{"id":819021,"date":"2025-02-27T07:17:15","date_gmt":"2025-02-27T12:17:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-the-quarter-and-year-ended-december-31-2024\/"},"modified":"2025-02-27T07:17:15","modified_gmt":"2025-02-27T12:17:15","slug":"starwood-property-trust-reports-results-for-the-quarter-and-year-ended-december-31-2024","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-the-quarter-and-year-ended-december-31-2024\/","title":{"rendered":"Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2024"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n \u2013 GAAP EPS of $0.15<\/span> for the Quarter and $1.10<\/span> for the Year and Distributable EPS for the Quarter of $0.48<\/span> and $2.02<\/span> for the Year \u2013<\/b>\n <\/p>\n

\n \u2013 Invested $1.6 Billion<\/span> in the Quarter, $5.1 Billion<\/span> for the Year and $1.5 Billion<\/span> After Year End \u2013<\/b>\n <\/p>\n

\n \u2013 Executed $2.3 Billion<\/span> of Corporate Debt in the Quarter, Extending Average Maturity to 3.5 Years \u2013<\/b>\n <\/p>\n

\n \u2013\u00a0 Current Liquidity of $1.8 Billion<\/span> \u2013<\/b>\n <\/p>\n

\n \u2013 Paid Dividend of $0.48<\/span> per Share for the 62nd<\/sup> Straight Quarter \u2013<\/b>\n <\/p>\n

\n
\n MIAMI BEACH, Fla.<\/span>
\n <\/span>, Feb.\u00a027, 2025<\/span> \/PRNewswire\/ — Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter and year ended December\u00a031, 2024.\u00a0 The Company’s fourth quarter 2024 GAAP net income was $51<\/span>.6\u00a0million, inclusive of a $52<\/span>.4\u00a0million credit loss provision, and Distributable Earnings (a non-GAAP financial measure) was $166<\/span>.7\u00a0million. The Company’s full year 2024 GAAP net income was $359<\/span>.9\u00a0million, inclusive of a $197<\/span>.4\u00a0million credit loss provision, and Distributable Earnings was $675<\/span>.0\u00a0million.<\/p>\n

“Having a low leverage multi-cylinder platform has allowed us to invest every quarter for 15 years despite volatile and disruptive market conditions, successfully deploying over $100 billion<\/span> of capital. With capital markets continuing to thaw, we expect to significantly increase our pace of investment in 2025 and have already closed $1.5 billion<\/span> so far this year,” commented Barry Sternlicht<\/span>, Chairman and CEO of Starwood Property Trust.<\/p>\n

“With significant liquidity and proven access to capital at record low spreads, we are well positioned to grow across our investing cylinders. Our success is not reliant on any one of our many businesses. We have $1.5 billion<\/span> of harvestable unrealized property gains and high return on equity divisions, including our special servicer (the largest named servicer in the U.S.) and our conduit (the largest non-bank contributor into CMBS in 2024),” added Jeffrey DiModica<\/span>, President of Starwood Property Trust.<\/p>\n

\n
\n Supplemental Schedules <\/u>
\n <\/b>\n <\/p>\n

The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders.\u00a0 Specifically, these materials can be found on the Company’s website in the Investor Relations section under “Quarterly Results” at www.starwoodpropertytrust.com<\/a><\/u>.\u00a0<\/p>\n

\n
\n Webcast and Conference Call Information<\/u>
\n <\/b>\u00a0<\/p>\n

The Company will host a live webcast and conference call on Thursday, February\u00a027, 2025, at 10:00 a.m. Eastern Time<\/span>. \u00a0To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software.\u00a0 The webcast is available at www.starwoodpropertytrust.com<\/a><\/u>\u00a0in the Investor Relations section of the website.\u00a0 The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in.\u00a0<\/p>\n

\n To Participate via Telephone Conference Call:<\/b>\n <\/p>\n

Dial in at least 15 minutes prior to start time.
Domestic:\u00a0 1-877-407-9039
International:\u00a0 1-201-689-8470<\/p>\n

\n Conference Call Playback:<\/b>\n <\/p>\n

Domestic:\u00a0 1-844-512-2921
International:\u00a0 1-412-317-6671
Passcode:\u00a0 13750198<\/p>\n

The playback can be accessed through March 13, 2025<\/span>.<\/p>\n

\n
\n About Starwood Property Trust, Inc.<\/u>
\n <\/b>\n <\/p>\n

Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of December\u00a031, 2024, the Company has successfully deployed over $102 billion<\/span> of capital since inception and manages a portfolio of over $25 billion<\/span> across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com<\/a><\/u>.\u00a0<\/p>\n

