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Published: 2024-08-06 06:54:30 ET

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EX-99.1 2 stwd_pressrelease-q22024.htm EX-99.1 Document

Exhibit 99.1

For Immediate Release

Starwood Property Trust Reports Results for

Quarter Ended June 30, 2024

– Quarterly GAAP Earnings of $0.24 and Distributable Earnings (DE) of $0.48 per Diluted Share –

– Paid Dividend of $0.48 per Share and Declared $0.48 Dividend for each of the next Two Quarters –

– Received Repayments of $0.9 Billion in the Quarter –

– Repriced our $591.0 Million Term Loan B, Reducing Spread by 50 bps to S+275 –

– Received 8th Nareit Gold Investor CARE (Communications & Reporting Excellence) Award –

– LNR’s Commercial Special Servicer Rating of CSS1 (Highest Rating Possible) Reaffirmed by Fitch –

GREENWICH, Conn., August 6, 2024 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended June 30, 2024. The Company’s second quarter 2024 GAAP net income was $77.9 million, inclusive of a $42.7 million credit loss provision, and Distributable Earnings (a non-GAAP financial measure) was $157.8 million.

“We strategically diversified Starwood Property Trust into investment cylinders other than commercial lending as we saw risk and reward shift. Today, more than 40% of our assets are outside of our commercial lending book. This diversification, along with our low leverage ratios, have allowed us to outperform in what has been a tough correction for real estate. We think the roughest patch for the property sector globally is behind us, and the U.S. and Europe will be moving into an easing cycle.

We have delivered a consistent dividend and a greater than 10% annualized return since our inception 15 years ago. While some businesses slow, others have accelerated. Our special servicing team now has nearly $10 billion of assignments, up 40% from the beginning of the year. Our conduit had a superb first half of the year and our property book, concentrated in affordable housing, continues to exhibit meaningful and continued rental growth,” commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

“In addition to the benefits of diversification, we remain well positioned with over $4.00 per share of embedded gains in our owned property portfolio, $1.2 billion of liquidity and $4.5 billion of unencumbered assets. Our liquidity and access to capital has uniquely allowed us to continue to invest across our businesses in every quarter since inception. This consistency and stability of our diversified portfolio provided our Board the confidence to declare our $0.48 per share quarterly dividend for the remainder of 2024,” added Jeffrey DiModica, President of Starwood Property Trust.

“In the quarter, we were awarded our 8th Nareit gold award in the last ten years. The award is granted to the mortgage REIT that exemplifies excellence in investor reporting and communications, further demonstrating our long-term commitment to our stakeholders,” added Zachary Tanenbaum, Head of Investor Relations.

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 Tuesday, August 6, 2024, 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: 13742860

The playback can be accessed through August 20, 2024.

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, 2024, the Company has successfully deployed over $98 billion of capital since inception and manages a portfolio of $26 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, 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, 2023, 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, 2024.

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, 2024

(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	$	358,749	$	64,218	$	—	$	4,465	$	—	$	427,432	$	—	$	427,432
Interest income from investment securities	29,373		130		—		24,637		—		54,140		(37,140)		17,000
Servicing fees	124		—		—		20,025		—		20,149		(4,116)		16,033
Rental income	3,987		—		15,736		5,736		—		25,459		—		25,459
Other revenues	1,323		888		235		750		706		3,902		—		3,902
Total revenues	393,556		65,236		15,971		55,613		706		531,082		(41,256)		489,826
Costs and expenses:
Management fees	192		—		—		—		30,325		30,517		—		30,517
Interest expense	216,511		37,875		11,652		8,475		70,084		344,597		(208)		344,389
General and administrative	17,745		4,230		1,202		23,691		4,214		51,082		—		51,082
Costs of rental operations	3,412		—		5,545		3,113		—		12,070		—		12,070
Depreciation and amortization	2,136		15		5,926		1,795		252		10,124		—		10,124
Credit loss provision (reversal), net	42,995		(286)		—		—		—		42,709		—		42,709
Other expense	26		—		35		224		—		285		—		285
Total costs and expenses	283,017		41,834		24,360		37,298		104,875		491,384		(208)		491,176
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		17,180		17,180
Change in fair value of servicing rights	—		—		—		885		—		885		10		895
Change in fair value of investment securities, net	(274)		—		—		(23,710)		—		(23,984)		24,351		367
Change in fair value of mortgage loans, net	47,711		—		—		16,710		—		64,421		—		64,421
Income from affordable housing fund investments	—		—		6,446		—		—		6,446		—		6,446
Earnings (loss) from unconsolidated entities	1,671		(58)		—		550		—		2,163		(493)		1,670

