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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
For the fiscal year ended December 31, 2025
or
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission file number 001-34436

Starwood Property Trust, Inc.

(Exact name of registrant as specified in its charter)



Maryland (State or other jurisdiction of incorporation or organization)			27-0247747 (I.R.S. Employer Identification No.)
2340 Collins Avenue, Suite 700 Miami Beach, Florida (Address of Principal Executive Offices)			33139 (Zip Code)

Registrant’s telephone number, including area code (305) 695-5500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

STWD

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of June 30, ~~2024~~2025, the aggregate market value of the voting stock held by non-affiliates was $5.6.4 billion based on the reported last sale price of our common stock on June 2830, ~~2024~~2025. Shares of our common stock held by affiliates, which includes officers and directors of the registrant, have been excluded from this calculation. This calculation does not reflect a determination that persons are affiliates for any other purposes.

The number of shares of the issuer’s common stock, $0.01 par value, outstanding as of February 2120, ~~2025~~2026 was ~~337~~370,~~423~~581,~~560~~767.

DOCUMENTS INCORPORATED BY REFERENCE

Documents Incorporated By Reference: The information required by Part III of this Form 10-K, to the extent not set forth herein or by amendment, is incorporated by reference from the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A on or prior to April 30, ~~2025~~2026.

Table of Contents

TABLE OF CONTENTS

		Page
Part I		6
Item 1.	Business	6
Item 1A.	Risk Factors	17
Item 1B.	Unresolved Staff Comments	53
Item 1C.	Cybersecurity	53
Item 2.	Properties	5455
Item 3.	Legal Proceedings	5455
Item 4.	Mine Safety Disclosures	5455
Part II		55
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	55
Item 6.	[Reserved]	56
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	57
Item 7A.	Quantitative and Qualitative Disclosures about Market Risk	9192
Item 8.	Financial Statements and Supplementary Data	9596
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	~~176~~181
Item 9A.	Controls and Procedures	~~176~~181
Item 9B.	Other Information	~~176~~181
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	~~176~~182
Part III		~~177~~182
Item 10.	Directors, Executive Officers and Corporate Governance	~~177~~182
Item 11.	Executive Compensation	~~177~~182
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	~~177~~182
Item 13.	Certain Relationships and Related Transactions, and Director Independence	~~177~~183
Item 14.	Principal Accountant Fees and Services	~~177~~183
Part IV		~~178~~183
Item 15.	Exhibits and Financial Statement Schedules	~~178~~183
Item 16.	Form 10-K Summary	~~181~~186
Signatures		~~182~~187

Table of Contents

Special Note Regarding Forward-Looking Statements

This Annual Report on Form 10-K (this “Form 10-K”) contains certain forward-looking statements, including without limitation, statements concerning our operations, economic performance and financial condition. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions. Forward-looking statements do not guarantee future performance, which may be materially different from that expressed in, or implied by, any such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their respective dates.

These forward-looking statements are based largely on our current beliefs, assumptions and expectations of our future performance taking into account all information currently available to us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or within our control, and which could materially affect actual results, performance or achievements. Factors that may cause actual results to vary from our forward-looking statements include, but are not limited to:

•defaults by borrowers in paying debt service on outstanding indebtedness;

•impairment in the value of real estate property securing our loans or in which we invest;

•availability of mortgage origination and acquisition opportunities acceptable to us;

•potential mismatches in the timing of asset repayments and the maturity of the associated financing agreements;

•national and local economic and business conditions, including as a result of the impact of public health emergencies;

•the occurrence of certain geo-political events (such as wars, terrorist attacks and tensions between states, including global trade disputes related to tariffs) that affect the normal and peaceful course of international relations;

•general and local commercial and residential real estate property conditions;

•changes in federal government policies;

•changes in federal, state and local governmental laws and regulations;

•increased competition from entities engaged in mortgage lending and securities investing activities;

•changes in interest rates; and

•the availability of, and costs associated with, sources of liquidity.

In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained in this Form 10-K will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.

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Summary Risk Factors

We are subject to a number of risks that, if realized, could have a material adverse effect on our business, financial condition, results of operations, liquidity, the market price of our common stock and our ability to make distributions to our stockholders. Some of our more significant challenges and risks include, but are not limited to, the following, which are described in greater detail below:

•We are dependent on Starwood Capital Group Global, L.P. (“Starwood Capital Group"”), including its affiliate, SPT Management, LLC (our “Manager”) and their key personnel, who provide services to us through a management agreement, and we may not find a suitable replacement for our Manager and Starwood Capital Group if the management agreement is terminated, or for these key personnel if they leave Starwood Capital Group or otherwise become unavailable to us.

•There are various conflicts of interest in our relationship with Starwood Capital Group, including our Manager, which could result in decisions that are not in the best interests of our stockholders.

•The management agreement with our Manager was not negotiated on an arm’s-length basis and may not be as favorable to us as if it had been negotiated with an unaffiliated third party and may be costly and difficult to terminate.

•Our access to sources of financing may be limited and thus our ability to maximize our returns may be adversely affected.

•Our significant indebtedness subjects us to increased risk of loss and may reduce cash available for distributions to our stockholders.

•Interest rate fluctuations could significantly decrease our results of operations and cash flows and the market value of our investments.

•Hedging may adversely affect our earnings, which could reduce our cash available for distribution to our stockholders.

•The lack of liquidity in our investments may adversely affect our business.

•Difficult conditions in the mortgage, commercial and residential real estate markets may cause us to experience market losses related to our holdings.

•Our commercial construction or rehabilitation lending may expose us to increased lending risks.

•The commercial mortgage loans we originate or acquire and the mortgage loans underlying our commercial mortgage-backed securities (“CMBS”) investments are subject to the ability of the commercial property owner to generate net income from operating the property, as well as the risks of delinquency and foreclosure.

•If we overestimate the yields or incorrectly price the risks of our investments, we may experience losses.

•The B-Notes that we acquire are subject to additional risks related to the privately negotiated structure and terms of the transaction, which may result in losses to us. Our mezzanine loans involve greater risks of loss than senior loans secured by similar income-producing properties.

•We may acquire and sell from time to time residential loans, including “non-QM” loans, which may subject us to legal, regulatory and other risks, which could adversely impact our business and financial results.

•The residential loans that we may acquire, and that underlie the residential mortgage-backed securities (“RMBS”) we acquire, are subject to risks particular to investments secured by mortgage loans on residential property. These risks are heightened because we may purchase non-performing loans.

•Prepayment rates may adversely affect the value of our investment portfolio.

•Some of our portfolio investments are recorded at fair value and, as a result, there is uncertainty as to the value of these investments. We may experience a decline in the fair value of our assets.

•We invest in commercial properties subject to net leases, which could subject us to losses.

•Investments outside the U.S. that are denominated in foreign currencies subject us to foreign currency risks and to the uncertainty of foreign laws and markets, which may adversely affect our distributions and our real estate investment trust (“REIT”) status.

•We invest in equity interests in commercial real estate assets, which subjects us to the general risks of owning commercial real estate.

•We have sponsored, and purchased the more junior securities of, collateralized loan obligations (“CLOs”) and such instruments involve significant risks, including that these securities receive distributions from the applicable CLO only if the CLO generates enough income to first pay all the investors holding senior tranches and all CLO expenses.

•We are subject to the risks of investing in infrastructure loans, many of which are outside our control, and that may negatively impact our business and financial results.

•The investment portfolio of our Infrastructure Lending Segment is concentrated in the power industry and, to a lesser extent, the midstream oil and gas industry, which subjects the portfolio to more risks than if the investments were more diversified. The power and oil and gas industries are subject to extensive regulation, which could adversely impact the business and financial performance of the projects to which our infrastructure loans relate.

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diversified. The power and oil and gas industries are subject to extensive regulation, which could adversely impact the business and financial performance of the projects to which our infrastructure loans relate.

•The business activities of our Investing and Servicing Segment, particularly our special servicing business, expose us to certain risks.

•The risks of investment in subordinated CMBS are magnified in the case of our Investing and Servicing Segment, where the principal payments received by the CMBS trust are made in priority to the higher rated securities.

•Certain provisions of Maryland law and of our charter could inhibit changes in control.

•Maintenance of our exemption from registration under the Investment Company Act imposes significant limits on our operations.

•If we do not qualify as a REIT or fail to remain qualified as a REIT, we will be subject to tax as a regular corporation and could face a substantial tax liability, which would reduce the amount of cash available for distribution to our stockholders.

•Complying with REIT requirements may cause us to forgo otherwise attractive opportunities or to liquidate otherwise attractive investments.

•Failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and stock price.

•Cybersecurity risks could result in the loss of data, interruptions in our business, damage to our reputation, and result in increased costs and financial losses that could have a material adverse effect on our business and results of operations.

The above list is not exhaustive, and we face additional challenges and risks. Please carefully consider all of the information in this Form 10-K, including the risk factors set forth in Part I - Item 1A. Risk Factors.

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PART I

Item 1. Business.

The following description of our business should be read in conjunction with the information included elsewhere in this Form 10‑K for the year ended December 31, ~~2024~~2025. This discussion contains forward‑looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward‑looking statements due to the factors set forth in “Risk Factors” and elsewhere in this Form 10‑K. References in this Form 10‑K to “we,” “our,” “us,” or the “Company” refer to Starwood Property Trust, Inc. and its subsidiaries.

General

Starwood Property Trust, Inc. (“STWD” and, together with its subsidiaries, “we” or the “Company”) is a Maryland corporation that commenced operations in August 2009, upon the completion of our initial public offering (“IPO”). We are focused primarily on originating, acquiring, financing and managing mortgage loans and other real estate investments in the United States (“U.S.”), Europe and Australia. As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and credit spreads as well as economic and credit conditions.

We have four reportable business segments as of December 31, ~~2024~~2025 and we refer to the investments within these segments as our target assets:

•Real estate commercial and residential lending (the “Commercial and Residential Lending Segment”)—engages primarily in originating, acquiring, financing and managing commercial first mortgages, non-agency residential mortgages (“residential loans”), subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”) and other real estate and real estate-related debt investments in the U.S., Europe and Australia (including distressed or non-performing loans). Our residential loans are secured by a first mortgage lien on residential property and primarily consist of non-agency residential loans that are not guaranteed by any U.S. Government agency or federally chartered corporation.

•Infrastructure lending (the “Infrastructure Lending Segment”)—engages primarily in originating, acquiring, financing and managing infrastructure debt investments.

•Real estate property (the “Property Segment”)—engages primarily in acquiring and managing equity interests in stabilized and to be stabilized commercial real estate. This includes multifamily properties, ~~including~~multi-tenant ~~multifamily~~medical office net lease properties and diversified single-tenant triple net lease properties, ~~that~~all of which are held for investment.

•Real estate investing and servicing (the “Investing and Servicing Segment”)—includes (i) a servicing business in the U.S. that manages and works out problem assets, (ii) an investment business that selectively acquires and manages unrated, investment grade and non-investment grade rated CMBS, including subordinated interests of securitization and resecuritization transactions, (iii) a mortgage loan business which originates conduit loans for the primary purpose of selling these loans into securitization transactions and (iv) an investment business that selectively acquires commercial real estate assets, including properties acquired from CMBS trusts.

Our segments exclude the consolidation of securitization variable interest entities (“VIEs”), principally representing CMBS trust vehicles that we consolidate by virtue of our role as special servicer. However, they include securitized financing VIEs such as collateralized loan obligations (“CLOs”), single asset securitizations (“SASBs”) and asset-backed securitizations (“ABSs”).

On July 23, 2025, we acquired Fundamental Income Properties, LLC (“Fundamental”), which was completed by way of merger, for approximately $2.2 billion inclusive of $1.3 billion of indebtedness assumed. At acquisition, Fundamental owned 468 properties, spanning 12.3 million square feet across 44 states, 59 industries and 90 tenants. The properties, which consist of retail, industrial and service facilities, are leased under 103 individual and master net operating lease agreements with a 17.1 year weighted-average lease base term. Fundamental is aggregated within our Property Segment.

We are organized and conduct our operations to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). As such, we will generally not be subject to U.S. federal corporate income tax on that portion of our net income that is distributed to stockholders if we distribute at least 90% of our taxable income to our stockholders by prescribed dates and comply with various other requirements. We also operate our business in a manner that will permit us to maintain our exemption from registration under the Investment Company Act of 1940 as amended (the “Investment Company Act” or “1940 Act”).

We are organized as a holding company and conduct our business primarily through our various wholly-owned subsidiaries. We are externally managed and advised by SPT Management, LLC (our “Manager”) pursuant to the terms of a management agreement. Our Manager is controlled by Barry Sternlicht, our Chairman and Chief Executive Officer. Our Manager is an affiliate of Starwood Capital Group Global, L.P. (“Starwood Capital Group”), a privately-held private equity firm founded by Mr. Sternlicht.

Our corporate headquarters office is located at 2340 Collins Avenue, Suite 700, Miami Beach, Florida 33139, and our telephone number is (305) 695-5500.

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Our corporate headquarters office is located at 2340 Collins Avenue, Suite 700, Miami Beach, Florida 33139, and our telephone number is (305) 695-5500.

Investment Strategy

We seek to attain attractive risk-adjusted returns for our investors over the long term by sourcing and managing a diversified portfolio of target assets, financed in a manner that is designed to deliver attractive returns across a variety of market conditions and economic cycles. Our investment strategy focuses on a few fundamental themes:

•origination and acquisition of real estate debt assets with an implied basis sufficiently low to weather declines in asset values;

•acquisition of equity interests in commercial real estate properties that generate stable current returns, increase the duration of our investment portfolio and provide potential for capital appreciation;

•focus on real estate markets and asset classes with strong supply and demand fundamentals and/or barriers to entry;

•structuring and financing each transaction in a manner that reflects the risk of the underlying asset’s cash flow stream and credit risk profile, and efficiently managing and maintaining the transaction’s interest rate and currency exposures at levels consistent with management’s risk objectives;

•seeking situations where our size, scale, speed and sophistication allow us to position ourselves as a “one-stop” lending solution for real estate owner/operators;

•utilizing the skills, expertise, and contacts developed by our Manager over the past 3334 years as one of the premier global real estate investment managers to: (i) correctly anticipate trends and identify attractive risk-adjusted investment opportunities in U.S., European and Australian real estate markets; and (ii) expand and diversify our presence in various asset classes, including:

•origination and acquisition of residential loans, including non-agency residential loans sometimes referred to as “non-qualified mortgages” or “non-QMs”; and

•origination and acquisition of corporate and asset-backed loans;

•utilizing the skills, expertise and infrastructure we acquired through our 2013 acquisition of LNR Property LLC (“LNR”), a market leading diversified real estate investment management and loan servicing company comprising our Investing and Servicing Segment, to expand and diversify our presence in various segments of real estate, including:

•origination of small and medium sized loan transactions ($5 million to $50 million) for both investment and securitization/gain-on-sale;

•investment in CMBS;

•investment in commercial real estate;

•special servicing of commercial real estate loans in commercial real estate securitization transactions; ~~and~~

•utilizing the skills and expertise we acquired through our 2018 acquisition of the Infrastructure Lending Segment ~~from GE Capital Global Holdings, LLC (“GE Capital”)~~ to expand our originations and acquisitions of infrastructure debt investments.; and

In order to capitalize on the changing sets of investment opportunities that may be present in the various points of an economic cycle, we may expand or refocus our investment strategy by emphasizing investments in different parts of the capital structure and different sectors of real estate. Our investment strategy may be amended from time to time, if recommended by our Manager and approved by our board of directors, without the approval of our stockholders. In addition to our Manager making direct investments on our behalf, we may enter into joint venture, management or other agreements with persons that have special expertise or sourcing capabilities.

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•utilizing the skills and expertise we acquired through our 2025 acquisition of Fundamental to expand our investments in triple net lease properties.

Investment Guidelines

Our board of directors has adopted the following investment guidelines:

•our investments will be in our target assets unless otherwise approved by our board of directors;

•no investment shall be made that would cause us to fail to qualify as a REIT for federal income tax purposes;

•no investment shall be made that would cause us or any of our subsidiaries to be required to be registered as an investment company under the 1940 Act; and

•not more than 25% of our equity will be invested in any individual asset without the consent of a majority of our independent directors~~; and~~.

•(a) any investment that is less than $150.0 million will require approval of our Chief Executive Officer; (b) any investment that is equal to or in excess of $150.0 million but less than $250.0 million will require approval of our Manager’s investment committee; (c) any investment that is equal to or in excess of $250.0 million but less than $400.0 million will require approval of each of the investment committee of our board of directors and our Manager’s investment committee; and (d) any investment that is equal to or in excess of $400.0 million will require approval of each of our board of directors and our Manager’s investment committee.

These investment guidelines may be changed from time to time by our board of directors without the approval of our stockholders. In addition, both our Manager and our board of directors must approve any change in our investment guidelines that would modify or expand the types of assets in which we invest.

Investment Process

Our investment process includes sourcing and screening of investment opportunities, assessing investment suitability, conducting interest rate and prepayment analysis, evaluating cash flow and collateral performance, and reviewing legal structure and servicer and originator information and investment structuring, as appropriate, to seek an attractive return commensurate with the risk we are bearing. Upon identification of an investment opportunity, the investment will be screened and monitored by us to determine its impact on maintaining our REIT qualification and our exemption from registration under the 1940 Act. We will seek to make investments in sectors where we have strong core competencies and believe market risk and expected performance can be reasonably quantified.

We evaluate each one of our investment opportunities based on its expected risk-adjusted return relative to the returns available from other, comparable investments. In addition, we evaluate new opportunities based on their relative expected returns compared to comparable positions held in our portfolio. The terms of any leverage available to us for use in funding an investment purchase are also taken into consideration, as are any risks posed by illiquidity or correlations with other securities in the portfolio. We also develop a macro outlook with respect to each target asset class by examining factors in the broader economy such as gross domestic product, interest rates, unemployment rates and availability of credit, among other things. We also analyze fundamental trends in the relevant target asset class sector to adjust/maintain our outlook for that particular target asset class.

