...Strengths: Weaknesses: + Low leverage relative to other finance companies + Strong credit performance with no realized losses on loans originated since inception + Diversified lines of business with multiple sources of earnings + Significant secured financing that encumbers assets, including repurchase funding with margin call risk + Credit risk associated with transitional loans, subordinated mortgages and mezzanine loans, and subordinated interests of commercial mortgage-backed securities + Business concentration in commercial real estate, which we view as subject to cyclical fluctuations Outlook The stable outlook reflects S&P Global Ratings' expectation that Starwood Property Trust Inc.'s profitability and performance of its loan and investment portfolios will remain strong over the next 12 months and that leverage will be about 1.75x-2.5x debt to adjusted total equity (ATE). We could lower the ratings if the company increases leverage above 2.75x, if declining commercial real estate...