-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001179110-10-014654.txt : 20101004
<SEC-HEADER>0001179110-10-014654.hdr.sgml : 20101004
<ACCEPTANCE-DATETIME>20101004184446
ACCESSION NUMBER:		0001179110-10-014654
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100930
FILED AS OF DATE:		20101004
DATE AS OF CHANGE:		20101004

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			STERNLICHT BARRY S
		CENTRAL INDEX KEY:			0001034657

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34436
		FILM NUMBER:		101107246

	MAIL ADDRESS:	
		STREET 1:		STARWOOD HOTELS & RESORTS WORLDWIDE
		STREET 2:		44 SOUTH BROADWAY
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10601

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STARWOOD PROPERTY TRUST, INC.
		CENTRAL INDEX KEY:			0001465128
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				270247747

	BUSINESS ADDRESS:	
		STREET 1:		C/O STARWOOD CAPITAL GROUP
		STREET 2:		591 WEST PUTNAM AVENUE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		(203) 422-7700

	MAIL ADDRESS:	
		STREET 1:		C/O STARWOOD CAPITAL GROUP
		STREET 2:		591 WEST PUTNAM AVENUE
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-09-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001465128</issuerCik>
        <issuerName>STARWOOD PROPERTY TRUST, INC.</issuerName>
        <issuerTradingSymbol>STWD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001034657</rptOwnerCik>
            <rptOwnerName>STERNLICHT BARRY S</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O STARWOOD PROPERTY TRUST, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>591 WEST PUTNAM AVENUE</rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06830</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-09-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>345834</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>345834</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By SPT Management, LLC</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2010-09-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>28250</value>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>971750</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Starwood Capital Group Global, L.P.</value>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Restricted Stock Units</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F5"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2010-09-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>C</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>345834</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>345834</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>691667</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By SPT Management, LLC</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">SPT Management, LLC acquired 345,834 shares of the issuer's common stock in connection with the vesting of 345,834 out of 1,037,500 restricted stock units originally granted to SPT Management, LLC on August 17, 2009 as an award under the Starwood Property Trust, Inc. Manager Equity Plan.  The remaining restricted stock units will vest ratably in quarterly installments through September 30, 2012, subject to SPT Management, LLC's continued service as the manager of the issuer.  As such restricted stock units vest, the award will be settled in shares of common stock of the issuer promptly, but in no event later than 30 days, following the applicable quarterly vesting date.</footnote>
        <footnote id="F2">Shares are held by SPT Management, LLC.  Starwood Capital Group Global, L.P. is the sole member of SPT Management, LLC.  Mr. Sternlicht is the controlling partner of Starwood Capital Group Global, L.P.</footnote>
        <footnote id="F3">On September 30, 2010, SPT Investment, LLC transferred to Starwood Capital Group Global, L.P. 1,000,000 shares of the issuer's common stock in a transaction exempt from reporting requirements pursuant to Rule 16a-13.  Starwood Capital Group Global, L.P. is the sole member of SPT Investment, LLC and Mr. Sternlicht is the controlling partner of Starwood Capital Group Global, L.P.  Following such transfer, 28,250 shares of the issuer's common stock held by Starwood Capital Group Global, L.P. were distributed to certain limited partners pursuant to the terms of the Amended and Restated Limited Partnership Agreement of Starwood Capital Group Global, L.P.</footnote>
        <footnote id="F4">Shares are held by Starwood Capital Group Global, L.P.  Mr. Sternlicht is the controlling partner of Starwood Capital Group Global, L.P.</footnote>
        <footnote id="F5">Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Barry S. Sternlicht</signatureName>
        <signatureDate>2010-10-04</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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