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Starwood Property Trust posts $390M Q3 GAAP loss

Starwood Property Trust, Inc. reported a third-quarter GAAP net loss of $389.7 million for the quarter ended September 30, 2026, including a $336.6 million credit loss provision and $32.2 million of non-cash property impairments.

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Rhea-AI Filing Summary

Starwood Property Trust, Inc. reported a third-quarter GAAP net loss of $389.7 million for the quarter ended September 30, 2026, including a $336.6 million credit loss provision and $32.2 million of non-cash property impairments. Non-GAAP Distributable Earnings were $116.8 million, or $0.31 per diluted share; Distributable Earnings before realized commercial lending gains and losses were $155.2 million, or $0.41 per diluted share.

The company invested $3.2 billion during the quarter, including $2.4 billion in commercial lending, and said this brought its portfolio to a record $17.8 billion. It invested $8.2 billion across its business lines in the first nine months of 2026 and repurchased $108 million of common shares. The stated dividend was $0.48 per share.

Starwood Property Trust said it completed approximately $2.1 billion of financing transactions earlier in the year to refinance and extend corporate debt, at rates and spreads below those available today. Management said it still expects to resolve almost half of the underperforming assets it started the year with. Cash and cash equivalents were $391.9 million as of September 30, 2026.

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  • Major pointQuarterly GAAP net loss was $389.7 million, including a $336.6 million credit loss provision. 8.2% of market cap

Filing Explained

Starwood Property Trust reported results for the quarter ended September 30, 2026. Its Distributable Earnings figures are non-GAAP measures that adjust GAAP results, and the version before realized commercial lending gains and losses further excludes specified realized gains and losses on loan resolutions and foreclosed-property dispositions.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
GAAP net loss $389.7 million Quarter ended September 30, 2026
Credit loss provision $336.6 million Quarter ended September 30, 2026
Distributable Earnings $116.8 million Non-GAAP measure; quarter ended September 30, 2026
Distributable Earnings per diluted share $0.31 per diluted share Quarter ended September 30, 2026
Distributable Earnings prior to realized commercial lending gains and losses $155.2 million Non-GAAP measure; quarter ended September 30, 2026
Distributable Earnings prior to realized commercial lending gains and losses per diluted share $0.41 per diluted share Quarter ended September 30, 2026
Investments $3.2 billion Quarter ended September 30, 2026
Common shares repurchased $108 million Quarter ended September 30, 2026
Distributable Earnings financial
"Distributable Earnings (a non-GAAP financial measure)"
Distributable earnings are the portion of a company’s reported profits that management determines is safe to pay out to shareholders after accounting for cash needs, required reserves, and non-cash bookkeeping items. Think of it like the money left in your household budget after paying bills and putting aside savings — it shows what can realistically be handed out as dividends or distributions and helps investors judge how sustainable and reliable future payouts may be.
realized commercial lending gains and losses financial
"prior to realized commercial lending gains and losses"
nonaccrual financial
"commercial loans that were on nonaccrual"
A nonaccrual asset is a loan or investment that a lender stops counting as earning interest because the borrower is not making scheduled payments or the lender doubts future payments. Think of it like putting a subscription on hold when you stop receiving payments; it reduces reported income and signals a higher risk that the lender may not get repaid, which can affect a bank's profits and the value of its loan portfolio.
credit loss provision financial
"inclusive of a $336.6 million credit loss provision"
An amount a lender sets aside from earnings to cover loans or other receivables it expects may not be repaid, like an insurance cushion against customer defaults. It matters to investors because larger provisions reduce reported profits and can signal worsening borrower credit or economic stress, while smaller provisions can boost short-term earnings but may hide rising risk to the lender’s future capital and stability.
weighted average diluted share financial
"per weighted average diluted share"
GAAP net loss $389.7 million
Credit loss provision $336.6 million
Distributable Earnings $116.8 million
Distributable Earnings per diluted share $0.31 per diluted share
Distributable Earnings prior to realized commercial lending gains and losses $155.2 million
Distributable Earnings prior to realized commercial lending gains and losses per diluted share $0.41 per diluted share
Guidance

Management said it still expects to resolve almost half of the underperforming assets it started the year with.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were STWD's third-quarter earnings?
Starwood Property Trust reported a GAAP net loss of $389.7 million for the quarter ended September 30, 2026. Distributable Earnings, a non-GAAP measure, were $116.8 million, or $0.31 per diluted share; Distributable Earnings before realized commercial lending gains and losses were $155.2 million, or $0.41 per diluted share.