Gain (loss) on derivative financial instruments, net	9,120		41		267		709		(9,151)		986		—		986
Foreign currency gain, net	6,858		17		10		—		—		6,885		—		6,885
Loss on extinguishment of debt	—		(60)		(1,045)		—		—		(1,105)		—		(1,105)
Other loss, net	(2,515)		—		(277)		—		—		(2,792)		—		(2,792)
Total other income (loss)	62,571		(60)		5,401		(4,856)		(9,151)		53,905		41,048		94,953
Income (loss) before income taxes	173,110		23,342		(2,988)		13,459		(113,320)		93,603		—		93,603
Income tax (provision) benefit	(10,787)		130		—		(5,221)		—		(15,878)		—		(15,878)
Net income (loss)	162,323		23,472		(2,988)		8,238		(113,320)		77,725		—		77,725
Net (income) loss attributable to non-controlling interests	(4)		—		(5,637)		5,806		—		165		—		165
Net income (loss) attributable to Starwood Property Trust, Inc.	$	162,319	$	23,472	$	(8,625)	$	14,044	$	(113,320)	$	77,890	$	—	$	77,890

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, 2024 for additional information regarding Distributable Earnings.

Reconciliation of Net Income to Distributable Earnings

For the three months ended June 30, 2024

(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.	$	162,319	$	23,472	$	(8,625)	$	14,044	$	(113,320)	$	77,890
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		4,660		—		—		4,660
Non-controlling interests attributable to unrealized gains/losses	—		—		(2,285)		(9,470)		—		(11,755)
Non-cash equity compensation expense	2,538		508		99		1,576		5,947		10,668
Management incentive fee	—		—		—		—		3,510		3,510
Depreciation and amortization	2,285		5		6,012		1,888		—		10,190
Interest income adjustment for securities	5,367		—		—		7,256		—		12,623

Consolidated income tax provision (benefit) associated with fair value adjustments	10,787		(130)		—		5,221		—		15,878
Other non-cash items	4		—		278		(390)		(9)		(117)
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans	(47,711)		—		—		(16,710)		—		(64,421)
Credit loss provision (reversal), net	42,995		(286)		—		—		—		42,709
Securities	274		—		—		23,710		—		23,984
Woodstar Fund investments	—		—		(6,446)		—		—		(6,446)
Derivatives	(9,120)		(41)		(267)		(709)		9,151		(986)
Foreign currency	(6,858)		(17)		(10)		—		—		(6,885)
(Earnings) loss from unconsolidated entities	(1,671)		58		—		(550)		—		(2,163)


Recognition of Distributable realized gains / (losses) on:
Loans	(1,003)		—		—		15,778		—		14,775

Securities	(298)		—		—		(5,913)		—		(6,211)
Woodstar Fund investments	—		—		17,593		—		—		17,593

Derivatives	30,351		89		3,006		1,020		(11,176)		23,290
Foreign currency	(3,074)		3		10		—		—		(3,061)
Earnings (loss) from unconsolidated entities	1,670		(13)		—		370		—		2,027

Distributable Earnings (Loss)	$	188,855	$	23,648	$	14,025	$	37,121	$	(105,897)	$	157,752
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	0.58	$	0.07	$	0.04	$	0.11	$	(0.32)	$	0.48

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the six months ended June 30, 2024

