STARWOOD PROPERTY TRUST INC
For the period ended Mar 31, 2025. Filed May 9, 2025.
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, 2025 · Filed May 9, 2025
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 2024-09-30; filed 2024-11-06.
0001628280-24-045445
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-09.
0001628280-25-024047
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 285 previous paragraphs and 254 current paragraphs.
113 unchanged; 83 reworded; 51 added; 84 removed; 5 previous and 7 current paragraphs rearranged.
Tables are not compared: 34 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 (51)
Current 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 $264.3 million.
Current report
◦€220.5 million ($228.9 million) first mortgage loan secured by a portfolio of apartment buildings located in Germany, of which the Company funded $151.5 million.
Current 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 $61.1 million. Refer to Note 16 to the Condensed Consolidated Financial Statements for further discussion.
Current report
◦$162.0 million first mortgage loan secured by an industrial building located in California, which the Company fully funded.
Current report
◦$116.0 million first mortgage loan secured by a student housing property located in California, of which the Company funded $112.2 million.
Current report
•Amended an infrastructure credit facility, increasing the facility size by $125.0 million and reducing the spread by 20 bps.
Current report
•Repaid the remaining $250.0 million of $500.0 million 4.75% Senior Notes due March 2025 upon maturity.
Current report
•In January 2025, we amended our January 2030 term loan facility, 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.
Current report
For the three months ended March 31, 2025, costs and expenses of our Commercial and Residential Lending Segment decreased $89.8 million to $163.7 million, compared to $253.5 million for the three months ended December 31, 2024. This decrease was primarily due to decreases of $77.0 million in the credit loss provision and $17.4 million in interest expense associated with the various secured financing facilities used to fund a portion of this segment’s investment portfolio, partially offset by a $3.4 million increase in general and administrative expenses. The credit loss provision decreased to a $25.8 million reversal in the first quarter of 2025 compared to a $51.2 million provision in the fourth quarter of 2024 primarily due to improvement in the macroeconomic outlook. The decrease in interest expense was primarily due to lower average index rates and spreads.
Current report
For the three months ended March 31, 2025, the weighted average unlevered yields on our commercial loans decreased primarily due to lower prepayment related income and lower average index rates and spreads. The weighted average unlevered yields on our residential loans increased slightly primarily due to fluctuations in their fair value.
Current report
Other Income (Loss)
Current report
For the three months ended March 31, 2025, costs and expenses of our Infrastructure Lending Segment increased $0.1 million to $42.9 million, compared to $42.8 million for the three months ended December 31, 2024.
Current report
For the three months ended March 31, 2025, other income of our Infrastructure Lending Segment decreased $1.6 million to a loss of $0.4 million, compared to income of $1.2 million for the three months ended December 31, 2024, primarily due to an unfavorable change in earnings (loss) from unconsolidated entities.
Current report
For the three months ended March 31, 2025 and December 31, 2024, revenues of our Property Segment remained relatively unchanged at $16.5 million.
Current report
For the three months ended March 31, 2025, costs and expenses of our Property Segment decreased $0.2 million to $22.2 million, compared to $22.4 million for the three months ended December 31, 2024.
Current report
For the three months ended March 31, 2025, revenues of our Investing and Servicing Segment increased $0.1 million to $58.9 million, compared to $58.8 million for the three months ended December 31, 2024. The increase in revenues is primarily due to a $2.5 million net increase in interest income from CMBS investments and conduit loans, partially offset by a $2.2 million decrease in servicing fees.
Current report
For the three months ended March 31, 2025, costs and expenses of our Investing and Servicing Segment decreased $7.2 million to $35.7 million, compared to $42.9 million for the three months ended December 31, 2024. The decrease reflects decreases in general and administrative expenses of $5.6 million, primarily related to decreased loan origination and securitization activity, and interest expense of $1.8 million, primarily related to financing of conduit loans.
Current report
For the three months ended March 31, 2025, other income of our Investing and Servicing Segment decreased $24.4 million to a loss of $7.7 million, compared to income of $16.7 million for the three months ended December 31, 2024. The decrease is primarily due to (i) a $9.0 million decreased gain in fair value of conduit loans, (ii) an $8.3 million greater decrease in fair value of CMBS investments, (iii) a $4.4 million unfavorable change in gain (loss) on derivatives which primarily hedge our interest rate risk on conduit loans and CMBS investments and (iv) a $2.5 million unfavorable change in fair value of servicing rights.
Current report
For the three months ended March 31, 2025, corporate expenses increased $2.3 million to $120.0 million, compared to $117.7 million for the three months ended December 31, 2024. This increase is primarily due to a $2.3 million increase in interest expense, primarily reflecting higher average balances of unsecured senior notes outstanding.
Current report
For the three months ended March 31, 2025, costs and expenses of our Commercial and Residential Lending Segment decreased $129.1 million to $163.7 million, compared to $292.8 million for the three months ended March 31, 2024. This decrease was primarily due to decreases of (i) $70.6 million in interest expense associated with the various secured financing facilities used to fund a portion of this segment’s investment portfolio and (ii) $60.7 million in credit loss provision, partially offset by (iii) a $3.5 million increase in costs of rental operations of foreclosed properties. 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 and spreads. The credit loss provision decreased to a $25.8 million reversal in the first quarter of 2025 compared to a $34.9 million provision in the first quarter of 2024 primarily due to improvement in the macroeconomic outlook.