\n Forward-Looking Statements<\/b>\n <\/p>\n

Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. \u00a0Forward-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. \u00a0Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. \u00a0Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December\u00a031, 2024, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC.<\/p>\n

In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein 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.<\/p>\n

Additional information can be found on the Company’s website at www.starwoodpropertytrust.com<\/a><\/u>.\u00a0\u00a0<\/p>\n

\n Contact:
<\/b>
\n Zachary Tanenbaum<\/span>
\n
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Starwood Property Trust,\u00a0Inc. and Subsidiaries<\/b>
\n <\/span>\n <\/p>\n

\n
\n Condensed Consolidated Statement of Operations by Segment<\/b>
\n <\/span>\n <\/p>\n

\n
\n For the three months ended December\u00a031, 2024<\/b>
\n <\/span>\n <\/p>\n

\n
\n (Amounts in thousands)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n Commercial and<\/b>
\n <\/span>\n <\/p>\n

\n
\n Residential<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Infrastructure<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Property<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Investing<\/b>
\n <\/span>\n <\/p>\n

\n
\n and\u00a0Servicing<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Subtotal<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Securitization<\/b>
\n <\/span>\n <\/p>\n

\n
\n VIEs<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Revenues:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest income from loans<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 321,378<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 61,119<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,889<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 388,386<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 388,386<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income from investment securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 26,638<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 115<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 22,978<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49,731<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (35,359)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14,372<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Servicing fees<\/span>\n <\/p>\n<\/td>\n

\n

\n 64<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24,067<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24,131<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6,481)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17,650<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Rental income<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,506<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16,347<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,860<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27,713<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27,713<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,349<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,152<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 198<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,006<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 563<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,268<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,268<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 356,935<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 63,386<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 16,545<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 58,800<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 563<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 496,229<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (41,840)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 454,389<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Costs and expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Management fees<\/span>\n <\/p>\n<\/td>\n

\n

\n 187<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,020<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,207<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,207<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 182,958<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35,891<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,647<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,918<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 72,283<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 310,697<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (208)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 310,489<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,160<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,355<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 727<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28,092<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,103<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49,437<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49,437<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Costs of rental operations<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,586<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,174<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,930<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,690<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,690<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,304<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,840<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,768<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 251<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,176<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,176<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Credit loss provision, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 51,267<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,158<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 52,425<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 52,425<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 14<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 341<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 234<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 589<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 589<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total costs and expenses<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 253,476<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 42,758<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 22,388<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 42,942<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 117,657<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 479,221<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (208)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 479,013<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Other income (loss):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Change in net assets related to consolidated VIEs<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31,870<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31,870<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of servicing rights<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,408<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,408<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (184)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,224<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of investment securities, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,428<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (14,303)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (9,875)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10,385<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 510<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of mortgage loans, net<\/span>\n <\/p>\n<\/td>\n

\n

\n (99,184)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24,785<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (74,399)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (74,399)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income from affordable housing fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 91,837<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 91,837<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 91,837<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings (loss) from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,306<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,108<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 427<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,841<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (439)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,402<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain on sale of investments and other assets, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 346<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 86<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 432<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 432<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain (loss) on derivative financial instruments, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 184,713<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 93<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 50<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,325<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (49,231)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 138,950<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 138,950<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency (loss) gain, net<\/span>\n <\/p>\n<\/td>\n

\n

\n (97,800)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (666)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 102<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (98,364)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (98,364)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loss on extinguishment of debt<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (846)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (293)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,139)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,139)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other (loss) income, net<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,676)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 491<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 207<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,978)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,978)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total other income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n (8,867)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,180<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 92,196<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 16,728<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (49,524)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 51,713<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 41,632<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 93,345<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Income (loss) before income taxes<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 94,592<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 21,808<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 86,353<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 32,586<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (166,618)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 68,721<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 68,721<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax benefit (provision)<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,814<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (155)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (7,558)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,101<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,101<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 104,406<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 21,653<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 86,353<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 25,028<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (166,618)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 70,822<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 70,822<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net (income) loss attributable to non-controlling interests<\/span>\n <\/p>\n<\/td>\n

