(10) Adjusted On Balance Sheet Leverage CLOs and SASB 23 Total Debt Outstanding (including off-balance sheet) Book Value per Share Bridge $20.18 $0.97 $21.15 Debt Obligations $9.1B Available Capacity | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------|-------|-----------------------|-------|-------|-------|-------| | Convertible Senior Notes 381 381 — | | | | | | | | Senior Unsecured Notes 2,100 2,100 — | | | | | | | | Term Loans 1,370 1,370 — | | | | | | | | Revolving Secur ...

Table of Contents 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, 2023 OR (Exact name of registrant as specified in its charter) Maryland 27-0247747 (State or Other Jurisdiction of Incorporation or Organization) 591 West Putnam Avenue Greenwich, Connecticut 06830 (Address of Principal Executive Offices) (Zip Code) (I.R.S. Employer Identifica ...

Starwood Property Trust, Inc. (NYSE:STWD) Q2 2023 Earnings Conference Call August 3, 2023 10:00 AM ET Company Participants Zachary Tanenbaum - Director of Investor Relations Rina Paniry - Chief Financial Officer Jeffrey DiModica - President Barry Sternlicht - Chairman & Chief Executive Officer Conference Call Participants Stephen Laws - Raymond James Douglas Harter - Credit Suisse Richard Shane - JPMorgan Donald Fandetti - Wells Fargo Jade Rahmani - KBW Sarah Barcomb - BTIG Operator Ladies and gentlemen, go ...

Table of Contents 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 June 30, 2023 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) Maryland 27-02 ...

PRESS RELEASE – Quarterly GAAP Earnings of $0.16 and Distributable Earnings (DE) of $0.49 per Diluted Share – – Undepreciated Book Value Per Share of $21.37 – – LNR Affirmed by Fitch at CSS1, Only Special Servicer Carrying Highest Rating – – Repaid $250 Million April 2023 Convertible Notes Subsequent to Quarter End – – Paid Dividend of $0.48 per Share – GREENWICH, Conn., May 4, 2023 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended Marc ...

Financial Data and Key Metrics Changes - The company reported distributable earnings (DE) of $157 million or $0.49 per share, with GAAP net income at $52 million or $0.16 per share [2] - GAAP book value per share ended at $20.44, with undepreciated book value at $21.37, including a CECL reserve balance of $153 million or $0.49 [2] - The CECL reserve increased by $43 million due to worsening macroeconomic conditions, particularly in the U.S. office sector [35] Business Line Data and Key Metrics Changes - The Residential Lending business had an on-balance sheet loan portfolio of $2.7 billion, including $1.7 billion of non-QM and $994 million of agency loans [3] - The Commercial Lending segment contributed DE of $192 million or $0.60 per share, with a portfolio ending at $16.9 billion and a weighted average risk rating of 2.8 [80] - The Property segment contributed $21 million of DE or $0.06 per share, with expectations of rent increases in excess of 6% for 2023 [41][81] Market Data and Key Metrics Changes - The company noted a bifurcation in the office market, with good buildings remaining full while others struggle [12] - The European office portfolio is performing well, with rising rents in cities like Berlin and Munich [44] - The company has a low exposure to U.S. office loans at just 10%, compared to peers with over 30% [76] Company Strategy and Development Direction - The company aims to maintain low leverage, with an adjusted debt to undepreciated equity ratio of 2.5x, which is lower than peers [5][76] - The management is focused on navigating through the current economic cycle while maintaining liquidity and considering stock buybacks when appropriate [24][91] - The company is exploring opportunities in converting office assets to residential use, leveraging its internal asset management expertise [38][85] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating through the current economic cycle, despite expecting some losses [14] - The company anticipates that the yield curve will flatten, creating opportunities for investment in longer-term assets [24] - Management criticized the Federal Reserve's approach to interest rates, suggesting it has negatively impacted regional banks and the broader economy [42][89] Other Important Information - The company has $620 million of liquidity, including $449 million of approved undrawn borrowings [4] - The company has $4.2 billion of unencumbered assets that can be leveraged for additional liquidity [4] - The company has a significant competitive advantage in European markets due to its scale and experience [38] Q&A Session Summary Question: What is the outlook for the special servicing book given the upcoming debt maturities? - Management indicated that the special servicing book is currently around $5 billion and expects it to grow as transaction volumes increase [49] Question: How does the company plan to allocate capital in the current environment? - Management stated that they would prefer to buy back stock if liquidity allows, as the stock is seen as a better investment than new loans [24][56] Question: Can you address concerns regarding the CECL reserve and potential credit losses? - Management acknowledged the low CECL reserve compared to peers but emphasized their strategy to recover value close to Starwood's basis on many assets [98]

Table of Contents 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, 2023 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) Maryland 27-0 ...

