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Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended
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Dec. 31, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] |
Schedule IV - Mortgage Loans on Real Estate | Starwood Property Trust, Inc. and Subsidiaries Schedule IV—Mortgage Loans on Real Estate December 31, 2025 (Dollars in thousands)
|  |  |  |  |  |  |  |  |  |  |  |  |  | Principal |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Amount of |  |
|  | Prior |  | Face |  | Carrying |  |  |  | Payment |  | Maturity |  | Delinquent |  |
Description/Location |  | Liens (1) |  | Amount (1) |  | Amount |  | Interest Rate (2) |  | Terms (1) |  | Date (3) |  | Loans |  |
Individually Significant Mortgage Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other, Various, Australia (1 mortgage) |  | None |  | $ | 918,734 |  | $ | 911,541 |  | 3BBSY + 4.75% |  | I/O |  | 6/22/2030 |  | — |  |  |
Aggregated First Mortgages: (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hotel, International, Floating (2 mortgages) |  | N/A |  | N/A |  | 215,187 |  | 3EUR+ 3.05% to 4.50% |  | N/A |  | 2027-2030 |  | — |  |  |
Hotel, International, Floating (1 mortgage) |  | N/A |  | N/A |  | 53,661 |  | SARON+ 4.75% |  | N/A |  | 2027 |  | — |  |  |
Hotel, International, Floating (1 mortgage) |  | N/A |  | N/A |  | 84,954 |  | SOFR+ 5.00% |  | N/A |  | 2029 |  | — |  |  |
Hotel, International, Floating (1 mortgage) |  | N/A |  | N/A |  | 34,002 |  | SONIA ON+ 2.50% |  | N/A |  | 2029 |  | — |  |  |
Hotel, Mid Atlantic, Floating (1 mortgage) |  | N/A |  | N/A |  | 84,400 |  | SOFR+ 3.30% |  | N/A |  | 2028 |  | — |  |  |
Hotel, Midwest, Floating (1 mortgage) |  | N/A |  | N/A |  | 53,482 |  | SOFR+ 3.85% |  | N/A |  | 2026 |  | — |  |  |
Hotel, North East, Floating (5 mortgages) |  | N/A |  | N/A |  | 338,180 |  | SOFR+ 3.36% to 6.35% |  | N/A |  | 2026-2030 |  | — |  |  |
Hotel, South East, Floating (2 mortgages) |  | N/A |  | N/A |  | 133,290 |  | SOFR+ 3.25% to 5.25% |  | N/A |  | 2026 |  | — |  |  |
Hotel, South West, Floating (1 mortgage) |  | N/A |  | N/A |  | 97,487 |  | SOFR+ 2.85% |  | N/A |  | 2026 |  | — |  |  |
Hotel, Various U.S., Floating (2 mortgages) |  | N/A |  | N/A |  | 251,252 |  | SOFR+ 3.86% to 4.25% |  | N/A |  | 2026-2027 |  | — |  | (5) |
Industrial, International, Floating (2 mortgages) |  | N/A |  | N/A |  | 165,343 |  | 3BBSY+ 2.80% to 3.10% |  | N/A |  | 2028-2029 |  | — |  |  |
Industrial, International, Floating (3 mortgages) |  | N/A |  | N/A |  | 440,174 |  | 3EUR+ 2.50% to 3.00% |  | N/A |  | 2029-2031 |  | — |  |  |
Industrial, International, Floating (2 mortgages) |  | N/A |  | N/A |  | 136,258 |  | 3SEK+ 2.55% to 3.00% |  | N/A |  | 2030-2031 |  | — |  |  |
Industrial, International, Floating (1 mortgage) |  | N/A |  | N/A |  | 268,621 |  | SONIA ON+ 2.60% 3EUR+ 2.60% |  | N/A |  | 2030 |  | — |  |  |
Industrial, Mid Atlantic, Floating (3 mortgages) |  | N/A |  | N/A |  | 334,942 |  | SOFR+ 2.40% to 3.00% |  | N/A |  | 2030-2031 |  | — |  |  |
Industrial, Midwest, Floating (1 mortgage) |  | N/A |  | N/A |  | 8,712 |  | SOFR+ 2.25% |  | N/A |  | 2026 |  | — |  |  |
Industrial, North East, Floating (5 mortgages) |  | N/A |  | N/A |  | 1,009,135 |  | SOFR+ 2.40% to 5.55% |  | N/A |  | 2026-2030 |  | 269,007 |  | (6) |
