STARWOOD PROPERTY TRUST, INC.
For the period ended Mar 31, 2026. Filed May 8, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 8, 2026
STWD$12.05-6.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-10.
0001465128-25-000018
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-08.
0001465128-26-000018
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 298 previous paragraphs and 257 current paragraphs.
105 unchanged; 92 reworded; 55 added; 91 removed; 10 previous and 5 current paragraphs rearranged.
Tables are not compared: 32 previous and 30 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (55)
Current report
◦$245.0 million first mortgage and mezzanine loan secured by a 666-unit high-rise multifamily property located in California, which the Company fully funded.
Current report
◦$191.9 million first mortgage and mezzanine loan secured by an industrial portfolio located in California, of which the Company funded $174.0 million.
Current report
•Sold a multifamily property in Conyers, Georgia, which had been acquired through foreclosure in February 2025, for gross proceeds of $40.0 million and recognized a net gain of $0.3 million. In connection therewith, we provided $32.0 million of three-year senior secured financing to the purchaser.
Current report
•Acquired the additional remaining $143.8 million senior mortgage loan interest secured by an industrial complex in Long Island City, New York, for which we have an existing $270.7 million first mortgage and mezzanine loan interest, in order to preserve our rights as the mezzanine lender.
Current report
•Acquired 32 additional net lease properties for cash of $129.6 million and sold one portfolio and two single-asset net lease properties for $22.4 million, recognizing a total net gain of $0.5 million.
Current report
•Refinanced a pool of our Fundamental net lease properties in March 2026 through an ABS, FI Series 2026-1, with $466.4 million of third party financing at a weighted average fixed rate of 5.06% and weighted average maturity of 5.4 years. In connection therewith, we redeemed at par the third party financing for our ABS, FI Series 2023-1, which had a weighted average fixed rate of 6.65%, for $323.6 million plus accrued interest. This reduced the cost of funds on the aggregate ABS financing on the master trust from 5.73% to 5.29%.
Current report
•Originated or acquired commercial conduit loans of $234.7 million.
Current report
•Repurchased 1,126,543 shares of common stock with a weighted average repurchase price of $17.67 per share for a total cost of $19.9 million
Current report
For the three months ended March 31, 2026, revenues of our Commercial and Residential Lending Segment increased $9.4 million to $344.6 million, compared to $335.2 million for the three months ended December 31, 2025. This was primarily due to a $10.0 million increase in rental income from foreclosed properties (substantially offset by the increase in rental costs and expenses noted below), partially offset by a decrease in interest income from loans of $1.2 million. The decrease in interest income from loans was comprised of a $1.6 million decrease from residential loans, partially offset by a $0.4 million increase from commercial loans.
Current report
For the three months ended March 31, 2026, costs and expenses of our Commercial and Residential Lending Segment increased $0.5 million to $189.9 million, compared to $189.4 million for the three months ended December 31, 2025. This increase was primarily due to increases of $9.8 million in rental costs and expenses and $1.6 million in general and administrative expenses, partially offset by a $10.6 million decrease in the credit loss provision. The decrease in the credit loss provision primarily reflects improved macroeconomic forecasts in the first quarter of 2026.
Current report
For the three months ended March 31, 2026, the weighted average unlevered yields on our commercial loans decreased primarily due to lower average index rates. The weighted average yields on our residential loans decreased primarily due to higher interest recoveries on former nonaccrual loans in the first quarter of 2025.
Current report
For the three months ended March 31, 2026, revenues of our Infrastructure Lending Segment decreased $7.0 million to $63.3 million, compared to $70.3 million for the three months ended December 31, 2025. This was primarily due to a $7.7 million decrease in interest income from loans, reflecting lower average index rates, lower average loan balances due to net repayments and lower prepayment related income.
Current report
For the three months ended March 31, 2026 and December 31, 2025, costs and expenses of our Infrastructure Lending Segment decreased $2.5 million to $41.8 million, compared to $44.3 million for the three months ended December 31, 2025. This was primarily due to a $2.9 million decrease in interest expense, primarily reflecting lower average index rates and spreads in the first quarter of 2026.
Current report
For the three months ended March 31, 2026, revenues of our Property Segment increased $3.5 million to $61.3 million, compared to $57.8 million for the three months ended December 31, 2025, primarily due to Fundamental’s acquisition of additional net lease properties.
Current report
For the three months ended March 31, 2026, costs and expenses of our Property Segment increased $0.4 million to $72.2 million, compared to $71.8 million for the three months ended December 31, 2025. This was primarily due to an increase in depreciation and amortization of properties acquired by Fundamental, partially offset by a decrease in interest expense of the Medical Office Portfolio primarily due to repayment of its $39.5 million mezzanine debt in February 2026.
Current report
For the three months ended March 31, 2026, other income of our Property Segment decreased $26.1 million to $14.6 million compared to $40.7 million for the three months ended December 31, 2025. This was primarily due to a $25.1 million decrease in income attributable to investments of the Woodstar Fund, primarily related to lower unrealized fair value increases.
Current report
For the three months ended March 31, 2026, other income of our Investing and Servicing Segment decreased $20.6 million to $2.0 million, compared to $22.6 million for the three months ended December 31, 2025. This was primarily due to (i) the nonrecurrence of a $10.1 million gain on sale of an operating property in the fourth quarter of 2025, (ii) a $5.5 million greater decrease in fair value of CMBS investments and (iii) a $4.9 million lesser increase in fair value of conduit loans.
Current report
For the three months ended March 31, 2026, corporate expenses increased $2.3 million to $143.9 million, compared to $141.6 million for the three months ended December 31, 2025. This was primarily due to a $2.9 million increase in management fees, principally reflecting higher incentive fees and stock compensation expense.
Current report
Corporate Other Loss
Current report
For the three months ended March 31, 2026, corporate other loss increased $13.0 million to $21.4 million, compared to $8.4 million for the three months ended December 31, 2025. This was due to a greater loss on our fixed-to-floating interest rate swaps which hedge a portion of our unsecured senior notes.