Financial Highlights - Starwood Property Trust reported GAAP net income of $140 million, or $0.44 per diluted share, for Q4 2022[3] - Distributable Earnings for Q4 2022 were $160.5 million, or $0.50 per diluted share[3] - For the full year 2022, GAAP net income was $871.5 million, or $2.74 per diluted share, and Distributable Earnings was $726.3 million, or $2.28 per diluted share[3] - The company deployed $10.7 billion in new investments across business lines in 2022, including $1.2 billion in Q4[14] - The company has total assets of $28.3 billion[20] Portfolio and Investment Activity - Commercial Lending: $5.3 billion in CRE Lending in 2022[3] - Infrastructure Lending: $0.7 billion of investments in 2022[15] - The company obtained 27 new servicing assignments ($24.5 billion UPB) in 2022, bringing the named portfolio to $108.9 billion[15] - Non-QM securitizations of $1.9 billion in 2022[32] - The company securitized $1.2 billion of conduit loans in nine transactions in 2022, including $93 million in Q4[50] Capitalization and Liquidity - The company raised $1.1 billion of capital in 2022[15] - The company has $8.4 billion of capacity across secured financing facilities and $3.9 billion of unencumbered assets[14] - The company has current liquidity of $1.1 billion[31] - Adjusted debt-to-equity ratio of 2.5x[32] Commercial Lending Portfolio - The weighted average ending LTV of the loan portfolio is 60%[65] - 69% of the commercial portfolio represents post-COVID originations[34] - The company recognized $11 million in DE and GAAP losses related to the wind-down of a residential mortgage originator[90]

Financial Data and Key Metrics Changes - The company reported distributable earnings (DE) of $161 million or $0.50 per share for Q4 2022, and $726 million or $2.28 for the full year [63] - Undepreciated book value increased to $21.70, up 26% from two years ago and up 5% year-over-year [63] - The loan portfolio reached a record $16.8 billion, up 18% year-over-year, with 99% positively correlated to rising interest rates [64] Business Line Data and Key Metrics Changes - Commercial and Residential Lending contributed DE of $172 million for the quarter, with $266 million in new commercial loans originated [3][4] - The Infrastructure Lending segment contributed DE of $18 million, with total volume for the year at $726 million [5] - The Investing and Servicing segment contributed DE of $31 million, with a total securitization volume of $1.2 billion for the year [21] Market Data and Key Metrics Changes - The company reduced its office exposure from 29% a year ago to 23%, with $362 million in office repayments received in 2022 [64][67] - The multifamily and industrial exposure increased to 39%, nearly three times the pre-COVID level [63] - The company noted a significant drop in commercial construction by 27% [26] Company Strategy and Development Direction - The company aims to resolve REO and non-accrual loans and reinvest that equity into new current pay assets, projecting an increase in earnings by over $0.20 per share annually [7] - The focus remains on maintaining low leverage and dividend sustainability while navigating through volatile markets [6] - The company plans to enhance its special servicing capabilities to generate additional fee-based revenue [52] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the current economic environment but remains optimistic about future investment opportunities as credit spreads stabilize [88] - The company anticipates that the Fed will eventually lower rates, which could create favorable conditions for investment [11] - Management highlighted the importance of maintaining liquidity and a strong balance sheet to navigate potential market challenges [32] Other Important Information - The company has significant liquidity with $1.1 billion in cash and $8 billion of availability under existing financing lines [84][66] - The company has a strong focus on energy infrastructure lending, which is expected to yield high returns [88] Q&A Session All Questions and Answers Question: What is the outlook on commercial real estate credit overall? - Management indicated that they are cautiously optimistic about the environment and believe their portfolio is well-positioned to handle potential challenges [50] Question: Is there an opportunity to broaden the scope of business for special servicing? - Management confirmed that they are actively seeking to expand their special servicing capabilities and will be developing a business plan to leverage their expertise [52] Question: How does the company view the current office market? - Management noted that the office market is challenging, but they have strategically reduced their exposure and are exploring residential conversions for certain assets [13][81]

Table of Contents For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-34436 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Starwood Property Trust, Inc. FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark whether the registrant (1) has filed all reports required to be fil ...