How much did STWD invest in the third quarter?
The company invested $3.2 billion during the quarter, including $2.4 billion in commercial lending, and said its portfolio reached a record $17.8 billion.

What rating did Fitch reaffirm for LNR?
Fitch reaffirmed its highest rating for LNR's Commercial Special Servicer, identified as CSS1.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001465128FALSE00014651282026-11-062026-11-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 6, 2026

Starwood Property Trust, Inc.
(Exact name of registrant as specified in its charter)

Maryland
001-34436
27-0247747
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

2340 Collins Avenue, Suite 700
Miami Beach, FL
33139
(Address of principal
(Zip Code)
executive offices)
Registrant’s telephone number,
including area code:
(305) 695-5500

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.01 par value per share
STWD
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.

On November 6, 2026, Starwood Property Trust, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
 
Item 9.01. Financial Statements and Exhibits.

(d)    Exhibits

Exhibit
Number

Description
99.1
Press Release, dated November 6, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)



2


EXHIBIT INDEX

Exhibit
Number
Description
99.1
Press Release, dated November 6, 2026



3


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: November 6, 2026
STARWOOD PROPERTY TRUST, INC.
By:
/s/ RINA PANIRY
Name:
Rina Paniry
Title:
Chief Financial Officer, Treasurer, Chief Accounting Officer and Principal Financial Officer

4

image_0.jpg
Exhibit 99.1
For Immediate Release
Starwood Property Trust Reports Results for
Quarter Ended September 30, 2026
– Quarterly GAAP Loss of $1.08, Distributable Earnings (DE) of $0.31 and DE Prior to Realized Commercial Lending Gains and Losses of $0.41 per Diluted Share –
– Invested $3.2 Billion in the Quarter and $8.2 Billion in the 9 Months –
– Investments include $2.4 Billion in Commercial Lending, Highest in Four Years, Bringing Portfolio to a Record $17.8 Billion –
– Repurchased $108 Million of Common Shares in the Quarter –
– Fitch Reaffirmed their Highest Rating for LNR’s Commercial Special Servicer (CSS1) –
– Dividend of $0.48 per Share –
MIAMI BEACH, FL, November 6, 2026 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended September 30, 2026. The Company reported a third quarter GAAP net loss of $389.7 million, inclusive of a $336.6 million credit loss provision and $32.2 million of non-cash property impairments, and Distributable Earnings (a non-GAAP financial measure) was $116.8 million. Distributable Earnings prior to realized commercial lending gains and losses (also a non-GAAP financial measure) was $155.2 million. See definitions and reconciliation tables below.

“The third quarter of the year was somewhat historic. Interest rates skyrocketed and the forward yield curve moved sharply higher. Though the real estate markets continued their healing, bolstered by a meaningful collapse in most all major asset classes, the rise in rates sent a bit of a shock wave through the property sector and related rate sensitive sectors. We held steady and continued to make meaningful investments in the quarter while continuing to resolve our underperforming assets and loans. Through the first 9 months of the year, we have deployed $8.2 billion into our various business lines at very attractive risk adjusted returns. In addition, we still expect to resolve almost half of the underperforming assets we started the year with. Although our borrowers are feeling the pain of higher interest costs, our balance sheet and liquidity remain very strong,” said Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

“We took advantage of favorable market conditions earlier this year, before the significant rate rise, to proactively refinance and extend our corporate debt. We completed approximately $2.1 billion of financing transactions at rates and spreads below those available today. We continue to be even more vigilant in the deployment of capital across our diversified businesses, including investing in our own shares, purchasing a record $108 million in the quarter, as we focus on the most attractive risk-adjusted returns,” added Jeffrey DiModica, President of Starwood Property Trust.