Current report
Income Tax Benefit (Provision)
Current report
For the three months ended March 31, 2026, revenues of our Infrastructure Lending Segment increased $1.7 million to $63.3 million, compared to $61.6 million for the three months ended March 31, 2025. This was primarily due to (i) a $1.0 million increase in interest income from loans, reflecting higher average balances, partially offset by the effects of lower average index rates and spreads and lower prepayment related income, and (ii) a $0.5 million increase in interest income on cash balances.
Current report
During the three months ended March 31, 2026 and 2025, the Infrastructure Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 6.2% and 7.0%, respectively, reflecting lower average index rates and spreads in the three months of 2026.
Current report
For the three months ended March 31, 2026, revenues of our Investing and Servicing Segment increased $21.9 million to $80.8 million, compared to $58.9 million for the three months ended March 31, 2025. This was primarily due to (i) a $29.8 million increase in servicing fees principally related to default interest, partially offset by (ii) a $5.4 million decrease in interest income from CMBS investments and conduit loans primarily due to lower interest recoveries on CMBS investments and lower average loan balances held during the first quarter of 2026 and (iii) a $1.8 million decrease in rental income on fewer properties held.
Current report
Income Tax Benefit (Provision)
Current report
For the three months ended March 31, 2026, net income attributable to non-controlling interests increased $1.7 million to $5.5 million, compared to $3.8 million for the three months ended March 31, 2025. This was primarily due to non-controlling interests in higher income of the Woodstar Fund in the first quarter of 2026.
Current report
The Commercial and Residential Lending Segment’s Distributable Earnings decreased by $3.5 million, from $175.8 million during the fourth quarter of 2025 to $172.3 million in the first quarter of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $349.7 million, costs and expenses were $182.0 million, other income was $4.6 million and there was no income tax provision or benefit.
Current report
Costs and expenses increased by $9.4 million in the first quarter of 2026, primarily due to an $8.4 million increase in costs of rental operations and a $1.3 million increase in general and administrative expenses.
Current report
Other income decreased by $3.1 million in the first quarter of 2026, primarily due to a $4.8 million realized loss on sale of a foreclosed property in the first quarter of 2026.
Current report
The Infrastructure Lending Segment’s Distributable Earnings decreased by $5.4 million, from $27.3 million during the fourth quarter of 2025 to $21.9 million in the first quarter of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $63.3 million, costs and expenses were $42.0 million and other income was $0.6 million.
Current report
Revenues decreased by $7.0 million in the first quarter of 2026, primarily due to a $7.7 million decrease in interest income from loans, reflecting lower average index rates, lower average loan balances due to net repayments and lower prepayment related income.
Current report
Costs and expenses decreased by $2.4 million in the first quarter of 2026, primarily due to a $2.9 million decrease in interest expense, reflecting lower average index rates and spreads.
Current report
Other income decreased by $0.8 million in the first quarter of 2026, primarily due to a $2.6 million decrease in earnings from unconsolidated entities, partially offset by a $1.9 million decrease in loss on extinguishment of debt.
Current report
The Property Segment’s Distributable Earnings decreased by $19.7 million, from $49.1 million during the fourth quarter of 2025 to $29.4 million in the first quarter of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $59.7 million, costs and expenses were $42.1 million, other income was $15.3 million, there was no income tax provision and the deduction of income attributable to non-controlling interests in the Woodstar Fund was $3.5 million.
Current report
Revenues increased by $2.7 million in the first quarter of 2026, primarily due to Fundamental’s acquisition of additional net lease properties.
Current report
Costs and expenses decreased by $0.6 million in the first quarter of 2026, primarily due to a $1.0 million decrease in interest expense of the Medical Office Portfolio primarily due to repayment of its $39.5 million mezzanine debt in February 2026.
Current report
Other income decreased by $29.4 million in the first quarter of 2026, primarily due to the nonrecurrence of distributable income from the sale of a Woodstar property in the fourth quarter of 2025.
Current report
Income tax provision decreased by $1.8 million due to the nonrecurrence of the Woodstar property sale in the fourth quarter of 2025.
Current report
Income attributable to non-controlling interests in the Woodstar Fund decreased by $4.6 million in the first quarter of 2026, primarily due to the nonrecurrence of distributable income from the Woodstar property sale in the fourth quarter of 2025.
Current report
Income attributable to non-controlling interests increased $5.4 million in the first quarter of 2026, primarily do to the decrease in recognized credit losses on investments of a consolidated CMBS joint venture.
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Removed paragraphs (91)
Previous report
Economic Environment
Previous report
Although the Federal Reserve began to lower interest rates in September 2025, after having held rates steady for a year, it is not clear what actions it may take going forward given the uncertain economic effects of tariffs which increase the possibility of an economic slowdown as well as inflationary pressures in the U.S. Elevated interest rates and tariffs over time may adversely affect our borrowers and our tenants. Higher costs may dampen consumer spending and slow income growth, which may negatively impact the collateral underlying certain of our loans and certain of our commercial assets subject to net lease whose customer base could be adversely impacted. Rates can also impact the value of real estate, including the real estate we own as well as the real estate collateralizing our loans. It remains difficult to predict the full impact of recent events and any future changes in tariffs, interest rates, inflation and overall economic activity.
Previous report
In addition, following the onset of the COVID-19 pandemic, the U.S. office sector has been adversely affected by the increase in remote working arrangements and, over the past several years, the retail sector has been adversely affected by electronic commerce and the multifamily sector has been strained by sustained higher interest rates. These negative factors have been considered in the determination of our current expected credit loss (“CECL”) allowance as discussed in Note 4 to the Condensed Consolidated Financial Statements. We may be required to record further increases to our CECL reserves in the future, depending on the performance of our portfolio and broader market conditions, and there may be volatility in the level of our CECL reserves, particularly if market conditions relevant to the office sector do not improve. Any such reserve increases are difficult to predict.
Previous report
◦$550.0 million first mortgage and mezzanine loan secured by a 12-property multifamily portfolio located primarily in Arizona, which the Company fully funded.
Previous report
◦$500.0 million first mortgage loan secured by a 42-asset industrial portfolio located in New York, of which the Company funded $483.6 million.
Previous report
◦$161.0 million first mortgage and mezzanine loan secured by a multifamily property located in New York, of which the Company funded $145.2 million.
Previous report
◦$64.0 million first mortgage loan secured by a multifamily community located in Illinois, of which the Company funded $61.7 million.
