Starwood Property Trust Files 2023 10-K Report

TL;DR

<b>Starwood Property Trust, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

STARWOOD PROPERTY TRUST, INC. (STWD) filed a Annual Report (10-K) with the SEC on February 22, 2024. Filed 10-K for the fiscal year ending December 31, 2023. Company name: STARWOOD PROPERTY TRUST, INC. Central Index Key: 0001465128. Standard Industrial Classification: Real Estate Investment Trusts [6798]. Filing date: February 22, 2024.

Why It Matters

For investors and stakeholders tracking STARWOOD PROPERTY TRUST, INC., this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the 2023 fiscal year. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — STARWOOD PROPERTY TRUST, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which provides a broad overview of the company's financial health and operations, but lacks specific forward-looking financial guidance or significant new disclosures that would indicate a high-risk or low-risk profile based solely on the filing type and date.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Starwood Property Trust's performance and outlook for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-22 — Filing Date (Date of submission)

Key Players & Entities

• STARWOOD PROPERTY TRUST, INC. (company) — Filer name
• 0001465128 (company) — Central Index Key
• 20231231 (date) — Fiscal year end
• 20240222 (date) — Filed as of date
• 6798 (industry) — Standard Industrial Classification

FAQ

Industry Context

Starwood Property Trust, Inc. operates within the Real Estate Investment Trusts (REITs) sector, focusing on commercial real estate debt and equity investments.

Regulatory Implications

As a publicly traded company, Starwood Property Trust is subject to SEC regulations and reporting requirements, including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the company's balance sheet and income statement for the fiscal year 2023.
2. Review the Management's Discussion and Analysis of Financial Condition and Results of Operations section for insights into performance drivers.
3. Examine the risk factors section to understand potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-22: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K report, providing the most current annual financial overview.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share STWD New York Sto
• $5 million — all and medium sized loan transactions ($5 million to $50 million) for both investment and
• $50 million — sized loan transactions ($5 million to $50 million) for both investment and securitization
• $150.0 million — d (a) any investment that is less than $150.0 million will require approval of our Chief Exec
• $250.0 million — excess of $150.0 million but less than $250.0 million will require approval of our Manager's
• $400.0 million — excess of $250.0 million but less than $400.0 million will require approval of each of the in

Filing Documents

• stwd-20231231.htm (10-K) — 6909KB
• stwd_ex-211xye2023.htm (EX-21.1) — 264KB
• stwd_ex-231xye2023.htm (EX-23.1) — 5KB
• stwd_ex-311xye2023.htm (EX-31.1) — 10KB
• stwd_ex-312xye2023.htm (EX-31.2) — 10KB
• stwd_ex-321xye2023.htm (EX-32.1) — 4KB
• stwd_ex-322xye2023.htm (EX-32.2) — 4KB
• stwd_ex-971xye2023.htm (EX-97.1) — 23KB
• stwd-20231231_g1.jpg (GRAPHIC) — 115KB
• 0001628280-24-006128.txt (&nbsp;) — 34304KB
• stwd-20231231.xsd (EX-101.SCH) — 200KB
• stwd-20231231_cal.xml (EX-101.CAL) — 194KB
• stwd-20231231_def.xml (EX-101.DEF) — 1150KB
• stwd-20231231_lab.xml (EX-101.LAB) — 2029KB
• stwd-20231231_pre.xml (EX-101.PRE) — 1498KB
• stwd-20231231_htm.xml (XML) — 7272KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 55 Item 1C . Cybersecurity 55 Item 2.

Properties

Properties 56 Item 3.

Legal Proceedings

Legal Proceedings 56 Item 4. Mine Safety Disclosures 56 Part II 57 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 57 Item 6. [Reserved] 58 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 59 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 91 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 95 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 176 Item 9A.

Controls and Procedures

Controls and Procedures 176 Item 9B. Other Information 176 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 176 Part III 177 Item 10. Directors, Executive Officers and Corporate Governance 177 Item 11.

Executive Compensation

Executive Compensation 177 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 177 Item 13. Certain Relationships and Related Transactions, and Director Independence 177 Item 14. Principal Accountant Fees and Services 177 Part IV 178 Item 15. Exhibits and Financial Statement Schedules 178 Item 16. Form 10-K Summary 181

Signatures

Signatures 182 2 Table of Contents Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K (this "Form 10-K") 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: 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, underwriti

Business

Item 1. Business. The following description of our business should be read in conjunction with the information included elsewhere in this Form 10K for the year ended December 31, 2023. This discussion contains forwardlooking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forwardlooking statements due to the factors set forth in "Risk Factors" and elsewhere in this Form 10K. References in this Form 10K to "we," "our," "us," or the "Company" refer to Starwood Property Trust, Inc. and its subsidiaries. General Starwood Property Trust, Inc. ("STWD" and, together with its subsidiaries, "we" or the "Company") is a Maryland corporation that commenced operations in August 2009, upon the completion of our initial public offering ("IPO"). We are focused primarily on originating, acquiring, financing and managing mortgage loans and other real estate investments in the United States ("U.S."), Europe and Australia. As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and credit spreads as well as economic and credit conditions. We have four reportable business segments as of December 31, 2023 and we refer to the investments within these segments as our target assets: Real estate commercial and residential lending (the "Commercial and Residential Lending Segment")—engages primarily in originating, acquiring, financing and managing commercial first mortgages, non-agency residential mortgages ("residential loans"), subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities ("CMBS"), residential mortgage-backed securities ("RMBS") and other real estate and real estate-related debt investments in the U.S., Europe and Australia (including distressed or non-performing loans). Our residential loans are secured by a first mortgage lien on residential property and primarily consist of non-agency residential lo