Industrial, South East, Floating (1 mortgage) |  | N/A |  | N/A |  | 20,163 |  | SOFR+ 4.85% |  | N/A |  | 2030 |  | — |  |  |
Industrial, South West, Floating (1 mortgage) |  | N/A |  | N/A |  | 20,589 |  | SOFR+ 2.25% |  | N/A |  | 2026 |  | — |  |  |
Industrial, West, Floating (4 mortgages) |  | N/A |  | N/A |  | 611,575 |  | SOFR+ 2.95% to 6.00% |  | N/A |  | 2027-2030 |  | — |  |  |
Mixed Use, International, Floating (1 mortgage) |  | N/A |  | N/A |  | 88,301 |  | 3EUR+ 4.65% |  | N/A |  | 2027 |  | — |  |  |
Mixed Use, International, Floating (1 mortgage) |  | N/A |  | N/A |  | 90,174 |  | SONIA ON+ 4.37% |  | N/A |  | 2026 |  | — |  |  |
Mixed Use, North East, Floating (1 mortgage) |  | N/A |  | N/A |  | 159,439 |  | SOFR+ 3.35% |  | N/A |  | 2025 |  | — |  |  |
Mixed Use, South East, Floating (2 mortgages) |  | N/A |  | N/A |  | 179,496 |  | SOFR+ 3.65% to 5.35% |  | N/A |  | 2028-2030 |  | — |  |  |
Mixed Use, South West, Floating (1 mortgage) |  | N/A |  | N/A |  | 242,389 |  | SOFR+ 4.60% |  | N/A |  | 2026 |  | 242,389 |  | (7) |
Multi-family, International, Floating (1 mortgage) |  | N/A |  | N/A |  | 188,029 |  | 3EUR+ 2.85% |  | N/A |  | 2030 |  | — |  |  |
Multi-family, International, Floating (4 mortgages) |  | N/A |  | N/A |  | 750,644 |  | SONIA ON+ 3.10% to 4.00% |  | N/A |  | 2027-2030 |  | — |  |  |
Multi-family, Midwest, Floating (3 mortgages) |  | N/A |  | N/A |  | 174,622 |  | SOFR+ 2.40% to 2.75% |  | N/A |  | 2030-2031 |  | — |  |  |
Multi-family, North East, Floating (7 mortgages) |  | N/A |  | N/A |  | 679,267 |  | SOFR+ 2.50% to 3.50% |  | N/A |  | 2025-2030 |  | — |  |  |
Multi-family, South East, Floating (18 mortgages) |  | N/A |  | N/A |  | 1,230,635 |  | SOFR+ 1.80% to 4.13% |  | N/A |  | 2026-2031 |  | — |  |  |
Multi-family, South West, Floating (27 mortgages) |  | N/A |  | N/A |  | 1,720,037 |  | SOFR+ 1.85% to 4.35% |  | N/A |  | 2026-2031 |  | 90,859 |  | (7) |
Multi-family, Various U.S., Floating (1 mortgage) |  | N/A |  | N/A |  | 544,956 |  | SOFR+ 2.70% |  | N/A |  | 2030 |  | — |  |  |
Multi-family, West, Floating (10 mortgages) |  | N/A |  | N/A |  | 837,354 |  | SOFR+ 1.95% to 3.85% |  | N/A |  | 2026-2031 |  | — |  |  |
Office, International, Floating (2 mortgages) |  | N/A |  | N/A |  | 252,940 |  | 3EUR+ 2.74% to 3.75% |  | N/A |  | 2026-2028 |  | — |  |  |
Office, International, Floating (2 mortgages) |  | N/A |  | N/A |  | 318,972 |  | SONIA ON+ 3.55% to 3.75% |  | N/A |  | 2027-2028 |  | — |  |  |
Office, Mid Atlantic, Floating (1 mortgage) |  | N/A |  | N/A |  | 117,067 |  | P+ 0.19% |  | N/A |  | 2024 |  | 117,141 |  | (8) |
Office, Mid Atlantic, Floating (2 mortgages) |  | N/A |  | N/A |  | 505,571 |  | SOFR+ 1.00% to 2.25% |  | N/A |  | 2026-2027 |  | — |  |  |
Office, Midwest, Floating (2 mortgages) |  | N/A |  | N/A |  | 146,798 |  | SOFR+ 1.00% to 2.45% |  | N/A |  | 2026-2027 |  | — |  |  |
Office, North East, Fixed (1 mortgage) |  | N/A |  | N/A |  | 96,095 |  | 6.00% |  | N/A |  | 2026 |  | — |  |  |
Office, North East, Floating (3 mortgages) |  | N/A |  | N/A |  | 216,355 |  | SOFR+ 2.45% to 4.00% |  | N/A |  | 2026-2029 |  | — |  |  |