\n

\n (4)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (23,191)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,016<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (19,179)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (19,179)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss) attributable to Starwood Property Trust,\u00a0Inc.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 104,402<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21,653<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 63,162<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,044<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 (166,618)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 51,643<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 51,643<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Definition of Distributable Earnings<\/b>\n <\/p>\n

Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT.\u00a0 For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors. Refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024<\/span> for additional information regarding Distributable Earnings.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Reconciliation of Net Income to Distributable Earnings <\/b>
\n <\/span>\n <\/p>\n

\n
\n For the three months ended December\u00a031, 2024<\/b>
\n <\/span>\n <\/p>\n

\n
\n (Amounts in thousands except per share data)<\/b>
\n <\/span>\n <\/p>\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n Commercial and<\/b>
\n <\/span>\n <\/p>\n

\n
\n Residential<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Infrastructure<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Property<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Investing<\/b>
\n <\/span>\n <\/p>\n

\n
\n and\u00a0Servicing<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss) attributable to Starwood Property\u00a0Trust,\u00a0Inc.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 104,402<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21,653<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 63,162<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,044<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (166,618)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 51,643<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Add \/ (Deduct):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Non-controlling interests attributable to Woodstar II Class A Units<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,660<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,660<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-controlling interests attributable to unrealized gains\/losses<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,579<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (9,463)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,116<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-cash equity compensation expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,430<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 490<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 82<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,330<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,952<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10,284<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Management incentive fee<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12,731<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12,731<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,446<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,941<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,870<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,259<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income adjustment for securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,361<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,990<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14,351<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consolidated income\u00a0tax (benefit) provision\u00a0associated\u00a0with\u00a0fair value\u00a0adjustments<\/span>\n <\/p>\n<\/td>\n

\n

\n (9,814)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 155<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,558<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,101)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other non-cash items<\/span>\n <\/p>\n<\/td>\n

\n

\n 4<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 277<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (117)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 164<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Reversal of GAAP unrealized and realized (gains) \/ losses on:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans<\/span>\n <\/p>\n<\/td>\n

\n

\n 99,184<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (24,785)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 74,399<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Credit loss provision, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 51,267<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,158<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 52,425<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (4,428)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14,303<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,875<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Woodstar Fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (91,837)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (91,837)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivatives<\/span>\n <\/p>\n<\/td>\n

\n

\n (184,713)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (93)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (50)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,325)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49,231<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (138,950)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency<\/span>\n <\/p>\n<\/td>\n

\n

\n 97,800<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 666<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (102)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 98,364<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,306)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,108)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (427)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,841)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales of properties<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (86)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (86)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Recognition of Distributable realized gains \/ (losses) on:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans<\/span>\n <\/p>\n<\/td>\n

\n

\n (286)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25,953<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25,667<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (254)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11,633)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11,887)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Woodstar Fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16,100<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16,100<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivatives<\/span>\n <\/p>\n<\/td>\n

\n

\n 43,141<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 65<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (411)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,335<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11,515)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 39,615<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency<\/span>\n <\/p>\n<\/td>\n

\n

\n (13,846)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (101)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 102<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (13,845)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings (loss) from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,305<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (111)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 305<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,499<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales of properties<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 86<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 86<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Distributable Earnings (Loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 192,693<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21,776<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,503<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 48,938<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (110,219)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 166,691<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Distributable Earnings (Loss) per Weighted Average Diluted Share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.55<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.06<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.04<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.14<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.31)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.48<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Starwood Property Trust,\u00a0Inc. and Subsidiaries<\/b>
\n <\/span>\n <\/p>\n

\n
\n Condensed Consolidated Statement of Operations by Segment<\/b>
\n <\/span>\n <\/p>\n

\n
\n For the year ended December\u00a031, 2024<\/b>
\n <\/span>\n <\/p>\n

\n
\n (Amounts in thousands)<\/b>
\n <\/span>\n <\/p>\n

\n \u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n Commercial and<\/b>
\n <\/span>\n <\/p>\n

\n
\n Residential<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Infrastructure<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Property<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Investing<\/b>
\n <\/span>\n <\/p>\n

\n
\n and\u00a0Servicing<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Subtotal<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Securitization<\/b>
\n <\/span>\n <\/p>\n

\n
\n VIEs<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Revenues:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest income from loans<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,424,188<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 255,645<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 18,234<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 1,698,067<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,698,067<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income from investment securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 116,808<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 506<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 93,641<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 210,955<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (144,150)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 66,805<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Servicing fees<\/span>\n <\/p>\n<\/td>\n

