Starwood Property Trust (STWD) authorized an extraordinary dividend of 10 cents per share of common stock, payable on Jan. 15 to common stockholders of record as of Dec. 31. 

The extraordinary dividend is in addition to the 44 cent per share regular dividend for the fourth quarter, declared Nov. 6.

The company’s annual payout rate is $1.86 per share as a result of the extraordinary dividend, representing a yield of 8.2%.

Starwood Property Trust focuses on originating, investing in, financing and managing commercial mortgage loans as well as other commercial real estate investments. The company invests in commercial mortgage-backed securities, residential mortgage-backed securities and residential real estate owned.