1


Supplemental Schedules
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. Specifically, these materials can be found on the Company’s website in the Investor Relations section under “Quarterly Results” at www.starwoodpropertytrust.com.
Webcast and Conference Call Information
The Company will host a live webcast and conference call on Friday, November 6, 2026, at 10:00 a.m. Eastern Time. 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 in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. 
To Participate via Telephone Conference Call:
Dial in at least 15 minutes prior to start time.
Domestic: 1-877-407-9039
International: 1-201-689-8470
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 13763256
The playback can be accessed through November 20, 2026.
Definitions of Distributable Earnings and Distributable Earnings Prior to Realized Commercial Lending Gains and Losses
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. 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. 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.
The Company believes it is also useful to present another non-GAAP financial measure, Distributable Earnings prior to realized commercial lending gains and losses. This measure adjusts Distributable Earnings to exclude realized gains and losses resulting from the disposition or resolution of commercial loans that were on nonaccrual or properties acquired through foreclosure held within the Company’s Commercial and Residential Lending Segment. The Company believes this supplemental measure helps investors assess the earnings capacity of its existing investment portfolio and inform their assessment of future earnings and potential dividends by separately identifying the impact of realized commercial lending gains and losses arising from loan resolutions and dispositions of foreclosed real estate. Because these gains and losses remain an important component of the Company’s overall economic performance and dividend coverage, they are included in Distributable Earnings. The Company’s management and Board of Directors consider both measures when evaluating its performance and determining its dividend.
2


Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 for additional information regarding Distributable Earnings and Distributable Earnings prior to realized commercial lending gains and losses.

About Starwood Property Trust, Inc.
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. As of September 30, 2026, the Company has successfully deployed $123 billion of capital since inception and manages a portfolio of $32 billion across 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.
Forward-Looking Statements
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. Forward-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. Although 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. Factors 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 31, 2025, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
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. Except 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.

Additional information can be found on the Company’s website at www.starwoodpropertytrust.com.

Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
3


Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the three months ended September 30, 2026
(Amounts in thousands)
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
Corporate
Subtotal
Securitization
VIEs
Total
Revenues:
Interest income from loans
$
341,142 
$
66,654 
$
— 
$
1,466 
$
— 
$
409,262 
$
— 
$
409,262 
Interest income from investment securities
15,409 
2,090 
— 
22,206 
— 
39,705 
(31,297)
8,408 
Servicing fees
67 
— 
— 
36,899 
— 
36,966 
(6,650)
30,316 
Rental income
18,498 
— 
68,340 
3,710 
— 
90,548 
— 
90,548 
Other revenues
2,417 
1,768 
117 
2,129 
888 
7,319 
— 
7,319 
Total revenues
377,533 
70,512 
68,457 
66,410 
888 
583,800 
(37,947)
545,853 
Costs and expenses:
Management fees
161 
— 
— 
— 
29,881 
30,042 
— 
30,042 
Interest expense
167,070 
38,810 
32,259 
7,724 
113,482 
359,345 
(200)
359,145 
General and administrative
14,528 
5,590 
7,067 
18,755 
3,955 
49,895 
— 
49,895 
Costs of rental operations
16,645 
— 
7,740 
3,081 
— 
27,466 
— 
27,466 
Depreciation and amortization
4,544 
10 
30,753 
1,044 
251 
36,602 
— 
36,602 
Credit loss provision (reversal), net
336,824 
(212)
— 
— 
— 
336,612 
— 
336,612 
Other expense (reversal), net
83 
33 
61 
(203)
— 
(26)
— 
(26)
Total costs and expenses
539,855 
44,231 
77,880 
30,401 
147,569 
839,936 
(200)
839,736 
Other income (loss):
Change in net assets related to consolidated VIEs
— 
— 
— 
— 
— 
— 
33,644 
33,644 
Change in fair value of servicing rights
— 
— 
— 
822 
— 
822 
1,862 
2,684 
Change in fair value of investment securities, net
879 
— 
— 
(3,666)
— 
(2,787)
2,657 
(130)
Change in fair value of mortgage loans, net
(121,362)
— 
— 
(276)
— 
(121,638)
— 
(121,638)
Income from affordable housing fund investments
— 
— 
23,060 
— 
— 
23,060 
— 
23,060 
Earnings from unconsolidated entities
786 
1,648 
— 
484 
— 
2,918 
(416)
2,502 
(Loss) gain on sale of investments and other assets, net
(11,580)
— 
145 
— 
— 
(11,435)
— 
(11,435)
Gain (loss) on derivative financial instruments, net
84,663 
3,470 
14,792 
815 
(87,314)
16,426 
— 
16,426 
Foreign currency (loss) gain, net
(480)
— 
11 
— 
— 
(469)
— 
(469)
Loss on extinguishment of debt
— 
— 
— 
— 
(867)
(867)
— 
(867)
Other (loss) income, net
(34,563)
— 
434 
1 
— 
(34,128)
— 
(34,128)
Total other (loss) income
(81,657)
5,118 
38,442 
(1,820)
(88,181)
(128,098)
37,747 
(90,351)
Income (loss) before income taxes
(243,979)
31,399 
29,019 
34,189 
(234,862)
(384,234)
— 
(384,234)
Income tax benefit (provision)
7,419 
(267)
(19)
(4,064)
— 
3,069 
— 
3,069 
Net (loss) income
(236,560)
31,132 
29,000 
30,125 
(234,862)
(381,165)
— 
(381,165)
Net (income) loss attributable to non-controlling interests
(3)
— 
(9,012)
472 
— 
(8,543)
— 
(8,543)
Net (loss) income attributable to Starwood Property Trust, Inc.
$
(236,563)
$
31,132 
$
19,988 
$
30,597 
$
(234,862)
$
(389,708)
$
— 
$
(389,708)
4


