{"id":907888,"date":"2025-11-10T19:30:23","date_gmt":"2025-11-11T00:30:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025\/"},"modified":"2025-11-10T19:30:23","modified_gmt":"2025-11-11T00:30:23","slug":"starwood-property-trust-reports-results-for-quarter-ended-september-30-2025","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025\/","title":{"rendered":"Starwood Property Trust Reports Results for Quarter Ended September 30, 2025"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n \u2013 Quarterly GAAP Earnings of $0.19<\/span> and Distributable Earnings (DE) of $0.40<\/span> per Diluted Share \u2013<\/b>\n <\/p>\n

\n \u2013 Invested $4.6 Billion<\/span> in the Quarter and $10.2 Billion<\/span> in the 9 Months \u2013<\/b>\n <\/p>\n

\n \u2013 Investments include $2.2<\/span><\/b>\u00a0Billion of Triple Net Lease Investments, $1.4 Billion<\/span> in Commercial Lending and a Record $0.8 Billion<\/span> in Infrastructure Lending During the Quarter \u2013<\/b><\/p>\n

\n \u2013 Raised $2.3 Billion<\/span> of Capital Across Equity, Term Loan B and High Yield Markets \u2013<\/b>\n <\/p>\n

\n \u2013 Record Liquidity of $2.2 Billion<\/span> \u2013<\/b>\n <\/p>\n

\n \u2013 Paid Quarterly Dividend of $0.48<\/span> per Share for Over a Decade \u2013<\/b>\n <\/p>\n

\n
\n MIAMI BEACH, Fla.<\/span>
\n <\/span>, Nov. 10, 2025<\/span><\/span> \/PRNewswire\/ —\u00a0Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended September 30, 2025<\/span>. The Company’s third quarter 2025 GAAP net income was $72.6 million<\/span>, inclusive of a $28.4 million<\/span> credit loss provision and $26.0 million<\/span> of depreciation, and Distributable Earnings (a non-GAAP financial measure) was $148.6 million<\/span>.<\/p>\n

“At the time of our IPO in 2009, we committed to diversify our company. We once again delivered by acquiring Fundamental, a $2.2 billion<\/span> portfolio of durable, long-term, high quality net lease assets and a best-in-class team. Leveraging the resources of our manager, Starwood Capital Group, we believe we can meaningfully grow this net lease portfolio accretively in the coming years,” said Barry Sternlicht<\/span>, Chairman and CEO of Starwood Property Trust. “As interest rates move lower and transaction volumes ramp, our ample liquidity offers us a great\u00a0 opportunity to continue growing all of our cylinders.”\u00a0<\/p>\n

“Starwood Property Trust’s ability to access capital also remains a true differentiator,” added Jeffrey DiModica<\/span>, President of Starwood Property Trust. “Over the past year, we have been extremely active in the capital markets, raising nearly $3.0 billion<\/span> across equity, term loans, and unsecured debt, all at record-tight levels. We repriced our existing term loans due 2027 and 2030 to record low spreads of +175 and +200 basis points, respectively, and issued a seven-year term loan at the tightest spread for a new issuance in our sector at +225 basis points. These transactions highlight both the market’s confidence in our credit profile and our disciplined financial management.”<\/p>\n

\n
\n Supplemental Schedules <\/u>
\n <\/b>\n <\/p>\n

The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders.\u00a0 Specifically, these materials can be found on the Company’s website in the Investor Relations section under “Quarterly Results” at www.starwoodpropertytrust.com<\/a><\/u>.<\/p>\n

\n
\n Webcast and Conference Call Information<\/u>
\n <\/b>\u00a0<\/p>\n

The Company will host a live webcast and conference call on Monday, November\u00a010, 2025, at 10:00 a.m. Eastern Time<\/span>.\u00a0 To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com<\/a><\/u>\u00a0in the Investor Relations section of the website.\u00a0 The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in.\u00a0<\/p>\n

\n To Participate via Telephone Conference Call:
<\/b>Dial in at least 15 minutes prior to start time.
Domestic:\u00a0 1-877-407-9039
International:\u00a0 1-201-689-8470<\/p>\n

