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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, 2024
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 1, 2024 was 337,159,481.
1

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, 2023 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”;
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 achieve the benefits that we anticipate from the prior acquisition of the project finance origination, underwriting and capital markets business of GE Capital Global Holdings, LLC;
national and local economic and business conditions, including as a result of the impact of public health emergencies;
the occurrence of certain geo-political events (such as wars, terrorist attacks and tensions between states) that affect the normal and peaceful course of international relations;
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,
As of December 31,
2024
2023
Assets:
Cash and cash equivalents$357,853 $194,660 
Restricted cash152,283 117,312 
Loans held-for-investment, net of credit loss allowances of $404,924 and $309,039
16,128,765 17,574,249 
Loans held-for-sale, at fair value
2,773,379 2,645,637 
Investment securities, net of credit loss allowances of $23,177 and $13,143 ($129,870 and $129,308 held at fair value)
715,802 735,562 
Properties, net1,194,590 1,046,384 
Properties held-for-sale
 290,937 
Investments of consolidated affordable housing fund, at fair value
1,984,822 2,012,833 
Investments in unconsolidated entities91,009 90,376 
Goodwill259,846 259,846 
Intangible assets ($20,166 and $19,384 held at fair value)
60,159 64,967 
Derivative assets74,639 63,437 
Accrued interest receivable197,146 200,867 
Other assets293,162 420,773 
Variable interest entity (“VIE”) assets, at fair value39,950,395 43,786,356 
Total Assets$64,233,850 $69,504,196 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$395,234 $293,442 
Related-party payable25,542 44,816 
Dividends payable163,669 152,888 
Derivative liabilities118,161 102,467 
Secured financing agreements, net11,854,618 13,867,996 
Collateralized loan obligations and single asset securitization, net3,302,249 3,491,292 
Unsecured senior notes, net2,757,146 2,158,888 
Debt related to properties held for sale 193,691 
VIE liabilities, at fair value38,334,618 42,175,734 
Total Liabilities56,951,237 62,481,214 
Commitments and contingencies (Note 22)
Temporary Equity: Redeemable non-controlling interests
410,799 414,348 
Permanent 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, 344,664,618 issued and 337,215,927 outstanding as of September 30, 2024 and 320,814,765 issued and 313,366,074 outstanding as of December 31, 2023
3,447 3,208 
Additional paid-in capital6,311,863 5,864,670 
Treasury stock (7,448,691 shares)
(138,022)(138,022)
Retained earnings 346,179 505,881 
Accumulated other comprehensive income16,256 15,352 
Total Starwood Property Trust, Inc. Stockholders’ Equity6,539,723 6,251,089 
Non-controlling interests in consolidated subsidiaries332,091 357,545 
Total Permanent Equity6,871,814 6,608,634 
Total Liabilities and Equity$64,233,850 $69,504,196 
________________________________________________________
Note: In addition to the VIE assets and liabilities which are separately presented, our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 include assets of $4.2 billion and $4.3 billion, respectively, and liabilities of $3.3 billion and $3.5 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 15 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,
2024202320242023
Revenues:
Interest income from loans$418,757 $457,299 $1,309,681 $1,344,056 
Interest income from investment securities17,227 20,133 52,433 57,689 
Servicing fees11,827 8,630 37,549 22,228 
Rental income25,979 33,091 80,285 97,687 
Other revenues5,750 2,394 12,506 5,970 
Total revenues479,540 521,547 1,492,454 1,527,630 
Costs and expenses:
Management fees27,439 27,143 103,970 97,661 
Interest expense337,859 368,357 1,038,204 1,066,990 
General and administrative48,054 46,691 149,799 131,955 
Costs of rental operations12,133 11,777 34,547 34,910 
Depreciation and amortization10,188 12,271 30,130 37,010 
Credit loss provision, net66,427 52,634 144,975 217,753 
Other expense475 727 1,434 2,115 
Total costs and expenses502,575 519,600 1,503,059 1,588,394 
Other income (loss):
Change in net assets related to consolidated VIEs16,570 43,763 43,836 139,024 
Change in fair value of servicing rights(341)(68)782 398 
Change in fair value of investment securities, net(778)283 504 353 
Change in fair value of mortgage loans, net114,871 (66,806)150,279 (111,247)
(Loss) income from affordable housing fund investments
(5,590)16,908 10,304 253,696 
Earnings (loss) from unconsolidated entities
349 (1,309)9,694 11,378 
Gain on sale of investments and other assets, net8,316 10,616 100,278 15,486 
(Loss) gain on derivative financial instruments, net
(83,941)94,883 18,984 118,431 
Foreign currency gain (loss), net
59,421 (56,646)24,436 (18,293)
Loss on extinguishment of debt(242)(1,072)(2,801)(2,256)
Other loss, net(2,981)(2,521)(8,403)(31,686)
Total other income105,654 38,031 347,893 375,284 
Income before income taxes82,619 39,978 337,288 314,520 
Income tax (provision) benefit
(10,449)11,399 (27,533)18,997 
Net income72,170 51,377 309,755 333,517 
Net loss (income) attributable to non-controlling interests
3,898 (3,942)(1,465)(65,265)
Net income attributable to Starwood Property Trust, Inc.
$76,068 $47,435 $308,290 $268,252 
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic$0.23 $0.15 $0.96 $0.85 
Diluted$0.23 $0.15 $0.96 $0.85 
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,
2024202320242023
Net income$72,170 $51,377 $309,755 $333,517 
Other comprehensive income (loss) (net change by component):
Available-for-sale securities2,336 (3,241)904 (6,841)
Other comprehensive income (loss)
2,336 (3,241)904 (6,841)
Comprehensive income74,506 48,136 310,659 326,676 
Less: Comprehensive loss (income) attributable to non-controlling interests
3,898 (3,942)(1,465)(65,265)
Comprehensive income attributable to Starwood Property Trust, Inc.
$78,404 $44,194 $309,194 $261,411 
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, 2024 and 2023
(Unaudited, amounts in thousands, except share data)
Temporary EquityCommon stockAdditional
Paid-in
Capital
Treasury StockRetained EarningsAccumulated
Other
Comprehensive
Income
Total
Starwood Property
Trust, Inc.
Stockholders’
Equity
Non-
Controlling
Interests
Total Permanent
Equity
SharesPar
Value
SharesAmount
Balance, June 30, 2024
$414,095 324,133,801 $3,241 $5,906,653 7,448,691 $(138,022)$432,682 $13,920 $6,218,474 $341,204 $6,559,678 
Net proceeds from common stock offering
— 20,125,000 201 392,061 — — — — 392,262 — 392,262 
Proceeds from DRIP Plan— 16,863 1 337 — — — — 338 — 338 
Proceeds from employee stock purchase plan— 16,621 — 273 — — — — 273 — 273 
Share-based compensation— 281,952 3 10,785 — — — — 10,788 — 10,788 
Manager fees paid in stock— 90,381 1 1,754 — — — — 1,755 — 1,755 
Net (loss) income
(1,513)— — — — — 76,068 — 76,068 (2,385)73,683 
Dividends declared with respect to the third quarter, $0.48 per share
— — — — — — (162,571)— (162,571)— (162,571)
Other comprehensive income, net
— — — — — — — 2,336 2,336 — 2,336 
Contributions from non-controlling interests— — — — — — — — — 3,786 3,786 
Distributions to non-controlling interests(1,783)— — — — — — — — (10,514)(10,514)
Balance, September 30, 2024$410,799 344,664,618 $3,447 $6,311,863 7,448,691