Financing Strategy

Subject to maintaining our qualification as a REIT for U.S. federal income tax purposes and our exemption from registering under the 1940 Act, we may finance the acquisition of our target assets, to the extent available to us, through the following methods:

•sources of private and government sponsored financing, including long and short-term repurchase agreements, warehouse and bank credit facilities, and mortgage loans on equity interests in commercial real estate properties;

•loan sales, syndications, securitizations and/or ~~collateralized~~CLO ~~loan~~and ~~obligation~~ABS ~~("CLO")~~ transactions; and

•public or private offerings of our equity and/or debt.

We may also utilize other sources of financing to the extent available to us.

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We may also utilize other sources of financing to the extent available to us.

Our Target Assets

We invest in target assets secured primarily by U.S., European or Australian collateral. We focus primarily on originating or opportunistically acquiring commercial mortgage whole loans, B-Notes, mezzanine loans, preferred equity and mortgage-backed securities (“MBS”). We may invest in performing and non-performing mortgage loans and other real estate-related loans and debt investments. We may acquire target assets through portfolio acquisitions or other types of acquisitions. Our Manager targets desirable markets where it has expertise in the real estate collateral underlying the assets being acquired. Our target assets include the following types of loans and other investments:

•Whole mortgage loans: loans secured by a first mortgage lien on a commercial property that provide mortgage financing to commercial property developers or owners generally having maturity dates ranging from three to ten years;

•B-Notes: typically a privately negotiated loan that is secured by a first mortgage on a single large commercial property or group of related properties and subordinated to an A-Note secured by the same first mortgage on the same property or group;

•Mezzanine loans: loans made to commercial property owners that are secured by pledges of the borrower’s ownership interests in the property and/or the property owner, subordinate to whole mortgage loans secured by first or second mortgage liens on the property and senior to the borrower’s equity in the property;

•Construction or rehabilitation loans: mortgage loans and mezzanine loans to finance the cost of construction or rehabilitation of a commercial property;

•CMBS: securities that are collateralized by commercial mortgage loans, including:

•senior and subordinated investment grade CMBS,

•below investment grade CMBS, and

•unrated CMBS;

•Corporate bank debt: term loans and revolving credit facilities of commercial real estate operating or finance companies, each of which are generally secured by such companies’ assets;

•Equity: equity interests in commercial real estate properties, including commercial properties purchased from CMBS trusts;

•Corporate bonds: debt securities issued by commercial real estate operating or finance companies that may or may not be secured by such companies’ assets, including:

•investment grade corporate bonds,

•below investment grade corporate bonds, and

•unrated corporate bonds;

•Non-Agency RMBS: securities collateralized by residential loans that are not guaranteed by any U.S. Government agency or federally chartered corporation;

•Residential loans: loans secured by a first mortgage lien on residential property;

•Infrastructure loans: senior secured project finance loans and senior secured project finance investment securities secured by power generation facilities and midstream, downstream and upstream oil and gas assets; and

•Net leases: commercial properties subject to net leases (including triple net leases), which leases typically have longer terms than gross leases, require tenants to pay substantially all of the operating costs associated with the properties and often have contractually specified rent increases throughout their terms.

In addition, we may invest in the following real estate-related investments:

•Agency RMBS: RMBS for which a U.S. government agency or a federally chartered corporation guarantees payments of principal and interest on the securities.

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Business Segments

We currently operate our business in four reportable segments: the Commercial and Residential Lending Segment, the Infrastructure Lending Segment, the Property Segment and the Investing and Servicing Segment. Refer to Note 24 to the consolidated financial statements included herein (the “Consolidated Financial Statements”) for our results of operations and financial position by business segment.

Commercial and Residential Lending Segment

The following table sets forth the amount of each category of investments we owned across various property types within our Commercial and Residential Lending Segment as of December 31, ~~2024~~2025 and ~~2023~~2024 (dollars in thousands):

	FaceAmount		CarryingValue			Asset SpecificFinancing		NetInvestment		UnleveredReturn onAsset (6)
December 31, 2025
First mortgages (1)	$	16,148,916	$	16,086,585		$	8,640,667	$	7,445,918	7.4	%
Subordinated mortgages (2)	15,290		15,683			—		15,683		13.4	%
Mezzanine loans (1)	313,619		311,175			—		311,175		11.5	%
Other loans	51,688		51,255			—		51,255		9.1	%
Loans held-for-sale, fair value option, residential	2,455,552		2,278,067			1,929,086		348,981		4.4	%	(5)
RMBS, available-for-sale	172,554		88,283			55,467		32,816		10.4	%
RMBS, fair value option	326,274		404,688		(3)	152,312		252,376		17.7	%
HTM debt securities (4)	176,067		175,473			54,202		121,271		6.1	%
Credit loss allowance	N/A		(453,544)			—		(453,544)
Equity security	722		628			—		628
Investments in unconsolidated entities	N/A		8,514			—		8,514
Properties, net	N/A		732,714			29,751		702,963
	$	19,660,682	$	19,699,521		$	10,861,485	$	8,838,036
December 31, 2024
First mortgages (1)	$	12,955,038	$	12,931,333		$	7,371,711	$	5,559,622	8.3	%
Subordinated mortgages (2)	31,000		31,247			—		31,247		15.4	%
Mezzanine loans (1)	324,021		323,041			—		323,041		11.3	%
Other loans	46,688		46,255			—		46,255		13.2	%
Loans held-for-sale, fair value option, residential	2,694,959		2,394,624			2,125,990		268,634		4.5	%	(5)
RMBS, available-for-sale	180,654		93,806			17,248		76,558		10.4	%
RMBS, fair value option	326,274		421,122		(3)	154,870		266,252		18.5	%
HTM debt securities (4)	405,404		404,081			121,832		282,249		8.9	%
Credit loss allowance	N/A		(451,205)			—		(451,205)
Equity security	5,606		5,146			—		5,146
Investments in unconsolidated entities	N/A		26,441			—		26,441
Properties, net	N/A		650,966			87,750		563,216
	$	16,969,644	$	16,876,857		$	9,879,401	$	6,997,456
December 31, 2023
First mortgages (1)	$	14,996,627	$	14,947,446		$	10,223,439	$	4,724,007	9.4	%
Subordinated mortgages (2)	76,882		76,560			—		76,560		16.0	%
Mezzanine loans (1)	274,899		273,146			—		273,146		14.0	%
Other loans	71,843		71,012			—		71,012		12.5	%
Loans held-for-sale, fair value option, residential	2,909,126		2,604,594			2,286,070		318,524		4.5	%	(5)
RMBS, available-for-sale	191,916		102,368			18,638		83,730		10.1	%
RMBS, fair value option	326,274		449,909		(3)	147,428		302,481		19.6	%
HTM debt securities (4)	592,542		590,274			133,142		457,132		10.1	%
Credit loss allowance	N/A		(301,837)			—		(301,837)
Equity security	9,226		8,340			—		8,340
Investments in unconsolidated entities	N/A		19,151			—		19,151
Properties, net	N/A		431,155			234,889		196,266
	$	19,449,335	$	19,272,118		$	13,043,606	$	6,228,512

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(1)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. The application of this methodology resulted in mezzanine loans with carrying values of $01.93 billion and $1.0.9 billion being classified as first mortgages as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

(2)Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan.

(3)Eliminated in consolidation against VIE liabilities pursuant to Accounting Standards Codification (“ASC”) 810.

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(4)CMBS held-to-maturity (“HTM”) and mandatorily redeemable preferred equity interests in commercial real estate entities.

(5)Represents the weighted average coupon of residential mortgage loans.

(6)Calculated using applicable index rates for variable rate investments as of the respective period end and excludes loans for which interest income is not recognized. In addition to cash coupon, unlevered return includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees.

As of December 31, ~~2024~~2025 and ~~2023~~2024, our Commercial and Residential Lending Segment’s investment portfolio, excluding residential loans, RMBS, properties and other investments, had the following characteristics based on carrying values:

Collateral Property Type	December 31, ~~2024~~2025		December 31, ~~2023~~2024
Multifamily	3439.53	%	3736.1	%
Office	2218.01	%	22.40	%
Hotel	12.1	%	14.3	%
Industrial	14.8	%	8.2	%
Mixed Use	9.6	%	7.2	%
Hotel	8.2	%	12.1	%
Industrial	8.9	%	8.0	%
Mixed Use	4.9	%	9.6	%
Residential	1.6	%	1.7	%
Data Center	3.8	%	0.7	%
Retail	12.60	%	1.46	%
Other	98.79	%	7.9.7	%
	100.0	%	100.0	%

Geographic Location	December 31, ~~2024~~2025		December 31, ~~2023~~2024
U.S. Regions:
North East	18.4	%	16.4	%
South West	19.0	%	15.4	%
South East	15.8	%	16.3	%
North East	18.9	%	18.4	%
South West	15.4	%	15.2	%
South East	12.7	%	15.8	%
West	1012.54	%	810.95	%
Mid Atlantic	96.34	%	9.73	%
Midwest	23.2	%	2.42	%
International:
United Kingdom	129.83	%	12.98	%
Australia	7.3	%	8.2	%
Other Europe	11.1	%	6.3	%
Other Europe	6.3	%	8.1	%
Australia	6.5	%	7.3	%
Bahamas/Bermuda	2.0.5	%	12.90	%
	100.0	%	100.0	%

Our primary focus has been to build a portfolio of commercial mortgage and mezzanine loans with attractive risk‑adjusted returns by focusing on the underlying real estate fundamentals and credit analysis of the borrowers. We continually monitor borrower performance and complete a detailed, loan‑by‑loan formal credit review on a quarterly basis. The results of this review are incorporated into our quarterly assessment of credit loss allowances.

As of December 31, ~~2024~~2025, commercial loans held‑for‑investment and HTM securities had a weighted‑average expected maturity of 2.47 years, calculated assuming all extension options are exercised by the borrower, although our loans may be repaid prior to such date.

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Infrastructure Lending Segment

The following table sets forth the amount of each category of investments we owned within our Infrastructure Lending Segment as of December 31, ~~2024~~2025 and ~~2023~~2024 (dollars in thousands):

	FaceAmount		CarryingValue		Asset SpecificFinancing		NetInvestment		UnleveredReturn onAsset (1)
December 31, 2025
First priority infrastructure loans and HTM securities	$	2,942,115	$	2,880,319	$	2,365,478	$	514,841	8.1	%
Credit loss allowance	N/A		(24,667)		—		(24,667)
Investments in unconsolidated entities	N/A		57,997		—		57,997
	$	2,942,115	$	2,913,649	$	2,365,478	$	548,171
December 31, 2024
First priority infrastructure loans and HTM securities	$	2,631,732	$	2,580,775	$	1,989,860	$	590,915	8.9	%
Credit loss allowance	N/A		(21,553)		—		(21,553)
Investments in unconsolidated entities	N/A		54,105		—		54,105
	$	2,631,732	$	2,613,327	$	1,989,860	$	623,467
December 31, 2023
First priority infrastructure loans and HTM securities	$	2,589,481	$	2,535,047	$	1,905,319	$	629,728	10.0	%
Credit loss allowance	N/A		(20,345)		—		(20,345)
Investments in unconsolidated entities	N/A		52,691		—		52,691
	$	2,589,481	$	2,567,393	$	1,905,319	$	662,074

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(1)Calculated using applicable index rates for variable rate investments as of the respective period end and excludes loans for which interest income is not recognized. In addition to cash coupon, unlevered return includes the amortization of deferred purchase discounts.

As of December 31, ~~2024~~2025 and ~~2023~~2024, our Infrastructure Lending Segment’s investment portfolio had the following characteristics based on carrying values:

Collateral Type	December 31, ~~2024~~2025		December 31, ~~2023~~2024
Power	5756.19	%	5557.1	%
Oil & gas - midstream	3327.5	%	3533.05	%
Oil & gas - downstream	812.56	%	78.05	%
Oil & gas - upstream	~~0.9~~—	%	1.0.9	%
Other	—3.0	%	~~1.9~~—	%
	100.0	%	100.0	%

Geographic Location	December 31, ~~2024~~2025		December 31, ~~2023~~2024
U.S. Regions:
North East	3127.72	%	3231.57	%
South West	2025.52	%	2720.65	%
Midwest	2021.17	%	1920.41	%
South East	17.0	%	10.1	%
West	12.4	%	5.8	%
West	5.8	%	4.3	%
South East	10.3	%	17.0	%
Mid-Atlantic	1.41	%	1.74	%
Other	1.31	%	21.03	%
International:
United Kingdom	1.9	%	2.0	%
Canada	0.8	%	—	%
Mexico	0.32	%	0.43	%
United Kingdom	—	%	1.9	%
	100.0	%	100.0	%

As of December 31, ~~2024~~2025, the Infrastructure Lending Segment’s first priority infrastructure loans and HTM securities had a weighted‑average contractual maturity of 45.41 years.

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Property Segment

The following table sets forth the amount of each category of investments held within our Property Segment as of December 31, ~~2024~~2025 and ~~2023~~2024 (amounts in thousands):

	December 31, 2024		December 31, 2023
	December 31, 2025		December 31, 2024
Properties, net	$	~~657~~2,~~246~~674,276	$	~~555~~657,~~455~~246
Properties held-for-sale, net	—		290,937
Lease intangibles, net	368,589		21,415
Lease intangibles, net	21,415		24,560
Woodstar Fund	1,727,499		2,073,533
Woodstar Fund	2,073,533		2,012,833
	$	4,770,364	$	2,752,194
	$	2,752,194	$	2,883,785

The following table sets forth our net investment and other information regarding the Property Segment’s properties and lease intangibles as of December 31, ~~2024~~2025 (dollars in thousands):

	CarryingValue		AssetSpecificFinancing		NetInvestment		OccupancyRate (1)	Weighted AverageRemainingLease Term
Office—Medical Office Portfolio	$	785,513	$	479,732	$	305,781	88.5%	5.2 years
Fundamental	$	2,413,702	$	1,376,492	$	1,037,210	99.8%	17.3 years
D.C. Multifamily Conversion	115,223		—		115,223		N/A	N/A
Office—Medical Office Portfolio	793,105		482,092		311,013		88.1%	5.6 years
Subtotal—undepreciated carrying value	900,736		479,732		421,004
D.C. Multifamily Conversion	118,586		—		118,586		N/A	N/A
Accumulated depreciation and amortization	(222,075)		—		(222,075)
Subtotal—undepreciated carrying value	3,325,393		1,858,584		1,466,809
Net carrying value	$	678,661	$	479,732	$	198,929
Accumulated depreciation and amortization	(282,528)		—		(282,528)
Net carrying value	$	3,042,865	$	1,858,584	$	1,184,281

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(1)Occupancy calculated based on number of properties for our single-tenant net lease properties and square footage for multi-tenant net lease properties.

See Notes 7 and 8 to the Consolidated Financial Statements for a description of the above-referenced Property Segment Portfolios and Woodstar Fund.

As of December 31, ~~2024~~2025 and ~~2023~~2024, our Property Segment’s investment portfolio had the following geographic characteristics based on carrying values:

Geographic Location	December 31, ~~2024~~2025		December 31, ~~2023~~2024
South East	85.3	%	82.8	%
U.S. Regions:
North East	4.2	%	4.2	%
South East	57.9	%	85.3	%
South West	2.9	%	4.7	%
Midwest	14.3	%	2.2	%
Mid-Atlantic	2.9	%	—	%
North East	8.4	%	4.2	%
West	28.50	%	32.65	%
Midwest	2.2	%	4.7	%
South West	6.4	%	2.9	%
Mid-Atlantic	4.8	%	2.9	%
International:
Canada	0.2	%	—	%
	100.0	%	100.0	%

Refer to Schedule III included in Item 8 of this Form 10‑K for a detailed listing of the properties held by the Company, including their respective geographic locations.

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Investing and Servicing Segment

The following table sets forth the amount of each category of investments we owned within our Investing and Servicing Segment as of December 31, ~~2024~~2025 and ~~2023~~2024 (amounts in thousands):

	FaceAmount		CarryingValue			AssetSpecificFinancing			NetInvestment
December 31, 2025
CMBS, fair value option	$	2,871,255	$	1,284,863	(1)	$	480,378	(2)	$	804,485
Intangible assets - servicing rights	N/A		65,533		(3)	—			65,533
Lease intangibles, net	N/A		3,691			—			3,691
Loans held-for-sale, fair value option, commercial	47,300		45,476			—			45,476
Investments in unconsolidated entities	N/A		33,203		(4)	—			33,203
Properties, net	N/A		41,662			37,519			4,143
	$	2,918,555	$	1,474,428		$	517,897		$	956,531
December 31, 2024
CMBS, fair value option	$	2,822,153	$	1,225,024	(1)	$	445,966	(2)	$	779,058
Intangible assets - servicing rights	N/A		58,135		(3)	—			58,135
Lease intangibles, net	N/A		5,545			—			5,545
Loans held-for-sale, fair value option, commercial	125,695		121,384			86,753			34,631
Investments in unconsolidated entities	N/A		33,640		(4)	—			33,640
Properties, net	N/A		65,466			58,375			7,091
	$	2,947,848	$	1,509,194		$	591,094		$	918,100
December 31, 2023
CMBS, fair value option	$	2,729,194	$	1,147,550	(1)	$	401,059	(2)	$	746,491
Intangible assets - servicing rights	N/A		57,249		(3)	—			57,249
Lease intangibles, net	N/A		6,155			—			6,155
Loans held-for-sale, fair value option, commercial	45,400		41,043			26,014			15,029
Loans held-for-investment	9,200		9,200			—			9,200
Investments in unconsolidated entities	N/A		33,134		(4)	—			33,134
Properties, net	N/A		59,774			68,784			(9,010)
	$	2,783,794	$	1,354,105		$	495,857		$	858,248

______________________________________________

(1)Includes $1.2025 billion and $1.1320 billion of CMBS eliminated in consolidation against VIE liabilities pursuant to ASC 810 as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively. Also includes $~~148~~146.65 million and $~~177~~148.36 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

(2)Includes $3025.38 million and $3330.03 million of non-controlling interests in the consolidated entities which hold certain debt balances as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

(3)Includes $3537.73 million and $3735.97 million of servicing rights intangibles eliminated in consolidation against VIE assets pursuant to ASC 810 as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

(4)Includes $1415.80 million and $14.68 million of investments in unconsolidated entities eliminated in consolidation against VIE assets pursuant to ASC 810 as of December 31, ~~2024~~2025 and ~~2023~~2024, respectively.