\n Conference Call Playback:
<\/b>Domestic:\u00a0 1-844-512-2921
International:\u00a0 1-412-317-6671
Passcode:\u00a0 13753256
The playback can be accessed through November 24, 2025<\/span>.<\/p>\n

\n
\n About Starwood Property Trust, Inc.<\/u>
\n <\/b>\n <\/p>\n

Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors.\u00a0 As of September\u00a030, 2025, the Company has successfully deployed $112 billion<\/span> of capital since inception and manages a portfolio of $30<\/span> billion\u00a0across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com<\/a><\/u>.<\/p>\n

\n Forward-Looking Statements<\/b>\n <\/p>\n

Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. \u00a0Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions. \u00a0Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. \u00a0Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December\u00a031, 2024 and its Quarterly Report on Form 10-Q for the quarter ended September\u00a030, 2025, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC.<\/p>\n

In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. \u00a0Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.<\/p>\n

Additional information can be found on the Company’s website at www.starwoodpropertytrust.com<\/a><\/u>.<\/p>\n

\n Contact:
<\/b>
\n Zachary Tanenbaum<\/span>
\n
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com<\/a><\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Starwood\u00a0Property Trust,\u00a0Inc. and Subsidiaries<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Condensed Consolidated Statement of Operations by Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n For the three months ended September\u00a030, 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Amounts in thousands)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Commercial and<\/b>
\n <\/span>\n <\/p>\n

\n
\n Residential<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Infrastructure<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Property<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Investing<\/b>
\n <\/span>\n <\/p>\n

\n
\n and\u00a0Servicing<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Subtotal<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Securitization<\/b>
\n <\/span>\n <\/p>\n

\n
\n VIEs<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Revenues:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest income from loans<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 315,894<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 76,724<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 246<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,582<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 395,446<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0 395,446<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income from investment securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 18,405<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 150<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23,329<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,884<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (34,523)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,361<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Servicing fees<\/span>\n <\/p>\n<\/td>\n

\n

\n 81<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28,351<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28,432<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5,220)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 23,212<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Rental income<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,233<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 45,603<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,692<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 57,528<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 57,528<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,513<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 844<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 347<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 934<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 693<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,331<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,331<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 343,126<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 77,718<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 46,196<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 60,888<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 693<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 528,621<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (39,743)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 488,878<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Costs and expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Management fees<\/span>\n <\/p>\n<\/td>\n

\n

\n 172<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32,071<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32,243<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32,243<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 181,639<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,402<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 24,302<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,788<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 80,925<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 335,056<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (207)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 334,849<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,224<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,941<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,100<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21,850<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,408<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51,523<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 51,523<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Costs of rental operations<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,688<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,726<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,573<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,987<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,987<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,840<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21,181<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,762<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 251<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26,044<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26,044<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Credit loss provision, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 26,805<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,554<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28,359<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28,359<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 73<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 430<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (64)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 439<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 439<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total costs and expenses<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 231,441<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 48,337<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 58,309<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 33,909<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 117,655<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 489,651<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (207)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 489,444<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Other income (loss):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Change in net assets related to consolidated VIEs<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 43,735<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 43,735<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of servicing rights<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,327<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,327<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (311)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,016<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of investment securities, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,111<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,531<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,642<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,848)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,794<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of mortgage loans, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 40,544<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,823<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 52,367<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 52,367<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income from affordable housing fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 324<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 324<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 324<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (Loss) earnings from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (294)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,797<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,503<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (40)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,463<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain (loss) on sale of investments and other assets, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,048<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (21)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,027<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,027<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain (loss) on derivative financial instruments, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,276<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (7,971)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,295<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,793)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,814<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,814<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency loss, net<\/span>\n <\/p>\n<\/td>\n