Current report
For the three months ended March 31, 2025, revenues of our Infrastructure Lending Segment decreased $5.3 million to $61.6 million, compared to $66.9 million for the three months ended March 31, 2024. This decrease was primarily due to a $5.9 million decrease in interest income from loans, partially offset by a $0.6 million increase in interest income on cash balances. The decrease in interest income from loans reflects lower average index rates and spreads, partially offset by higher prepayment related income.
Current report
For the three months ended March 31, 2025, costs and expenses of our Infrastructure Lending Segment decreased $2.9 million to $42.9 million, compared to $45.8 million for the three months ended March 31, 2024. The decrease was primarily due to a $3.8 million decrease in interest expense reflecting lower average index rates, partially offset by higher average borrowings outstanding.
Current report
During the three months ended March 31, 2025 and 2024, the Infrastructure Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 7.0% and 8.0%, respectively, reflecting lower average index rates in the first quarter of 2025.
Current report
Other Loss
Current report
For the three months ended March 31, 2025 and 2024, other loss of our Infrastructure Lending Segment decreased $0.2 million to $0.4 million, compared to $0.2 million for the three months ended March 31, 2024.
Current report
For the three months ended March 31, 2025, revenues of our Property Segment decreased $4.4 million to $16.5 million, compared to $20.9 million for the three months ended March 31, 2024, primarily due to the sale of our Master Lease Portfolio on February 29, 2024.
Current report
For the three months ended March 31, 2025, costs and expenses of our Property Segment decreased $3.9 million to $22.2 million, compared to $26.1 million for the three months ended March 31, 2024. The decrease is primarily due to (i) a $2.9 million decrease in interest expense on variable rate borrowings of the Medical Office Portfolio, reflecting lower refinanced balances and index rates, and (ii) the sale of our Master Lease Portfolio on February 29, 2024.
Current report
For the three months ended March 31, 2025, costs and expenses of our Investing and Servicing Segment decreased $0.4 million to $35.7 million, compared to $36.1 million for the three months ended March 31, 2024. The decrease primarily reflects lower general and administrative expenses.
Current report
Other Loss
Current report
The Commercial and Residential Lending Segment’s Distributable Earnings decreased by $13.9 million, from $192.7 million during the fourth quarter of 2024 to $178.8 million in the first quarter of 2025. After making adjustments for the calculation of Distributable Earnings, revenues were $331.9 million, costs and expenses were $183.1 million, other income was $30.0 million and there was no income tax provision or benefit.
Current report
Other income increased by $2.3 million in the first quarter of 2025.
Current report
Revenues, consisting principally of interest income on loans, decreased by $1.8 million in the first quarter of 2025, primarily due to a $1.1 million decrease in interest income on cash balances and a $0.7 million decrease in interest income from loans, reflecting lower average index rates, partially offset by higher average loan balances.
Current report
Costs and expenses increased by $0.4 million in the first quarter of 2025.
Current report
The Property Segment’s Distributable Earnings increased by $2.8 million, from $13.5 million during the fourth quarter of 2024 to $16.3 million in the first quarter of 2025. After making adjustments for the calculation of Distributable Earnings, revenues were $17.0 million, costs and expenses were $16.3 million, other income was $19.4 million and the deduction of income attributable to non-controlling interests in the Woodstar Fund was $3.8 million.
Current report
Revenues remained relatively unchanged in the first quarter of 2025.
Current report
Other income increased by $2.5 million in the first quarter of 2025, primarily due to a $4.2 million increase in distributable earnings from the Woodstar Fund.
Current report
Income attributable to non-controlling interests decreased $2.2 million in the first quarter of 2025, primarily due to non-controlling interests in lower distributable earnings of a consolidated CMBS joint venture.
Current report
The Commercial and Residential Lending Segment’s Distributable Earnings decreased by $26.4 million, from $205.2 million during the first quarter of 2024 to $178.8 million in the first quarter of 2025. After making adjustments for the calculation of Distributable Earnings, revenues were $331.9 million, costs and expenses were $183.1 million, other income was $30.0 million and there was no income tax provision or benefit.
Current report
Costs and expenses decreased by $70.7 million in the first quarter of 2025, primarily due to a $70.6 million decrease in interest expense associated with the various secured financing facilities used to fund a portion of this segment’s investment portfolio, reflecting lower average borrowings outstanding due to paydowns from net loan repayments and excess cash balances and the effect of lower average index rates and spreads.
Current report
Other income increased by $7.4 million in the first quarter of 2025, primarily due to an $11.2 million decrease in recognized credit losses on RMBS investments and residential loans, partially offset by a $5.7 million decrease in realized gains on derivative financial instruments, net of related foreign currency gains (losses).
Showing the first 40 of 51 passages. Open the source sections for the rest.
Removed paragraphs (84)
Previous report
◦$301.4 million first mortgage loan (of which $41.8 million is classified as investment securities) secured by a portfolio of 34 high-quality big-box logistics assets located across the United Kingdom and Europe, which the Company has fully funded.
Previous report
◦$189.4 million first mortgage loan to refinance a residential development located in New York, of which the Company funded $149.2 million.
Previous report
◦$175.0 million first mortgage loan to renovate a 593-key beach resort located in Bermuda, of which the Company funded $22.6 million.
Previous report
◦$110.0 million first mortgage and mezzanine loan to refinance a 26-story luxury multifamily property located in New Jersey, of which the Company funded $95.0 million.
Previous report
◦$59.6 million first mortgage loan to refinance a Class A industrial property located in New York, of which the Company funded $54.8 million.
