Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

Starwood Property Trust, Inc. and Subsidiaries

Schedule IV—Mortgage Loans on Real Estate

December 31, 2021

(Dollars in thousands)

Principal

Prior

Face

Carrying

Payment

Maturity

Amount of

Description/Location

Liens (1)

Amount (1)

Amount

Interest Rate (2)

Terms (1)

Date (3)

Delinquent Loans

Individually Significant Mortgage Loans

None exceeding 3% of total carrying amount

Aggregated First Mortgages: (4)

Hotel, International, Floating (1 mortgage)

N/A

95,714

3EU+4.50%

N/A

2025

—

Hotel, International, Floating (4 mortgages)

N/A

56,377

L+3.00% to 9.00%

N/A

2022

—

Hotel, Mid Atlantic, Floating (5 mortgages)

N/A

111,785

L+2.00% to 6.80%

N/A

2022

—

Hotel, Midwest, Floating (4 mortgages)

N/A

53,482

L+2.25% to 8.63%

N/A

2023

—

Hotel, North East, Floating (4 mortgages)

N/A

313,059

L+2.25% to 7.92%

N/A

2022-2024

—

Hotel, South East, Floating (10 mortgages)

N/A

224,800

L+2.40% to 13.27%

N/A

2022-2024

—

Hotel, South West, Floating (10 mortgages)

N/A

178,590

L+2.00% to 7.67%

N/A

2023

—

Hotel, Various, Fixed (2 mortgages)

N/A

68,402

10.50%

N/A

2023

—

Hotel, Various, Floating (12 mortgages)

N/A

468,593

L+2.00% to 11.75%

N/A

2023-2024

—

Hotel, West, Floating (19 mortgages)

N/A

413,824

L+2.00% to 9.50%

N/A

2022-2024

—

Industrial, International, Floating (6 mortgages)

N/A

107,097

3BBSY+3.00% to 3.25%

N/A

2025

—

Industrial, International, Floating (5 mortgages)

N/A

102,199

3EU+2.25% to 10.25%

N/A

2023-2024

—

Industrial, International, Floating (2 mortgages)

N/A

88,310

3GBP SONIA+2.15% to 4.50%

N/A

2023-2024

—

Industrial, North East, Floating (4 mortgages)

N/A

123,057

L+2.40% to 7.25%

N/A

2024

—

Industrial, North East, Floating (1 mortgage)

N/A

16,736

SOFR+4.20%

N/A

2025

—

Industrial, South East, Fixed (4 mortgages)

N/A

34,644

8.18%

N/A

2024

—

Industrial, West, Floating (2 mortgages)

N/A

90,029

L+1.75% to 7.50%

N/A

2024

—

Mixed Use, International, Fixed (2 mortgages)

N/A

41,358

8.50% to 10.00%

N/A

2022

—

Mixed Use, International, Floating (2 mortgages)

N/A

104,056

3EU+4.65%

N/A

2023

—

Mixed Use, International, Floating (1 mortgage)

N/A

483,107

3GBP SONIA+5.35%

N/A

2025

—

Mixed Use, International, Floating (1 mortgage)

N/A

233,027

GBP SONIA+4.00%

N/A

2022

—

Mixed Use, Mid Atlantic, Floating (1 mortgage)

N/A

172,562

L+3.15%

N/A

2024

—

Mixed Use, South East, Floating (8 mortgages)

N/A

139,119

L+2.25% to 11.14%

N/A

2024

—

Mixed Use, South West, Floating (10 mortgages)

N/A

320,862

L+2.75% to 11.50%

N/A

2023-2024

—

Multi-family, International, Floating (1 mortgage)

N/A

151,578

3BBSY+3.95%

N/A

2024

—

Multi-family, International, Floating (1 mortgage)

N/A

307,852

3GBP+3.95%

N/A

2024

—

Multi-family, International, Floating (4 mortgages)

N/A

237,685

3GBP SONIA+2.66%

N/A

2024

—

Multi-family, Mid Atlantic, Floating (6 mortgages)

N/A

229,881

L+1.75% to 7.75%

N/A

2024

—

Multi-family, Mid Atlantic, Floating (2 mortgages)

N/A

143,670

SOFR+2.25% to 9.00%

N/A

2025

—

Multi-family, Midwest, Fixed (1 mortgage)

N/A

702

6.28%

N/A

2024

—

Multi-family, Midwest, Floating (4 mortgages)