\n

\n (11,995)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (210)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (10)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (12,215)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (12,215)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other loss, net<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,354)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (578)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (554)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,486)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,486)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total other income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 42,630<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (497)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (8,256)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 22,219<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (1,793)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 54,303<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 39,536<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 93,839<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Income (loss) before income taxes<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 154,315<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 28,884<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (20,369)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 49,198<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (118,755)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 93,273<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 93,273<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax (provision) benefit<\/span>\n <\/p>\n<\/td>\n

\n

\n (7,432)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 234<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6,151)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (13,343)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (13,343)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 146,883<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 29,118<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (20,363)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 43,047<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (118,755)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 79,930<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 79,930<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income attributable to non-controlling interests<\/span>\n <\/p>\n<\/td>\n

\n

\n (3)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,366)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,001)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (7,370)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (7,370)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss) attributable to Starwood Property Trust,\u00a0Inc.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 146,880<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,118<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 (24,729)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 40,046<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0 (118,755)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0 72,560<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 72,560<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Definition of Distributable Earnings<\/b>\n <\/p>\n

Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT.\u00a0 For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein.\u00a0 The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors.\u00a0 Refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended September\u00a030, 2025 for additional information regarding Distributable Earnings.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Reconciliation of Net Income to Distributable Earnings<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n For the three months ended September\u00a030, 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Amounts in thousands except per share data)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Commercial and<\/b>
\n <\/span>\n <\/p>\n

\n
\n Residential<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Infrastructure<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Property<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Investing<\/b>
\n <\/span>\n <\/p>\n

\n
\n and\u00a0Servicing<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss) attributable to Starwood Property\u00a0Trust,\u00a0Inc.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 146,880<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,118<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (24,729)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 40,046<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (118,755)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 72,560<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Add \/ (Deduct):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Non-controlling interests attributable to Woodstar II Class A Units<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,629<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,629<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-controlling interests attributable to unrealized gains\/losses<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,323)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 824<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,499)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-cash equity compensation expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,840<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 733<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,565<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,327<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,225<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14,690<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,876<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21,587<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,865<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 26,328<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Straight-line rent adjustment<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (467)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 38<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (429)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income adjustment for loans and securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,795<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,261<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,056<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consolidated income\u00a0tax provision (benefit) associated\u00a0with fair value\u00a0adjustments<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,432<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (234)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,151<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,343<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other non-cash items<\/span>\n <\/p>\n<\/td>\n

\n

\n 2<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (83)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (407)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (488)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Reversal of GAAP unrealized and realized (gains) \/ losses on:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans<\/span>\n <\/p>\n<\/td>\n

\n

\n (40,544)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11,823)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (52,367)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Credit loss provision, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 26,805<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,554<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 28,359<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,111)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,531)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5,642)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Woodstar Fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (324)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (324)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivatives<\/span>\n <\/p>\n<\/td>\n

\n

\n (14,276)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (7)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,971<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,295)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,793<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5,814)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,995<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 210<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12,215<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loss (earnings) from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 294<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,797)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,503)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales of properties<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,095)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,074)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Recognition of Distributable realized gains \/ (losses) on:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans <\/span>\n <\/p>\n<\/td>\n

\n

\n (674)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14,115<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,441<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Securities <\/span>\n <\/p>\n<\/td>\n

\n

\n (414)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (8,326)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (8,740)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Woodstar Fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21,351<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21,351<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivatives<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,072<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 46<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 486<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,111)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (7,499)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,994<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency <\/span>\n <\/p>\n<\/td>\n

\n

\n 290<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 306<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (Loss) earnings from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (110)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,252<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,142<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales of properties<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,095<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (25)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,070<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Distributable Earnings (Loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 158,968<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 31,631<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 27,652<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 46,589<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (116,236)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 148,604<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Distributable Earnings (Loss) per Weighted Average Diluted Share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.43<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.08<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.08<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.12<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.31)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.40<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Starwood\u00a0Property Trust,\u00a0Inc. and Subsidiaries<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Condensed Consolidated Statement of Operations by Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n For the nine months ended September\u00a030, 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Amounts in thousands)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Commercial and<\/b>
\n <\/span>\n <\/p>\n

