TABLE OF CONTENTSd18rn0p25nwr6d.cloudfront.net/CIK-0001465128/0c51c0db-6e... · 2020. 3. 20. ·...

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

(Rule 14a-101) INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATIONProxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934 (Amendment No. )

Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒ Definitive Proxy Statement

☐ Definitive Additional Materials

☐ Soliciting Material under §240.14a-12

STARWOOD PROPERTY TRUST, INC.(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

☒ No fee required.

☐ Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

(1) Title of each class of securities to which transaction applies:

(2) Aggregate number of securities to which transaction applies:

(3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount onwhich the filing fee is calculated and state how it was determined):

(4) Proposed maximum aggregate value of transaction:

(5) Total fee paid:

☐ Fee paid previously with preliminary materials.

☐ Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which theoffsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and thedate of its filing.

(1) Amount Previously Paid:

(2) Form, Schedule or Registration Statement No.:

(3) Filing Party:

(4) Date Filed:

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LETTERFROMOURCHAIRMANANDCEO March20,2020

DearShareholdersandStakeholdersofStarwoodPropertyTrust: ThedirectorsandofficersofStarwoodPropertyTrust,Inc.(the“Company”)joinmeinextendingtoyouacordialinvitationtoattendtheCompany’s2020AnnualMeetingofShareholders(the“AnnualMeeting”),whichwillbeconductedvialiveaudiowebcastonApril29,2020at2:00p.m.Easterntime.Inlightofpublichealthconcernsregardingthecoronavirusoutbreak,andinordertoprovideexpandedaccess,improvedcommunicationandcostsavingsforourshareholdersandourCompany,thisyear’sAnnualMeetingwillbeconductedvirtually.YouwillbeabletoattendthevirtualAnnualMeeting,voteyoursharesandsubmitquestions

duringthemeetingvialiveaudiowebcastbyvisiting:

www.virtualshareholdermeeting.com/STWD2020. Toparticipate,youwillneedthe16-digitcontrolnumberincludedinyourproxymaterialsoronyourproxycard.Weencourageyoutoallowampletimeforonlinecheck-in,whichwillbeginat1:45p.m.,Easterntime.Pleasenotethatthereisnoin-personmeetingforyoutoattend.

AttheAnnualMeeting,weareseekingtoelectsevendirectors.Theshareholderswillalsobeaskedtovote,onanadvisorybasis,toapprovetheCompany’sexecutivecompensationasdisclosedintheaccompanyingproxystatementandtovotetoratifytheappointmentofDeloitte&ToucheLLPastheCompany’sindependentregisteredpublicaccountingfirmforthecurrentcalendaryear.TheaccompanyingNoticeofthe2020AnnualMeetingofShareholdersandproxystatementdescribeseachofthesemattersinfurtherdetail.

EvenifyouplantoattendtheAnnualMeetingviathelivewebcast,pleasesubmityourproxyaspromptlyaspossible—bytelephone,viatheInternetor,ifyourequestedaprintedsetoftheCompany’sproxymaterials,bycompleting,signingandreturningaproxycard.WeencourageyoutovotebyInternet.EvenifyousubmitavotepriortotheAnnualMeeting,youwillhaveanopportunitytochangeyourearliervoteandvoteagainduringtheAnnualMeeting.

Weaskforyourvotingsupportfortheitemspresentedinthisproxystatementandthankyouforyourinvestment,andyourfaith,inus. Sincerely,

Barry S. SternlichtChairmanandChiefExecutiveOfficer

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NOTICEOF2020ANNUALMEETINGOFSHAREHOLDERSTOBEHELDONAPRIL29,2020 TotheShareholdersofStarwoodPropertyTrust,Inc.:NOTICEISHEREBYGIVENthatthe2020AnnualMeetingofShareholders(the“AnnualMeeting”)ofStarwoodPropertyTrust,Inc.,aMarylandcorporation(the“Company”),willbeheldvialiveaudiowebcastonApril29,2020at2:00p.m.,Easterntime,atwww.virtualshareholdermeeting.com/STWD2020,toconsiderandvoteonthefollowingmatters:

1. Theelectionofthesevendirectornomineesidentifiedintheaccompanyingproxystatement,eachtoserveforaone-yeartermexpiringatour2021AnnualMeetingofShareholders,andwitheachelecteddirectorholdingofficeuntilhisorhersuccessorhasbeenelectedandqualifiedoruntilhisorherearlierresignationorremoval;

2. Theapproval,onanadvisorybasis,oftheCompany’sexecutivecompensationasdisclosedintheaccompanyingproxystatement;

3. TheratificationoftheappointmentbytheAuditCommitteeofDeloitte&ToucheLLPastheCompany’sindependentregisteredpublicaccountingfirmforthecalendaryearendingDecember31,2020;and

4. ThetransactionofsuchotherbusinessasmayproperlycomebeforetheAnnualMeetingoranyadjournmentorpostponementthereof.

DetailsconcerningthosematterstocomebeforetheAnnualMeetingaresetforthintheaccompanyingProxyStatementforyourreview.

TheBoardofDirectorsoftheCompanyhasfixedMarch3,2020astherecorddateforthedeterminationofshareholdersentitledtonoticeofandtovoteattheAnnualMeetingandanymeetingshelduponadjournmentorpostponementthereof.OnlytheholdersofrecordoftheCompany’ssharesofcommonstockasofthecloseofbusinessonMarch3,2020areentitledtonoticeofandtovoteattheAnnualMeetingandanyadjournmentorpostponementthereof.

OnoraboutMarch20,2020,wefirstmailedtheNoticeofInternetAvailabilityofProxyMaterialsandpostedourproxymaterialsonthewebsitereferencedintheNoticeofInternetAvailabilityofProxyMaterials(www.proxyvote.com).Forshareholderswhoalreadyrequestedtoreceiveaprintedsetofproxymaterials,wemailedthisProxyStatement,theaccompanyingproxycardandourAnnualReportonForm10-KfortheyearendedDecember31,2019.Shareholdersofrecordmayvotetheirsharesbytelephone,viatheInternet,attheAnnualMeetingor,ifsuchshareholderreceivedaprintedsetofproxymaterials,bysigning,datingandmailingtheproxycardprovidedwiththewrittenproxymaterials.InstructionsregardingallmethodsofvotingarecontainedintheNoticeofInternetAvailabilityofProxyMaterialsor,forprintedsetsofproxymaterials,ontheproxycardthatisincludedwiththeProxyStatement.

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Shareholders are cordially invited to attend the virtual Annual Meeting in person. Your vote is important.Whether or not you plan to attend the Annual Meeting via the live webcast, please authorize proxies to castyour votes today by following the easy instructions in the Notice of Internet Availability of Proxy Materials or, ifyou requested a printed set of proxy materials, on the proxy card enclosed with the proxy materials.

ByOrderoftheBoardofDirectors,

Andrew J. SossenSecretaryDated:March20,2020Greenwich,Connecticut

IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE ANNUAL MEETING IN PERSON OR BYPROXY; PLEASE PROMPTLY VOTE BY TELEPHONE, VIA THE INTERNET OR, IF YOU REQUESTED A PRINTEDSET OF THE PROXY MATERIALS, BY MARKING, DATING, SIGNING AND RETURNING A PROXY CARD. IFYOUHAVEANYQUESTIONSORNEEDASSISTANCEINVOTINGYOURSHARES,PLEASECALLINNISFREEM&AINCORPORATED,THECOMPANY’SPROXYSOLICITOR,TOLL-FREEAT888-750-5834(BANKSANDBROKERSMAYCALLCOLLECTAT212-750-5833).

Important Notice of Internet Availability of Proxy Materials for the 2020 Annual Meeting to Be Held on April 29,2020

Our proxy materials relating to the Annual Meeting (notice, proxy statement and annual report) are available atwww.proxyvote.com and can also be viewed on our website atwww.ir.starwoodpropertytrust.com/proxymaterials.

INTRODUCTION 1

MatterstoBeVotedonattheAnnualMeeting 1

OUR BOARD 2

Proposal 1: Election of Directors 2

Board Nominees — Who We Are 3

How Directors are Selected, Elected andEvaluated 8

DeterminationofDirectorIndependence 9

BoardEvaluationProcess 9

Corporate Governance Highlights 10

How the Board is Structured and Operates 11

BoardLeadershipStructure 11

BoardandCommitteeMeetings 11

SuccessionPlanning 15

BoardandRoleinRiskOversight 15

ExecutiveSessionsofNon-ExecutiveandIndependentDirectors 15

NumberofMeetingsoftheBoardandAttendancein2019 16

HedgingPolicy 16

HowtoCommunicatewiththeBoard 16

Non-Employee Director Compensation 18

OUR COMPANY 20

Shareholder Engagement 22

Our People 22

Our Executive Officers 23

Employment Practices 25

ExceptionalEmployeeBenefits 25

EmployeeRetentionandSatisfaction 25

DiversityandInclusion 25

EmployeeTraining,TalentManagement 25

OUR SHAREHOLDERS 26

Security Ownership of Certain BeneficialOwners, Directors and Management 26

HOW OUR EXECUTIVESARE PAID 28

Executive Compensation 28

CompensationDiscussionandAnalysis 28

CompensationCommitteeReport 32

PayRatioDisclosure 32

SummaryCompensationTable 33

GrantsofPlan-BasedAwardsDuringCalendarYearEndedDecember31,2019 34

OutstandingEquityAwardsatDecember31,2019 35

StockVestedinCalendarYearEndedDecember31,2019 36

PotentialPost-EmploymentPaymentsandPaymentsuponChangeinControl 36

EquityCompensationPlanInformation 37

Proposal 2: Advisory Vote on ExecutiveCompensation 38

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OUR AUDITORS 39

Proposal 3: Ratification of Appointment ofIndependent Registered Public AccountingFirm 39

ProposedIndependentRegisteredPublicAccountingFirm 39

Independent Registered Public AccountingFirm 40

Pre-ApprovalPoliciesforServicesofIndependentRegisteredPublicAccountingFirm 40

ReportoftheAuditCommittee 41

CERTAIN RELATIONSHIPS ANDRELATED TRANSACTIONS 42

ManagementAgreement 42

GrantsofEquityCompensationtotheManager 45

SEREFandRelatedTransactions 46

SCGCore-PlusInvestment 47

OfficeCampusLoanInvestment 47

EnergyLoans 47

ResidentialMortgageLoans 48

OtherRelatedPartyArrangements 48

DisclosureRegardingFredRidley 48

CMBSSecuritizationTrustsandSpecialServicing 49

RelatedPartyTransactionPractice 49

INFORMATION CONCERNINGTHE ANNUAL MEETING ANDVOTING 50

ShareholdersEntitledtoVote 50

AttendingtheVirtualAnnualMeeting 50

Quorum 50

BrokerNon-Vote 51

RequiredVote 51

HowtoVote 51

HowSharesWillbeVoted 52

RevocationofProxies 52

ConfidentialityofVoting 53

TabulationofVotingResults 53

SolicitationofProxies 53

ListofShareholders 53

AvailabilityofAnnualReportandProxyMaterialsontheInternet 53

RecommendationsoftheBoard 54

Householding 54

OtherMatters 54

SHAREHOLDER PROPOSALSFOR THE 2021 ANNUALMEETING 55

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PROXY STATEMENT — ANNUAL MEETING OF SHAREHOLDERS

INTRODUCTION ThisProxyStatement,theaccompanyingproxycardandtheNoticeofAnnualMeetingarebeingprovidedinconnectionwiththesolicitationofproxiesbytheBoardofDirectors(the“Board”)ofStarwoodPropertyTrust,Inc.,aMarylandcorporation(the“Company,”“we,”“us”or“our”),foruseattheCompany’s2020AnnualMeetingofShareholders(the“AnnualMeeting”)tobeheldvialivewebcastaccessibleatwww.virtualshareholdermeeting.com/STWD2020onApril29,2020at2:00p.m.,Easterntime,andanyadjournmentsorpostponementsthereof.InaccordancewiththerulesadoptedbytheU.S.SecuritiesandExchangeCommission(the“SEC”),wearemakingourproxymaterialsavailabletoourshareholderselectronicallyviatheInternet.Accordingly,onoraboutMarch20,2020,theCompanywillbemailingaNoticeofInternetAvailabilityofProxyMaterialstoourshareholderscontaininginstructionsonhowtoaccesstheproxymaterialsontheInternet,howtovoteonlineorbytelephoneand,ifdesired,howtoreceiveaprintedsetoftheproxymaterials.ForadditionaldetailsregardingtheAnnualMeetingandvotinggenerally,pleasereferto“InformationConcerningtheAnnualMeetingandVoting.”

Matters to Be Voted on at the Annual Meeting

AttheAnnualMeeting,thefollowingmatterswillbevotedon:

1. TheelectionofthesevendirectornomineesidentifiedinthisProxyStatement,eachtoserveforaone-yeartermexpiringatour2021AnnualMeetingofShareholders,andwitheachelecteddirectorholdingofficeuntilhisorhersuccessorhasbeenelectedandqualifiedoruntilhisorherearlierresignationorremoval;

2. Theapproval,onanadvisorybasis,oftheCompany’sexecutivecompensationasdisclosedinthisProxyStatement;

3. TheratificationoftheappointmentbytheAuditCommitteeofDeloitte&ToucheLLPastheCompany’sindependentregisteredpublicaccountingfirmforthecalendaryearendingDecember31,2020;and

4. ThetransactionofsuchotherbusinessasmayproperlycomebeforetheAnnualMeetingoranyadjournmentorpostponementthereof.

2020 ProxyStatement 1

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OURBOARD PROPOSAL 1:

ELECTION OF DIRECTORSTheBoardrecommendsavote“FOR”ournominees

TheBoard,electedannually,reflectsouragility,teamworkanddriveforexcellence.TheBoardalsobringsexpertisefromkeysectors,includingrealestate,technology/digital,finance/investment,lawandmanagement.TheBoardhasunanimouslyproposedeachofourcurrentdirectors,RichardD.Bronson,JeffreyG.Dishner,CamilleJ.Douglas,SolomonJ.Kumin,FredS.Ridley,BarryS.SternlichtandStraussZelnick,asnomineesforelectionasdirectorsoftheCompany,eachtoserveforaone-yeartermexpiringatour2021AnnualMeetingofShareholders,andwitheachelecteddirectorholdingofficeuntilhisorhersuccessorhasbeenelectedandqualifiedoruntilhisorherearlierresignationorremoval.

TheBoardrecommendsavoteFORtheelectionofeachofthenomineesfordirectornamedabove.Theexperienceandqualificationsofthenomineesaredescribedfurtherinthefollowingtableandbelow:

Experience/ Qualifications

RichardBronson

JeffreyDishner

CamilleDouglas

SolomonKumin Fred Ridley

BarrySternlicht

StraussZelnick

BusinessLeadership

CorporateGovernance

Strategy &Operations

REIT/Real Estate

Legal/Regulatory

Financial/Accounting

Risk Oversight/Management

Digital/Technology

2 STARWOODPROPERTYTRUST

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BOARDNOMINEES—WHOWEARE Thebiographicalinformationbelowsummarizeseachdirector’sage,term,tenureasadirectoroftheCompany,boardcommitteememberships,principaloccupation,positionswiththeCompanyandbusinessexperience,includingtheexperiences,qualifications,skillsandattributesthatledtotheNominatingandCorporateGovernanceCommittee’sconclusionthatthenomineeshouldstandforelectionasadirector.TheinformationpresentedbelowhasbeenconfirmedbyeachnomineeforpurposesofitsinclusioninthisProxyStatement.

RICHARD D.BRONSON Chairman, The BronsonCompanies LeadIndependentDirector Age:75 Directorsince2009 Committee Membership • AuditCommittee • CompensationCommittee

(Chair) • NominatingandCorporate

GovernanceCommittee

EXPERIENCE • ChairmanofTheBronsonCompanies,LLC,arealestatedevelopment,investmentandadvisory

companybasedinBeverlyHills,California(2000-present)

• FormerPresidentofNewCityDevelopment,anaffiliateofMirageResorts,Development,whereheoversawthecompany’snewbusinessinitiativesandactivitiesoutsideofNevada

• Forover30years,hehasbeeninvolvedinthedevelopmentofmyriadcommercialpropertiesthroughouttheUnitedStatesincludingthecreationofmorethan100realestateprojects

QUALIFICATIONS Mr.Bronson’sexperienceandknowledgeintherealestateindustryenablehimtoprovidevaluableinsightintopotentialinvestmentsandthecurrentstateofthecommercialrealestatemarkets OTHER CURRENTPUBLICBOARDS • StarwoodRealEstateIncomeTrust,Inc.,apublicnon-listedrealestateinvestmenttrustfocusedon

acquiringstabilized,income-orientedcommercialrealestateanddebtsecuredbycommercialrealestateinboththeU.S.andEurope,inwhichanaffiliateoftheCompanyisashareholder

• InvitationHomesInc.,apubliclytradedREITfocusedonthesingle-familyresidentialbusinessbasedinDallas,Texas,inwhichanaffiliateoftheCompanyisashareholder

FORMERPUBLICBOARDS • MirageResorts • TRIPointeGroup,Inc.,ahomebuildinganddesigncompanybasedinIrvine,California,inwhichan

affiliateoftheCompanywasashareholderandwhich,aftera2015reorganization,becamethesuccessorissuertoTRIPointeHomes,Inc.

OTHER • ServesontheAdvisoryBoardoftheNeurosurgeryDivisionatUCLAMedicalCenterinLosAngeles,

whereheandhiswife,EdieBaskinBronson,weretherecipientsofthedepartment’s2018“VisionaryAward”

• ServedasaTrusteeandVicePresidentoftheInternationalCouncilofShoppingCenters,anassociationrepresentingmorethan70,000industryprofessionalsin100countries

• FormermemberoftheBoardofTrusteesofTheFormanSchoolinLitchfield,CT • FormerChairmanoftheBoardofTrusteesofTheArcherSchoolforGirlsinLosAngeles,CA


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JEFFREY G.DISHNER Senior Managing Directorand Global Head of RealEstate Acquisitions,Starwood Capital Group Age:55 Directorsince2009 Committee Membership • InvestmentCommittee

EXPERIENCE • ExecutiveVicePresidentofSPTManagement,LLC,ourmanagerandanaffiliateoftheCompany(the

“Manager”)(August2009-present) • SeniorManagingDirectorandtheGlobalHeadofRealEstateAcquisitionsofStarwoodCapitalGroup,a

privately-heldglobalinvestmentmanagementfirmandanaffiliateoftheCompany(March2009-present);memberoftheExecutiveandInvestmentCommittees;joinedfirmin1994

• CommercialMortgageFinanceGroupofJ.P.Morgan&Co.,wherehefocusedonwhole-loan

dispositionsandsecuritizationsforvariousthriftinstitutions(1993-1994) • MemberoftheAcquisitionsGroupatJMBRealtyCorporation(1987-1991) QUALIFICATIONS Mr.Dishner’sexperienceinthecommercialrealestatemarketsenableshimtoprovideimportantperspectivesontheCompany’sinvestmentsandthecurrentstateoftheglobalcommercialrealestatemarkets EDUCATION • BS,Economics,WhartonSchooloftheUniversityofPennsylvania

• MBA,AmosTuckSchoolatDartmouthCollege

CAMILLE J.DOUGLAS Senior Managing Director,Acquisitions and CapitalMarkets, LeFrak Age:68 IndependentDirectorsince2010 Committee Membership • AuditCommittee • NominatingandCorporate

GovernanceCommittee

EXPERIENCE • SeniorManagingDirector,AcquisitionsandCapitalMarkets,atLeFrak,afamilyownedrealestate

companywhichowns,developsandmanagespropertiesintheNewYork,MiamiandLosAngelesmetropolitanareas,amongothers(present);waspreviouslyaManagingDirectorandSeniorAdvisor;joined2010

• AdjunctProfessorinFinanceandEconomicsatColumbiaBusinessSchool(2005-present) • FounderandPrincipalofMainstreetCapitalPartners,aprivatefirmfocusingonglobalrealestate

financialadvisoryservicesandtransactionsforclientsintheUnitedStates,theU.K.,BrazilandIndia(1999-2010)

• SeniorVicePresident,Finance,atOlympia&York(US)(1982-1994) • VicePresidentatMorganStanley&Co(1977-1982) QUALIFICATIONS Ms.Douglas’sover40yearsofexperienceincommercialrealestateinvestment,developmentandfinanceenableshertoprovideimportantperspectivesontheCompany’sinvestmentsaswellaspotentialfinancingsfortheCompany’sinvestments EDUCATION • BA,SmithCollege • MCRP,UrbanPlanning,HarvardUniversityGraduateSchoolofDesign


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SOLOMON J. KUMIN Co-President, LeucadiaAsset Management Age:44 IndependentDirectorsince2014 Committee Membership • CompensationCommittee • InvestmentCommittee

EXPERIENCE • Co-PresidentatLeucadiaAssetManagement,anassetmanagementfirm(2020-present),was

previouslytheChiefStrategicOfficer;joined2018 • ChiefExecutiveOfficerofFolgerHillAssetManagement,whichmergedwithSchonfeldStrategic

AdvisorsLLC,ahedgefund,in2018(2015-2018) • ChiefOperatingOfficer,S.A.C.CapitalAdvisors,ahedgefund(2015-2010),joined2005 • VicePresident,InstitutionalSalesatSanfordC.Bernstein,asubsidiaryofAllianceBernsteinLP(2001-