As of December 31, ~~2024~~2025, the Investing and Servicing Segment’s CMBS had a weighted-average expected maturity of 5.42 years.

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Regulation

We have elected, and are organized and conduct our operations, to qualify as a REIT under the Code, as further described below. As such, we will generally not be subject to U.S. federal corporate income tax on the portion of our net income that is distributed to stockholders if we distribute at least 90% of our taxable income to our stockholders by prescribed dates and comply with various other requirements imposed by the Code. We also conduct our business so that neither we nor any of our subsidiaries are required to register as an investment company under the 1940 Act. So long as we qualify for an exemption from registration under the 1940 Act, we are not subject to leverage and other restrictions imposed on registered investment companies.

Our operations in the U.S., Europe and Australia are subject, in certain instances, to supervision and regulation by U.S. and other governmental authorities and may be subject to various laws and judicial and administrative decisions imposing various requirements and restrictions, which, among other things: (1) regulate credit granting activities; (2) establish maximum interest rates, finance charges and other charges; (3) require disclosures to customers; (4) govern secured transactions; (5) set collection, foreclosure, repossession and claims handling procedures and other trade practices; and (6) regulate affordable housing rental activities. We are required to comply with certain provisions of, among other statutes and regulations, the Dodd-Frank Act, the Gramm-Leach-Bliley Act, the Equal Credit Opportunity Act that are applicable to commercial loans, the Fair Housing Act and U.S. federal and state securities laws and regulations. In addition, we have a subsidiary that is registered with the SEC as an investment adviser and, as a result, we are subject to the anti-fraud provisions of the Investment Advisers Act and to fiduciary duties derived from these provisions that apply to our relationships with that subsidiary’s clients. Although many states do not regulate commercial finance, certain states impose limitations on interest rates and other charges and on certain collection practices and creditor remedies, and require licensing of lenders, financiers and servicers and adequate disclosure of certain contract terms. Further, the assets underlying our infrastructure loans are subject to state and federal laws and regulations applicable to the electric power and oil and gas industries, which laws and regulations govern, among other things, the siting and construction, operation, environmental impacts and revenue streams of such assets.

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housing rental activities. We are required to comply with certain provisions of, among other statutes and regulations, the Dodd-Frank Act, the Gramm-Leach-Bliley Act, the Equal Credit Opportunity Act that are applicable to commercial loans, the Fair Housing Act and U.S. federal and state securities laws and regulations. In addition, we have a subsidiary that is registered with the SEC as an investment adviser and, as a result, we are subject to the anti-fraud provisions of the Investment Advisers Act and to fiduciary duties derived from these provisions that apply to our relationships with that subsidiary’s clients. Although many states do not regulate commercial finance, certain states impose limitations on interest rates and other charges and on certain collection practices and creditor remedies, and require licensing of lenders, financiers and servicers and adequate disclosure of certain contract terms. Further, the assets underlying our infrastructure loans are subject to state and federal laws and regulations applicable to the electric power and oil and gas industries, which laws and regulations govern, among other things, the siting and construction, operation, environmental impacts and revenue streams of such assets.

In our judgment, existing statutes and regulations have not had a material adverse effect on our business. In recent years, legislators in the U.S. and other countries have said that greater regulation of financial institutions is needed, particularly in areas such as risk management, leverage and disclosure. While we expect that additional new regulations in these areas will be adopted and existing ones may change in the future, it is not possible at this time to forecast the exact nature of any future legislation, regulations, judicial decisions, orders or interpretations, nor their impact upon our future business, financial condition or results of operations or prospects. See Item 1A—“Risk Factors” for additional information regarding government regulation.

Competition

We are engaged in a competitive business. In our investment activities, we compete for opportunities with numerous public and private investment vehicles, including financial institutions, specialty finance companies, mortgage banks, pension funds, opportunity funds, hedge funds, insurance companies, REITs and other institutional investors, as well as individuals. Many competitors are significantly larger than we are, have well established operating histories and may have greater access to capital, more resources and other advantages over us. These competitors may be willing to accept lower returns on their investments or to compromise underwriting standards and, as a result, our origination volume and profit margins could be adversely affected.

Our Manager

We are externally managed and advised by our Manager and benefit from the personnel, relationships and experience of our Manager’s executive team and other personnel of Starwood Capital Group. Pursuant to the terms of a management agreement between our Manager and us, our Manager provides us with our management team and appropriate support personnel. Pursuant to an investment advisory agreement between our Manager and Starwood Capital Group Management, LLC, our Manager has access to the personnel and resources of Starwood Capital Group necessary for the implementation and execution of our business strategy.

Our Manager is an affiliate of Starwood Capital Group, a privately-held private equity firm founded and controlled by Mr. Sternlicht. Starwood Capital Group has invested in all major real estate asset classes, directly and indirectly, through operating companies, portfolios of properties and single assets. Starwood Capital Group invests at different levels of the capital structure, including equity, preferred equity, mezzanine debt and senior debt, depending on the asset risk profile and return expectation.

Our Manager draws upon the experience and expertise of Starwood Capital Group’s team of professionals and support personnel operating in 19 cities across ten countries. Our Manager also benefits from Starwood Capital Group’s dedicated asset management group operating in offices located in the U.S. and abroad. We also benefit from Starwood Capital Group’s portfolio management, finance and administration functions, which address legal, compliance, investor relations and operational matters, asset valuation, risk management and information technologies in connection with the performance of our Manager’s duties.

Human Capital Resources

As of December 31, 2025, the operating subsidiaries of the Company had 324 full-time employees, the majority of which are real estate professionals located throughout the U.S. The Company strives to be an employer of choice, and is therefore highly focused on creating and maintaining best in class recruitment, retention and compensation programs and a culture designed to encourage performance, integrity and well-being. The Company believes that its competitive compensation, outstanding benefits, training opportunities and stimulating work environment help attract and retain people with exceptional financial and real estate skills.

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Our Manager draws upon the experience and expertise of Starwood Capital Group’s team of professionals and support personnel operating in 17 cities across eight countries. Our Manager also benefits from Starwood Capital Group’s dedicated asset management group operating in offices located in the U.S. and abroad. We also benefit from Starwood Capital Group’s portfolio management, finance and administration functions, which address legal, compliance, investor relations and operational matters, asset valuation, risk management and information technologies in connection with the performance of our Manager’s duties.

Human Capital Resources

As of December 31, 2024, the Company had 286 full-time employees, the majority of which are real estate professionals located throughout the U.S. The Company strives to be an employer of choice, and is therefore highly focused on creating and maintaining best in class recruitment, retention and compensation programs and a culture designed to encourage performance, integrity and well-being. The Company believes that its competitive compensation, outstanding benefits, training opportunities and stimulating work environment help attract and retain people with exceptional financial and real estate skills.

Taxation of the Company

We have elected to be taxed as a REIT under the Code for federal income tax purposes. We generally must distribute annually at least 90% of our taxable income, subject to certain adjustments and excluding any net capital gain, in order for federal corporate income tax not to apply to our earnings that we distribute. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our taxable income, we will be subject to federal corporate income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under federal tax laws. Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Code, which relate to organizational structure, diversity of stock ownership and certain restrictions with regard to owned assets and categories of income. If we qualify for taxation as a REIT, we will generally not be subject to U.S. federal corporate income tax on our taxable income that is currently distributed to stockholders.

Even if we qualify as a REIT, we may be subject to certain federal excise taxes and state and local taxes on our income and property. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and will not be able to qualify as a REIT for four subsequent taxable years.

We utilize taxable REIT subsidiaries (“TRSs”) to conduct certain activities that would generate non-qualifying income or income subject to the prohibited transaction tax if earned directly by the REIT, and to hold certain assets that would represent non-qualifying assets if held directly by the REIT. In most cases, income associated with a TRS is fully taxable because a TRS is classified as a regular corporation for income tax purposes.

See Item 1A—“Risk Factors—Risks Related to Our Taxation as a REIT” for additional tax status information.

Leverage Policies

Refer to Item 7—“Management’s Discussion and Analysis of Financial Condition and Results of Operations—Leverage Policies.”

Available Information

Our website address is www.starwoodpropertytrust.com. We make available free of charge through our website our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, all amendments to those reports and other filings as soon as reasonably practicable after such material is electronically filed with or furnished to the Securities and Exchange Commission (the “SEC”), and also make available on our website the charters for the Audit, Compensation and Nominating and Corporate Governance Committees of our board of directors and our Code of Business Conduct and Ethics and Code of Ethics for Principal Executive Officer and Senior Financial Officers, as well as our corporate governance guidelines. Copies in print of these documents are available upon request to our Corporate Secretary at the address indicated on the cover of this report. The information on our website is not a part of, nor is it incorporated by reference into, this Form 10-K. Any material we file with or furnish to the SEC is also maintained on the SEC'’s website (http://www.sec.gov).

We intend to post on our website any amendment to, or waiver of, a provision of our Code of Business Conduct and Ethics or Code of Ethics for Principal Executive Officer and Senior Financial Officers that applies to our Chief Executive Officer, Chief Financial Officer or persons performing similar functions and that relates to any element of the code of ethics definition set forth in Item 406 of Regulation S-K of the Securities Act of 1933, as amended.

To communicate with our board of directors electronically, we have established an e-mail address, [email protected], to which stockholders may send correspondence to our board of directors or any such individual directors or group or committee of directors.

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Officer, Chief Financial Officer or persons performing similar functions and that relates to any element of the code of ethics definition set forth in Item 406 of Regulation S-K of the Securities Act of 1933, as amended.

Item 1A. Risk Factors

Risks Related to Our Relationship with Our Manager

We are dependent on Starwood Capital Group, including our Manager and their key personnel, who provide services to us through the management agreement, and we may not find a suitable replacement for our Manager and Starwood Capital Group if the management agreement is terminated, or for these key personnel if they leave Starwood Capital Group or otherwise become unavailable to us.

Our Manager has significant discretion as to the implementation of our investment and operating policies and strategies. Accordingly, we believe that our success depends to a material extent upon the efforts, experience, diligence, skill and network of business contacts of the officers and key personnel of our Manager. The officers and key personnel of our Manager evaluate, negotiate, close and monitor a substantial portion of our investments; therefore, our success depends on their continued service. The departure of any of the officers or key personnel of our Manager could have a material adverse effect on our performance.

We offer no assurance that our Manager will remain our investment manager or that we will continue to have access to our Manager’s officers and key personnel. The terms of our management agreement with our Manager and the investment advisory agreement between our Manager and Starwood Capital Group Management, LLC are automatically renewed on an annual basis; provided, however, that our Manager may terminate the management agreement annually upon 180 days prior notice. If the management agreement and the investment advisory agreement are terminated and no suitable replacement is found to manage us, we may not be able to continue to execute our business plan.

There are various conflicts of interest in our relationship with Starwood Capital Group, including our Manager, which could result in decisions that are not in the best interests of our stockholders.

We are subject to conflicts of interest arising out of our relationship with Starwood Capital Group, including our Manager. Specifically, Mr. Sternlicht, our Chairman and Chief Executive Officer, ~~Jeffrey~~two ~~G. Dishner, one~~ of our other directors, and certain of our executive officers are executives of Starwood Capital Group.

Our Manager and executive officers may have conflicts between their duties to us and their duties to, and interests in, Starwood Capital Group and its other investment funds. ~~From~~For example, from time to time, one or more private investment funds sponsored by Starwood Capital Group (collectively, “Starwood Private Real Estate Funds”) may be subject to exclusivity provisions that require all or a portion of investment opportunities related to real estate to be allocated to such Starwood Private Real Estate Funds rather than to us. Subject to the provisions of ~~the~~our co-investment and allocation agreement ~~as described in the next paragraph~~, there can be no assurance that future Starwood Private Real Estate Funds would not be subject to such exclusivity requirements and, as a result, they may acquire investment opportunities that would not be available to us. Our independent directors do not approve each co-investment made by the Starwood Private Real Estate Funds and us ~~unless the amount of capital we invest in the proposed co-investment otherwise requires the review and approval of our independent directors pursuant to our investment guidelines~~. Pursuant to the exclusivity provisions of the Starwood Private Real Estate Funds, our investment strategy may not include either (i) equity interests in real estate or (ii) “near-to-medium-term loan to own” investments, in each case (of both (i) and (ii)) if such investments are expected, at the time such investment is made, to produce an internal rate of return (“IRR”) within the target return threshold specified in the governing documents of one or more Starwood Private Real Estate Funds. Therefore, our board of directors does not have the flexibility to expand our investment strategy to include equity interests in real estate or “near-term loan to own” investments with such an IRR expectation.

~~Our~~Pursuant to our co-investment and allocation agreement, our Manager, Starwood Capital Group and their respective affiliates (i) may not sponsor or manage ~~one~~any orU.S. ~~more~~ publicly -traded ~~investment~~vehicle ~~vehicles, public reporting vehicles or funds~~ that ~~invest~~invests ~~generally in real estate assets but not~~ primarily in our “target assets” (as defined in our co-investment and allocation agreement) and (ii) may sponsor or manage one or more ~~publicly~~U.S. publicly-traded investment vehicles, ~~public~~that ~~reporting~~invest ~~vehicles,~~generally orin ~~funds~~real ~~that~~estate doassets ~~invest~~but innot ~~some~~primarily ofin our “target assets” (a “potential competing vehicle”). Our Manager and Starwood Capital Group have also agreed in our co-investment and allocation agreement that for so long as the management agreement is in effect and our Manager and Starwood Capital Group are under common control, no entity controlled by Starwood Capital Group will sponsor or manage a potential competing vehicle, or any private or foreign “competing vehicle” (a vehicle that invests primarily in our “target assets,” excluding any investment vehicle that invests predominantly in non-U.S. mortgage assets) unless Starwood Capital Group adopts a policy that either (i) provides for the fair and equitable allocation of investment opportunities in our “target assets” (as defined in our co-investment and allocation agreement) among all such vehicles and us or (ii) provides us the right to co-invest with respect to any “target assets” with such vehicles, in each case subject to the suitability of each investment opportunity for the particular vehicle and us and each such vehicle’s and our availability of cash for investment. To the extent that there is overlap between our investment program and that of a Starwood Private Real Estate Fund, a fair and equitable allocation policy may involve a co-investment between us and such Starwood Private Real Estate Fund or a chronological rotation between us and such Starwood Private Real Estate Fund. Although Starwood Capital Group has adopted such an investment allocation policy, Starwood Capital Group has some

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with respect to any “target assets” (as defined in our co-investment and allocation agreement) with such vehicles, in each case subject to the suitability of each investment opportunity for the particular vehicle and us and each such vehicle’s and our availability of cash for investment. To the extent that there is overlap between our investment program and that of a Starwood Private Real Estate Fund, a fair and equitable allocation policy may involve a co-investment between us and such Starwood Private Real Estate Fund or a chronological rotation between us and such Starwood Private Real Estate Fund. Although Starwood Capital Group has adopted such an investment allocation policy, Starwood Capital Group has some discretion as to how investment opportunities are allocated. As a result, we may either not be presented with the opportunity to participate in these investments or may be limited in our ability to invest.

Our board of directors has adopted a policy with respect to any proposed investments by our directors or officers or the officers of our Manager, which we refer to as the covered persons, in any of our target asset classes. This policy provides that any proposed investment by a covered person for his or her own account in any of our target asset classes will be permitted if the capital required for the investment does not exceed the personal investment limit. To the extent that a proposed investment exceeds the personal investment limit, we expect that our board of directors will only permit the covered person to make the investment (i) upon the approval of the disinterested directors or (ii) if the proposed investment otherwise complies with terms of any other related party transaction policy our board of directors has adopted. Subject to compliance with all applicable laws, these individuals may make investments for their own account in our target assets which may present certain conflicts of interest not addressed by our current policies.

We pay our Manager substantial base management fees regardless of the performance of our portfolio. Our Manager’s entitlement to a base management fee, which is not based upon performance metrics or goals, might reduce its incentive to devote its time and effort to seeking investments that provide attractive risk-adjusted returns for our portfolio. This in turn could hurt both our ability to make distributions to our stockholders and the market price of our common stock.

Excluding our operating subsidiaries, we do not have any employees except for Rina Paniry, our Chief Financial Officer, Treasurer and Chief Accounting Officer, whom Starwood Capital Group has seconded to us exclusively. Ms. Paniry is also an employee of other entities affiliated with our Manager and, as a result, is subject to potential conflicts of interest in service as our employee and as an employee of such entities.

The management agreement with our Manager was not negotiated on an arm’s-length basis and may not be as favorable to us as if it had been negotiated with an unaffiliated third party and may be costly and difficult to terminate.

~~Certain~~Our Chairman and Chief Executive Officer, two of our ~~executive~~other ~~officers~~directors and ~~two~~certain of our ~~directors~~executive officers are executives of Starwood Capital Group. Our management agreement with our Manager was negotiated between related parties and its terms, including fees payable, may not be as favorable to us as if it had been negotiated with an unaffiliated third party.

Termination of the management agreement with our Manager without cause is difficult and costly. Our independent directors will review our Manager’s performance and the management fees annually and the management agreement may be terminated annually upon the affirmative vote of at least two-thirds of our independent directors based upon: (i) our Manager’s unsatisfactory performance that is materially detrimental to us or (ii) a determination that the management fees payable to our Manager are not fair, subject to our Manager’s right to prevent termination based on unfair fees by accepting a reduction of management fees agreed to by at least two-thirds of our independent directors. Our Manager will be provided 180 days prior notice of any such a termination. Additionally, upon such a termination, the management agreement provides that we will pay our Manager a termination fee equal to three times the sum of the average annual base management fee and incentive fee received by our Manager during the prior 24-month period before such termination, calculated as of the end of the most recently completed fiscal quarter. These provisions may increase the cost to us of terminating the management agreement and adversely affect our ability to terminate our Manager without cause.