\n
\n Residential<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Infrastructure<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Property<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Investing<\/b>
\n <\/span>\n <\/p>\n

\n
\n and\u00a0Servicing<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Subtotal<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Securitization<\/b>
\n <\/span>\n <\/p>\n

\n
\n VIEs<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Revenues:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest income from loans<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 919,788<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 203,129<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 246<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11,425<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0 1,134,588<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0 1,134,588<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income from investment securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 63,629<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 452<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 73,281<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 137,362<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (107,467)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29,895<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Servicing fees<\/span>\n <\/p>\n<\/td>\n

\n

\n 257<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 68,807<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 69,064<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (14,312)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 54,752<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Rental income<\/span>\n <\/p>\n<\/td>\n

\n

\n 20,968<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 78,155<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,831<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 114,954<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 114,954<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other revenues<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,857<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,946<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 821<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,204<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,324<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17,152<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17,152<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,012,499<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 206,527<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 79,222<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 173,548<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,324<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,473,120<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (121,779)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,351,341<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Costs and expenses:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Management fees<\/span>\n <\/p>\n<\/td>\n

\n

\n 529<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 103,310<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 103,839<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 103,839<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 527,684<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 115,662<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42,346<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 22,715<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 235,344<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 943,751<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (612)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 943,139<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative<\/span>\n <\/p>\n<\/td>\n

\n

\n 44,365<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,482<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,751<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 68,712<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,432<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 150,742<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 150,742<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Costs of rental operations<\/span>\n <\/p>\n<\/td>\n

\n

\n 16,156<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18,674<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10,489<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 45,319<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 45,319<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,938<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32,921<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,257<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 754<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 47,899<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 47,899<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Credit loss provision, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,709<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,317<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,026<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,026<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 48<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,046<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (76)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 165<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,183<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,183<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total costs and expenses<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 602,429<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 139,536<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 102,616<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 107,338<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 352,840<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,304,759<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (612)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,304,147<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Other income (loss):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Change in net assets related to consolidated VIEs<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 112,706<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 112,706<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of servicing rights<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,781<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,781<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (649)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,132<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of investment securities, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,450<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (14,370)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (7,920)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,886<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,966<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Change in fair value of mortgage loans, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 91,543<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49,095<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 140,638<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 140,638<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income from affordable housing fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,349<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,349<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,349<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings (loss) from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,708<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 251<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,689<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,648<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (776)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10,872<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain (loss) on sale of investments and other assets, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 32,710<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (21)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32,689<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32,689<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n (Loss) gain on derivative financial instruments, net<\/span>\n <\/p>\n<\/td>\n

\n

\n (167,702)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (12)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (8,082)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,082)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,707<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (135,171)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (135,171)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency gain (loss), net<\/span>\n <\/p>\n<\/td>\n

\n

\n 105,878<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 656<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (197)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 106,337<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 106,337<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain (loss) on extinguishment of debt<\/span>\n <\/p>\n<\/td>\n

\n

\n 20,773<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (783)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19,990<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 19,990<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other (loss) income, net<\/span>\n <\/p>\n<\/td>\n

\n

\n (3,580)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (2,042)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,427<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,195)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,195)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total other income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 88,780<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 112<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (993)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 50,540<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 41,707<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 180,146<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 121,167<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 301,313<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Income (loss) before income taxes<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 498,850<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 67,103<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (24,387)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 116,750<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (309,809)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 348,507<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 348,507<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax (provision) benefit<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,231)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 189<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (15,744)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (17,780)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (17,780)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 496,619<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 67,292<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (24,381)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 101,006<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (309,809)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 330,727<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 330,727<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income attributable to non-controlling interests<\/span>\n <\/p>\n<\/td>\n

\n

\n (10)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (14,776)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,312)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (16,098)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (16,098)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss) attributable to Starwood Property Trust,\u00a0Inc.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 496,609<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 67,292<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 (39,157)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 99,694<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 (309,809)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0 314,629<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 314,629<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Reconciliation of Net Income to Distributable Earnings<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n For the nine months ended September\u00a030, 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Amounts in thousands except per share data)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Commercial and<\/b>
\n <\/span>\n <\/p>\n

