。
She interpreted his statement as a threat.
Literal
She [topic-は] his [genitive-の] statement [object-を] threat [as-と] interpreted.
An instance of the Xを Yと[verb] pattern with 解釈する ('interpret') as the matrix verb — を marks the entity being interpreted, と quotes the predicate Y. This construction extends broadly across verbs of thought, speech, and judgment in Japanese (思う, 言う, 呼ぶ, 考える, 認める, 解釈する). 発言 ('statement, remark') is a Sino-Japanese word emphasizing the act/content of speaking; 脅迫 ('threat, intimidation') is similarly formal — both lean toward the registers of news, courtroom, or formal writing.