Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

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

215,187

3EUR+ 3.05% to 4.50%

N/A

2027-2030

—

Hotel, International, Floating (1 mortgage)

N/A

53,661

SARON+ 4.75%

N/A

2027

—

Hotel, International, Floating (1 mortgage)

N/A

84,954

SOFR+ 5.00%

N/A

2029

—

Hotel, International, Floating (1 mortgage)

N/A

34,002

SONIA ON+ 2.50%

N/A

2029

—

Hotel, Mid Atlantic, Floating (1 mortgage)

N/A

84,400

SOFR+ 3.30%

N/A

2028

—

Hotel, Midwest, Floating (1 mortgage)

N/A

53,482

SOFR+ 3.85%

N/A

2026

—

Hotel, North East, Floating (5 mortgages)

N/A

338,180

SOFR+ 3.36% to 6.35%

N/A

2026-2030

—

Hotel, South East, Floating (2 mortgages)

N/A

133,290

SOFR+ 3.25% to 5.25%

N/A

2026

—

Hotel, South West, Floating (1 mortgage)

N/A

97,487

SOFR+ 2.85%

N/A

2026

—

Hotel, Various U.S., Floating (2 mortgages)

N/A

251,252

SOFR+ 3.86% to 4.25%

N/A

2026-2027

—

(5)

Industrial, International, Floating (2 mortgages)

N/A

165,343

3BBSY+ 2.80% to 3.10%

N/A

2028-2029

—

Industrial, International, Floating (3 mortgages)

N/A

440,174

3EUR+ 2.50% to 3.00%

N/A

2029-2031

—

Industrial, International, Floating (2 mortgages)

N/A

136,258

3SEK+ 2.55% to 3.00%

N/A

2030-2031

—

Industrial, International, Floating (1 mortgage)

N/A

268,621

SONIA ON+ 2.60%

3EUR+ 2.60%

N/A

2030

—

Industrial, Mid Atlantic, Floating (3 mortgages)

N/A

334,942

SOFR+ 2.40% to 3.00%

N/A

2030-2031

—

Industrial, Midwest, Floating (1 mortgage)

N/A

8,712

SOFR+ 2.25%

N/A

2026

—

Industrial, North East, Floating (5 mortgages)

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

20,163

SOFR+ 4.85%

N/A

2030

—

Industrial, South West, Floating (1 mortgage)

N/A

20,589

SOFR+ 2.25%

N/A

2026

—

Industrial, West, Floating (4 mortgages)

N/A

611,575

SOFR+ 2.95% to 6.00%

N/A

2027-2030

—

Mixed Use, International, Floating (1 mortgage)

N/A

88,301

3EUR+ 4.65%

N/A

2027

—

Mixed Use, International, Floating (1 mortgage)

N/A

90,174

SONIA ON+ 4.37%

N/A

2026

—

Mixed Use, North East, Floating (1 mortgage)

N/A

159,439

SOFR+ 3.35%

N/A

2025

—

Mixed Use, South East, Floating (2 mortgages)

N/A

179,496

SOFR+ 3.65% to 5.35%

N/A

2028-2030

—

Mixed Use, South West, Floating (1 mortgage)

N/A

242,389

SOFR+ 4.60%

N/A

2026

242,389

(7)

Multi-family, International, Floating (1 mortgage)

N/A

188,029

3EUR+ 2.85%

N/A

2030

—

Multi-family, International, Floating (4 mortgages)

N/A

750,644

SONIA ON+ 3.10% to 4.00%

N/A

2027-2030

—

Multi-family, Midwest, Floating (3 mortgages)

N/A

174,622

SOFR+ 2.40% to 2.75%

N/A

2030-2031

—

Multi-family, North East, Floating (7 mortgages)

N/A

679,267

SOFR+ 2.50% to 3.50%

N/A

2025-2030

—

Multi-family, South East, Floating (18 mortgages)

N/A

1,230,635

SOFR+ 1.80% to 4.13%

N/A

2026-2031

—

Multi-family, South West, Floating (27 mortgages)

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

544,956

SOFR+ 2.70%

N/A

2030

—

Multi-family, West, Floating (10 mortgages)

N/A

837,354

SOFR+ 1.95% to 3.85%

N/A

2026-2031

—

Office, International, Floating (2 mortgages)

N/A

252,940

3EUR+ 2.74% to 3.75%

N/A

2026-2028

—

Office, International, Floating (2 mortgages)

N/A

318,972

SONIA ON+ 3.55% to 3.75%

N/A

2027-2028

—

Office, Mid Atlantic, Floating (1 mortgage)

N/A

117,067

P+ 0.19%

N/A

2024

117,141

(8)

Office, Mid Atlantic, Floating (2 mortgages)

N/A

505,571

SOFR+ 1.00% to 2.25%

N/A

2026-2027

—

Office, Midwest, Floating (2 mortgages)

N/A

146,798

SOFR+ 1.00% to 2.45%

N/A

2026-2027

—

Office, North East, Fixed (1 mortgage)

N/A

96,095

6.00%

N/A

2026

—

Office, North East, Floating (3 mortgages)

N/A

216,355

SOFR+ 2.45% to 4.00%

N/A

2026-2029

—

Office, South East, Floating (2 mortgages)

N/A

270,231

SOFR+ 1.00% to 3.10%

N/A

2026-2028

—

Office, South West, Floating (3 mortgages)

N/A

541,434

SOFR+ 3.30% to 4.50%

N/A

2026-2029

—

Office, West, Floating (2 mortgages)

N/A

286,220

SOFR+ 0.00% to 2.80%

N/A

2025-2027

—

Other, International, Floating (1 mortgage)

N/A

305,752

SONIA ON+ 5.01%

N/A

2028

—

Other, Midwest, Floating (1 mortgage)

N/A

29,799

SOFR+ 7.50%

N/A

2029

—

Other, North East, Floating (2 mortgages)

N/A

203,345

SOFR+ 1.57% to 2.75%

N/A

2026-2030

—

Other, South West, Fixed (1 mortgage)

N/A

20,000

7.00%

N/A

2028

—

Residential, International, Floating (1 mortgage)

N/A

8,893

SONIA ON+ 3.10%

N/A

2030

—

Residential, North East, Floating (2 mortgages)

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.

- 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 + Details