| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-------|-----------|-------|------------|-----------|-------|-------|-------------------|-----------------|---------|-----------|-------|-------|-------------------|------------------|---------| | Region | % | Occupancy | | Units | Region | % | | Gross investment | Occupancy | Sq. Ft. | Region | % | | Gross investment | Occupancy | Sq. Ft. | | North 7% | | | | 93% 1,230 | Northeast | 30% | | | ...

[Part I](index=6&type=section&id=Part%20I) [Business](index=6&type=section&id=Item%201.%20Business) Starwood Property Trust is a diversified real estate investment trust (REIT) operating across four primary business segments - Starwood Property Trust is a Maryland corporation that commenced operations in August 2009 and is organized to qualify as a REIT, externally managed by an affiliate of Starwood Capital Group[21](index=21&type=chunk)[23](index=23&type=chunk)[24](index=24&type=chunk) - The company's business is structured into four reportable segments: **Commercial and Residential Lending**, **Infrastructure Lending**, **Property Segment**, and **Investing and Servicing Segment**[22](index=22&type=chunk)[25](index=25&type=chunk) Commercial and Residential Lending Segment Portfolio (As of Dec 31, 2023) | Investment Category | Carrying Value ($ thousands) | | :--- | :--- | | First mortgages | $14,947,446 | | Loans held-for-sale, residential | $2,604,594 | | HTM debt securities | $590,274 | | Properties, net | $431,155 | | RMBS, fair value option | $449,909 | | **Total Segment Investments** | **$19,272,118** | Infrastructure Lending Segment Portfolio (As of Dec 31, 2023) | Investment Category | Carrying Value ($ thousands) | | :--- | :--- | | First priority infrastructure loans and HTM securities | $2,535,047 | | Investments in unconsolidated entities | $52,691 | | Credit loss allowance | ($20,345) | | **Total Segment Investments** | **$2,567,393** | Property Segment Portfolio (As of Dec 31, 2023) | Investment Category | Carrying Value ($ thousands) | | :--- | :--- | | Woodstar Fund | $2,012,833 | | Properties, net | $555,455 | | Properties held-for-sale, net | $290,937 | | **Total Segment Investments** | **$2,883,785** | Investing and Servicing Segment Portfolio (As of Dec 31, 2023) | Investment Category | Carrying Value ($ thousands) | | :--- | :--- | | CMBS, fair value option | $1,147,550 | | Intangible assets - servicing rights | $57,249 | | Properties, net | $59,774 | | **Total Segment Investments** | **$1,354,105** | - The company faces competition from a wide range of public and private investment vehicles, many of which are larger and may have greater access to capital[56](index=56&type=chunk) [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from its external manager, high indebtedness, interest rate sensitivity, and real estate market volatility - The company is dependent on its external Manager, an affiliate of Starwood Capital Group, and its key personnel, which **creates potential conflicts of interest**[69](index=69&type=chunk)[71](index=71&type=chunk)[78](index=78&type=chunk) - **Significant indebtedness of approximately $19.7 billion** as of December 31, 2023, subjects the company to increased risk of loss and potential defaults[96](index=96&type=chunk) - The company is exposed to interest rate fluctuations, which can affect investment yields, financing costs, and the value of its assets[100](index=100&type=chunk)[101](index=101&type=chunk) - The company's real estate investments are illiquid and subject to market risks, with **difficult conditions in the office sector** due to remote work trends[117](index=117&type=chunk)[120](index=120&type=chunk)[122](index=122&type=chunk) - The Infrastructure Lending Segment's portfolio is concentrated in the **power and midstream oil and gas industries**, subjecting it to industry-specific risks[195](index=195&type=chunk)[202](index=202&type=chunk) - The Investing and Servicing Segment's special servicing business exposes the company to risks related to declining servicing fees and competition[208](index=208&type=chunk)[209](index=209&type=chunk) - **Failure to qualify as a REIT** would subject the company to corporate income tax, substantially reducing cash available for distribution to stockholders[235](index=235&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) - Cybersecurity risks could lead to data loss, business interruptions, and financial losses, with threats increasing in frequency and severity[273](index=273&type=chunk)[274](index=274&type=chunk) [Unresolved Staff Comments](index=55&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the Securities and Exchange Commission - None[283](index=283&type=chunk) [Cybersecurity](index=55&type=section&id=Item%201C.