Our Manager may terminate the management agreement annually upon 180 days prior notice. If the management agreement is terminated and no suitable replacement is found to manage us, we may not be able to continue to execute our business plan.

Pursuant to the management agreement, our Manager does not assume any responsibility other than to render the services called for thereunder and is not responsible for any action of our board of directors in following or declining to follow its advice or recommendations. Our Manager maintains a contractual, as opposed to a fiduciary, relationship with us. Under the terms of the management agreement, our Manager, its officers, members, personnel, any person controlling or controlled by our Manager and any person providing sub-advisory services to our Manager (the “indemnified parties”) will not be liable to us, any subsidiary of ours, our directors, our stockholders or any subsidiary’s stockholders or partners for acts or omissions performed in accordance with and pursuant to the management agreement, except because of acts constituting bad faith, willful misconduct, gross negligence or reckless disregard of their duties under the management agreement. In addition, we have agreed to indemnify the indemnified parties with respect to all expenses, losses, damages, liabilities, demands, charges and claims arising from acts or omissions of our Manager not constituting bad faith, willful misconduct, gross negligence or reckless disregard of duties, performed in good faith in accordance with and pursuant to the management agreement.

The incentive fee payable to our Manager under the management agreement is payable quarterly and is based on our Distributable Earnings and, therefore, may cause our Manager to select investments in more risky assets to increase its incentive compensation.

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~~The~~other ~~incentive~~management ~~fee~~strategies, ~~payable~~the opportunity to ~~our~~earn ~~Manager~~incentive ~~under~~compensation ~~the~~based ~~management~~on ~~agreement~~Distributable isEarnings ~~payable~~may ~~quarterly~~lead ~~and~~our isManager ~~based~~to place undue emphasis on ~~our~~the maximization of Distributable Earnings ~~and,~~at ~~therefore~~the expense of other criteria, ~~may~~such ~~cause~~as ~~our~~preservation ~~Manager~~of capital, in order to ~~select~~achieve ~~investments~~higher inincentive compensation. Investments with higher yield potential are generally riskier or more ~~risky~~speculative. ~~assets~~This could result in increased risk to ~~increase~~the ~~its~~value ~~incentive~~of ~~compensation~~our investment portfolio.

Our Manager is entitled to receive incentive compensation based upon our achievement of targeted levels of Distributable Earnings (which is referred to as “Core Earnings” in our management agreement). In evaluating investments and other management strategies, the opportunity to earn incentive compensation based on Distributable Earnings may lead our Manager to place undue emphasis on the maximization of Distributable Earnings at the expense of other criteria, such as preservation of capital, in order to achieve higher incentive compensation. Investments with higher yield potential are generally riskier or more speculative. This could result in increased risk to the value of our investment portfolio.

Distributable Earnings is not a measure calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and is defined within Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations--Non-GAAP Financial Measures" in this Form 10-K.

Our ~~business~~related ~~may~~party betransaction ~~adversely~~policy ~~affected~~may ifnot ~~our~~adequately ~~reputation,~~address all of the ~~reputation~~conflicts of ~~our~~interest ~~Manager~~that ormay ~~Starwood~~arise ~~Capital~~with ~~Group,~~respect orto ~~the~~our ~~reputation~~investment ofactivities ~~counterparties~~and ~~with~~also ~~whom~~may welimit ~~associate~~the isallocation ~~harmed~~of investments to us.

WeOur ~~may~~board beof ~~harmed~~directors byhas ~~reputational~~adopted ~~issues~~a ~~and~~related ~~adverse~~party ~~publicity~~transaction ~~relating~~policy, which covers transactions that exceed, or are expected to exceed, $120,000 in any fiscal year between us (or any of our consolidated subsidiaries) and any of our directors or director nominees, executive officers, beneficial owners of 5% or more of our common stock, any immediate family members of the foregoing, our Manager or any affiliates controlled by us or Starwood Capital Group. ~~Issues~~Although ~~could~~under ~~include~~this ~~real~~policy orthe ~~perceived~~approval ~~legal~~of ora ~~regulatory~~majority ~~violations~~of orthe ~~could~~independent bedisinterested ~~the~~members ~~result~~of our board of directors (the “Reviewing Directors”) is required to approve any such covered transaction, and any such approval requires a ~~failure~~determination in ~~performance,~~good ~~operations,~~faith ~~risk~~by ~~management,~~the ~~governance~~Reviewing orDirectors ~~technology~~that the transaction is in the best interests of our company and our stockholders, orthis ~~claims~~policy ~~related~~may not be adequate to ~~misconduct,~~address ~~conflicts~~all of ~~interests,~~the ~~ethical~~conflicts ~~issues~~that may arise or ~~failure~~may not address such conflicts in a manner that results in the allocation of a particular investment opportunity to ~~protect~~us ~~private~~or ~~information,~~is ~~among~~otherwise ~~others~~favorable to us. ~~Similarly~~In addition, Starwood ~~market~~Private ~~rumors~~Real Estate Funds currently, and ~~actual~~additional orcompeting ~~perceived~~vehicles ~~association~~may ~~with~~in ~~counterparties~~the ~~whose~~future, ~~own~~participate ~~reputations~~in ~~are~~some ~~under~~of ~~question~~our ~~could~~investments, ~~harm~~possibly at a more senior level in the capital structure of the underlying borrower and related real estate than our ~~business~~investment. ~~Such~~Our ~~reputational~~interests ~~issues~~in such investments may ~~have~~also anconflict ~~adverse~~with ~~effect~~the oninterests of these entities in the ~~market~~event ~~price~~of a default or restructuring of the investment. Participating investments will not be the result of arm’s length negotiations and will involve potential conflicts between our ~~common~~interests ~~stock~~and orthose onof the other participating entities in obtaining favorable terms. Since certain of our ~~ability~~executives toare ~~attract~~also ~~counterparties~~executives of Starwood Capital Group, the same personnel may determine the price and terms for ~~our~~the ~~transactions~~investments for both us and these entities and any procedural protections, such as obtaining market prices or ~~otherwise~~other ~~adversely~~reliable ~~affect~~indicators usof fair value, may not prevent the consideration we pay for these investments from exceeding their fair value or ensure that we receive terms for a particular investment opportunity that are as favorable as those available from an independent third party.

Our conflicts of interest policy may not adequately address all of the conflicts of interest that may arise with respect to our investment activities and also may limit the allocation of investments to us.

In order to avoid any actual or perceived conflicts of interest with our Manager, Starwood Capital Group, any of their affiliates or any investment vehicle sponsored or managed by Starwood Capital Group or any of its affiliates, which we refer to as the Starwood parties, we have adopted a conflicts of interest policy to specifically address some of the conflicts relating to our investment opportunities. Although under this policy the approval of a majority of our independent directors is required to approve (i) any purchase of our assets by any of the Starwood parties and (ii) any purchase by us of any assets of any of the Starwood parties, this policy may not be adequate to address all of the conflicts that may arise or may not address such conflicts in a manner that results in the allocation of a particular investment opportunity to us or is otherwise favorable to us. In addition, the Starwood Private Real Estate Funds currently, and additional competing vehicles may in the future, participate in some of our investments, possibly at a more senior level in the capital structure of the underlying borrower and related real estate than our investment. Our interests in such investments may also conflict with the interests of these entities in the event of a default or restructuring of the investment. Participating investments will not be the result of arm’s length negotiations and will involve potential conflicts between our interests and those of the other participating entities in obtaining favorable terms. Since certain of our executives are also executives of Starwood Capital Group, the same personnel may determine the price and terms for the investments for both us and these entities and any procedural protections, such as obtaining market prices or other reliable indicators of fair value, may not prevent the consideration we pay for these investments from exceeding their fair value or ensure that we receive terms for a particular investment opportunity that are as favorable as those available from an independent third party.

Risks Related to the Company

We are subject to risk associated with pandemics, epidemics or other public health crises, which may have a material adverse effect on our business. The nature and extent of future impacts are highly uncertain and unpredictable.

We are subject to risks associated with pandemics, epidemics or other public health crises. The emergence of a future pandemic, epidemic or other public health crisis may result in preventive measures taken by governmental authorities or others to alleviate the crisis, such as mandatory business closures, quarantines and restrictions on travel. Any such measures could adversely impact the economy globally or locally, including by leading to economic slowdowns and volatility and disruption of financial markets. Our operations and financial performance, as well as the operations and financial performance of many of the borrowers underlying our real estate-related assets and tenants of our owned properties, could be materially and adversely impacted as the result of the future emergence of a pandemic, epidemic or other public health crisis, and any related shutdowns or other significant business disruptions.

The scope and duration of any future pandemic, epidemic or other public health crisis, the pace at which government and other restrictions are imposed and lifted, the scope of additional actions taken to mitigate the spread of disease, global vaccination and booster rates, the speed and extent to which global or local markets recover from any such disruptions caused by such a public health crisis, and the impact of these factors on our business, financial condition, results of operations, liquidity, the market price of our common stock and our ability to make distributions to our stockholders would depend on future developments that would be highly uncertain and unpredictable.

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vaccination and booster rates, the speed and extent to which global or local markets recover from any such disruptions caused by such a public health crisis, and the impact of these factors on our business, financial condition, results of operations, liquidity, the market price of our common stock and our ability to make distributions to our stockholders would depend on future developments that would be highly uncertain and unpredictable.

To the extent any future pandemic, epidemic or other public health crisis adversely affects economic conditions and our operations, it may also have the effect of heightening many of the other risks described in this Item 1A.

Provisions for credit losses are difficult to estimate.

Our credit loss provision is evaluated on a quarterly basis. The determination of such provision requires us to make certain estimates and judgments, which may be difficult to determine. Our estimates and judgments are based on a number of factors, including projected cash flow from the collateral securing our loans and debt securities, debt structure, including the availability of reserves and substantive recourse guarantees, likelihood of repayment in full at maturity, potential for refinancing and expected market value of the collateral, all of which remain uncertain and are subjective. Our estimates and judgments may not be correct and, therefore, our results of operations and financial condition could be severely impacted.

Accounting Standards Update 2016-13, “Financial Instruments—Credit Losses, Measurement of Credit Losses on Financial Instruments (Topic 326),” which replaced the “incurred loss” model for recognizing credit losses with an “expected loss” model referred to as the Current Expected Credit Loss model (“CECL”) became effective for us on January 1, 2020. Under the CECL model, we are required to provide allowances for credit losses on certain financial assets carried at amortized cost, such as loans held-for-investment and held-to-maturity debt securities, including related future funding commitments and accrued interest receivable. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This measurement takes place at the time the financial asset is first added to the balance sheet and updated quarterly thereafter. This differs significantly from the “incurred loss” model previously required under GAAP, which delayed recognition until it was probable a loss had been incurred. Accordingly, the adoption of the CECL model has materially affected, and will continue to materially affect, how we determine our credit loss provision and required us, and could continue to require us, to significantly increase our allowance and recognize provisions for credit losses earlier in the lending cycle. Moreover, the CECL model creates more volatility in the level of our credit loss provisions. If we are required to materially increase our future level of credit loss allowances for any reason, such increase could adversely affect our business, results of operations, liquidity and financial condition.19

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and expected market value of the collateral, all of which remain uncertain and are subjective. Our estimates and judgments may not be correct and, therefore, our results of operations and financial condition could be severely impacted.

Accounting Standards Codification Topic 326 mandates the use of a current expected credit loss model (“CECL”) for providing credit loss allowances on certain financial assets carried at amortized cost, such as loans held-for-investment and held-to-maturity debt securities, including related future funding commitments and accrued interest receivable. The measurement of expected credit losses is based on information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The use of the CECL model has materially affected, and will continue to materially affect, how we determine our credit loss provision and has required us, and could continue to require us, to significantly increase our allowance and recognize provisions for credit losses earlier in the lending cycle. Moreover, the CECL model creates volatility in the level of our credit loss provisions. If we are required to materially increase our future level of credit loss allowances for any reason, such increase could adversely affect our business, results of operations, liquidity and financial condition.

Our business may be adversely affected if our reputation, the reputation of our Manager or Starwood Capital Group, or the reputation of counterparties with whom we associate is harmed.

We may be harmed by reputational issues and adverse publicity relating to us, our Manager or Starwood Capital Group. Issues could include real or perceived legal or regulatory violations or could be the result of a failure in performance, operations, risk management, governance or technology, or claims related to misconduct, conflicts of interests, ethical issues or failure to protect private information, among others. Similarly, market rumors and actual or perceived association with counterparties whose own reputations are under question could harm our business. Such reputational issues may have an adverse effect on the market price of our common stock or on our ability to attract counterparties for our transactions, or otherwise adversely affect us.

We have not established a minimum distribution payment level and we may not be able to make distributions to our stockholders in the future at current levels or at all.

We are generally required to distribute to our stockholders at least 90% of our taxable income each year for us to qualify as a REIT under the Code, which requirement we currently intend to satisfy through quarterly distributions of all or substantially all of our REIT taxable income in such year, subject to certain adjustments. We have not established a minimum distribution payment level, and our ability to pay distributions may be adversely affected by a number of factors, including the risk factors contained in this Form 10-K. Although we have made, and anticipate continuing to make, quarterly distributions to our stockholders, our board of directors has the sole discretion to determine the timing, form and amount of any future distributions to our stockholders, and such determination will depend on our earnings, our financial condition, debt covenants, maintenance of our REIT qualification and other factors as our board of directors may deem relevant from time to time. We believe that a change in any one of the following factors could adversely affect our results of operations and impair our ability to continue to pay distributions to our stockholders:

• the profitability of the investment of the net proceeds from our offerings of securities;

• our ability to make profitable investments;

• margin calls or other expenses that reduce our cash flow;

• defaults in our asset portfolio or decreases in the value of our portfolio; and

• the fact that anticipated operating expense levels may not prove accurate, as actual results may vary from estimates.

As a result, distributions to our stockholders in the future may not continue or the level of any future distributions we do make to our stockholders may not achieve a market yield or increase or even be maintained over time, any of which could materially and adversely affect our stockholders’ return on investment.

In addition, distributions that we make to our stockholders are generally taxable to our stockholders as ordinary income. However, a portion of our distributions may be designated by us as long-term capital gains to the extent that they are attributable to capital gain income recognized by us or may constitute a return of capital to the extent that they exceed our earnings and profits as determined for U.S. federal income tax purposes. A return of capital is not taxable, but has the effect of reducing the basis of a stockholder’s investment in our common stock.

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earnings and profits as determined for tax purposes. A return of capital is not taxable, but has the effect of reducing the basis of a stockholder’s investment in our common stock.

Risks Related to Sources of Financing

Our access to sources of financing may be limited and thus our ability to maximize our returns may be adversely affected.

Our financing sources currently include our bank credit facilities, our repurchase agreements, our CLOs, our ~~single~~SASB, ~~asset~~our ~~securitization (“SASB”)~~ABSs, our convertible senior notes, our unsecured senior notes, our mortgage debt on certain investment properties and equity and debt offerings. Subject to market conditions and availability, we may seek additional sources of financing in the form of additional bank credit facilities (including term loans and revolving facilities), repurchase agreements, warehouse facilities, structured financing arrangements, public and private equity and debt issuances and derivative instruments, in addition to transaction or asset-specific funding arrangements.

Our access to additional sources of financing will depend upon a number of factors, over which we have little or no control, including:

• general market conditions;

• the market’s view of the quality of our assets;

• the market’s perception of our growth potential;

• our current and potential future earnings and cash distributions; and

• the market price of the shares of our common stock.

A dislocation and/or weakness in the capital and credit markets could adversely affect one or more private lenders and could cause one or more of our private lenders to be unwilling or unable to provide us with financing or to increase the costs of that financing. In addition, if regulatory capital requirements imposed on our private lenders change, they may be required to limit, or increase the cost of, financing they provide to us. In general, this could potentially increase our financing costs and reduce our liquidity or require us to sell assets at an inopportune time or price.

To the extent structured financing arrangements are unavailable, we may have to rely more heavily on additional equity issuances, which may be dilutive to our stockholders, or on less efficient forms of debt financing that require a larger portion of our cash flow from operations, thereby reducing funds available for our operations, future business opportunities, cash distributions to our stockholders and other purposes. We cannot assure you that we will have access to such equity or debt capital on favorable terms (including, without limitation, cost and term) at the desired times, or at all, which may cause us to curtail our asset acquisition activities and/or dispose of assets, which could negatively affect our results of operations.

Our significant indebtedness subjects us to increased risk of loss and may reduce cash available for distributions to our stockholders.

