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Published: 2022-08-04 06:50:06 ET

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EX-99.1 2 stwd_pressrelease-q22022.htm EX-99.1 Document

Exhibit 99.1

For Immediate Release

Starwood Property Trust Reports Results for

Quarter Ended June 30, 2022

– Quarterly GAAP Earnings of $0.67 and Distributable Earnings (DE) of $0.51 per Diluted Share –

– $3.8 Billion of Investment Activity, Including $2.2 Billion in Commercial Lending –

– Undepreciated Book Value Increased 26% Year-over-Year to $21.51 -

– Paid Dividend of $0.48 per Share –

GREENWICH, Conn., August 4, 2022 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended June 30, 2022. The Company’s second quarter 2022 GAAP net income was $212.3 million, or $0.67 per diluted share, and Distributable Earnings (a non-GAAP financial measure) was $162.5 million, or $0.51 per diluted share. GAAP net income reflects unrealized increases in fair value of the Woodstar Fund’s affordable housing investments, net of non-controlling interests. It also reflects unrealized reductions in the fair value of residential lending investments, which together resulted in a net increase to undepreciated book value in the quarter of $0.25(*).

“Our diversified platform delivered strong performance this quarter despite a turbulent equity and credit market backdrop. We closed on nearly $4 billion of new investments, growing our portfolio to a record of $27 billion. Book value increased again this quarter, driven in large part by our affordable housing assets which appreciated due to continued robust rent growth. Today, our commercial loan portfolio LTV stands at just 61%, a major cushion to possible adverse movements in equity cap rates, and is 99% floating rate, providing upside to higher rates. Moreover, the commercial loan book has dramatically changed in its constitution, from 13% in the resilient multifamily sector pre-COVID to more than one third multifamily at quarter end. Similarly, the proportion of loans in the more challenged office asset class has dropped from almost 40% to roughly half that today,” stated Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

“There are great opportunities for our enterprise as the banks take steps back from the lending market but we must be, as we have through each cycle since we created STWD in 2009, careful to balance growth against a cushion that is prudent in this volatile and uncertain world right now. In addition to our available funds, we believe we can access incremental capital through partial or full sales of our owned property assets or obtaining leverage on our unencumbered asset portfolio. As we always do, we will continue to balance growth and liquidity preservation for the remainder of the year,” added Jeffrey DiModica, President of Starwood Property Trust.

(*) These fair values represent estimates and are subject to change. The fair value of the Woodstar Fund’s investments is an estimate that is subject to future increases or decreases as property values are affected by, among other things, the availability of capital, occupancy rates, rental rates and interest and inflation rates. Similarly, residential lending investments are impacted by changes in interest rates and credit spreads, which could cause increases or decreases to fair value.

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 4, 2022, 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: 13730650

The playback can be accessed through August 11, 2022.

About Starwood Property Trust, Inc.

Starwood Property Trust (NYSE: STWD) is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. An affiliate of global private investment firm Starwood Capital Group, the Company has successfully deployed over $91 billion of capital since inception and manages a portfolio of $27 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, the severity and duration of economic disruption caused by the COVID-19 global pandemic (including the emergence of new strains of the virus), 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, 2021, 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, 2022.

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, 2022

(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	$	227,555	$	30,096	$	—	$	3,499	$	—	$	261,150	$	—	$	261,150
Interest income from investment securities	22,591		1,173		—		20,990		—		44,754		(29,448)		15,306
Servicing fees	142		—		—		15,616		—		15,758		(3,205)		12,553
Rental income	1,044		—		22,628		7,852		—		31,524		—		31,524
Other revenues	61		90		48		4,854		3		5,056		(3)		5,053
Total revenues	251,393		31,359		22,676		52,811		3		358,242		(32,656)		325,586
Costs and expenses:
Management fees	254		—		—		—		31,370		31,624		—		31,624
Interest expense	88,226		15,001		7,074		6,391		36,142		152,834		(216)		152,618
General and administrative	11,845		3,631		975		23,114		5,342		44,907		98		45,005
Acquisition and investment pursuit costs	738		—		2		(223)		—		517		—		517
Costs of rental operations	1,826		—		5,216		3,556		—		10,598		—		10,598
Depreciation and amortization	1,183		104		8,179		2,774		—		12,240		—		12,240
Credit loss provision, net	7,925		513		—		—		—		8,438		—		8,438
Other expense	1,251		—		—		7		—		1,258		—		1,258
Total costs and expenses	113,248		19,249		21,446		35,619		72,854		262,416		(118)		262,298
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		8,373		8,373
Change in fair value of servicing rights	—		—		—		543		—		543		(908)		(365)
Change in fair value of investment securities, net	(19,312)		—		—		(8,150)		—		(27,462)		26,217		(1,245)
Change in fair value of mortgage loans, net	(121,356)		—		—		7,876		—		(113,480)		—		(113,480)
Income from affordable housing fund investments	—		—		307,165		—		—		307,165		—		307,165
Earnings (loss) from unconsolidated entities	2,786		394		—		1,748		—		4,928		(1,063)		3,865
Gain on sale of investments and other assets, net	138		—		—		—		—		138		—		138
Gain (loss) on derivative financial instruments, net	127,140		265		5,354		9,007		(13,183)		128,583		—		128,583
Foreign currency (loss) gain, net	(78,331)		(289)		18		—		—		(78,602)		—		(78,602)