Reconciliation of Net Income to Distributable Earnings and Distributable Earnings Prior to Realized Commercial Lending Gains and Losses
For the three months ended September 30, 2026
(Amounts in thousands except per share data)
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
Corporate
Total
Net (loss) income attributable to Starwood Property Trust, Inc.
(236,563)
31,132 
19,988 
30,597 
(234,862)
$
(389,708)
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units
— 
— 
4,628 
— 
— 
4,628 
Non-controlling interests attributable to unrealized gains/losses
— 
— 
714 
(929)
— 
(215)
Non-cash equity compensation expense
2,613 
797 
(269)
1,467 
6,472 
11,080 
Depreciation and amortization
4,580 
— 
31,237 
1,083 
— 
36,900 
Straight-line rent adjustment
— 
— 
(1,864)
57 
— 
(1,807)
Interest income adjustment for loans and securities
4,558 
— 
— 
13,207 
— 
17,765 
Consolidated income tax (benefit) provision associated with fair value adjustments
(7,419)
267 
19 
4,064 
— 
(3,069)
Other non-cash items
3 
(1)
(82)
(406)
— 
(486)
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans
121,362 
— 
— 
276 
— 
121,638 
Credit loss provision (reversal), net
336,824 
(212)
— 
— 
— 
336,612 
Securities
(879)
— 
— 
3,666 
— 
2,787 
Woodstar Fund investments
— 
— 
(23,060)
— 
— 
(23,060)
Derivatives
(84,663)
(3,470)
(14,792)
(815)
87,314 
(16,426)
Foreign currency
480 
— 
(11)
— 
— 
469 
Earnings from unconsolidated entities
(786)
(1,648)
— 
(484)
— 
(2,918)
Sales of properties
11,563 
— 
(145)
— 
— 
11,418 
Unrealized impairment of properties
32,163 
— 
— 
— 
— 
32,163 
Recognition of Distributable realized gains / (losses) on:
Loans
(715)
— 
— 
1,164 
— 
449 
Securities
(437)
— 
— 
(8,415)
— 
(8,852)
Woodstar Fund investments
— 
— 
19,591 
— 
— 
19,591 
Derivatives
(6,720)
(5)
10,072 
519 
(7,550)
(3,684)
Foreign currency
8,249 
— 
11 
— 
— 
8,260 
Earnings from unconsolidated entities
786 
476 
— 
490 
— 
1,752 
Sales of properties
(38,397)
— 
(120)
— 
— 
(38,517)
Distributable Earnings (Loss)
$
146,602 
$
27,336 
$
45,917 
$
45,541 
$
(148,626)
$
116,770 
Realized losses on foreclosed property sales
38,397 
— 
— 
— 
— 
38,397 
Distributable Earnings (Loss) prior to realized commercial lending gains and losses
$
184,999 
$
27,336 
$
45,917 
$
45,541 
$
(148,626)
$
155,167 
Distributable Earnings (Loss) per weighted average diluted share
$
0.39 
$
0.07 
$
0.12 
$
0.12 
$
(0.39)
$
0.31 
Distributable Earnings (Loss) prior to realized commercial lending gains and losses per weighted average diluted share
$
0.49 
$
0.07 
$
0.12 
$
0.12 
$
(0.39)
$
0.41 
5


Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the nine months ended September 30, 2026
(Amounts in thousands)
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
Corporate
Subtotal
Securitization
VIEs
Total
Revenues:
Interest income from loans
$
978,607 
$
195,083 
$
— 
$
7,798 
$
— 
$
1,181,488 
$
— 
$
1,181,488 
Interest income from investment securities
46,390 
2,955 
— 
68,309 
— 
117,654 
(99,058)
18,596 
Servicing fees
290 
— 
— 
108,994 
— 
109,284 
(14,281)
95,003 
Rental income
54,611 
— 
193,010 
10,752 
— 
258,373 
— 
258,373 
Other revenues
6,430 
4,715 
936 
4,056 
2,380 
18,517 
— 
18,517 
Total revenues
1,086,328 
202,753 
193,946 
199,909 
2,380 
1,685,316 
(113,339)
1,571,977 
Costs and expenses:
Management fees
358 
— 
— 
— 
96,423 
96,781 
— 
96,781 
Interest expense
482,743 
114,131 
88,985 
23,667 
323,700 
1,033,226 
(598)
1,032,628 
General and administrative
46,299 
17,523 
23,860 
64,344 
12,896 
164,922 
— 
164,922 
Costs of rental operations
46,022 
— 
22,254 
8,637 
— 
76,913 
— 
76,913 
Depreciation and amortization
13,561 
29 
87,968 
3,276 
754 
105,588 
— 
105,588 
Credit loss provision (reversal), net
367,226 
(827)
— 
— 
— 
366,399 
— 
366,399 
Other expense
248 
932 
360 
38 
— 
1,578 
— 
1,578 
Total costs and expenses
956,457 
131,788 
223,427 
99,962 
433,773 
1,845,407 
(598)
1,844,809 
Other income (loss):
Change in net assets related to consolidated VIEs
— 
— 
— 
— 
— 
— 
99,233 
99,233 
Change in fair value of servicing rights
— 
— 
— 
2,844 
— 
2,844 
1,047 
3,891 
Change in fair value of investment securities, net
(257)
— 
— 
(13,304)
— 
(13,561)
13,468 
(93)
Change in fair value of mortgage loans, net
(155,053)
— 
— 
20,686 
— 
(134,367)
— 
(134,367)
Income from affordable housing fund investments
— 
— 
40,453 
— 
— 
40,453 
— 
40,453 
Earnings from unconsolidated entities
786 
5,168 
— 
1,089 
— 
7,043 
(1,007)
6,036 
(Loss) gain on sale of investments and other assets, net
(11,282)
— 
641 
2,264 
— 
(8,377)
— 
(8,377)
Gain (loss) on derivative financial instruments, net
122,555 
3,909 
25,422 
2,040 
(142,987)
10,939 
— 
10,939 
Foreign currency (loss) gain, net
(12,314)
— 
49 
— 
— 
(12,265)
— 
(12,265)
Loss on extinguishment of debt
— 
(31)
(304)
— 
(867)
(1,202)
— 
(1,202)
Other (loss) income, net
(40,035)
51 
(967)
7 
— 
(40,944)
— 
(40,944)
Total other (loss) income
(95,600)
9,097 
65,294 
15,626 
(143,854)
(149,437)
112,741 
(36,696)
Income (loss) before income taxes
34,271 
80,062 
35,813 
115,573 
(575,247)
(309,528)
— 
(309,528)
Income tax benefit (provision)
16,611 
(412)
6 
(15,415)
— 
790 
— 
790 
Net income (loss)
50,882 
79,650 
35,819 
100,158 
(575,247)
(308,738)
— 
(308,738)
Net income attributable to non-controlling interests
(10)
— 
(21,164)
(1,361)
— 
(22,535)
— 
(22,535)
Net income (loss) attributable to Starwood Property Trust, Inc.
$
50,872 
$
79,650 
$
14,655 
$
98,797 
$
(575,247)
$
(331,273)
$
— 
$
(331,273)
6