We currently have a significant amount of indebtedness outstanding. As of December 31, ~~2024~~2025, our total consolidated indebtedness was approximately $1722.31 billion (excluding accounts payable, accrued expenses, other liabilities, VIE liabilities and unfunded commitments). Our outstanding indebtedness currently includes our bank credit facilities, our repurchase agreements, our CLOs, our SASB, our ABSs, our convertible senior notes, our unsecured senior notes and mortgage debt on certain investment properties. Subject to market conditions and availability, we may incur additional debt through bank credit facilities (including term loans and revolving facilities), repurchase agreements, warehouse facilities, structured financing arrangements, public and private debt issuances and derivative instruments, in addition to transaction or asset-specific funding arrangements. The percentage of leverage we employ varies depending on our available capital, our ability to obtain and access financing arrangements with lenders and the lenders’ and rating agencies’ estimate of the stability of our investment portfolio’s cash flow. Our governing documents contain no limitation on the amount of debt we may incur. We may significantly increase the amount of leverage we utilize at any time without approval of our board of directors. However, our secured debt agreements contain customary affirmative and negative covenants, including financial covenants, that in some cases restrict our total leverage (as defined therein). Moreover, the respective indentures governing our unsecured senior notes contain covenants that, subject to a number of exceptions and adjustments, among other things, limit our ability to incur additional indebtedness and require that we maintain total unencumbered assets (as defined therein) of not less than 120% of the aggregate principal amount of our outstanding unsecured indebtedness (as defined therein). In addition, we may leverage individual assets at substantially higher levels. Incurring substantial debt subjects us to many risks that, if realized, would materially and adversely affect us, including the risk that:

• our cash flow from operations may be insufficient to make required payments of principal of and interest on the debt or we may fail to comply with all of the other covenants contained in the debt, which is likely to result in (i) acceleration of such debt (and any other debt containing a cross-default or cross-acceleration provision) that we may be unable to repay from internal funds or to refinance on favorable terms, or at all, (ii) our inability to borrow unused amounts under our financing arrangements, even if we are current in payments on borrowings under those arrangements and/or (iii) the loss of some or all of our assets to foreclosure or sale;

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unused amounts under our financing arrangements, even if we are current in payments on borrowings under those arrangements and/or (iii) the loss of some or all of our assets to foreclosure or sale;

• our debt may increase our vulnerability to adverse economic and industry conditions, and investment yields may not increase with higher financing costs;

• we may be required to dedicate a substantial portion of our cash flow from operations to payments on our debt, thereby reducing funds available for operations, future business opportunities, stockholder distributions or other purposes; and

• we may not be able to refinance debt that matures prior to the investment it was used to finance on favorable terms, or at all.

In addition, subject to certain conditions, the lenders under our credit facilities retain the sole discretion over the market value of loans and/or securities that serve as collateral for the borrowings under our credit facilities for purposes of determining whether we are required to pay margin to such lenders.

Interest rate fluctuations could significantly decrease our results of operations and cash flows and the market value of our investments.

Our primary interest rate exposures relate to the following:

• changes in interest rates may affect the yield on our investments and the financing cost of our debt, as well as the performance of our interest rate swaps that we utilize for hedging purposes, which could result in operating losses for us should interest expense exceed interest income;

• declines in interest rates may reduce the yield on existing floating rate assets and/or the yield on prospective investments;

• changes in the level of interest rates may affect our ability to source investments;

• increases in the level of interest rates may negatively impact the value of our investments and our ability to realize gains from the disposition of assets;

• increases in the level of interest rates may (x) increase the credit risk of our assets by negatively impacting the ability of our borrowers to pay debt service or our ability to refinance our assets upon maturity and (y) negatively impact the value of the real estate supporting our investments (or that we own directly) through the impact such increases can have on property valuation capitalization rates; and

• changes in interest rates and/or the differential between U.S. dollar interest rates and those of non-dollar currencies in which we invest can adversely affect the value of our non-dollar assets and/or associated currency hedging transactions.

Our operating results depend in large part on differences between the income from our assets, net of credit losses, and our financing costs. We anticipate that for any period during which our assets are not match-funded, the income from such assets will respond more slowly to interest rate fluctuations than the cost of our borrowings. Consequently, changes in interest rates may significantly influence our net income. Interest rate fluctuations resulting in our interest expense exceeding interest income would result in operating losses for us.

Interest rates and inflation have led, and may continue to lead, to economic volatility, increased borrowing costs, price increases and risks of recession in the U.S., globally, or both. Elevated or rising inflation and interest rates could have an adverse impact on us, as described above in this risk factor. In addition, we cannot assure you that our access to capital and other sources of funding will not become constrained, which could adversely affect the availability and terms of future borrowings, renewals or refinancings. Such future constraints could increase borrowing costs, which would make it more difficult or expensive to obtain additional financing or to refinance existing obligations and commitments, which could slow or deter future growth.

Warehouse facilities may limit our ability to acquire assets, and we may incur losses if the collateral is liquidated.

We utilize warehouse facilities pursuant to which we accumulate mortgage loans in anticipation of a securitization financing, which assets are pledged as collateral for such facilities until the securitization transaction is consummated. In order to borrow funds to acquire assets under any warehouse facilities, we expect that our lenders thereunder would have the right to review the potential assets for which we are seeking financing. We may be unable to obtain the consent of a lender to acquire assets that we believe would be beneficial to us and we may be unable to obtain alternate financing for such assets. In addition, a securitization transaction may not be consummated with respect to the assets being warehoused. If the securitization is not consummated, the lender could liquidate the warehoused collateral and we would then have to pay any amount by which the original purchase price of the collateral assets exceeds its sale price, subject to negotiated caps, if any, on our exposure. In addition, regardless of whether the securitization is consummated, if any of the warehoused collateral is sold before the consummation, we would have to bear any resulting loss on the sale. We may not be able to obtain warehouse facilities on favorable terms, or at all.

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addition, regardless of whether the securitization is consummated, if any of the warehoused collateral is sold before the consummation, we would have to bear any resulting loss on the sale. We may not be able to obtain warehouse facilities on favorable terms, or at all.

The utilization of our repurchase agreements is subject to the pre-approval of the lender.

We utilize repurchase agreements to finance certain investments. In order for us to borrow funds under a repurchase agreement, our lender must have the right to review the potential assets for which we are seeking financing and approve such assets in its sole discretion. Accordingly, we may be unable to obtain the consent of a lender to finance an investment and alternate sources of financing for such asset may not exist.

A failure to comply with restrictive covenants in our financing arrangements would have a material adverse effect on us, and any future financings may require us to provide additional collateral or pay down debt.

We are subject to various restrictive covenants contained in our existing financing arrangements and may become subject to additional covenants in connection with future financings. Our bank credit facilities contain covenants that restrict our ability to incur additional debt or liens, make certain investments or acquisitions, merge, consolidate or transfer or dispose of substantially all of our assets or otherwise dispose of property and assets, pay dividends and make certain other restricted payments, change the nature of our business or enter into transactions with affiliates. Our bank credit facilities, as well as our repurchase agreements, each requires us to maintain compliance with various financial covenants, including, as applicable, a minimum tangible net worth and cash liquidity, and specified financial ratios, such as total debt to total assets and EBITDA to fixed charges or loan-to-value ratios. In addition, the respective indentures governing our respective senior notes contain covenants that, subject to a number of exceptions, adjustments and, in certain circumstances, termination provisions, among other things: limit our ability to incur additional indebtedness; require that we maintain total unencumbered assets (as defined therein) of not less than 120% of the aggregate principal amount of our outstanding unsecured indebtedness (as defined therein); and impose certain requirements in order for us to merge or consolidate with another person.

These covenants may limit our flexibility to pursue certain investments or incur additional debt. If we fail to meet or satisfy any of these covenants, we would be in default under these agreements and our indebtedness could be declared due and payable. In addition, our lenders could terminate their commitments, require the posting of additional collateral and enforce their interests against existing collateral. We may also be subject to cross-default and acceleration rights and, with respect to collateralized debt, the posting of additional collateral and foreclosure rights upon default. Further, such limitations on our liquidity could also make it difficult for us to satisfy the distribution requirements necessary to maintain our status as a REIT for U.S. federal income tax purposes.

Our bank credit facilities and repurchase agreements also involve the risk that the market value of the loans pledged or sold by us to the repurchase agreement counterparty or provider of the bank credit facility may decline in value, in which case the lender may require us to provide additional collateral or to repay all or a portion of the funds advanced. We may not have the funds available to repay our debt at that time, which would likely result in defaults unless we are able to raise the funds from alternative sources, which we may not be able to achieve on favorable terms or at all. Posting additional collateral would reduce our liquidity and limit our ability to leverage our assets. If we cannot meet these requirements, the lender could accelerate our indebtedness, increase the interest rate on advanced funds and terminate our ability to borrow funds from them, which could materially and adversely affect our financial condition and ability to continue to implement our business plan. In addition, in the event that the lender files for bankruptcy or becomes insolvent, our loans may become subject to bankruptcy or insolvency proceedings, thus depriving us, at least temporarily, of the benefit of these assets. Such an event could restrict our access to bank credit facilities and increase our cost of capital.

If one or more of our Manager’s executive officers are no longer employed by our Manager, the financial institutions providing us financing may not provide future financing to us, which could materially and adversely affect us.

If financial institutions with whom we seek to finance our investments require that one or more of our Manager’s executives continue to serve in such capacity and if one or more of ~~our~~those ~~Manager’s~~ executives are no longer employed by our Manager, it may constitute an event of default and the financial institution providing the arrangement may have acceleration rights with respect to outstanding borrowings and termination rights with respect to our ability to finance our future investments with that institution. If we are unable to obtain financing for our accelerated borrowings and for our future investments under such circumstances, we could be materially and adversely affected.

We directly or indirectly utilize non-recourse securitizations, and such structures expose us to risks that could result in losses to us.

We utilize non-recourse securitizations of our investments in mortgage loans to the extent consistent with the maintenance of our REIT qualification and exemption from the Investment Company Act in order to generate cash for funding new investments and/or to leverage existing assets. In most instances, this involves us transferring our loans to a special purpose securitization entity in exchange for cash. In some sale transactions, we also retain a subordinated interest in the loans sold. The securitization of our portfolio investments might magnify our exposure to losses on those portfolio investments because the subordinated interest we retain in the loans sold would be subordinate to the senior interest in the loans sold, and we would, therefore, absorb all of the losses sustained with respect to a loan sold before the owners of the senior interest

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sold. The securitization of our portfolio investments might magnify our exposure to losses on those portfolio investments because the subordinated interest we retain in the loans sold would be subordinate to the senior interest in the loans sold, and we would, therefore, absorb all of the losses sustained with respect to a loan sold before the owners of the senior interest experience any losses. Moreover, we cannot be assured that we will be able to access the securitization market in the future or be able to do so at favorable rates. The inability to consummate securitizations of our portfolio investments to finance our investments on a long-term basis could require us to seek other forms of potentially less attractive financing or to liquidate assets at an inopportune time or price, which could adversely affect our performance and our ability to continue to grow our business.

We may not have the ability to raise funds on acceptable terms necessary to settle conversions of our outstanding convertible senior notes or to purchase our outstanding convertible senior notes upon a fundamental change.

As of December 31, ~~2024~~2025, we had $380.8 million in principal amount of convertible senior notes outstanding. If a fundamental change within the meaning of our outstanding convertible senior notes occurs, holders of those convertible senior notes will have the right to require us to purchase for cash any or all of their notes. The fundamental change purchase price will equal 100% of the principal amount of the convertible senior notes to be purchased, plus accrued and unpaid interest thereon. In addition, upon conversion of the convertible senior notes, unless we elect to settle the conversion entirely in shares of our common stock, we will be required to make cash payments in respect of the convertible senior notes being converted. However, we may not have sufficient funds at the time we are required to purchase the convertible senior notes surrendered therefor or to make cash payments on the notes being converted, and we may not be able to arrange necessary financing on acceptable terms, if at all. If we were unable to raise necessary funding on acceptable terms or at all, our operating results and financial position could be negatively impacted if we were required to repurchase the notes or to pay cash upon conversion.

Risks Related to Hedging

We enter into hedging transactions that could expose us to contingent liabilities in the future.

Subject to maintaining our qualification as a REIT, part of our investment strategy involves entering into hedging transactions that require us to fund cash payments in certain circumstances (such as the early termination of the hedging instrument caused by an event of default or other early termination event, or the decision by a counterparty to request margin securities it is contractually owed under the terms of the hedging instrument). The amount due would be equal to the unrealized loss of the open swap positions with the respective counterparty and could also include other fees and charges. These economic losses will be reflected in our results of operations, and our ability to fund these obligations will depend on the liquidity of our assets and access to capital at the time, and the need to fund these obligations could adversely impact our financial condition.

Hedging may adversely affect our earnings, which could reduce our cash available for distribution to our stockholders.

Subject to maintaining our qualification as a REIT, we pursue various hedging strategies to seek to reduce our exposure to adverse changes in interest and foreign currency rates. Our hedging activity varies in scope based on the level and volatility of interest rates, exchange rates, the types of assets held and other changing market conditions. Hedging may fail to protect us or could adversely affect us because, among other things:

• interest rate, currency and/or credit hedging can be expensive and may result in us receiving less interest income;

• available interest rate hedges may not correspond directly with the interest rate risk for which protection is sought;

• due to a credit loss, prepayment or asset sale, the duration of the hedge may not match the duration of the related asset or liability;

• the amount of income that a REIT may earn from hedging transactions (other than hedging transactions that satisfy certain requirements of the Code or that are done through a TRS) to offset losses is limited by U.S. federal tax provisions governing REITs;

• the credit quality of the hedging counterparty owing money on the hedge may be downgraded to such an extent that it impairs our ability to sell or assign our side of the hedging transaction; and

• the hedging counterparty owing money in the hedging transaction may default on its obligation to pay.

In addition, we may fail to recalculate, readjust or execute hedges in an efficient manner.

Any hedging activity in which we engage may materially and adversely affect our results of operations and cash flows. Therefore, while we may enter into such transactions seeking to reduce risks, unanticipated changes in interest rates, credit spreads or currencies may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions or liabilities being hedged may vary materially. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio positions or liabilities being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss.

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we may not seek to establish a perfect correlation between such hedging instruments and the portfolio positions or liabilities being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss.

Hedging instruments often are not traded on regulated exchanges, guaranteed by an exchange or its clearing house, or regulated by any U.S. or foreign governmental authorities and involve risks and costs that could result in material losses.

The cost of using hedging instruments increases as the period covered by the instrument increases and during periods of rising and volatile interest rates. In addition, some hedging instruments involve risk because they often are not traded on regulated exchanges, guaranteed by an exchange or its clearing house or regulated by any U.S. or foreign governmental authorities. Consequently, in many cases, there are no requirements with respect to record keeping, financial responsibility or segregation of customer funds and positions. Furthermore, the enforceability of agreements underlying hedging transactions may depend on compliance with applicable securities, commodity and other regulatory requirements and, depending on the identity of the counterparty, applicable international requirements. The business failure of a hedging counterparty with whom we enter into a hedging transaction that is not cleared on a regulated centralized clearing house will most likely result in its default. Default by a party with whom we enter into a hedging transaction may result in the loss of unrealized profits and force us to cover our commitments, if any, at the then current market price. Although generally we will seek to reserve the right to terminate our hedging positions, it may not always be possible to dispose of or close out a hedging position without the consent of the hedging counterparty and we may not be able to enter into an offsetting contract in order to cover our risk. We cannot assure you that a liquid secondary market will exist for hedging instruments purchased or sold, and we may be required to maintain a position until exercise or expiration, which could result in significant losses.

We may fail to qualify for, or choose not to elect, hedge accounting treatment.

We record derivative and hedging transactions in accordance with GAAP. Under these standards, we may fail to qualify for, or choose not to elect, hedge accounting treatment for a number of reasons, including if we use instruments that do not meet the definition of a derivative (such as short sales), we fail to satisfy hedge documentation and hedge effectiveness assessment requirements or our instruments are not highly effective. If we fail to qualify for, or choose not to elect, hedge accounting treatment, our operating results may be volatile because changes in the fair value of the derivatives that we enter into may not be offset by a change in the fair value of the related hedged transaction or item.

Risks Related to Our Real Estate-Related Investments

The lack of liquidity in our investments may adversely affect our business.

The lack of liquidity of our investments in real estate loans and investments, other than certain of our investments in MBS, may make it difficult for us to sell such investments if the need or desire arises. Many of the securities we purchase are not registered under the relevant securities laws, resulting in a prohibition against their transfer, sale, pledge or their disposition, except in a transaction that is exempt from the registration requirements of, or otherwise in accordance with, those laws. In addition, certain investments such as B-Notes, mezzanine loans and bridge and other loans are also particularly illiquid investments due to their short life, their potential unsuitability for securitization and/or the greater difficulty of recovery in the event of a borrower default. As a result, many of our current investments are, and our future investments will be, illiquid and if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. Further, we may face other restrictions on our ability to liquidate an investment in a business entity to the extent that we or our Manager has or could be attributed with material non-public information regarding such business entity. As a result, our ability to vary our portfolio in response to changes in economic and other conditions may be relatively limited, which could adversely affect our results of operations and financial condition.

In connection with certain contributions of properties to our subsidiary, SPT Dolphin Intermediate LLC (“SPT Dolphin”), we have entered into a tax protection agreement with the contributors of such properties, pursuant to which SPT Dolphin is generally restricted from transferring the applicable properties during a specified period unless such contributors are indemnified against the tax liability on their shares of any gain recognized in such transfers (as well as any such tax liability arising due to SPT Dolphin not maintaining a specified level of nonrecourse debt on those properties during the specified period). This tax protection agreement, and any additional tax protection agreements that a subsidiary of ours may enter into in the future, will limit our flexibility to sell or otherwise dispose of, or to reduce the amount of indebtedness encumbering, the relevant properties even if it would otherwise be economically advantageous to us to do so.

Our investments may be concentrated and are subject to risk of default.

While we seek to diversify our portfolio of investments, we are not required to observe specific diversification criteria, except as may be set forth in the investment guidelines adopted by our board of directors. Therefore, our investments in our target assets may at times be concentrated in certain property types that are subject to higher risk of foreclosure or secured by properties concentrated in a limited number of geographic locations. To the extent that our portfolio is concentrated in any one region or type of asset, downturns relating generally to such region or type of asset may result in defaults on a number of our investments within a short time period, which may reduce our net income and the value of our common stock and accordingly reduce our ability to make distributions to our stockholders.

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investments within a short time period, which may reduce our net income and the value of our common stock and accordingly reduce our ability to make distributions to our stockholders.

Difficult conditions in the mortgage, commercial and residential real estate markets may cause us to experience market losses related to our holdings.

Our results of operations are materially affected by conditions in the real estate markets, the financial markets and the economy generally. Concerns about the real estate market, inflation, energy costs, geopolitical issues, tariff policies and the availability and cost of credit have contributed to increased volatility and diminished expectations for the economy and markets going forward, any of which could adversely affect our business and financial results.