2005) • StartedhiscareeratLazardAssetManagementasaMarketingAssociatein1999 QUALIFICATIONS Mr.Kumin’sexperienceandknowledgeintheassetmanagementindustryenablehimtoprovidevaluableinsightontheCompany’soperations,management,capitalmarketsandportfolioallocation. EDUCATION • BA,PoliticalScience,TheJohnsHopkinsUniversity OTHER • MemberoftheBoardsofTrusteesofTheJohnsHopkinsUniversity,theFessendenSchoolinWest

Newton,MAandtheThoroughbredOwnersandBreedersAssociation • MemberoftheBoardsofDirectorsoftheBreeders’Cup,TeamImpact,andtheUSLacrosse

Foundation,forwhichheistheChairman

• MemberoftheTrustBoardofBostonChildren’sHospitalandtheJohnsHopkinsLacrosseAdvisoryBoard

FRED S. RIDLEY Partner, Foley &Lardner LLP Age:67 IndependentDirectorsince2014 Committee Membership • NominatingandCorporate

GovernanceCommittee

EXPERIENCE • PartneratFoley&LardnerLLP(“Foley”),aninternationallawfirm(2001-present);formernationalchair

ofFoley’sRealEstatePractice,amemberandformerco-chairoftheHospitality&LeisureTeam,amemberoftheSportsIndustryTeamandaformermemberofFoley’sManagementCommittee

• PartneratAnnisMitchellCockeyEdwards&Roehn,P.A.,alawfirmthatwasbasedinTampa,FL(1986-2001);Associate(1984-1986)

• PartneratBucklew,Ramsey&Ridley,P.A.,alawfirmthatwasbasedinTampa,FL(1982-1984);Associate(1980-1982)

• WorkedatIMG,asportsmanagementfirmbasedinCleveland,OH(1977-1980) QUALIFICATIONS Mr.Ridleyhasover35yearsofexperienceandknowledgeinthelegalandrealestateindustriesenablinghimtoprovidevaluableinsightintothecurrentstateofthecommercialrealestatemarketsandpotentialnewinvestments EDUCATION • BA,BusinessAdministration,UniversityofFlorida • JD,StetsonUniversityCollegeofLaw OTHER • Hasover35yearsofexperienceinrepresentingfinancialinstitutionsanddevelopersofsingle-family

andmultifamilyrealestateprojects,includingcoordinationofacquisitionandfinancingissues,environmentalandcoastalpermitting,andnegotiationsofentitlementswithlocalandstategovernmentalentities

• RecognizedbyChambersandPartnersforhisworkinrealestatelawinitsannuallypublishedChambersUSA:America’sLeadingBusinessLawyerseachyearfrom2004to2019andhasbeenselectedforinclusioninthe2006—2019Florida Super Lawyerslists

• RecognizedbyThe Legal 500 intheareaofrealestateandhasbeenselectedforinclusioninThe Best

Lawyers in America©2006—2020

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BARRY S.STERNLICHT Chairman of the Board andChief Executive Officer ofthe Company Age:59 Directorsince2009 Committee Membership • InvestmentCommittee

(Chair)

Other Public Boards Present • InvitationHomes • EstéeLauderCompanies Former • RestorationHardware • Co-ChairmanStarwood

WaypointHomes,apredecessorcompanyofInvitationHomes

• ChairmanoftheBoardofTRIPointeGroup

• ChairmanoftheBoardofBaccaratS.A.,acrystalmakerheadquarteredinBaccarat,France.

EXPERIENCE • StarwoodPropertyTrustChairmanoftheBoardandChiefExecutiveCompanysinceitsinception

(2009-present) • ChairmanoftheBoardandChiefExecutiveOfficerofStarwoodCapitalGroup,aprivately-heldglobal

investmentfirmwithover$60billioninassetsundermanagementandanaffiliateoftheCompany,sinceitsformation(1991-present)

• ChairmanandChiefExecutiveOfficerofStarwoodCapitalGroupManagement,LLC,aregistered

investmentadvisorandanaffiliateoftheCompany(present) • ChairmanoftheBoardofStarwoodRealEstateIncomeTrust,Inc.(2017-present) • Founder,ChairmanandChiefExecutiveOfficerofSHGroup,ahotelmanagementcompanythatowns

andmanagestheBaccaratHotels&Resorts,1HotelsandTreehousebrands(present) • Founder,ChairmanandChiefExecutiveOfficerofStarwoodHotels&ResortsWorldwide,Inc.(1995-

2005) QUALIFICATIONS Mr.Sternlicht’sextensiveexperienceinboththecommercialrealestatemarketsandasaseniorexecutiveanddirectorofotherpubliclytradedcorporationsenableshimtoprovidetheBoardwithleadershipandfinancialexpertiseaswellasinsightintothecurrentstatusoftheglobalfinancialandrealestatemarkets EDUCATION • BA,magnacumlaude,withhonors,BrownUniversity • MBA,withdistinction,HarvardBusinessSchool OTHER • Overthepast27years,Mr.Sternlichthasstructuredinvestmenttransactionswithanaggregateasset

valueinexcessof$100billion • BoardMemberofRealEstateRoundtable,A.S.Roma(theprofessionalItalianfootballclubbasedin

Rome),theDreamlandFilm&PerformingArtsCenterandtheExecutiveAdvisoryBoardofAmericansfortheArts

• MemberoftheU.S.OlympicandParalympicFoundationTrusteeCouncil,theWorld

PresidentsOrganizationandtheUrbanLandInstitute


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STRAUSS ZELNICK Chief Executive Officer andChairman of the Board ofDirectors of Take-TwoInteractive Software Age:62 IndependentDirectorsince2009 Committee Membership • AuditCommittee(Chair) • NominatingandCorporate

GovernanceCommittee(Chair)

• CompensationCommittee • InvestmentCommittee

EXPERIENCE • Take-TwoInteractiveSoftware,avideogameholdingcompany,ChiefExecutiveOfficer(2011-present)

andChairmanoftheBoardofDirectors(2007-present) • FounderofZelnickMediaCapital(“ZMC”),amediaenterprisewhichmanagesandholdsinterestsinan

arrayofbusinessesintheUnitedStatesandCanada(2001-present) • BMGEntertainment,amusicandentertainmentcompany,PresidentandChiefExecutiveOfficerof

(1998-2000),PresidentandChiefExecutiveOfficerofNorthAmerica(1995-1998) • PresidentandChiefExecutiveOfficerofCrystalDynamics,aproduceranddistributorofinteractive

entertainmentsoftware • PresidentandChiefOperatingOfficerof20thCenturyFox,wherehemanagedallaspectsofFoxInc.’s

worldwidemotionpictureproductionanddistributionbusiness • PresidentandChiefOperatingOfficerofVestronInc. • VicePresident,InternationalTelevision,atColumbiaPictures QUALIFICATIONS Mr.Zelnick’sexperienceasadirectorandseniorexecutiveofpubliclytradedcorporationsenableshimtoprovidetheCompanywithleadershipandfinancialexpertise EDUCATION • BA,WesleyanUniversity • MBA,HarvardBusinessSchool • JD,HarvardLawSchool OTHER • RepresentsZMCasadirectorofEducationNetworksofAmerica,Inc.,aprivatecompany • PreviouslyservedasChairmanandChiefExecutiveOfficerofColumbiaMusicEntertainment,Chairman

ofITNNetworksandChairmanofDirectHoldingsWorldwideandOTX • CBSCorp.,Non-ExecutiveInterimChairmanoftheBoard(2018-2019)


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HOWDIRECTORSARESELECTED,ELECTEDANDEVALUATED TheNominatingandCorporateGovernanceCommittee,aswellasthefullBoard,examineanumberofqualifications,attributesandcriteriawhenidentifyingandselectingcandidatestoserveasadirector.Theseincludeacandidate’sexperience,skills,expertise,diversity,age,personalandprofessionalintegrity,character,businessjudgment,timeavailability,dedication,independencefrommanagementandtheCompany,potentialconflictsofinterestandsuchotherfactorsthattheNominatingandCorporateGovernanceCommitteeconsidersappropriateinthecontextoftheneedsoftheBoard,asdiscussedinthesectionofthisProxyStatemententitled“OurBoard—HowtheBoardisStructuredandOperates—BoardandCommitteeMeetings—NominatingandCorporateGovernanceCommittee.”

TheCompany’sAmendedandRestatedBylaws(the“Bylaws”)providethatamajorityoftheentireBoardmayincreaseordecreasethenumberofdirectors,providedthatthenumberofdirectorsshallneverbelessthantheminimumrequiredbytheMarylandGeneralCorporationLawnormorethan15.TheBoardiscurrentlycomprisedofsevenmembers.

AttheAnnualMeeting,sevendirectorswillbeelectedtoserveontheBoard,eachtoserveforaone-yeartermexpiringatour2021AnnualMeetingofShareholders,andwitheachelecteddirectorholdingofficeuntilhisorhersuccessorhasbeenelectedandqualifiedoruntilhisorherearlierresignationorremoval.Eachnomineehasagreedtoserveasadirectorifelected,andtheBoardexpectsthateachnomineewillbeavailableforelectionasadirector.However,ifanynomineebecomesunavailableorunwillingtoserveasadirectorforanyreason,theproxiesmayexercisetheirdiscretiontovoteyoursharesforsuchotherpersonastheBoardmaynominate.

ElectionofeachnomineeforoneofthesevendirectorpositionsrequirestheaffirmativeFORvoteofapluralityofallvotescastattheAnnualMeeting.Thismeansthatthedirectornomineewiththemostvotesforaparticularseatiselectedforthatseat.However,pursuanttoourCorporateGovernanceGuidelines,anynomineeinanuncontestedelectionwhoreceivesagreaternumberofvotes“withheld”fromhisorherelectionthanvotes“for”hisorherelectionwill,withinfivedaysfollowingthecertificationoftheshareholdervote,tenderhisorherwrittenresignationtotheChairmanoftheBoardforconsiderationbytheNominatingandCorporateGovernanceCommittee.TheNominatingandCorporateGovernanceCommitteewillthenreviewthedirector’scontinuationontheBoardandrecommendtotheBoardwhethertheBoardshouldacceptsuchtenderedresignation.TheBoard,aftergivingdueconsiderationtothebestinterestsoftheCompanyanditsshareholders,willmakeadecisiononwhethertoacceptthetenderedresignationandpromptlydiscloseitsdecisionand,ifapplicable,thereasonsforrejectingthetenderedresignation.


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Determination of Director Independence

PursuanttotheCompany’sCorporateGovernanceGuidelines,theBoardmustbecomprisedofamajorityofdirectorswhoqualifyasindependentdirectorsunderthelistingstandardsoftheNewYorkStockExchange(the“NYSE”)(suchdirectors,“IndependentDirectors”).TheBoardreviewsannuallytherelationshipsthateachdirectorhaswiththeCompany(eitherdirectlyorasapartner,shareholderorofficerofanorganizationthathasarelationshipwiththeCompany).Followingsuchannualreview,onlythosedirectorswhotheBoardaffirmativelydetermineshavenomaterialrelationshipwiththeCompany(eitherdirectlyorasapartner,shareholderorofficerofanorganizationthathasarelationshipwiththeCompany)willbeconsideredIndependentDirectors,subjecttoadditionalqualificationsprescribedunderthelistingstandardsoftheNYSEorunderapplicablelaw.TheBoardmayadoptanddisclosecategoricalstandardstoassistitindeterminingdirectorindependence.IntheeventthatadirectorbecomesawareofanychangeincircumstancesthatmayresultinsuchdirectornolongerbeingconsideredindependentunderthelistingstandardsoftheNYSEorunderapplicablelaw,thedirectormustpromptlyinformtheChairoftheNominatingandCorporateGovernanceCommittee.

TheBoardconsideredallrelevantfactsandcircumstancesinassessingdirectorindependenceandhasdeterminedthatMr.Bronson,Ms.Douglas,Mr.Kumin,Mr.RidleyandMr.ZelnickareeachIndependentDirectors.Mr.SternlichtisnotanIndependentDirectorduetohispositionasChiefExecutiveOfficeroftheCompany,amongotherpositions.Mr.DishnerisnotindependentduetohispositionasExecutiveVicePresidentofSPTManagement,LLC,ourManager.

Inmakingtheseindependencedeterminations,theBoardtookintoaccountthefollowingrelationships:

• WithrespecttoMr.Bronson,theBoardtookintoaccounttherelationshipsbetweentheCompanyandeachofSREITandInvitationHomes,inwhich,withrespecttoeachentity,anaffiliateoftheCompanyisashareholderandofwhichMr.Bronsonisadirector.Inaddition,Mr.SternlichtservesastheChairmanoftheBoardofSREITandasadirectorofInvitationHomes.

• WithrespecttoMs.Douglas,theBoardtookintoaccountcertaininvestmentsbyStarwoodCapitalGroup,anaffiliateoftheCompany,andLeFrak,forwhichMs.DouglasisaSeniorManagingDirector,AcquisitionsandCapitalMarkets.Theinvestmentsinclude(i)ajointventurethatdevelopedahotelinMiami,FloridathatwassubsequentlysoldinFebruary2019,and(ii)aminorityinvestmentbyLeFrakinahotelmanagementcompanythatisaffiliatedwithStarwoodCapitalGroup.

• WithrespecttoMr.Ridley,theBoardtookintoaccounttheprovisionoflegalservicesbyFoley&LardnerLLP,alawfirmofwhichMr.Ridleyisapartner,totheCompanyandcommercialmortgagebackedsecurities(“CMBS”)trustsforwhichasubsidiaryoftheCompanyhasbeenappointedtoactasthespecialservicer.Foradditionaldetailsregardingsuchlegalservicesandlegalfees,whichwerealsoconsideredbytheBoard,seethesectionofthisProxyStatemententitled“CertainRelationshipsandRelatedTransactions—DisclosureRegardingFredRidley.”

• WithrespecttoMr.Zelnick,theBoardtookintoaccountinvestmentsofMr.Sternlicht,ourChairmanoftheBoardandChiefExecutiveOfficer,inthreeZMC-sponsoredfunds,ofwhichMr.Zelnickisthefounderandmanagingpartner,eachofwhichisequaltolessthan1%ofsuchfunds,aswellasMr.Sternlicht’sserviceonanadvisoryboardofanaffiliateofZMC.

Board Evaluation Process

TheNominatingandCorporateGovernanceCommitteecoordinatesanannualself-assessmentoftheBoard’sperformanceaswellastheperformanceofeachcommitteeoftheBoard.ThefullBoardandeachcommitteediscusstheresults.TheassessmentincludesareviewofanyareasinwhichtheBoardormanagementbelievestheBoardcanmakeabettercontributiontotheCompany.TheNominatingandCorporate


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GovernanceCommitteeutilizestheresultsofthisself-evaluationprocessinassessinganddeterminingthecharacteristicsandcriticalskillsrequiredofprospectivecandidatesforelectiontotheBoardandmakingrecommendationstotheBoardwithrespecttoassignmentsofBoardmemberstovariouscommittees.

CORPORATEGOVERNANCEHIGHLIGHTS Weareproudofourstrongcorporategovernancepractices,including:

• StrongindependentleadershipoftheBoardwithaLeadIndependentDirectorandfiveofsevendirectorsbeingindependent

• Regularexecutivesessionsofindependentdirectors

• Annualelectionofdirectors

• Resignationpolicyifanydirectorreceivesagreaternumberofvotes“withheld”fromhisorherelectionthanvotes“for”hisorherelection

• Shareholderrighttocallspecialmeetings

• Singlevotingclassstock

• ShareholderscanamendtheBylaws

• Nopoisonpill

• Annual“say-on-pay”vote

• Regularsuccessionplanning

TheCompanymaintainsacorporategovernancesectiononitswebsitetoproviderelevantinformationtoshareholdersandotherinterestedparties.CorporategovernanceinformationavailableontheCompany’swebsiteincludesthechartersoftheAuditCommittee,NominatingandCorporateGovernanceCommitteeandCompensationCommitteeoftheBoard,theCorporateGovernanceGuidelinesoftheCompany,theCompany’sCodeofBusinessConductandEthicsandtheCompany’sCodeofEthicsforthePrincipalExecutiveOfficerandSeniorFinancialOfficersoftheCompany.See:www.starwoodpropertytrust.com,undertheheading“InvestorRelations”andthesubheading“CorporateGovernance.”Theinformationisalsoavailableinprint,mailedwithoutcharge,toanyshareholderuponwrittenrequesttotheCompany’sSecretaryatStarwoodPropertyTrust,Inc.,591WestPutnamAvenue,Greenwich,Connecticut06830.


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HOWTHEBOARDISSTRUCTUREDANDOPERATES Board Leadership Structure

Mr.SternlichtservesasChiefExecutiveOfficerandasChairmanoftheBoard.TheBoardbelievesthatthisleadershipstructureisappropriateandhasenabledtheCompanytoattractandretainastrongChiefExecutiveOfficer.ThisstructureresultsinaleaderoftheBoardwithgreatersubstantiveknowledgeoftheCompanyandtheindustryinwhichitoperatesthanwouldotherwisebethecase.TheBoardbelievestheCompany’soverallcorporategovernancepoliciesandpractices,combinedwiththestrengthoftheCompany’sIndependentDirectors,minimizeanypotentialconflictsthatmayresultfromcombiningtherolesofChiefExecutiveOfficerandChairmanoftheBoard.

OurCorporateGovernanceGuidelinescontemplatethat,iftheChairmanoftheBoardisnotanIndependentDirector,theIndependentDirectorswilldesignateoneoftheIndependentDirectorstoserveasLeadIndependentDirector.Mr.BronsoncurrentlyservesasLeadIndependentDirector.TheLeadIndependentDirectorworkswiththeChiefExecutiveOfficerandChairmanoftheBoardtoensurethattheBoarddischargesitsresponsibilities,hasstructuresandproceduresinplacetoenableittofunctionindependentlyofmanagementandclearlyunderstandstherespectiverolesandresponsibilitiesoftheBoardandmanagement.Inaddition,theLeadIndependentDirector’sdutiesincludefacilitatingcommunicationwiththeBoardandpresidingoverallmeetingsoftheBoardatwhichtheChairmanisnotpresent,includingregularlyconductedexecutivesessionsoftheIndependentDirectors.ItistheroleoftheLeadIndependentDirectortoreviewandapprovematterssuchasmeetingagendas,meetingschedulesufficiencyand,whereappropriate,otherinformationprovidedtotheotherdirectors.TheLeadIndependentDirectorservesastheliaisonbetweentheChairmanandtheIndependentDirectors;however,alldirectorsareencouragedto,andinfactdo,consultwiththeChairmanoneachoftheabovetopics.TheLeadIndependentDirectorandeachoftheotherdirectorscommunicateregularlywiththeChairmanregardingappropriateagendatopicsandothermattersrelatedtotheBoard.TheLeadIndependentDirectorhastheauthoritytocallmeetingsoftheIndependentDirectorsandisavailableforconsultationanddirectcommunicationwithinterestedparties.Inperformingtheseduties,theLeadIndependentDirectorconsultswiththeChairsoftheappropriatecommitteesoftheBoardandsolicitstheirparticipationinordertoavoiddilutingtheauthorityorresponsibilitiesofsuchcommitteeChairs.

Board and Committee Meetings

TheBoardhasfourstandingcommittees:anAuditCommittee,aNominatingandCorporateGovernanceCommittee,aCompensationCommitteeandanInvestmentCommittee.ThecurrentchartersforeachoftheAuditCommittee,NominatingandCorporateGovernanceCommitteeandCompensationCommitteeareavailableontheCompany’swebsite,www.starwoodpropertytrust.com,undertheheading“InvestorRelations”andthesubheading“CorporateGovernance.”Further,theCompanywillprovidecopiesofthesecharters,withoutcharge,toanyshareholderuponwrittenrequesttotheCompany’sSecretaryatStarwoodPropertyTrust,Inc.,591WestPutnamAvenue,Greenwich,Connecticut06830.

ThefollowingdescriptionsofthefunctionsperformedbythecommitteesoftheBoardaregeneralinnatureandarequalifiedintheirentiretybyreferencetothecommittees’respectivecharters.


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Audit Committee

TheAuditCommittee,presentlycomprisedofMr.Zelnick(Chair),Mr.BronsonandMs.Douglas,isresponsiblefortheselection,evaluationandoversightoftheCompany’sindependentauditors,aswellasoversightofthefinancialreportingprocessandinternalcontrolsoftheCompany.EachAuditCommitteememberis“independent”asdefinedintheNYSElistingstandards.TheBoardhasdeterminedthatMr.Zelnickqualifiesasan“auditcommitteefinancialexpert”asdefinedintheapplicableSECrules,andtheBoardhasdeterminedthatMr.ZelnickhasaccountingandrelatedfinancialmanagementexpertiseandthateachmemberoftheAuditCommitteeisfinanciallyliteratewithinthemeaningofthelistingstandardsoftheNYSE.TheAuditCommitteemetfourtimesduring2019.

TheprimarypurposesoftheAuditCommitteearetoprovideassistancetotheBoardinfulfillingitslegalandfiduciaryobligationswithrespecttomattersinvolvingtheaccounting,auditing,financialreporting,internalcontrolandlegalcompliancefunctionsoftheCompanyanditssubsidiaries,including,withoutlimitation,(a)assistingtheBoard’soversightof(i)theintegrityoftheCompany’sfinancialstatements,(ii)theCompany’scompliancewithlegalandregulatoryrequirements,(iii)theCompany’sindependentauditors’qualificationsandindependenceand(iv)theperformanceoftheCompany’sindependentauditorsandtheCompany’sinternalauditfunctionand(b)preparingthereportrequiredtobepreparedbytheAuditCommitteepursuanttotherulesoftheSECforinclusionintheCompany’sannualproxystatement.