Previous report
◦$52.2 million first mortgage and mezzanine loan secured by a luxury condominium tower located in New York, of which the Company funded $40.2 million.
Previous report
•In July 2025, acquired Fundamental Income Properties, LLC (“Fundamental”) by way of merger. The purchase price totaled $2.2 billion, inclusive of $1.3 billion of indebtedness assumed. See Note 3 to the Condensed Consolidated Financial Statements for further discussion.
Previous report
•Acquired eight additional net lease properties for cash of $39.3 million and the non-cash conversion of two existing loans for the development of net lease properties totaling $14.4 million. We also sold one net lease property for $0.5 million.
Previous report
•In August 2025, refinanced $185.1 million of the Woodstar Fund investments’ mortgage debt with $367.7 million of new debt that carries an initial term of 10 years, and a coupon of SOFR + 1.75%.
Previous report
•Originated commercial conduit loans of $242.0 million.
Previous report
•Issued 27.1 million shares of common stock for proceeds of $534.4 million.
Previous report
•Entered into a $700.0 million term loan facility that carries a seven-year term, an annual interest rate of SOFR + 2.25%, and an issue discount of 50 bps.
Previous report
•Amended our $682.6 million November 2027 and $893.3 million January 2030 term loan facilities, reducing the spreads by 50 bps and 25 bps, to SOFR + 1.75% and SOFR + 2.00%, respectively.
Previous report
Developments During the Nine Months Ended September 30, 2025
Previous report
•$550.0 million first mortgage and mezzanine loan secured by a 12-property multifamily portfolio located primarily in Arizona, which the Company fully funded.
Previous report
•$550.0 million first mortgage and mezzanine loan for the construction of a pre-leased data center located in Utah, of which the Company funded $315.1 million.
Previous report
•$500.0 million first mortgage loan secured by a 42-asset industrial portfolio located in New York, of which the Company funded $483.6 million.
Previous report
•$350.0 million first mortgage and mezzanine loan secured by a 272-unit high-rise luxury condominium located in New York, of which the Company sold the $280.0 million first mortgage and retained the $70.0 million mezzanine loan. The Company funded $58.8 million of the mezzanine loan. Refer to Note 12 to the Condensed Consolidated Financial Statements for further discussion.
Previous report
•€189.7 million ($214.3 million) first mortgage loan secured by a logistics portfolio located in Czech Republic and Slovakia, of which the Company funded $187.0 million.
Previous report
•$190.3 million first mortgage loan for the construction of a luxury 81 unit condominium project located in Florida, of which the Company funded $64.4 million. Refer to Note 16 to the Condensed Consolidated Financial Statements for further discussion.
Previous report
•Sold an equity interest originally obtained in connection with a 2013 loan origination for gross proceeds of $70.0 million and recognized a gain of $51.4 million.
Previous report
•Sold commercial real estate in Texas that was previously acquired through equity control in May 2022 for gross proceeds of $60.0 million and recognized a net gain of $4.1 million.
Previous report
•Amended an infrastructure credit facility, increasing the facility size by $125.0 million and reducing the spread by 20 bps.
Previous report
Property
Previous report
•In July 2025, acquired Fundamental by way of merger. The purchase price totaled $2.2 billion, inclusive of $1.3 billion of indebtedness assumed. See Note 3 to the Condensed Consolidated Financial Statements for further discussion.
Previous report
•Acquired eight additional net lease properties for cash of $39.3 million and the non-cash conversion of two existing loans for the development of net lease properties totaling $14.4 million. We also sold a net lease property for $0.5 million.
Previous report
•In August 2025, refinanced $185.1 million of the Woodstar Fund investments’ mortgage debt with $367.7 million of new debt that carries an initial term of 10 years, and a coupon of SOFR + 1.75%.
Previous report
•Originated commercial conduit loans of $1.0 billion.
Previous report
•Issued 27.1 million shares of common stock for proceeds of $534.4 million.
Previous report
•Entered into a $700.0 million term loan facility that carries a seven-year term, an annual interest rate of SOFR + 2.25%, and an issue discount of 50 bps.
Previous report
•Amended our $682.6 million November 2027 and $893.3 million January 2030 term loan facilities, reducing the spreads by 50 bps and 25 bps, to SOFR + 1.75% and SOFR + 2.00%, respectively.
Previous report
•Issued $500.0 million of 6.50% Senior Notes due 2030 in April 2025 and swapped the notes to a floating rate of SOFR + 2.61%.
Previous report
•Entered into a new ATM Agreement with a syndicate of financial institutions to sell shares of the Company’s common stock of up to $500.0 million from time to time, through an “at the market” equity offering program. During the nine months, we issued 1.6 million shares under the ATM Agreement for gross proceeds of $31.6 million at an average share price of $20.22.
Previous report
•Repaid the remaining $250.0 million of $500.0 million 4.75% Senior Notes due March 2025 upon maturity.
Previous report
•Amended our January 2030 term loan facility in January 2025, increasing the facility size to $900.0 million, reducing the spread by 73 bps and extending the maturity date from July 2026 to January 2030. We also amended our existing revolving credit facility, increasing the facility by $50.0 million, to $200.0 million, and extending the maturity date from April 2026 to January 2030.
Previous report
For the three months ended September 30, 2025, revenues of our Commercial and Residential Lending Segment decreased $0.8 million to $343.1 million, compared to $343.9 million for the three months ended June 30, 2025. This was primarily due to a decrease of $2.9 million in interest income from investment securities, reflecting lower balances due to payoffs, partially offset by an increase in interest income from loans of $2.3 million. The increase in interest income from loans was comprised of a $2.7 million increase from commercial loans primarily reflecting higher average balances, partially offset by a $0.4 million decrease from residential loans.
Previous report
For the three months ended September 30, 2025, costs and expenses of our Commercial and Residential Lending Segment increased $24.1 million to $231.4 million, compared to $207.3 million for the three months ended June 30, 2025. This increase was primarily due to increases of $23.1 million in the credit loss provision and $1.1 million in interest expense associated with the various secured financing facilities used to fund a portion of this segment’s investment portfolio. The increase in the credit loss provision primarily reflects a $27.2 million specific allowance provided on a mezzanine loan deemed credit deteriorated in the 2025 third quarter. The increase in interest expense was primarily due to higher average borrowings outstanding.