The residential mortgage market has been affected by changes in the lending landscape, and there is no assurance that these conditions have stabilized or that they will not worsen. The disruption in the residential mortgage market has an impact on new demand for homes, which weigh on future home price performance. There is a strong inverse correlation between home price growth rates and mortgage loan delinquencies. In addition, the office sector ~~has~~continues ~~been~~to be adversely affected by a decrease in demand, ~~including~~ as adiscussed ~~result of an increase in remote and hybrid working arrangements~~below, and the retail sector continues to be adversely affected by the continued growth in e-commerce. Deterioration in the real estate market may cause us to experience losses related to our assets and to sell assets at a loss. Declines in the market values of our investments may adversely affect our results of operations and credit availability, which may reduce earnings and, in turn, cash available for distribution to our stockholders.

We have been and may continue to be adversely affected by trends in the office sector.

Remote and hybrid working arrangements, flexible work schedules, open workplaces, videoconferencing, and teleconferencing have ~~become~~continued to be more common, and ~~these trends accelerated as a result of the recent COVID-19 pandemic. These practices~~ have enabled, and may continue to enable, businesses to reduce their office space requirements. There is also an increasing trend among some businesses to utilize shared office spaces, ~~and~~including co-working ~~spaces~~environments. These trends have contributed to decreased overall demand for office space and, in turn, have ~~place~~placed downward pressure on occupancy, rental rates and property valuations, each of which has and may continue to adversely affect the value of investments secured by office properties, which could have an adverse effect on our business, results of operations, liquidity and financial condition.

Our preferred equity investments involve a greater risk of loss than conventional debt financing.

We make preferred equity investments. These investments involve a higher degree of risk than conventional debt financing due to a variety of factors, including their non-collateralized nature and subordinated ranking to other loans and liabilities of the entity in which such preferred equity is held. Accordingly, if the issuer defaults on our investment, we would only be able to proceed against such entity in accordance with the terms of the preferred security and not against any property owned by such entity. Furthermore, in the event of bankruptcy or foreclosure, we would only be able to recoup our investment after all lenders to, and other creditors of, such entity are paid in full. As a result, we may lose all or a significant part of our investment, which could result in significant losses.

Our commercial construction or rehabilitation lending may expose us to increased lending risks.

Construction or rehabilitation loans generally expose a lender to greater risk of non-payment and loss than permanent commercial mortgage loans because repayment of the loans often depends on the borrower’s ability to secure permanent “take-out” financing, which requires the successful completion of construction, renovation, refurbishment or expansion and stabilization of the project, or operation of the property with an income stream sufficient to meet operating expenses, including debt service on such replacement financing. For construction or rehabilitation loans, increased risks include the accuracy of the estimate of the property’s value at completion of construction, renovation, refurbishment or expansion and the estimated cost of construction, renovation, refurbishment or expansion—all of which may be affected by unanticipated delays and cost over-runs. Such loans typically involve an expectation that the borrower’s sponsors will contribute sufficient equity funds in order to keep the loan “in balance,” and the sponsors’ failure or inability to meet this obligation could result in delays in construction, renovation, refurbishment or expansion or an inability to complete such work. Commercial construction or rehabilitation loans also expose the lender to additional risks of contractor non-performance or borrower disputes with contractors resulting in mechanic’s or materialmen’s liens on the property and possible further delay. In addition, since such loans generally entail greater risk than mortgage loans on income producing property, we may need to increase our allowance for loan losses in the future to account for the likely increase in expected credit losses associated with such loans. Further, as the lender under a construction or rehabilitation loan, we may be obligated to fund all or a significant portion of the loan at one or more future dates. We may not have the funds available at such future date(s) to meet our funding obligations under the loan. In that event, we would likely be in breach of the loan unless we are able to raise the funds from alternative sources, which we may not be able to achieve on favorable terms or at all. In addition, many of our construction or rehabilitation loans have multiple lenders and if another lender fails to fund, we could be faced with the choice of either funding for that defaulting lender or suffering a delay or protracted interruption in the progress of construction, renovation, refurbishment or expansion.

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The commercial mortgage loans we originate or acquire and the mortgage loans underlying our CMBS investments are subject to the ability of the commercial property owner to generate net income from operating the property, as well as the risks of delinquency and foreclosure.

Commercial mortgage loans are secured by multifamily or commercial property and are subject to risks of delinquency and foreclosure, and risks of loss may be greater than similar risks associated with loans made on the security of single-family residential property. The ability of a borrower to repay a loan secured by an income-producing property typically is dependent primarily upon the successful operation of such property rather than upon the existence of independent income or assets of the borrower. If the net operating income of the property is reduced, the borrower’s ability to repay the loan may be impaired. Net operating income of an income-producing property can be adversely affected by, among other things,

• tenant mix;

• success of tenant businesses;

• property management decisions;

• property location, condition and design;

• competition from comparable types of properties;

• changes in laws that increase operating expenses or limit rents that may be charged;

• changes in national, regional or local economic conditions and/or specific industry segments, including the credit and securitization markets;

• a reduction in demand for commercial or multifamily properties~~, including, in the case of office properties, as a result of an increase in remote and hybrid working arrangements~~;

• declines in regional or local real estate values;

• declines in regional or local rental or occupancy rates;

• increases in interest rates, real estate tax rates and other operating expenses;

• costs of remediation and liabilities associated with environmental conditions;

• the potential for uninsured or underinsured property losses;

• changes in governmental laws and regulations, including fiscal and trade policies, zoning ordinances and environmental legislation and the related costs of compliance; and

• acts of God, terrorist attacks, pandemics, epidemics or other public health emergencies, natural disasters, global climate change, social unrest and civil disturbances.

In the event of any default under a mortgage loan held directly by us, we will bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the mortgage loan, which could have a material adverse effect on our cash flow from operations and limit amounts available for distribution to our stockholders. In the event of the bankruptcy of a mortgage loan borrower, the mortgage loan to such borrower will be deemed to be secured only to the extent of the value of the underlying collateral at the time of bankruptcy (as determined by the bankruptcy court), and the lien securing the mortgage loan will be subject to the avoidance powers of the bankruptcy trustee or debtor-in-possession to the extent the lien is unenforceable under state law. Foreclosure of a mortgage loan can be an expensive and lengthy process, which could have a substantial negative effect on our anticipated return on the foreclosed mortgage loan.

Our investments in CMBS are generally subject to losses.

Our investments in CMBS are subject to losses. In general, losses on a mortgaged property securing a mortgage loan included in a securitization will be borne first by the equity holder of the property, then by a cash reserve fund or letter of credit, if any, then by the holder of a mezzanine loan or B-Note, if any, then by the “first loss” subordinated security holder (generally, the “B-Piece” buyer) and then by the holder of a higher-rated security. In the event of default and the exhaustion of any equity support, reserve fund, letter of credit, mezzanine loans or B-Notes, and any classes of securities junior to those in which we invest, we will not be able to recover all of our investment in the securities we purchase. In addition, if the underlying mortgage portfolio has been overvalued by the originator, or if the values subsequently decline and, as a result, less collateral is available to satisfy interest and principal payments due on the related CMBS, there would be an increased risk of loss. The prices of lower credit quality securities are generally less sensitive to interest rate changes than more highly rated investments, but more sensitive to adverse economic downturns or individual issuer developments.

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Dislocations, illiquidity and volatility in the market for commercial real estate as well as the broader financial markets could adversely affect the performance and value of commercial mortgage loans, the demand for CMBS and the value of CMBS investments.

Any significant dislocations, illiquidity or volatility in the real estate and securitization markets, including the market for CMBS, as well as global financial markets and the economy generally, could adversely affect our business and financial results. We cannot assure you that dislocations in the commercial mortgage loan market will not occur in the future.

Challenging economic conditions affect the financial strength of many commercial, multifamily and other tenants and result in increased rent delinquencies and decreased occupancy. Economic challenges may lead to decreased occupancy, decreased rents or other declines in income from, or the value of, commercial, multifamily and manufactured housing community real estate.

Declining commercial real estate values, coupled with tighter underwriting standards for commercial real estate loans, may prevent commercial borrowers from refinancing their mortgages, which results in increased delinquencies and defaults on commercial, multifamily and other mortgage loans. Declines in commercial real estate values also result in reduced borrower equity, further hindering borrowers’ ability to refinance in an environment of increasingly restrictive lending standards and giving them less incentive to cure delinquencies and avoid foreclosure. The lack of refinancing opportunities has impacted and could impact in the future, in particular, mortgage loans that do not fully amortize and on which there is a substantial balloon payment due at maturity, because borrowers generally expect to refinance these types of loans on or prior to their maturity date. Finally, declining commercial real estate values and the associated increases in loan-to-value ratios would result in lower recoveries on foreclosure and an increase in losses above those that would have been realized had commercial property values remained the same or increased. Continuing defaults, delinquencies and losses would further decrease property values, thereby resulting in additional defaults by commercial mortgage borrowers, further credit constraints and further declines in property values.

If we overestimate the yields or incorrectly price the risks of our investments, we may experience losses.

We value our investments based on yields and risks, taking into account estimated future losses on the mortgage loans and the underlying collateral included in the securitization’s pools, and the estimated impact of these losses on expected future cash flows and returns. Our loss estimates may not prove accurate, as actual results may vary from estimates. In the event that we underestimate the asset level losses relative to the price we pay for a particular investment, we may experience losses with respect to such investment.

Real estate valuation is inherently subjective and uncertain.

The valuation of real estate and therefore the valuation of any underlying security relating to loans made by us is inherently subjective due to, among other factors, the individual nature of each property, its location, the expected future rental revenues from that particular property and the valuation methodology adopted. In addition, where we invest in construction loans, initial valuations will assume completion of the project. As a result, the valuations of the real estate assets against which we make loans are subject to a degree of uncertainty and are made on the basis of assumptions and methodologies that may not prove to be accurate, particularly in periods of volatility, low transaction flow or restricted debt availability in the commercial or residential real estate markets.

Any investments in corporate bank debt and debt securities of commercial real estate operating or finance companies are subject to the specific risks relating to the particular companies and to the general risks of investing in real estate-related loans and securities, which may result in significant losses.

We may invest in corporate bank debt and in debt securities of commercial real estate operating or finance companies. These investments involve special risks relating to the particular company, including its financial condition, liquidity, results of operations, business and prospects. In particular, the debt securities are often non-collateralized and may also be subordinated to its other obligations. We also invest in debt securities of companies that are not rated or are rated non-investment grade by one or more rating agencies. Investments that are not rated or are rated non-investment grade have a higher risk of default than investment grade rated assets and therefore may result in losses to us. We have not adopted any limit on such investments.

These investments also subject us to the risks inherent with real estate-related investments, including:

• risks of delinquency and foreclosure, and risks of loss in the event thereof;

• the dependence upon the successful operation of, and net income from, real property;

• risks generally incident to interests in real property; and

• risks specific to the type and use of a particular property.

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These risks may adversely affect the value of our investments in commercial real estate operating and finance companies and the ability of the issuers thereof to make principal and interest payments in a timely manner, or at all, and could result in significant losses.

Investments in non-conforming and non-investment grade rated loans or securities involve increased risk of loss.

Many of our investments do not conform to conventional loan standards applied by traditional lenders and either are not rated or rated as non-investment grade by the rating agencies. The non-investment grade credit ratings for these assets typically result from the overall leverage of the loans, the lack of a strong operating history for the properties underlying the loans, the borrowers’ credit history, the properties’ underlying cash flow or other factors. As a result, these investments have a higher risk of default and loss than investment grade rated assets. Any loss we incur may be significant and may reduce distributions to our stockholders and adversely affect the market value of our common stock. There are no limits on the percentage of unrated or non-investment grade rated assets we may hold in our investment portfolio.

Any credit ratings assigned to our investments are subject to ongoing evaluations and revisions and we cannot assure you that those ratings will not be downgraded.

Some of our investments are rated by Moody’s Investors Service, Inc., Fitch Ratings, Inc., S&P Global Ratings, DBRS, Inc. or Kroll Bond Rating Agency, Inc. Any credit ratings on our investments are subject to ongoing evaluation by credit rating agencies, and we cannot assure you that any such ratings will not be changed or withdrawn by a rating agency in the future if, in its judgment, circumstances warrant. If rating agencies assign a lower-than-expected rating or reduce or withdraw, or indicate that they may reduce or withdraw, their ratings of our investments in the future, the value of these investments could significantly decline, which would adversely affect the value of our investment portfolio and could result in losses upon disposition or the failure of borrowers to satisfy their debt service obligations to us.

The B-Notes that we acquire are subject to additional risks related to the privately negotiated structure and terms of the transaction, which may result in losses to us.

We invest in B-Notes. A B-Note is a mortgage loan typically (i) secured by a first mortgage on a single large commercial property or group of related properties and (ii) subordinated to an A-Note secured by the same first mortgage on the same collateral. As a result, if a borrower defaults, there may not be sufficient funds remaining for a B-Note holder after payment to the A-Note holder. However, because each transaction is privately negotiated, B-Notes can vary in their structural characteristics and risks. For example, the rights of holders of B-Notes to control the process following a borrower default may vary from transaction to transaction. Further, B-Notes typically are secured by a single property and so reflect the risks associated with significant concentration. Significant losses related to our B-Notes would result in operating losses for us and may limit our ability to make distributions to our stockholders.

Our mezzanine loans involve greater risks of loss than senior loans secured by income-producing properties.

We invest in mezzanine loans, which sometimes take the form of subordinated loans secured by second mortgages on the underlying property or more commonly take the form of loans secured by a pledge of the ownership interests of either the entity owning the property or a pledge of the ownership interests of the entity that owns the interest in the entity owning the property. These types of assets involve a higher degree of risk than long-term senior mortgage lending secured by income-producing real property because the loan may become unsecured as a result of foreclosure by the senior lender. In the event of a bankruptcy of the entity providing the pledge of its ownership interests as security, we may not have full recourse to the assets of such entity, or the assets of the entity may not be sufficient to satisfy our mezzanine loan. If a borrower defaults on our mezzanine loan or debt senior to our loan, or in the event of a borrower bankruptcy, our mezzanine loan will be satisfied only after the senior debt. As a result, we may not recover some or all of our investment. In addition, mezzanine loans may have higher loan-to-value ratios than conventional mortgage loans, resulting in less equity in the property and increasing the risk of loss of principal. Significant losses related to our mezzanine loans would result in operating losses for us and may limit our ability to make distributions to our stockholders.

Bridge loans involve a greater risk of loss than traditional investment-grade mortgage loans with fully insured borrowers.

We may acquire bridge loans secured by first lien mortgages on a property to borrowers who are typically seeking short-term capital to be used in an acquisition, construction or rehabilitation of a property, or other short-term liquidity needs. The typical borrower under a bridge loan has usually identified an undervalued asset that has been under-managed and/or is located in a recovering market. If the market in which the asset is located fails to recover according to the borrower’s projections, or if the borrower fails to improve the quality of the asset’s management and/or the value of the asset, the borrower may not receive a sufficient return on the asset to satisfy the bridge loan, and we bear the risk that we may not recover some or all of our initial expenditure.

In addition, borrowers usually use the proceeds of a conventional mortgage to repay a bridge loan. A bridge loan therefore is subject to the risk of a borrower’s inability to obtain permanent financing to repay the bridge loan. Bridge loans are

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also subject to risks of borrower defaults, bankruptcies, fraud, losses and special hazard losses that are not covered by standard hazard insurance. In the event of any default under bridge loans held by us, we bear the risk of loss of principal and non-payment of interest and fees to the extent of any deficiency between the value of the mortgage collateral and the principal amount and unpaid interest of the bridge loan. To the extent we suffer such losses with respect to our bridge loans, the value of the Company and the price of our shares of common stock may be adversely affected.

We purchase securities backed by subprime or alternative documentation residential loans, which are subject to increased risks.

We own non-agency RMBS backed by collateral pools of mortgage loans that have been originated using underwriting standards that are less restrictive than those used in underwriting “prime” mortgage loans. These lower standards include mortgage loans made to borrowers having imperfect or impaired credit histories, mortgage loans where the amount of the loan at origination is 80% or more of the value of the mortgaged property, mortgage loans made to borrowers with low credit scores, mortgage loans made to borrowers who have other debt that represents a large portion of their income and mortgage loans made to borrowers whose income is not required to be disclosed or verified. Due to economic conditions, including increased interest rates and lower home prices, as well as aggressive lending practices, subprime mortgage loans have in recent periods experienced increased rates of delinquency, foreclosure, bankruptcy and loss, and they are likely to continue to experience delinquency, foreclosure, bankruptcy and loss rates that are higher, and that may be substantially higher, than those experienced by mortgage loans underwritten in a more traditional manner. Thus, because of the higher delinquency rates and losses associated with subprime mortgage loans and alternative documentation (“Alt-A”) mortgage loans, the performance of non-agency RMBS backed by subprime mortgage loans and Alt-A mortgage loans that we acquire could be correspondingly adversely affected, which could adversely impact our results of operations, financial condition and business.

We may acquire and sell from time to time residential loans, including “non-QM” loans, which may subject us to legal, regulatory and other risks, which could adversely impact our business and financial results.

We may from time to time acquire residential loans, including residential loans sometimes referred to as “non-qualified mortgages” or “non-QMs” that will not have the benefit of enhanced legal protections otherwise available in connection with the origination of residential loans to a more restrictive credit standard than just determining a borrower’s ability to repay, as further described below.

