Low leverage relative to other finance companies Strong credit performance with minimal 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, as well as subordinated interests of commercial mortgage-backed securities Majority of business is related to commercial real estate, which is highly susceptible to COVID-19 impairments S&P Global Ratings' negative outlook on Starwood Property Trust Inc. reflects the potential that Starwood's investment performance will suffer and that this will lead to margin calls amid the current difficult operating conditions. We expect that over the next 12 months, the company will
