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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 March 31, 2022
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 April 29, 2022 was 306,915,739.
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, 2021 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, businesses and others to contain the COVID-19 pandemic, 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 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 continued disruption from the COVID-19 pandemic;
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 (such as the recent Russian invasion of Ukraine);
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
Item 4.
Controls and Procedures
Item 5.
Other Information
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
March 31, 2022
As of
December 31, 2021
Assets:
Cash and cash equivalents$264,209 $217,362 
Restricted cash109,565 104,552 
Loans held-for-investment, net of credit loss allowances of $68,260 and $67,270 ($55,621 and $59,225 held at fair value)
16,253,257 15,536,849 
Loans held-for-sale, at fair value2,684,512 2,876,800 
Investment securities, net of credit loss allowances of $3,385 and $8,610 ($167,883 and $177,848 held at fair value)
869,189 860,984 
Properties, net1,122,357 1,166,387 
Investments of consolidated affordable housing fund, at fair value
1,264,160 1,040,309 
Investments in unconsolidated entities89,250 90,097 
Goodwill259,846 259,846 
Intangible assets ($17,864 and $16,780 held at fair value)
62,148 63,564 
Derivative assets60,869 48,216 
Accrued interest receivable123,801 116,262 
Other assets261,192 188,626 
Variable interest entity (“VIE”) assets, at fair value57,763,543 61,280,543 
Total Assets$81,187,898 $83,850,397 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$196,145 $189,696 
Related-party payable56,615 76,371 
Dividends payable148,743 147,624 
Derivative liabilities38,709 13,421 
Secured financing agreements, net11,531,571 12,576,850 
Collateralized loan obligations and single asset securitization, net3,797,895 2,616,116 
Unsecured senior notes, net2,322,630 1,828,590 
VIE liabilities, at fair value56,185,937 59,752,922 
Total Liabilities74,278,245 77,201,590 
Commitments and contingencies (Note 22)
Temporary Equity: Redeemable non-controlling interests
261,685 214,915 
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, 314,360,996 issued and 306,912,305 outstanding as of March 31, 2022 and 312,268,944 issued and 304,820,253 outstanding as of December 31, 2021
3,144 3,123 
Additional paid-in capital5,709,027 5,673,376 
Treasury stock (7,448,691 shares)
(138,022)(138,022)
Accumulated other comprehensive income35,669 40,953 
Retained earnings 669,877 493,106 
Total Starwood Property Trust, Inc. Stockholders’ Equity6,279,695 6,072,536 
Non-controlling interests in consolidated subsidiaries368,273 361,356 
Total Permanent Equity6,647,968 6,433,892 
Total Liabilities and Equity$81,187,898 $83,850,397 
________________________________________________________
Note: In addition to the VIE assets and liabilities which are separately presented, our condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021 include assets of $4.6 billion and $3.1 billion, respectively, and liabilities of $3.8 billion and $2.6 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
March 31,
20222021
Revenues:
Interest income from loans$233,619 $190,575 
Interest income from investment securities13,983 11,610 
Servicing fees9,992 8,402 
Rental income31,580 76,338 
Other revenues4,818 305 
Total revenues293,992 287,230 
Costs and expenses:
Management fees55,295 38,736 
Interest expense126,451 103,374 
General and administrative44,321 38,636 
Acquisition and investment pursuit costs422 185 
Costs of rental operations9,290 28,745 
Depreciation and amortization11,647 22,474 
Credit loss (reversal) provision, net(3,658)44 
Other expense55 685 
Total costs and expenses243,823 232,879 
Other income (loss):
Change in net assets related to consolidated VIEs26,749 39,745 
Change in fair value of servicing rights1,084 (796)
Change in fair value of investment securities, net(355)(306)
Change in fair value of mortgage loans, net(125,783)(9,478)
Income from affordable housing fund investments234,041  
(Loss) earnings from unconsolidated entities(910)1,734 
Gain on sale of investments and other assets, net98,468 17,693 
Gain on derivative financial instruments, net127,268 33,989 
Foreign currency loss, net(27,281)(11,681)
Loss on extinguishment of debt(823)(516)
Other (loss) income, net(763)21 
Total other income331,695 70,405 
Income before income taxes381,864 124,756 
Income tax benefit (provision)2,450 (2,230)
Net income384,314 122,526 
Net income attributable to non-controlling interests(59,715)(11,148)
Net income attributable to Starwood Property Trust, Inc.$324,599 $111,378 
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic$1.04 $0.39 
Diluted$1.02 $0.38 
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
March 31,
20222021
Net income$384,314 $122,526 
Other comprehensive income (loss) (net change by component):
Available-for-sale securities(5,284)(2,403)
Foreign currency translation 64 
Other comprehensive loss(5,284)(2,339)
Comprehensive income379,030 120,187 
Less: Comprehensive income attributable to non-controlling interests(59,715)(11,148)
Comprehensive income attributable to Starwood Property Trust, Inc.
$319,315 $109,039 
See notes to condensed consolidated financial statements.
6

Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
For the Three Months Ended March 31, 2022 and 2021
(Unaudited, amounts in thousands, except share data)
Temporary EquityCommon stockAdditional
Paid-in
Capital
Treasury StockRetained Earnings
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
Income
Total
Starwood Property
Trust, Inc.
Stockholders’
Equity
Non-
Controlling
Interests
Total Permanent
Equity
SharesPar
Value
SharesAmount
Balance, December 31, 2021$214,915 312,268,944 $3,123 $5,673,376 7,448,691 $(138,022)$493,106 $40,953 $6,072,536 $361,356 $6,433,892 
Proceeds from DRIP Plan— 10,261 — 251 — — — — 251 — 251 
Redemption of Class A Units— — — — — — — —  —  
Equity offering costs— — — (89)— — — — (89)— (89)
Share-based compensation— 1,012,963 10 10,083 — — — — 10,093 — 10,093 
Manager fees paid in stock— 1,068,828 11 25,406 — — — — 25,417 — 25,417 
Net income47,720 — — — — — 324,599 — 324,599 11,995 336,594 
Dividends declared, $0.48 per share
— — — — — — (147,828)— (147,828)— (147,828)
Other comprehensive loss, net— — — — — — — (5,284)(5,284)— (5,284)
Contributions from non-controlling interests— — — — — — — — — 4,690 4,690 
Distributions to non-controlling interests(950)— — — — — — — — (9,768)(9,768)
Balance, March 31, 2022$261,685 314,360,996 $3,144 $5,709,027 7,448,691 $(138,022)$669,877 $35,669 $6,279,695 $368,273 $6,647,968 
Balance, December 31, 2020
$ 292,091,601 $2,921 $5,209,739 7,448,691 $(138,022)$(629,733)$43,993 $4,488,898 $373,678 $4,862,576 
Cumulative effect of convertible notes accounting standard update adopted January 1, 2021— — — (3,755)— — 2,219 — (1,536)— (1,536)
Proceeds from DRIP Plan— 12,234  262 — — — — 262 — 262 
Redemption of Class A Units— 50,000 1 1,038 — — — — 1,039 (1,039)