STARWOOD PROPERTY TRUST, INC.

There have been no material changes to the risk factors previously disclosed in our Form 10‑K, which include risk factors related to investing in net lease assets and risks of investment in real properties, except as discussed below.

We may not realize all of the benefits that we anticipate and underwrote in connection with the acquisition of Fundamental Income Properties, LLC or such benefits may take longer to realize than expected.

The success of our acquisition of Fundamental Income Properties, LLC (“Fundamental”) by way of merger will depend, in part, on our ability to realize the anticipated benefits from successfully integrating the business of Fundamental with ours. The combination of this business with ours may be a complex, costly and time consuming process, and we may be required to devote significant management attention and resources to integrating the business with ours. The integration process may disrupt our business and, if implemented ineffectively, could preclude us from realizing all of the potential benefits we expect to realize with respect to the acquisition. Our failure to meet the challenges involved in the integration could cause an interruption of, or a loss of momentum in, our business and could harm our results of operations. In addition, the integration may result in material unanticipated problems, expenses, liabilities, loss of business relationships and diversion of management’s attention, and may cause our stock price to decline. The difficulties of integrating Fundamental with our operations include, among others:

•the potential diversion of management focus and resources from other strategic opportunities and from operational matters and potential disruption associated with the acquisition;

•integrating two business cultures;

•coordinating geographically separate organizations;

•unanticipated issues in integrating information technology, communications and other systems; and

•managing tax costs or inefficiencies associated with the integration process.