N/A

76,252

L+2.75% to 9.75%

N/A

2024

—

Multi-family, North East, Floating (25 mortgages)

N/A

664,074

L+2.50% to 10.75%

N/A

2022-2025

—

Multi-family, North East, Floating (1 mortgage)

N/A

73,682

SOFR+3.00%

N/A

2025

—

Multi-family, South East, Floating (15 mortgages)

N/A

372,761

L+2.70% to 10.75%

N/A

2023-2024

—

Multi-family, South East, Floating (5 mortgages)

N/A

273,353

SOFR+2.75% to 3.30%

N/A

2024-2025

—

Multi-family, South West, Floating (21 mortgages)

N/A

531,238

L+2.50% to 4.25%

N/A

2022-2025

—

Multi-family, South West, Floating (2 mortgages)

N/A

88,261

SOFR+1.75% to 7.25%

N/A

2025

—

Multi-family, West, Floating (17 mortgages)

N/A

511,624

L+2.50% to 9.00%

N/A

2023-2024

—

Multi-family, West, Floating(1 mortgage)

N/A

57,384

SOFR+3.25%

N/A

2025

—

Office, International, Floating (2 mortgages)

N/A

55,679

3EU+7.50%

N/A

2024

—

Office, International, Floating (4 mortgages)

N/A

426,769

3GBP+3.50% to 4.25%

N/A

2023

—

Office, International, Floating (2 mortgages)

N/A

79,746

3GBP SONIA+3.25%

N/A

2025

—

Office, International, Floating (2 mortgages)

N/A

98,813

EU+6.00% to 7.80%

N/A

2022

—

Office, Mid Atlantic, Floating (46 mortgages)

N/A

797,022

L+1.75% to 7.50%

N/A

2022-2023

—

Office, Mid Atlantic, Floating (1 mortgage)

N/A

59,789

SOFR+3.75%

N/A

2025

—

Office, Midwest, Floating (14 mortgages)

N/A

139,529

L+1.75% to 9.75%

N/A

2022-2024

—

Office, North East, Floating (24 mortgages)

N/A

836,083

L+2.60% to 10.25%

N/A

2022-2024

—

Office, North East, Floating (2 mortgages)

N/A

52,774

SOFR+2.75% to 8.50%

N/A

2025

—

Office, South East, Fixed (2 mortgages)

N/A

50,713

5.00% to 12.00%

N/A

2024

—

Office, South East, Floating (8 mortgages )

N/A

317,524

L+1.65% to 10.40%

N/A

2024

—

Office, South West, Floating (17 mortgages)

N/A

491,284

L+2.00% to 8.55%

N/A

2023-2024

—


								Principal
	Prior	Face	Carrying			Payment	Maturity	Amount of
Description/Location	Liens (1)	Amount (1)	Amount		Interest Rate (2)	Terms (1)	Date (3)	Delinquent Loans
Office, West, Floating (40 mortgages)	N/A	N/A	604,282		L+1.75% to 6.85%	N/A	2021-2023	219,754
Other, International, Floating (1 mortgage)	N/A	N/A	335,877		3GBP SONIA+4.35%	N/A	2024	—
Other, Midwest, Floating (4 mortgages)	N/A	N/A	59,900		L+4.50% to 11.17%	N/A	2022	—
Other, North East, Fixed (1 mortgage)	N/A	N/A	9,200		4.09%	N/A	2026	9,200
Other, North East, Floating (11 mortgages)	N/A	N/A	258,810		L+3.40% to 11.00%	N/A	2022-2025	—
Other, Various, Fixed (1 mortgage)	N/A	N/A	39,665		10.00%	N/A	2025	—
Other, West, Floating (4 mortgages)	N/A	N/A	32,179		L+7.00%	N/A	2022	—
Residential, North East, Floating (7 mortgages)	N/A	N/A	122,024		L+4.25% to 8.60%	N/A	2022	—
Residential, Various, Fixed (116 mortgages)	N/A	N/A	59,225		3.38% to 8.25%	N/A	2028-2060	9,661
Residential, South East, Floating (2 mortgages)	N/A	N/A	29,939		L+4.75% to 10.54%	N/A	2023	—
Residential, West, Floating (5 mortgages)	N/A	N/A	73,982		L+2.75% to 8.60%	N/A	2022-2024	—
Retail, Midwest, Floating (4 mortgages)	N/A	N/A	41,056		L+2.75% to 10.75%	N/A	2022	—
Retail, North East, Floating (1 mortgage)	N/A	N/A	199,090		L+7.25% to 13.50%	N/A	2021	199,090
Retail, South West, Floating (4 mortgages)	N/A	N/A	23,498		L+2.25% to 15.25%	N/A	2022	—
Retail, West, Fixed (1 mortgage)	N/A	N/A	219		7.26%	N/A	2023	—