Office, South East, Floating (2 mortgages) |  | N/A |  | N/A |  | 270,231 |  | SOFR+ 1.00% to 3.10% |  | N/A |  | 2026-2028 |  | — |  |  |
Office, South West, Floating (3 mortgages) |  | N/A |  | N/A |  | 541,434 |  | SOFR+ 3.30% to 4.50% |  | N/A |  | 2026-2029 |  | — |  |  |
Office, West, Floating (2 mortgages) |  | N/A |  | N/A |  | 286,220 |  | SOFR+ 0.00% to 2.80% |  | N/A |  | 2025-2027 |  | — |  |  |
Other, International, Floating (1 mortgage) |  | N/A |  | N/A |  | 305,752 |  | SONIA ON+ 5.01% |  | N/A |  | 2028 |  | — |  |  |
Other, Midwest, Floating (1 mortgage) |  | N/A |  | N/A |  | 29,799 |  | SOFR+ 7.50% |  | N/A |  | 2029 |  | — |  |  |
Other, North East, Floating (2 mortgages) |  | N/A |  | N/A |  | 203,345 |  | SOFR+ 1.57% to 2.75% |  | N/A |  | 2026-2030 |  | — |  |  |
Other, South West, Fixed (1 mortgage) |  | N/A |  | N/A |  | 20,000 |  | 7.00% |  | N/A |  | 2028 |  | — |  |  |
Residential, International, Floating (1 mortgage) |  | N/A |  | N/A |  | 8,893 |  | SONIA ON+ 3.10% |  | N/A |  | 2030 |  | — |  |  |
Residential, North East, Floating (2 mortgages) |  | N/A |  | N/A |  | 93,334 |  | SOFR+ 4.00% to 4.25% |  | N/A |  | 2028 |  | — |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Principal |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  | Amount of |  |
|  | Prior |  | Face |  | Carrying |  |  |  | Payment |  | Maturity |  | Delinquent |  |
Description/Location |  | Liens (1) |  | Amount (1) |  | Amount |  | Interest Rate (2) |  | Terms (1) |  | Date (3) |  | Loans |  |
Residential, South East, Floating (2 mortgages) |  | N/A |  | N/A |  | 202,785 |  | SOFR+ 4.25% to 5.80% |  | N/A |  | 2026-2030 |  | — |  |  |
Retail, International, Floating (1 mortgage ) |  | N/A |  | N/A |  | 117,121 |  | 3EUR+ 3.00% |  | N/A |  | 2031 |  | — |  |  |
Retail, North East, Floating (1 mortgage) |  | N/A |  | N/A |  | 188,212 |  | SOFR+ 12.00% |  | N/A |  | 2026 |  | — |  |  |
Loans Held-for-Sale, Various, Fixed |  | N/A |  | N/A |  | 2,323,543 |  | 2.75% to 10.75% |  | N/A |  | 2028-2062 |  | 73,970 |  |  |
Aggregated Subordinated and Mezzanine Loans: (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hotel, West, Floating (1 loan) |  | N/A |  | N/A |  | 22,406 |  | SOFR+ 6.50% |  | N/A |  | 2028 |  | — |  |  |
Multi-family, North East, Floating (1 loan) |  | N/A |  | N/A |  | 5,792 |  | SOFR+ 3.35% |  | N/A |  | 2025 |  | — |  |  |
Office, International, Fixed (1 loan) |  | N/A |  | N/A |  | 36,529 |  | 0.00% |  | N/A |  | 2030 |  | — |  |  |
Office, International, Floating (1 loan) |  | N/A |  | N/A |  | 10,758 |  | 3EUR+ 8.95% |  | N/A |  | 2026 |  | — |  |  |
Office, West, Floating (1 loan) |  | N/A |  | N/A |  | 131,713 |  | SOFR+ 6.34% |  | N/A |  | 2027 |  | — |  |  |
Residential, North East, Floating (2 loans) |  | N/A |  | N/A |  | 66,162 |  | SOFR+ 7.75% to 9.00% |  | N/A |  | 2028-2030 |  | — |  |  |
Residential, West, Fixed (1 loan) |  | N/A |  | N/A |  | 48,574 |  | 9.00% |  | N/A |  | 2028 |  | — |  |  |
Retail, Midwest, Fixed (1 loan) |  | N/A |  | N/A |  | 4,925 |  | 7.16% |  | N/A |  | 2024 |  | 4,925 |  |  |
Loan Loss Allowance |  | — |  | — |  | (426,365) |  |  |  |  |  |  |  | — |  |  |
Prepaid Loan Costs, Net |  | — |  | — |  | 7,369 |  |  |  |  |  |  |  | — |  |  |
|  |  |  |  |  | $ | 18,310,621 |  | (9) |  |  |  |  |  | $ | 798,291 |  |
