– Quarterly GAAP Loss of
– Invested
– Investments include
– Repurchased
– Fitch Reaffirmed their Highest Rating for LNR's Commercial Special Servicer (CSS1) –
– Dividend of
"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
"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
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
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
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.
Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended
About
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
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:
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
| | |||||||||||||||
| 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 | $ (236,563) | | $ 31,132 | | $ 19,988 | | $ 30,597 | | $ (234,862) | | $ (389,708) | | $ — | | $ (389,708) |
| 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 | (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 | (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 |
| | — | | — | | (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) |
| | — | | — | | 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 | $ 184,999 | | $ 27,336 | | $ 45,917 | | $ 45,541 | | $ (148,626) | | $ 155,167 |
| Distributable Earnings (Loss) per weighted average diluted | $ 0.39 | | $ 0.07 | | $ 0.12 | | $ 0.12 | | $ (0.39) | | $ 0.31 |
| Distributable Earnings (Loss) prior to realized commercial | $ 0.49 | | $ 0.07 | | $ 0.12 | | $ 0.12 | | $ (0.39) | | $ 0.41 |
| | |||||||||||||||
| 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 | $ 50,872 | | $ 79,650 | | $ 14,655 | | $ 98,797 | | $ (575,247) | | $ (331,273) | | $ — | | $ (331,273) |
| 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 | $ 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 | (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 |
| | — | | — | | (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) |
| | — | | — | | 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 | $ 547,760 | | $ 76,348 | | $ 109,542 | | $ 145,327 | | $ (420,280) | | $ 458,697 |
| Distributable Earnings (Loss) per weighted average diluted | $ 1.32 | | $ 0.20 | | $ 0.29 | | $ 0.38 | | $ (1.10) | | $ 1.09 |
| Distributable Earnings (Loss) prior to realized commercial | $ 1.44 | | $ 0.20 | | $ 0.29 | | $ 0.38 | | $ (1.10) | | $ 1.21 |
| | ||||||||||||||||
| 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 | |
| | — | | 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: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| 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 | |
| | — | | — | | — | | — | | (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 | 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 | |
View original content:https://www.prnewswire.com/news-releases/starwood-property-trust-reports-results-for-quarter-ended-september-30-2026-302931829.html
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