Nominating and Corporate Governance Committee

TheNominatingandCorporateGovernanceCommittee,presentlycomprisedofMr.Zelnick(Chair),Mr.Bronson,Ms.DouglasandMr.Ridley,identifiesandrecommendstotheBoardindividualsqualifiedtoserveasdirectorsoftheCompanyandoncommitteesoftheBoard,advisestheBoardwithrespecttotheBoard’scomposition,proceduresandcommittees,advisestheBoardwithrespecttothecorporategovernanceprinciplesapplicabletotheCompanyandoverseestheevaluationoftheBoardandtheCompany’smanagement.EachNominatingandCorporateGovernanceCommitteememberis“independent”asdefinedintheNYSElistingstandards.TheNominatingandCorporateGovernanceCommitteemettwotimesduring2019.

TheCompany’sBylawsprovidecertainproceduresthatashareholdermustfollowtonominatepersonsforelectiontotheBoard.DirectornominationsatanannualshareholdermeetingmustbesubmittedinwritingtotheCompany’sSecretaryatStarwoodPropertyTrust,Inc.,591WestPutnamAvenue,Greenwich,Connecticut06830.TheSecretarymustreceivethenoticeofashareholder’sintentiontointroduceanominationatanannualshareholdermeeting:

• notearlierthanthe120thdaynorlaterthanthe90thdaypriortothefirstanniversaryofthedateofmailingofthenoticefortheprecedingyear’sannualmeetingofshareholders;or

• intheeventthatthedateofthemailingofthenoticefortheannualmeetingofshareholdersisadvancedordelayedbymorethan30daysfromthefirstanniversaryofthedateofmailingofthenoticefortheprecedingyear’sannualmeetingofshareholders,notearlierthanthe120thdaypriortothedateofmailingofthenoticeforsuchannualmeetingofshareholdersandnotlaterthanthecloseofbusinessonthelaterofthe90thdaypriortothedateofmailingofthenoticeforsuchannualmeetingofshareholdersorthetenthdayfollowingthedayonwhichdisclosureofthedateofmailingofthenoticeforsuchmeetingisfirstmadebytheCompany.

ThedeadlineforsuchnoticeofashareholdernominationisthesameasthedeadlinefornoticeofashareholderproposalsubmittedoutsideofRule14a-8withrespecttothe2021annualmeetingofshareholders,whichisdiscussedinthesectionofthisProxyStatemententitled“ShareholderProposalsforthe2021AnnualMeeting.”TheBylawsalsoprovidethattheshareholdernominationnoticemustcontainallinformationrelatingtosuchnomineethatisrequiredtobedisclosedinsolicitationsofproxiesforelectionsofdirectorsinanelectioncontest(evenifanelectioncontestisnotinvolved),orisotherwiserequired,ineachcasepursuanttoRegulation14AundertheSecuritiesExchangeActof1934,asamended(the“ExchangeAct”),andtherulesthereunder(includingsuchperson’swrittenconsenttobeingnamedintheproxystatementasanomineeandtoserveasdirectorifelected).


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Astotheshareholdergivingthenoticeandthebeneficialowner,ifany,onwhosebehalftheproposalisbeingmade,thenoticemustinclude:

• thenameandaddressoftheshareholder,astheyappearontheCompany’sstockledgerand,ifdifferent,thecurrentnameandaddressofsuchbeneficialowner;and

• theclassandnumberofsharesofeachclassofstockoftheCompanywhichareownedbeneficiallyandofrecordbysuchshareholderandownedbeneficiallybysuchbeneficialowner.

Inconsideringthequalifications,attributesandcriteriaforservingasadirectoroftheCompany,theNominatingandCorporateGovernanceCommitteeexaminesacandidate’sexperience,skills,expertise,diversity,age,personalandprofessionalintegrity,character,businessjudgment,timeavailability,dedication,independencefrommanagementandtheCompany,potentialconflictsofinterestandsuchotherrelevantfactorsthatthecommitteeconsidersappropriateinthecontextoftheneedsoftheBoard.TheNominatingandCorporateGovernanceCommitteedoesnotfeelitneedsaformalpolicytoconsidereachofthefactorslistedabove,includingdiversity,thatittakesintoaccountwhenevaluatingdirectorcandidates.

TheNominatingandCorporateGovernanceCommitteeidentifiespotentialnomineesbyseekinginputfromfellowdirectors,executiveofficers,professionalfirmsandshareholdersandstakeholders.TheNominatingandCorporateGovernanceCommittee’sevaluationprocessdoesnotvarybasedonwhetherornotacandidateisrecommendedbyashareholder.However,inadditiontotakingintoconsiderationtheneedsoftheBoardandthequalificationsofthecandidate,thecommitteemayalsoconsiderthenumberofsharesheldbytherecommendingshareholderandthelengthoftimethatsuchshareshavebeenheldbysuchshareholder.

OnceapersonhasbeenidentifiedbytheNominatingandCorporateGovernanceCommitteeasapotentialcandidate,theNominatingandCorporateGovernanceCommitteemaycollectandreviewpubliclyavailableinformationregardingthepersontoassesswhetherthepersonshouldbeconsideredfurther.IftheNominatingandCorporateGovernanceCommitteedeterminesthatthepotentialcandidatewarrantsfurtherconsideration,amemberoftheBoardwillcontacttheperson.Generally,ifthepersonexpressesawillingnesstobeconsideredandtoserveontheBoard,theNominatingandCorporateGovernanceCommitteerequestsinformationfromthecandidateandreviewstheperson’saccomplishmentsandqualifications.

Compensation Committee

TheCompensationCommittee,presentlycomprisedofMr.Bronson(Chair),Mr.KuminandMr.Zelnick,overseestheCompany’scompensationandemployeebenefitplansandpractices,includingitsexecutivecompensationplans,anditsincentivecompensationandequity-basedplans.TheCompensationCommitteealsooverseestheannualreviewoftheAmendedandRestatedManagementAgreement,datedasofAugust17,2009,byandbetweentheCompanyandtheManager,asthesamemaybeamendedfromtimetotime(the“ManagementAgreement”),andoverseestheannualreviewoftheCompany’sequitycompensationplans.

TheprimaryresponsibilitiesoftheCompensationCommitteeadditionallyincludereviewinganddiscussingwithmanagementtheCompany’scompensationdiscussionandanalysis(the“CD&A”)tobeincludedintheCompany’sannualproxystatementorannualreportonForm10-KfiledwiththeSECandpreparingtheCompensationCommitteeReportasrequiredbytherulesoftheSEC.TheCompensationCommitteefurtheroverseesthereviewandapprovalofgeneralcompensationpoolsandplansfortheemployeesofourRealEstateInvesting&Servicingbusinessdivision.EachCompensationCommitteememberis“independent”asdefinedintheNYSElistingstandards.TheCompensationCommitteemettwotimesduring2019.

TheCompensationCommitteehastheauthoritytodeterminethecompensationpayabletotheCompany’sdirectorsandtograntawardsundertheCompany’sequityincentiveplansandfromtimetotimemay


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solicitrecommendationsfromtheCompany’sexecutiveofficersand/oroutsidecompensationconsultantsindeterminingtheamountorformofsuchdirectorcompensationorawards.TheCompensationCommitteealsohastheauthoritytoreviewand,whereapplicable,approvebasesalaryandtargetbonuslevelstobepaidbyanaffiliateoftheManagerandequity-basedcompensationtobemadetotheCompany’snamedexecutiveofficers.Indeterminingtheamountandformofsuchcompensation,theCompensationCommitteeseeksrecommendationsfromtimetotimefromtheCompany’sChairmanoftheBoardandChiefExecutiveOfficerand/oroutsidecompensationconsultants.TheCompensationCommitteealsooverseesriskwhenitconsidersgrantingequityawardstotheManagerundertheManagementAgreement,includingwithrespecttothereviewofperformance-relatedfactors(suchasachievementofspecifiedlevelsofnetincome)whengrantingsuchawards.Forexample,inevaluatinginvestmentsandothermanagementstrategies,theopportunitytoearnincentivecompensationbasedonnetincomemayleadtheManagertoplaceundueemphasisonthemaximizationofnetincomeattheexpenseofothercriteria,suchasthepreservationofcapital,maintainingsufficientliquidityand/ormanagementofcreditriskormarketrisk,inordertoachievehigherincentivecompensation.Investmentswithhigheryieldpotentialaregenerallyriskierormorespeculative.Asaresult,theCompensationCommitteeevaluatesperformance-relatedfactors(suchasnetincome)inconjunctionwithotherkeyriskexposurefactorsinmakinggrantstotheManager.TheCompensationCommitteealsohastheauthoritytoformsubcommitteesconsistingofatleasttwodirectorsforanypurposethattheCompensationCommitteedeemsappropriateandmaydelegatetosuchsubcommitteessuchpowerandauthorityasitdeemsappropriate,exceptanypowerorauthorityrequiredbyanylaw,regulationorNYSElistingstandardtobeexercisedbytheCompensationCommitteeasawhole.

Compensation Committee Interlocks and Insider Participation

TherewerenocompensationcommitteeinterlocksrequiredtobedisclosedduringthecalendaryearendedDecember31,2019.ThedirectorswhoweremembersoftheCompensationCommitteeduringthecalendaryearendedDecember31,2019wereMr.Bronson,Mr.KuminandMr.Zelnick,noneofwhomare,orhavebeen,officersoremployeesoftheCompanyandnoneofwhomhadanyrelationshiprequiringdisclosurebytheCompanyunderItem404ofRegulationS-K.

Investment Committee

TheInvestmentCommittee,currentlycomprisedofMr.Sternlicht(Chair),Mr.Dishner,Mr.KuminandMr.Zelnick,isresponsibleforthesupervisionofourManager’scompliancewithourinvestmentguidelinesandconductingperiodicreviewsofourinvestmentportfolioatleastquarterlywhensuchportfoliosarealsoreviewedbythefullBoard.Inaddition,withrespecttoinvestmentsmadebytheCompany,(a)anyproposedinvestmentvaluedat$250millionupto$400millionofourequitycapitalwillrequiretheseparatereviewandapprovaloftheInvestmentCommitteeoftheBoardandtheInvestmentCommitteeoftheManagerand(b)anyproposedinvestmentvaluedat$400millionormorewillrequiretheapprovalofthefullBoardandtheInvestmentCommitteeoftheManager.

Disclosure Committee

Wemaintainadisclosurecommittee(the“DisclosureCommittee”)consistingofmembersofourexecutivemanagementandseniorstaff.ThepurposeoftheDisclosureCommitteeistooverseeoursystemofdisclosurecontrolsandassistandadviseourchiefexecutiveofficerandchieffinancialofficerinmakingrequiredcertificationsinSECreports.TheDisclosureCommitteewasestablishedtobringtogetheronaregularbasisrepresentativesfromourcorebusinesslinesandemployeesinvolvedinthepreparationofourfinancialstatementstodiscussanyissuesormattersofwhichthemembersareawarethatshouldbeconsideredfordisclosureinourpublicSECfilingsandreviewourdraftperiodicreportspriortofilingthemwiththeSEC.TheDisclosureCommitteereportstoourchiefexecutiveofficerand,asappropriate,toour


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AuditCommittee.TheDisclosureCommitteemeetsquarterlyandotherwiseasneeded.TheDisclosureCommitteehasadoptedawrittenchartertomemorializeitspurposeandprocedures,acopyofwhichmaybefoundonourwebsiteatwww.ir.starwoodpropertytrust.comunderthe“GovernanceDocuments”subtabofthe“CorporateGovernance”tab.

Succession Planning

TheBoard,ledbytheCompensationCommitteewithinputfromtheChiefExecutiveOfficer,regularlyengagesinsuccessionplanningforthepositionoftheChiefExecutiveOfficerandotherseniorofficers.Suchsuccessionplanninginvolvesbothshort-termandlong-termsuccessionplanningandtalentmanagement.

Board and Role in Risk Oversight

ThemembersoftheNominatingandCorporateGovernanceCommittee,theAuditCommitteeandtheCompensationCommitteeoftheBoard,includingtheirrespectiveChairs,arecomprisedentirelyofIndependentDirectorswhoserveinoversightroles.Throughthesecommittees,theBoardisactivelyinvolvedintheoversightofrisk,compliance,possibleconflictsofinterestandrelatedpartytransactions,andbusinessresults.MembersoftheBoardhaveaccesstomanagementandoutsideadvisors.

Withrespecttocybersecurityrisks,theBoardreceivesperiodicupdatesfrommanagementontheCompany’scybersecurityprogram,includingmeasurestakentoaddresscybersecurityrisksandsignificantcybersecurityincidents.Thecybersecurityprogramiscomprisedofvariouscontrolsandactivitiesperformedinordertoidentify,protect,detectandrespondtocybersecuritythreats.

TheManagerisresponsiblefortheday-to-daymanagementoftheriskstheCompanyfaces,whiletheBoard,asawholeandthroughitscommittees,hasresponsibilityfortheoversightofriskmanagement.Initsriskoversightrole,theBoardhastheresponsibilitytosatisfyitselfthattheriskmanagementprocessesdesignedandimplementedbymanagementareadequateandfunctioningasdesigned.Todothis,theChairmanoftheBoardmeetsregularlywithmanagementtodiscussstrategyandrisksfacingtheCompany.SeniormanagementattendstheBoard’smeetingsandisavailabletoaddressanyquestionsorconcernsraisedbytheBoardonriskmanagementandanyothermatters.TheChairmanoftheBoardandnon-executivemembersoftheBoardworktogethertoprovidestrong,independentoversightoftheCompany’smanagementandaffairsthroughitsstandingcommitteesand,whennecessary,specialmeetingsofIndependentDirectors.

Executive Sessions of Non-Executive and Independent Directors

Executivesessionsofthenon-executivedirectorsoccurregularlyduringthecourseoftheyear.“Non-executivedirectors”includeallIndependentDirectorsandanyothernon-managementdirectors.Mr.Bronson,ourLeadIndependentDirector,isresponsibleforpresidingoverexecutivesessionsofthenon-executivedirectors.Inaddition,intheeventthatthenon-executivedirectorsincludeanydirectorwhoisnotanIndependentDirector,anexecutivesessionofonlytheIndependentDirectorswilloccuratleastonceayear.


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Number of Meetings of the Board and Attendance in 2019

TheBoardmetsixtimesduring2019,includingbothregularlyscheduledandspecialmeetings.Eachdirectorattendedatleast75%ofthemeetingsoftheBoardandofthecommitteesoftheBoardonwhichsuchdirectorservedduringthecalendaryearendedDecember31,2019.TheCompanyexpectseachdirectorservingonitsBoardtoregularlyattendmeetingsoftheBoardandthecommitteesonwhichsuchdirectorserves,andtoreview,priortomeetings,materialdistributedinadvanceofsuchmeetings.AdirectorwhoisunabletoattendameetingisexpectedtonotifytheChairmanoftheBoardortheChairoftheappropriatecommitteeinadvanceofsuchmeeting.Additionally,theCompanyexpectseachdirectortoattendtheannualmeetingsofshareholders,andadirectorwhoisunabletoattendsuchameeting(whichitisunderstoodwilloccuronoccasion)isexpectedtonotifytheChairmanoftheBoardinadvanceofsuchmeeting.Eachdirectortheninofficeattendedour2019annualmeetingofshareholders.

Hedging Policy

PursuanttotheCompany’sCodeofBusinessConductandEthics,directors,employeesandtheirimmediatefamiliesmaynotpurchase,sell,acquireordisposeofanysecuritiesissuedbyStarwoodCapitalGroupand/oritsaffiliatedcompanies(including,withoutlimitation,theCompany),includinganyderivativeinstrumentsrelatingtothesesecurities,withoutpriorapprovalfromCompanylegalcounsel.

How to Communicate with the Board

TheBoardcastsawidenetforinformationandvaluesinputfromavarietyofstakeholders,includingshareholders.Wehavethereforecreatedavarietyofmeansforourshareholderstocommunicatewithus.Theseinclude:

• writingtousviamail(asdescribedbelow);

• writingtotheBoard’sdedicatedemailaddress(providedbelow);

• attendingourannualmeeting;

• votingyourproxies;


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• callingourInvestorRelationsDepartment(203-422-7788);

• takingpartinourshareholderengagementdiscussions;and

• attendingourperiodicinvestordays.

AnyinterestedpartymayinitiatecommunicationswiththeBoard,theChairmanoftheBoard,theLeadIndependentDirector,theIndependentDirectorsasagroup,anycommitteeoftheBoardoranyindividualdirectorordirectorsbywritingtoourSecretaryattheaddresssetforthabove.Youshouldindicateontheoutsideoftheenvelopetheintendedrecipientofyourcommunication(i.e.,thefullBoard,theIndependentDirectorsasagrouporanyindividualdirectorordirectors).Inaddition,interestedpartiesmaycontacttheBoard,theChairmanoftheBoard,theLeadIndependentDirector,theIndependentDirectorsasagroup,anycommitteeoftheBoardoranyindividualdirectorordirectorselectronicallyviaemailtotheBoard’sdesignatedemailaddress:BoardofDirectors@stwdreit.com.TheBoardhasinstructedourSecretarytoreviewsuchmailandemailcorrespondenceand,athisdiscretion,nottoforwarditemsifhedeemsthemtobeofacommercialorfrivolousnatureorotherwiseinappropriatefortherecipient’sconsideration.


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NON-EMPLOYEEDIRECTORCOMPENSATION ExecutivedirectorsdonotreceivecompensationforservingontheBoard.Forthesepurposes,an“executivedirector”isamemberoftheBoardwhoisalsoanemployeeofStarwoodCapitalGrouporanaffiliatethereof,includingtheCompany.For2019,eachnon-executivedirectorwasentitledtoreceive$100,000,payableinquarterlyinstallmentsinconjunctionwithquarterlymeetingsoftheBoard.Inaddition,directorsservinginthefollowingroleswereentitledtoreceivetheseadditionalcashretainers:ourLeadIndependentDirector:$40,000;ourAuditCommitteeChair:$20,000;eachmemberoftheAuditCommittee:$10,000;ourCompensationCommitteeChair:$15,000;eachmemberoftheCompensationCommittee:$7,500;ourNominationandCorporateGovernanceCommitteeChair:$10,000;eachmemberoftheNominatingandCorporateGovernanceCommittee:$2,500;andeachmemberoftheInvestmentCommittee:$2,500.

Inaddition,in2019eachnon-executivedirectorwasentitledtoanequityawardof$120,000,payableintheformofrestrictedsharesofcommonstockthatvestontheone-yearanniversaryofthedateofgrant,subjecttothedirector’scontinuedserviceontheBoard,calculatedbasedontheclosingpriceofashareofcommonstockonthedayprecedingthedateofgrant,undertheStarwoodPropertyTrust,Inc.2017EquityPlan(the“2017EquityPlan”);andreimbursementofreasonabletravelexpensesincurredinconnectionwithattendingBoardandcommitteemeetings.

ThetablebelowsummarizesthecompensationpaidbytheCompanytoitsnon-executivedirectorsforthecalendaryearendedDecember31,2019.

Name

FeesEarned

or Paid in Cash ($)

Stock Awards ($)(1)

(2)Option Awards

Non-Equity Incentive PlanCompensation

Change in Pension Value

and Nonqualified

Deferred Compensation

EarningsAll Other

Compensation Total ($)

RichardD.Bronson 167,500 119,435 — — — — 286,935

CamilleJ.Douglas 112,500 119,435 — — — — 231,935

SolomonJ.Kumin 110,000 119,435 — — — — 229,435

FredS.Ridley 102,500 119,435 — — — — 221,935

StraussZelnick 140,000 119,435 — — — — 259,435(1) OnSeptember24,2019,eachofthenon-executivedirectorswasgrantedanannualequityawardequalto4,861restrictedsharesofcommonstock.The

amountsreportedinthiscolumnforsuchawardsarebasedonaclosingpriceof$24.57pershareofcommonstockonthedateofgrant.(2) AsofDecember31,2019,eachofthenon-executivedirectorsheld4,861unvestedrestrictedstockawards,foratotalunvestedsharecountof24,305.

TheCompensationCommitteeandtheBoardaimtoprovideandmaintaincompetitivedirectorcompensationlevelsandminimizethecomplexityoftheCompany’sfeestructure.For2020,eachnon-executivedirectoriscontemplatedtobeentitledtoreceivethesamelevelsofcompensation,onthesameterms,forserviceasamemberoftheBoardandasamemberofthecommitteesoftheBoardasfor2019,exceptthattheannualstockretainerpaidtoeachnon-employeedirectorhasbeenincreasedto$130,000for2020.

TheBoardhasadoptedaguidelineforequityownershipequaltoatleastthreetimesthevalueoftheannualBoardmembershipcashretainer.Whenthisguidelinewasimplementedin2011,directorshad(i)five


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yearsfromthetimeoftheimplementationofthisguidelinein2011or(ii)fiveyearsfromthetimeoftheirelectiontotheBoard,whicheverislater,toobtainthislevelofequityownership.RestrictedstockawardsmadebytheCompanyinconnectionwithserviceontheBoardanditscommitteesmaybecountedtowardachievingtheequityownershipguidelines.AsofMarch3,2020,7,498,820sharesofcommonstockwereavailableforissuanceunderthe2017EquityPlan(determinedonacombinedbasiswiththe2017ManagerEquityPlan(definedbelow))and24,305sharesofcommonstockweresubjecttounvestedawardsgrantedtonon-executivedirectorsunderthe2017EquityPlanoritspredecessorplan.