__________________________________________ Notes to Schedule IV: (1)Disclosure of prior liens, face amount and payment terms are only required for individually significant mortgage loans. I/O = interest only until maturity. (2)3EUR = three month EURO LIBOR rate, 3SEK = three month SEK STIBOR rate, SOFR = one month SOFR rate, 3BBSY = three month BBSY rate, SARON = SARON overnight rate, SONIA ON = SONIA overnight rate, P = Prime rate. (3)Based on fully extended maturity date. (4)First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan. (5)Includes a $102.6 million first mortgage loan in maturity default, but the borrower is complying with all other loan terms and the loan is in the process of modification to restore to current status. (6)Subsequent to December 31, 2025, we acquired the remaining senior mortgage interest in this loan from a third party lender. (7)Subsequent to December 31, 2025, we foreclosed on the loan and took control of the underlying property. (8)We are actively working with the borrower to explore a variety of alternate resolution strategies. (9)The aggregate cost for federal income tax purposes is $18.9 billion. The following schedule presents activity within our Commercial and Residential Lending Segment and Investing and Servicing Segment loan portfolios during the years ended December 31, 2025, 2024 and 2023 (amounts in thousands):
|  | For the Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Balance at January 1 |  | $ | 15,364,817 |  |  | $ | 17,653,215 |  |  | $ | 18,774,708 |
Acquisitions/originations/additional funding |  | 6,698,247 |  |  | 3,458,020 |  |  | 2,441,608 |
Capitalized interest |  | 110,063 |  |  | 94,277 |  |  | 124,214 |
Basis of loans sold |  | (1,515,569) |  |  | (1,767,780) |  |  | (866,104) |
Loan maturities/principal repayments |  | (2,743,109) |  |  | (3,486,272) |  |  | (2,763,682) |
Discount accretion/premium amortization |  | 30,165 |  |  | 40,351 |  |  | 52,601 |
Changes in fair value |  | 184,440 |  |  | 75,880 |  |  | 62,702 |
Foreign currency translation, net |  | 384,862 |  |  | (189,019) |  |  | 152,869 |
Credit loss provision, net |  | (6,752) |  |  | (162,724) |  |  | (222,266) |
Loan foreclosure, equity control and conversion to equity interest |  | (196,543) |  |  | (351,131) |  |  | (102,774) |
Transfer to/from other asset classifications or between segments |  | — |  |  | — |  |  | (661) |
Balance at December 31 |  | $ | 18,310,621 |  |  | $ | 15,364,817 |  |  | $ | 17,653,215 |
Refer to Note 17 to the Consolidated Financial Statements for a discussion of loan activity with related parties.

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 -Paragraph Column G -Footnote 8 -Publisher SEC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 -Paragraph Column G -Footnote 6 -Publisher SEC Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 -Publisher SEC Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478322/948-310-S50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29(Column G)(Footnote 6)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29(Column G)(Footnote 8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 948 -SubTopic 310 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479628/948-310-S99-1 + Details
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