Very low leverage relative to other finance companies No realized losses on loans originated since inception Strong profitability Dependence on short-term secured financing and exposure to margin calls Increased credit risk stemming from junior and subordinate loans and securities Concentration in cyclical commercial real estate, which may produce relatively volatile results The stable outlook reflects Standard&Poor's Ratings Services' expectation that Starwood Property Trust Inc.'s profitability and performance of its loan and investment portfolios will remain strong in 2015, and that the company will maintain leverage around its current 1.3x debt to adjusted total equity. We are unlikely to raise the ratings on Starwood in the next year given the company's reliance on secured repurchase and credit facilities with