Wehavealsoenteredintoanindemnificationagreementwitheachofourdirectorsthatprovidesforindemnification,tothefullestextentpermittedbyapplicablelawandsubjecttocertainconditions,withrespecttocertainexpensesandclaimsthatsuchdirectorincursorbecomespartytobyreasonofthefactthatsuchdirectorisorwasanofficer,director,trustee,employeeoragentoftheCompanyoranyofoursubsidiariesoraffiliates.Pursuanttosuchindemnificationagreements,ourdirectorsmayalsoobtainadvancementofcertainofsuchexpenses.Suchindemnificationwillbereducedtotheextentthatsuchdirectorsareindemnifiedunderthedirectors’andofficers’liabilityinsurancemaintainedbytheCompany.AcopyoftheformofsuchindemnificationagreementsisanexhibittotheCompany’sAnnualReportonForm10-KforthecalendaryearendedDecember31,2015,asfiledwiththeSEC.


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OURCOMPANY Wearealeading,diversifiedrealestatefinancecompany—andthelargestcommercialmortgagerealestateinvestmenttrustintheUnitedStatesbasedonmarketcapitalization.Wearepassionateaboutourbusinessandwanttoshareasummaryofaccomplishmentsofwhichweareproud.Wealsobelieveitisimportanttoprovideinsightintohowwethinkofourselvesandourlargerpurposeasacorporatecitizen,whichsupportsourabilitytocreatevalueforourshareholders.Weutilizeamulti-cylinderinvestmentplatformthatenablesustocollaboratewithStarwoodCapitalGroup’sover4,000employeesacrossits13globalofficestofindinvestmentopportunitiesinourcorefocusareasofrealestateandinfrastructure.AfewhighlightsregardingourCompanyareprovidedbelow:

STWD 29 Years

WehavesharespubliclytradedontheNYSE

WehavetheabilitytoleveragetheplatformofStarwoodCapitalGroup,aleadingprivateinvestmentfirmwithover29yearsofexperienceandbroadoperatingexpertiseacrossvirtuallyeveryrealestateassetclass

61B 17B

CapitaldeployedsinceourinceptioninAugust2009

PortfolioacrossourCommercialandResidentialLending,InfrastructureLending,Investing&ServicingandPropertyBusinessSegments

300 Employeesand~50additionalpeopleemployedbytheManagerorotherproviderthatarefullydedicatedtotheCompany’sbusinessandoperations

Wehavethesizeandexpertisetosuccessfullyexecutelarge,complexrealestatetransactions

WeareoneofthelargestcommercialmortgagespecialservicingbusinessesintheUnitedStates


+$ +$

~

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We also provide solutions to important environmental and social challenges, both through ourproperty and infrastructure investments and via our residential lending portfolio. Here are some of theenvironmental and societal benefits that are inextricably linked to our core operations:

~1/2 Roughlyhalfofourapproximately$2.3billionownedrealestateportfolioisinvestedinrent-restrictedmulti-familyproperties.ThismakesusoneofthelargestprovidersandownersofaffordablehousingintheU.S.

AsofDecember2019,weownedapproximately15,057apartmentunitsthatprovidehousingtoapproximately35,000people,90%ofwhomrepresenthouseholdsearningaround60%orlessofthemedianhouseholdincomeforeachproperty’sregion.

Ineveryoneofourcommunities,wehavepreservedallin-placeaffordabilityrestrictionsonourproperties.WeprovidesupportservicestoresidentssuchasSoldierstoScholarsprogram,whichoffersfreerent,utilities,andmaintenancetomilitaryveteranswhoareobtainingacollegedegreeandfreetransporationtomedicalandretaildestinationsatseniors-onlycommunities.

Sincethepurchaseofourinfrastructurelendingplatformin2018wehavefinanced$700millionofrenewableenergyassets,includingwind,hydro,solarandgeothermalprojects.

In2019,ourrenewableportfoliogeneratedover5,700gigawatthoursofenergy,avoidingapproximately4.1MtonsofCO2emissions.94%ofourrenewableportfolioislocatedintheU.S.withtheremainderinEurope.

Ourresidentiallendingbusinesshasdeployedapproximately$3.6billionsince2016,advancingfinancialinclusionbyprovidingmortgagestomanyhigh-qualityborrowerswhomightotherwisestruggletosecureaccesstohousingcredit.

Inourownedrealestateportfolio,werunseveralinitiativesfocusedonenergyefficiencyandcostsavings,suchas:

• autilitytrackingprogramthatenablesefficientmonitoringofwaterandelectricuseacrossportfolios;and

• waterconservationprogramsthatinvestinmoreefficientkitchenandbathroomfixtures,reducingwaterusagebyapproximately41%onaverageandrealizingaveragewaterbillsavingsofapproximately42%.Todate,thevalueofthesesavingsisapproximately$16million.

Through our commercialreal estate lendingbusiness, we evaluateenvironmental risksassociated with ourinvestments.

• WeutilizeaPhaseIenvironmentalsiteassessmenttoidentifyenvironmentalconditionsthatmayhaveamaterialimpactonthepropertybeingassessed..

• Weassessaproperty’ssustainabilityandmarketabilitybyreviewingcharacteristicsincludingLEEDcertification,tenantamenitiessuchasbikestorageandrepairfacilitiesneighborhoodwalkabilityratingsandelectriccarchargingstations.

• Weconductperiodicpropertysitevisitswhichincludephysicalinspectionof

theassetsthatincludeenvironmentalconsiderations.

We are, in other words, a company that is:

Investinginrenewableenergyprojectsandintegratingenvironmentalduediligenceintoourlendingpractices.

Makingaffordablehousingavailableforthousandsoffamilies.

Advancingfinancialinclusionbyhelpingtomakehomeownershippossibleforpeoplewhocan’tgettraditionalbankloans.


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SHAREHOLDERENGAGEMENT Onaregularbasisthroughouttheyear,ourmanagementteam—includingourChairmanoftheBoard—attendsinvestorconferencesandholdsone-on-onemeetingsandcallswithinvestorstogainabetterunderstandingoftheissuesthatareimportanttoexistingandpotentialshareholders.Wealsointeractwithourshareholders’stewardshipandproxyvotingteamsandourdirectorsremainopentoengagementswherevaluableandappropriate.

Weusetheinformationgatheredinthesemeetingstohelpinformourgovernanceanddecision-makingandensureourinterestsremainalignedwiththoseofourshareholders.Forexample,asdisclosedintheCompany’sCurrentReportonForm8-KfiledonMarch20,2020,werecentlyamendedourBylawstoprovideshareholderswiththepowertoamendourBylaws,subjecttoeligibilityrequirementsthataretiedtoRule14a-8undertheExchangeAct.Previously,onlytheBoardcouldamendtheBylaws.

During2019,ourmanagementteamheld187individualandgroupmeetings(eitherin-personortelephonically)withshareholdersrepresentingapproximately34%ofouroutstandingsharestodiscuss,amongothertopics,ourbusiness,financialandoperatingperformance;ourcapitalallocationprioritiesandourcorporategovernanceandexecutivecompensation.

OURPEOPLE Wehaveapproximately300employeesacrosseightofficeslocatedinGreenwich,NewYork,MiamiBeach,Atlanta,LosAngeles,SanFrancisco,CharlotteandStamford.Westrivetobeanemployerofchoice,andarethereforehighlyfocusedoncreatingandmaintainingbestinclassrecruitment,retentionandcompensationprogramsandaculturedesignedtoencourageperformance,integrityandwell-being.


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OUREXECUTIVEOFFICERS Thefollowingchartliststhenames,agesandpositionsoftheexecutiveofficersoftheCompany.ForadditionalinformationonMr.SternlichtseethesectionofthisProxyStatemententitled“OurBoard—Proposal1:ElectionofDirectors.”

Name Age Position(s)

BarryS.Sternlicht 59 ChairmanoftheBoardandChiefExecutiveOfficer

JeffreyF.DiModica,CFA 52 President

AndrewJ.Sossen 43 ChiefOperatingOfficer,GeneralCounsel,ChiefComplianceOfficer,SecretaryandExecutiveVicePresident

RinaPaniry 46 ChiefFinancialOfficer,Treasurer,PrincipalFinancialOfficerandChiefAccountingOfficer

JEFFREY F.DIMODICA, CFA President of the Company

EXPERIENCE • PresidentoftheCompanysinceSeptember2014 • ManagingDirectorofanaffiliateoftheManagersinceJuly2014 • DirectoroftheCompanyfromitsinceptionin2009untilJuly2014 • ManagingDirectorandtheHeadofMBS/ABS/CMBSSalesandStrategy,whereMr.DiModicawas

responsibleforthedistributionofmortgage-backedsecurities(“MBS”),asset-backedsecurities(“ABS”)andCMBStoinstitutionalclients,includingbanks,hedgefunds,insurancecompaniesandmoneymanagers,RoyalBankofScotland(2007-2014);joined2001

• SoldderivativeandMBSproductstoinstitutionalclientsforMerrillLynchinBoston(1993-2001) • ChemicalBank,MerchantandInvestmentBankingGroupoftheCommercialRealEstateDepartment

(1989-1991) EDUCATION • BS/BA,withaconcentrationinFinance,BostonUniversity • MBA,AmosTuckSchoolatDartmouthCollege • CharteredFinancialAnalyst OTHER • MemberoftheYoungPresidentsOrganization • ServesontheBoardofVirtualEnterprisesInternational,anon-profitfocusedonteachingcareerand

entrepreneurialskillstoinnercityhighschoolstudents

• FoundingPresidentofMitoAction,anon-profitorganizationthatprovideseducation,supportandadvocacyforpatientsandfamiliesaffectedbymitochondrialdisease


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ANDREW J. SOSSEN Chief Operating Officer,General Counsel, ChiefCompliance Officer,Secretary and ExecutiveVice President of theCompany

EXPERIENCE • ChiefOperatingOfficeroftheCompanysinceJuly2011;GeneralCounsel,ChiefComplianceOfficer,

SecretaryandExecutiveVicePresidentsinceJanuary2010 • GeneralCounselofKKR&Co.’sassetmanagementbusinessandofKKRFinancialHoldingsLLC,a

publiclytradedspecialtyfinancecompany,whereMr.Sossenwasamemberofseniormanagementandwasintegrallyinvolvedinthepolicyandstrategicdecision-making,aswellastheday-to-dayoperations,ofthebusinesses(2006-2009)

• BegancareeratSimpsonThacher&BartlettLLP,whereMr.Sossenwasamemberofthefirm’s

corporatedepartment,specializingincapitalmarketsandmergersandacquisitions EDUCATION • BA,UniversityofPennsylvania • JD,UniversityofPennsylvania OTHER • FormerTrusteeofStarwoodWaypointResidentialTrust,apubliclytradedREITthatisapredecessor

companyofInvitationHomes

RINA PANIRY Chief Financial Officer,Treasurer, PrincipalFinancial Officer and ChiefAccounting Officer of theCompany

EXPERIENCE • ChiefFinancialOfficer,Treasurer,PrincipalFinancialOfficerandChiefAccountingOfficerofthe

CompanysinceMay2014 • EmployeeofStarwoodCapitalOperations,LLCsinceMay2014 • ChiefFinancialOfficer(2013-2014)ofLNRPropertyLLC,awholly-ownedsubsidiaryoftheCompany

thatwasacquiredbytheCompanyin2013;previouslyChiefAccountingOfficer(2006-2013) • Spent11yearsatDeloitte&Toucheinvariousroles,principallyintherealestateindustryandinthe

functionalareasofauditandmergersandacquisitions EDUCATION • BAcc/BAinManagementInformationSystems,FloridaInternationalUniversity • MAcc,FloridaInternationalUniversity • CertifiedPublicAccountantinFlorida


• Medical,prescription,dentalandvisioninsuranceforallemployeesandtheirfamilies;

• 401(k)planwithcompanymatchincentive;

• Subsidizedlifeanddisabilityinsurance;

• Paidtimeoffforholidays,personaldaysandvacation;

• Gymsubsidies,annualhealthscreeningsandflushots;

• Matchingcharitablecontributions;

• Educationassistanceprograms;and

• Commutersubsidyprograms.

• Managementandleadershiptrainingopportunities,includingwomeninleadershiptraining;

• 1-on-1coaching;

• Professionaldesignations;

• Onaverage,10-20%ofemployeesparticipateinsomeformofmanagementandleadershiptrainingprogramseachyear;and

• Approximately25%ofjobopeningsarefilledinternally.

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EMPLOYMENTPRACTICES Webelievethatourcompetitivecompensation,outstandingbenefits,trainingopportunitiesandstimulatingworkenvironmenthelpusattractandretainpeoplewithexceptionalfinancialandrealestateskills.Thesebenefitsandopportunitiesinclude:

Exceptional Employee Benefits

Employee Retention and Satisfaction Diversity and Inclusion

• Regularreviewandmonitoringofemployeeturnoverandreasonsbehindit;

• Regularreviewandmonitoringof

employeedemographicdata; • ConductregularPulseSurveysto

“takethepulse”ofalargesegmentofemployeestoseehowtheyfeelabouttheCompany,theirwork,ourimprovementprogressandmore;and

• Approximately20%ofemployees

haveatenureof15+years.

• OurEmployeeHandbookincludesadiscrimination,harassmentandretaliationpreventionpolicy.

• Programstosupportdiversetalent

include: • Mentoringinitiatives; • Affinitygroups;and • Targetedcollegerecruitment

programs;and

46ofemployeesidentifyasfemale

37ofemployeesidentifyasHispanicand15%ofemployeesidentifyasotherminorities.

Employee Training, Talent Management


%

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OURSHAREHOLDERSSECURITYOWNERSHIPOFCERTAINBENEFICIALOWNERS,DIRECTORSANDMANAGEMENT ThefollowingtablesetsforththebeneficialownershipofourcommonstockasofMarch3,2020withrespectto:

• eachoftheCompany’sdirectorsanddirectornominees;

• eachoftheCompany’snamedexecutiveofficers;and

• alloftheCompany’sdirectors,directornomineesandexecutiveofficersasagroup.

Exceptasindicatedinthetablebelow,thebusinessaddressofeachpersonlistedinthetablebelowistheaddressofourprincipalexecutiveoffices,StarwoodPropertyTrust,Inc.,591WestPutnamAvenue,Greenwich,Connecticut06830.

Directors and Named Executive Officers

Amount and Natureof

Beneficial OwnershipPercent of Class (%)

RichardD.Bronson(1)(2) 64,409 *

JeffreyF.DiModica 305,765 *

JeffreyG.Dishner 336,097 *

CamilleJ.Douglas(1) 35,909 *

SolomonJ.Kumin(1) 30,117 *

RinaPaniry 199,927 *

FredS.Ridley(1) 9,889 *

AndrewJ.Sossen 171,648 *

BarryS.Sternlicht(3) 8,781,663 3.1

StraussZelnick(1)(4) 57,409 *

DirectorsandExecutiveOfficersasaGroup(10persons) 9,992,833 3.5* Lessthan1%(1) Includes4,861sharesofunvestedrestrictedcommonstockgrantedtoeachofthenon-executivedirectorspursuanttothe2017EquityPlan.(2) Includes15,000sharesownedbyMr.Bronson’sspouse.(3) Includes253,421sharesownedinatrustofwhichMr.Sternlichtisthetrusteeand229,675sharesissuableuponthevestingonMarch31,2020of

restrictedstockunitsgrantedtotheManager.(4) Includes11,800sharesownedintrustsofwhichMr.Zelnickisthetrusteeand2,600sharesownedbyMr.Zelnick’sspouse.


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Thefollowingtablesetsforthcertaininformationrelatingtothebeneficialownershipofourcommonstockbyeachperson,entityorgroupknowntotheCompanytobethebeneficialownerofmorethanfivepercentofourcommonstockbasedonareviewofpubliclyavailablestatementsofbeneficialownershipfiledwiththeSEConSchedules13Dand13GthroughMarch3,2020.

Name and Address of Beneficial Owner

Amount and Natureof

Beneficial OwnershipPercent of Class (%)

BlackRock,Inc.(1)55East52ndStreetNewYork,NewYork10055

17,606,586 6.2

TheVanguardGroup(2)100VanguardBoulevardMalvern,Pennsylvania19355

26,820,117 9.51

(1) BasedoninformationasofDecember31,2019setforthinSchedule13G/AfiledwiththeSEConFebruary6,2020byBlackRock,Inc.,whichhassolevotingpowerwithrespectto16,485,232sharesofcommonstockandsoledispositivepowerwithrespectto17,606,586sharesofcommonstock.BlackRock,Inc.didnotreportanysharedvotingordispositivepowerwithrespecttosharesofcommonstock.

(2) BasedoninformationasofDecember31,2019setforthinSchedule13G/AfiledwiththeSEConFebruary12,2020byTheVanguardGroup,whichhassolevotingpowerwithrespectto155,834sharesofcommonstock,sharedvotingpowerwithrespectto41,317sharesofcommonstock,soledispositivepowerwithrespectto26,672,273sharesofcommonstockandshareddispositivepowerwithrespectto147,844sharesofcommonstock.

Unlessotherwiseindicated,allsharessetforthinthetablesaboveareowneddirectlyandtheindicatedpersonhassolevotingandinvestmentpowerwithrespectthereto.Unlessotherwiseindicated,thepercentageofbeneficialownershipiscalculatedbasedon282,970,469sharesofcommonstockoutstandingasofMarch3,2020.InaccordancewithSECrules,eachlistedperson’sbeneficialownershipincludes:

• allsharesofourcommonstocktheinvestoractuallyownsbeneficiallyorofrecord;

• allsharesofourcommonstockoverwhichtheinvestorhasorsharesvotingordispositivecontrol(suchasinthecapacityasageneralpartnerofaninvestmentfund);and

• allsharesofourcommonstocktheinvestorhastherighttoacquirewithin60days.


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HOWOUREXECUTIVESAREPAIDEXECUTIVECOMPENSATION Compensation Discussion and Analysis

NoneofthenamedexecutiveofficersoftheCompanyiscurrentlyanemployeeoftheCompany.WearemanagedbytheManager,pursuanttothetermsoftheManagementAgreement.AllofournamedexecutiveofficersareemployeesofanaffiliateoftheManager.BecausetheManagementAgreementwiththeManagerprovidesthattheManagerisresponsibleformanagingtheCompany’saffairs,eachoftheCompany’sChiefExecutiveOfficeranditsothercurrentexecutiveofficers(otherthanMs.Paniry),eachofwhomisanexecutiveofStarwoodCapitalGrouporanaffiliatethereof,doesnotreceivecashcompensationfromtheCompanyforservingasoneoftheCompany’sexecutiveofficers.Instead,theCompanypaystheManagermanagementfeesandreimbursementamounts,asdescribedinthesectionofthisProxyStatemententitled“CertainRelationshipsandRelatedTransactions—ManagementAgreement,”and,atthediscretionoftheCompensationCommitteeoftheBoard,theCompanymayalsogranttheManagerequity-basedawards,asdescribedinthesectionofthisProxyStatemententitled“CertainRelationshipsandRelatedTransactions—GrantsofEquityCompensationtotheManager.”Mr.Sternlicht,ourChairmanoftheBoardandChiefExecutiveOfficer,doesnotreceiveanydirectcompensationfromtheManagerortheCompanyforhisservicesasChairmanoftheBoardorChiefExecutiveOfficeroftheCompany,andtheCompanydoesnotreimburseStarwoodCapitalGrouporanyofitsaffiliatesforcompensationpaidtoMr.Sternlicht.Mr.Sternlichtis,however,thecontrollingequityholderoftheparentoftheManagerand,accordingly,hasaninterestinthefeespaidandequityawardsgrantedtotheManager.

Shareholder Engagement

TheBoardbelievesinregularinteractionwithshareholdersonabroadvarietyoftopics.Weusetheinformationgatheredinthesemeetingstohelpinformourdecision-makingandensureourinterestsremainalignedwiththoseofourshareholders.Foradescriptionofourengagementeffortsin2019,pleasesee“OurCompany—ShareholderEngagement.”

Cash Compensation

Wehavenotpaiddirectly,anddonotintendtopaydirectly,anycashcompensationtoournamedexecutiveofficers(otherthanMs.Paniry).Mr.Sossen,theCompany’sChiefOperatingOfficer,GeneralCounsel,ChiefComplianceOfficer,SecretaryandExecutiveVicePresidenthasbeensecondedtotheCompanybyanaffiliateoftheManagerunderthetermsoftheSecondmentAgreement,effectiveasofJanuary1,2014(the“SossenSecondmentAgreement”),betweensuchaffiliateoftheManagerandtheCompany,pursuanttowhichtheCompanyreimbursessuchaffiliateoftheManagerforcertainofitsexpensesincurredinconnectionwithhisserviceintheseroles,includingannualbasesalaryandannualcashbonus(aswellasemployeebenefitcostsandanyrelatedemployeewithholdingtaxes).Ms.Paniry,theCompany’sChiefFinancialOfficer,Treasurer,PrincipalFinancialOfficerandChiefAccountingOfficer,hassimilarlybeensecondedtotheCompanybyanaffiliateoftheManagerunderthetermsoftheSecondmentAgreement,effectiveasofJanuary1,2014(the“PanirySecondmentAgreement”),amongsuchaffiliateoftheManager,theCompanyandLNRProperty,buttheCompanyandcertainofitssubsidiariesdirectlypaytheexpensesincurredinconnectionwithherserviceintheseroles,includingannualbasesalaryandannualcashbonus(aswellasemployeebenefitcostsandanyrelatedemployeewithholdingtaxes).Foradditional


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details,seethesectionofthisProxyStatemententitled“CertainRelationshipsandRelatedTransactions—ManagementAgreement—ReimbursementofExpenses.”

