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Published: 2022-11-09 00:00:00 ET
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Exhibit 99.1
For Immediate Release
Starwood Property Trust Reports Results for
Quarter Ended September 30, 2022
– Quarterly GAAP Earnings of $0.61 and Distributable Earnings (DE) of $0.51 per Diluted Share –
– $1.3 Billion of Investment Activity, Including $0.9 Billion in Commercial Lending –
– Undepreciated Book Value Increased $0.18 Quarter-over-Quarter to $21.69 -
– Priced New $600 Million 5-year Term Loan –
– Liquidity of $1.3 Billion, Including Term Loan Net Proceeds –
– LNR Regains Position as Largest Special Servicer in the U.S., with Over $100 Billion in Named Servicing –
– Paid Dividend of $0.48 per Share –
GREENWICH, Conn., November 9, 2022 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended September 30, 2022. The Company’s third quarter 2022 GAAP net income was $194.6 million, or $0.61 per diluted share, and Distributable Earnings (a non-GAAP financial measure) was $163.3 million, or $0.51 per diluted share.

“We are proud of the multi-cylinder platform we have built over the past 13 years, the diversification of which has allowed us to continue to generate consistent returns across varying market conditions. Our company is well-positioned for the current environment with $1.3 billion of liquidity and $1.6 billion of embedded unrealized gains in our owned property portfolio. We will remain laser focused on managing both sides of our balance sheet as we selectively deploy capital into attractive risk adjusted investments,” stated Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

“Last week, we further fortified our balance sheet with a new $600 million 5-year term loan at pricing which reflects the high credit quality of our business. This new capital, coupled with our $3.9 billion of unencumbered assets, gives us extraordinary access to incremental liquidity, allowing us to take advantage of very accretive investment opportunities in the future,” added Jeffrey DiModica, President of Starwood Property Trust.


Supplemental Schedules
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. Specifically, these materials can be found on the Company’s website in the Investor Relations section under “Quarterly Results” at www.starwoodpropertytrust.com.
1


Webcast and Conference Call Information
The Company will host a live webcast and conference call on Wednesday, November 9, 2022, at 10:00 a.m. Eastern Time.  To 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. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. 
To Participate via Telephone Conference Call:
Dial in at least 15 minutes prior to start time.
Domestic: 1-877-407-9039
International: 1-201-689-8470

Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 13730652
The playback can be accessed through November 16, 2022.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD) is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. An affiliate of global private investment firm Starwood Capital Group, the Company has successfully deployed $93 billion of capital since inception and manages a portfolio of over $27 billion 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.
Forward-Looking Statements
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.  Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions.  Although 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.  Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, the severity and duration of economic disruption caused by the COVID-19 global pandemic (including the emergence of new strains of the virus), 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 31, 2021, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.
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.

2



Additional information can be found on the Company’s website at www.starwoodpropertytrust.com.

Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
3


Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the three months ended September 30, 2022
(Amounts in thousands)
Commercial and
Residential
Lending
Segment		Infrastructure
Lending
Segment		Property
Segment		Investing
and Servicing
Segment		CorporateSubtotalSecuritization
VIEs		Total
Revenues:
Interest income from loans$284,197 $43,018 $— $1,139 $— $328,354 $— $328,354 
Interest income from investment securities28,560 1,204 — 27,585 — 57,349 (38,330)19,019 
Servicing fees142 — — 11,830 — 11,972 (3,545)8,427 
Rental income1,944 — 22,886 8,102 — 32,932 — 32,932 
Other revenues138 129 54 1,491 — 1,812 (3)1,809 
Total revenues314,981 44,351 22,940 50,147 — 432,419 (41,878)390,541 
Costs and expenses:
Management fees227 — — — 27,129 27,356 — 27,356 
Interest expense145,107 22,500 9,266 6,601 39,166 222,640 (217)222,423 
General and administrative16,458 3,588 933 20,046 4,384 45,409 86 45,495 
Acquisition and investment pursuit costs1,164 2 — 47 — 1,213 — 1,213 
Costs of rental operations2,633 — 5,793 3,780 — 12,206 — 12,206 
Depreciation and amortization1,629 101 8,161 2,720 — 12,611 — 12,611 
Credit loss provision, net8,401 6,942 — — — 15,343 — 15,343 
Total costs and expenses175,619 33,133 24,153 33,194 70,679 336,778 (131)336,647 
Other income (loss):
Change in net assets related to consolidated VIEs— — — — — — 37,146 37,146 
Change in fair value of servicing rights— — — 357 — 357 158 515 
Change in fair value of investment securities, net16,398 — — (21,412)— (5,014)4,931 (83)
Change in fair value of mortgage loans, net(90,159)— — 2,685 — (87,474)— (87,474)
Income from affordable housing fund investments— — 117,527 — — 117,527 — 117,527 
(Loss) earnings from unconsolidated entities(4,044)1,892 — 602 — (1,550)(494)(2,044)
(Loss) gain on sale of investments and other assets, net(288)— — 13,741 — 13,453 — 13,453 
Gain (loss) on derivative financial instruments, net220,296 331 10,262 6,849 (31,668)206,070 — 206,070 
Foreign currency (loss) gain, net(107,087)(253)22 — — (107,318)— (107,318)
Loss on extinguishment of debt— — — (212)— (212)— (212)
Other loss, net(56,391)— — — — (56,391)— (56,391)
Total other income (loss)(21,275)1,970 127,811 2,610 (31,668)79,448 41,741 121,189 
Income (loss) before income taxes118,087 13,188 126,598 19,563 (102,347)175,089 (6)175,083 
Income tax benefit (provision)53,099 2 — (4,346)— 48,755 — 48,755 
Net income (loss)171,186 13,190 126,598 15,217 (102,347)223,844 (6)223,838 
Net income attributable to non-controlling interests(3)— (28,486)(793)— (29,282)6 (29,276)
Net income (loss) attributable to Starwood Property Trust, Inc.$171,183 $13,190 $98,112 $14,424 $(102,347)$194,562 $— $194,562 
4


