Starwood Property Trust Inc 2025年度报告

Commission file number001-34436Starwood Property Trust, Inc.(Exact name of registrant as specified in its charter) Registrant’s telephone number, including area code(305) 695-5500 Securities registered pursuant to Section 12(g) of the Act:None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subjectto such filing requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule405 of RegulationS-T (§232.405) during the preceding 12months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and“emerging growth company” in Rule12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☐Emerging growth company☐ Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying withany new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firmthat prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrantincluded in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ As of June30, 2025, the aggregate market value of the voting stock held by non-affiliates was $6.4billion based on the reported last saleprice of our common stock on June30, 2025. Shares of our common stock held by affiliates, which includes officers and directors of the registrant,have been excluded from this calculation. This calculation does not reflect a determination that persons are affiliates for any other purposes. The number of shares of the issuer’s common stock, $0.01 par value, outstanding as of February20, 2026 was 370,581,767. DOCUMENTS INCORPORATED BY REFERENCE Documents Incorporated By Reference: The information required by PartIII of this Form10-K, to the extent not set forth herein or byamendment, is incorporated by reference from the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commissionpursuant to Regulation14A on or prior to April30, 2026. Table of Contents TABLE OF CONTENTS PartI Item1.BusinessItem1A.Risk FactorsItem1B.Unresolved Staff CommentsItem 1C.CybersecurityItem2.PropertiesItem3.Legal ProceedingsItem4.Mine Safety Disclosures 175353555555PartII55Item5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquitySecurities55Item6.[Reserved]56Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations57Item7A.Quantitative and Qualitative Disclosures about Market Risk92Item8.Financial Statements and Supplementary Data96Item9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure181Item9A.Controls and Procedures181Item9B.Other Information181Item9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections182Part III182Item10.Directors, Executive Officers and Corporate Governance182Item11.Executive Compensation182Item12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters182Item13.Certain Relationships and Related Transactions, and Director Independence183Item14.Principal Accountant Fees and Services183PartIV183Item15.Exhibits and Financial Statement Schedules183Item 16.Form 10-K Summary186Signatures187 Special Note Regarding Fo