Previous report
•Entered into a credit facility to finance infrastructure loans with a maximum facility size of $250.0 million.
Previous report
•Sold commercial real estate for gross proceeds of $18.2 million and recognized a gain of $8.3 million, of which $2.5 million was attributable to non-controlling interests.
Previous report
•In September 2024, issued 20.1 million shares of our common stock for proceeds of $392.5 million.
Previous report
Developments During the Nine Months Ended September 30, 2024
Previous report
•$301.4 million first mortgage loan (of which $41.8 million is classified as investment securities) secured by a portfolio of 34 high-quality big-box logistics assets located across the United Kingdom and Europe, which the Company has fully funded.
Previous report
◦£176.0 million ($219.8 million) first mortgage loan participation on a portfolio of vacation cottages, caravan homes and resorts across the United Kingdom, which the Company fully funded. Prior to acquisition, we had an existing participation in this loan, of which the outstanding balance was £352.0 million.
Previous report
◦$189.4 million first mortgage loan to refinance a residential development located in New York, of which the Company funded $149.2 million.
Previous report
◦$175.0 million first mortgage loan to renovate a 593-key beach resort located in Bermuda, of which the Company funded $22.6 million.
Previous report
◦$110.0 million first mortgage and mezzanine loan to refinance a 26-story luxury multifamily property located in New Jersey, of which the Company funded $95.0 million.
Previous report
◦$83.7 million first mortgage and mezzanine loan to refinance the existing debt of three multifamily properties and two new modular multifamily developments located in Georgia, Tennessee and Florida, of which the Company funded $55.7 million.
Previous report
◦$59.6 million first mortgage loan to refinance a Class A industrial property located in New York, of which the Company funded $54.8 million.
Previous report
◦$46.5 million first mortgage and mezzanine loan to finance the construction of four industrial properties located in California, of which the Company funded $18.4 million.
Previous report
•Sold three units in a residential conversion project in New York for $12.1 million.
Previous report
•Received proceeds of $885.7 million from principal repayments on our infrastructure loans and bonds and $47.1 million from the sale of an infrastructure loan.
Previous report
•Entered into a credit facility to finance infrastructure loans with a maximum facility size of $250.0 million.
Previous report
•In May 2024, we refinanced a pool of our infrastructure loans held-for-investment through a CLO, STWD 2024-SIF3. The CLO has a contractual maturity of April 2036 and a weighted average cost of financing of SOFR + 2.41%, inclusive of the amortization of deferred issuance costs. On the closing date, the CLO issued $400.0 million of notes, of which $330.0 million of notes was purchased by third party investors and $70.0 million of subordinated notes were retained by us.
Previous report
Property
Previous report
•In May 2024, we refinanced $600.0 million of outstanding debt on our Medical Office Portfolio due November 2024 with $450.5 million of senior securitized mortgage debt and a $39.5 million mezzanine loan. The new debt carries an initial term of two years, followed by three successive one-year extension options and a weighted average coupon of SOFR + 2.52%.
Previous report
•In February 2024, we sold the 16 retail properties which comprised our Property Segment's Master Lease Portfolio for net proceeds of $188.0 million, recognizing a net gain of $90.8 million.
Previous report
•Originated or acquired commercial conduit loans of $1.2 billion.
Previous report
•Received proceeds of $1.1 billion from sales of previously originated or acquired commercial conduit loans.
Previous report
•Acquired CMBS for a purchase price of $134.0 million, of which $3.8 million related to non-controlling interests, and sold CMBS for total gross proceeds of $12.9 million, of which $2.8 million related to non-controlling interests.
Previous report
•Obtained 23 new special servicing assignments for CMBS trusts with a total unpaid principal balance of $19.1 billion, while $10.4 billion matured and $0.1 billion transferred, bringing our total named special servicing portfolio to $107.3 billion.
Previous report
•Sold commercial real estate for gross proceeds of $18.2 million and recognized a gain of $8.3 million, of which $2.5 million was attributable to non-controlling interests.
Previous report
•In September 2024, issued 20.1 million shares of our common stock for proceeds of $392.5 million.
Previous report
•In June 2024, we repriced our $591.0 million term loan facility, reducing the spread by 50 bps from SOFR + 3.25% to SOFR + 2.75%.
Previous report
•In March 2024, we issued $600.0 million of 7.25% Senior Notes due 2029 (the “2029 Senior Notes”) and swapped the notes to a floating rate of SOFR + 3.25%
Previous report
For the three months ended September 30, 2024, costs and expenses of our Commercial and Residential Lending Segment increased $11.5 million to $294.5 million, compared to $283.0 million for the three months ended June 30, 2024. This increase was primarily due to a $22.0 million increase in the credit loss provision, partially offset by decreases of $7.0 million in interest expense associated with the various secured financing facilities used to fund a portion of this segment’s investment portfolio and $3.3 million in general and administrative expenses. The increase in the credit loss provision was primarily due to higher LTVs on certain assets resulting from recent appraisals, as well as the impact of including future funding now considered probable under a loan guarantee arrangement (see Note 22 to the Condensed Consolidated Financial Statements). The decrease in interest expense was primarily due to lower average borrowings outstanding due to paydowns from net loan repayments and excess cash balances.
Previous report
For the three months ended September 30, 2024, the weighted average unlevered yields on our commercial and residential loans were relatively unchanged from the previous quarter.