Other loss, net	(33,809)		—		—		—		—		(33,809)		—		(33,809)
Total other income (loss)	(122,744)		370		312,537		11,024		(13,183)		188,004		32,619		220,623
Income (loss) before income taxes	15,401		12,480		313,767		28,216		(86,034)		283,830		81		283,911
Income tax (provision) benefit	(557)		1		—		(1,650)		—		(2,206)		—		(2,206)
Net income (loss)	14,844		12,481		313,767		26,566		(86,034)		281,624		81		281,705
Net income attributable to non-controlling interests	(4)		—		(67,482)		(1,851)		—		(69,337)		(81)		(69,418)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	14,840	$	12,481	$	246,285	$	24,715	$	(86,034)	$	212,287	$	—	$	212,287

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 and any unrealized gains, losses or other non-cash items recorded in net income for the period, regardless of whether such items are included in other comprehensive income or loss, or in net income 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.

Reconciliation of Net Income to Distributable Earnings

For the three months ended June 30, 2022

(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.	$	14,840	$	12,481	$	246,285	$	24,715	$	(86,034)	$	212,287
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		4,691		—		—		4,691
Non-controlling interests attributable to unrealized gains/losses	—		—		60,043		(1,910)		—		58,133
Non-cash equity compensation expense	2,036		345		76		1,424		6,026		9,907
Management incentive fee	—		—		—		—		5,271		5,271
Acquisition and investment pursuit costs	(39)		—		(82)		—		—		(121)
Depreciation and amortization	1,229		96		8,250		2,895		—		12,470
Interest income adjustment for securities	2,573		—		—		3,723		—		6,296
Extinguishment of debt, net	—		—		—		—		(247)		(247)

Other non-cash items	32,666		—		336		80		—		33,082
Reversal of GAAP unrealized (gains) / losses on:
Loans	121,356		—		—		(7,876)		—		113,480
Credit loss provision, net	7,925		513		—		—		—		8,438
Securities	19,312		—		—		8,150		—		27,462
Woodstar Fund investments	—		—		(307,165)		—		—		(307,165)
Derivatives	(130,811)		(290)		(6,108)		(9,818)		15,693		(131,334)
Foreign currency	78,331		289		(18)		—		—		78,602
Earnings from unconsolidated entities	(2,786)		(394)		—		(1,748)		—		(4,928)

Recognition of Distributable realized gains / (losses) on:
Loans	(36,343)		—		—		7,753		—		(28,590)

Securities	(333)		—		—		(4,413)		—		(4,746)
Woodstar Fund investments	—		—		15,175		—		—		15,175

Derivatives	42,576		—		(34)		8,247		—		50,789
Foreign currency	(2,117)		(31)		18		—		—		(2,130)
Earnings from unconsolidated entities	2,903		394		—		2,375		—		5,672

Distributable Earnings (Loss)	$	153,318	$	13,403	$	21,467	$	33,597	$	(59,291)	$	162,494
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	0.48	$	0.04	$	0.07	$	0.11	$	(0.19)	$	0.51

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the six months ended June 30, 2022