%20Cybersecurity) The company manages cybersecurity through a comprehensive program with Board oversight and has identified no material threats in the last fiscal year - The company has not identified any risks from known cybersecurity threats in the last fiscal year that have materially affected its operations[284](index=284&type=chunk) - Cybersecurity is managed within an enterprise risk management framework featuring a comprehensive program to identify, protect, detect, and respond to threats[285](index=285&type=chunk) - Oversight is provided by the Board of Directors and Audit Committee, with the Chief Information Officer leading the overall cybersecurity function[287](index=287&type=chunk)[288](index=288&type=chunk) - The company employs a multi-layered security approach, including employee training, annual risk assessments, and third-party monitoring[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk) [Properties](index=56&type=section&id=Item%202.%20Properties) The company leases office space in multiple U.S. locations, with headquarters in Greenwich, CT - The Company leases office space in multiple U.S. locations, with its headquarters in Greenwich, CT, and a detailed property list is in Schedule III[293](index=293&type=chunk) [Legal Proceedings](index=56&type=section&id=Item%203.%20Legal%20Proceedings) The company reports no material pending legal proceedings - No material legal proceedings are pending against the company[294](index=294&type=chunk) [Mine Safety Disclosures](index=56&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[295](index=295&type=chunk) [Part II](index=57&type=section&id=Part%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=57&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock (STWD) is listed on the NYSE, with regular distributions planned to maintain its REIT status - The company's common stock trades on the NYSE under the symbol **"STWD"**[297](index=297&type=chunk) - As a REIT, the company is generally required to **distribute at least 90% of its taxable income annually** and intends to pay regular quarterly distributions[298](index=298&type=chunk) - As of February 16, 2024, there were **313,375,899 shares of common stock outstanding**[5](index=5&type=chunk)[299](index=299&type=chunk) - There were no sales of unregistered equity securities or company purchases of its common stock during the year ended December 31, 2023[303](index=303&type=chunk)[304](index=304&type=chunk) [[Reserved]](index=58&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved and contains no information [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=59&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income decreased to $339.2 million in 2023 due to fair value changes and higher credit loss provisions, despite increased interest income - The economic environment in 2023 was marked by market volatility, inflation, and rising interest rates, impacting borrower performance and real estate values[309](index=309&type=chunk)[310](index=310&type=chunk)[311](index=311&type=chunk) Consolidated Results of Operations Summary ($ in thousands) | Metric | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | Total Revenues | $2,049,908 | $1,464,716 | $1,170,088 | | Total Costs and Expenses | $2,098,318 | $1,272,951 | $989,057 | | Income before income taxes | $417,475 | $997,538 | $501,095 | | Net income attributable to STWD | $339,213 | $871,475 | $447,739 | - For 2023 vs 2022, the Commercial and Residential Lending segment's revenues increased by $536.2 million, but costs rose by $660.2 million due to higher interest expense and credit loss provisions[323](index=323&type=chunk)[324](index=324&type=chunk) - The Property Segment's other income **decreased by $496.4 million** in 2023, mainly due to lower unrealized gains from the Woodstar Fund[338](index=338&type=chunk) - Distributable Earnings, a non-GAAP measure, was **$662.6 million ($2.05 per diluted share)** for 2023, down from $726.3 million ($2.28 per diluted share) for 2022[381](index=381&type=chunk)[382](index=382&type=chunk) Secured Borrowings Summary (As of Dec 31, 2023) | Facility Type | Outstanding Balance ($ thousands) | Maximum Facility Size ($ thousands) | | :--- | :--- | :--- | | Repurchase Agreements | $10,652,359 | $17,580,715 | | Other Secured Financing | $6,796,632 | $8,774,471 | | **Total** | **$17,448,991** | **$26,355,186** | - Critical accounting estimates include the allowance for credit losses under the CECL model, which **increased to $333.1 million** at year-end 2023 from $112.5 million at year-end 2022[458](index=458&type=chunk)[459](index=459&type=chunk)[461](index=461&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=91&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company actively manages credit, interest rate, liquidity, and currency risks through hedging and asset-liability matching - The company is subject to interest rate risk and mitigates it by seeking