80,559)		1,006,083
Costs and expenses:
Management fees	430		—		—		—		70,088		70,518		—		70,518
Interest expense	476,725		68,301		26,068		16,304		111,656		699,054		(421)		698,633
General and administrative	26,458		7,698		1,945		40,687		8,476		85,264		—		85,264
Acquisition and investment pursuit costs	458		13		—		(57)		—		414		—		414
Costs of rental operations	5,030		—		10,995		7,108		—		23,133		—		23,133
Depreciation and amortization	3,350		57		16,131		5,201		—		24,739		—		24,739
Credit loss provision, net	148,952		16,167		—		—		—		165,119		—		165,119
Other expense	935		—		23		16		—		974		—		974
Total costs and expenses	662,338		92,236		55,162		69,259		190,220		1,069,215		(421)		1,068,794
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		95,261		95,261
Change in fair value of servicing rights	—		—		—		(1,701)		—		(1,701)		2,167		466
Change in fair value of investment securities, net	41,310		—		—		(25,460)		—		15,850		(15,780)		70
Change in fair value of mortgage loans, net	(56,940)		—		—		12,499		—		(44,441)		—		(44,441)
Income from affordable housing fund investments	—		—		236,788		—		—		236,788		—		236,788
Earnings (loss) from unconsolidated entities	2,421		3,783		—		7,993		—		14,197		(1,510)		12,687
(Loss) gain on sale of investments and other assets, net	(88)		—		—		4,958		—		4,870		—		4,870
Gain (loss) on derivative financial instruments, net	32,951		146		3,891		353		(13,793)		23,548		—		23,548
Foreign currency gain, net	38,191		157		5		—		—		38,353		—		38,353
Loss on extinguishment of debt	(1,065)		—		—		(119)		—		(1,184)		—		(1,184)
Other (loss) income, net	(29,166)		6		(5)		—		—		(29,165)		—		(29,165)
Total other income (loss)	27,614		4,092		240,679		(1,477)		(13,793)		257,115		80,138		337,253
Income (loss) before income taxes	206,692		28,226		232,838		10,130		(203,344)		274,542		—		274,542
Income tax benefit	6,158		338		—		1,102		—		7,598		—		7,598
Net income (loss)	212,850		28,564		232,838		11,232		(203,344)		282,140		—		282,140
Net income attributable to non-controlling interests	(7)		—		(57,337)		(3,979)		—		(61,323)		—		(61,323)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	212,843	$	28,564	$	175,501	$	7,253	$	(203,344)	$	220,817	$	—	$	220,817

Reconciliation of Net Income to Distributable Earnings

For the six months ended June 30, 2023

(Amounts in thousands except per share data)


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Total
Net income (loss) attributable to Starwood Property Trust, Inc.	$	212,843	$	28,564	$	175,501	$	7,253	$	(203,344)	$	220,817
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		9,382		—		—		9,382
Non-controlling interests attributable to unrealized gains/losses	—		—		42,800		(4,027)		—		38,773
Non-cash equity compensation expense	4,309		695		152		3,170		12,108		20,434
Management incentive fee	—		—		—		—		16,179		16,179
Acquisition and investment pursuit costs	(81)		—		(164)		(228)		—		(473)
Depreciation and amortization	3,597		38		16,277		5,446		—		25,358
Interest income adjustment for securities	11,157		—		—		13,014		—		24,171
Extinguishment of debt, net	—		—		—		—		(246)		(246)
Consolidated income tax benefit associated with fair value adjustments	(6,158)		(338)		—		(1,102)		—		(7,598)
Other non-cash items	6		—		747		148		—		901
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans	56,940		—		—		(12,499)		—		44,441
Credit loss provision, net	148,952		16,167		—		—		—		165,119
Securities	(41,310)		—		—		25,460		—		(15,850)
Woodstar Fund investments	—		—		(236,788)		—		—		(236,788)
Derivatives	(32,951)		(146)		(3,891)		(353)		13,793		(23,548)
Foreign currency	(38,191)		(157)		(5)		—		—		(38,353)
Earnings from unconsolidated entities	(2,421)		(3,783)		—		(7,993)		—		(14,197)
Sales of properties	—		—		—		(4,958)		—		(4,958)
Unrealized impairment of properties	23,833		—		—		—		—		23,833
Recognition of Distributable realized gains / (losses) on:
Loans	(2,341)		—		—		12,285		—		9,944
Realized credit loss	(14,662)		—		—		—		—		(14,662)
Securities	10		—		—		(7,472)		—		(7,462)
Woodstar Fund investments	—		—		28,662		—		—		28,662