(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	$	753,221	$	130,616	$	—	$	7,087	$	—	$	890,924	$	—	$	890,924
Interest income from investment securities	60,778		268		—		45,781		—		106,827		(71,621)		35,206
Servicing fees	252		—		—		33,064		—		33,316		(7,594)		25,722
Rental income	7,552		—		36,511		10,243		—		54,306		—		54,306
Other revenues	2,306		1,280		362		1,498		1,310		6,756		—		6,756
Total revenues	824,109		132,164		36,873		97,673		1,310		1,092,129		(79,215)		1,012,914
Costs and expenses:
Management fees	384		—		—		—		76,147		76,531		—		76,531
Interest expense	452,660		76,848		24,950		16,792		129,513		700,763		(418)		700,345
General and administrative	34,573		10,185		2,465		47,158		7,364		101,745		—		101,745
Costs of rental operations	5,437		—		11,252		5,725		—		22,414		—		22,414
Depreciation and amortization	4,085		29		11,781		3,544		503		19,942		—		19,942
Credit loss provision, net	77,972		576		—		—		—		78,548		—		78,548
Other expense	756		—		35		168		—		959		—		959
Total costs and expenses	575,867		87,638		50,483		73,387		213,527		1,000,902		(418)		1,000,484
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		27,266		27,266
Change in fair value of servicing rights	—		—		—		(2,496)		—		(2,496)		3,619		1,123
Change in fair value of investment securities, net	(7,265)		—		—		(40,168)		—		(47,433)		48,715		1,282
Change in fair value of mortgage loans, net	7,034		—		—		28,374		—		35,408		—		35,408
Income from affordable housing fund investments	—		—		15,894		—		—		15,894		—		15,894
Earnings (loss) from unconsolidated entities	9,016		269		—		863		—		10,148		(803)		9,345
(Loss) gain on sale of investments and other assets, net	(41)		—		92,003		—		—		91,962		—		91,962
Gain (loss) on derivative financial instruments, net	120,072		163		1,988		3,721		(23,019)		102,925		—		102,925
Foreign currency (loss) gain, net	(34,960)		(67)		42		—		—		(34,985)		—		(34,985)
Gain (loss) on extinguishment of debt	315		(620)		(2,254)		—		—		(2,559)		—		(2,559)
Other (loss) income, net	(5,191)		40		(277)		6		—		(5,422)		—		(5,422)
Total other income (loss)	88,980		(215)		107,396		(9,700)		(23,019)		163,442		78,797		242,239
Income (loss) before income taxes	337,222		44,311		93,786		14,586		(235,236)		254,669		—		254,669
Income tax (provision) benefit	(11,508)		258		—		(5,834)		—		(17,084)		—		(17,084)
Net income (loss)	325,714		44,569		93,786		8,752		(235,236)		237,585		—		237,585
Net (income) loss attributable to non-controlling interests	(7)		—		(11,862)		6,506		—		(5,363)		—		(5,363)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	325,707	$	44,569	$	81,924	$	15,258	$	(235,236)	$	232,222	$	—	$	232,222

Reconciliation of Net Income to Distributable Earnings

For the six months ended June 30, 2024

(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.	$	325,707	$	44,569	$	81,924	$	15,258	$	(235,236)	$	232,222
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		9,319		—		—		9,319
Non-controlling interests attributable to unrealized gains/losses	—		—		(3,963)		(11,523)		—		(15,486)
Non-cash equity compensation expense	4,738		964		185		3,173		11,654		20,714
Management incentive fee	—		—		—		—		22,593		22,593
Depreciation and amortization	4,384		10		11,951		3,731		—		20,076
Interest income adjustment for securities	10,948		—		—		17,261		—		28,209

Consolidated income tax provision (benefit} associated with fair value adjustments	11,508		(258)		—		5,834		—		17,084
Other non-cash items	7		—		552		(352)		—		207
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans	(7,034)		—		—		(28,374)		—		(35,408)
Credit loss provision, net	77,972		576		—		—		—		78,548
Securities	7,265		—		—		40,168		—		47,433
Woodstar Fund investments	—		—		(15,894)		—		—		(15,894)
Derivatives	(120,072)		(163)		(1,988)		(3,721)		23,019		(102,925)
Foreign currency	34,960		67		(42)		—		—		34,985
Earnings from unconsolidated entities	(9,016)		(269)		—		(863)		—		(10,148)
Sales of properties	—		—		(92,003)		—		—		(92,003)

Recognition of Distributable realized gains / (losses) on:
Loans	(3,398)		—		—		27,420		—		24,022
Realized credit loss	—		(1,546)		—		—		—		(1,546)
Securities	(9,292)		—		—		(37,895)		—		(47,187)
Woodstar Fund investments	—		—		35,203		—		—		35,203

