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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, 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 November 4, 2022 was 309,584,298.
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 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 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 September 30,
As of December 31,
2022
2021
Assets:
Cash and cash equivalents$339,710 $217,362 
Restricted cash121,570 104,552 
Loans held-for-investment, net of credit loss allowances of $92,611 and $67,270 ($53,176 and $59,225 held at fair value)
18,103,822 15,536,849 
Loans held-for-sale, at fair value2,205,684 2,876,800 
Investment securities, net of credit loss allowances of $3,928 and $8,610 ($146,572 and $177,848 held at fair value)
890,128 860,984 
Properties, net1,217,426 1,166,387 
Investments of consolidated affordable housing fund, at fair value
1,669,265 1,040,309 
Investments in unconsolidated entities83,164 90,097 
Goodwill259,846 259,846 
Intangible assets ($18,014 and $16,780 held at fair value)
73,096 63,564 
Derivative assets251,171 48,216 
Accrued interest receivable154,148 116,262 
Other assets418,458 188,626 
Variable interest entity (“VIE”) assets, at fair value54,215,370 61,280,543 
Total Assets$80,002,858 $83,850,397 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$562,461 $189,696 
Related-party payable26,146 76,371 
Dividends payable150,196 147,624 
Derivative liabilities82,766 13,421 
Secured financing agreements, net13,495,902 12,576,850 
Collateralized loan obligations and single asset securitization, net3,690,996 2,616,116 
Unsecured senior notes, net2,326,988 1,828,590 
VIE liabilities, at fair value52,501,845 59,752,922 
Total Liabilities72,837,300 77,201,590 
Commitments and contingencies (Note 22)
Temporary Equity: Redeemable non-controlling interests
344,373 214,915 
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, 317,032,314 issued and 309,583,623 outstanding as of September 30, 2022 and 312,268,944 issued and 304,820,253 outstanding as of December 31, 2021
3,170 3,123 
Additional paid-in capital5,779,687 5,673,376 
Treasury stock (7,448,691 shares)
(138,022)(138,022)
Retained earnings 779,188 493,106 
Accumulated other comprehensive income22,776 40,953 
Total Starwood Property Trust, Inc. Stockholders’ Equity6,446,799 6,072,536 
Non-controlling interests in consolidated subsidiaries374,386 361,356 
Total Permanent Equity6,821,185 6,433,892 
Total Liabilities and Equity$80,002,858 $83,850,397 
________________________________________________________
Note: In addition to the VIE assets and liabilities which are separately presented, our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 include assets of $4.5 billion and $3.1 billion, respectively, and liabilities of $3.7 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
September 30,
For the Nine Months Ended
September 30,
2022202120222021
Revenues:
Interest income from loans$328,354 $203,252 $823,123 $583,099 
Interest income from investment securities19,019 10,697 48,308 32,955 
Servicing fees8,427 10,473 30,972 29,739 
Rental income32,932 77,512 96,036 230,969 
Other revenues1,809 352 11,680 3,621 
Total revenues390,541 302,286 1,010,119 880,383 
Costs and expenses:
Management fees27,356 23,727 114,275 91,713 
Interest expense222,423 115,531 501,492 328,558 
General and administrative45,495 38,864 134,821 122,765 
Acquisition and investment pursuit costs1,213 214 2,152 806 
Costs of rental operations12,206 31,516 32,094 90,992 
Depreciation and amortization12,611 22,041 36,498 66,992 
Credit loss provision (reversal), net15,343 (563)20,123 (12,363)
Other expense 23 1,313 708 
Total costs and expenses336,647 231,353 842,768 690,171 
Other income (loss):
Change in net assets related to consolidated VIEs37,146 28,049 72,268 80,303 
Change in fair value of servicing rights515 2,237 1,234 2,740 
Change in fair value of investment securities, net(83)(299)(1,683)903 
Change in fair value of mortgage loans, net(87,474)31,727 (326,737)68,116 
Income from affordable housing fund investments117,527  658,733  
(Loss) earnings from unconsolidated entities(2,044)2,042 911 6,002 
Gain (loss) on sale of investments and other assets, net13,453 (47)112,059 26,377 
Gain on derivative financial instruments, net206,070 41,812 461,921 65,792 
Foreign currency loss, net(107,318)(27,003)(213,201)(36,057)
Loss on extinguishment of debt(212)(499)(1,035)(2,197)
Other loss, net(56,391)(964)(90,963)(6,416)
Total other income121,189 77,055 673,507 205,563 
Income before income taxes175,083 147,988 840,858 395,775 
Income tax benefit (provision) 48,755 (7,501)48,999 (6,378)
Net income223,838 140,487 889,857 389,397 
Net income attributable to non-controlling interests(29,276)(11,885)(158,409)(33,107)
Net income attributable to Starwood Property Trust, Inc.$194,562 $128,602 $731,448 $356,290 
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic$0.62 $0.44 $2.35 $1.23 
Diluted$0.61 $0.44 $2.30 $1.22 
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,
2022202120222021
Net income$223,838