to match-fund assets and liabilities and using interest rate derivatives[479](index=479&type=chunk) Interest Rate Sensitivity Analysis (Annual Change in Net Investment Income) | Change in Index Rates | Estimated Impact ($ thousands) | | :--- | :--- | | 1.00% Decrease | $(47,391) | | 0.50% Decrease | $(23,696) | | 0.25% Decrease | $(11,848) | | 0.25% Increase | $12,042 | - The company manages foreign currency risk by matching the currency of its foreign assets to borrowings, with **substantially all net asset exposure hedged**[484](index=484&type=chunk)[488](index=488&type=chunk) - The company is exposed to real estate risk from property value fluctuations and credit risk from borrowers' ability to operate underlying properties[476](index=476&type=chunk)[489](index=489&type=chunk) [Financial Statements and Supplementary Data](index=95&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements, which received an unqualified opinion from its auditor Consolidated Balance Sheet Highlights ($ in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Assets | $69,504,196 | $79,043,129 | | Loans held-for-investment, net | $17,574,249 | $18,401,439 | | Total Liabilities | $62,481,214 | $71,844,422 | | Secured financing agreements, net | $13,867,996 | $14,501,532 | | Total STWD Stockholders' Equity | $6,251,089 | $6,462,438 | Consolidated Statement of Operations Highlights ($ in thousands) | Account | 2023 | 2022 | | :--- | :--- | :--- | | Total Revenues | $2,049,908 | $1,464,716 | | Interest Expense | $1,436,107 | $797,121 | | Credit loss provision, net | $243,728 | $46,657 | | Net income attributable to STWD | $339,213 | $871,475 | | Diluted EPS | $1.07 | $2.74 | Consolidated Statement of Cash Flows Highlights ($ in thousands) | Account | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $528,597 | $213,741 | | Net cash provided by (used in) investing activities | $855,074 | $(2,950,306) | | Net cash (used in) provided by financing activities | $(1,454,563) | $2,797,879 | - The independent registered public accounting firm, Deloitte & Touche LLP, issued an **unqualified opinion** on the financial statements and internal controls[495](index=495&type=chunk)[505](index=505&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=176&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants - None[862](index=862&type=chunk) [Controls and Procedures](index=176&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of year-end 2023 - Management, including the CEO and CFO, concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2023[864](index=864&type=chunk) - Management's assessment concluded that **internal control over financial reporting was effective** as of December 31, 2023, which was supported by an unqualified audit opinion[866](index=866&type=chunk)[868](index=868&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter ended December 31, 2023[869](index=869&type=chunk) [Other Information](index=176&type=section&id=Item%209B.%20Other%20Information) The company reports no other information and no new director or officer trading arrangements in Q4 2023 - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended December 31, 2023[870](index=870&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspection](index=176&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspection) This item is not applicable to the company - Not applicable[871](index=871&type=chunk) [Part III](index=177&type=section&id=Part%20III) [Directors, Executive Officers and Corporate Governance](index=177&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Director, officer, and corporate governance details are incorporated by reference from the 2024 Proxy Statement - All information required for this item is **incorporated by reference** from the registrant's definitive proxy statement for the 2024 Annual Meeting of Shareholders[7](index=7&type=chunk)[873](index=873&type=chunk) - The company has adopted a Code of Business Conduct and Ethics and a Code of Ethics for its Principal Executive Officer and Senior Financial Officers[874](index=874&type=chunk) [Executive Compensation](index=177&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's 2024 Proxy Statement - All information required for this item is **incorporated by reference** from the 2024 Proxy Statement[7](index=7&type=chunk)[876](index=876&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=177&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the company's 2024 Proxy Statement - All information required for this item is **incorporated by reference** from the 2024 Proxy Statement[7](index=7&type=chunk)[877](index=877&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=177&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related transactions and director independence is incorporated by reference from the 2024 Proxy Statement - All information