Previous report
For the three months ended September 30, 2025, the weighted average unlevered yields on our commercial and residential loans were relatively consistent with the three months ended June 30, 2025.
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Reworded paragraphs (92)
Previous wording
Developments During the Third Quarter of 2025
Current wording
Developments During the First Quarter of 2026
Previous wording
•Originated or acquired $4.7 billion of commercial loans during the period, including the following:
Current wording
•Originated or acquired $1.5 billion of commercial loans during the quarter, including the following:
Previous wording
•$212.8 million first mortgage loan for the construction of a fully leased data center located in Virginia, of which the Company funded $131.4 million. Refer to Note 16 to the Condensed Consolidated Financial Statements for further discussion.
Current wording
◦$727.2 million first mortgage loan for the construction of a data center pre-leased to an investment grade tenant located in Virginia, of which the Company funded $232.3 million.
Previous wording
•$287.7 million first mortgage loan for the construction of a fully leased data center located in Virginia, of which the Company funded $44.9 million. Refer to Note 16 to the Condensed Consolidated Financial Statements for further discussion.
Current wording
◦$160.0 million first mortgage loan for the construction of a data center pre-leased to an investment grade tenant located in Virginia, of which the Company funded $30.1 million. Refer to Note 16 to the condensed consolidated financial statements for further discussion.
Previous wording
•€220.5 million ($228.9 million) first mortgage loan secured by a portfolio of apartment buildings located in Germany, of which the Company funded $171.0 million.
Current wording
◦€133.2 million ($159.3 million) first mortgage loan secured by a retail property located in Germany, of which the Company funded $146.3 million.
Previous wording
•$412.0 million first mortgage loan secured by a multifamily portfolio located in Texas, which the Company fully funded.
Current wording
◦$63.5 million first mortgage loan secured by a 374-unit multifamily property located in Texas, which the Company fully funded.
Previous wording
•Funded $219.4 million of previously originated commercial loan commitments and investment securities.
Current wording
•Funded $278.1 million of previously originated commercial loan commitments and investment securities.
Previous wording
•Received gross proceeds of $1.3 billion ($389.9 million, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.
Current wording
•Received gross proceeds of $835.0 million ($251.8 million, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.
Previous wording
•Amended several commercial credit facilities resulting in an aggregate net upsize of $192.4 million and extended the weighted average maturity on amended facilities by 1.2 years to 2.6 years.
Current wording
•Amended several commercial credit facilities resulting in an aggregate net upsize of $250.0 million and extended the weighted average maturity on amended facilities by 1.2 years to 1.9 years.
Previous wording
•Committed $790.9 million for new infrastructure loans, of which the Company funded $678.3 million, and also funded $19.4 million of pre-existing infrastructure loan commitments.
Current wording
•Committed $596.7 million for new infrastructure loans, of which the Company funded $566.7 million, and also funded $1.6 million of pre-existing infrastructure loan commitments.
Previous wording
•Received proceeds of $691.1 million from principal repayments on our infrastructure loans and bonds.
Current wording
•Received proceeds of $319.9 million from principal repayments on our infrastructure loans and bonds.
Previous wording
•Refinanced a pool of our infrastructure loans held-for-investment in April 2025 through a CLO, Starwood 2025-SIF5. The CLO has a contractual maturity of April 2037 and a weighted average cost of financing of SOFR + 1.94%, inclusive of the amortization of deferred issuance costs. On the closing date, the CLO issued $500.0 million of notes, of which $413.5 million of notes were purchased by third party investors and $86.5 million of subordinated notes were retained by us. In connection therewith, we redeemed at par the third party financing for our STWD 2021-SIF2 CLO for $410.0 million and contributed certain loans previously held in that CLO to Starwood 2025-SIF5.
Current wording
•Refinanced a pool of our infrastructure loans held-for-investment in January 2026 through a CLO, Starwood 2026-SIF7. The CLO has a contractual maturity of January 2038 and a weighted average cost of financing of SOFR + 1.91%, inclusive of the amortization of deferred issuance costs. On the closing date, the CLO issued $600.0 million of notes, of which $496.2 million of notes were purchased by third party investors and $103.8 million of subordinated notes were retained by us. In connection therewith, we redeemed at par the third party financing for our STWD 2024-SIF3 CLO for $330.0 million and contributed certain loans previously held in that CLO to Starwood 2026-SIF7.
Previous wording
•Received proceeds of $169.3 million from sales of previously originated commercial conduit loans and priced $82.3 million of previously originated commercial conduit loans in two securitizations that settled subsequent to September 30, 2025.
Current wording
•Received proceeds of $182.1 million from sales of previously originated or acquired commercial conduit loans, and priced $11.0 million of previously originated commercial conduit loans in a securitization that settled subsequent to March 31, 2026.
Previous wording
•Acquired CMBS for a purchase price of $69.0 million, of which $1.4 million related to non-controlling interests, and sold CMBS for gross proceeds of $4.2 million.
Current wording
•Acquired CMBS for a purchase price of $6.5 million and sold CMBS for total gross proceeds of $3.9 million.
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•Obtained five new special servicing assignments for CMBS trusts with a total unpaid principal balance of $3.6 billion, while $6.7 billion matured, bringing our total named special servicing portfolio to $99.0 billion.
Current wording
•Obtained one new special servicing assignment for CMBS trusts with a total unpaid principal balance of $250.0 million, while $2.8 billion matured and $351.8 million transferred, bringing our total named special servicing portfolio to $94.6 billion.
Previous wording
The following table compares our summarized results of operations for the three months ended September 30, 2025 and June 30, 2025 and for the nine months ended September 30, 2025 and 2024 by business segment (amounts in thousands):
Current wording
The following table compares our summarized results of operations for the three months ended March 31, 2026, December 31, 2025 and March 31, 2025 by business segment (amounts in thousands):
Previous wording
For the nine months ended September 30, 2025, net interest income of our Commercial and Residential Lending Segment decreased $75.1 million to $455.7 million, compared to $530.9 million for the nine months ended September 30, 2024. This decrease reflects the decrease in interest income, partially offset by the decrease in interest expense on our secured financing facilities, both as discussed in the sections above.