The ownership of residential loans, including non-QMs, subjects us to legal, regulatory and other risks, including those arising under federal consumer protection laws and regulations designed to regulate residential loan underwriting and originators’ lending processes, standards and disclosures to borrowers. These laws and regulations include the Consumer Financial Protection Bureau’s (“CFPB”) TILA-RESPA Integrated Disclosure rule (also referred to as “TRID”), the “ability-to-repay” rules (“ATR Rules”) under the Truth-in-Lending Act and “qualified mortgage” regulations, in addition to various federal, state and local laws and regulations intended to discourage predatory lending practices by residential loan originators. Non-QMs are among the loan products that we may acquire that do not constitute qualified mortgages and, accordingly, do not have the benefit of either a safe harbor from liability under the ATR Rules or a rebuttable presumption of compliance with the ATR Rules. Application of certain standards set forth in the ATR Rules is highly subjective and subject to interpretive uncertainties. As a result, a court may determine that a residential loan did not meet the applicable standard or test even if the originator reasonably believed such standard or test had been satisfied. Failure of residential loan originators or servicers to comply with these laws and regulations could subject us, as an assignee or purchaser of these loans (or as an investor in securities backed by these loans), to monetary penalties assessed by the CFPB through its administrative enforcement authority and by mortgagors through a private right of action against lenders or as a defense to foreclosure, including by recoupment or setoff of finance charges and fees collected, and could result in rescission of the affected residential loans, which could adversely impact our business and financial results. Such risks may be higher in connection with the acquisition of non-QMs. Borrowers under non-QMs may be more likely to challenge the analysis conducted under the ATR Rules by lenders. Even if a borrower does not succeed in the challenge, additional costs may be incurred in connection with challenging and defending such claims, which may be more costly in judicial foreclosure jurisdictions than in non-judicial foreclosure jurisdictions, and there may be more of a likelihood such claims are made since the borrower is already exposed to the judicial system to process the foreclosure.

In addition, when certain of our wholly-owned subsidiaries sell, finance or sponsor securitizations of residential loans, such subsidiaries may make representations and warranties to the purchaser, the financing provider or to other third parties regarding, among other things, certain characteristics of those assets, including characteristics sought to be verified through underwriting and due diligence efforts. In the event of breaches of representations and warranties with respect to any asset, such subsidiaries may be obligated to repurchase that asset or pay damages or remove that asset from the borrowing base, as applicable, which may result in a loss. Even if representations and warranties are made by counterparties from whom we acquired the loans, they may not parallel the representations and warranties our subsidiaries make or may otherwise not protect us from losses, including, for example, due to the fact that the counterparty may be insolvent or otherwise unable to make a payment at the time of a claim against such counterparty for damages for a breach of a representation or warranty.

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The residential loans that we may acquire, and that underlie the RMBS we acquire, are subject to risks particular to investments secured by mortgage loans on residential property. These risks are heightened because we may purchase non-performing loans.

Residential loans are secured by single-family residential property and are subject to risks of delinquency and foreclosure and risks of loss. The ability of a borrower to repay a loan secured by a residential property typically is dependent upon the income and/or assets of the borrower. A number of factors may impair borrowers’ abilities to repay their loans, including:

• changes in the borrowers’ income or assets;

• acts of God, including, without limitation, earthquakes, hurricanes, pandemics, epidemics or other public health emergencies, wildfires, droughts, other natural disasters and global climate change, which may result in uninsured losses;

• acts of war or terrorism, including the consequences of such events;

• adverse changes in national and local economic and market conditions;

• changes in governmental laws and regulations, including fiscal and trade policies, zoning ordinances and environmental legislation and the related costs of compliance;

• costs of remediation and liabilities associated with environmental conditions; and

• the potential for uninsured or under-insured property losses.

In the event of any default under a residential loan held directly by us, we will bear a risk of loss of principal to the extent of any deficiency between the value of the collateral and the price we paid for the loan and any accrued interest of the mortgage loan plus advances made, which could have a material adverse effect on our cash flow from operations. In the event of the bankruptcy of a mortgage loan borrower, the mortgage loan to such borrower will be deemed to be secured only to the extent of the value of the underlying collateral at the time of bankruptcy (as determined by the bankruptcy court), and the lien securing the mortgage loan will be subject to the avoidance powers of the bankruptcy trustee or debtor-in-possession to the extent the lien is unenforceable under state law. Additionally, foreclosure on a mortgage loan could subject us to greater concentration of the risks of the residential real estate markets and risks related to the ownership and management of real property.

We may acquire non-agency RMBS, which are backed by residential property but, in contrast to agency RMBS, their principal and interest are not guaranteed by federally chartered entities such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation and, in the case of the Government National Mortgage Association, the U.S. government. Our investments in RMBS are subject to the risks of default, foreclosure timeline extension, fraud, home price depreciation and unfavorable modification of loan principal amount, interest rate and amortization of principal accompanying the underlying residential loans. To the extent that assets underlying our investments are concentrated geographically, by property type or in certain other respects, we may be subject to certain of the foregoing risks to a greater extent. In the event of defaults on the residential loans that underlie our investments in agency RMBS and the exhaustion of any underlying or any additional credit support, we may not realize our anticipated return on our investments and we may incur a loss on these investments.

Our inability to promptly foreclose upon defaulted residential loans could increase our cost of doing business and/or diminish our expected return on investments.

Our ability to promptly foreclose upon defaulted residential loans and liquidate the underlying real property plays a critical role in our valuation of, and expected return on, those investments. There are a variety of factors that may inhibit our ability to foreclose upon a residential loan and liquidate the real property within the time frames we model as part of our valuation process. These factors include, without limitation: federal, state or local legislative action or initiatives designed to provide homeowners with assistance in avoiding residential loan foreclosures and that serve to delay the foreclosure process; Home Affordable Modification Program and other programs that require specific procedures to be followed to explore the refinancing of a mortgage loan prior to the commencement of a foreclosure proceeding; and continued declines in real estate values and sustained high levels of unemployment that increase the number of foreclosures and place additional pressure on the already overburdened judicial and administrative systems.

Prepayment rates may adversely affect the value of our investment portfolio.

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~~Prepayment~~and financial markets and relative interest rates ~~may~~on ~~adversely~~fixed ~~affect~~rate ~~the~~mortgage ~~value~~loans ofand ~~our~~adjustable ~~investment~~rate ~~portfolio~~mortgage loans (“ARMs”). Consequently, prepayment rates cannot be predicted.

The value of our investment portfolio is affected by prepayment rates on our mortgage assets. In many cases, borrowers are not prohibited from making prepayments on their mortgage loans. Prepayment rates are influenced by changes in interest rates and a variety of economic, geographic and other factors beyond our control, including, without limitation, housing and financial markets and relative interest rates on fixed rate mortgage loans and adjustable rate mortgage loans (“ARMs”). Consequently, prepayment rates cannot be predicted.

We generally receive principal payments that are made on our mortgage assets, including residential loans underlying the agency RMBS or the non-agency RMBS that we acquire. When borrowers prepay their mortgage loans faster than expected, it results in prepayments that are faster than expected. Faster than expected prepayments could adversely affect our profitability and our ability to recoup our cost of certain investments purchased at a premium over par value, including in the following ways:

• We may purchase RMBS that have a higher interest rate than the prevailing market interest rate at the time. In exchange for this higher interest rate, we may pay a premium over the par value to acquire our mortgage asset. In accordance with GAAP, we may amortize this premium over the estimated term of our mortgage asset. If our mortgage asset is prepaid in whole or in part prior to its maturity date, however, we may be required to expense the allocable portion of the premium at the time of the prepayment.

• Prepayment rates generally increase when interest rates fall and decrease when interest rates rise, making it unlikely that we would be able to reinvest the proceeds of any prepayment in mortgage assets of similar quality and terms (including yield). If we are unable to invest in similar mortgage assets, we would be adversely affected.

While we seek to minimize prepayment risk to the extent practical, in selecting investments we must balance prepayment risk against other risks and the potential returns of each investment. No strategy can completely insulate us from prepayment risk.

Interest rate mismatches between our agency RMBS backed by ARMs and our borrowings used to fund our purchases of these assets may reduce our net interest income and cause us to suffer a loss during periods of rising interest rates.

To the extent that we invest in agency RMBS backed by ARMs, we may finance these investments with borrowings that have interest rates that adjust more frequently than the interest rates of those agency RMBS or the ARMs that back those RMBS. Accordingly, if short-term interest rates increase, our borrowing costs may increase faster than the interest rates on agency RMBS backed by ARMs adjust. As a result, in a period of rising interest rates, we could experience a decrease in net income or a net loss. In most cases, the interest rates on our agency RMBS and on our borrowings will not be identical, thereby potentially creating an interest rate mismatch between our investments and our borrowings. While the historical spread between relevant short-term interest rate indices has been relatively stable, there have been periods when the spread between these indices was volatile. During periods of changing interest rates, these interest rate index mismatches could reduce our net income or produce a net loss, and adversely affect our ability to make distributions and the market price of our common stock.

In addition, agency RMBS backed by ARMs are typically subject to lifetime interest rate caps which limit the amount that interest rates can increase through the maturity of the agency RMBS. However, our borrowings under repurchase agreements typically are not subject to similar restrictions. Accordingly, in a period of rapidly increasing interest rates, the interest rates paid on our borrowings could increase without limitation while caps could limit the interest rates on these types of agency RMBS. This problem is magnified for agency RMBS backed by ARMs that are not fully indexed. Further, some agency RMBS backed by ARMs may be subject to periodic payment caps that result in a portion of the interest being deferred and added to the principal outstanding. As a result, we may receive less cash income on these types of agency RMBS than we need to pay interest on our related borrowings. These factors could reduce our net interest income and cause us to suffer a loss during periods of rising interest rates.

We invest in distressed and non-performing commercial loans which could subject us to increased risks relative to performing loans, which may result in losses to us.

We invest in distressed and non-performing commercial mortgage loans, which are subject to increased risks of loss. Such loans may be or become non-performing for a variety of reasons, including, without limitation, because the underlying property is too highly leveraged or the borrower falls upon financial distress, in either case, resulting in the borrower being unable to meet its debt service obligations. Such loans may require a substantial amount of workout negotiations and/or restructuring, which may divert attention from other activities and may entail, among other things, a substantial reduction in the interest rate and a substantial write-down of the principal of the loan. Moreover, the ability to implement a successful restructuring entails a high degree of uncertainty, and we may not be able to implement any such restructuring on favorable terms or at all.

The financial or operating difficulties relating to the distressed or non-performing loan may never be overcome and may cause the borrower to become subject to bankruptcy or other similar administrative proceedings. In connection with any such proceeding, we may incur substantial or total losses on our investments and may become subject to certain additional potential liabilities that may exceed the value of our original investment therein. For example, under certain circumstances, a lender that has inappropriately exercised control over the management and policies of a debtor may have its claims subordinated or disallowed or may be found liable for damages suffered by parties as a result of such actions. In addition, under

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The financial or operating difficulties relating to the distressed or non-performing loan may never be overcome and may cause the borrower to become subject to bankruptcy or other similar administrative proceedings. In connection with any such proceeding, we may incur substantial or total losses on our investments and may become subject to certain ~~additional potential liabilities that may exceed the value of our original investment therein. For example, under certain~~ circumstances, a lender that has inappropriately exercised control over the management and policies of a debtor may have its claims subordinated or disallowed or may be found liable for damages suffered by parties as a result of such actions. In addition, under certain circumstances, payments to us may be reclaimed if any such payment is later determined to have been a fraudulent conveyance, preferential payment or similar transaction under applicable bankruptcy and insolvency laws.

Alternatively, we may find it necessary or desirable to foreclose on one of these loans, and the foreclosure process may be lengthy and expensive. Borrowers or junior lenders may resist mortgage foreclosure actions by asserting numerous claims, counterclaims and defenses against us. Any costs or delays involved in the effectuation of a foreclosure of the loan or a liquidation of the underlying property, or defending challenges brought after the completion of a foreclosure, will further reduce the proceeds and thus increase our loss.

Some of our portfolio investments are recorded at fair value and, as a result, there is uncertainty as to the value of these investments.

Some of our portfolio investments are in the form of positions or securities that are not publicly traded. The fair value of securities and other investments that are not publicly traded may not be readily determinable. We value these investments quarterly at fair value, as determined in accordance with GAAP, which include consideration of unobservable inputs. Because such valuations are subjective, the fair value of certain of our assets may fluctuate over short periods of time and our determinations of fair value may differ materially from the values that would have been used if a ready market for these securities existed. The value of our common stock could be adversely affected if our determinations regarding the fair value of these investments were materially higher than the values that we ultimately realize upon their disposal.

We may experience a decline in the fair value of our assets.

A decline in the fair value of our assets would require us to recognize an unrealized loss against earnings for those assets that are recorded at fair value through earnings, or may trigger an impairment, credit loss or other charge against earnings under applicable GAAP for those assets that are not recorded at fair value through earnings if we expect that the carrying value of those assets will not be recoverable. Subsequent disposition or sale of such assets could further affect our future losses or gains depending on the actual proceeds received.

Liability relating to environmental matters may impact the value of properties that we may purchase or acquire.

We may be subject to environmental liabilities arising from properties we own. Under various U.S. federal, state and local laws, an owner or operator of real property may become liable for the costs of removal of certain hazardous substances released on its property. These laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release of such hazardous substances.

The presence of hazardous substances may adversely affect an owner’s ability to sell real estate or borrow using real estate as collateral. To the extent that an owner of a property underlying one of our debt investments becomes liable for removal costs, the ability of the owner to make payments to us may be reduced, which in turn may adversely affect the value of the relevant mortgage asset held by us and our ability to make distributions to our stockholders.

The presence of hazardous substances on a property we own may adversely affect our ability to sell the property and we may incur substantial remediation costs, thus harming our financial condition. The discovery of material environmental liabilities attached to such properties could have a material adverse effect on our results of operations and financial condition and our ability to make distributions to our stockholders.

We ~~may~~ invest in commercial properties subject to net leases, which could subject us to losses.

We ~~may~~ invest in commercial properties subject to net leases, including as a result of our acquisition of Fundamental in July 2025. Typically, net leases require the tenants to pay substantially all of the operating costs associated with the properties. As a result, the value of, and income from, investments in commercial properties subject to net leases ~~will~~ depend, in part, upon the ability of the applicable tenant to meet its obligations to maintain the property under the terms of the net lease. If a tenant fails or becomes unable to so maintain a property, we will be subject to all risks associated with owning the underlying real estate. Under many net leases, however, the owner of the property retains certain obligations with respect to the property, including, among other things, the responsibility for maintenance and repair of the property, to provide adequate parking, maintenance of common areas and compliance with other affirmative covenants in the lease. If we were to fail to meet any such obligations, the applicable tenant could abate rent or terminate the applicable lease, which could result in a loss of our capital invested in, and anticipated profits from, the property.

We expect that some commercial properties subject to net leases in which we invest generally will be occupied by a single tenant and, therefore, the success of these investments will be materially dependent on the financial stability of each such tenant. A default of any such tenant on its lease payments to us would cause us to lose the revenue from the property and cause us to have to find an alternative source of revenue to meet any mortgage payment and prevent a foreclosure if the property is subject to a mortgage. In the event of a default, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment and re-letting our property. If a lease is terminated, we may also incur significant

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tenant. A default of any such tenant on its lease payments to us would cause us to lose the revenue from the property and cause us to have to find an alternative source of revenue to meet any mortgage payment and prevent a foreclosure if the property is subject to a mortgage. In the event of a default, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment and re-letting our property. If a lease is terminated, we may also incur significant losses to make the leased premises ready for another tenant and experience difficulty or a significant delay in re-leasing such property.

In addition, net leases typically have longer lease terms and, thus, there is an increased risk that contractual rental increases in future years will fail to result in fair market rental rates during those years.

We may acquire these investments through sale-leaseback transactions, which involve the purchase of a property and the leasing of such property back to the seller thereof. If we enter into a sale-leaseback transaction, we will seek to structure any such sale-leaseback transaction such that the lease will be characterized as a “true lease” for U.S. federal income tax purposes, thereby allowing us to be treated as the owner of the property for U.S. federal income tax purposes. However, we cannot assure you that the Internal Revenue Service (the “IRS”) will not challenge such characterization. In the event that any such sale-leaseback transaction is challenged and recharacterized as a financing transaction or loan for U.S. federal income tax purposes, deductions for depreciation and cost recovery relating to such property would be disallowed. If a sale-leaseback transaction were so recharacterized, we might fail to satisfy the REIT qualification “asset tests” or “income tests” and, consequently, lose our REIT status effective with the year of recharacterization. Alternatively, the amount of our REIT taxable income could be recalculated, which might also cause us to fail to meet the REIT distribution requirement for a taxable year.

Investments outside the U.S. that are denominated in foreign currencies subject us to foreign currency risks and to the uncertainty of foreign laws and markets, which may adversely affect our distributions and our REIT status.

Our investments outside the U.S. denominated in foreign currencies subject us to foreign currency risk due to potential fluctuations in exchange rates between foreign currencies and the U.S. dollar. As a result, changes in exchange rates of any such foreign currency to U.S. dollars may affect our income and distributions and may also affect the book value of our assets and the amount of stockholders’ equity. In addition, these investments subject us to risks of multiple and conflicting tax laws and regulations, and other laws and regulations that may make foreclosure and the exercise of other remedies in the case of default more difficult or costly compared to U.S. assets, and political and economic instability abroad, any of which factors could adversely affect our receipt of returns on and distributions from these investments.

Changes in foreign currency exchange rates used to value a REIT’s foreign assets may be considered changes in the value of the REIT’s assets. These changes may adversely affect our status as a REIT. Further, bank accounts in foreign currency which are not considered cash or cash equivalents may adversely affect our status as a REIT.

We invest in equity interests in commercial real estate assets, which subjects us to the general risks of owning commercial real estate.

We acquire and manage equity interests in commercial real estate assets. The economic performance and value of these investments can be adversely affected by many factors that are generally applicable to most real estate, including the following:

•changes in the national, regional, local and international economic climate;

•local conditions, such as oversupply of space or a reduction in demand for real estate in the areas in which they are located;

•competition from other available space;

•a reduction in demand for commercial or multifamily properties~~, including in the case of office properties as a result of an increase in remote and hybrid working arrangements~~;

•the attractiveness of the real estate to tenants;

•increases in operating costs if these costs cannot be passed through to tenants;

•the financial condition of tenants and the ability to collect rent from tenants;

•vacancies, changes in market rental rates and the need to periodically renovate, repair and re-let space;

•changes in interest rates and the availability of financing;

•changes in zoning laws and taxation, government regulation and potential liability under environmental or other laws or regulations;

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•acts of God, including, without limitation, earthquakes, hurricanes, pandemics, epidemics or other public health emergencies, wildfires, droughts, other natural disasters, global climate change, or acts of war or terrorism, in each case which may result in uninsured or underinsured losses; and

•decreases in the underlying value of real estate.

