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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-34436
__________________________________________________
Starwood Property Trust, Inc.
(Exact name of registrant as specified in its charter)
Maryland27-0247747
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
591 West Putnam Avenue
Greenwich, Connecticut
06830
(Address of Principal Executive Offices)(Zip Code)
Registrant’s telephone number, including area code:
(203422-7700
___________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareSTWDNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
The number of shares of the issuer’s common stock, $0.01 par value, outstanding as of November 5, 2021 was 288,596,238.


Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains certain forward-looking statements, including without limitation, statements concerning our operations, economic performance and financial condition. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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. Forward-looking statements do not guarantee future performance, which may be materially different from that expressed in, or implied by, any such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their respective dates.
These forward-looking statements are based largely on our current beliefs, assumptions and expectations of our future performance taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or within our control, and which could materially affect actual results, performance or achievements. Factors that may cause actual results to vary from our forward-looking statements include, but are not limited to:
factors described in our Annual Report on Form 10-K for the year ended December 31, 2020 and this Quarterly Report on Form 10-Q, including those set forth under the captions “Risk Factors”, “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”;
the severity and duration of the pandemic of the novel strain of coronavirus (“COVID-19”), actions that may be taken by governmental authorities to contain the COVID-19 outbreak, including variants and resurgences, or to treat its impact and the adverse impacts that the COVID-19 pandemic has had, and will likely continue to have, on the global economy, on the borrowers underlying our real estate-related assets and infrastructure loans and tenants of our owned properties, including their ability to make payments on their loans or to pay rent, as the case may be, and on our operations and financial performance;
defaults by borrowers in paying debt service on outstanding indebtedness;
impairment in the value of real estate property securing our loans or in which we invest;
availability of mortgage origination and acquisition opportunities acceptable to us;
potential mismatches in the timing of asset repayments and the maturity of the associated financing agreements;
our ability to integrate our prior acquisition of the project finance origination, underwriting and capital markets business of GE Capital Global Holdings, LLC into our business and to achieve the benefits that we anticipate from the acquisition;
national and local economic and business conditions, including continued disruption from the COVID-19 pandemic;
general and local commercial and residential real estate property conditions;
changes in federal government policies;
changes in federal, state and local governmental laws and regulations;
increased competition from entities engaged in mortgage lending and securities investing activities;
changes in interest rates; and
the availability of, and costs associated with, sources of liquidity.
In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained in this Quarterly Report on Form 10-Q 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.
2

TABLE OF CONTENTS
Page
3

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited, amounts in thousands, except share data)
As of
September 30,
2021
As of
December 31,
2020
Assets:
Cash and cash equivalents$273,316 $563,217 
Restricted cash110,472 158,945 
Loans held-for-investment, net of credit loss allowances of $57,573 and $77,444 ($91,499 and $90,684 held at fair value)
13,292,998 11,087,073 
Loans held-for-sale ($2,099,266 and $932,295 held at fair value)
2,183,519 1,052,835 
Investment securities, net of credit loss allowances of $6,389 and $5,675 ($184,153 and $198,053 held at fair value)
670,887 736,658 
Properties, net2,228,862 2,271,153 
Intangible assets ($15,942 and $13,202 held at fair value)
65,122 70,117 
Investment in unconsolidated entities94,000 108,054 
Goodwill259,846 259,846 
Derivative assets52,566 40,555 
Accrued interest receivable108,126 95,980 
Other assets294,670 190,748 
Variable interest entity (“VIE”) assets, at fair value62,346,480 64,238,328 
Total Assets$81,980,864 $80,873,509 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$210,080 $206,845 
Related-party payable23,378 39,170 
Dividends payable139,738 137,959 
Derivative liabilities15,615 41,324 
Secured financing agreements, net11,502,052 10,146,190 
Collateralized loan obligations and single asset securitization, net2,614,230 930,554 
Unsecured senior notes, net1,733,684 1,732,520 
VIE liabilities, at fair value60,894,975 62,776,371 
Total Liabilities77,133,752 76,010,933 
Commitments and contingencies (Note 21)
Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding
  
Common stock, $0.01 per share, 500,000,000 shares authorized, 296,072,090 issued and 288,623,399 outstanding as of September 30, 2021 and 292,091,601 issued and 284,642,910 outstanding as of December 31, 2020
2,961 2,921 
Additional paid-in capital5,270,265 5,209,739 
Treasury stock (7,448,691 shares)
(138,022)(138,022)
Accumulated other comprehensive income40,486 43,993 
Accumulated deficit(687,980)(629,733)
Total Starwood Property Trust, Inc. Stockholders’ Equity4,487,710 4,488,898 
Non-controlling interests in consolidated subsidiaries359,402 373,678 
Total Equity4,847,112 4,862,576 
Total Liabilities and Equity$81,980,864 $80,873,509 
________________________________________________________
Note: In addition to the VIE assets and liabilities which are separately presented, our condensed consolidated balance sheets as of September 30, 2021 and December 31, 2020 include assets of $3.1 billion and $1.1 billion, respectively, and liabilities of $2.6 billion and $0.9 billion, respectively, related to consolidated collateralized loan obligations (“CLOs”) and a single asset securitization ("SASB"), which are considered to be VIEs.  The CLOs' and SASB's assets can only be used to settle obligations of the CLOs and SASB, and the CLOs' and SASB's liabilities do not have recourse to Starwood Property Trust, Inc. Refer to Note 14 for additional discussion of VIEs.
See notes to condensed consolidated financial statements.
4

Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited, amounts in thousands, except per share data)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2021202020212020
Revenues:
Interest income from loans$203,252 $169,404 $583,099 $557,934 
Interest income from investment securities10,697 12,186 32,955 42,070 
Servicing fees10,473 9,548 29,739 20,999 
Rental income77,512 75,978 230,969 222,834 
Other revenues352 311 3,621 1,756 
Total revenues302,286 267,427 880,383 845,593 
Costs and expenses:
Management fees23,727 23,127 91,713 86,970 
Interest expense115,531 95,981 328,558 317,499 
General and administrative38,864 39,478 122,765 110,857 
Acquisition and investment pursuit costs214 884 806 3,383 
Costs of rental operations31,516 29,522 90,992 87,368 
Depreciation and amortization22,041 23,581 66,992 70,982 
Credit loss (reversal) provision, net(563)(3,587)(12,363)55,284 
Other expense23 172 708 662 
Total costs and expenses231,353 209,158 690,171 733,005 
Other income (loss):
Change in net assets related to consolidated VIEs28,049 58,585 80,303 64,353 
Change in fair value of servicing rights2,237 634 2,740 (2,328)
Change in fair value of investment securities, net(299)(199)903 3,132 
Change in fair value of mortgage loans, net31,727 61,384 68,116 79,700 
Earnings from unconsolidated entities2,042 3,192 6,002 32,065 
(Loss) gain on sale of investments and other assets, net(47) 26,377 6,768 
Gain (loss) on derivative financial instruments, net41,812 (28,097)65,792 (34,485)
Foreign currency (loss) gain, net(27,003)25,452 (36,057)(1,861)
Loss on extinguishment of debt(499) (2,197)(2,377)
Other (loss) income, net(964)357 (6,416)687 
Total other income77,055 121,308 205,563 145,654 
Income before income taxes147,988 179,577 395,775 258,242 
Income tax provision(7,501)(14,843)(6,378)(6,816)
Net income140,487 164,734 389,397 251,426 
Net income attributable to non-controlling interests(11,885)(12,900)(33,107)(26,705)
Net income attributable to Starwood Property Trust, Inc.$128,602 $151,834 $356,290 $224,721 
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic$0.44 $0.53 $1.23 $0.79 
Diluted$0.44 $0.52 $1.22 $0.79 
See notes to condensed consolidated financial statements.
5

Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited, amounts in thousands)
For the Three Months Ended
September 30,
For the Nine Months Ended
September 30,
2021202020212020
Net income$140,487 $164,734 $389,397 $251,426 
Other comprehensive (loss) income (net change by component):
Available-for-sale securities(824)(581)(3,571)(8,647)
Foreign currency translation  64  
Other comprehensive loss(824)(581)(3,507)(8,647)
Comprehensive income139,663 164,153 385,890 242,779 
Less: Comprehensive income attributable to non-controlling interests(11,885)(12,900)(33,107)(26,705)
Comprehensive income attributable to Starwood Property Trust, Inc.
$127,778 $151,253 $352,783 $216,074 
See notes to condensed consolidated financial statements.
6

Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
For the Three Months Ended September 30, 2021 and 2020
(Unaudited, amounts in thousands, except share data)
Common stockAdditional
Paid-in
Capital
Treasury StockAccumulated
Deficit
Accumulated
Other
Comprehensive
Income
Total
Starwood Property
Trust, Inc.
Stockholders’
Equity
Non-
Controlling
Interests
Total
Equity
SharesPar
Value
SharesAmount
Balance, June 30, 2021295,257,898 $2,952 $5,248,490 7,448,691 $(138,022)$(677,375)$41,310 $4,477,355 $374,345 $4,851,700 
Proceeds from DRIP Plan8,161 — 209 — — — — 209 — 209 
Redemption of Class A Units465,679 5 9,617 — — — — 9,622 (9,622) 
Equity offering costs— — (5)— — — — (5)— (5)
Share-based compensation243,201 3 9,449 — — — — 9,452 — 9,452 
Manager fees paid in stock97,151 1 2,505 — — — — 2,506 — 2,506