Current wording
For the three months ended March 31, 2026, net interest income of our Commercial and Residential Lending Segment decreased $0.7 million to $171.0 million, compared to $171.7 million for the three months ended December 31, 2025. This decrease reflects a net decrease in interest income discussed above, partially offset by a slight decrease in interest expense on our secured financing facilities.
Previous wording
During the three months ended September 30, 2025 and June 30, 2025, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 6.3% and 6.5%, respectively. Interest rate hedges had the effect of reducing these weighted average borrowing costs to 5.9% and 6.0% during the three months ended September 30, 2025 and June 30, 2025, respectively.
Current wording
During the three months ended March 31, 2026 and December 31, 2025, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 5.6% and 6.0%, respectively. The decrease in borrowing rates primarily reflects lower average index rates and spreads. Interest rate hedges had the effect of reducing these weighted average borrowing costs to 5.2% and 5.6% during the three months ended March 31, 2026 and December 31, 2025, respectively.
Previous wording
For the three months ended September 30, 2025, other income of our Commercial and Residential Lending Segment increased $16.0 million to $42.6 million compared to $26.6 million for the three months ended June 30, 2025. This increase was primarily due to (i) a $130.4 million favorable change in gain (loss) on derivatives and (ii) a $32.1 million greater increase in fair value of residential loans, partially offset by (iii) a $95.3 million unfavorable change in foreign currency gain (loss), (iv) a $30.6 million lesser gain on sale of investments and other assets and (v) the nonrecurrence of a $20.8 million gain on extinguishment of debt primarily related to the sale of a foreclosed property in the second quarter of 2025. The favorable change in gain (loss) on derivatives in the third quarter of 2025 reflects (i) a $113.6 million favorable change in gain (loss) on foreign currency hedges and (ii) a $16.8 million lower loss on interest rate swaps principally related to residential loans. The interest rate swaps are used primarily to hedge our interest rate risk on residential loans held-for-sale and to fix our interest rate payments on certain variable rate borrowings which fund fixed rate investments. The foreign currency hedges are used to fix the U.S. dollar amounts of cash flows (both interest and principal payments) we expect to receive from our foreign currency denominated loans and investments. The unfavorable change in foreign currency gain (loss) and the favorable change in gain (loss) on foreign currency hedges reflect the strengthening of the U.S. dollar against the pound sterling (“GBP”) and Euro (“EUR”), partially offset by a weakening against the Australian dollar (“AUD”), in the third quarter of 2025, compared to a weakening of the U.S. dollar against each of those currencies in the second quarter of 2025.
Current wording
For the three months ended March 31, 2026, other income of our Commercial and Residential Lending Segment decreased $35.9 million to a loss of $12.9 million compared to income of $23.0 million for the three months ended December 31, 2025. This was primarily due to (i) a $51.6 million unfavorable change in fair value of residential loans and (ii) a $13.0 million unfavorable change in foreign currency gain (loss), partially offset by (iii) the nonrecurrence of $26.8 million of impairments recognized on four foreclosed properties in the fourth quarter of 2025 and (iv) a $3.7 million increased net gain on derivatives. The increased net gain on derivatives in the first quarter of 2026 reflects (i) an $8.0 million favorable change in gain (loss) on foreign currency hedges, partially offset by (ii) a $4.3 million lower gain on interest rate swaps principally related to residential loans. The interest rate swaps are used primarily to hedge our interest rate risk on residential loans held-for-sale and to fix our interest rate payments on certain variable rate borrowings which fund fixed rate investments. The foreign currency hedges are used to fix the U.S. dollar amounts of cash flows (both interest and principal payments) we expect to receive from our foreign currency denominated loans and investments. The unfavorable change in foreign currency gain (loss) and the favorable change in gain (loss) on foreign currency hedges reflect the strengthening of the U.S. dollar against the pound sterling (“GBP”) and Euro (“EUR”), partially offset by a weakening against the Australian dollar (“AUD”), in the first quarter of 2026, compared to a weakening of the U.S. dollar against each of those currencies in the fourth quarter of 2025.
Previous wording
For the three months ended September 30, 2025, net interest income of our Infrastructure Lending Segment increased $8.5 million to $35.5 million, compared to $27.0 million for the three months ended June 30, 2025. The increase reflects the increase in interest income from loans, partially offset by the increase in interest expense on the secured financing facilities used to fund this segment’s investment portfolio, both as discussed above.
Current wording
For the three months ended March 31, 2026, net interest income of our Infrastructure Lending Segment decreased $4.7 million to $25.1 million, compared to $29.8 million for the three months ended December 31, 2025. The decrease reflects the decrease in interest income from loans, partially offset by the decrease in interest expense on the secured financing facilities used to fund this segment’s investment portfolio, both as discussed above.
Previous wording
During the three months ended September 30, 2025 and June 30, 2025, the weighted average unlevered yield on the Infrastructure Lending Segment’s loans and investment securities, excluding those for which interest income is not recognized, was 9.3% and 9.1%, respectively, primarily reflecting higher prepayment related income in the third quarter of 2025.
Current wording
During the three months ended March 31, 2026 and December 31, 2025, the weighted average unlevered yield on the Infrastructure Lending Segment’s loans and investment securities, excluding those for which interest income is not recognized, was 8.4% and 8.7%, respectively, primarily reflecting lower average index rates and lower prepayment related income in the first quarter of 2026.
Previous wording
During both the three months ended September 30, 2025 and June 30, 2025, the Infrastructure Lending Segment’s weighted average secured borrowing rate, inclusive of the amortization of deferred financing fees, was 6.9%.
Current wording
During the three months ended March 31, 2026 and December 31, 2025, the Infrastructure Lending Segment’s weighted average secured borrowing rate, inclusive of the amortization of deferred financing fees, were 6.2% and 6.8%, respectively, reflecting lower average index rates and spreads in the first quarter of 2026.
Previous wording
For the three months ended September 30, 2025, other income of our Investing and Servicing Segment decreased $13.9 million to $22.2 million, compared to $36.1 million for the three months ended June 30, 2025. The decrease is primarily due to a $9.6 million lower gain in fair value of conduit loans and a $2.8 million decrease in earnings from unconsolidated entities.
