Starwood Property Trust (STWD) 2014年年度报告「NYSE」.pdf

1、29MAR20101027268119MAR201517062038Starwood Property Trust,Inc.591 West Putnam AvenueGreenwich,Connecticut 06830March 24,2015Dear Fellow Shareholders,It was over five years ago that together we created Starwood Property Trust(NYSE:STWD),andI wanted to take a minute to reflect on how far we have come.

2、We built our company to provide asubstantial yet stable yield to our investors by helping fill the void in the commercial real estate(CRE)lending markets that existed in 2009.Since our IPO,we achieved a 125.6%return on your capitala15.8%compound annual return.We appreciate your support of our compan

3、y and your patience andtrust in our approach.We strive to find areas that reward our shareholders precious capital as thecycle matures with a keen focus on the risks and rewards of each successive investment.Cumulative Total Return 80.0012/31/200912/31/201012/31/201112/31/201212/31/201312/31/2014 10

4、0.00 120.00 140.00 160.00 180.00 200.00 220.00Bloomberg REIT Mortgage IndexS&P 500Starwood Property Trust,IncMoodys/RCA CPPI-Composite IndicesNote:Based on initial investment of$100 on January 1,2010.Assumes dividend reinvestment at quarter end.From 2005-2007 there were almost$1.4 trillion in CRE sa

5、les.Over$1 trillion in CRE debt wascreated;more than half financed by commercial mortgage-backed securities(CMBS)financings alone.In 2008-2009 the wall of cash had disappeared,CRE prices plummeted,traditional lenders werehampered by their own balance sheet issues,and lending became scarce.The landsc

6、ape was wide openfor a lender with capital to lend to world class borrowers on great properties,on great termsandStarwood Property Trust was able to take advantage of that opportunity.Liquidity has now returned to the CRE markets,yet a wall of maturities looms as a result of thetremendous volumes of