Theannualbasesalaryfor2019ofMr.DiModica,theCompany’sPresident,was$450,000andhiscashbonusfor2019was$2,550,000.Mr.Sossen’sannualbasesalaryfor2019was$400,000andhiscashbonusfor2019was$1,500,000.Ms.Paniry’sannualbasesalaryfor2019was$600,000andhercashbonusfor2019was$1,300,000.

Messrs.DiModica’sandSossen’sandMs.Paniry’sannualbasesalarieswererecommendedbytheChairmanoftheBoardandChiefExecutiveOfficerinconsultationwiththeManager,withtheassistanceofMeridian,theCompensationCommittee’sindependentoutsidecompensationconsultant,basedonageneralunderstandingofcompensationpracticesinourindustryandacomparisonagainstourpeers,aswellasanticipatedsalaryrequirementsofothercandidateswhocouldpotentiallyfillthepositions.TheCompensationCommitteereviewedandapprovedMessrs.DiModica’sandSossen’sandMs.Paniry’sannualbasesalariesfor2019.Messrs.DiModica’sandSossen’sandMs.Paniry’scashbonusesfor2019wererecommendedbytheChairmanoftheBoardandChiefExecutiveOfficerinconsultationwiththeManager,withtheassistanceofMeridian,baseduponareviewofcompensationpaidbytheCompensationPeerGroup(asdefinedbelow)forcomparablepositionsaswellasbroaderindustrycompensationlevels(includinganevaluationofindustrysurveydataprovidedbyMeridian),asdescribedbelowunder“—IndependentCompensationConsultant.”TheCompensationCommitteereviewedandapprovedMessrs.DiModica’sandSossen’sandMs.Paniry’scashbonusesfor2019.InapprovingMessrs.DiModica’sandSossen’sandMs.Paniry’scashbonuses,theCompensationCommitteetargetedamountsbetweenthefiftiethandseventy-fifthpercentileofthemarketdatareviewedbythecommittee,includingCompensationPeerGroupandsurveydata.

Approximately21%ofthecashcompensationpaidtoournamedexecutiveofficerswasforfixedpay(i.e.,basesalary)andapproximately79%wasforincentivepay(i.e.,cashbonus).TheCompensationCommitteedidnotapplyanyfixedmetricsindeterminingtheamountoftheapplicablecashbonusestobepaidfor2019.Rather,ittookintoconsiderationarangeoffactors,includingtheperformanceofthepricepershareofthecommonstock,profitabilityoftheCompany,operationsoftheCompany,riskmanagementpoliciesandpracticesoftheCompany,investmentactivityoftheCompany,managementoftheCompany’scapitalstructureandcompletedacquisitionsanddispositions.

Equity-Based Compensation

TheCompensationCommitteemaygrantournamedexecutiveofficerscertainequity-basedawards.Whereappropriate,theseawardsaredesignedtoaligntheinterestsofournamedexecutiveofficerswiththoseofourshareholdersbyallowingournamedexecutiveofficerstoshareinthecreationofvalueforourshareholdersthroughcapitalappreciationanddividends.Theseequityawardsaregenerallysubjecttovestingrequirementsoveranumberofyears,andaredesignedtopromotetheretentionofmanagementandtoachievestrongperformancefortheCompany.TheseawardsprovideafurtherbenefittousbyenablingourManagertoattract,motivateandretaintalentedindividualstoserveasourexecutiveofficers.

In2019,theCompanygranted68,645,25,686and34,322restrictedsharesofcommonstocktoMessrs.DiModicaandSossenandMs.Paniry,respectively,which,ineachcase,vestannuallyinequalamountsoverathree-yearperiod,withthefirstvestinghavingoccurreduponthefirstanniversaryofthegrant(March15,2020),subjecttosuchgrantee’scontinuedservicetotheCompany,pursuanttothe2017EquityPlan.Indeterminingeachoftheseequity-basedawardsfor2019,theCompensationCommitteedidnotapplyanyfixedmetrics.Rather,theCompensationCommitteetookintoconsiderationarangeoffactors,includingtheperformanceofthecommonstock,profitabilityoftheCompany,operationsoftheCompany,riskmanagementpoliciesandpracticesoftheCompany,investmentactivityoftheCompany,managementoftheCompany’scapitalstructureandcompletedacquisitionsanddispositions.Messrs.DiModica’sand


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Sossen’sandMs.Paniry’sequity-basedawardsfor2019wererecommendedbyourChairmanoftheBoardandChiefExecutiveOfficer.TheCompensationCommitteealsoconsideredinputfromMeridian,itsindependentoutsidecompensationconsultant,asdescribedbelowunder“—IndependentCompensationConsultant.”

Indemnification

Wehavealsoenteredintoanindemnificationagreementwitheachofournamedexecutiveofficersthatprovidesforindemnification,tothefullestextentpermittedbyapplicablelawandsubjecttocertainconditions,withrespecttocertainexpensesandclaimsthatsuchnamedexecutiveofficerincursorbecomespartytobyreasonofthefactthatsuchnamedexecutiveofficerisorwasanofficer,director,trustee,employeeoragentoftheCompanyoranyofoursubsidiariesoraffiliates.Pursuanttosuchindemnificationagreements,ournamedexecutiveofficersmayalsoobtainadvancementofcertainofsuchexpenses.Suchindemnificationwillbereducedtotheextentthatsuchdirectorsareindemnifiedunderthedirectors’andofficers’liabilityinsurancemaintainedbytheCompany.AcopyoftheformofsuchindemnificationagreementsisanexhibittotheCompany’sAnnualReportonForm10-KforthecalendaryearendedDecember31,2015,asfiledwiththeSEC.

Role of Compensation Committee

TheCompensationCommitteereviewsand,whereapplicable,approvesbasesalaryandtargetbonuslevelsaswellasanyequity-basedawardstobemadetoournamedexecutiveofficersbasedonrecommendationsfromtheCompany’sChairmanoftheBoardandChiefExecutiveOfficerandoutsidecompensationconsultants.InformationontheCompensationCommittee’sprocessesandproceduresforconsiderationofexecutivecompensationissetforthinthesectionofthisProxyStatemententitled“OurBoard—HowtheBoardisStructuredandOperates—BoardandCommitteeMeetings—CompensationCommittee.”

Independent Compensation Consultant

MeridianprovidesexecutivecompensationconsultingservicestotheCompensationCommittee.Amongotherthings,Meridian:

• participatesinthedesignoftheCompany’sexecutivecompensationprograms;

• providesandreviewsmarketdataandadvisestheCompensationCommitteeonsettingexecutivecompensationlevelsandthecompetitivenessandreasonablenessoftheCompany’sexecutivecompensationprogram;

• reviewsandadvisestheCompensationCommitteeregardingtheelementsoftheCompany’sexecutivecompensationprogram,includingasrelativetotheCompany’speers;and

• reviewsandadvisestheCompensationCommitteeregardingdirectorcompensation.


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In2019,aspartofthereviewofMessrs.DiModica’sandSossen’sandMs.Paniry’scompensation,MeridianassistedtheCompensationCommitteewithcomparingpreviousexecutivecompensationlevelsto(a)theexecutivecompensationlevelsatsixteenotherpubliclytradedREITsandspecializedfinancecompaniesthathavecharacteristicsthataresimilartothoseoftheCompany(collectively,the“CompensationPeerGroup”)and(b)executivecompensationlevelsinthebroaderindustry(basedongeneralindustrysurveydataprovidedbyMeridian).ThecompaniesthatcomprisedtheCompensationPeerGroupare:

Meridiandoesnot,anddidnotinthecalendaryearendedDecember31,2019,provideanyotherservicestotheCompanyortheManager.

Role of Chief Executive Officer

Asnotedabove,theCompensationCommitteeisresponsibleforreviewingand,whereapplicable,approvingcompensationforournamedexecutiveofficers.OurChairmanoftheBoardandChiefExecutiveOfficer,Mr.Sternlicht,annuallyreviewstheperformanceofeachmemberofseniormanagement(otherthanhisownperformance).Recommendationsbasedonthesereviews,includingsalaryadjustments,annualbonusesandequity-basedawards,ifany,arepresentedbyMr.SternlichttotheCompensationCommittee.Allcompensationdecisionsfor2019madebytheCompensationCommitteewithrespecttothenamedexecutiveofficers(otherthanMr.Sternlicht)weremadeafterdeliberationwithMr.Sternlicht.AsnotedelsewhereinthisProxyStatement,Mr.SternlichtdoesnotreceiveanydirectcompensationforhisservicesasChairmanoftheBoardandChiefExecutiveOfficeroftheCompany,andtheCompanydoesnotreimburseStarwoodCapitalGrouporanyofitsaffiliatesforcompensationpaidtoMr.Sternlicht.Mr.Sternlichtis,however,thecontrollingequityholderoftheparentoftheManagerandaccordinglyhasaninterestinthefeespaidandequityawardsgrantedtotheManager.

Inaddition,atvarioustimesduringtheyearattherequestoftheCompensationCommittee,Mr.SternlichtattendsCompensationCommitteemeetings,orportionsofCompensationCommitteemeetings,toprovidetheCompensationCommitteewithinformationregardingtheCompany’soperationalperformance,financialperformanceorothertopicsrequestedbytheCompensationCommitteetoassisttheCompensationCommitteeinmakingitscompensationdecisions.

Role of Manager

AsnotedelsewhereinthisProxyStatement,theCompanydoesnotpayanycashcompensationtoournamedexecutiveofficers(otherthanMs.Paniry).Rather,cashcompensationispaidtosuchnamedexecutiveofficers,otherthanMr.Sternlicht,bytheManageroritsaffiliates.Mr.SternlichtreceivesnocashcompensationforhisserviceasourChairmanoftheBoardandChiefExecutiveOfficer,although,asthecontrollingequityholderoftheparentoftheManager,hehasaninterestinthefeespaidandequityawardsgrantedtotheManager.TheCompanyreimbursesanaffiliateoftheManagerforMr.Sossen’scashcompensation.Noreimbursementismade


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forMr.DiModica’scashcompensation.Inaddition,fromtimetotime(butnotin2019),equityawardshavebeengrantedtoMr.DiModicabytheManageroritsaffiliates.NoportionofthemanagementfeeisallocatedtocompensationpaidbytheManageroritsaffiliatestoournamedexecutiveofficers.

TheManagerprovidestheday-to-daymanagementoftheCompany’soperations.ThisarrangementenablestheCompanytohaveaccesstotheManager’sover4,000employeesaroundtheglobetoprovidetransactionflowandinsightintoeconomicandlocalmarkettrends.Inaddition,thisarrangementgivestheCompanyaccesstotheManager’sseasonedexecutiveteam,whichhasanaverageof29yearsofindustryexperience.Webelievethatthisarrangementhascontributedsignificantlytooursuccess.ThemanagementfeecompensatestheManagerfortheseservicesthatitprovidestotheCompany.

Compensation Committee Report

TheCompensationCommitteehasreviewedanddiscussedtheCD&A(asdefinedbelow)includedinthisProxyStatementwithmanagement.Basedonthatreviewanddiscussion,theCompensationCommitteerecommendedtotheBoardthattheCD&AbeincludedinthisProxyStatement.

RespectfullysubmittedbytheCompensationCommitteeoftheBoard.

RichardD.Bronson(Chair)SolomonJ.KuminStraussZelnick

Pay Ratio Disclosure

AsnotedelsewhereinthisProxyStatement,Mr.SternlichtdoesnotreceiveanydirectcompensationfromtheCompanyortheManagerforhisservicesasChairmanoftheBoardandChiefExecutiveOfficeroftheCompany,andtheCompanydoesnotreimburseStarwoodCapitalGrouporanyofitsaffiliatesforcompensationpaidtoMr.Sternlicht.BecausetheCompanydoesnotpay,orprovidereimbursementfor,anydirectcompensationtoMr.Sternlicht,theCompanyisnotabletocalculateandprovidearatioofthemedianemployee’sannualtotalcompensationtothetotalannualcompensationofMr.Sternlicht.


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Summary Compensation Table

ThefollowingtableprovidesinformationregardingcompensationearnedbyeachoftheCompany’snamedexecutiveofficersforthecalendaryearendedDecember31,2019,aswellasforthecalendaryearsendedDecember31,2018and2017.AsdescribedintheCD&AincludedinthisProxyStatement,noneofthenamedexecutiveofficersoftheCompanyareemployeesoftheCompanyandtheCompanydidnotdirectlypayanycashcompensationtothenamedexecutiveofficers(otherthanMs.Paniry)fororinsuchcalendaryears.ThecashamountsshownforMr.SossenincludetheamountsofhiscompensationpaidbyanaffiliateoftheManagerforwhichtheCompanyreimbursedsuchaffiliateoftheManagerforhisservicesfortheyearinquestion.TheCompanydoesnotpayormakeanyreimbursementwithrespecttoMr.DiModica’scompensation.

Name and Principal PositionCalendar

Year Salary ($) Bonus ($)

Stock Awards

($)(1)

Non-Equity Incentive Plan Compensation

($)

All Other Compensation

($) Total ($)

BarryS.SternlichtChairmanandChiefExecutiveOfficer(2)

2019 — — — — — —

2018 — — — — — —

2017 — — — — — —

JeffreyF.DiModicaPresident

2019 450,000 2,550,000 1,554,809 4,554,809

2018 450,000 2,500,000 1,449,405 — — 4,399,405

2017 425,000 2,350,000 1,257,868 — — 4,032,868

AndrewJ.SossenChiefOperatingOfficer,GeneralCounsel,ChiefComplianceOfficer,SecretaryandExecutiveVicePresident

2019 400,000 1,500,000 579,990 2,479,990

2018 400,000 1,425,000 573,209 — — 2,398,209

2017 370,000 1,400,000 616,987 — — 2,386,987

RinaPaniryChiefFinancialOfficer,Treasurer,PrincipalFinancialOfficerandChiefAccountingOfficer

2019 600,000 1,300,000 774,991 2,674,991

2018 600,000 1,225,000 1,734,822 — — 3,559,822

2017 600,000 1,100,000 654,100 — — 2,354,100(1) RepresentstheaggregategrantdatefairvalueofawardsofrestrictedsharesofcommonstockcalculatedundertheFinancialAccountingStandardBoard’s

AccountingCodificationTopic718.EachgrantdatefairvalueiscalculatedusingtheclosingpriceofourcommonstockonthedateofgrantasreportedbytheNYSE.Withrespectto2019,onMay28,2019,Mr.DiModicareceivedanawardof68,645restrictedsharesofcommonstock.Theamountreportedinthiscolumnisbasedonaclosingpriceof$22.65pershareofcommonstockonthedateofgrantasreportedbytheNYSE.OnMarch15,2019,Mr.Sossenreceivedanawardof25,686restrictedsharesofcommonstock.Theamountreportedinthiscolumnisbasedonaclosingpriceof$22.58pershareofcommonstockonthedateofgrantasreportedbytheNYSE.OnMarch15,2019,Ms.Paniryreceivedanawardof34,322restrictedsharesofcommonstock,andtheamountreportedinthiscolumnwithrespecttosuchawardisbasedonaclosingpriceof$22.58pershareofcommonstockonthedateofgrantasreportedbytheNYSE.

(2) Mr.SternlichtdoesnotreceiveanydirectcompensationfromtheManagerortheCompanyforhisservicesastheChairmanoftheBoardandChiefExecutiveOfficeroftheCompany,andtheCompanydoesnotreimburseStarwoodCapitalGrouporanyofitsaffiliatesforcompensationpaidtoMr.Sternlicht.Mr.Sternlichtis,however,thecontrollingequityholderoftheparentoftheManagerandaccordinglyhasaninterestinthefeespaidandequityawardsgrantedtotheManager.


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Grants of Plan-Based Awards During Calendar Year Ended December 31, 2019

Thefollowingtableprovidesinformationregardingplan-basedawardsgrantedtotheCompany’snamedexecutiveofficersduringthecalendaryearendedDecember31,2019.

Name Grant Date

All Other Stock Awards: Number of

Shares of Stock or Units (#)

Grant Date Fair Value of Stock or Unit

Awards ($)

BarryS.Sternlicht N/A — —

JeffreyF.DiModicaRestrictedStockAward May28,2019 68,645(1) 1,554,809

AndrewJ.SossenRestrictedStockAward March15,2019 25,686(1) 579,990

RinaPaniryRestrictedStockAward March15,2019 34,322(1) 774,991

(1) Therestrictedsharesreceivedpursuanttothisawardvestinannualinstallmentsoverathree-yearperiodwiththefirstvestinghavingoccurredonMarch15,2020.


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Outstanding Equity Awards At December 31, 2019

ThefollowingtableprovidesinformationregardingoutstandingequityawardsoftheCompany’snamedexecutiveofficersasofDecember31,2019.

Stock Awards

Name

Number of Shares or Units ofStock

That Have Not Vested (#)

Market Value of Shares or Units ofStock

That Have Not Vested ($)(11)

Barry S. Sternlicht — —

Jeffrey F. DiModica

RestrictedStockAward 18,737(1) 465,802

RestrictedStockAward 46,123(2) 1,146,618


Andrew J. Sossen




Rina Paniry




RestrictedStockAward 34,322(10) 853,245(1) ReflectsarestrictedstockawardgrantedtoMr.DiModica,whichvestsinannualinstallmentsoverathree-yearperiodthatbeganonMarch15,2017.The

remaining18,737unvestedrestrictedsharesasofDecember31,2019vestedonMarch15,2020.(2) ReflectsarestrictedstockawardgrantedtoMr.DiModica,whichvestsinannualinstallmentsoverathree-yearperiodthatbeganonMarch29,2018.The

numberofrestrictedsharesthathadnotvestedasofDecember31,2019andthevestingdatesforsuchrestrictedsharesareasfollows:23,061onMarch15,2020and23,062onMarch15,2021.

(3) ReflectsarestrictedstockawardgrantedtoMr.DiModica,whichvestsinannualinstallmentsoverathree-yearperiodthatbeganonMay28,2019.ThenumberofrestrictedsharesthathadnotvestedasofDecember31,2019andthevestingdatesforsuchrestrictedsharesareasfollows:22,881onMarch15,2020,22,881onMarch15,2021and22,883onMarch15,2022.

(4) ReflectsarestrictedstockawardgrantedtoMr.Sossen,whichvestsinannualinstallmentsoverathree-yearperiodthatbeganonMarch27,2017.Theremaining8,994unvestedrestrictedsharesasofDecember31,2019vestedonMarch15,2020.

(5) ReflectsarestrictedstockawardgrantedtoMr.Sossenwhichvestsinannualinstallmentsoverathree-yearperiodthatbeganonApril4,2018.ThenumberofrestrictedsharesthathadnotvestedasofDecember31,2019andthevestingdatesforsuchrestrictedsharesareasfollows:9,068onMarch15,2020and9,069onMarch15,2021.

(6) ReflectsarestrictedstockawardgrantedtoMr.Sossenwhichvestsinannualinstallmentsoverathree-yearperiodthatbeganonMarch15,2019.ThenumberofrestrictedsharesthathadnotvestedasofDecember31,2019andthevestingdatesforsuchrestrictedsharesareasfollows:8,562onMarch15,2020,8,562onMarch15,2021and8,562onMarch15,2022.

(7) ReflectsarestrictedstockawardgrantedtoMs.Panirywhichvestsinannualinstallmentsoverathree-yearperiodthatbeganonMarch15,2017.Theremaining9,743unvestedrestrictedsharesasofDecember31,2019vestedonMarch15,2020.

(8) ReflectsarestrictedstockawardgrantedtoMs.Panirywhichvestsinannualinstallmentsoverathree-yearperiodthatbeganonMarch27,2018.ThenumberofrestrictedsharesthathadnotvestedasofDecember31,2019andthevestingdatesforsuchrestrictedsharesareasfollows:10,944onMarch15,2020and10,945onMarch15,2021.

(9) ReflectsarestrictedstockawardgrantedtoMs.Panirywhichissubjecttoacliffvestingschedule.The45,746unvestedrestrictedsharesasofDecember31,2019willvestonSeptember18,2020.

(10) ReflectsarestrictedstockawardgrantedtoMs.Panirywhichvestsinannualinstallmentsoverathree-yearperiodthatbeganonMarch15,2019.ThenumberofrestrictedsharesthathadnotvestedasofDecember31,2019andthevestingdatesforsuchrestrictedsharesareasfollows:11,440onMarch15,2020,11,440onMarch15,2021and11,442onMarch15,2022.

(11) Theamountreportedinthiscolumnisbasedonaclosingpriceof$24.86pershareofcommonstockonDecember31,2019.


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Stock Vested in Calendar Year Ended December 31, 2019

ThefollowingtableprovidesinformationforeachnamedexecutiveofficerwithrespecttothevestingofstockawardsduringthecalendaryearendedDecember31,2019andthevaluerealizeduponsuchvesting.