required for this item is **incorporated by reference** from the 2024 Proxy Statement[7](index=7&type=chunk)[878](index=878&type=chunk) [Principal Accountant Fees and Services](index=177&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees is incorporated by reference from the company's 2024 Proxy Statement - All information required for this item is **incorporated by reference** from the 2024 Proxy Statement[7](index=7&type=chunk)[879](index=879&type=chunk) [Part IV](index=178&type=section&id=Part%20IV) [Exhibits and Financial Statement Schedules](index=178&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed as part of the Form 10-K - This item lists all financial statements, schedules, and exhibits filed with the report[881](index=881&type=chunk) - Key exhibits filed include the **Management Agreement**, various indentures for senior and convertible notes, and equity compensation plans[882](index=882&type=chunk)[883](index=883&type=chunk)[884](index=884&type=chunk) [Form 10-K Summary](index=181&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that there is no Form 10-K summary - None[886](index=886&type=chunk)

Financial Data and Key Metrics Changes - The company reported distributable earnings of $158 million or $0.49 per share, with GAAP net income at $47 million or $0.15 per share [94] - GAAP book value per share ended at $20.18, with undepreciated book value at $21.15, including $404 million in reserves related to CRE and infrastructure lending [94][95] - The commercial lending portfolio ended at $15.8 billion, with a weighted average risk rating of 2.9, reflecting a $600 million decline from the prior quarter [97] Business Line Data and Key Metrics Changes - The commercial and residential lending segments contributed $207 million to distributable earnings, with repayments of $762 million outpacing fundings of $263 million [96] - The residential lending portfolio ended at $2.5 billion, with $66 million of PAR repayments during the quarter [102] - The infrastructure lending segment contributed $9 million to distributable earnings, with new loan commitments of $444 million [108] Market Data and Key Metrics Changes - The company noted a significant reduction in transactions in corporate M&A, with real estate transactions down 60% to 65% [16] - The office market is experiencing a bifurcation, with Class A buildings performing well while Class B buildings struggle [37][39] - The multifamily sector is expected to benefit from a decrease in construction starts, which have dropped significantly [66] Company Strategy and Development Direction - The company is launching a new business line called Starwood Solutions, focusing on third-party fee-based services [2][4] - The strategy includes expanding fee-based business lines to reduce reliance on price-to-book valuation methodologies [4] - The company aims to position itself as a leading private lender in the real estate credit space, capitalizing on current market conditions [18] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about inflation and its potential impact on the economy, noting that inflation is expected to come down [10][11] - The company is cautious about the current lending environment, emphasizing the need for stability and consistency in distributions [22] - Management believes there are remarkable opportunities for private credit, particularly in real estate, as regional banks reduce their exposure [17][18] Other Important Information - The company has reduced its exposure to construction loans, now comprising less than 10% of the funded loan book [87] - The liquidity position remains strong at $1.1 billion, with no corporate debt maturities until December 31, 2024 [110][111] - The company is focused on maintaining low leverage, with an adjusted debt to un-depreciated equity ratio of 2.42 times [111] Q&A Session Summary Question: Follow-up on office exposure and potential disruptions from WeWork - Management noted that WeWork has a viable business model but is currently restructuring due to excessive locations and pandemic impacts [32] - The company has minimal exposure to WeWork, with only 1.2% of total office square footage affected [34] Question: Update on multifamily cap rates and asset acquisition - Management indicated that the multifamily sector remains attractive, with a willingness to acquire assets at favorable valuations [50][52] Question: Growth expectations in infrastructure lending - Management expects continued growth in infrastructure lending, citing high demand for power and limited competition for financing [60][62] Question: Opportunities for consolidation in the industry - Management expressed interest in consolidating the industry, particularly with financials under duress due to capital structure issues [81][82]

(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 ...