\n

\n 425<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 72,579<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 73,004<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (17,805)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 55,199<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Rental income<\/span>\n <\/p>\n<\/td>\n

\n

\n 18,325<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 69,210<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20,463<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 107,998<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 107,998<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,804<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,842<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 772<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,842<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,514<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18,774<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18,774<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,566,550<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 260,993<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 69,982<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 208,759<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,514<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,108,798<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (161,955)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,946,843<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Costs and expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Management fees<\/span>\n <\/p>\n<\/td>\n

\n

\n 756<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 144,421<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 145,177<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 145,177<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 845,082<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 151,120<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 44,972<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 36,870<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 271,483<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,349,527<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (834)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,348,693<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative<\/span>\n <\/p>\n<\/td>\n

\n

\n 60,163<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19,980<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,428<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 99,499<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,166<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 199,236<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 199,236<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Costs of rental operations<\/span>\n <\/p>\n<\/td>\n

\n

\n 13,163<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23,483<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,591<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 48,237<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 48,237<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,653<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 56<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23,535<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,057<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,005<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,306<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,306<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Credit loss provision, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 194,260<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,140<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 197,400<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 197,400<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 785<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 516<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 687<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,023<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,023<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total costs and expenses<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,123,862<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 174,812<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 96,453<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 155,704<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 432,075<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,982,906<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (834)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,982,072<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Other income (loss):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Change in net assets related to consolidated VIEs<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 75,706<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 75,706<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of servicing rights<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 887<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 887<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,119<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,006<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of investment securities, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 76<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (83,748)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (83,672)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 84,686<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,014<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of mortgage loans, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,597<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 72,283<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 75,880<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 75,880<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income from affordable housing fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 102,141<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 102,141<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 102,141<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings (loss) from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,599<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,414<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,473<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14,486<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,390)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,096<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain on sale of investments and other assets, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 305<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 92,003<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,402<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 100,710<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 100,710<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain (loss) on derivative financial instruments, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 196,349<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 152<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,492<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,454<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (43,513)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 157,934<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 157,934<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency (loss) gain, net<\/span>\n <\/p>\n<\/td>\n

\n

\n (73,830)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (187)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 89<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (73,928)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (73,928)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain (loss) on extinguishment of debt<\/span>\n <\/p>\n<\/td>\n

\n

\n 173<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,466)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,254)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (100)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (293)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,940)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,940)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other (loss) income, net<\/span>\n <\/p>\n<\/td>\n

\n

\n (10,013)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 531<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (949)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 50<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (10,381)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (10,381)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total other income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 128,256<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 444<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 192,522<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,701<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (43,806)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 280,117<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 161,121<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 441,238<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Income (loss) before income taxes<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 570,944<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 86,625<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 166,051<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 55,756<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (473,367)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 406,009<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 406,009<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax (provision) benefit<\/span>\n <\/p>\n<\/td>\n

\n

\n (9,116)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 259<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (16,575)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (25,432)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (25,432)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 561,828<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 86,884<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 166,051<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 39,181<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (473,367)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 380,577<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 380,577<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net (income) loss attributable to non-controlling interests<\/span>\n <\/p>\n<\/td>\n

\n

\n (14)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (38,201)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17,571<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (20,644)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (20,644)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss) attributable to Starwood Property Trust,\u00a0Inc.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 561,814<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 86,884<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0 127,850<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 56,752<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 (473,367)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 359,933<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 359,933<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Reconciliation of Net Income to Distributable Earnings <\/b>
\n <\/span>\n <\/p>\n

\n
\n For the year ended December\u00a031, 2024<\/b>
\n <\/span>\n <\/p>\n

\n
\n (Amounts in thousands except per share data)<\/b>
\n <\/span>\n <\/p>\n

\n \u00a0<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n Commercial and<\/b>
\n <\/span>\n <\/p>\n

\n
\n Residential<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Infrastructure<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Property<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Investing<\/b>
\n <\/span>\n <\/p>\n

\n
\n and\u00a0Servicing<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss) attributable to Starwood Property\u00a0Trust,\u00a0Inc.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 561,814<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 86,884<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 127,850<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 56,752<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (473,367)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 359,933<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Add \/ (Deduct):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Non-controlling interests attributable to Woodstar II Class A Units<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18,638<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18,638<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-controlling interests attributable to unrealized gains\/losses<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,551<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (34,961)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (28,410)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-cash equity compensation expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,750<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,975<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 370<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,127<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23,564<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,786<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Management incentive fee<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35,324<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35,324<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,239<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23,896<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,440<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,592<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income adjustment for securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 20,252<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 35,593<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 55,845<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consolidated income tax provision (benefit) associated with fair value adjustments<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,116<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (259)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16,575<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25,432<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other non-cash items<\/span>\n <\/p>\n<\/td>\n