Previous report
For the three months ended September 30, 2024, costs and expenses of our Infrastructure Lending Segment increased $2.6 million to $44.4 million, compared to $41.8 million for the three months ended June 30, 2024. The increase was primarily due to increases of $1.7 million in credit loss provision and $0.5 million in interest expense associated with the various secured financing facilities used to fund this segment’s investment portfolio.
Previous report
For the three months ended September 30, 2024, other loss of our Infrastructure Lending Segment increased $0.4 million to $0.5 million, compared to $0.1 million for the three months ended June 30, 2024, primarily due to an increased loss from unconsolidated entities.
Previous report
For the three months ended September 30, 2024, revenues of our Property Segment increased $0.6 million to $16.6 million, compared to $16.0 million for the three months ended June 30, 2024.
Previous report
For the three months ended September 30, 2024, costs and expenses of our Property Segment decreased $0.8 million to $23.6 million, compared to $24.4 million for the three months ended June 30, 2024. The decrease reflects a $1.2 million decrease in interest expense on variable rate borrowings secured by our Medical Office Portfolio, partially offset by a $0.5 million increase in costs of rental operations.
Previous report
For the three months ended September 30, 2024, revenues of our Investing and Servicing Segment decreased $3.3 million to $52.3 million, compared to $55.6 million for the three months ended June 30, 2024. The decrease in revenues is primarily due to a $4.6 million decrease in servicing fees, partially offset by a $1.0 million increase in interest income from conduit loans and CMBS investments. The decrease in servicing fees is primarily due to lower loan modification and assumption fees. The increase in interest income is primarily due to higher average conduit loan balances due to increased origination and securitization activity.
Previous report
For the three months ended September 30, 2024, costs and expenses of our Investing and Servicing Segment increased $2.1 million to $39.4 million, compared to $37.3 million for the three months ended June 30, 2024. The increase reflects increases in interest expense of $1.7 million, primarily related to the financing of conduit loans and CMBS investments, and general and administrative expenses of $0.6 million, primarily related to the increased loan origination and securitization activity.
Showing the first 40 of 84 passages. Open the source sections for the rest.
Reworded paragraphs (83)
Previous wording
During 2023, inflation began to moderate as a result of the monetary policy tightening actions taken by the Federal Reserve, including repeatedly raising interest rates. While the Federal Reserve began to lower interest rates in September 2024, interest rates may remain near recent highs which creates uncertainty for the economy and for our borrowers. Elevated interest rates over time may adversely affect our existing borrowers and lead to nonperformance as higher costs may dampen consumer spending and slow income growth, which may negatively impact the collateral underlying certain of our loans. Additionally, elevated interest rates could adversely affect the value of commercial real estate we own and that collateralizes our loans. It remains difficult to predict the full impact of recent events and any future changes in interest rates or inflation.
Current wording
Recently announced tariffs have significantly increased economic uncertainty and global market volatility, which increases the possibility of an economic slowdown as well as inflationary pressures in the U.S. Although the Federal Reserve began to lower interest rates in September 2024, it is not clear what actions it may take given the uncertain economic effects of the tariffs. Elevated interest rates and tariffs over time may adversely affect our existing borrowers and lead to nonperformance as higher costs may dampen consumer spending and slow income growth, which may negatively impact the collateral underlying certain of our loans. Additionally, elevated interest rates could adversely affect the value of commercial real estate we own and that collateralizes 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 wording
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. 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.
Current wording
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 wording
Developments During the Third Quarter of 2024
Current wording
Developments During the First Quarter of 2025
Previous wording
•Originated or acquired $848.2 million of commercial loans during the quarter, including the following:
Current wording
•Originated or acquired $1.4 billion of commercial loans during the quarter, including the following:
Previous wording
•Funded $133.5 million of previously originated commercial loan commitments and investment securities.
Current wording
•Funded $250.5 million of previously originated commercial loan commitments and investment securities.
Previous wording
•Received gross proceeds of $1.1 billion ($356.2 million, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.
Current wording
•Received gross proceeds of $363.3 million ($256.1 million, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.
Previous wording
•Acquired $527.2 million of infrastructure loans and funded $8.3 million of pre-existing infrastructure loan commitments.
Current wording
•Acquired $676.5 million of infrastructure loans and funded $4.6 million of pre-existing infrastructure loan commitments.
Previous wording
•Received proceeds of $409.5 million from principal repayments on our infrastructure loans and bonds.
Current wording
•Received proceeds of $435.7 million from principal repayments on our infrastructure loans and bonds.
Previous wording
•Originated commercial conduit loans of $614.9 million.
Current wording
•Originated commercial conduit loans of $234.3 million.
Previous wording
•Received proceeds of $703.2 million from sales of previously originated or acquired commercial conduit loans.
Current wording
•Received proceeds of $297.3 million from sales of previously originated commercial conduit loans.
Previous wording
•Acquired CMBS for a purchase price of $126.1 million, of which $3.8 million related to non-controlling interests, and sold CMBS for total gross proceeds of $7.1 million.
Current wording
•Acquired CMBS for a purchase price of $12.0 million.
Previous wording
•Obtained 16 new special servicing assignments for CMBS trusts with a total unpaid principal balance of $12.9 billion, while $3.6 billion matured, bringing our total named special servicing portfolio to $107.3 billion.
Current wording
•Obtained one new special servicing assignment for a CMBS trust with a total unpaid principal balance of $908.4 million, while $3.5 billion matured, bringing our total named special servicing portfolio to $107.0 billion.
Previous wording
Refer to Note 24 to the Consolidated Financial Statements for disclosure regarding significant transactions that occurred subsequent to September 30, 2024.