Loans Held-for-Sale, Various, Fixed	N/A	N/A	2,876,800		2.64% to 9.15%	N/A	2029-2061	20,250
Aggregated Subordinated and Mezzanine Loans: (4)
Hotel, South East, Floating (3 mortgages)	N/A	N/A	87,905		L+6.75% to 9.35%	N/A	2022-2024	—
Hotel, West, Floating (1 mortgage)	N/A	N/A	15,320		L+10.98%	N/A	2025	—
Industrial, South East, Fixed (1 mortgage)	N/A	N/A	3,046		8.18%	N/A	2024	—
Industrial, West, Floating (2 mortgages)	N/A	N/A	11,578		L+11.30%	N/A	2024	—
Mixed Use, International, Floating (1 mortgage)	N/A	N/A	29,136		3EU+7.25%	N/A	2022	—
Mixed Use, South West, Floating (1 mortgage)	N/A	N/A	108,970		L+11.85%	N/A	2022	—
Multi-family, North East, Floating (1 mortgage)	N/A	N/A	29,079		L+4.50%	N/A	2023	—
Multi-family, North East, Floating (1 mortgage)	N/A	N/A	13,433		SOFR+13.75%	N/A	2025	—
Office, International, Floating (5 mortgages)	N/A	N/A	48,486		3EU+7.00% to 8.95%	N/A	2024-2025	—
Office, North East, Fixed (2 mortgages)	N/A	N/A	35,637		8.72%	N/A	2023	—
Office, West, Floating (4 mortgages)	N/A	N/A	101,263		L+6.24% to 6.67%	N/A	2022-2024	—
Retail, Midwest, Fixed (1 mortgage)	N/A	N/A	4,925		7.16%	N/A	2024	4,925









Loan Loss Allowance	—	—	(46,600)					—
Prepaid Loan Costs, Net	—	—	(5,636)					—
			$	16,368,799	(5)			$	462,880

__________________________________________

Notes to Schedule IV:

(1)Disclosure of prior liens, face amount and payment terms are only required for individually significant mortgage loans.

(2)L = one month LIBOR rate, 3GBP = three month GBP LIBOR rate, EU = one month EURO LIBOR rate, 3EU = three month EURO LIBOR rate, GBP SONIA = one month GBP SONIA rate, 3GBP SONIA = three month GBP SONIA rate, SOFR = one month SOFR rate, 3BBSY = three month BBSY rate.

(3)Based on management’s judgment of extension options being exercised.

(4)First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan.

(5)The aggregate cost for federal income tax purposes is $16.4 billion.

The following schedule presents activity within our Commercial and Residential Lending Segment and Investing and Servicing Segment loan portfolios during the years ended December 31, 2021, 2020 and 2019 (amounts in thousands):


	For the year ended December 31,
	2021		2020		2019
Balance at January 1	$	10,584,400	$	9,890,693	$	7,806,699
Cumulative effect of ASC 326 effective January 1, 2020	—		(10,112)		—
Acquisitions/originations/additional funding	13,173,459		5,058,705		8,174,321
Capitalized interest	118,273		143,023		109,978
Basis of loans sold	(4,139,166)		(3,246,515)		(3,921,171)
Loan maturities/principal repayments	(3,709,444)		(1,590,379)		(2,387,843)
Discount accretion/premium amortization	51,816		38,942		29,775
Changes in fair value	69,050		133,124		71,601
Foreign currency translation, net	(71,419)		102,748		38,050
Credit loss reversal (provision), net	7,947		(40,955)		(2,616)
Loan foreclosures and other transfers	(36,308)		(71,488)		(27,303)
Transfer to/from other asset classifications or between segments	320,191		176,614		(798)
Balance at December 31	$	16,368,799	$	10,584,400	$	9,890,693

Refer to Note 17 to the Consolidated Financial Statements for a discussion of loan activity with related parties.