Current wording
For the three months ended March 31, 2026, other income of our Infrastructure Lending Segment decreased $0.5 million to $1.0 million, compared $1.5 million for the three months ended December 31, 2025. This was primarily due to a $2.8 million decrease in earnings from unconsolidated entities, partially offset by a $1.9 million decrease in loss on extinguishment of debt.
Previous wording
For the three months ended September 30, 2025, revenues of our Investing and Servicing Segment increased $7.1 million to $60.9 million, compared to $53.8 million for the three months ended June 30, 2025. The increase in revenues is primarily due to (i) a $9.7 million increase in servicing fees principally related to default interest and consent fees, partially offset by (ii) a $3.1 million decrease in interest income from conduit loans primarily reflecting lower average balances held during the third quarter.
Current wording
For the three months ended March 31, 2026, revenues of our Investing and Servicing Segment increased $10.0 million to $80.8 million, compared to $70.8 million for the three months ended December 31, 2025. This was primarily due to (i) a $13.9 million increase in servicing fees principally related to default interest, partially offset by (ii) a $1.8 million decrease in interest income from conduit loans and CMBS investments primarily reflecting lower average loan balances held during the first quarter of 2026 and (iii) a $1.3 million decrease in rental income on fewer properties held.
Previous wording
For the three months ended September 30, 2025, costs and expenses of our Investing and Servicing Segment decreased $3.8 million to $33.9 million, compared to $37.7 million for the three months ended June 30, 2025. The decrease is primarily due to a $2.5 million decrease in general and administrative expenses, principally related to decreased loan securitization activity, and a $1.0 million decrease in interest expense primarily related to the financing of conduit loan balances.
Current wording
For the three months ended March 31, 2026, costs and expenses of our Investing and Servicing Segment decreased $2.9 million to $32.7 million, compared to $35.6 million for the three months ended December 31, 2025. This was primarily due to a $2.5 million decrease in general and administrative expenses, principally related to lower severance costs and loan securitization activity.
Previous wording
Our consolidated income taxes principally relate to the taxable nature of our loan servicing and loan securitization businesses which are housed in taxable REIT subsidiaries (“TRSs”). For the three months ended September 30, 2025, our income tax provision increased $12.6 million to $13.3 million compared to $0.7 million for the three months ended June 30, 2025. This increase was due to higher taxable income of our TRSs in the third quarter of 2025 compared to the second quarter of 2025.
Current wording
Our consolidated income taxes principally relate to the taxable nature of our loan servicing and loan securitization businesses which are housed in taxable REIT subsidiaries (“TRSs”). For the three months ended March 31, 2026, our income tax provision decreased $22.8 million to a benefit of $3.9 million compared to a provision of $18.9 million for the three months ended December 31, 2025. This was primarily due to tax benefit recognition of intra-entity asset transfers in the first quarter of 2026 compared to the fourth quarter of 2025 provision on taxable income of our TRSs.
Previous wording
During the three months ended September 30, 2025, net income attributable to non-controlling interests increased $2.5 million to $7.4 million, compared to $4.9 million during the three months ended June 30, 2025. The increase was primarily due to non-controlling interests in a favorable change in unrealized gains (losses) of a consolidated CMBS joint venture in the third quarter of 2025.
Current wording
During the three months ended March 31, 2026, net income attributable to non-controlling interests decreased $10.0 million to $5.5 million, compared to $15.5 million during the three months ended December 31, 2025. This was primarily due to non-controlling interests in an unfavorable change in unrealized gains (losses) of a consolidated CMBS joint venture and lower income of the Woodstar Fund in the first quarter of 2026.
Previous wording
For the nine months ended September 30, 2025, revenues of our Commercial and Residential Lending Segment decreased $197.1 million to $1.0 billion, compared to $1.2 billion for the nine months ended September 30, 2024. This decrease was primarily due to decreases in interest income from loans of $183.0 million and investment securities of $26.5 million, partially offset by a $9.1 million increase in rental income from foreclosed properties. The decrease in interest income from loans reflects (i) a $176.2 million decrease from commercial loans, reflecting lower average index rates and spreads, additional loans placed on nonaccrual, lower prepayment related income and lower average balances, and (ii) a $6.8 million decrease from residential loans principally due to lower average balances. The decrease in interest income from investment securities was primarily due to lower average commercial investment balances due to repayments.
Current wording
For the three months ended March 31, 2026, revenues of our Commercial and Residential Lending Segment increased $19.1 million to $344.6 million, compared to $325.5 million for the three months ended March 31, 2025. This was primarily due to increases in interest income from loans of $20.0 million and rental income from foreclosed properties of $8.1 million, partially offset by a decrease in interest income from investment securities of $8.3 million. The increase in interest income from loans reflects (i) a $23.2 million increase from commercial loans, reflecting higher average balances, partially offset by lower average index rates and spreads and additional loans placed on nonaccrual, and (ii) a $3.2 million decrease from residential loans principally due to lower average balances. The decrease in interest income from investment securities was primarily due to lower average commercial and residential investment balances due to repayments.
Previous wording
For the nine months ended September 30, 2025, costs and expenses of our Commercial and Residential Lending Segment decreased $268.0 million to $602.4 million, compared to $870.4 million for the nine months ended September 30, 2024. This decrease was primarily due to decreases of $138.3 million in credit loss provision and $134.4 million in interest expense associated with the various secured financing facilities used to fund a portion of this segment’s investment portfolio. The credit loss provision decreased primarily due to improvement in the macroeconomic outlook. The decrease in interest expense was primarily due to lower average borrowings outstanding due to paydowns from net loan repayments and excess cash balances and the effect of lower average index rates.
Current wording
For the three months ended March 31, 2026, costs and expenses of our Commercial and Residential Lending Segment increased $26.2 million to $189.9 million, compared to $163.7 million for the three months ended March 31, 2025. This was primarily due to increases of $26.3 million in credit loss provision, $8.3 million in rental costs and expenses and $2.2 million in general and administrative expenses, partially offset by a $10.6 million decrease in interest expense associated with the various secured financing facilities used to fund a portion of this segment’s investment portfolio. The credit loss provision increased to $0.5 million in the first quarter of 2026 compared to a reversal of $25.8 million in the first quarter of 2025 primarily due to a more significant improvement in the macroeconomic forecasts in the first quarter of 2025. The decrease in interest expense was primarily due to lower average index rates and spreads.
Previous wording
For the three months ended September 30, 2025, net interest income of our Commercial and Residential Lending Segment decreased $1.7 million to $152.7 million, compared to $154.4 million for the three months ended June 30, 2025. This decrease reflects the net decrease in interest income and the increase in interest expense on our secured financing facilities, both as discussed in the sections above.
Current wording
For the three months ended March 31, 2026, net interest income of our Commercial and Residential Lending Segment increased $22.4 million to $171.0 million, compared to $148.6 million for the three months ended March 31, 2025. This increase reflects the net increase in interest income and the decrease in interest expense on our secured financing facilities, both as discussed in the sections above.
Previous wording
During the nine months ended September 30, 2025 and 2024, the weighted average unlevered yields on the Commercial and Residential Lending Segment’s loans and investment securities, excluding retained RMBS and loans for which interest income is not recognized, were as follows:
Current wording
During the three months ended March 31, 2026 and 2025, the weighted average unlevered yields on the Commercial and Residential Lending Segment’s loans and investment securities, excluding retained RMBS and loans for which interest income is not recognized, were as follows:
Previous wording
The weighted average unlevered yield on our commercial loans decreased primarily due to lower average index rates and spreads and lower prepayment related income. The unlevered yield on our residential loans was relatively unchanged.
Current wording
The weighted average unlevered yield on our commercial loans decreased primarily due to lower average index rates and spreads and lower prepayment related income. The unlevered yield on our residential loans declined primarily due to higher interest recoveries on former nonaccrual loans during the first quarter of 2025 and increased fair values of loans in the first quarter of 2026.
Previous wording
During the nine months ended September 30, 2025 and 2024, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 6.5% and 7.6%, respectively. The decrease in borrowing rates primarily reflects lower average index rates. Interest rate hedges had the effect of adjusting these weighted average borrowing costs to 5.9% and 6.7% during the nine months ended September 30, 2025 and 2024, respectively.
Current wording
During the three months ended March 31, 2026 and 2025, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 5.6% and 6.6%, respectively. The decrease in borrowing rates primarily reflects lower average index rates and spreads. Interest rate hedges had the effect of adjusting these weighted average borrowing costs to 5.2% and 5.9% during the three months ended March 31, 2026 and 2025, respectively.
Previous wording
For the nine months ended September 30, 2025, other income of our Commercial and Residential Lending Segment decreased $48.3 million to $88.8 million, compared to $137.1 million for the nine months ended September 30, 2024. This decrease primarily reflects (i) a $179.3 million unfavorable change in gain (loss) on derivatives, partially offset by (ii) an $81.9 million increase in foreign currency gain, (iii) a $32.7 million net gain on sale of investments and other assets and (iv) a $20.6 million increased gain on extinguishment of debt primarily related to the sale of a foreclosed property in the nine months of 2025. The unfavorable change in gain (loss) on derivatives during the nine months ended September 30, 2025 reflects (i) a $100.5 million increased loss on foreign currency hedges and (ii) a $78.8 million unfavorable change in gain (loss) on interest rate swaps principally related to residential loans. The interest rate swaps are used primarily to hedge our interest rate risk on residential loans held-for-sale and to fix our interest rate payments on certain variable rate borrowings which fund fixed rate investments. The foreign currency hedges are used to fix the U.S. dollar amounts of cash flows (both interest and principal payments) we expect to receive from our foreign currency denominated loans and investments. The increased foreign currency gain and the increased loss on foreign currency hedges reflect the weakening of the U.S. dollar against the GBP, EUR and AUD during the nine months of 2025, compared to a lesser weakening of the U.S. dollar against each of those currencies in the nine months of 2024.
Current wording
For the three months ended March 31, 2026, other income of our Commercial and Residential Lending Segment decreased $32.5 million to a loss of $12.9 million, compared to income of $19.6 million for the three months ended March 31, 2025. This was primarily due to (i) a $63.6 unfavorable change in fair value of residential loans, (ii) a $40.7 million unfavorable change in foreign currency gain (loss) and (iii) a $6.9 million lesser increase in fair value of RMBS investments, partially offset by (iv) an $82.2 million favorable change in gain (loss) on derivatives. The favorable change in gain (loss) on derivatives during the three months ended March 31, 2026 reflects (i) a $43.1 million favorable change in gain (loss) on interest rate swaps principally related to residential loans and (ii) a $39.1 million favorable change in gain (loss) on foreign currency hedges. The interest rate swaps are used primarily to hedge our interest rate risk on residential loans held-for-sale and to fix our interest rate payments on certain variable rate borrowings which fund fixed rate investments. The foreign currency hedges are used to fix the U.S. dollar amounts of cash flows (both interest and principal payments) we expect to receive from our foreign currency denominated loans and investments. The unfavorable change in foreign currency gain (loss) and the favorable change in gain (loss) on foreign currency hedges reflect the strengthening of the U.S. dollar against the GBP and EUR, partially offset by a weakening against the AUD, during the first quarter of 2026, compared to a weakening of the U.S. dollar against each of those currencies in the first quarter of 2025.
Previous wording
For the nine months ended September 30, 2025, costs and expenses of our Infrastructure Lending Segment increased $7.4 million to $139.5 million, compared to $132.1 million for the nine months ended September 30, 2024. The increase was primarily due to increases of $4.7 million in general, administrative and other expenses, $2.3 million in credit loss provision and $0.4 million in interest expense, reflecting higher average borrowings outstanding, partially offset by lower average index rates.
Current wording
For the three months ended March 31, 2026, costs and expenses of our Infrastructure Lending Segment decreased $1.1 million to $41.8 million, compared to $42.9 million for the three months ended March 31, 2025. This was primarily due to (i) a $1.7 million decrease in credit loss provision to a reversal of $1.0 million in the first quarter of 2026 due to improved macroeconomic forecasts and (ii) a $0.9 million net decrease in general, administrative and other expenses, partially offset by (iii) a $1.5 million increase in interest expense, reflecting higher average borrowings outstanding, partially offset by the effects of lower average index rates and spreads.
