Starwood Property Trust (STWD) 2023年年度报告「NYSE」.pdf

1、2023 ANNUAL REPORTShareholders of Starwood Property Trust,When we started this company in 2009,we set out to build a low leverage diversified balance sheet to ensure the company performed well in normal economic cycles and provided stability in times of distress.Growing earnings and maintaining our

2、dividend policy are at the core of every management decision we have made since.Operating our company at lower leverage than peers resulted in a more moderate level of growth and profitability relative to others during the Federal Reserves ten-year zero interest rate policy,which ended abruptly in M

3、ay 2022.However,this disciplined approach has allowed our company to outperform in periods of volatility and market distress,as we have seen over the last two years.Since our IPO,our company has paid over$7 billion in dividends and shareholders have earned total returns of 333%(10.6%annually)in that

4、 14-year period.We strive to be a steady port in a storm and are proud that our shareholders have rewarded us in this cycle with the best performance in our peer group to date,that bond buyers have rewarded us with the lowest cost of funds,and that the ratings agencies all affirmed our corporate rat

5、ing in the past year.The Federal Reserves aggressive rate hikes starting in 2022 to offset inflation caused by unprecedented government spending and stimulus led to higher loan-to-values on existing commercial real estate(CRE)loans.Our business line diversification and hedging policies have allowed

6、us to remain nimble in this environment.We have continued to opportunistically invest every quarter,and with near record liquidity today,we believe we are prepared should elevated distress in CRE markets continue into 2024 and beyond.Since the beginning of COVID:?We reduced our exposure to U.S.offic