\n
\n Residential<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Infrastructure<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Property<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Investing<\/b>
\n <\/span>\n <\/p>\n

\n
\n and\u00a0Servicing<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Net income (loss) attributable to Starwood Property\u00a0Trust,\u00a0Inc.<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 496,609<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 67,292<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (39,157)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 99,694<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (309,809)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 314,629<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Add \/ (Deduct):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Non-controlling interests attributable to Woodstar II Class A Units<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,917<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,917<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-controlling interests attributable to unrealized gains\/losses<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11,080)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6,378)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (17,458)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-cash equity compensation expense<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,476<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,056<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,781<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,091<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 25,066<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 41,470<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Management incentive fee<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10,244<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10,244<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,146<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 33,545<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,562<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 48,253<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Straight-line rent adjustment<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 307<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 104<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 411<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income adjustment for loans and securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 17,843<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31,727<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49,570<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Consolidated income\u00a0tax provision (benefit) associated\u00a0with fair value\u00a0adjustments<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,231<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (189)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (6)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 15,744<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 17,780<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other non-cash items<\/span>\n <\/p>\n<\/td>\n

\n

\n 10<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (246)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,219)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,455)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Reversal of GAAP unrealized and realized (gains) \/ losses on:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans<\/span>\n <\/p>\n<\/td>\n

\n

\n (91,543)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (49,095)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (140,638)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Credit loss provision, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,709<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,317<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,026<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (6,450)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14,370<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,920<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Woodstar Fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (9,349)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (9,349)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivatives<\/span>\n <\/p>\n<\/td>\n

\n

\n 167,702<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,082<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,082<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (41,707)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 135,171<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency<\/span>\n <\/p>\n<\/td>\n

\n

\n (105,878)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (656)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 197<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (106,337)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,708)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (251)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (8,689)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (11,648)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales of properties<\/span>\n <\/p>\n<\/td>\n

\n

\n (5,223)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 21<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5,202)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Recognition of Distributable realized gains \/ (losses) on:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loans<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,556)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 47,987<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 46,431<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Securities<\/span>\n <\/p>\n<\/td>\n

\n

\n (761)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (15,082)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (15,843)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Woodstar Fund investments<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 63,272<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 63,272<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivatives<\/span>\n <\/p>\n<\/td>\n

\n

\n 57,668<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 149<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 290<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,788)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (21,401)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34,918<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,347<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 85<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (197)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,235<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Earnings (loss) from unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,708<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (327)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,659<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 12,040<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Sales of properties<\/span>\n <\/p>\n<\/td>\n

\n

\n (43,343)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (25)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (43,368)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Distributable Earnings (Loss)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 511,987<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 72,488<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 61,352<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 147,769<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (337,607)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 455,989<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Distributable Earnings (Loss) per Weighted Average Diluted Share<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.43<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.20<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.17<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 0.41<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (0.94)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.27<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Starwood\u00a0Property Trust,\u00a0Inc. and Subsidiaries<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Condensed Consolidated Balance Sheet by Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n As of September\u00a030, 2025<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n (Amounts in thousands)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n

\n
\n Commercial and<\/b>
\n <\/span>\n <\/p>\n

\n
\n Residential<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Infrastructure<\/b>
\n <\/span>\n <\/p>\n

\n
\n Lending<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Property<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Investing<\/b>
\n <\/span>\n <\/p>\n

\n
\n and\u00a0Servicing<\/b>
\n <\/span>\n <\/p>\n

\n
\n Segment<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Corporate<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Subtotal<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Securitization<\/b>
\n <\/span>\n <\/p>\n

\n
\n VIEs<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Total<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Assets:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 21,189<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 135,689<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 36,478<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,288<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 101,491<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 301,135<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 301,135<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Restricted cash<\/span>\n <\/p>\n<\/td>\n