Current wording
Refer to Note 24 to the Condensed Consolidated Financial Statements for disclosure regarding significant transactions that occurred subsequent to March 31, 2025.
Previous wording
The following table compares our summarized results of operations for the three months ended September 30, 2024 and June 30, 2024 and for the nine months ended September 30, 2024 and 2023 by business segment (amounts in thousands):
Current wording
The following table compares our summarized results of operations for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024 by business segment (amounts in thousands):
Previous wording
For the three months ended September 30, 2024, revenues of our Commercial and Residential Lending Segment decreased $8.1 million to $385.5 million, compared to $393.6 million for the three months ended June 30, 2024. This was primarily due to a decrease in interest income from loans of $9.2 million comprised of (i) an $8.4 million decrease from commercial loans, reflecting lower average balances and additional loans placed on nonaccrual, partially offset by higher prepayment related income, and (ii) a $0.8 million decrease from residential loans reflecting lower average balances.
Current wording
For the three months ended March 31, 2025, revenues of our Commercial and Residential Lending Segment decreased $31.4 million to $325.5 million, compared to $356.9 million for the three months ended December 31, 2024. This was primarily due to a decrease in interest income from loans of $31.1 million comprised of (i) a $31.0 million decrease from commercial loans, reflecting lower prepayment related income, lower average index rates and spreads and additional loans placed on nonaccrual, and (ii) a $0.1 million decrease from residential loans reflecting lower average balances.
Previous wording
For the three months ended September 30, 2024, net interest income of our Commercial and Residential Lending Segment decreased $2.1 million to $169.5 million, compared to $171.6 million for the three months ended June 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, 2025, net interest income of our Commercial and Residential Lending Segment decreased $16.4 million to $148.6 million, compared to $165.1 million for the three months ended December 31, 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.
Previous wording
During the three months ended September 30, 2024 and June 30, 2024, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 7.5% and 7.6%, respectively. Interest rate hedges had the effect of reducing these weighted average borrowing costs to 6.6% and 6.7% during the three months ended September 30, 2024 and June 30, 2024, respectively.
Current wording
During the three months ended March 31, 2025 and December 31, 2024, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 6.6% and 6.9%, respectively. The decrease in borrowing rates primarily reflects lower average index rates. Interest rate hedges had the effect of reducing these weighted average borrowing costs to 5.9% and 6.1% during the three months ended March 31, 2025 and December 31, 2024, respectively.
Previous wording
For the three months ended September 30, 2024, other income of our Commercial and Residential Lending Segment decreased $14.5 million to $48.1 million compared to $62.6 million for the three months ended June 30, 2024. This decrease was primarily due to (i) a $117.6 million unfavorable change in gain (loss) on derivatives, partially offset by (ii) a $52.1 million increase in foreign currency gain, (iii) a $48.0 million favorable change in fair value of residential loans and (iv) a $3.2 million favorable change in fair value of primarily RMBS investment securities. The unfavorable change in gain (loss) on derivatives in the third quarter of 2024 reflects a $62.2 million unfavorable change in gain (loss) on interest rate swaps principally related to residential loans, which is partially offset by the favorable change in fair value of those loans, and a $55.4 million increased 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 increased foreign currency gain and the increased loss on foreign currency hedges reflect the weakening of the U.S. dollar against the pound sterling (“GBP”), Euro (“EUR”) and Australian dollar (“AUD”) in the third quarter of 2024, compared to a lesser weakening of the U.S. dollar against the GBP and AUD, partially offset by a strengthening against the EUR, in the second quarter of 2024.
Current wording
For the three months ended March 31, 2025, other income of our Commercial and Residential Lending Segment increased $28.5 million to income of $19.6 million compared to a loss of $8.9 million for the three months ended December 31, 2024. This increase was primarily due to (i) a $141.8 million favorable change in fair value of residential loans, (ii) a $132.4 million favorable change in foreign currency gain (loss) and (iii) a $3.0 million favorable change in fair value of primarily RMBS investment securities, partially offset by (iv) a $250.5 million unfavorable change in gain (loss) on derivatives. The unfavorable change in gain (loss) on derivatives in the first quarter of 2025 reflects (i) a $136.2 million unfavorable change in gain (loss) on foreign currency hedges and (ii) a $114.3 million unfavorable change in gain (loss) on interest rate swaps principally related to residential loans, which is more than offset by the favorable change in fair value of those 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 favorable change in foreign currency gain (loss) and the unfavorable change in gain (loss) on foreign currency hedges reflect the weakening of the U.S. dollar against the pound sterling (“GBP”), Euro (“EUR”) and Australian dollar (“AUD”) in the first quarter of 2025, compared to a strengthening of the U.S. dollar against each of those currencies in the fourth quarter of 2024.
Previous wording
For the three months ended September 30, 2024, revenues of our Infrastructure Lending Segment increased $0.2 million to $65.4 million, compared to $65.2 million for the three months ended June 30, 2024. This was primarily due to a $0.5 million increase in interest income on cash balances, partially offset by a decrease in interest income from loans of $0.3 million reflecting lower average loan balances, the effect of which was partially offset by higher prepayment related income.
Current wording
For the three months ended March 31, 2025, revenues of our Infrastructure Lending Segment decreased $1.8 million to $61.6 million, compared to $63.4 million for the three months ended December 31, 2024. This was primarily due to a $1.1 million decrease in interest income on cash balances and a $0.7 million decrease in interest income from loans reflecting lower average index rates, the effect of which was partially offset by higher average loan balances.
