Starwood Property Trust(US:STWD)2023-03-01 18:13Financial 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]