Previous wording
For the nine months ended September 30, 2025, net interest income of our Infrastructure Lending Segment increased $8.2 million to $87.9 million, compared to $79.7 million for the nine months ended September 30, 2024. The increase reflects the increase in interest income from loans, partially offset by the increase in interest expense on the secured financing facilities, both as discussed in the sections above.
Current wording
For the three months ended March 31, 2026, net interest income of our Infrastructure Lending Segment decreased $0.3 million to $25.1 million, compared to $25.5 million for the three months ended March 31, 2025. The decrease reflects the increase in interest expense on the secured financing facilities, partially offset by the increase in interest income from loans, both as discussed in the sections above.
Previous wording
During the nine months ended September 30, 2025 and 2024, the weighted average unlevered yields on the Infrastructure Lending Segment’s loans and investment securities, excluding those for which interest income is not recognized, were 9.7% and 10.6%, respectively, reflecting lower average index rates and spreads, partially offset by higher prepayment related income, in the nine months of 2025.
Current wording
During the three months ended March 31, 2026 and 2025, the weighted average unlevered yields on the Infrastructure Lending Segment’s loans and investment securities, excluding those for which interest income is not recognized, were 8.4% and 9.3%, respectively, reflecting lower average index rates and spreads and lower prepayment related income in the three months of 2026.
Previous wording
For the nine months ended September 30, 2025 and 2024, other income (loss) of our Infrastructure Lending Segment improved $0.8 million to income of $0.1 million, compared to a loss of $0.7 million for the nine months ended September 30, 2024, primarily due to an improvement in earnings (loss) of unconsolidated entities.
Current wording
For the three months ended March 31, 2026 and 2025, other income (loss) of our Infrastructure Lending Segment improved $1.4 million to income of $1.0 million, compared to a loss of $0.4 million for the three months ended March 31, 2025, primarily due to an improvement in earnings (loss) of unconsolidated entities.
Previous wording
For the three months ended September 30, 2025, revenues of our Property Segment increased $29.7 million to $46.2 million, compared to $16.5 million for the three months ended June 30, 2025, primarily due to Fundamental, which contributed rental income for the period from July 23, 2025 to September 30, 2025.
Current wording
For the three months ended March 31, 2026, revenues of our Property Segment increased $44.8 million to $61.3 million, compared to $16.5 million for the three months ended March 31, 2025. This was primarily due to our acquisition of Fundamental in July 2025, which provided $44.0 million of net lease rental income during the first quarter of 2026.
Previous wording
For the nine months ended September 30, 2025, costs and expenses of our Property Segment increased $28.5 million to $102.6 million, compared to $74.1 million for the nine months ended September 30, 2024. The increase is primarily due to Fundamental, which introduced (i) higher interest expense from the liabilities assumed and higher general and administrative expenses totaling $20.2 million and (ii) higher depreciation and amortization of $15.4 million from the assets acquired, the effect of which was partially offset by (iii) a $6.7 million decrease in interest expense on variable rate borrowings of the Medical Office Portfolio, reflecting lower refinanced balances and index rates, and (iv) the sale of our Master Lease Portfolio on February 29, 2024.
Current wording
For the three months ended March 31, 2026, costs and expenses of our Property Segment increased $50.0 million to $72.2 million, compared to $22.2 million for the three months ended March 31, 2025. This was primarily due to the acquisition of Fundamental in July 2025, which introduced (i) higher interest expense, general and administrative expenses and costs of rental operations totaling $28.8 million and (ii) higher asset depreciation and amortization of $22.2 million, during the first quarter of 2026, the effect of which was partially offset by (iii) a $1.3 million decrease in interest expense on variable rate borrowings of the Medical Office Portfolio, primarily due to repayment of its $39.5 million mezzanine debt in February 2026.
Showing the first 40 of 92 pairs. Open the source sections for the rest.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the three months ended March 31, 2026, by business segment (amounts in thousands, except per share data).
Current report — wording carried from elsewhere
The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the three months ended December 31, 2025, by business segment (amounts in thousands, except per share data).
Current report — wording carried from elsewhere
The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the three months ended March 31, 2025, by business segment (amounts in thousands, except per share data):
Current report — wording carried from elsewhere
Three Months Ended March 31, 2026 Compared to the Three Months Ended December 31, 2025
Current report — wording carried from elsewhere
Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025
Rearranged previous paragraphs (10)
Previous report — wording carried elsewhere
•Originated $1.4 billion of commercial loans during the quarter, including the following:
Previous report — wording carried elsewhere
•Funded $544.2 million of previously originated commercial loan commitments and investment securities.
Previous report — wording carried elsewhere
•Received gross proceeds of $2.1 billion ($0.8 billion, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.
Previous report — wording carried elsewhere
•Redeemed at par the third party financing for our STWD 2019-FL1 CLO for $220.1 million.
Previous report — wording carried elsewhere
•Amended several commercial credit facilities resulting in an aggregate net upsize of $1.5 billion and extended the weighted average maturity on amended facilities by 1.4 years to 3.1 years.
Previous report — wording carried elsewhere
•Committed $2.2 billion for new infrastructure loans, of which the Company funded $1.9 billion, and also funded $28.0 million of pre-existing infrastructure loan commitments.
Previous report — wording carried elsewhere
•Received proceeds of $1.4 billion from principal repayments on our infrastructure loans and bonds.
Previous report — wording carried elsewhere
•Received proceeds of $912.4 million from sales of previously originated commercial conduit loans and priced $82.3 million of previously originated commercial conduit loans in two securitizations that settled subsequent to September 30, 2025.
Previous report — wording carried elsewhere
•Obtained eight new special servicing assignments for CMBS trusts with a total unpaid principal balance of $5.5 billion, while $16.1 billion matured, bringing our total named special servicing portfolio to $99.0 billion.
Previous report — wording carried elsewhere
(3)Represents loan losses that are deemed nonrecoverable, which is generally upon a realization event, such as when a loan is repaid, or in the case of foreclosure, when the underlying asset is sold. Non-recoverability may also be determined if, in our determination, it is nearly certain that the carrying amounts will not be collected or realized upon sale. The loss amount is calculated as the difference between the cash received or expected to be received and the Distributable Earnings basis of the asset.