Previous wording
For the nine months ended September 30, 2024, net interest income of our Infrastructure Lending Segment increased $8.3 million to $79.7 million, compared to $71.4 million for the nine months ended September 30, 2023. The increase reflects the net increase in interest income, 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, 2025, net interest income of our Infrastructure Lending Segment increased $0.1 million to $25.5 million, compared to $25.3 million for the three months ended December 31, 2024. The increase reflects the decrease in interest income from loans as discussed above, which was more than offset by a decrease in interest expense on the secured financing facilities used to fund this segment’s investment portfolio.
Previous wording
During the three months ended September 30, 2024 and June 30, 2024, 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 10.4% and 10.3%, respectively.
Current wording
During the three months ended March 31, 2025 and December 31, 2024, 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 9.6%, respectively, primarily reflecting lower average index rates in the first quarter of 2025.
Previous wording
During the three months ended September 30, 2024 and June 30, 2024, the Infrastructure Lending Segment’s weighted average secured borrowing rate, inclusive of the amortization of deferred financing fees, was 8.0% in each period.
Current wording
During the three months ended March 31, 2025 and December 31, 2024, the Infrastructure Lending Segment’s weighted average secured borrowing rate, inclusive of the amortization of deferred financing fees, was 7.0% and 7.3%, respectively, reflecting lower average index rates in the first quarter of 2025.
Previous wording
For the three months ended September 30, 2024, other income of our Property Segment decreased $12.5 million to a loss of $7.1 million compared to income of $5.4 million for the three months ended June 30, 2024. The decrease is primarily due to (i) a $12.0 million unfavorable change in income (loss) attributable to investments of the Woodstar Fund, primarily related to unrealized changes in fair value, and (ii) a $0.8 million unfavorable change in gain (loss) on derivatives which primarily hedge the interest rate risk on borrowings secured by our Medical Office Portfolio.
Current wording
For the three months ended March 31, 2025, other income of our Property Segment decreased $89.3 million to $2.9 million compared to $92.2 million for the three months ended December 31, 2024. The decrease is primarily due to an $87.9 million unfavorable change in income (loss) attributable to investments of the Woodstar Fund, primarily related to unrealized changes in fair value.
Previous wording
For the three months ended September 30, 2024, corporate other income (loss) improved $37.9 million to income of $28.7 million, compared to a loss of $9.2 million for the three months ended June 30, 2024. This was due to a favorable change in gain (loss) on our fixed-to-floating interest rate swaps which hedge a portion of our unsecured senior notes.
Current wording
For the three months ended March 31, 2025, corporate other income (loss) improved $76.8 million to income of $27.3 million, compared to a loss of $49.5 million for the three months ended December 31, 2024. This was primarily due to a favorable change in gain (loss) on our fixed-to-floating interest rate swaps which hedge a portion of our unsecured senior notes.
Previous wording
Our consolidated income taxes principally relate to the taxable nature of our loan servicing and loan securitization businesses which are housed in TRSs. For the nine months ended September 30, 2024, our income taxes increased $46.5 million to a provision of $27.5 million, compared to a benefit of $19.0 million for the nine months ended September 30, 2023 due to taxable income of our TRSs in the 2024 period compared to tax losses in the 2023 period primarily attributable to unrealized fair value changes in our residential loans and related interest rate derivatives.
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, 2025, our income tax provision increased $5.9 million to a provision of $3.8 million compared to a benefit of $2.1 million for the three months ended December 31, 2024. This change is due to taxable income of our TRSs in the first quarter of 2025 compared to a net tax loss in the fourth quarter of 2024.
Previous wording
During the three months ended September 30, 2024, net loss attributable to non-controlling interests increased $3.7 million to $3.9 million, compared to $0.2 million during the three months ended June 30, 2024. The increase was primarily due to non-controlling interests in unfavorable changes in unrealized gains (losses) of the Woodstar Fund investments and a consolidated CMBS joint venture in the third quarter of 2024.
Current wording
During the three months ended March 31, 2025, net income attributable to non-controlling interests decreased $15.4 million to $3.8 million, compared to $19.2 million during the three months ended December 31, 2024. The decrease was primarily due to non-controlling interests in unfavorable changes in fair value of the Woodstar Fund investments, partially offset by decreased unrealized losses of a consolidated CMBS joint venture in the first quarter of 2025.
Previous wording
For the nine months ended September 30, 2024, revenues of our Commercial and Residential Lending Segment decreased $68.5 million to $1.2 billion, compared to $1.3 billion for the nine months ended September 30, 2023. This decrease was primarily due to decreases in interest income from loans of $63.9 million and investment securities of $12.3 million, partially offset by a $5.4 million increase in rental income from foreclosed properties. The decrease in interest income from loans reflects (i) a $56.2 million decrease from commercial loans, reflecting lower average balances and additional loans placed on nonaccrual, partially offset by the effects of higher average index rates and prepayment related income, and (ii) a $7.7 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, 2025, revenues of our Commercial and Residential Lending Segment decreased $105.1 million to $325.5 million, compared to $430.6 million for the three months ended March 31, 2024. This decrease was primarily due to decreases in interest income from loans of $104.2 million and investment securities of $7.5 million, partially offset by a $4.6 million increase in rental income from foreclosed properties. The decrease in interest income from loans reflects (i) a $102.2 million decrease from commercial loans, reflecting lower average balances, lower prepayment related income, lower average index rates and spreads, and additional loans placed on nonaccrual, and (ii) a $2.0 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.