Stock Awards

Name

Number of Shares Acquired on Vesting

(#)(1)Value Realized on Vesting ($)(2)

BarryS.Sternlicht — —

JeffreyF.DiModica 41,795 943,731

AndrewJ.Sossen 18,060 407,795

RinaPaniry 31,696 715,696(1) Representsthevestingofrestrictedstockawardsunderthe2017EquityPlanoritspredecessorplan.(2) Valuerealizedonvestingofrestrictedstockawardsistheaggregatefairmarketvalueonthedate(s)ofvesting.Fairmarketvalueisbasedontheclosing

priceoftheCompany’scommonstockasreportedbytheNYSE.

Potential Post-Employment Payments and Payments upon Change in Control

TheCompanydoesnothaveemploymentorseveranceagreementswithanyofitsnamedexecutiveofficersandisnotobligatedtomakeanypaymentstoanyofitsnamedexecutiveofficersuponterminationofemploymentorchangeincontroloftheCompany.Intheeventthatanynamedexecutiveofficer’sservicetotheCompanyisterminatedeitherbytheCompanyforCauseorbysuchnamedexecutiveofficerforanyreason,anyandallunvestedawardsofrestrictedsharesofcommonstockandrestrictedstockunitsthattheCompanyhasgrantedtosuchnamedexecutiveofficerunderthe2017EquityPlanoritspredecessorplanwillbeimmediatelyforfeitedbythenamedexecutiveofficer.

However,anyandallunvestedawardsofrestrictedsharesofcommonstockandrestrictedstockunitsthattheCompanyhasgrantedtoanamedexecutiveofficerunderthe2017EquityPlanoritspredecessorplanwillvestimmediatelyupon(a)theterminationofsuchnamedexecutiveofficer’sservicetotheCompanybytheCompanywithoutCauseor(b)aChangeinControlpriortotheterminationofsuchnamedexecutiveofficer’sservicetotheCompany.Assuming,forthesakeofanalysis,thataterminationofservicewithoutCauseoraChangeinControltookplaceonthelastbusinessdayofthecalendaryearendedDecember31,2019,thevalueofthevestedawardsofrestrictedsharesofcommonstockandrestrictedstockunitsofeachnamedexecutiveofficerwouldbethesameastherespectivevaluesetforthinthethirdcolumn,“MarketValueofSharesorUnitsofStockThatHaveNotVested,”ofthetablepresentedinthesectionofthisProxyStatemententitled“—OutstandingEquityAwardsatDecember31,2019.”Underboththe2017EquityPlananditspredecessorplan:(i)“Cause”generallymeans(A)anyactionsoromissionsbythenamedexecutiveofficerrepresentingafraudorwillfulmisconductagainsttheCompanyoranaffiliateoftheCompany,(B)anycommissionbythenamedexecutiveofficerofanyfelony,(C)anyviolationbythenamedexecutiveofficerofanymaterialwrittenpolicyoftheCompany,(D)anyfailurebythenamedexecutiveofficertoperformorsatisfyanyofhisorherdutiesorobligationstotheCompanyoranyaffiliateoftheCompanyoranygrosslynegligentorrecklessdisregardofanysuchdutiesorobligationsor(E)anyfailurebythenamedexecutiveofficertodevotehisorherfullworking-timeandattention(otherthanduetophysicalormentalincapacityorcustomaryandreasonabletimeoffforvacationsandholidays)totheperformanceofhisorherdutiestotheCompanyandanyaffiliatesoftheCompany,provided,however,thatuponwrittennoticefromtheCompanyofanymatterintheforegoingclauses(D)or(E),thenamedexecutiveofficerwillbegiven15daysfromthedeliveryofsuchnoticetocuresuchmattertothesatisfactionoftheCompany;and(ii)“ChangeinControl”generallymeansachangeintheownershiporeffectivecontroloftheCompanyorachangeintheownershipofasubstantialportionoftheassetsofthe


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Company,provided,however,thatatransactionorseriesoftransactionseffectedwiththeManagerand/oranyaffiliatesoftheManagerthroughtheacquisitionofcommonstockorothersecuritiesoftheCompany(regardlessoftheformofsuchtransactionorseriesoftransactions)orchangestothemembershipoftheBoardwillnotconstituteaChangeinControl.

Wehavenotincludedtablesforpensionbenefitsornonqualifieddeferredcompensationbecause,duetothelimitednatureofourcompensationprogram,wehavenothingtoreportwithrespecttotheseitems.

Equity Compensation Plan Information

ThefollowingtableprovidesinformationregardingthenumberofsharesofourcommonstockthatmaybeissuedundertheCompany’sequitycompensationplansasofDecember31,2019.

(a) (b) (c)

Plan Category

Number of Securitiesto

be Issued UponExercise

of OutstandingOptions,

Warrants and Rights

Weighted-Average Exercise Price of

OutstandingOptions,

Warrants and Rights

Number of Securities Remaining Available for Future Issuance Under Equity Compensation

Plans (Excluding Securities

Reflected in Column (a))

Equitycompensationplansapprovedbysecurityholders 1,305,597 N/A 7,498,820

Equitycompensationplansnotapprovedbysecurityholders — — —

Total 1,305,597 N/A 7,498,820


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PROPOSAL 2:ADVISORY VOTE ON EXECUTIVE COMPENSATION

PursuanttoSection14AoftheExchangeAct,weareprovidingshareholderswithanopportunitytovotetoapprove,onanadvisorybasis,thecompensationofournamedexecutiveofficersasdisclosedinthisProxyStatement.Theadvisoryvoteonexecutivecompensationdescribedinthisproposaliscommonlyreferredtoasa“say-on-payvote.”Inaccordancewiththepreferenceexpressedbyourshareholders,weholdthisadvisoryvotetoapprovethecompensationofournamedexecutiveofficersonanannualbasis.

AsdescribedintheCD&AincludedinthisProxyStatement,noneofthenamedexecutiveofficersoftheCompanyareemployeesoftheCompanyandtheCompanyhasnotdirectlypaid,anddoesnotintendtodirectlypay,anycashcompensationtothenamedexecutiveofficers(otherthanMs.Paniry).However,wearechargedbyanaffiliateoftheManagerforcertainofitsexpensesincurredinemployingcertainofournamedexecutiveofficers.Additionally,fromtimetotimewemaygranttoournamedexecutiveofficersequity-basedawardspursuanttothe2017EquityPlan,whichwebelieveservetoaligntheinterestsofournamedexecutiveofficerswiththeinterestsofourshareholdersinreceivingattractiverisk-adjusteddividendsandgrowth.

Thisproposalgivesourshareholderstheopportunitytoexpresstheirviewsontheoverallcompensationofournamedexecutiveofficersandthephilosophy,policiesandpracticesdescribedinthisProxyStatement.Forthereasonsdiscussedabove,weareaskingourshareholderstoindicatetheirsupportforournamedexecutiveofficercompensationbyvotingFORthefollowingresolutionattheAnnualMeeting:

“RESOLVED,thatStarwoodPropertyTrust,Inc.’sshareholdersapprove,onanadvisorybasis,thecompensationofthenamedexecutiveofficers,asdisclosedintheProxyStatementpursuanttothecompensationdisclosurerulesoftheU.S.SecuritiesandExchangeCommission,whichdisclosureincludestheCompensationDiscussionandAnalysis,theSummaryCompensationTableandtheotherrelatedtablesanddisclosures.”

Thesay-on-payvoteisanadvisoryvoteand,therefore,itwillnotbindtheCompanyortheBoard.However,theBoardandtheCompensationCommitteewillconsiderthevotingresultsasappropriatewhenmakingdecisionsregardingexecutivecompensation.

Recommendation of the Board

TheBoardrecommendsavoteFORtheapproval,onanadvisorybasis,ofthecompensationofournamedexecutiveofficersasdisclosedinthisProxyStatement.


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OURAUDITORS PROPOSAL 3:RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLICACCOUNTING FIRM

Proposed Independent Registered Public Accounting Firm

Deloitte&ToucheLLP,independentcertifiedpublicaccountants,servedastheindependentregisteredpublicaccountingfirmoftheCompanyanditssubsidiariesforthecalendaryearendedDecember31,2019.TheAuditCommitteehasappointedDeloitte&ToucheLLPtobetheCompany’sindependentregisteredpublicaccountingfirmforthecalendaryearendingDecember31,2020andhasfurtherdirectedthattheappointmentoftheindependentregisteredpublicaccountingfirmbesubmittedforratificationbytheshareholdersattheAnnualMeeting.

AlthoughthereisnorequirementthatDeloitte&ToucheLLP’sappointmentbeterminatediftheratificationfails,theAuditCommitteewillconsider,asappropriate,theappointmentofotherindependentregisteredpublicaccountingfirmsiftheshareholderschoosenottoratifytheappointmentofDeloitte&ToucheLLP.TheAuditCommitteemayterminatetheappointmentofDeloitte&ToucheLLPasourindependentregisteredpublicaccountingfirmwithouttheapprovaloftheshareholderswhenevertheAuditCommitteedeemssuchterminationappropriate.

RepresentativesofDeloitte&ToucheLLPareexpectedtobepresentattheAnnualMeeting.TherepresentativesofDeloitte&ToucheLLPwillbegiventheopportunitytomakeastatement,iftheysodesire,andwillbeavailabletorespondtoappropriatequestionsfromshareholders.

Recommendation of the Board and its Audit Committee

TheBoardanditsAuditCommitteerecommendavoteFORtheratificationoftheappointmentofDeloitte&ToucheLLPastheindependentregisteredpublicaccountingfirmfortheCompanyforthecalendaryearendingDecember31,2020.


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INDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM TheAuditCommitteehasappointedDeloitte&ToucheLLPtoserveastheCompany’sindependentregisteredpublicaccountingfirmforthecalendaryearendingDecember31,2020.TheAuditCommitteeconsideredthenon-auditservicesprovidedbyDeloitte&ToucheLLPanddeterminedthattheprovisionofsuchserviceswascompatiblewithmaintainingDeloitte&ToucheLLP’sindependence.

ThefollowingtablepresentsfeesforprofessionalauditservicesrenderedbyDeloitte&ToucheLLPwithrespecttotheCompany’sannualfinancialstatementsforthecalendaryearsendedDecember31,2019and2018andfeesbilledforotherservicesrenderedbyDeloitte&ToucheLLPduringthoseperiods.

2019 ($) 2018 ($)

AuditFees(1) 2,505,500 2,648,560

AuditRelatedFees(2) 3,790 5,390

TaxFees(3) 47,750 88,452

AllOtherFees(4) — 11,600

TotalFees 2,557,040 2,754,002(1) AuditFeesprimarilyrepresent,forthecalendaryearsendedDecember31,2019and2018,feesfortheauditsandquarterlyreviewsoftheconsolidated

financialstatementsfiledwiththeSECinannualreportsonForm10-KandquarterlyreportsonForm10-Q,aswellasworkgenerallyonlytheindependentregisteredpublicaccountingfirmcanbereasonablyexpectedtoprovide,suchasstatutoryauditsandissuancesofconsentandcomfortlettersincludedindocumentsfiledwiththeSEC.

(2) AuditRelatedFeesprimarilyrepresent,forthecalendaryearsendedDecember31,2019and2018,feesfortheCompany’ssubscriptiontoDeloitte&ToucheLLP’sonlineaccountingandreportingtechnicallibrary.

(3) TaxFeesprimarilyrepresent,forthecalendaryearsendedDecember31,2019and2018,feesforprofessionalservicesfortaxcompliance,taxadviceandtaxplanning.

(4) AllOtherFeesprimarilyrepresent,forthecalendaryearsendedDecember31,2019and2018,feesinconnectionwithduediligence,agreeduponproceduresandtransactionscompletedorcontemplatedduringthoseyears.

Pre-Approval Policies for Services of Independent Registered PublicAccounting Firm

InaccordancewithAuditCommitteepolicyandrequirementsoflaw,theAuditCommitteepre-approvesallservicestobeprovidedbytheindependentregisteredpublicaccountingfirm,includingallauditservices,audit-relatedservices,taxservicesandotherservices.Insomecases,thefullAuditCommitteeprovidespre-approvalofcertainservicesforuptoayear,suchasthoserelatedtoaparticulardefinedtaskorscopeofwork,subjecttoaspecificbudget.TheAuditCommitteehasauthorizeditsChairtopre-approveadditionalservicesand,iftheChairoftheAuditCommitteepre-approvesaservicepursuanttothisauthority,heorshereviewsthematterwiththefullAuditCommitteeatitsnextregularlyscheduledmeeting.Toavoidpotentialconflictsofinterest,thelawprohibitsapubliclytradedcompanyfromobtainingcertainnon-auditservicesfromitsindependentregisteredpublicaccountingfirm.TheCompanyobtainstheseservicesfromotherfirmsasneeded.

ForthecalendaryearsendedDecember31,2019and2018,allservicesprovidedbyDeloitte&ToucheLLPwerepre-approvedbytheAuditCommitteepursuanttosuchpolicies.


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Report of the Audit Committee

TheBoardhasappointedanAuditCommitteeconsistingofthreedirectors.AllofthemembersoftheAuditCommitteeare“independent”asdefinedintheNYSElistingstandards.

TheAuditCommittee’sjobisoneofoversight,assetforthinitscharter.ItisnotthedutyoftheAuditCommitteetopreparetheCompany’sfinancialstatements,toplanorconductauditsortodeterminethattheCompany’sfinancialstatementsarecompleteandaccurateandareinaccordancewithgenerallyacceptedaccountingprinciples(“GAAP”).TheindependentregisteredpublicaccountingfirmengagedbytheCompanyisresponsibleforauditingthefinancialstatementsandexpressinganopinionastowhetherthoseauditedfinancialstatementsfairlypresentthefinancialposition,resultsofoperationsandcashflowsoftheCompanyinconformitywithGAAP.

TheAuditCommitteehasreviewedanddiscussedtheCompany’sauditedfinancialstatementswithmanagementandwithDeloitte&ToucheLLP,theCompany’sindependentregisteredpublicaccountingfirmforthecalendaryearendedDecember31,2019.TheAuditCommitteehasalsodiscussedwithDeloitte&ToucheLLPtheothermattersrequiredtobediscussedundertheapplicablerequirementsofthePublicCompanyAccountingOversightBoardandtheSEC.

TheAuditCommitteehasreceivedfromDeloitte&ToucheLLPthewrittendisclosuresandtheletterrequiredbyapplicablerequirementsofthePublicCompanyAccountingOversightBoardregardingDeloitte&ToucheLLP’scommunicationswiththeAuditCommitteeconcerningindependence,hasdiscussedDeloitte&ToucheLLP’sindependencewithDeloitte&ToucheLLPandhasconsideredthecompatibilityofnon-auditserviceswiththeindependenceoftheindependentregisteredpublicaccountingfirm.

Basedonthereviewanddiscussionsreferredtoabove,theAuditCommitteerecommendedtotheBoardthattheauditedfinancialstatementsbeincludedintheCompany’sAnnualReportonForm10-KforthecalendaryearendedDecember31,2019forfilingwiththeSEC.

RespectfullysubmittedbytheAuditCommitteeoftheBoard.

StraussZelnick(Chair)RichardD.BronsonCamilleJ.Douglas


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CERTAINRELATIONSHIPSANDRELATEDTRANSACTIONS Management Agreement

TheCompanyispartytotheManagementAgreementwiththeManager,pursuanttowhichtheManagerprovidestheday-to-daymanagementoftheCompany’soperations.TheManagementAgreementrequirestheManagertomanagetheCompany’sbusinessaffairsinconformitywiththepoliciesandtheinvestmentguidelinesthatareapprovedandmonitoredbytheBoard.TheManagementAgreementhadaninitialthree-yeartermandisnowrenewedforone-yeartermsunlessterminatedbyeithertheCompany(uponpaymentofaterminationfeeifterminatedwithoutcauseperthetermsoftheManagementAgreement)ortheManager.ThetermsoftheManagementAgreement,asamended,arereflectedinthebelowdescriptionsofthebasemanagementfeeandincentivefeecalculations.

Base Management Fee

TheCompanypaystheManagerabasemanagementfeeinanamountequalto1.5%oftheCompany’sshareholders’equity,perannum,calculatedandpayablequarterlyinarrearsincash.Forpurposesofcalculatingthebasemanagementfee,theCompany’sshareholders’equitymeans:(a)thesumof(i)thenetproceedsfromallissuancesoftheCompany’sequitysecuritiessinceinceptionandequitysecuritiesofsubsidiariesissuedinexchangeforproperties(allocatedonaproratabasisforsuchissuancesduringthefiscalquarterofanysuchissuance),plus(ii)theCompany’sretainedearningsandincometonon-controllinginterestswithrespecttoequitysecuritiesofsubsidiariesoftheCompanyissuedinexchangeforpropertiesattheendofthemostrecentlycompletedcalendarquarter(withouttakingintoaccountanynon-cashequitycompensationexpenseincurredincurrentorpriorperiods),less(b)anyamountthattheCompanyhaspaidtorepurchaseitscommonstocksinceinception.Italsoexcludes(1)anyunrealizedgainsandlossesandothernon-cashitemsthathaveimpactedshareholders’equityasreportedintheCompany’sfinancialstatementspreparedinaccordancewithGAAP,and(2)one-timeeventspursuanttochangesinGAAP,andcertainnon-cashitemsnototherwisedescribedabove,ineachcaseafterdiscussionsbetweentheManagerandtheIndependentDirectorsandapprovalbyamajorityoftheIndependentDirectors.Asaresult,theCompany’sshareholders’equity,forpurposesofcalculatingthemanagementfee,couldbegreaterorlessthantheamountofshareholders’equityshownontheCompany’sfinancialstatements.TheManagerusestheproceedsfromitsmanagementfee,inpart,topaycompensationtoitsofficersandpersonnelwho,notwithstandingthatcertainofthemalsoaretheCompany’sofficers,receivenocashcompensationdirectlyfromtheCompany.ThemanagementfeeispayableindependentoftheperformanceoftheCompany’sportfolio.

ThemanagementfeeoftheManageriscalculatedwithin30daysaftertheendofeachquarterandsuchcalculationispromptlydeliveredtotheCompany.TheCompanyisobligatedtopaythemanagementfeeincashwithinfivebusinessdaysafterdeliverytotheCompanyofthewrittenstatementoftheManagersettingforththecomputationofthemanagementfeeforsuchquarter.

Incentive Fee

TheCompanypaystheManageranincentivefeewithrespecttoeachcalendarquarter(oranypartthereofthattheManagementAgreementisineffect)inarrears.TheManagerisentitledtobepaidtheincentivefeewithrespecttoeachcalendarquarterif(a)theCompany’sCoreEarnings(asdefinedbelow)forthe


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previoustwelve-monthperiodexceedsan8%thresholdand(b)theCompany’sCoreEarningsforthetwelvemostrecentlycompletedcalendarquartersisgreaterthanzero.Theincentivefeeisanamount,notlessthanzero,equaltothedifferencebetween(a)theproductof(i)20%and(ii)thedifferencebetween(1)theCompany’sCoreEarnings(asdefinedbelow)fortheprevioustwelve-monthperiod,and(2)theproductof(A)theweightedaverageoftheissuepricepershareofcommonstockofalloftheCompany’spublicofferingsofcommonstockandincludingissuepriceperequitysecurityofsubsidiariesoftheCompanyissuedinexchangeforpropertiesmultipliedbytheweighted-averagenumberofallsharesofcommonstockoutstanding(includinganyrestrictedstockunits,anyrestrictedsharesofcommonstockandanyothersharesofcommonstockunderlyingawardsgrantedundertheCompany’sequityincentiveplans)andequitysecuritiesofsubsidiariesissuedinexchangeforpropertiesorintereststhereinintheprevioustwelve-monthperiod,and(B)8%and(b)thesumofanyincentivefeepaidtotheManagerwithrespecttothefirstthreecalendarquartersofsuchprevioustwelve-monthperiod;provided,however,that,toaccountfortheCompany’sspin-offofSWAY(apredecessorcompanyofInvitationHomes),whichcontainedtheCompany’ssinglefamilyresidentialbusiness,(the“SWAYSpin-Off”),forpurposesofclause(a)(i)(2)(A)above,onandafterJanuary31,2014,thecomputationoftheweighted-averageissuepricepershareofcommonstockisdecreasedtogiveeffecttothebookvaluepershareonJanuary31,2014oftheassetsofSWAY,andthecomputationoftheaveragenumberofsharesofcommonstockoutstandingisdecreasedbytheweighted-averagenumberofsharesofSWAYdistributedintheSWAYSpin-OffonJanuary31,2014.OnehalfofeachquarterlyinstallmentoftheincentivefeeispayableinsharesoftheCompany’scommonstocksolongastheownershipofsuchadditionalnumberofsharesbytheManagerwouldnotviolatethe9.8%stockownershiplimitsetforthintheCompany’scharter,aftergivingeffecttoanywaiverfromsuchlimitthattheBoardmaygrantinthefuture.Theremainderoftheincentivefeeispayableincash.ThenumberofsharestobeissuedtotheManagerisequaltothedollaramountoftheportionofthequarterlyinstallmentoftheincentivefeepayableinsharesdividedbytheaverageoftheclosingpricesoftheCompany’scommonstockontheNYSEforthefivetradingdayspriortothedateonwhichsuchquarterlyinstallmentispaid.

