Starwood Property Trust (STWD) 2016年年度报告「NYSE」.pdf

1、Hal l Street Compl ex,Brookl yn,NY(renderi ng)Conti nente Model o,Portugal (renderi ng)Ri tz Carl ton Kapal ua,Maui,HI (renderi ng)Ci typl ace Tower,Dal l as,TXCross Poi nt,Lowel l,MAHyatt Regency Ci nci nnati,OHDol ce Vi ta Tej o,Li sbon,PortugalPresi denti al Ci ty,Phi l adel phi a,PAMacArthur Por

2、tfol i o,I rvi ng,TXHotel Portfol i o(vari ous l ocati ons)Starwood Property Trust,Inc.591 West Putnam AvenueGreenwich,Connecticut 06830March 30,2017Dear Fellow Shareholders,When we launched Starwood Property Trust seven years ago,our goal was to help fill the void in thereal estate lending markets

3、following the Great Recession.We wanted to build a company,not a collectionof loans,with several cylinders through which we could deploy capital to earn attractive totalshareholder returns.Fast forward to today,and we fulfilled that goal.Our team built a premier lendingplatform that invested over$22

4、 billion in our lending segment without realizing a dollar of loss,and weconstructed a diversified commercial finance business that we believe can outlast the inevitable cycles inthe market.Our predominantly floating rate real estate loan portfolio is built to benefit from rising interestrates,and t

5、he 64%loan to value(LTV)of our loan book is a testament to our conservative,risk/reward,credit-first culture.We will continue to actively manage our asset mix to take advantage of gaps andidiosyncrasies in the capital markets to earn excess returns,and believe the regulations that went intoeffect in

6、 the last 12 months will continue to create compelling opportunities for our business.The scale,diversification and earnings power of each of our investment cylinders are distinctcompetitive advantages.We invest across asset types,up and down the capital structure and across thecountryand,in fact,ac