Previous wording
For the nine months ended September 30, 2024, net interest income of our Commercial and Residential Lending Segment decreased $13.9 million to $530.9 million, compared to $544.8 million for the nine months ended September 30, 2023. 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, 2025, net interest income of our Commercial and Residential Lending Segment decreased $41.1 million to $148.6 million, compared to $189.7 million for the three months ended March 31, 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.
Previous wording
During the nine months ended September 30, 2024 and 2023, 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, 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:
Previous wording
The weighted average unlevered yield on our commercial loans increased primarily due to higher average index rates and 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 prepayment related income and lower average index rates and spreads. The unlevered yield on our residential loans was relatively unchanged.
Previous wording
During the nine months ended September 30, 2024 and 2023, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 7.6% and 7.1%, respectively. The increase in borrowing rates primarily reflects higher average index rates. Interest rate hedges had the effect of adjusting these weighted average borrowing costs to 6.7% and 6.5% during the nine months ended September 30, 2024 and 2023, respectively.
Current wording
During the three months ended March 31, 2025 and 2024, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 6.6% and 7.6%, 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 5.9% and 6.7% during the three months ended March 31, 2025 and 2024, respectively.
Previous wording
For the nine months ended September 30, 2024, other income of our Commercial and Residential Lending Segment increased $115.2 million to $137.1 million, compared to $21.9 million for the nine months ended September 30, 2023. This increase primarily reflects (i) a $228.2 million favorable change in fair value of residential loans, (ii) a $42.1 million favorable change in foreign currency gain (loss), (iii) the non-recurrence of a $23.8 million impairment loss on a foreclosed vacant building in the 2023 period and (iv) a $6.7 million increase in earnings from unconsolidated entities primarily due to an observable price change in an equity investment, partially offset by (v) a $121.0 million unfavorable change in gain (loss) on derivatives, and (vi) a $67.1 million unfavorable change in fair value of primarily RMBS investment securities. The unfavorable change in gain (loss) on derivatives during the nine months ended September 30, 2024 reflects (i) a $93.8 million decreased gain on interest rate swaps principally related to residential loans and (ii) a $27.2 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 favorable change in foreign currency gain (loss) and the unfavorable change in gain (loss) on foreign currency hedges reflect the weakening of the U.S. dollar against the GBP, EUR and AUD during the nine months of 2024, compared to a strengthening of the U.S. dollar against the EUR and AUD, partially offset by a weakening against the GBP, in the nine months of 2023.
Current wording
For the three months ended March 31, 2025, other income of our Commercial and Residential Lending Segment decreased $6.8 million to $19.6 million, compared to $26.4 million for the three months ended March 31, 2024. This decrease primarily reflects (i) a $176.8 million unfavorable change in gain (loss) on derivatives and (ii) a $6.0 million decrease in earnings from unconsolidated entities primarily due to the nonrecurrence of an observable price change in an equity investment in the first quarter of 2024, partially offset by (iii) an $83.2 million favorable change in fair value of residential loans, (iv) a $76.4 million favorable change in foreign currency gain (loss) and (v) a $14.4 million favorable change in fair value of primarily RMBS investment securities. The unfavorable change in gain (loss) on derivatives during the three months ended March 31, 2025 reflects (i) a $96.4 million unfavorable change in gain (loss) on interest rate swaps principally related to residential loans and (ii) an $80.4 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 favorable change in foreign currency gain (loss) and the unfavorable change in gain (loss) on foreign currency hedges reflect the weakening of the U.S. dollar against the GBP, EUR and AUD during the first quarter of 2025, compared to a strengthening of the U.S. dollar against each of those currencies in the first quarter of 2024.
Previous wording
For the three months ended September 30, 2024, net interest income of our Infrastructure Lending Segment decreased $0.8 million to $25.7 million, compared to $26.5 million for the three months ended June 30, 2024. The decrease reflects the decrease in interest income from loans and 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, 2025, net interest income of our Infrastructure Lending Segment decreased $2.1 million to $25.5 million, compared to $27.6 million for the three months ended March 31, 2024. The decrease reflects the decrease in interest income from loans, partially offset by the decrease in interest expense on the secured financing facilities, both as discussed in the sections above.
Previous wording
During the nine months ended September 30, 2024 and 2023, 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 10.6% and 10.0%, respectively, primarily reflecting higher average interest rates in the 2024 period.
Current wording
During the three months ended March 31, 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 9.3% and 10.4%, respectively, reflecting lower average index rates and spreads, partially offset by higher prepayment related income, in the first quarter of 2025.
Previous wording
For the nine months ended September 30, 2024, other income of our Property Segment decreased $157.9 million to $100.3 million, compared to $258.2 million for the nine months ended September 30, 2023. The decrease is primarily due to (i) a $243.4 million decrease in income attributable to investments of the Woodstar Fund due to lower unrealized increases in fair value and (ii) a $3.0 million decreased gain on derivatives which primarily hedge our interest rate risk on borrowings secured by our Medical Office Portfolio, partially offset by (iii) a $90.8 million net gain on sale of the Master Lease Portfolio in the first quarter of 2024.
Current wording
For the three months ended March 31, 2025, other income of our Property Segment decreased $99.1 million to $2.9 million, compared to $102.0 million for the three months ended March 31, 2024. The decrease is primarily due to (i) the nonrecurrence of a $90.8 million net gain on sale of the Master Lease Portfolio in the first quarter of 2024, (ii) a $5.5 million decrease in income attributable to investments of the Woodstar Fund primarily due to greater unrealized decreases in fair value and (iii) a $1.8 million unfavorable change in gain (loss) on derivatives which hedge our interest rate risk on borrowings secured by our Medical Office Portfolio.