“CoreEarnings”isanon-GAAPmeasureandisdefinedasGAAPnetincome(loss)excluding(a)non-cashequitycompensationexpense,(b)theincentivefee,(c)depreciationandamortizationofrealestateandassociatedintangibles,(d)acquisitioncostsassociatedwithsuccessfulacquisitions,(e)anyunrealizedgains,lossesorothernon-cashitemsrecordedinnetincomefortheperiod,regardlessofwhethersuchitemsareincludedinothercomprehensiveincomeorloss,orinnetincomeand(f)totheextentdeductedfromnetincome(loss),distributionspayablewithrespecttoequitysecuritiesofsubsidiariesissuedinexchangeforproperties.Theamountisadjustedtoexcludeone-timeeventspursuanttochangesinGAAPandcertainothernon-cashadjustments,ineachcaseasdeterminedbytheManagerandafterapprovalbyamajorityoftheIndependentDirectors.

Reimbursement of Expenses

TheCompanyisrequiredtoreimbursetheManagerfortheexpensesdescribedbelow.ExpensereimbursementstotheManageraremadeincashonamonthlybasisfollowingtheendofeachmonth.TheCompany’sreimbursementobligationisnotsubjecttoanydollarlimitation,butissubjecttoreviewbytheIndependentDirectors.BecausetheManager’spersonnelperformcertainlegal,accounting,duediligencetasksandotherservicesthatoutsideprofessionalsoroutsideconsultantsotherwisewouldperform,theManagerispaidorreimbursedforthedocumentedcostofperformingsuchtasks,providedthatsuchcostsandreimbursementsareinamountswhicharenogreaterthanthosewhichwouldbepayabletooutsideprofessionalsorconsultantsengagedtoperformsuchservicespursuanttoagreementsnegotiatedonanarm’s-lengthbasis.

TheCompanyalsopaysalloperatingexpenses,exceptthosespecificallyrequiredtobebornebytheManagerundertheManagementAgreement.TheexpensesrequiredtobepaidbytheCompanyinclude,butarenotlimitedto:

• expensesinconnectionwiththeissuanceandtransactioncostsincidenttotheacquisition,dispositionandfinancingoftheCompany’sinvestments;


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• costsoflegal,tax,accounting,consulting,auditingandothersimilarservicesrenderedfortheCompanybyprovidersretainedby

theManageror,ifprovidedbytheManager’spersonnel,inamountswhicharenogreaterthanthosewhichwouldbepayabletooutsideprofessionalsorconsultantsengagedtoperformsuchservicespursuanttoagreementsnegotiatedonanarm’s-lengthbasis;

• thecompensationandexpensesoftheCompany’sdirectorsandthecostofliabilityinsurancetoindemnifytheCompany’sdirectorsandofficers;

• costsassociatedwiththeestablishmentandmaintenanceofanyoftheCompany’screditfacilities,otherfinancingarrangements,orotherindebtednessoftheCompany(includingcommitmentfees,accountingfees,legalfees,closingandothersimilarcosts)oranyoftheCompany’ssecuritiesofferings;

• expensesconnectedwithcommunicationstoholdersoftheCompany’ssecuritiesoroftheCompany’ssubsidiariesandotherbookkeepingandclericalworknecessaryinmaintainingrelationswithholdersofsuchsecuritiesandincomplyingwiththecontinuousreportingandotherrequirementsofgovernmentalbodiesoragencies,including,withoutlimitation,allcostsofpreparingandfilingrequiredreportswiththeSEC,thecostspayablebytheCompanytoanytransferagentandregistrarinconnectionwiththelistingand/ortradingoftheCompany’sstockonanyexchange,thefeespayablebytheCompanytoanysuchexchangeinconnectionwithitslisting,costsofpreparing,printingandmailingtheCompany’sannualreporttoitsshareholdersandproxymaterialswithrespecttoanymeetingoftheCompany’sshareholders;

• costsassociatedwithanycomputersoftwareorhardware,electronicequipmentorpurchasedinformationtechnologyservicesfromthirdpartyvendorsthatisusedfortheCompany;

• expensesincurredbymanagers,officers,personnelandagentsoftheManagerfortravelontheCompany’sbehalfandotherout-of-pocketexpensesincurredbymanagers,officers,personnelandagentsoftheManagerinconnectionwiththepurchase,financing,refinancing,saleorotherdispositionofaninvestmentorestablishmentandmaintenanceofanyoftheCompany’ssecuritizationsoranyoftheCompany’ssecuritiesofferings;

• costsandexpensesincurredwithrespecttomarketinformationsystemsandpublications,researchpublicationsandmaterialsandsettlement,clearingandcustodialfeesandexpenses;

• compensationandexpensesoftheCompany’scustodianandtransferagent,ifany;

• thecostsofmaintainingcompliancewithallfederal,stateandlocalrulesandregulationsoranyotherregulatoryagency;

• alltaxesandlicensefees;

• allinsurancecostsincurredinconnectionwiththeoperationoftheCompany’sbusinessexceptforthecostsattributabletotheinsurancethattheManagerelectstocarryforitselfanditspersonnel;

• costsandexpensesincurredincontractingwiththirdparties;

• allothercostsandexpensesrelatingtotheCompany’sbusinessandinvestmentoperations,including,withoutlimitation,thecostsandexpensesofacquiring,owning,protecting,maintaining,developinganddisposingofinvestments,includingappraisal,reporting,auditandlegalfees;

• expensesrelatingtoanyoffice(s)orofficefacilities,including,butnotlimitedto,disasterbackuprecoverysitesandfacilities,maintainedfortheCompanyoritsinvestmentsseparatefromtheofficeorofficesoftheManager;

• expensesconnectedwiththepaymentsofinterest,dividendsordistributionsincashoranyotherformauthorizedorcausedtobemadebytheBoardtooronaccountofholdersoftheCompany’ssecuritiesoroftheCompany’ssubsidiaries,including,withoutlimitation,inconnectionwithanydividendreinvestmentplan;


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• anyjudgmentorsettlementofpendingorthreatenedproceedings(whethercivil,criminalorotherwise)againsttheCompanyor

anysubsidiary,oragainstanytrustee,director,partner,memberorofficeroftheCompanyorofanysubsidiaryinhiscapacityassuchforwhichweoranysubsidiaryisrequiredtoindemnifysuchtrustee,director,partner,memberorofficerbyanycourtorgovernmentalagency;and

• allotherexpensesactuallyincurredbytheManager(exceptasdescribedbelow)whicharereasonablynecessaryfortheperformancebytheManagerofitsdutiesandfunctionsundertheManagementAgreement.

PursuanttotheSossenSecondmentAgreement,theCompanyisresponsibleforreimbursingtoanaffiliateoftheManageraportionoftheexpensesincurredinconnectionwithMr.Sossen’sserviceastheCompany’sChiefOperatingOfficer,GeneralCounsel,ChiefComplianceOfficer,SecretaryandExecutiveVicePresident,includingannualbasesalary,annualcashbonus,employeebenefitsandanyrelatedemployeewithholdingtaxes.ExceptasrequiredundertheSossenSecondmentAgreementandreimbursementsforcertainotherpersonnelaspermittedundertheManagementAgreement,theCompanyanditssubsidiariesdonotreimbursetheManageroritsaffiliatesforthesalariesandothercompensationofitspersonnel(includingpursuanttothePanirySecondmentAgreement).

Inaddition,theCompanymayberequiredtopayitsprorataportionofrent,telephone,utilities,officefurniture,equipment,machineryandotheroffice,internalandoverheadexpensesoftheManageranditsaffiliatesrequiredfortheCompany’soperations.

Fees Incurred and Paid for 2019

ForthecalendaryearendedDecember31,2019,theCompanyincurred$77.0millioninbasemanagementfees,ofwhich$57.7millionwaspaidduringthecalendaryearendedDecember31,2019.ForthecalendaryearendedDecember31,2019,theCompanyincurred$20.2millioninincentivecompensationpayabletotheManager,ofwhich$2.1millionwaspaidduringthecalendaryearendedDecember31,2019.OnehalfoftheincentivefeepaidduringthecalendaryearendedDecember31,2019waspaidincommonstock,asrequiredbytheManagementAgreement.InFebruary2019,anadditional$18.1millionofthetotalincentivefeewaspaid,onehalfofwhichwassimilarlypaidincommonstock.TheCompanyalsowasobligatedtoreimbursetheManagerfor$7.7millionofcertainexpensesincurredontheCompany’sbehalfduringthecalendaryearendedDecember31,2019,ofwhich$4.2millionwaspaidduringthecalendaryearendedDecember31,2019.

Board Approval

TheCompany’sChiefExecutiveOfficerisalsoanexecutiveofStarwoodCapitalGroup.Asaresult,theManagementAgreementbetweentheCompanyandtheManagerwasnegotiatedbetweenrelatedparties,andtheterms,includingfeesandotheramountspayable,maynotbeasfavorabletotheCompanyasifithadbeennegotiatedwithanunaffiliatedthirdparty.TheManagementAgreementisintendedtoprovidetheCompanywithaccesstotheManager’spipelineofinvestmentopportunities,personnelandexperienceincapitalmarkets,creditanalysis,debtstructuringandriskandassetmanagement,aswellasassistancewithcorporateoperations,legalandcompliancefunctionsandgovernance.TheindependentdirectorsoftheBoardhaveapprovedtheManagementAgreement.Mr.SternlichtandMr.Dishnerrecusedthemselvesfromsuchapproval.

Grants of Equity Compensation to the Manager

UndertheCompany’sequityincentiveplans,ourCompensationCommitteeisauthorizedtoapprovegrantsofequity-basedawardstotheCompany’sofficersanddirectorsandtotheManageranditspersonnelandaffiliates.OnMarch15,2017,theCompanygrantedtotheManager1,000,000restrictedstockunits.Thisawardofrestrictedstockunitsvestsratablyonaquarterlybasisoverathree-yearperiodthatbeganonJune30,2017.OnApril4,2018theCompanygrantedtotheManager775,000restrictedstockunits.This


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awardofrestrictedstockunitsvestsratablyonaquarterlybasisoverathree-yearperiodthatbeganonJune30,2018.OnSeptember24,2019,theCompanygrantedtotheManager1,200,000restrictedstockunits.Oftheamountgranted,218,898restrictedstockunitsvestedimmediatelyonthegrantdateandtheremainingamountvestsratablyonaquarterlybasisoverathree-yearperiodthatbeganonDecember31,2019.Theseawardsofrestrictedstockunits,oncevested,aresettledinsharesofcommonstock.TheManagerisentitledtoreceive“distributionequivalents”withrespecttotheserestrictedstockunits,whetherornotvested,atthesametimeandinthesameamountsasdistributionsarepaidtotheCompany’sholdersofcommonstock.

OnMay4,2017,attheCompany’s2017annualmeetingofshareholders,shareholdersapprovedtheStarwoodPropertyTrust,Inc.2017ManagerEquityPlan(the“2017ManagerEquityPlan”),whichallowsfortheissuanceofupto11,000,000stockoptions,stockappreciationrights,restrictedstockunitsorotherequity-basedawardsoranycombinationthereof(determinedonacombinedbasiswiththe2017EquityPlan)totheManager.ThemaximumnumberofsuchequityawardsthatmaybeissuedtotheManagershallbereducedbythenumberofsharesofcommonstockissuedandawardsgrantedunderthe2017EquityPlan.The2017ManagerEquityPlansucceededandreplacedthepreviousmanagerequityplan.

SEREF and Related Transactions

InDecember2012,theCompanyacquired9,140,000ordinarysharesforapproximately$14.7millioninStarwoodEuropeanRealEstateFinanceLimited,adebtfundthatismanagedbyanaffiliateoftheManagerandislistedontheLondonStockExchange(“SEREF”),inconnectionwithSEREF’sinitialpublicoffering(the“SEREFInvestment”),whichequatedtoanapproximate4%ownershipinterestinSEREF.AsofDecember31,2019,theCompany’ssharesrepresentedanapproximate2%ownershipinterestinSEREF.

InJune2016,theCompanyco-originatedaGBP-denominated$108.9millionfirstmortgageloanwithSEREFforthedevelopmentofathree-propertymixeduseportfoliolocatedinGreaterLondon,England(the“GreaterLondonLoan”).TheCompanyoriginated$87.1millionoftheGreaterLondonLoancommitmentandSEREForiginated$21.8millionofsuchcommitment.InJune2017,theCompanyandSEREFamendedtheGreaterLondonLoanbyreducingfirstmortgage’stotalcommitmentto$88.8millionofwhichtheCompany’sshareis$71.0million.InOctober2018,theCompanyandSEREFamendedtheGreaterLondonLoanbyincreasingthetotalcommitmentto$98.3million,ofwhichtheCompany’sshareis$78.6million.TheGreaterLondonLoanbearsinterestatone-monthLIBORplus5.75%andhasanextendedmaturityofJune2020.

InMarch2018,theCompanyacquiredfromSEREFaEuro-denominated$68.0million50%participationinanewly-originatedloan,whichissecuredbyaluxuryresortinEstepona,Spain(the“EsteponaLoan”).TheEsteponaLoanbearsinterestatthree-monthEuribor(floorof0.0%)plus4.90%untilSeptember13,2022andat6.50%thereafter.TheEsteponaLoanmaturesinMarch2023.

InDecember2018,theCompanyco-originatedaGBP-denominated$79.0millionmezzanineloanforthedevelopmentofaresidentialandhotelpropertylocatedinCentralLondonwithSEREF(the“CentralLondonLoan”).TheCompanyoriginated$26.9millionoftheCentralLondonLoanandSEREForiginated$52.1million.TheCentralLondonLoanbearsinterestatafixedinterestrateof8.50%andisscheduledtomatureinDecember2021.

InSeptember2019,theCompanyco-originatedaEuro-denominated$80.2millionfirstmortgageloanwithSEREF.TheloanwastoathirdpartyborrowerforthedevelopmentofaGradeAofficebuildingandconventioncenterinDublin,Ireland.TheCompanyoriginated$64.2millionoftheloanandSEREForiginated$16.0million.Theloanbearsinterestatone-monthEuribor(floorof0.0%)plus7.8%andmaturesinMay2022.


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InNovember2019,theCompanyandSEREF,anaffiliateofourManager,eachoriginated$42.9millionofaEuro-denominated$211.2millionfirstmortgageandsubordinatedloan.TheloanwastoathirdpartyborrowerfortheacquisitionofanofficeportfoliolocatedinSpain.InDecember2019,theCompanysoldthefirstmortgageof$16.5million.TheCompany’sremainingsubordinatedloanof$26.4millionbearsinterestatthree-monthEuribor(floorof0.0%)plus8.95%andmaturesinNovember2023.

SCG Core-Plus Investment

InOctober2014,theCompanycommitted$150.0millionfora33%limitedpartnerequityinterestinSCGCore-PlusRetailFund,L.P.,anaffiliateoftheManager(“SCGCore-Plus”),ofwhich$132.0millionwasfundedinOctober2014.AnunaffiliatedthirdpartyhasmadeanadditionalinvestmentasalimitedpartnerinSCGCore-Plusonsubstantiallysimilarterms.InAugust2017,theCompanyfundedtheremaining$15.5millioncapitalcommitmentinSCGCore-Plus.DuringtheyearendedDecember31,2019,theCompanyrecognizedalossof$114.4millionanddidnotreceiveanydistributions,whichreducedtheCompany’sinvestmentcarryingvaluetozeroasofDecember31,2019.DuringtheperiodincludedintheCompany’syearendedDecember31,2019,SCGCore-Plusreportedunrealizeddecreasesinthefairvalueofitsrealestateproperties,whichresultedina$47.2milliondecreasetotheCompany’sinvestment.Inaddition,theCompanyprovidedanimpairmentchargeof$71.9millionagainsttheremainderoftheinvestmentbasedonitsestimateofthefairvalueoftheunderlyingretailassetsasofDecember31,2019.SCGCore-PluswasestablishedforthepurposeofacquiringandoperatingfourregionalshoppingmallslocatedinFlorida,Michigan,NorthCarolinaandVirginia.AllleasingservicesandassetmanagementfunctionsfortheacquiredpropertiesareconductedbyanaffiliateoftheManagerthatspecializesinredeveloping,managingandrepositioningretailrealestateassets.Inaddition,anotheraffiliateoftheManagerservesasthegeneralpartnerofSCGCore-Plus.

Office Campus Loan Investment

InAugust2017,theCompanyoriginateda$339.2millionfirstmortgageandmezzanineloanfortheacquisitionofanofficecampuslocatedinIrvine,California.AnaffiliateoftheManagerhasanon-controllingequityinterestintheborrower.Thefirstmortgageandmezzanineloanareeachinterest-onlyandcarryinterestratesofone-monthLIBORplus2.25%andone-monthLIBORplus4.50%,respectively.TheloanshaveaninitialmaturityofSeptember2020withtwoone-yearextensionoptions.

Energy Loans

InJanuary2018,theCompanyacquireda$130.0millionfirstmortgageparticipationfromathirdparty,whichbearsinterestatthree-monthLIBORplus4.00%andmaturesinDecember2024.Theloanissecuredbyfourcoal-firedpowerplantslocatedintheUnitedStates.StarwoodEnergyGroup,anaffiliateoftheManager,istheborrowerundertheloan.

InFebruary2019,theCompanyacquireda$60.0millionparticipationina$925.0millionfirstpriorityinfrastructuretermloan.InApril2019andJuly2019,theCompanyacquiredparticipationsof$5.0millionand$16.0million,respectively,ina$350.0millionupsizetothetermloan.Theloanissecuredbyfivedomesticnaturalgaspowerplants.Ourparticipationstotaling$81.0millionbearinterestatone-monthLIBORplus3.75%andmatureinDecember2025.StarwoodEnergyGroup,anaffiliateoftheManager,istheborrowerunderthetermloan.


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Residential Mortgage Loans

DuringtheyearendedDecember31,2019theCompanyacquired$353.0millionofloansfromaresidentialmortgageoriginatorinwhichtheCompanyholdsanequityinterest.Also,inSeptember2019andOctober2019,theCompanyamendeda$2.0millionsubordinatedloantothisresidentialmortgageoriginator,whichwasenteredintoinJune2018,toextendthematurityfromSeptember2019toSeptember2020andincreasethetotalcommitmentto$4.5million.Thesubordinatedloanbearsinterestatafixedrateof8.0%.

Other Related Party Arrangements

During2016,theCompanyestablishedaco-investmentfundwhichprovideskeypersonnelwiththeopportunitytoinvestincertainpropertiesincludedintheCompany’sRealEstateInvestingandServicingbusinesssegment.ThesepersonnelincludecertainemployeesoftheCompany,includingMessrs.DiModicaandSossen,aswellasemployeesofaffiliatesoftheManager(the“FundParticipants”).Thefundcarriesanaggregatecommitmentof$15.0millionandownsa10%equityinterestinthesubsidiaryoftheCompanywhichownssuchproperties.AsofDecember31,2019,theFundParticipantsfunded$4.9millionofsuchcommitment.Inanefforttoretainkeypersonnel,theFundParticipantsareentitledtoapromoteontheirinvestment,wherebyoperatingprofitsaredistributedassumingimpliedleverageof60%ontheFundParticipants’capitalaccounts.ThispromoteispaidaftertheCompany,asgeneralpartnerofthefund,earnsa5%preferredreturn.During2019,thenon-controllinginterestsrelatedtothisfundreceivedcashdistributionsof$1.3million.

InNovember2018,theCompanyengagedHighmarkResidential(“Highmark”)(formerlyknownasMilestoneManagement),anaffiliateoftheManager,toprovidepropertymanagementservicesfortheCompany’sWoodstarIPortfolio.FeespaidbytheCompanytoMilestonearecalculatedas3%ofgrossreceipts.DuringtheyearendedDecember31,2019,propertymanagementfeespaidtoHighmarkwere$1.6million.

Disclosure Regarding Fred Ridley

Oneofourdirectors,Mr.Ridley,isapartnerwithFoley&LarderLLP(“Foley”).Infiscalyear2019,Foleycollectedlegalfeesof$37,847fromtheCompanyand$1,318,488fromoronbehalfoftheCMBSsecuritizationtrustsforwhichasubsidiaryoftheCompanyhasbeenappointedtoactasthespecialservicer.FormoreinformationregardingCMBSsecuritizationtrustsandtheroleofaspecialservicer,seebelowundertheheading“CMBSSecuritizationTrustsandSpecialServicing.”NotwithstandingthelegalfeespaidtoFoley,theBoarddeterminedthatMr.Ridleyisanindependentdirector(underNYSElistingstandardsorotherwise)duetothebelowfactors:

• Mr.RidleydidnotpersonallyperformorsuperviseanylegalservicestotheCompanyoritssubsidiariesin2019anddoesnotpersonallyreceivefeesorothercompensationfortheseservices.Accordingly,thereisnodirectfinancialtietothelegalfeeswhichcouldcompromiseMr.Ridley’sindependence.

• FoleywasfirstretainedbyasubsidiaryoftheCompanymorethan20yearsago,wellbeforeMr.RidleywasappointedtotheBoard.Mr.Ridley’sappointmentwasnotrelatedtoFoley’sprovisionoflegalservices,andFoleydoesnotreceiveanyadditionalbenefitasaresultofMr.RidleybeingappointedtotheBoard.

• ThefeespaidtoFoleyamountedtoapproximately0.15%ofthelawfirm’sconsolidatedgrossannualrevenuefor2019.