(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	$	430,025	$	57,079	$	—	$	7,665	$	—	$	494,769	$	—	$	494,769
Interest income from investment securities	43,427		1,920		—		48,379		—		93,726		(64,437)		29,289
Servicing fees	278		—		—		29,687		—		29,965		(7,420)		22,545
Rental income	2,730		—		44,993		15,381		—		63,104		—		63,104
Other revenues	113		158		98		9,508		3		9,880		(9)		9,871
Total revenues	476,573		59,157		45,091		110,620		3		691,444		(71,866)		619,578
Costs and expenses:
Management fees	531		—		—		—		86,388		86,919		—		86,919
Interest expense	156,828		26,931		13,155		12,601		69,984		279,499		(430)		279,069
General and administrative	23,447		7,142		2,031		46,557		9,970		89,147		179		89,326
Acquisition and investment pursuit costs	1,237		1		7		(306)		—		939		—		939
Costs of rental operations	2,345		—		10,217		7,326		—		19,888		—		19,888
Depreciation and amortization	1,477		209		16,398		5,803		—		23,887		—		23,887
Credit loss provision, net	4,626		154		—		—		—		4,780		—		4,780
Other expense	1,251		—		55		7		—		1,313		—		1,313
Total costs and expenses	191,742		34,437		41,863		71,988		166,342		506,372		(251)		506,121
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		35,122		35,122
Change in fair value of servicing rights	—		—		—		326		—		326		393		719
Change in fair value of investment securities, net	(21,417)		—		—		(17,441)		—		(38,858)		37,258		(1,600)
Change in fair value of mortgage loans, net	(237,584)		—		—		(1,679)		—		(239,263)		—		(239,263)
Income from affordable housing fund investments	—		—		541,206		—		—		541,206		—		541,206
Earnings (loss) from unconsolidated entities	1,446		739		—		1,899		—		4,084		(1,129)		2,955
Gain on sale of investments and other assets, net	86,748		—		—		11,858		—		98,606		—		98,606
Gain (loss) on derivative financial instruments, net	245,535		897		22,900		36,870		(50,351)		255,851		—		255,851
Foreign currency (loss) gain, net	(105,585)		(317)		19		—		—		(105,883)		—		(105,883)
Loss on extinguishment of debt	(206)		(469)		—		(148)		—		(823)		—		(823)
Other (loss) income, net	(34,597)		—		—		—		—		(34,597)		25		(34,572)
Total other income (loss)	(65,660)		850		564,125		31,685		(50,351)		480,649		71,669		552,318
Income (loss) before income taxes	219,171		25,570		567,353		70,317		(216,690)		665,721		54		665,775
Income tax benefit (provision)	4,583		5		—		(4,344)		—		244		—		244
Net income (loss)	223,754		25,575		567,353		65,973		(216,690)		665,965		54		666,019
Net income attributable to non-controlling interests	(7)		—		(119,893)		(9,179)		—		(129,079)		(54)		(129,133)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	223,747	$	25,575	$	447,460	$	56,794	$	(216,690)	$	536,886	$	—	$	536,886

Reconciliation of Net Income to Distributable Earnings

For the six months ended June 30, 2022

(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.	$	223,747	$	25,575	$	447,460	$	56,794	$	(216,690)	$	536,886
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		9,382		—		—		9,382
Non-controlling interests attributable to unrealized gains/losses	—		—		104,945		646		—		105,591
Non-cash equity compensation expense	4,453		642		134		2,699		12,072		20,000
Management incentive fee	—		—		—		—		34,226		34,226
Acquisition and investment pursuit costs	(337)		—		(160)		(169)		—		(666)
Depreciation and amortization	1,463		191		16,542		6,047		—		24,243
Interest income adjustment for securities	5,063		—		—		2,015		—		7,078
Extinguishment of debt, net	—		—		—		—		(493)		(493)
Income tax (provision) benefit associated with realized (gains) losses	—		—		—		—		—		—
Other non-cash items	32,669		—		792		202		—		33,663
Reversal of GAAP unrealized (gains) / losses on:
Loans	237,584		—		—		1,679		—		239,263
Credit loss provision, net	4,626		154		—		—		—		4,780
Securities	21,417		—		—		17,441		—		38,858
Woodstar Fund investments	—		—		(541,206)		—		—		(541,206)
Derivatives	(251,983)		(975)		(25,278)		(38,907)		56,466		(260,677)
Foreign currency	105,585		317		(19)		—		—		105,883
Earnings from unconsolidated entities	(1,446)		(739)		—		(1,899)		—		(4,084)
Sales of properties	(86,610)		—		—		(11,858)		—		(98,468)
Recognition of Distributable realized gains / (losses) on:
Loans	(72,551)		—		—		(2,808)		—		(75,359)