\n

\n 164,241<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 49,872<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10,499<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 347<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 13,013<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 237,972<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 237,972<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loans held-for-investment, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 15,254,794<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,063,963<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18,318,757<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 18,318,757<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Loans held-for-sale<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,308,388<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 252,767<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,561,155<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,561,155<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investment securities<\/span>\n <\/p>\n<\/td>\n

\n

\n 622,469<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16,416<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,197,170<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,836,055<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,577,220)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 258,835<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Properties, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 764,063<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,505,635<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 64,785<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,334,483<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,334,483<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investments of consolidated affordable housing fund<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,861,931<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,861,931<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,861,931<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investments in unconsolidated entities<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,514<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 54,356<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32,964<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 95,834<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (14,744)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 81,090<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Goodwill<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 119,409<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 140,437<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 259,846<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 259,846<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Intangible assets, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,965<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 394,574<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 68,673<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 466,212<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (36,394)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 429,818<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivative assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 28,478<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 304<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,532<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 37,314<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 37,314<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accrued interest receivable<\/span>\n <\/p>\n<\/td>\n

\n

\n 156,005<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 10,242<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 504<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 635<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 186<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 167,572<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 167,572<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 205,970<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 9,937<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 108,722<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (9,333)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 62,959<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 378,255<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 378,255<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n VIE assets, at fair value<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34,205,812<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 34,205,812<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total Assets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,537,076<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,459,884<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,918,343<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,755,037<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 186,181<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,856,521<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 32,577,454<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 62,433,975<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Liabilities and Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Liabilities:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Accounts payable, accrued expenses and\u00a0other liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 219,001<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 39,187<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 105,907<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 44,584<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 123,351<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 532,030<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 532,030<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Related-party payable<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27,939<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27,939<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 27,939<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Dividends payable<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 180,113<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 180,113<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 180,113<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Derivative liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 79,121<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14,450<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 93,571<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 93,571<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Secured financing agreements, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,958,349<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,100,722<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 896,034<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 498,660<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,229,453<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14,683,218<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (20,000)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 14,663,218<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Securitized financing, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,412,126<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,232,420<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 877,942<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,522,488<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,522,488<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Unsecured senior notes, net<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,245,122<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,245,122<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,245,122<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n VIE liabilities, at fair value<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32,597,454<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 32,597,454<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total Liabilities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 11,668,597<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,372,329<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,879,883<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 543,244<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 5,820,428<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 22,284,481<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 32,577,454<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 54,861,935<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Temporary Equity: <\/b>Redeemable non-controlling interests<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 385,853<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 385,853<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 385,853<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Permanent Equity:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Starwood Property Trust,\u00a0Inc. Stockholders’\u00a0Equity:<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Common stock<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,778<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,778<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 3,778<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Additional paid-in capital<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,283,096<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 760,702<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 383,549<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (616,981)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,133,680<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,944,046<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,944,046<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Treasury stock<\/span>\n <\/p>\n<\/td>\n

\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (138,022)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (138,022)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (138,022)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Retained earnings (accumulated deficit)<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,573,329<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 326,853<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,063,233<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,712,845<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (10,633,683)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42,577<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42,577<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Accumulated other comprehensive income<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,935<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,935<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,935<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total Starwood Property Trust,\u00a0Inc. Stockholders’ Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 7,868,360<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,087,555<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,446,782<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,095,864<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (5,634,247)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,864,314<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,864,314<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-controlling interests in consolidated\u00a0subsidiaries<\/span>\n <\/p>\n<\/td>\n

\n

\n 119<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 205,825<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 115,929<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 321,873<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n \u2014<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 321,873<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total Permanent Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 7,868,479<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,087,555<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2,652,607<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1,211,793<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n (5,634,247)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7,186,187<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 7,186,187<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total Liabilities and Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 19,537,076<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,459,884<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,918,343<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,755,037<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 186,181<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,856,521<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 32,577,454<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 62,433,975<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n \"Cision\" View original content:https:\/\/www.prnewswire.com\/news-releases\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025-302609714.html<\/a><\/p>\n

