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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, 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 May 3, 2024 was 315,962,445.
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 March 31,
As of December 31,
2024
2023
Assets:
Cash and cash equivalents$327,363 $194,660 
Restricted cash125,341 117,312 
Loans held-for-investment, net of credit loss allowances of $331,646 and $309,039
16,606,862 17,574,249 
Loans held-for-sale ($2,642,219 and $2,645,637 held at fair value)
2,689,368 2,645,637 
Investment securities, net of credit loss allowances of $17,589 and $13,143 ($127,070 and $129,308 held at fair value)
716,073 735,562 
Properties, net1,044,565 1,046,384 
Properties held-for-sale
 290,937 
Investments of consolidated affordable housing fund, at fair value
2,008,937 2,012,833 
Investments in unconsolidated entities96,927 90,376 
Goodwill259,846 259,846 
Intangible assets ($19,612 and $19,384 held at fair value)
63,267 64,967 
Derivative assets82,916 63,437 
Accrued interest receivable194,498 200,867 
Other assets319,853 420,773 
Variable interest entity (“VIE”) assets, at fair value41,633,853 43,786,356 
Total Assets$66,169,669 $69,504,196 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$259,998 $293,442 
Related-party payable44,226 44,816 
Dividends payable153,174 152,888 
Derivative liabilities74,647 102,467 
Secured financing agreements, net12,556,487 13,867,996 
Collateralized loan obligations and single asset securitization, net3,223,867 3,491,292 
Unsecured senior notes, net2,751,666 2,158,888 
Debt related to properties held for sale 193,691 
VIE liabilities, at fair value40,065,423 42,175,734 
Total Liabilities59,129,488 62,481,214 
Commitments and contingencies (Note 22)
Temporary Equity: Redeemable non-controlling interests
415,485 414,348 
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, 323,405,456 issued and 315,956,765 outstanding as of March 31, 2024 and 320,814,765 issued and 313,366,074 outstanding as of December 31, 2023
3,234 3,208 
Additional paid-in capital5,885,852 5,864,670 
Treasury stock (7,448,691 shares)
(138,022)(138,022)
Retained earnings 507,622 505,881 
Accumulated other comprehensive income14,061 15,352 
Total Starwood Property Trust, Inc. Stockholders’ Equity6,272,747 6,251,089 
Non-controlling interests in consolidated subsidiaries351,949 357,545 
Total Permanent Equity6,624,696 6,608,634 
Total Liabilities and Equity$66,169,669 $69,504,196 
________________________________________________________
Note: In addition to the VIE assets and liabilities which are separately presented, our condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023 include assets of $4.0 billion and $4.3 billion, respectively, and liabilities of $3.2 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
March 31,
20242023
Revenues:
Interest income from loans$463,492 $430,908 
Interest income from investment securities18,206 18,637 
Servicing fees9,689 7,256 
Rental income28,847 32,289 
Other revenues2,854 1,324 
Total revenues523,088 490,414 
Costs and expenses:
Management fees46,014 39,540 
Interest expense355,956 335,301 
General and administrative50,663 42,108 
Costs of rental operations10,344 11,666 
Depreciation and amortization9,818 12,416 
Credit loss provision, net35,839 43,194 
Other expense674 1,117 
Total costs and expenses509,308 485,342 
Other income (loss):
Change in net assets related to consolidated VIEs10,086 41,138 
Change in fair value of servicing rights228 304 
Change in fair value of investment securities, net915 82 
Change in fair value of mortgage loans, net(29,013)8,901 
Income from affordable housing fund investments9,448 12,965 
Earnings from unconsolidated entities
7,675 2,725 
Gain on sale of investments and other assets, net91,962 190 
Gain (loss) on derivative financial instruments, net101,939 (32,828)
Foreign currency (loss) gain, net(41,870)15,019 
Loss on extinguishment of debt(1,454)(61)
Other loss, net(2,630)(2,541)
Total other income147,286 45,894 
Income before income taxes161,066 50,966 
Income tax (provision) benefit
(1,206)8,795 
Net income159,860 59,761 
Net income attributable to non-controlling interests(5,528)(7,787)
Net income attributable to Starwood Property Trust, Inc.
$154,332 $51,974 
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic$0.49 $0.16 
Diluted$0.48 $0.16 
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,
20242023
Net income$159,860 $59,761 
Other comprehensive income (loss) (net change by component):
Available-for-sale securities(1,291)(1,104)
Other comprehensive loss(1,291)(1,104)
Comprehensive income158,569 58,657 
Less: Comprehensive income attributable to non-controlling interests(5,528)(7,787)
Comprehensive income attributable to Starwood Property Trust, Inc.