Reconciliation of Net Income to Distributable Earnings and Distributable Earnings Prior to Realized Commercial Lending Gains and Losses
For the nine months ended September 30, 2026
(Amounts in thousands except per share data)
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
Corporate
Total
Net income (loss) attributable to Starwood Property Trust, Inc.
$
50,872 
$
79,650 
$
14,655 
$
98,797 
$
(575,247)
$
(331,273)
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units
— 
— 
13,886 
— 
— 
13,886 
Non-controlling interests attributable to unrealized gains/losses
— 
— 
(3,317)
(7,900)
— 
(11,217)
Non-cash equity compensation expense
8,282 
2,337 
3,740 
4,341 
19,687 
38,387 
Management incentive fee
— 
— 
— 
— 
5,567 
5,567 
Depreciation and amortization
13,670 
— 
89,443 
3,396 
— 
106,509 
Straight-line rent adjustment
— 
— 
(5,210)
228 
— 
(4,982)
Interest income adjustment for loans and securities
14,307 
— 
— 
31,269 
— 
45,576 
Consolidated income tax (benefit) provision associated with fair value adjustments
(16,611)
412 
(6)
15,415 
— 
(790)
Other non-cash items
10 
446 
(246)
(1,219)
— 
(1,009)
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans
155,053 
— 
— 
(20,686)
— 
134,367 
Credit loss provision (reversal), net
367,226 
(827)
— 
— 
— 
366,399 
Securities
257 
— 
— 
13,304 
— 
13,561 
Woodstar Fund investments
— 
— 
(40,453)
— 
— 
(40,453)
Derivatives
(122,555)
(3,909)
(25,422)
(2,040)
142,987 
(10,939)
Foreign currency
12,314 
— 
(49)
— 
— 
12,265 
Earnings from unconsolidated entities
(786)
(5,168)
— 
(1,089)
— 
(7,043)
Sales of properties
11,207 
— 
(641)
(2,264)
— 
8,302 
Unrealized impairment of properties
32,163 
— 
— 
— 
— 
32,163 
Recognition of Distributable realized gains / (losses) on:
Loans
(1,537)
— 
— 
22,358 
— 
20,821 
Securities
(574)
— 
— 
(14,351)
— 
(14,925)
Woodstar Fund investments
— 
— 
56,620 
— 
— 
56,620 
Derivatives
14,485 
274 
6,748 
2,445 
(13,274)
10,678 
Foreign currency
9,191 
— 
49 
— 
— 
9,240 
Earnings from unconsolidated entities
786 
3,133 
— 
1,395 
— 
5,314 
Sales of properties
(43,150)
— 
(255)
1,928 
— 
(41,477)
Distributable Earnings (Loss)
$
504,610 
$
76,348 
$
109,542 
$
145,327 
$
(420,280)
$
415,547 
Realized losses on foreclosed property sales
43,150 
— 
— 
— 
— 
43,150 
Distributable Earnings (Loss) prior to realized commercial lending gains and losses
$
547,760 
$
76,348 
$
109,542 
$
145,327 
$
(420,280)
$
458,697 
Distributable Earnings (Loss) per weighted average diluted share
$
1.32 
$
0.20 
$
0.29 
$
0.38 
$
(1.10)
$
1.09 
Distributable Earnings (Loss) prior to realized commercial lending gains and losses per weighted average diluted share
$
1.44 
$
0.20 
$
0.29 
$
0.38 
$
(1.10)
$
1.21 
7


Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of September 30, 2026
(Amounts in thousands)
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
Corporate
Subtotal
Securitization
VIEs
Total
Assets:
Cash and cash equivalents
$
18,143 
$
145,463 
$
101,493 
$
8,922 
$
117,914 
$
391,935 
$
— 
$
391,935 
Restricted cash
184,359 
54,211 
2,557 
201 
79,486 
320,814 
— 
320,814 
Loans held-for-investment, net
17,072,140 
2,896,938 
— 
— 
— 
19,969,078 
— 
19,969,078 
Loans held-for-sale
1,990,315 
— 
— 
65,323 
— 
2,055,638 
— 
2,055,638 
Investment securities
649,301 
120,927 
— 
1,247,455 
— 
2,017,683 
(1,521,580)
496,103 
Properties, net
876,502 
— 
2,961,467 
31,354 
— 
3,869,323 
— 
3,869,323 
Investments of consolidated affordable housing fund
— 
— 
1,677,329 
— 
— 
1,677,329 
— 
1,677,329 
Investments in unconsolidated entities
8,514 
63,165 
— 
33,398 
— 
105,077 
(15,224)
89,853 
Goodwill
— 
119,409 
— 
140,437 
— 
259,846 
— 
259,846 
Intangible assets, net
2,375 
— 
397,210 
71,793 
— 
471,378 
(36,207)
435,171 
Derivative assets
107,398 
— 
1,947 
1,852 
— 
111,197 
— 
111,197 
Accrued interest receivable
208,648 
5,374 
42 
245 
1,528 
215,837 
— 
215,837 
Other assets
202,168 
13,839 
119,003 
(25,646)
54,846 
364,210 
— 
364,210 
VIE assets, at fair value
— 
— 
— 
— 
— 
— 
27,698,776 
27,698,776 
Total Assets
$
21,319,863 
$
3,419,326 
$
5,261,048 
$
1,575,334 
$
253,774 
$
31,829,345 
$
26,125,765 
$
57,955,110 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities
$
292,575 
$
32,076 
$
122,330 
$
44,852 
$
136,669 
$
628,502 
$
— 
$
628,502 
Related-party payable
— 
— 
— 
— 
27,436 
27,436 
— 
27,436 
Dividends payable
— 
— 
— 
— 
177,717 
177,717 
— 
177,717 
Derivative liabilities
54,250 
— 
— 
— 
70,366 
124,616 
— 
124,616 
Secured financing agreements, net
11,052,618 
690,771 
545,906 
590,343 
2,488,716 
15,368,354 
(19,542)
15,348,812 
Securitized financing, net
977,302 
1,810,950 
1,712,534 
— 
— 
4,500,786 
— 
4,500,786 
Unsecured senior notes, net
— 
— 
— 
— 
4,481,280 
4,481,280 
— 
4,481,280 
VIE liabilities, at fair value
— 
— 
— 
— 
— 
— 
26,145,307 
26,145,307 
Total Liabilities
12,376,745 
2,533,797 
2,380,770 
635,195 
7,382,184 
25,308,691 
26,125,765 
51,434,456 
Temporary Equity: Redeemable non-controlling interests
— 
— 
359,225 
— 
— 
359,225 
— 
359,225 
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock
— 
— 
— 
— 
3,799 
3,799 
— 
3,799 
Additional paid-in capital
2,152,617 
451,876 
223,135 
(1,037,681)
5,213,142 
7,003,089 
— 
7,003,089 
Treasury stock
— 
— 
— 
— 
(275,730)
(275,730)
— 
(275,730)
Retained earnings (accumulated deficit)
6,782,954 
433,653 
2,092,093 
1,857,994 
(12,069,621)
(902,927)
— 
(902,927)
Accumulated other comprehensive income
7,429 
— 
— 
— 
— 
7,429 
— 
7,429 
Total Starwood Property Trust, Inc. Stockholders’ Equity
8,943,000 
885,529 
2,315,228 
820,313 
(7,128,410)
5,835,660 
— 
5,835,660 
Non-controlling interests in consolidated subsidiaries
118 
— 
205,825 
119,826 
— 
325,769 
— 
325,769 
Total Permanent Equity
8,943,118 
885,529 
2,521,053 
940,139 
(7,128,410)
6,161,429 
— 
6,161,429 
Total Liabilities and Equity
$
21,319,863 
$
3,419,326 
$
5,261,048 
$
1,575,334 
$
253,774 
$
31,829,345 
$
26,125,765 
$
57,955,110 
8

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