• Otherthanthe$37,847offeespaidtoFoleyin2019fornon-materialmatters,theremaining$1,318,488inpaymentsin2019toFoleywerepaidbyoronbehalfoftrustsforwhichasubsidiaryoftheCompany,LNR


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PartnersLLC(“LNR”),hasbeenappointedtoactasthespecialservicer.ThiswasparticularlyimportanttotheBoardindeterminingMr.Ridley’sindependence.Foraccountingpurposes,theassetsofthetrustsareconsolidatedintheCompany’sfinancialsdespitethefactthattheCompanyhaseithernoorlimitedequityandvotinginterestsinthetrusts.Foley was retainedon behalf of each trust that LNR serviced, and was not retained to represent LNR in its individual capacity or to represent theCompany in these matters.

• Bywayofbackground,LNR’sprimarybusinessisadministeringthedefaultsideofloanservicingforCMBSsecuritizationtrusts.LNRretainsthirdpartycontractors,includinglawfirmssuchasFoley,toperformlegalservicesrelatedtothecollectionandrestructuringofdefaultedloans.Pursuanttoitscontractualagreements,LNRisprohibitedfromreceivingkickbacksorotherbenefitsfromcontractorsprovidingservicestothetrustandLNRhasadutytoobtainthemostcosteffectiveservices.Inaddition,theCMBSsecuritizationsdesignateacertificateholderrepresentative(“CCR”)thatoverseesthespecialservicerthroughouttheentireworkoutoftheloan,servingastheultimatedecisionmakeronbehalfofthetrust,includingtheretentionofthirdpartyvendorsinconnectionwithmajordecisionsinaccordancewiththeservicingstandard.Ingeneral,undertheservicingagreements,aCCRhastheauthoritytoremovethespecialservicerwithoutcauseatanytime.Foleyisoneofover103lawfirmsretainedtoprovidethetrustswithlegalservices.In2019,thetrustsservicedbyLNRpaidapproximately$19.6milliontovariouslawfirmsforlegalservicesrelatedtodefaultedloans.Foleyreceivedapproximately6.7%ofthattotalamount.TheCompanyconsiderstheseservicestobetransactionalsupportfortheloanbeingspecialserviced.Inconnectionwiththeprovisionoftheseservices,FoleywasnotgivenaccesstosensitiveCompanyinformationandwasnotinvolvedintheCompany’sorLNR’sstrategicdecisions.

Foralloftheabovereasons,theBoardisconfidentthattherelationshipsdescribedabovedonotaffectMr.Ridley’sabilitytoexercisehisindependentjudgmentwithrespecttoanymatterbeforetheBoard.

CMBS Securitization Trusts and Special Servicing

CMBSarebondswithpaymentsderivedfromaloanorapoolofloansoncommercialrealestate.CMBSsecuritizationistheprocessbywhichaloan,ormorecommonlyagrouporpoolofloans,arepackagedtogethertocreateCMBS,whichareissuedandthenheldbyaRealEstateInvestmentMortgageConduit,referredtogenerallyasaCMBSsecuritizationtrust.Thetrusthasthreeagentsthathavespecificrolesandauthoritytoactonbehalfofthetrust:thetrusteeservesastheholderoftitletotheloansinthetrust;themasterservicerprovidesloanservicingonperformingloans;andthespecialservicerattemptstoworkoutdistressedordefaultedloansandprovidescertainconsentsonbehalfofthetrustthatarerequiredundertheloandocuments.Asnotedabove,LNRisaspecialservicerforcertainCMBSsecuritizationtrusts.Whenaloanownedbyatrustgoesintodefaultorisgoingintodefault,theloanistransferredtoLNRforservicing.

Related Party Transaction Practice

TheBoarddoesnothaveawrittenpolicyregardingtheapprovalofrelatedpartytransactions.However,itisthepracticeoftheBoardtoseekapprovalofthenon-executivedirectorsforanyrelatedpartytransaction(whichmeansanytransactionorseriesoftransactionsinwhichtheCompanyoranyofitssubsidiariesisoraretobeaparticipant,theamountinvolvedexceeds$120,000,anda“relatedperson”(asdefinedunderSECrules)hasadirectorindirectmaterialinterest)involvingapotentialconflictofinterest.Further,whentheBoardhaspreviouslyapprovedanequityinvestmentinapartythatcontemplatestherighttoparticipateinsubsequentdebtinvestmentswithsuchpartyintheordinarycourseoftheCompany’sbusiness(e.g.,thedisclosuresunder“-SEREFandRelatedTransactions”),itisthepracticeoftheBoardtoseekseparateapprovalofthenon-executivedirectorsforanysuchindividualdebtinvestmentiftheCompanyisnotinvestingonapari passubasiswithsuchparty.


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INFORMATIONCONCERNINGTHEANNUALMEETINGANDVOTING Shareholders Entitled to Vote

TheBoardhasfixedMarch3,2020astherecorddateforthedeterminationofshareholdersentitledtonoticeofandtovotetheirsharesoftheCompany’scommonstock,parvalue$0.01pershare(“commonstock”),attheAnnualMeeting.AsofMarch3,2020,theCompanyhadoutstanding282,970,469sharesofcommonstock.Eachshareofcommonstockentitlesitsholdertoonevote.

Attending the Virtual Annual Meeting

Inlightofpublichealthconcernsregardingthecoronavirusoutbreak,andinordertoprovideexpandedaccess,improvedcommunicationandcostsavingsforourshareholdersandourCompany,thisyear’sAnnualMeetingwillbeacompletely“virtual”meetingofshareholders,whichwillbeconductedvialivewebcast.YouwillbeabletoattendtheAnnualMeetingonlineandsubmityourquestionsduringthemeetingbyvisitingwww.virtualshareholdermeeting.com/STWD2020.SuchquestionsmustbeconfinedtomattersproperlybeforetheAnnualMeetingandofgeneralCompanyconcern.YouwillalsobeabletovoteyourshareselectronicallyattheAnnualMeeting.Toparticipate,youwillneedyour16-digitcontrolnumberincludedinyourproxymaterials,onyourproxycard,orontheinstructionsthataccompaniedyourproxymaterials.

Themeetingwillbeginpromptlyat2:00p.m.,Easterntime.Weencourageyoutoaccessthemeetingpriortothestarttime.Onlineaccesswillopenat1:45p.m.,Easterntime,andyoushouldallowampletimetologintothemeetingwebcastandtestyourcomputeraudiosystem.Werecommendthatyoucarefullyreviewtheproceduresneededtogainadmissioninadvance.

Wewillhavetechniciansreadytoassistyouwithanytechnicaldifficultiesyoumayhaveaccessingthevirtualmeeting.Ifyouencounteranydifficultiesaccessingthevirtualmeetingduringcheck-inorduringthemeeting,pleasecallthetechnicalsupportnumberthatwillbepostedonthevirtualshareholdermeetingloginpagewww.virtualshareholdermeeting.com/STWD2020.

Quorum

ThepresenceinpersonorbyproxyofshareholdersentitledtocastamajorityofallthevotesentitledtobecastattheAnnualMeetingconstitutesaquorumforpurposesoftransactingbusinessattheAnnualMeeting.Abstentionsandbrokernon-votesarecountedaspresentandentitledtovoteforpurposesofdeterminingaquorum.


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Broker Non-Vote

A“brokernon-vote”occurswhenabank,brokerorothernomineethatholdssharesforabeneficialownerin“streetname”(referencedhereinasa“broker”)doesnotvoteonaparticularproposalbecausethatbrokerdoesnothavediscretionaryvotingpowerforthatparticularitemandhasnotreceivedinstructionsfromthebeneficialowner.Ifyouholdyoursharesinstreetname,therulesoftheNYSEprovidetherecordholder(i.e.,yourbroker)withtheauthoritytovoteyoursharesonlyoncertain“routine”matterswhenitdoesnotreceivevotinginstructionsfromyou.AttheAnnualMeeting,abrokerwillhavediscretionaryauthoritytovotesharesontheratificationoftheappointmentofDeloitte&ToucheLLPastheCompany’sindependentregisteredpublicaccountingfirmforthecalendaryearendingDecember31,2020(Proposal3),butwillnothavediscretionaryauthorityastotheotherproposalspresented:theelectionofdirectornominees(Proposal1)orontheadvisoryproposalregardingexecutivecompensation(Proposal2).

Ifyouholdyoursharesinstreetname,pleaseensurethatyoursharesarevotedattheAnnualMeetingbytimelysubmittingvotinginstructionstoyourbrokeraccordingtotheinstructionsprovidedbyyourbroker.

Required Vote

Electionofeachnomineeforthesevendirectorpositions(Proposal1)requirestheaffirmativeFORvoteofapluralityofallvotescastattheAnnualMeeting.Thismeansthatthedirectornomineewiththemostvotesforaparticularseatiselectedforthatseat.Votes“withheld”fromoneormoredirectornomineesthereforewillhavenoeffectontheoutcomeofthevotewithrespecttotheelectionofdirectors.However,inanuncontestedelectionofdirectors,anynomineefordirectorwhoreceivesagreaternumberofvotes“withheld”fromhisorherelectionthanvotes“for”hisorherelectionisexpectedtotenderhisorherwrittenresignationtotheChairmanoftheBoardforconsiderationbytheNominatingandCorporateGovernanceCommittee.Foradditionaldetailsregardingourdirectorresignationpolicyandtheelectionofdirectors,seethesectionofthisproxystatemententitled“OurBoard—Proposal1:ElectionofDirectors.”Intabulatingthevotingresults,abstentionsand,ifapplicable,brokernon-votes,willhavenoeffectontheelectionofdirectors.

TheaffirmativeFORvoteofamajorityofvotescastattheAnnualMeetingisrequiredtoapproveallotherproposals,includingtheapproval,onanadvisorybasis,oftheCompany’sexecutivecompensationasdisclosedinthisProxyStatement(Proposal2)andtheratificationoftheappointmentofDeloitte&ToucheLLPastheCompany’sindependentregisteredpublicaccountingfirmforthecalendaryearendingDecember31,2020(Proposal3).Intabulatingthevotingresultsforeachsuchproposal,abstentionsand,ifapplicable,brokernon-votes,arenottreatedas“votescast”andwillhavenoeffectontheresultofsuchvote.

AlthoughtheadvisoryvoteontheCompany’sexecutivecompensationasdisclosedinthisProxyStatement(Proposal2)isnon-binding,theBoardwillreviewtheresultsofthevoteandwilltakethemintoaccountasappropriatewhenmakingdecisionsregardingexecutivecompensation.

How to Vote

YoumayvoteattheAnnualMeetinginanyofthefollowingways:

Submitting a Proxy by Telephone or via the Internet: Ifyouareashareholderofrecord,youmayappointyourproxybytelephoneorviatheInternetuntil11:59p.m.,Easterntime,onApril28,2020,byfollowingtheinstructionsontheNoticeofInternetAvailabilityofProxyMaterialsor,ifyourequestedaprintedsetoftheproxymaterials,onyourproxycard.Easy-to-followpromptsallowyoutosubmitaproxyforyoursharesandconfirmthatyourinstructionshavebeenproperlyrecorded.TheCompany’stelephoneandInternet


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proxysubmissionproceduresaredesignedtoauthenticateshareholdersbyusingindividualcontrolnumbers.Ifyouholdyoursharesinstreetname,pleasecheckyourvotinginstructioncardprovidedwiththeproxymaterialsorcontactyourbrokertodeterminewhetheryouwillbeabletoprovideyourinstructionsbytelephoneorviatheInternet.

Submitting a Proxy by Mail: Ifyouareashareholderofrecordandrequestedtoreceiveaprintedsetoftheproxymaterials,youcanappointyourproxybymarking,datingandsigningyourproxycardandreturningitbymailinthepostage-prepaidenvelopeprovided.Ifsubmittedbymail,yourproxymustbereceivedbythecloseofbusinessonApril28,2020,tobecounted.Ifyouholdyoursharesinstreetname,youcaninstructyourbrokertovotebyfollowingthedirectionsonyourvotinginstructioncardprovidedwiththeproxymaterials.

Bycastingyourvoteinanyofthewayslistedabove,youareauthorizingtheindividualslistedontheproxytovoteyoursharesinaccordancewithyourinstructions.

In Person at the Annual Meeting: ShareholdersofrecordmayvoteinpersonduringthevirtualAnnualMeetingbyvisitingwww.virtualshareholdermeeting.com/STWD2020.Tovote,youwillneedyour16-digitcontrolnumberincludedinyourproxymaterials,onyourproxycard,orontheinstructionsthataccompaniedyourproxymaterials.

PleasenotethatevenifyouplantoattendtheAnnualMeeting,weencourageyoutosubmitaproxyinadvancetoensureyoursharesarerepresented.YourvotinginpersonattheAnnualMeetingwillautomaticallyresultintherevocationofanypreviouslysubmittedproxy.

How Shares Will be Voted

Ifyouareashareholderofrecordandyouproperlycomplete,signandreturnaproxycardorusethetelephoneorInternetvotingprocedures,asapplicable,toauthorizethenamedproxiestovoteyourshares,andyourproxycardorotherproxyauthorizationisreceivedbytheCompanyintimetobevotedattheAnnualMeeting,yourshareswillbevotedasspecified,unlessyourproxyisproperlyrevokedpriorthereto.Asnotedabove,youmayalsovoteyoursharesatthevirtualAnnualMeeting.Ifyousubmitasignedproxycardbutnospecificationismadeontheproxycardastoanyoneormoreoftheproposals,thesharesofcommonstockrepresentedbytheproxywillbevotedasfollows:

FORtheelectionofeachofthedirectornominees;

FORtheapproval,onanadvisorybasis,oftheCompany’sexecutivecompensationasdisclosedinthisProxyStatement;and

FORtheratificationoftheappointmentbytheAuditCommitteeofDeloitte&ToucheLLPastheindependentregisteredpublicaccountingfirmoftheCompanyforthecalendaryearendingDecember31,2020.

Revocation of Proxies

Apersonsubmittingaproxyhasthepowertorevokeitatanytimebeforeitisexercisedby(a)attendingtheAnnualMeetingandvotinginperson,(b)dulyexecutinganddeliveringaproxybearingalaterdatepriortotheAnnualMeetingor(c)sendingwrittennoticeofrevocationtotheCompany’sSecretaryatStarwoodPropertyTrust,Inc.,591WestPutnamAvenue,Greenwich,Connecticut06830,whichmustbereceivedbytheCompany’sSecretaryby5:00p.m.,Easterntime,onApril28,2020tohaveanyeffect.AttendingtheAnnualMeetingbyitselfdoesnotautomaticallyrevokeanyearliersubmittedproxy.


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Confidentiality of Voting

TheCompanykeepsallproxies,ballotsandvotingtabulationsconfidentialasamatterofpractice.TheCompanyonlyletsitsproxysolicitor,InnisfreeM&AIncorporated(“Innisfree”),anditsInspectorofElection,ComputershareTrustCompanyN.A.(“Computershare”),examinethesedocuments.Occasionally,shareholdersprovidewrittencommentsontheirproxycard,whichthenmaybeforwardedtotheCompany’smanagementbyComputershare.

Tabulation of Voting Results

Computershare,theCompany’sindependenttabulatingagent,willcountthevotesandactastheInspectorofElectionattheAnnualMeeting.

Solicitation of Proxies

TheCompanywillpaytheexpensesofsolicitingproxiesinconnectionwiththisProxyStatement.Proxiesmaybesolicitedinpersonorbymail,telephone,electronictransmissionand/orfacsimiletransmissionontheCompany’sbehalfbydirectors,officersoremployeesoftheCompanyoritssubsidiaries,withoutadditionalcompensation.TheCompanyasksbrokeragehousesandothercustodians,nomineesandfiduciariestoforwardsolicitingmaterialstothebeneficialownersofthestockheldofrecordbysuchpersonsandtoobtainauthoritytoexecuteproxies,forwhichtheCompanywillreimbursesuchpersons.InnisfreehasbeenengagedtoassistinthesolicitationofproxiesfortheCompanyforafeeof$20,000plusreasonableout-of-pocketexpenses.WhenrecordingvotesbytelephoneorviatheInternet,theCompanywilluseproceduresdesignedtoauthenticateshareholders’identities,whichwillallowshareholderstoauthorizethevotingoftheirsharesinaccordancewiththeirinstructionsandconfirmthattheirinstructionshavebeenrecordedproperly.

List of Shareholders

AlistofshareholdersentitledtovoteattheAnnualMeetingwillbeavailableatthevirtualAnnualMeetingatwww.virtualshareholdermeeting.com/STWD2020andfortendayspriortotheAnnualMeeting,betweenthehoursof9:00a.m.and5:00p.m.,Easterntime,attheCompany’sprincipalexecutiveofficesatStarwoodPropertyTrust,Inc.,591WestPutnamAvenue,Greenwich,Connecticut06830,andopentoexaminationbyanyshareholderforanypurposegermanetotheAnnualMeeting,bycontactingtheSecretaryoftheCompany.

Availability of Annual Report and Proxy Materials on the Internet

ThisProxyStatementandourannualreportforthecalendaryearendedDecember31,2019areavailableatwww.proxyvote.combyusingthecontrolnumberthatisprovidedtoyouintheNoticeRegardingInternetAvailabilityofProxyMaterials.Youmayalsoviewsuchmaterialsonourwebsiteatwww.ir.starwoodpropertytrust.com/proxymaterialsorrequestprintedcopiesofsuchmaterialsbymail.PleasesubmitanysuchrequesttotheattentionoftheCompany’sSecretary,StarwoodPropertyTrust,Inc.,591WestPutnamAvenue,Greenwich,Connecticut06830.


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Recommendations of the Board

TheBoardrecommendsavoteFORtheelectionofeachofthenomineesfordirectornamedinthisProxyStatement,FORtheapproval,onanadvisorybasis,oftheCompany’sexecutivecompensationasdisclosedinthisProxyStatementandFORtheratificationoftheappointmentbytheAuditCommitteeofDeloitte&ToucheLLPastheindependentregisteredpublicaccountingfirmoftheCompanyforthecalendaryearendingDecember31,2020.

Householding

TheSEChasadoptedrulesthatpermitcompaniesandintermediariessuchasbrokerstosatisfydeliveryrequirementsforproxystatementsandannualreportswithrespecttotwoormoreshareholderssharingthesameaddressbydeliveringasingleproxystatementandannualreportaddressedtothoseshareholders.Thisprocess,whichiscommonlyreferredtoas“householding,”potentiallyprovidesextraconvenienceforshareholdersandcostsavingsforcompanies.TheCompanyandsomebrokershouseholdproxymaterials,deliveringasingleproxystatementandannualreporttomultipleshareholderssharinganaddressunlesscontraryinstructionshavebeenreceivedfromtheaffectedshareholders.OnceyouhavereceivednoticefromyourbrokerortheCompanythattheyortheCompanywillbehouseholdingmaterialstoyouraddress,householdingwillcontinueuntilyouarenotifiedotherwiseoruntilyourevokeyourconsent.If,atanytime,younolongerwishtoparticipateinhouseholdingorwouldprefertoreceiveaseparateproxystatementandannualreport,pleasenotifyyourbrokerifyoursharesareheldinabrokerageaccountortheCompanyifyouholdregisteredshares.YoucannotifytheCompanybyphoneat(203)422-7700orsendawrittenrequesttotheCompany’sSecretaryatStarwoodPropertyTrust,Inc.,591WestPutnamAvenue,Greenwich,Connecticut06830.Ifyousorequest,wewillhavedeliveredtherequestedseparateproxystatementandannualreportpromptlyfollowingourreceiptofyourrequest.

Ifyourhouseholdhasreceivedmultiplecopiesofproxystatementsandannualreports,youcanrequestthedeliveryofsinglecopiesinthefuturebynotifyingtheCompanyassetforthabove.

Other Matters

TheBoardknowsofnootherbusinesstobebroughtbeforetheAnnualMeeting.IfanyothermattersproperlycomebeforetheAnnualMeeting,includingaproposalomittedfromthisProxyStatementinaccordancewithRule14a-8undertheExchangeAct,theproxieswillbevotedonsuchmattersinaccordancewiththejudgmentofthepersonsnamedasproxiestherein,ortheirsubstitutes,presentandactingatthemeeting.

NopersonisauthorizedtogiveanyinformationortomakeanyrepresentationnotcontainedinthisProxyStatement,and,ifgivenormade,suchinformationorrepresentationshouldnotberelieduponashavingbeenauthorized.ThedeliveryofthisProxyStatementshallnot,underanycircumstances,implythattherehasnotbeenanychangeintheinformationsetforthhereinsincethedateoftheProxyStatement.


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SHAREHOLDERPROPOSALSFORTHE2021ANNUALMEETING ProposalsreceivedfromshareholdersaregivencarefulconsiderationbytheCompany.Shareholderproposalsareeligibleforconsiderationforinclusionintheproxystatementforthe2021annualmeetingofshareholdersinaccordancewithRule14a-8undertheExchangeActiftheyarereceivedbytheCompanyonorbeforeNovember20,2020.AnyproposalshouldbedirectedtotheattentionoftheCompany’sSecretaryatStarwoodPropertyTrust,Inc.,591WestPutnamAvenue,Greenwich,Connecticut06830.InorderforashareholderproposalornominationsubmittedoutsideofRule14a-8tobeconsideredtimelyundertheCompany’sBylaws,itmustbereceivednotlessthan90daysnormorethan120dayspriortothefirstanniversaryofthedateofthemailingofthenoticeforthepriorannualmeeting,withcertainexceptions.Forthe2021annualmeetingofshareholders,anysuchproposalornominationshouldbereceivednoearlierthanNovember20,2020andnolaterthanDecember20,2020.

ByOrderoftheBoard,

Andrew J. SossenSecretary

Dated:March20,2020Greenwich,Connecticut


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