STARWOOD PROPERTY TRUST, INC.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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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
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Balance Sheets
| As of September 30, | As of December 31, | |
|---|---|---|
| 2026 | 2025 | |
| Assets: | ||
| Cash and cash equivalents | $391,935 | $499,480 |
| Restricted cash | 320,814 | 175,167 |
| Loans held-for-investment, net of credit loss allowances of $704,189 and $440,842 ($212,750 and none held at fair value) | 19,969,078 | 18,862,712 |
| Loans held-for-sale, at fair value | 2,055,638 | 2,323,543 |
| Investment securities, net of credit loss allowances of $76,990 and $37,369 ($117,006 and $121,433 held at fair value) | 496,103 | 301,000 |
| Properties, net | 3,869,323 | 3,448,652 |
| Investments of consolidated affordable housing fund, at fair value | 1,677,329 | 1,727,499 |
| Investments in unconsolidated entities | 89,853 | 84,752 |
| Goodwill | 259,846 | 259,846 |
| Intangible assets, net ($32,171 and $28,280 held at fair value) | 435,171 | 436,059 |
| Derivative assets | 111,197 | 45,813 |
| Accrued interest receivable | 215,837 | 162,679 |
| Other assets | 364,210 | 362,991 |
| Variable interest entity (“VIE”) assets, at fair value | 27,698,776 | 34,493,164 |
| Total Assets | $57,955,110 | $63,183,357 |
| Liabilities and Equity | ||
| Liabilities: | ||
| Accounts payable, accrued expenses and other liabilities | $628,502 | $499,750 |
| Related-party payable | 27,436 | 31,662 |
| Dividends payable | 177,717 | 180,413 |
| Derivative liabilities | 124,616 | 83,983 |
| Secured financing agreements, net | 15,348,812 | 12,678,948 |
| Securitized financing, net | 4,500,786 | 5,131,453 |
| Unsecured senior notes, net | 4,481,280 | 4,283,836 |
| VIE liabilities, at fair value | 26,145,307 | 32,803,806 |
| Total Liabilities | 51,434,456 | 55,693,851 |
| Commitments and contingencies (Note 22) | ||
| Temporary Equity: Redeemable non-controlling interests | 359,225 | 364,118 |
| Permanent Equity: | ||
| Starwood Property Trust, Inc. Stockholders’ Equity: | ||
| Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding | — | — |
| Common stock, $0.01 per share, 500,000,000 shares authorized, 379,893,449 issued and 364,056,685 outstanding as of September 30, 2026 and 378,011,570 issued and 370,562,879 outstanding as of December 31, 2025 | 3,799 | 3,780 |
| Additional paid-in capital | 7,003,089 | 6,957,216 |
| Treasury stock (15,836,764 shares and 7,448,691 shares) | (275,730) | (138,022) |
| Accumulated deficit | (902,927) | (39,018) |
| Accumulated other comprehensive income | 7,429 | 11,560 |
| Total Starwood Property Trust, Inc. Stockholders’ Equity | 5,835,660 | 6,795,516 |
| Non-controlling interests in consolidated subsidiaries | 325,769 | 329,872 |
| Total Permanent Equity | 6,161,429 | 7,125,388 |
| Total Liabilities and Equity | $57,955,110 | $63,183,357 |
Note: In addition to the VIE assets and liabilities which are separately presented, our condensed consolidated balance sheets as of September 30, 2026 and December 31, 2025 include assets of $5.8 billion and $6.7 billion, respectively, and liabilities of $4.6 billion and $5.2 billion, respectively, related to securitized financing issued by VIEs. These assets can only be used to settle obligations of the securitized financing VIEs, and the related liabilities do not have recourse to Starwood Property Trust, Inc. Refer to Note 15 for additional discussion of VIEs.
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