Barry S. Sternlicht - Sep 29, 2023 Form 4 Insider Report for STARWOOD PROPERTY TRUST, INC. (STWD)

Role: CEO, Chairman of Board, Director
Signature: /s/ Barry S. Sternlicht
Stock symbol: STWD
Transactions as of: Sep 29, 2023
Transactions value $: $0
Form type: 4
Date filed: 10/2/2023, 04:30 PM
Previous filing: Sep 21, 2023
Next filing: Oct 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	STWD	Common Stock	Options Exercise		+275K	+16.28%		1.96M	Sep 29, 2023	By controlled entities	F1, F2, F3, F6
holding	STWD	Common Stock						13.1M	Sep 29, 2023	Direct	F6

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	STWD	Restricted Stock Units	Options Exercise	$0	-275K	-21.57%	$0.00	1M	Sep 29, 2023	(1)(2) Common Stock	275K		By controlled entities	F1, F2, F3, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On September 29, 2023, SPT Management, LLC, the issuer's external manager (the "Manager"), acquired 275,000 shares of the issuer's common stock in connection with the vesting of (i) 150,000 of the restricted stock units originally granted to the Manager on November 9, 2020 as an award under the Starwood Property Trust, Inc. 2017 Manager Equity Plan (the "2020 RSUs"), and (ii) 125,000 of the restricted stock units originally granted to the Manager on November 23, 2022 as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan (the "2022 RSUs").
F2	The remaining 2022 RSUs will vest ratably in quarterly installments through September 30, 2025, subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates. There are no remaining unvested 2020 RSUs.
F3	Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.
F4	Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.
F5	Represents the 1,800,000 2020 RSUs granted to the Manager and the 1,500,000 2022 RSUs granted to the Manager, less those restricted stock units that have already vested and been converted into shares of the issuer's common stock.
F6	Reflects 306,501 shares of the issuer's common stock that were previously held by the Manager and reported as indirectly beneficially owned by Mr. Sternlicht, which were transferred to Mr. Sternlicht on September 12, 2023 such that they are now directly beneficially owned by Mr. Sternlicht.