Derivatives	50,309		190		9,674		189		(14,525)		45,837
Foreign currency	(2,624)		(16)		5		—		—		(2,635)
Earnings (loss) from unconsolidated entities	2,421		(1,136)		—		6,278		—		7,563
Sales of properties	—		—				123		—		123
Distributable Earnings (Loss)	$	373,638	$	40,078	$	42,352	$	34,734	$	(176,035)	$	314,767
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	1.16	$	0.12	$	0.13	$	0.11	$	(0.54)	$	0.98

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet by Segment

As of June 30, 2023

(Amounts in thousands)


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Assets:
Cash and cash equivalents	$	54,876	$	79,411	$	31,769	$	31,614	$	136,259	$	333,929	$	—	$	333,929
Restricted cash	25,912		23,060		958		4,637		65,716		120,283		—		120,283
Loans held-for-investment, net	15,511,767		2,191,973		—		9,406		—		17,713,146		—		17,713,146
Loans held-for-sale	2,663,034		—		—		111,354		—		2,774,388		—		2,774,388
Investment securities	1,266,437		20,157		—		1,127,934		—		2,414,528		(1,650,411)		764,117
Properties, net	476,847		—		857,354		108,562		—		1,442,763		—		1,442,763
Investments of consolidated affordable housing fund	—		—		1,976,985		—		—		1,976,985		—		1,976,985
Investments in unconsolidated entities	24,815		50,352		—		32,947		—		108,114		(14,463)		93,651
Goodwill	—		119,409		—		140,437		—		259,846		—		259,846
Intangible assets	14,933		—		27,365		62,825		—		105,123		(36,891)		68,232
Derivative assets	73,909		189		1,073		3,838		—		79,009		—		79,009
Accrued interest receivable	167,752		14,272		1,213		1,551		5,114		189,902		(280)		189,622
Other assets	340,171		19,316		54,319		20,214		55,506		489,526		—		489,526
VIE assets, at fair value	—		—		—		—		—		—		46,864,870		46,864,870
Total Assets	$	20,620,453	$	2,518,139	$	2,951,036	$	1,655,319	$	262,595	$	28,007,542	$	45,162,825	$	73,170,367
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	131,382	$	20,197	$	13,463	$	29,472	$	73,563	$	268,077	$	—	$	268,077
Related-party payable	—		—		—		—		27,325		27,325		—		27,325
Dividends payable	—		—		—		—		152,418		152,418		—		152,418
Derivative liabilities	28,278		161		—		—		69,044		97,483		—		97,483
Secured financing agreements, net	10,830,397		974,267		790,880		590,969		1,339,494		14,526,007		(20,960)		14,505,047
Collateralized loan obligations and single asset securitization, net	2,844,610		815,183		—		—		—		3,659,793		—		3,659,793
Unsecured senior notes, net	—		—		—		—		2,083,517		2,083,517		—		2,083,517
VIE liabilities, at fair value	—		—		—		—		—		—		45,183,730		45,183,730
Total Liabilities	13,834,667		1,809,808		804,343		620,441		3,745,361		20,814,620		45,162,770		65,977,390
Temporary Equity: Redeemable non-controlling interests	—		—		408,034		—		—		408,034		—		408,034
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	—		—		—		—		3,202		3,202		—		3,202
Additional paid-in capital	1,472,374		578,977		(423,121)		(648,140)		4,862,723		5,842,813		—		5,842,813
Treasury stock	—		—		—		—		(138,022)		(138,022)		—		(138,022)
Retained earnings (accumulated deficit)	5,295,942		129,354		1,953,146		1,521,373		(8,210,669)		689,146		—		689,146
Accumulated other comprehensive income	17,355		—		—		—		—		17,355		—		17,355
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,785,671		708,331		1,530,025		873,233		(3,482,766)		6,414,494		—		6,414,494
Non-controlling interests in consolidated subsidiaries	115		—		208,634		161,645		—		370,394		55		370,449
Total Permanent Equity	6,785,786		708,331		1,738,659		1,034,878		(3,482,766)		6,784,888		55		6,784,943
Total Liabilities and Equity	$	20,620,453	$	2,518,139	$	2,951,036	$	1,655,319	$	262,595	$	28,007,542	$	45,162,825	$	73,170,367

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.