\n

\n 14<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,111<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (940)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 185<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Reversal of GAAP unrealized and realized (gains) \/ losses on:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans<\/span>\n <\/p>\n<\/td>\n

\n

\n (3,597)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (72,283)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (75,880)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Credit loss provision, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 194,260<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,140<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 197,400<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (76)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 83,748<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 83,672<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Woodstar Fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (102,141)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (102,141)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivatives<\/span>\n <\/p>\n<\/td>\n

\n

\n (196,349)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (152)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,492)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,454)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 43,513<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (157,934)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency<\/span>\n <\/p>\n<\/td>\n

\n

\n 73,830<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 187<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (89)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 73,928<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n (11,599)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,414)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,473)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (14,486)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales of properties<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (92,003)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (8,402)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (100,405)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Recognition of Distributable realized gains \/ (losses) on:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans<\/span>\n <\/p>\n<\/td>\n

\n

\n (5,235)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 73,214<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 67,979<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Realized credit loss<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,546)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,546)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (9,556)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (48,711)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (58,267)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Woodstar Fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 70,346<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 70,346<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivatives<\/span>\n <\/p>\n<\/td>\n

\n

\n 144,325<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 334<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,283<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,354<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (43,265)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 119,031<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency<\/span>\n <\/p>\n<\/td>\n

\n

\n (26,055)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (46)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 89<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (26,012)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings (loss) from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,577<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (437)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,338<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,478<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales of properties<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 39,150<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,323<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42,473<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Distributable Earnings (Loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 776,710<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 88,683<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 100,559<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 123,240<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (414,231)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 674,961<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Distributable Earnings (Loss) per Weighted Average Diluted Share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.32<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.27<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.37<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (1.24)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2.02<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Starwood Property Trust,\u00a0Inc. and Subsidiaries<\/b>
\n <\/span>\n <\/p>\n

\n
\n Condensed Consolidated Balance Sheet by Segment<\/b>
\n <\/span>\n <\/p>\n

\n
\n As of December\u00a031, 2024<\/b>
\n <\/span>\n <\/p>\n

\n
\n (Amounts in thousands)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n Commercial and<\/b>
\n <\/span>\n <\/p>\n

\n
\n Residential <\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Infrastructure<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Property<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Investing<\/b>
\n <\/span>\n <\/p>\n

\n
\n and\u00a0Servicing<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Subtotal<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Securitization<\/b>
\n <\/span>\n <\/p>\n

\n
\n VIEs<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Assets:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,743<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 122,134<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 24,717<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,946<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 199,291<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 377,831<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 377,831<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Restricted cash<\/span>\n <\/p>\n<\/td>\n

\n

\n 147,502<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21,986<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,133<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,543<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 176,164<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 176,164<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loans held-for-investment, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,895,064<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,541,949<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,437,013<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,437,013<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loans held-for-sale<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,394,624<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 121,384<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,516,008<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,516,008<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investment securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 909,762<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17,273<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,225,024<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,152,059<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,618,801)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 533,258<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Properties, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 650,966<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 657,246<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 65,466<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,373,678<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,373,678<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investments of consolidated affordable housing fund<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,073,533<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,073,533<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,073,533<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investments in unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n 26,441<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 54,105<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33,640<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 114,186<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (14,816)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 99,370<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Goodwill<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 119,409<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 140,437<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 259,846<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 259,846<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Intangible assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 10,637<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 22,101<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 63,711<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 96,449<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (35,745)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 60,704<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivative assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 174,507<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 115<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 898<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 175,520<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 175,520<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accrued interest receivable<\/span>\n <\/p>\n<\/td>\n