$153,041 $50,870 
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, 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, December 31, 2023
$414,348 320,814,765 $3,208 $5,864,670 7,448,691 $(138,022)$505,881 $15,352 $6,251,089 $357,545 $6,608,634 
Proceeds from DRIP Plan— 13,034 — 266 — — — — 266 — 266 
Proceeds from employee stock purchase plan— 66,315 1 1,133 — — — — 1,134 — 1,134 
Share-based compensation— 2,015,172 20 10,026 — — — — 10,046 — 10,046 
Manager fees paid in stock— 496,170 5 9,757 — — — — 9,762 — 9,762 
Net income1,565 — — — — — 154,332 — 154,332 3,963 158,295 
Dividends declared, $0.48 per share
— — — — — — (152,591)— (152,591)— (152,591)
Other comprehensive loss, net— — — — — — — (1,291)(1,291)— (1,291)
Distributions to non-controlling interests(428)— — — — — — — — (9,559)(9,559)
Balance, March 31, 2024$415,485 323,405,456 $3,234 $5,885,852 7,448,691 $(138,022)$507,622 $14,061 $6,272,747 $351,949 $6,624,696 
Balance, December 31, 2022
$362,790 318,123,861 $3,181 $5,807,087 7,448,691 $(138,022)$769,237 $20,955 $6,462,438 $373,479 $6,835,917 
Proceeds from DRIP Plan— 15,657 — 299 — — — — 299 — 299 
Proceeds from employee stock purchase plan— 65,026 1 969 — — — — 970 — 970 
Share-based compensation— 1,091,789 11 10,925 — — — — 10,936 — 10,936 
Manager fees paid in stock— 373,204 4 7,229 — — — — 7,233 — 7,233 
Net income2,287 — — — — — 51,974 — 51,974 5,500 57,474 
Dividends declared, $0.48 per share
— — — — — — (150,521)— (150,521)— (150,521)
Other comprehensive loss, net— — — — — — — (1,104)(1,104)— (1,104)
Distributions to non-controlling interests(659)— — — — — — — — (8,731)(8,731)
Balance, March 31, 2023$364,418 319,669,537 $3,197 $5,826,509 7,448,691 $(138,022)$670,690 $19,851 $6,382,225 $370,248 $6,752,473 
See notes to condensed consolidated financial statements.
7

Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited, amounts in thousands)
For the Three Months Ended
March 31,
20242023
Cash Flows from Operating Activities:
Net income$159,860 $59,761 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings12,490 13,205 
Amortization of discounts and deferred financing costs on unsecured senior notes2,300 2,234 
Accretion of net discount on investment securities(1,387)(2,094)
Accretion of net deferred loan fees and discounts(19,891)(15,180)
Share-based compensation10,046 10,936 
Manager fees paid in stock9,762 7,233 
Change in fair value of investment securities(915)(82)
Change in fair value of consolidated VIEs23,769 (4,245)
Change in fair value of servicing rights(228)(304)
Change in fair value of loans29,013 (8,901)
Change in fair value of affordable housing fund investments 3,896 (1,160)
Change in fair value of derivatives(75,079)48,431 
Foreign currency loss (gain), net
41,870 (15,019)
Gain on sale of investments and other assets(91,962)(190)
Credit loss provision, net
35,839 43,194 
Depreciation and amortization11,049 13,635 
Earnings from unconsolidated entities
(7,675)(2,725)
Distributions of earnings from unconsolidated entities1,125 243 
Loss on extinguishment of debt1,704 61 
Origination and purchase of loans held-for-sale, net of principal collections(243,325)(28,333)
Proceeds from sale of loans held-for-sale218,596 13,439 
Changes in operating assets and liabilities:
Related-party payable(590)(1,603)
Accrued and capitalized interest receivable, less purchased interest(15,475)(41,541)
Other assets(9,875)(89,667)
Accounts payable, accrued expenses and other liabilities(38,968)(29,886)
Net cash provided by (used in) operating activities
55,949 (28,558)
Cash Flows from Investing Activities:
Origination, purchase and funding of loans held-for-investment(265,185)(431,615)
Proceeds from principal collections on loans1,220,995 407,199 
Purchase and funding of investment securities(9,220)(591)
Proceeds from sales and redemptions of investment securities1,314  
Proceeds from principal collections on investment securities19,149 40,778 
Proceeds from sales of real estate, net of debt assumed by purchaser
188,040 543 
Purchases and additions to properties and other assets(5,576)(5,839)
Distribution of capital from unconsolidated entities 277 
Payments for purchase or termination of derivatives(781)(3,340)
Proceeds from termination of derivatives16,925 5,605 
Net cash provided by investing activities
1,165,661 13,017 
See notes to condensed consolidated financial statements.
8

Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(Unaudited, amounts in thousands)
For the Three Months Ended
March 31,
20242023
Cash Flows from Financing Activities:
Proceeds from borrowings$1,234,980 $1,202,077 
Principal repayments on and repurchases of borrowings(2,165,427)(892,238)
Payment of deferred financing costs(6,574)(2,924)
Proceeds from common stock issuances1,400 1,269 
Payment of dividends(152,305)(149,765)
Distributions to non-controlling interests(9,987)(9,390)
Issuance of debt of consolidated VIEs3,166  
Repayment of debt of consolidated VIEs(108)(108)
Distributions of cash from consolidated VIEs15,022 15,329 
Net cash (used in) provided by financing activities
(1,079,833)164,250 
Net increase in cash, cash equivalents and restricted cash141,777 148,709 
Cash, cash equivalents and restricted cash, beginning of period311,972 382,133 
Effect of exchange rate changes on cash(1,045)594 
Cash, cash equivalents and restricted cash, end of period$452,704 $531,436 
Supplemental disclosure of cash flow information:
Cash paid for interest$367,142 $322,932 
Income taxes (refunded) paid, net
(269)42 
Supplemental disclosure of non-cash investing and financing activities: