STARWOOD PROPERTY TRUST, INC.
For the period ended Sep 30, 2026. Filed Nov 6, 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.
Sep 30, 2026 · Filed Nov 6, 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 2026-06-30; filed 2026-08-06.
0001465128-26-000029
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-06.
0001465128-26-000031
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 288 previous paragraphs and 312 current paragraphs.
118 unchanged; 124 reworded; 69 added; 43 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 32 previous and 33 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 (69)
Current report
◦$587.9 million first mortgage loan secured by an industrial storage portfolio located in various U.S. states, of which the Company funded $558.5 million. During the quarter, we sold $94.7 million of the funded balance to an affiliate of our Manager. Refer to Notes 12 and 16 to the Condensed Consolidated Financial Statements for further discussion.
Current report
◦€373.2 million ($428.1 million) first mortgage loan secured by a last-mile logistics portfolio in France, of which the Company funded $266.0 million.
Current report
◦$401.3 million first mortgage loan for the construction of a data center in Wisconsin pre-leased to an investment grade tenant, of which the Company funded $98.9 million.
Current report
◦$277.0 million first mortgage and mezzanine loan for the construction of a mixed-use development in Florida, of which the Company funded $24.3 million.
Current report
◦$141.2 million first mortgage loan secured by a hotel in Florida, which the Company fully funded.
Current report
◦$135.0 million first mortgage and mezzanine loan secured by a multifamily property in Florida, which the Company fully funded.
Current report
•Sold commercial real estate previously acquired through foreclosure for gross proceeds of $108.5 million during the period:
Current report
◦A multifamily property in Dallas, Texas, acquired in October 2024, for $74.0 million, recognizing a net loss of $10.8 million.
Current report
◦A multifamily property in Phoenix, Arizona, acquired in November 2024, for $22.6 million, recognizing a net loss of $0.8 million.
Current report
•Redeemed at par the third party financing for our STWD 2021-FL2 and STWD 2022-FL3 CLOs issued in May 2021 and February 2022 for $279.9 million and $299.2 million, respectively, plus accrued interest. We amended an existing commercial credit facility, increasing the maximum facility size by $1.2 billion to $3.0 billion, in part to finance these redemptions.
Current report
•Amended a credit facility, increasing the facility size by $125.0 million to $500.0 million, reducing the spread by 15 bps and extending the maturity date from August 2028 to September 2030.
Current report
•Refinanced a pool of our Fundamental net lease properties in July 2026 through an ABS, FI Series 2026-2, with $321.0 million of third party financing at a weighted average fixed rate of 5.47% and weighted average maturity of 5.0 years.
Current report
•Amended an existing $600.0 million revolving warehouse credit facility in July 2026 which finances Fundamental’s net lease property acquisitions, reducing the spread by 60 bps.
Current report
•Refinanced $36.4 million of the Woodstar Fund investments’ mortgage debt in September 2026 with $97.5 million of new debt that carries an initial term of 10 years.
Current report
•Originated commercial conduit loans of $214.9 million.
Current report
•Sold CMBS for gross proceeds of $4.8 million.
Current report
•Issued $500.0 million of 5.875% Senior Notes due 2029 in July 2026.
Current report
•Repaid the entire $400.0 million of 3.625% Senior Notes at maturity on July 15, 2026.
Current report
•Early redeemed the entire $500.0 million of 4.375% Senior Notes due January 2027 on July 16, 2026. In connection with the redemption, we paid $6.3 million to unwind the related interest rate swap.
Current report
Developments During the Nine Months Ended September 30, 2026
Current report
◦$727.2 million first mortgage loan for the construction of a data center in Virginia pre-leased to an investment grade tenant, of which the Company funded $305.2 million.
Current report
◦$598.7 million first mortgage loan for the construction of a data center in Texas pre-leased to an investment grade tenant, of which the Company funded $139.4 million.
Current report
◦$587.9 million first mortgage loan secured by an industrial storage portfolio located in various U.S. states, of which the Company funded $558.5 million. During the quarter, we sold $94.7 million of the funded balance to an affiliate of our Manager. Refer to Notes 12 and 16 to the Condensed Consolidated Financial Statements for further discussion.
Current report
◦€373.2 million ($428.1 million) first mortgage loan secured by a last-mile logistics portfolio in France, of which the Company funded $266.0 million.
Current report
◦$401.3 million first mortgage loan for the construction of a data center in Wisconsin pre-leased to an investment grade tenant, of which the Company funded $98.9 million.
Current report
◦$277.0 million first mortgage and mezzanine loan for the construction of a mixed-use development in Florida, of which the Company funded $24.3 million.
Current report
•Sold commercial real estate previously acquired through foreclosure for gross proceeds of $160.0 million during the period:
Current report
◦A multifamily property in Dallas, Texas, acquired in October 2024, for $74.0 million, recognizing a net loss of $10.8 million.
Current report
◦A multifamily property in Phoenix, Arizona, acquired in November 2024, for $22.6 million, recognizing a net loss of $0.8 million.
Current report
◦Four units in a residential conversion project in New York, acquired in April 2021, for $23.4 million, recognizing no gain or loss.
Current report
•Redeemed at par the third party financing for our STWD 2021-FL2 and STWD 2022-FL3 CLOs issued in May 2021 and February 2022 for $279.9 million and $299.2 million, respectively, plus accrued interest. We amended an existing commercial credit facility, increasing the maximum facility size by $1.2 billion to $3.0 billion, in part to finance these redemptions.
Current report
•Amended a credit facility, increasing the facility size by $125.0 million to $500.0 million, reducing the spread by 15 bps and extending the maturity date from August 2028 to September 2030.
Current report
•Refinanced a pool of our Fundamental net lease properties in July 2026 through an ABS, FI Series 2026-2, with $321.0 million of third party financing at a weighted average fixed rate of 5.47% and weighted average maturity of 5.0 years.
Current report
•Amended an existing $600.0 million revolving warehouse credit facility in July 2026 which finances Fundamental’s net lease property acquisitions, reducing the spread by 60 bps.
Current report
•Refinanced $36.4 million of the Woodstar Fund investments’ mortgage debt in September 2026 with $97.5 million of new debt that carries an initial term of 10 years.
Current report
•Originated or acquired commercial conduit loans of $739.5 million.
Current report
•Issued $500.0 million of 5.875% Senior Notes due 2029 in July 2026.
Current report
•Repaid the entire $400.0 million of 3.625% Senior Notes at maturity on July 15, 2026.
Current report
•Early redeemed the entire $500.0 million of 4.375% Senior Notes due January 2027 on July 16, 2026. In connection with the redemption, we paid $6.3 million to unwind the related interest rate swap.
Current report
For the three months ended September 30, 2026, revenues of our Commercial and Residential Lending Segment increased $13.3 million to $377.5 million, compared to $364.2 million for the three months ended June 30, 2026. This was primarily due to a $14.0 million increase in interest income from loans. The increase in interest income from loans was comprised of (i) an $11.5 million increase from commercial loans, primarily reflecting higher average loan balances and prepayment related income, and (ii) a $2.5 million increase from residential loans, primarily reflecting the transfer of $229.8 million of residential loans to loans held-for-investment upon our redemption of a consolidated RMBS trust in late June 2026. Interest income from investment securities was relatively unchanged between quarters, reflecting a $1.8 million increase from a new commercial lending investment offset by a $1.8 million decrease from RMBS investments, primarily due to the RMBS trust redemption.
Showing the first 40 of 69 passages. Open the source sections for the rest.
Removed paragraphs (43)
Previous report
◦$598.7 million first mortgage loan, representing a 3% participation in the overall loan, for the construction of a data center pre-leased to an investment grade tenant located in Texas, of which the Company funded $84.2 million.
Previous report
◦$127.5 million first mortgage loan secured by a luxury resort located in Colorado, which the Company fully funded.
Previous report
◦$120.0 million first mortgage loan secured by a distribution and logistics portfolio located in Tennessee, of which the Company funded $110.7 million.
Previous report
◦€37.1 million and £11.3 million ($57.6 million) first mortgage loan secured by a cold storage industrial portfolio located across the Netherlands, United Kingdom and Ireland, of which the Company funded $47.5 million.
Previous report
•Originated or acquired commercial conduit loans of $290.0 million.
Previous report
Developments During the First Quarter of 2026
Previous report
◦$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 report
◦€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 report
◦$63.5 million first mortgage loan secured by a 374-unit multifamily property located in Texas, which the Company fully funded.
Previous report
Investing and Servicing
Previous report
•Originated or acquired commercial conduit loans of $234.7 million.
Previous report
Subsequent Events
Previous report
Refer to Note 24 to the Consolidated Financial Statements for disclosure regarding significant transactions that occurred subsequent to June 30, 2026.
Previous report
For the three months ended June 30, 2026, revenues of our Commercial and Residential Lending Segment increased $19.6 million to $364.2 million, compared to $344.6 million for the three months ended March 31, 2026. This was primarily due to a $16.8 million increase in interest income from loans and a $3.5 million increase in rental income from foreclosed properties (substantially offset by the increase in rental costs and expenses noted below). The increase in interest income from loans was comprised of a $17.1 million increase from commercial loans, primarily reflecting higher average loan balances, slightly offset by a $0.3 million decrease from residential loans.
Previous report
For the three months ended June 30, 2026, the weighted average unlevered yields on our commercial and residential loans and investment securities were relatively unchanged from the previous quarter.
Previous report
For the three months ended June 30, 2026, revenues of our Infrastructure Lending Segment increased $5.6 million to $68.9 million, compared to $63.3 million for the three months ended March 31, 2026. This was primarily due to a $5.6 million increase in interest income from loans, reflecting higher average loan balances and prepayment related income.
Previous report
For the three months ended June 30, 2026, other income of our Infrastructure Lending Segment increased $2.0 million to $3.0 million, compared $1.0 million for the three months ended March 31, 2026. This was primarily due to a $1.8 million increase in earnings from unconsolidated entities.
Previous report
For the three months ended June 30, 2026, revenues of our Investing and Servicing Segment decreased $28.1 million to $52.7 million, compared to $80.8 million for the three months ended March 31, 2026. This was primarily due to a $31.1 million decrease in servicing fees principally related to default interest.
Previous report
For the three months ended June 30, 2026, corporate expenses decreased $1.6 million to $142.3 million, compared to $143.9 million for the three months ended March 31, 2026. This was primarily due to a $5.8 million decrease in management fees (principally incentive fees), partially offset by a $4.9 million increase in interest expense, primarily due to higher average secured and unsecured borrowings outstanding.
Previous report
Income Tax (Provision) Benefit
Previous report
Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Previous report
Other Income (Loss)
Previous report
For the six months ended June 30, 2026, revenues of our Infrastructure Lending Segment increased $3.4 million to $132.2 million, compared to $128.8 million for the six months ended June 30, 2025. This was primarily due to increases in interest income of (i) $2.0 million from loans, reflecting higher average balances, partially offset by the effects of lower average index rates and spreads, (ii) $0.9 million from cash balances and (iii) $0.6 million from investment securities.
Previous report
For the six months ended June 30, 2026, other income of our Infrastructure Lending Segment increased $3.4 million to $4.0 million, compared to $0.6 million for the six months ended June 30, 2025, primarily due to a $3.0 million increase in earnings from unconsolidated entities.
Previous report
For the six months ended June 30, 2026, costs and expenses of our Investing and Servicing Segment decreased $3.8 million to $69.6 million, compared to $73.4 million for the six months ended June 30, 2025. This was primarily due to decreases of (i) $2.4 million in rental costs and expenses and (ii) $1.3 million in general and administrative expenses, principally related to lower loan securitization activity.
Previous report
Income Tax Provision
Previous report
The Commercial and Residential Lending Segment’s Distributable Earnings increased by $13.4 million, from $172.3 million during the first quarter of 2026 to $185.7 million in the second quarter of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $369.0 million, costs and expenses were $189.6 million, other income was $6.3 million and there was no income tax provision or benefit.
Previous report
Costs and expenses increased by $7.6 million in the second quarter of 2026, primarily due to increases of $5.8 million in interest expense and $2.9 million in costs of rental operations, partially offset by a $1.3 million decrease in general and administrative expenses. The increase in interest expense was primarily due to higher average borrowings outstanding.
Previous report
The Infrastructure Lending Segment’s Distributable Earnings increased by $5.2 million, from $21.9 million during the first quarter of 2026 to $27.1 million in the second quarter of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $68.9 million, costs and expenses were $44.2 million and other income was $2.4 million.
Previous report
Revenues increased by $5.6 million in the second quarter of 2026, primarily due to a $5.6 million increase in interest income from loans, reflecting higher average loan balances and prepayment related income.
Previous report
Costs and expenses increased by $2.2 million in the second quarter of 2026, primarily due to a $1.9 million increase in interest expense, reflecting higher average borrowings outstanding.
Previous report
Costs and expenses decreased by $0.1 million in the second quarter of 2026.
Previous report
Income attributable to non-controlling interests in the Woodstar Fund decreased by $0.1 million in the second quarter of 2026.
Previous report
The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the six months ended June 30, 2026, by business segment (amounts in thousands, except per share data):
Previous report
The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the six months ended June 30, 2025, by business segment (amounts in thousands, except per share data):
Previous report
Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025
Previous report
The Commercial and Residential Lending Segment’s Distributable Earnings increased by $5.0 million, from $353.0 million during the first half of 2025 to $358.0 million in the first half of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $718.7 million, costs and expenses were $371.6 million, other income was $10.9 million and there was no income tax provision or benefit.
Previous report
The Infrastructure Lending Segment’s Distributable Earnings increased by $8.1 million, from $40.9 million during the first half of 2025 to $49.0 million in the first half of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $132.2 million, costs and expenses were $86.2 million and other income was $3.0 million.
Previous report
Revenues increased by $3.4 million in the first half of 2026, primarily due to increases in interest income of (i) $2.0 million from loans, reflecting higher average balances, partially offset by the effects of lower average index rates and spreads, (ii) $0.9 million from cash balances and (iii) $0.6 million from investment securities.
Previous report
Costs and expenses decreased by $0.9 million in the first half of 2026, primarily due to (i) a $2.0 million net decrease in general, administrative and other expenses, partially offset by (ii) a $1.1 million increase in interest expense, reflecting higher average borrowings outstanding, partially offset by the effects of lower average index rates and spreads.
Showing the first 40 of 43 passages. Open the source sections for the rest.
Reworded paragraphs (124)
Previous wording
Developments During the Second Quarter of 2026
Current wording
Developments During the Third Quarter of 2026
Previous wording
•Originated or acquired $1.4 billion of commercial loans during the quarter, including the following:
Current wording
•Originated or acquired $2.4 billion of commercial loans during the quarter, including the following:
Previous wording
•Funded $250.1 million of previously originated commercial loan commitments and investment securities.
Current wording
•Funded $235.7 million of previously originated commercial loan commitments and investment securities.
Previous wording
•Received gross proceeds of $447.1 million ($379.2 million, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.
Current wording
•Received gross proceeds of $1.1 billion ($479.4 million, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.
Previous wording
•Sold two units in a residential conversion project in New York for $11.5 million.
Current wording
◦Two units in a residential conversion project in New York, acquired in April 2021, for $11.9 million, recognizing no gain or loss.
Previous 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.
Current wording
•Committed $505.1 million for new infrastructure loans, of which the Company funded $402.3 million, and also funded $34.0 million of pre-existing infrastructure loan commitments.
Previous wording
•Received proceeds of $447.3 million from principal repayments on our infrastructure loans and bonds.
Current wording
•Received proceeds of $388.8 million from principal repayments on our infrastructure loans and bonds.
Previous wording
•Acquired 16 additional net lease properties for $179.0 million and sold four properties subject to a single master lease for $2.3 million, resulting in an immaterial gain.
Current wording
•Acquired 10 additional net lease properties for $32.0 million and sold four properties subject to two master leases for $6.3 million, resulting in an immaterial gain.
Previous wording
•Received proceeds of $341.8 million from sales of previously originated commercial conduit loans.
Current wording
•Received proceeds of $211.0 million from sales of previously originated commercial conduit loans.
Previous 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 as of March 31. 2026.
Current wording
•Obtained one new special servicing assignment for a CMBS trust with a total unpaid principal balance of $445.0 million, while $2.5 billion matured and $673.3 million transferred, bringing our total named special servicing portfolio to $90.8 billion.
Previous wording
•Repurchased 581,795 shares of common stock with a weighted average repurchase price of $17.16 per share for a total cost of $10.0 million.
Current wording
•Repurchased 6,679,735 shares of common stock with a weighted average repurchase price of $16.11 per share for a total cost of $107.8 million.
Previous wording
•Originated or acquired $1.5 billion of commercial loans during the quarter, including the following:
Current wording
•Originated or acquired $5.4 billion of commercial loans during the period, including the following:
Previous wording
◦A$625.1 million ($442.1 million) first mortgage loan, representing a 66% participation in the overall loan, secured by a hospitality asset located in Australia, of which the Company funded $366.8 million.
Current wording
◦A$625.1 million ($442.1 million) first mortgage loan, representing a 66% participation in the overall loan, secured by a hospitality asset in Australia, of which the Company funded $366.8 million.
Previous wording
◦$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 wording
◦$245.0 million first mortgage and mezzanine loan secured by a 666-unit high-rise multifamily property in California, which the Company fully funded.
Previous wording
◦$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 wording
◦$191.9 million first mortgage and mezzanine loan secured by an industrial portfolio in California, of which the Company funded $174.4 million.
Previous 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 $30.7 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 in Virginia pre-leased to an investment grade tenant, of which the Company funded $35.0 million. Refer to Note 16 to the Condensed Consolidated Financial Statements for further discussion.
Previous wording
•Funded $278.1 million of previously originated commercial loan commitments and investment securities.
Current wording
•Funded $630.3 million of previously originated commercial loan commitments and investment securities.
Previous 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.
Current wording
•Received gross proceeds of $2.4 billion ($1.1 billion, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.
Previous wording
•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 wording
◦A multifamily property in Conyers, Georgia, acquired in February 2025, for $40.0 million, recognizing a net gain of $0.3 million. In connection therewith, we provided $32.0 million of three-year senior secured financing to the purchaser.
Previous wording
•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 $274.3 million first mortgage and mezzanine loan interest, in order to preserve our rights as the mezzanine lender.
Current wording
•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 $275.9 million first mortgage and mezzanine loan interest, in order to preserve our rights as the mezzanine lender.
Previous 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.
Current wording
•Amended several other credit facilities, resulting in an aggregate net upsize of $435.0 million and extended the weighted average maturity on these facilities by 1.2 years to 2.0 years.
Previous wording
•Committed $440.8 million for new infrastructure loans and bonds, of which the Company funded $296.1 million, and also funded $24.2 million of pre-existing infrastructure loan commitments.
Current wording
•Committed $1.5 billion for new infrastructure loans and bonds, of which the Company funded $1.3 billion, and also funded $59.7 million of pre-existing infrastructure loan commitments.
Previous wording
•Received proceeds of $319.9 million from principal repayments on our infrastructure loans and bonds.
Current wording
•Received proceeds of $1.2 billion from principal repayments on our infrastructure loans and bonds.
Previous wording
•Acquired 32 additional net lease properties for $129.6 million and sold nine properties subject to two master leases for $22.4 million, recognizing a total net gain of $0.5 million.
Current wording
•Acquired 58 additional net lease properties for $340.6 million and sold 17 properties subject to three master leases for $31.1 million, recognizing a total net gain of $0.6 million.
Previous wording
•Entered into a new revolving warehouse credit facility in April 2026 to finance Fundamental’s net lease property acquisitions. The facility totals $1.0 billion, of which $500.0 million is committed and $500.0 million is uncommitted. It has a five-year term, an annual interest rate of SOFR + 1.55% and an advance rate of up to 70%.
Current wording
•Entered into a new revolving warehouse credit facility in April 2026 to finance Fundamental’s net lease property acquisitions. The facility totals $1.0 billion, of which $500.0 million is committed and $500.0 million is uncommitted. It has a five-year term and an advance rate of up to 70%.
Previous wording
•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 wording
•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.
Previous 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.
Current wording
•Received proceeds of $735.0 million from sales of previously originated or acquired commercial conduit loans.
Previous wording
•Acquired CMBS for a purchase price of $46.8 million, of which $1.4 million related to non-controlling interests, and sold CMBS for total gross proceeds of $13.3 million.
Current wording
•Acquired CMBS for a purchase price of $53.3 million, of which $1.4 million related to non-controlling interests, and sold CMBS for total gross proceeds of $21.9 million.
Previous wording
•Obtained four new special servicing assignments for CMBS trusts with a total unpaid principal balance of $2.8 billion, while $2.8 billion matured and $1.0 billion transferred, bringing our total named special servicing portfolio to $93.6 billion.
Current wording
•Obtained six new special servicing assignments for CMBS trusts with a total unpaid principal balance of $3.5 billion, while $8.1 billion matured and $2.1 billion transferred, bringing our total named special servicing portfolio to $90.8 billion.
Previous wording
•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 wording
•Repurchased 8,388,073 shares of common stock with a weighted average repurchase price of $16.39 per share for a total cost of $137.7 million.
Previous wording
The following table compares our summarized results of operations for the three months ended June 30, 2026 and March 31, 2026 and for the six months ended June 30, 2026 and 2025 by business segment (amounts in thousands):
Current wording
The following table compares our summarized results of operations for the three months ended September 30, 2026 and June 30, 2026 and for the nine months ended September 30, 2026 and 2025 by business segment (amounts in thousands):
Previous wording
For the three months ended June 30, 2026, costs and expenses of our Commercial and Residential Lending Segment increased $36.8 million to $226.7 million, compared to $189.9 million for the three months ended March 31, 2026. This was primarily due to increases of $29.2 million in credit loss provision, $5.8 million in interest expense and $3.5 million in rental costs and expenses. The increase in the credit loss provision primarily reflects a deterioration in macroeconomic forecasts in the second quarter of 2026. The increase in interest expense associated with the various financing facilities used to fund a portion of this segment’s investment portfolio was primarily due to higher average borrowings outstanding.
Current wording
For the three months ended September 30, 2026, costs and expenses of our Commercial and Residential Lending Segment increased $313.2 million to $539.9 million, compared to $226.7 million for the three months ended June 30, 2026. This was primarily due to increases of $307.0 million in credit loss provision and $6.3 million in interest expense. The increase in the credit loss provision is the result of increased risk of repayment shortfalls associated with higher projected interest rates. Because our loan portfolio is predominantly floating-rate, higher rates create an increased debt service burden for our borrowers. Higher rates also contribute to higher capitalization rates and lower property values, placing pressure on borrowers’ ability to refinance or sell the underlying properties. The increase in interest expense associated with the various financing facilities used to fund a portion of this segment’s investment portfolio was primarily due to higher average borrowings outstanding.
Previous wording
For the three months ended June 30, 2026, net interest income of our Commercial and Residential Lending Segment increased $10.7 million to $181.7 million, compared to $171.0 million for the three months ended March 31, 2026. This reflects the increase in interest income, partially offset by the increase in interest expense on our secured financing facilities, both as discussed in the sections above.
Current wording
For the three months ended September 30, 2026, net interest income of our Commercial and Residential Lending Segment increased $7.7 million to $189.5 million, compared to $181.7 million for the three months ended June 30, 2026. This reflects the increase in interest income, partially offset by the increase in interest expense on our secured financing facilities, both as discussed in the sections above.
Previous wording
During both the three months ended June 30, 2026 and March 31, 2026, the Commercial and Residential Lending Segment’s weighted average secured borrowing rate, inclusive of the amortization of deferred financing fees, was 5.6%. Interest rate hedges had the effect of reducing the weighted average borrowing costs to 5.3% and 5.2% during the three months ended June 30, 2026 and March 31, 2026, respectively.
Current wording
During both the three months ended September 30, 2026 and June 30, 2026, the Commercial and Residential Lending Segment’s weighted average secured borrowing rate, inclusive of the amortization of deferred financing fees, was 5.6%. Interest rate hedges had the effect of reducing the weighted average borrowing costs to 5.4% and 5.3% during the three months ended September 30, 2026 and June 30, 2026, respectively.
Previous wording
For the three months ended June 30, 2026, other loss of our Commercial and Residential Lending Segment decreased $11.9 million to $1.0 million compared to $12.9 million for the three months ended March 31, 2026. This was primarily due to (i) an $8.3 million lesser decrease in fair value of residential loans and (ii) a $5.2 million increased net gain on derivatives, partially offset by (iii) a $2.0 million unfavorable change in fair value of RMBS investments. The increased net gain on derivatives in the second quarter of 2026 reflects (i) a $17.5 million higher gain on interest rate swaps principally related to residential loans, partially offset by (ii) a $12.3 million unfavorable 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 gain (loss) on foreign currency hedges reflects the weakening of the U.S. dollar against the pound sterling (“GBP”) and Australian dollar (“AUD”), partially offset by a strengthening against the Euro (“EUR”), in the second quarter of 2026, compared to a strengthening of the U.S. dollar against the GBP and EUR, partially offset by a weakening against the AUD, in the first quarter of 2026.
Current wording
For the three months ended September 30, 2026, other loss of our Commercial and Residential Lending Segment increased $80.7 million to $81.7 million compared to $1.0 million for the three months ended June 30, 2026. This was primarily due to (i) a $108.7 million greater decrease in fair value of residential loans primarily reflecting higher interest rates and, to a lesser extent, wider credit spreads, (ii) $32.2 million of impairments recognized in the third quarter on two multifamily properties previously acquired through foreclosure and (iii) $11.6 million of losses on sales of two other multifamily properties acquired through foreclosure, partially offset by (iv) a $63.1 million increased net gain on derivatives and (v) a $5.2 million decreased foreign currency loss. The increased net gain on derivatives in the third quarter of 2026 reflects (i) a $59.0 million higher gain on interest rate swaps principally related to residential loans and (ii) a $4.1 million decreased loss on foreign currency hedges. The interest rate swaps are used primarily to hedge our interest rate risk on residential loans 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 decreased foreign currency loss and loss on foreign currency hedges reflects the weakening of the U.S. dollar against the pound sterling (“GBP”) and Australian dollar (“AUD”), partially offset by a strengthening against the Euro (“EUR”), in the third quarter of 2026 relative to a similar pattern in the second quarter of 2026.
Previous wording
For the three months ended June 30, 2026, costs and expenses of our Infrastructure Lending Segment increased $4.0 million to $45.8 million, compared to $41.8 million for the three months ended March 31, 2026. This was primarily due to (i) a $1.9 million increase in interest expense, primarily reflecting higher average borrowings outstanding, and (ii) a $1.3 million increase in credit loss provision to a provision of $0.3 million in the second quarter compared to a reversal of $1.0 million in the first quarter.
Current wording
For the three months ended September 30, 2026, costs and expenses of our Infrastructure Lending Segment decreased $1.6 million to $44.2 million, compared to $45.8 million for the three months ended June 30, 2026. This was primarily due to (i) a $1.2 million decrease in general, administrative and other expenses and (ii) a $0.5 million decrease in credit loss provision to a reversal of $0.2 million in the third quarter compared to a provision of $0.3 million in the second quarter, partially offset by (iii) a $0.2 million increase in interest expense.
Previous wording
For the three months ended June 30, 2026, net interest income of our Infrastructure Lending Segment increased $3.7 million to $28.8 million, compared to $25.1 million for the three months ended March 31, 2026. 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 in the sections above.
Current wording
For the three months ended September 30, 2026, net interest income of our Infrastructure Lending Segment increased $1.1 million to $29.9 million, compared to $28.8 million for the three months ended June 30, 2026. The increase reflects the increase in interest income from investment securities, partially offset by a decrease in interest income from loans and the increase in interest expense on the secured financing facilities used to fund this segment’s investment portfolio, as discussed in the sections above.
Previous wording
During both the three months ended June 30, 2026 and March 31, 2026, 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%.
Current wording
During the three months ended September 30, 2026 and June 30, 2026, 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 8.5% and 8.4%, respectively.
Previous wording
For the three months ended June 30, 2026, revenues of our Property Segment increased $2.9 million to $64.2 million, compared to $61.3 million for the three months ended March 31, 2026, primarily due to Fundamental’s acquisition of additional net lease properties.
Current wording
For the three months ended September 30, 2026, revenues of our Property Segment increased $4.3 million to $68.5 million, compared to $64.2 million for the three months ended June 30, 2026, primarily due to Fundamental’s acquisition of additional net lease properties.
Previous wording
For the three months ended June 30, 2026, costs and expenses of our Property Segment increased $1.1 million to $73.3 million, compared to $72.2 million for the three months ended March 31, 2026. This was primarily due to an increase in depreciation and amortization of properties acquired by Fundamental.
Current wording
For the three months ended September 30, 2026, costs and expenses of our Property Segment increased $4.6 million to $77.9 million, compared to $73.3 million for the three months ended June 30, 2026. This was primarily due to increases in interest expense of $3.5 million and depreciation and amortization of $1.6 million, principally related to properties acquired by Fundamental.
Showing the first 40 of 124 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
During the three months ended September 30, 2026 and June 30, 2026, the Infrastructure Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 6.3% and 6.2%, respectively.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
•Acquired CMBS for a purchase price of $6.5 million and sold CMBS for total gross proceeds of $3.9 million.
Previous report — wording carried elsewhere
During both the three months ended June 30, 2026 and March 31, 2026, the Infrastructure Lending Segment’s weighted average secured borrowing rate, inclusive of the amortization of deferred financing fees, was 6.2%.
Previous report — wording carried elsewhere
Revenues increased by $16.4 million in the first half of 2026, primarily due to (i) a $31.6 million increase in servicing fees principally related to default interest, partially offset by (ii) a $10.8 million decrease in interest income from CMBS investments and conduit loans, primarily due to payoffs of certain CMBS investments in 2025 and lower average conduit loan balances held, and (iii) a $3.1 million decrease in rental income on fewer properties held.