\n

\n 150,474<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,961<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 684<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,648<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 167,767<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 167,767<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 206,103<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,190<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 52,243<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,700<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 92,993<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 368,229<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 368,229<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n VIE assets, at fair value<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 38,937,576<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 38,937,576<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total Assets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 17,585,823<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 2,899,007<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 2,831,088<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 1,677,433<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0 294,932<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 25,288,283<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 37,268,214<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0 62,556,497<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Liabilities and Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Liabilities:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Accounts payable, accrued expenses and\u00a0other liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 185,303<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 30,157<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,232<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 57,624<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0 148,268<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 434,584<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 434,584<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Related-party payable<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 38,958<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 38,958<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 38,958<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Dividends payable<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 163,383<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 163,383<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 163,383<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivative liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 67,452<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27,438<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 94,890<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 94,890<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Secured financing agreements, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,912,536<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 760,299<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 479,732<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 591,094<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,428,227<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,171,888<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (20,331)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,151,557<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Collateralized loan obligations and single asset securitization, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,966,865<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,229,561<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,196,426<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,196,426<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Unsecured senior notes, net<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,994,682<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,994,682<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,994,682<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n VIE liabilities, at fair value<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 37,288,545<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 37,288,545<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total Liabilities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 10,132,156<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,020,017<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 492,964<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 648,718<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4,800,956<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 18,094,811<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 37,268,214<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 55,363,025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Temporary Equity: <\/b>Redeemable non-controlling interests <\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 426,695<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 426,695<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 426,695<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Permanent Equity:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Starwood Property Trust,\u00a0Inc. Stockholders’\u00a0Equity:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Common stock<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,449<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,449<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,449<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Additional paid-in capital<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,363,238<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 619,428<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (398,205)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (706,746)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,445,048<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,322,763<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,322,763<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Treasury stock<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (138,022)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (138,022)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (138,022)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Retained earnings (accumulated deficit)<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,076,720<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 259,562<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,102,389<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,613,151<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (9,816,499)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 235,323<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 235,323<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accumulated other comprehensive income<\/span>\n <\/p>\n<\/td>\n

\n

\n 13,594<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,594<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,594<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total Starwood Property Trust,\u00a0Inc. Stockholders’ Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 7,453,552<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 878,990<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,704,184<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 906,405<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,506,024)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,437,107<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,437,107<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-controlling interests in consolidated\u00a0subsidiaries<\/span>\n <\/p>\n<\/td>\n

\n

\n 115<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 207,245<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 122,310<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 329,670<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 329,670<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total Permanent Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 7,453,667<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 878,990<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,911,429<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,028,715<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (4,506,024)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 6,766,777<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 6,766,777<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total Liabilities and Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 17,585,823<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 2,899,007<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 2,831,088<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 1,677,433<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0 294,932<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 25,288,283<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 37,268,214<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0 62,556,497<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n \"Cision\" View original content:https:\/\/www.prnewswire.com\/news-releases\/starwood-property-trust-reports-results-for-the-quarter-and-year-ended-december-31-2024-302386847.html<\/a><\/p>\n

SOURCE Starwood Property Trust, Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire \u2013 GAAP EPS of $0.15 for the Quarter and $1.10 for the Year and Distributable EPS for the Quarter of $0.48 and $2.02 for the Year \u2013 \u2013 Invested $1.6 Billion in the Quarter, $5.1 Billion for the Year and $1.5 Billion After Year End \u2013 \u2013 Executed $2.3 Billion of Corporate Debt in the Quarter, Extending Average Maturity to 3.5 Years \u2013 \u2013\u00a0 Current Liquidity of $1.8 Billion \u2013 \u2013 Paid Dividend of $0.48 per Share for the 62nd Straight Quarter \u2013 MIAMI BEACH, Fla. , Feb.\u00a027, 2025 \/PRNewswire\/ — Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter and year ended December\u00a031, 2024.\u00a0 The Company’s fourth quarter 2024 GAAP net income … <\/p>\n

Continue reading “Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2024”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-819021","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nStarwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2024 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-the-quarter-and-year-ended-december-31-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2024 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire \u2013 GAAP EPS of $0.15 for the Quarter and $1.10 for the Year and Distributable EPS for the Quarter of $0.48 and $2.02 for the Year \u2013 \u2013 Invested $1.6 Billion in the Quarter, $5.1 Billion for the Year and $1.5 Billion After Year End \u2013 \u2013 Executed $2.3 Billion of Corporate Debt in the Quarter, Extending Average Maturity to 3.5 Years \u2013 \u2013\u00a0 Current Liquidity of $1.8 Billion \u2013 \u2013 Paid Dividend of $0.48 per Share for the 62nd Straight Quarter \u2013 MIAMI BEACH, Fla. , Feb.\u00a027, 2025 \/PRNewswire\/ — Starwood Property Trust, Inc. 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