Derivatives	71,085		184		8,823		5,373		(20,325)		65,140
Foreign currency	(8,675)		(12)		42		—		—		(8,645)
Earnings (loss) from unconsolidated entities	2,994		(29)		—		683		—		3,648
Sales of properties	—		—		39,150		—		—		39,150
Distributable Earnings (Loss)	$	394,081	$	44,093	$	73,259	$	36,173	$	(198,295)	$	349,311
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	1.21	$	0.14	$	0.22	$	0.11	$	(0.61)	$	1.07

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet by Segment

As of June 30, 2024

(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	$	8,935	$	134,806	$	28,757	$	8,919	$	77,850	$	259,267	$	—	$	259,267
Restricted cash	51,957		51,855		1,049		4,634		66,940		176,435		—		176,435
Loans held-for-investment, net	13,923,013		2,371,596		—		—		—		16,294,609		—		16,294,609
Loans held-for-sale	2,503,967		—		—		316,059		—		2,820,026		—		2,820,026
Investment securities	1,046,972		17,886		—		1,104,981		—		2,169,839		(1,504,125)		665,714
Properties, net	476,004		—		662,726		67,941		—		1,206,671		—		1,206,671

Investments of consolidated affordable housing fund	—		—		2,004,983		—		—		2,004,983		—		2,004,983
Investments in unconsolidated entities	25,917		52,960		—		33,360		—		112,237		(14,813)		97,424
Goodwill	—		119,409		—		140,437		—		259,846		—		259,846
Intangible assets	12,043		—		23,589		60,878		—		96,510		(34,246)		62,264
Derivative assets	65,522		—		2,677		2,331		—		70,530		—		70,530
Accrued interest receivable	174,982		14,834		286		1,644		5,368		197,114		—		197,114
Other assets	156,597		16,571		51,189		16,160		68,610		309,127		—		309,127
VIE assets, at fair value	—		—		—		—		—		—		39,665,392		39,665,392
Total Assets	$	18,445,909	$	2,779,917	$	2,775,256	$	1,757,344	$	218,768	$	25,977,194	$	38,112,208	$	64,089,402
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	160,221	$	39,912	$	10,643	$	35,395	$	98,411	$	344,582	$	—	$	344,582
Related-party payable	—		—		—		—		27,849		27,849		—		27,849
Dividends payable	—		—		—		—		153,422		153,422		—		153,422
Derivative liabilities	29,358		—		—		—		46,773		76,131		—		76,131
Secured financing agreements, net	8,861,573		809,128		478,548		640,878		1,333,278		12,123,405		(20,546)		12,102,859
Collateralized loan obligations and single asset securitization, net	2,379,206		1,144,515		—		—		—		3,523,721		—		3,523,721
Unsecured senior notes, net	—		—		—		—		2,754,370		2,754,370		—		2,754,370

VIE liabilities, at fair value	—		—		—		—		—		—		38,132,695		38,132,695
Total Liabilities	11,430,358		1,993,555		489,191		676,273		4,414,103		19,003,480		38,112,149		57,115,629
Temporary Equity: Redeemable non-controlling interests	—		—		414,095		—		—		414,095		—		414,095
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	—		—		—		—		3,241		3,241		—		3,241
Additional paid-in capital	1,160,903		569,115		(391,738)		(624,371)		5,192,744		5,906,653		—		5,906,653
Treasury stock	—		—		—		—		(138,022)		(138,022)		—		(138,022)
Retained earnings (accumulated deficit)	5,840,613		217,247		2,056,463		1,571,657		(9,253,298)		432,682		—		432,682
Accumulated other comprehensive income	13,920		—		—		—		—		13,920		—		13,920
Total Starwood Property Trust, Inc. Stockholders’ Equity	7,015,436		786,362		1,664,725		947,286		(4,195,335)		6,218,474		—		6,218,474
Non-controlling interests in consolidated subsidiaries	115		—		207,245		133,785		—		341,145		59		341,204
Total Permanent Equity	7,015,551		786,362		1,871,970		1,081,071		(4,195,335)		6,559,619		59		6,559,678
Total Liabilities and Equity	$	18,445,909	$	2,779,917	$	2,775,256	$	1,757,344	$	218,768	$	25,977,194	$	38,112,208	$	64,089,402

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.