Previous wording
For the nine months ended September 30, 2024, revenues of our Investing and Servicing Segment increased $23.7 million to $150.0 million, compared to $126.3 million for the nine months ended September 30, 2023. The increase in revenues is primarily due to (i) an $18.0 million increase in servicing fees principally related to loan modifications and (ii) a $9.2 million increase in interest income primarily due to higher average conduit loan balances due to increased origination and securitization activity, partially offset by (iii) a $5.1 million decrease in rental income due to fewer operating properties held.
Current wording
For the three months ended March 31, 2025, revenues of our Investing and Servicing Segment increased $16.8 million to $58.9 million, compared to $42.1 million for the three months ended March 31, 2024. The increase in revenues is primarily due to (i) an $8.8 million increase in servicing fees principally related to default interest and (ii) a $7.6 million increase in interest income primarily due to higher interest recoveries on CMBS investments.
Previous wording
For the nine months ended September 30, 2024, other loss of our Investing and Servicing Segment increased $7.3 million to $14.0 million, compared to $6.7 million for the nine months ended September 30, 2023. The increase in other loss was primarily due to (i) a $23.2 million greater decrease in fair value of CMBS investments, (ii) a $7.3 million decrease in earnings from unconsolidated entities, (iii) a $7.3 million decreased gain on sale of operating properties and (iv) a $4.3 million decreased gain on derivatives which primarily hedge our interest rate risk on conduit loans and CMBS investments, partially offset by (v) a $33.4 million greater increase in fair value of conduit loans.
Current wording
For the three months ended March 31, 2025, other loss of our Investing and Servicing Segment increased $2.9 million to $7.7 million, compared to $4.8 million for the three months ended March 31, 2024. The increase in other loss was primarily due to (i) a $6.2 million greater decrease in fair value of CMBS investments and (ii) a $4.1 million unfavorable change in gain (loss) on derivatives which primarily hedge our interest rate risk on conduit loans and CMBS investments, partially offset by (iii) a $4.2 million greater increase in fair value of conduit loans and (iv) a $3.3 million lesser decrease in fair value of servicing rights.
Previous wording
For the nine months ended September 30, 2024, corporate expenses increased $29.1 million to $314.4 million, compared to $285.3 million for the nine months ended September 30, 2023. This increase was primarily due to (i) a $24.2 million increase in interest expense reflecting higher average unsecured borrowings outstanding and higher index rates on our secured term loans and (ii) a $6.4 million increase in management fees, primarily reflecting higher incentive fees.
Current wording
For the three months ended March 31, 2025, corporate expenses increased $11.3 million to $120.0 million, compared to $108.7 million for the three months ended March 31, 2024. This increase was primarily due to (i) a $15.1 million increase in interest expense reflecting higher average balances of unsecured senior notes outstanding, partially offset by lower variable interest rates on our secured term loans, and (ii) a $1.4 million increase in general and administrative expenses, partially offset by (iii) a $5.2 million decrease in management fees, primarily reflecting lower incentive fees.
Previous wording
For the nine months ended September 30, 2024, corporate other income (loss) improved $29.1 million to income of $5.7 million, compared to a loss of $23.4 million for the nine months ended September 30, 2023. This was due to a favorable change in gain (loss) on fixed-to-floating interest rate swaps which hedge a portion of our unsecured senior notes.
Current wording
For the three months ended March 31, 2025, corporate other income (loss) improved $41.2 million to income of $27.3 million, compared to a loss of $13.9 million for the three months ended March 31, 2024. This was due to a favorable change in gain (loss) on fixed-to-floating interest rate swaps which hedge a portion of our unsecured senior notes.
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, 2024, our income tax provision decreased $5.5 million to $10.4 million compared to $15.9 million for the three months ended June 30, 2024 due to lower taxable income of our TRSs in the third quarter of 2024 compared to the second quarter of 2024.
Current wording
Our consolidated income taxes principally relate to the taxable nature of our loan servicing and loan securitization businesses which are housed in TRSs. For the three months ended March 31, 2025, our income tax provision increased $2.6 million to $3.8 million, compared to $1.2 million for the three months ended March 31, 2024 due to higher taxable income of our TRSs in the first quarter of 2025 compared to the first quarter of 2024.
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Net Income Attributable to Non-controlling Interests
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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
The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the three months ended December 31, 2024, 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, 2024, by business segment (amounts in thousands, except per share data):
Current report — wording carried from elsewhere
Three Months Ended March 31, 2025 Compared to the Three Months Ended December 31, 2024
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Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024
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Other loss decreased by $0.4 million in the first quarter of 2025.
Rearranged previous paragraphs (5)
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•Originated or acquired $1.2 billion of commercial loans during the period, including the following:
Previous report — wording carried elsewhere
•Funded $364.2 million of previously originated commercial loan commitments and investment securities.
Previous report — wording carried elsewhere
•Received gross proceeds of $2.6 billion ($1.0 billion, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.
Previous report — wording carried elsewhere
•Acquired $884.0 million of infrastructure loans and funded $84.8 million of pre-existing infrastructure loan commitments.
Previous report — wording carried elsewhere
Refer to Note 10 to the Condensed Consolidated Financial Statements for further disclosure regarding the terms of our secured financing arrangements.