Securities	(3,101)		—		—		(4,387)		—		(7,488)
Woodstar Fund investments	—		—		30,834		—		—		30,834

Derivatives	79,469		—		(69)		32,886		—		112,286
Foreign currency	(2,295)		81		19		—		—		(2,195)
Earnings from unconsolidated entities	1,664		739		—		2,845		—		5,248
Sales of properties	84,738		—				177		—		84,915
Distributable Earnings (Loss)	$	384,155	$	25,985	$	43,376	$	63,403	$	(114,419)	$	402,500
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	1.21	$	0.08	$	0.14	$	0.20	$	(0.36)	$	1.27

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet by Segment

As of June 30, 2022

(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	$	67,812	$	26,325	$	27,926	$	27,863	$	120,192	$	270,118	$	2,056	$	272,174
Restricted cash	2,889		38,835		958		10,011		11,939		64,632		—		64,632
Loans held-for-investment, net	15,623,041		2,263,006		—		9,742		—		17,895,789		—		17,895,789
Loans held-for-sale	2,195,953		—		—		40,694		—		2,236,647		—		2,236,647
Investment securities	1,338,195		67,336		—		1,210,361		—		2,615,892		(1,702,532)		913,360
Properties, net	215,099		—		874,119		136,761		—		1,225,979		—		1,225,979
Investments of consolidated affordable housing fund	—		—		1,558,850		—		—		1,558,850		—		1,558,850
Investments in unconsolidated entities	38,612		27,454		—		35,246		—		101,312		(15,802)		85,510
Goodwill	—		119,409		—		140,437		—		259,846		—		259,846
Intangible assets	14,948		—		32,050		69,691		—		116,689		(41,725)		74,964
Derivative assets	126,546		232		371		1,578		—		128,727		—		128,727
Accrued interest receivable	117,918		4,941		14		1,118		7,827		131,818		(158)		131,660
Other assets	126,936		6,952		66,483		34,667		22,453		257,491		(306)		257,185
VIE assets, at fair value	—		—		—		—		—		—		57,993,563		57,993,563
Total Assets	$	19,867,949	$	2,554,490	$	2,560,771	$	1,718,169	$	162,411	$	26,863,790	$	56,235,096	$	83,098,886
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	152,679	$	24,052	$	10,161	$	48,634	$	37,823	$	273,349	$	65	$	273,414
Related-party payable	—		—		—		—		30,754		30,754		—		30,754
Dividends payable	—		—		—		—		149,991		149,991		—		149,991
Derivative liabilities	11,899		197		—		—		43,041		55,137		—		55,137
Secured financing agreements, net	9,999,749		1,025,145		788,557		584,395		770,965		13,168,811		(21,364)		13,147,447
Collateralized loan obligations and single asset securitization, net	2,951,308		812,843		—		—		—		3,764,151		—		3,764,151
Unsecured senior notes, net	—		—		—		—		2,324,772		2,324,772		—		2,324,772
VIE liabilities, at fair value	—		—		—		—		—		—		56,256,080		56,256,080
Total Liabilities	13,115,635		1,862,237		798,718		633,029		3,357,346		19,766,965		56,234,781		76,001,746
Temporary Equity: Redeemable non-controlling interests	—		—		322,753		—		—		322,753		—		322,753
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	—		—		—		—		3,167		3,167		—		3,167
Additional paid-in capital	1,926,108		624,101		(378,128)		(556,122)		4,150,574		5,766,533		—		5,766,533
Treasury stock	—		—		—		—		(138,022)		(138,022)		—		(138,022)
Accumulated other comprehensive income	28,970		—		—		—		—		28,970		—		28,970
Retained earnings (accumulated deficit)	4,797,121		68,152		1,608,794		1,469,935		(7,210,654)		733,348		—		733,348
Total Starwood Property Trust, Inc. Stockholders’ Equity	6,752,199		692,253		1,230,666		913,813		(3,194,935)		6,393,996		—		6,393,996
Non-controlling interests in consolidated subsidiaries	115		—		208,634		171,327		—		380,076		315		380,391
Total Permanent Equity	6,752,314		692,253		1,439,300		1,085,140		(3,194,935)		6,774,072		315		6,774,387
Total Liabilities and Equity	$	19,867,949	$	2,554,490	$	2,560,771	$	1,718,169	$	162,411	$	26,863,790	$	56,235,096	$	83,098,886

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.