Definition of Distributable Earnings
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. 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 from 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 for additional information regarding Distributable Earnings.
Reconciliation of Net Income to Distributable Earnings
For the three months ended September 30, 2022
(Amounts in thousands except per share data)
Commercial and
Residential
Lending
Segment		Infrastructure
Lending
Segment		Property
Segment		Investing
and Servicing
Segment		CorporateTotal
Net income (loss) attributable to Starwood Property Trust, Inc.$171,183 $13,190 $98,112 $14,424 $(102,347)$194,562 
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units— — 4,691 — — 4,691 
Non-controlling interests attributable to unrealized gains/losses— — 21,111 (4,019)— 17,092 
Non-cash equity compensation expense1,660 338 75 1,458 6,172 9,703 
Management incentive fee— — — — 895 895 
Acquisition and investment pursuit costs(22)— (82)— — (104)
Depreciation and amortization1,728 90 8,232 2,841 — 12,891 
Interest income adjustment for securities1,280 — — 2,746 — 4,026 
Extinguishment of debt, net— — — — (246)(246)
Consolidated income tax benefit associated with fair value adjustments(53,099)(2)— 4,346 — (48,755)
Other non-cash items55,522 — 344 76 — 55,942 
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans90,159 — — (2,685)— 87,474 
Credit loss provision, net8,401 6,942 — — — 15,343 
Securities(16,398)— — 21,412 — 5,014 
Woodstar Fund investments— — (117,527)— — (117,527)
Derivatives(220,296)(331)(10,262)(6,849)31,668 (206,070)
Foreign currency107,087 253 (22)— — 107,318 
Loss (earnings) from unconsolidated entities4,044 (1,892)— (602)— 1,550 
Sales of properties— — — (13,741)— (13,741)
Recognition of Distributable realized gains / (losses) on:
Loans (470)— — 3,078 — 2,608 
Securities (1)— — (5,341)— (5,342)
Woodstar Fund investments— — 14,855 — — 14,855 
Derivatives9,144 18 1,345 2,923 (1,109)12,321 
Foreign currency (2,579)(57)22 — — (2,614)
(Loss) earnings from unconsolidated entities(3,846)1,893 — 913 — (1,040)
Sales of properties— — — 12,424 — 12,424 
Distributable Earnings (Loss)$153,497 $20,442 $20,894 $33,404 $(64,967)$163,270 
Distributable Earnings (Loss) per Weighted Average Diluted Share$0.48 $0.06 $0.07 $0.10 $(0.20)$0.51 
5


Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the nine months ended September 30, 2022
(Amounts in thousands)
Commercial and
Residential
Lending
Segment		Infrastructure
Lending
Segment		Property
Segment		Investing
and Servicing
Segment		CorporateSubtotalSecuritization
VIEs		Total
Revenues:
Interest income from loans$714,222 $100,097 $— $8,804 $— $823,123 $— $823,123 
Interest income from investment securities71,987 3,124 — 75,964 — 151,075 (102,767)48,308 
Servicing fees420 — — 41,517 — 41,937 (10,965)30,972 
Rental income4,674 — 67,879 23,483 — 96,036 — 96,036 
Other revenues251 287 152 10,999 3 11,692 (12)11,680 
Total revenues791,554 103,508 68,031 160,767 3 1,123,863 (113,744)1,010,119 
Costs and expenses:
Management fees758 — — — 113,517 114,275 — 114,275 
Interest expense301,935 49,431 22,421 19,202 109,150 502,139 (647)501,492 
General and administrative39,905 10,730 2,964 66,603 14,354 134,556 265 134,821 
Acquisition and investment pursuit costs2,401 3 7 (259)— 2,152 — 2,152 
Costs of rental operations4,978 — 16,010 11,106 — 32,094 — 32,094 
Depreciation and amortization3,106 310 24,559 8,523 — 36,498 — 36,498 
Credit loss provision, net13,027 7,096 — — — 20,123 — 20,123 
Other expense1,251 — 55 7 — 1,313 — 1,313 
Total costs and expenses367,361 67,570 66,016 105,182 237,021 843,150 (382)842,768 
Other income (loss):
Change in net assets related to consolidated VIEs— — — — — — 72,268 72,268 
Change in fair value of servicing rights— — — 683 — 683 551 1,234 
Change in fair value of investment securities, net(5,019)— — (38,853)— (43,872)42,189 (1,683)
Change in fair value of mortgage loans, net(327,743)— — 1,006 — (326,737)— (326,737)
Income from affordable housing fund investments— — 658,733 — — 658,733 — 658,733 
(Loss) earnings from unconsolidated entities(2,598)2,631 — 2,501 — 2,534 (1,623)911 
Gain on sale of investments and other assets, net86,460 — — 25,599 — 112,059 — 112,059 
Gain (loss) on derivative financial instruments, net465,831 1,228 33,162 43,719 (82,019)461,921 — 461,921 
Foreign currency (loss) gain, net(212,672)(570)41 — — (213,201)— (213,201)
Loss on extinguishment of debt(206)(469)— (360)— (1,035)— (1,035)
Other (loss) income, net(90,988)— — — — (90,988)25 (90,963)
Total other income (loss)(86,935)2,820 691,936 34,295 (82,019)560,097 113,410 673,507 
Income (loss) before income taxes337,258 38,758 693,951 89,880 (319,037)840,810 48 840,858 
Income tax benefit (provision)57,682 7 — (8,690)— 48,999 — 48,999 
Net income (loss)394,940 38,765 693,951 81,190 (319,037)889,809 48 889,857 
Net income attributable to non-controlling interests(10)— (148,379)(9,972)— (158,361)(48)(158,409)
Net income (loss) attributable to Starwood Property Trust, Inc.$394,930 $38,765 $545,572 $71,218 $(319,037)$731,448 $— $731,448 
6


Reconciliation of Net Income to Distributable Earnings
For the nine months ended September 30, 2022
(Amounts in thousands except per share data)
Commercial and
Residential
Lending
Segment		Infrastructure
Lending
Segment		Property
Segment		Investing
and Servicing
Segment		CorporateTotal
Net income (loss) attributable to Starwood Property Trust, Inc.$394,930 $38,765 $545,572 $71,218 $(319,037)$731,448 
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units— — 14,073 — — 14,073 
Non-controlling interests attributable to unrealized gains/losses— — 126,056 (3,373)— 122,683 
Non-cash equity compensation expense6,113 980 209 4,157 18,244 29,703 
Management incentive fee— — — — 35,121 35,121 
Acquisition and investment pursuit costs(359)— (242)(169)— (770)
Depreciation and amortization3,191 281 24,774 8,888 — 37,134 
Interest income adjustment for securities6,343 — — 4,761 — 11,104 
Extinguishment of debt, net— — — — (739)(739)
Consolidated income tax benefit associated with fair value adjustments(53,099)(2)— 4,346 — (48,755)
Other non-cash items88,191 — 1,136 278 — 89,605 
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans327,743 — — (1,006)— 326,737 
Credit loss provision, net13,0277,096———20,123
Securities5,019 — — 38,853 — 43,872 
Woodstar Fund investments— — (658,733)— — (658,733)
Derivatives(465,831)(1,228)(33,162)(43,719)82,019 (461,921)
Foreign currency212,672 570 (41)— — 213,201 
Loss (earnings) from unconsolidated entities2,598 (2,631)— (2,501)— (2,534)
Sales of properties(86,610)— — (25,599)— (112,209)
Recognition of Distributable realized gains / (losses) on:
Loans(73,021)— — 270 — (72,751)
Securities(3,102)— — (9,728)— (12,830)
Woodstar Fund investments— — 45,689 — — 45,689 
Derivatives82,165 (59)(1,102)33,772 5,006 119,782 
Foreign currency(4,874)24 41 — — (4,809)
(Loss) earnings from unconsolidated entities(2,182)2,632 — 3,758 — 4,208 
Sales of properties84,738 — 12,601 — 97,339 
Distributable Earnings (Loss)$537,652 $46,428 $64,270 $96,807 $(179,386)$565,771 
Distributable Earnings (Loss) per Weighted Average Diluted Share$1.69 $0.15 $0.20 $0.30 $(0.56)$1.78 
7


Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of September 30, 2022
(Amounts in thousands)
Commercial and
Residential
Lending
Segment		Infrastructure
Lending
Segment		Property
Segment		Investing
and Servicing
Segment		CorporateSubtotalSecuritization
VIEs		Total
Assets:
Cash and cash equivalents$76,654 $59,925 $32,464 $43,172 $124,945 $337,160 $2,550 $339,710 
Restricted cash6,230 33,410 978 3,789 77,163 121,570 — 121,570 
Loans held-for-investment, net15,719,718 2,374,444 — 9,660 — 18,103,822 — 18,103,822 
Loans held-for-sale2,125,827 — — 79,857 — 2,205,684 — 2,205,684 
Investment securities1,318,372 66,728 — 1,183,831 — 2,568,931 (1,678,803)890,128 
Properties, net214,896 — 868,454 134,076 — 1,217,426 — 1,217,426 
Investments of consolidated affordable housing fund— — 1,669,265 — — 1,669,265 — 1,669,265 
Investments in unconsolidated entities34,319 29,347 — 35,494 — 99,160 (15,996)83,164 
Goodwill— 119,409 — 140,437 — 259,846 — 259,846 
Intangible assets14,302 — 30,829 69,532 — 114,663 (41,567)73,096 
Derivative assets249,120 242 321 1,488 — 251,171 — 251,171 
Accrued interest receivable143,352 9,177 412 1,412 — 154,353 (205)154,148 
Other assets254,353 4,332 77,207 27,033 55,907 418,832 (374)418,458 
VIE assets, at fair value— — — — — — 54,215,370 54,215,370 
Total Assets$20,157,143 $2,697,014 $2,679,930 $1,729,781 $258,015 $27,521,883 $52,480,975 $80,002,858 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$404,982 $41,457 $12,105 $43,658 $60,171 $562,373 $88 $562,461 
Related-party payable— — — — 26,146 26,146 — 26,146 
Dividends payable— — — — 150,196 150,196 — 150,196 
Derivative liabilities8,943 223 — — 73,600 82,766 — 82,766 
Secured financing agreements, net10,250,349 1,095,459 789,138 612,409 769,814 13,517,169 (21,267)13,495,902 
Collateralized loan obligations and single asset securitization, net2,877,567 813,429 — — — 3,690,996 — 3,690,996 
Unsecured senior notes, net— — — — 2,326,988 2,326,988 — 2,326,988 
VIE liabilities, at fair value— — — — — — 52,501,845 52,501,845 
Total Liabilities13,541,841 1,950,568 801,243 656,067 3,406,915 20,356,634 52,480,666 72,837,300 
Temporary Equity: Redeemable non-controlling interests
— — 344,373 — — 344,373 — 344,373 
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock— — — — 3,170 3,170 — 3,170 
Additional paid-in capital1,624,104 665,104 (381,226)(575,971)4,447,676 5,779,687 — 5,779,687 
Treasury stock— — — — (138,022)(138,022)— (138,022)
Retained earnings (accumulated deficit)4,968,304 81,342 1,706,906 1,484,360 (7,461,724)779,188 — 779,188 
Accumulated other comprehensive income22,776 — — — — 22,776 — 22,776 
Total Starwood Property Trust, Inc. Stockholders’ Equity6,615,184 746,446 1,325,680 908,389 (3,148,900)6,446,799 — 6,446,799 
Non-controlling interests in consolidated subsidiaries118 — 208,634 165,325 — 374,077 309 374,386 
Total Permanent Equity6,615,302 746,446 1,534,314 1,073,714 (3,148,900)6,820,876 309 6,821,185 
Total Liabilities and Equity$20,157,143 $2,697,014 $2,679,930 $1,729,781 $258,015 $27,521,883 $52,480,975 $80,002,858 
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