SOURCE Starwood Property Trust, Inc.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire \u2013 Quarterly GAAP Earnings of $0.19 and Distributable Earnings (DE) of $0.40 per Diluted Share \u2013 \u2013 Invested $4.6 Billion in the Quarter and $10.2 Billion in the 9 Months \u2013 \u2013 Investments include $2.2\u00a0Billion of Triple Net Lease Investments, $1.4 Billion in Commercial Lending and a Record $0.8 Billion in Infrastructure Lending During the Quarter \u2013 \u2013 Raised $2.3 Billion of Capital Across Equity, Term Loan B and High Yield Markets \u2013 \u2013 Record Liquidity of $2.2 Billion \u2013 \u2013 Paid Quarterly Dividend of $0.48 per Share for Over a Decade \u2013 MIAMI BEACH, Fla. , Nov. 10, 2025 \/PRNewswire\/ —\u00a0Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended September 30, … <\/p>\n

Continue reading “Starwood Property Trust Reports Results for Quarter Ended September 30, 2025”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-907888","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nStarwood Property Trust Reports Results for Quarter Ended September 30, 2025 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starwood Property Trust Reports Results for Quarter Ended September 30, 2025 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire \u2013 Quarterly GAAP Earnings of $0.19 and Distributable Earnings (DE) of $0.40 per Diluted Share \u2013 \u2013 Invested $4.6 Billion in the Quarter and $10.2 Billion in the 9 Months \u2013 \u2013 Investments include $2.2\u00a0Billion of Triple Net Lease Investments, $1.4 Billion in Commercial Lending and a Record $0.8 Billion in Infrastructure Lending During the Quarter \u2013 \u2013 Raised $2.3 Billion of Capital Across Equity, Term Loan B and High Yield Markets \u2013 \u2013 Record Liquidity of $2.2 Billion \u2013 \u2013 Paid Quarterly Dividend of $0.48 per Share for Over a Decade \u2013 MIAMI BEACH, Fla. , Nov. 10, 2025 \/PRNewswire\/ —\u00a0Starwood Property Trust, Inc. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025\/","og_locale":"en_US","og_type":"article","og_title":"Starwood Property Trust Reports Results for Quarter Ended September 30, 2025 - Market Newsdesk","og_description":"PR Newswire \u2013 Quarterly GAAP Earnings of $0.19 and Distributable Earnings (DE) of $0.40 per Diluted Share \u2013 \u2013 Invested $4.6 Billion in the Quarter and $10.2 Billion in the 9 Months \u2013 \u2013 Investments include $2.2\u00a0Billion of Triple Net Lease Investments, $1.4 Billion in Commercial Lending and a Record $0.8 Billion in Infrastructure Lending During the Quarter \u2013 \u2013 Raised $2.3 Billion of Capital Across Equity, Term Loan B and High Yield Markets \u2013 \u2013 Record Liquidity of $2.2 Billion \u2013 \u2013 Paid Quarterly Dividend of $0.48 per Share for Over a Decade \u2013 MIAMI BEACH, Fla. , Nov. 10, 2025 \/PRNewswire\/ —\u00a0Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended September 30, … Continue reading \"Starwood Property Trust Reports Results for Quarter Ended September 30, 2025\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025\/","og_site_name":"Market Newsdesk","article_published_time":"2025-11-11T00:30:23+00:00","og_image":[{"url":"https:\/\/edge.prnewswire.com\/c\/img\/favicon.png?sn=NE19804&sd=2025-11-10","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"10 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Starwood Property Trust Reports Results for Quarter Ended September 30, 2025","datePublished":"2025-11-11T00:30:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025\/"},"wordCount":1953,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025\/#primaryimage"},"thumbnailUrl":"https:\/\/edge.prnewswire.com\/c\/img\/favicon.png?sn=NE19804&sd=2025-11-10","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/starwood-property-trust-reports-results-for-quarter-ended-september-30-2025\/","name":"Starwood Property Trust Reports Results for Quarter Ended September 30, 2025 - 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