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Certain significant expenditures associated with an investment in commercial real estate assets (such as mortgage payments, real estate taxes and maintenance costs) generally do not decline when circumstances cause a reduction in income from the asset. Because real estate investments are relatively illiquid, our ability to vary any investments in commercial real estate assets promptly in response to economic or other conditions would be limited. This relative illiquidity could impede our ability to respond to adverse changes in the performance of such investments. The value of our equity investments in commercial real estate assets could decrease in the future.

We face risks associated with acquisitions of commercial real estate assets.

Our acquisition of equity interests in commercial real estate assets is subject to, and the success of those assets may be adversely affected by, various risks, including those described below:

•we may be unable to meet required closing conditions;

•we may be unable to finance acquisitions on favorable terms or at all;

•acquired assets may fail to perform as expected;

•our estimates of the costs of repositioning or renovating acquired commercial real estate assets may be inaccurate;

•we may not be able to obtain adequate insurance coverage for acquired commercial real estate assets;

•acquisitions may be located in markets where we and our Manager have a lack of market knowledge or understanding of the local economy, lack of business relationships in the area and unfamiliarity with local governmental and permitting procedures;

•we may be unable to quickly and efficiently integrate new acquisitions of commercial real estate assets into our existing operations and, therefore, our results of operations and financial condition could be adversely affected; and

•we may acquire equity interests in commercial real estate assets through a joint venture, and such investments could be adversely affected by our lack of sole decision-making authority and reliance upon a co-venturer’s financial condition. In addition, if we co-invest with affiliates of our Manager, we may be obligated to pay fees to such affiliates and would be subject to a variety of conflicts of interest with such affiliates, including conflicts similar to those described under the section captioned “—Risks Related to Our Relationship with Our Manager.”

We make equity investments in commercial real estate assets subject to both known and unknown liabilities and without any recourse, or with only limited recourse to the seller thereof. As a result, if a liability were asserted against us arising from our ownership of those assets, we might have to pay substantial sums to settle it, which could adversely affect us. Unknown liabilities with respect to commercial real estate assets may include:

•claims by tenants, vendors or other persons arising from dealing with the former owners of the assets;

•liabilities incurred in the ordinary course of business;

•claims for indemnification by general partners, directors, officers and others indemnified by the former owners of the assets; and

•liabilities for clean-up of undisclosed environmental contamination.

Government housing regulations may limit the opportunities at the affordable housing communities in which we invest, and failure to comply with resident qualification requirements may result in financial penalties or loss of benefits.

We own, and may acquire additional, equity interests in affordable housing communities and other properties that benefit from governmental programs intended to provide housing to individuals with low or moderate incomes. These programs, which are typically administered by the United States Department of Housing and Urban Development (“HUD”) or state housing finance agencies, typically provide mortgage insurance, favorable financing terms, tax credits or rental assistance payments to property owners. As a condition of the receipt of assistance under these programs, the properties must comply with various requirements, which typically limit rents to pre-approved amounts and impose restrictions on resident incomes. Failure to comply with these requirements and restrictions may result in financial penalties or loss of benefits. In addition, we will typically need to obtain the approval of HUD in order to acquire or dispose of a significant interest in or manage a HUD-assisted property. We may not always receive such approval.

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typically need to obtain the approval of HUD in order to acquire or dispose of a significant interest in or manage a HUD-assisted property. We may not always receive such approval.

We are subject to the general risks of owning properties relating to the healthcare industry.

We own, and may acquire additional, equity interests in properties relating to the healthcare industry, including the Medical Office Portfolio. The economic performance and value of these properties and of some or all of the tenants/operators of such properties could be adversely affected by many factors that are generally applicable to properties relating to the healthcare industry, including the following:

•adverse trends in healthcare provider operations, such as changes in the demand for and methods of delivering healthcare services, changes in third party reimbursement policies, significant unused capacity in certain areas, which has created substantial competition for patients among healthcare providers in those areas, increased expense for uninsured patients, increased competition among healthcare providers, increased liability insurance expense, continued pressure by private and governmental payors to reduce payments to providers of services and increased scrutiny of billing, referral and other practices by federal and state authorities and private insurers;

•extensive healthcare regulation, changes in enforcement policies with respect to such regulation and potential changes in the regulatory framework of the healthcare industry; and

•significant legal actions brought against tenants/operators that could subject them to increased operating costs and substantial uninsured liabilities.

We have sponsored, and purchased the more junior securities of, CLOs and such instruments involve significant risks, including that these securities receive distributions from the applicable CLO only if the CLO generates enough income to first pay all the investors holding senior tranches and all CLO expenses.

We have sponsored, and purchased the junior securities of, CLOs, and in the future we may sponsor, and purchase the more junior securities of, additional CLOs. In CLOs, investors purchase specific tranches, or slices, of debt instruments that are secured or backed by a pool of loans. The CLO debt classes have a specific seniority structure and priority of payments. The most junior securities along with the preferred shares of a CLO are generally retained by the sponsor of the CLO and are usually entitled to all of the income generated by the pool of loans after the payment of debt service on all the more senior classes of debt and the payment of all expenses. Defaults on the pool of loans therefore first affect the most junior tranches. The subordinate tranches of CLO debt may also experience a lower recovery and greater risk of loss, including risk of deferral or non-payment of interest than more senior tranches of the CLO debt because they bear the bulk of defaults from the loans held in the CLO and serve to protect the other, more senior tranches from default in all but the most severe circumstances. Despite the protection provided by the subordinate tranches, even more senior CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, decline in market value due to market anticipation of defaults and aversion to CLO securities as a class. Further, the transaction documents relating to the issuance of CLO securities may impose eligibility criteria on the assets of the CLO, restrict the ability of the CLO’s sponsor to trade investments and impose certain portfolio-wide asset quality requirements. Finally, the credit risk retention rules of the SEC impose a retention requirement of 5% of the issued debt classes by the sponsor of the CLO. These criteria, restrictions and requirements may limit the ability of the CLO’s sponsor (or collateral manager) to maximize returns on the CLO securities.

In addition, CLOs are not actively traded and are relatively illiquid investments and volatility in CLO trading markets may cause the value of these investments to decline. The market value of CLO securities may be affected by, among other things, changes in the market value of the underlying loans held by the CLO, changes in the distributions on the underlying loans, defaults and recoveries on the underlying loans, capital gains and losses on the underlying losses (or foreclosure assets), prepayments on the underlying loans and the availability, prices and interest rate of underlying loans. Furthermore, the leveraged nature of each subordinated tranche may magnify the adverse impact on such class of changes in the value of the loans, changes in the distributions on the loans, defaults and recoveries on the loans, capital gains and losses on the loans (or foreclosure assets), prepayment on loans and availability, price and interest rates of the loans.

Our CLOs include certain interest coverage tests, overcollateralization coverage tests or other tests that, if not met, may result in a change in the priority of distributions, which may result in the reduction or elimination of distributions to the subordinate debt and equity tranches until the tests have been met or certain senior classes of securities have been paid in full. For example, even if no loan in the pool experiences a default, an appraisal reduction of a loan in the pool may cause the pool of loans in the applicable CLO not to meet certain of these tests. Accordingly, if such tests are not satisfied, we, as holders of the subordinate debt and equity interests in the applicable CLO, may experience a significant reduction in our cash flow from those interests.

Moreover, the reinvestment and replenishment period in one or more of our CLOs may be nearing the end of its term. Once the reinvestment and replenishment period has ended any repayments of a loan in the applicable CLO will require us to pay down the most senior debt in such CLO resulting in an increase in our cost of funds.

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Furthermore, if any CLO that we sponsor or in which we hold interests fails to meet certain tests relevant to the most senior debt issued and outstanding by the CLO issuer, an event of default may occur under that CLO. If that occurs, (i) if we were serving as manager of such CLO, our ability to manage the CLO may be terminated and (ii) our ability to attempt to cure any defaults in such CLO may be limited, which would increase the likelihood of a reduction or elimination of cash flow and returns to us in such CLO for an indefinite time.

Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on joint venture partners’ financial condition and liquidity and disputes between us and our joint venture partners.

We may make investments through joint ventures. Such joint venture investments may involve risks not otherwise present when we make investments without partners, including the following:

•we may not have exclusive control over the investment or the joint venture, which may prevent us from taking actions that are in our best interest and could create the potential risk of creating impasses on decisions, such as with respect to acquisitions or dispositions;

•joint venture agreements often restrict the transfer of a partner’s interest or may otherwise restrict our ability to sell the interest when we desire and/or on advantageous terms;

•joint venture agreements may contain buy-sell provisions pursuant to which one partner may initiate procedures requiring the other partner to choose between buying the other partner’s interest or selling its interest to that partner;

•a partner may, at any time, have economic or business interests or goals that are, or that may become, inconsistent with our business interests or goals;

•a partner may be in a position to take action contrary to our instructions, requests, policies or objectives, including our policy with respect to maintaining our qualification as a REIT and our exemption from registration under the Investment Company Act;

•a partner may fail to fund its share of required capital contributions or may become bankrupt, which may mean that we and any other remaining partners generally would remain liable for the joint venture’s liabilities;

•our relationships with our partners are contractual in nature and may be terminated or dissolved under the terms of the applicable joint venture agreements and, in such event, we may not continue to own or operate the interests or investments underlying such relationship or may need to purchase such interests or investments at a premium to the market price to continue ownership;

•disputes between us and a partner may result in litigation or arbitration that could increase our expenses and prevent our Manager and our officers and directors from focusing their time and efforts on our business and could result in subjecting the investments owned by the joint venture to additional risk; or

•we may, in certain circumstances, be liable for the actions of a partner, and the activities of a partner could adversely affect our ability to qualify as a REIT or maintain our exclusion from registration under the Investment Company Act, even though we do not control the joint venture.

Any of the above may subject us to liabilities in excess of those contemplated and adversely affect the value of our joint venture investments.

Risks Related to Our Infrastructure Lending Segment

The success of the Infrastructure Lending Segment depends, in part, on our ability to leverage the capabilities of Lotus Infrastructure Partners and Starwood Oil and Gas.

We leverage the existing capabilities of Lotus Infrastructure Partners (formerly Starwood Energy Group) and Starwood Oil and Gas, affiliates of our Manager, with respect to our existing and future infrastructure debt investments, and our success depends, in part, on our ability to do so. Neither Lotus Infrastructure Partners or Starwood Oil and Gas has an obligation to provide any services to us, and so our ability to access Lotus Infrastructure Partners’ and Starwood Oil and Gas’ existing capabilities is dependent on our ongoing relationship with our Manager and Starwood Capital Group. See “—Risks Related to Our Relationship with Our Manager.” Accordingly, we may not continue to have access to Lotus Infrastructure Partners or Starwood Oil and Gas and their respective officers and key personnel.

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We are subject to the risks of investing in infrastructure loans, many of which are outside our control, and that may negatively impact our business and financial results.

We are subject to the risks of investing in infrastructure loans. Infrastructure loans are subject to the risk of default, foreclosure and loss, and the risk of loss may be greater than similar risks associated with loans made on other types of assets. The loan structure for project finance relies primarily on the underlying project’s cash flows for repayment, with the project’s assets, rights and interests, together with the equity in the project company, typically pledged as collateral. Accordingly, the ability of the project company to repay an infrastructure loan is dependent upon the successful development, construction and/or operation of such project rather than upon the existence of independent income or assets of the project company. Moreover, the loans are typically non-recourse or limited recourse to the project sponsor, and the project company, as a special purpose entity, typically has no assets other than the project. Accordingly, if the project’s cash flows are reduced or are otherwise less than projected, the project company’s ability to repay the loan will likely be impaired. The Infrastructure Lending Segment has made and will continue to make certain estimates regarding project cash flows during the underwriting of its investments. These estimates may not prove accurate, as actual results may vary from estimates. A project’s cash flows can be adversely affected by, among other things:

•if the project involves new construction,

•cost overruns,

•delays in completion,

•availability of land, building materials, energy, raw materials and transportation,

•availability of work force, management personnel and reliable contractors, and

•natural disasters (wildfires, drought, flood, earthquake, pandemics, epidemics or other public health emergencies), global climate change, war, civil unrest and strikes affecting contractors, suppliers or markets;

•shortfalls in expected capacity, output or efficiency;

•the terms of the power purchase or other offtake agreements used in the project;

•the creditworthiness of the project company and the project sponsor;

•competition;

•volatility in commodity prices;

•technology deployed, and the failure or degradation of equipment;

•inflation and fluctuations in exchange rates or interest rates;

•operation and maintenance costs;

•unforeseen capital expenditures;

•sufficiency of gas and electric transmission capabilities;

•licensing and permit requirements;

•increased environmental or other applicable regulations, including as it relates to global climate change;

•increased regulatory scrutiny and enforcement; and

•changes in national, international, regional, state or local policies, economic conditions, laws and regulations.

In the event of any default under an infrastructure loan, we bear the risk of loss of principal to the extent of any deficiency between the value of the collateral, if any, and the principal and accrued interest of the loan, which could have a material adverse effect on our business, financial condition and results of operations. In the event of the bankruptcy of a project company, our investment will be deemed to be subject to the avoidance powers of the bankruptcy trustee or debtor-in-possession and our contractual rights may be unenforceable under state or other applicable law. Foreclosure proceedings against a project can be an expensive and lengthy process, which could have a substantial negative effect on our anticipated return on the foreclosed investment.

The investment portfolio of our Infrastructure Lending Segment is concentrated in the power industry and, to a lesser extent, the midstream oil and gas industry, which subjects the portfolio to more risks than if the investments were more diversified.

Many of the investments in the portfolio of our Infrastructure Lending Segment are focused in the power industry, including thermal power and renewable power. If there is a downturn in the U.S. or global power industry generally, the

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applicable infrastructure investments may default or not perform in accordance with expectations. In addition to the factors described above regarding the general risks of investing in project finance, the power industry and its subsectors can be adversely affected by, among other factors:

•market pricing for electricity;

•change in creditworthiness of the offtaker;

•unforeseen capital expenditures;

•government regulation and policy change; and

•world and regional events, politics and economic conditions.

In addition to investments focused in the power industry, our portfolio also contains a concentration of investments related to projects in the midstream oil and gas industry, which also subjects us to certain risks inherent in the midstream oil and gas industry.

Loans to power projects or midstream oil and gas projects may be adversely affected if production from the projects declines. Such declines may be caused by various factors, including, as applicable, decreased access to capital or loss of economic incentive to complete a project or continue to operate a project, depletion of resources, catastrophic events affecting production, labor difficulties, political events, environmental proceedings, increased regulations, equipment failures and unexpected maintenance problems, failure to obtain necessary permits, unscheduled outages, unanticipated expenses, inability to successfully carry out new construction or acquisitions, import or export supply and demand disruptions or increased competition from alternative energy sources.

The default of one or more of the infrastructure loans as a result of a downturn within the energy industry or the midstream oil and gas industry generally could have a material adverse effect on our business, financial condition and results of operations.

We may have difficulty meeting our obligations on the unfunded commitments of the infrastructure loans, which could have a material adverse effect on us.

Under certain circumstances, we may find it difficult to meet our remaining funding obligations with the existing infrastructure loans, or with respect to future infrastructure loans, from our ordinary operations. In such situations, in order to meet our then-existing funding obligations, we may be required to: (i) sell assets in adverse market conditions; (ii) borrow on unfavorable terms; or (iii) fund the infrastructure loans with amounts that would otherwise be invested in future acquisitions, capital expenditures or repayment of debt. These alternatives could increase our costs or reduce our equity. Thus, compliance with the funding obligations with respect to the infrastructure loans may hinder our ability to grow, which could have a material adverse effect on our business, financial condition and results of operations. In the event that we are unable to meet our funding obligations with respect to one or more infrastructure loans, we would be in breach of such loan(s), which could damage our reputation and could result in a lawsuit being brought by the project company or others, which could result in substantial costs and divert our attention and resources.

The power and oil and gas industries are subject to extensive regulation, which could adversely impact the business and financial performance of the projects to which our infrastructure loans relate.

The projects to which our infrastructure loans relate, which are focused in the power industry and oil and gas industry, are subject to significant and extensive federal, international, state and local governmental regulation, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for the products and services they provide. Various governmental authorities have the power to enforce compliance with these regulations and the permits issued under them, and violators are subject to administrative, civil and criminal penalties, including civil fines, injunctions or both. Stricter laws, regulations or enforcement policies could be enacted in the future that likely would increase compliance costs, which could adversely affect the business and financial performance of the projects. Any of the foregoing could result in a default on one or more of our investments, which could have a material adverse effect on our business, financial condition and results of operations.

We generally are not able to control the projects underlying our infrastructure loans.

Although the covenants in the financing documentation relating to the infrastructure loans generally restrict certain actions that may be taken by project companies (including restrictions on making equity distributions and incurring additional indebtedness), we generally are not able to control the projects underlying our infrastructure loans. As a result, we are subject to the risk that the project company may make business decisions with which we disagree or that the project company may take risks or otherwise act in ways that do not serve our interests.

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Operation of a project underlying an infrastructure loan involves significant risks and hazards that may impair the project company’s ability to repay the loan, resulting in its default, which could have a material adverse effect on our business and financial results.

The ongoing operation of a project underlying any of our infrastructure loans involves risks that include, among other things, the breakdown or failure of equipment or processes or performance below expected levels of output or efficiency due to wear and tear, latent defect, design error or operator error or force majeure events. In addition to natural risks such as earthquakes, floods, droughts, lightning, wildfires, hurricanes, wind, global climate change and pandemics, epidemics or other public health emergencies, other hazards, such as fire, explosion, structural collapse and machinery failure, acts of terrorism or related acts of war, hostile cyber intrusions or other catastrophic events are inherent risks in the operation of a project. These and other hazards can cause significant personal injury or loss of life, severe damage to and destruction of property, plant and equipment and contamination of, or damage to, the environment and suspension of operations. Operation of a project also involves risks that the operator will be unable to transport its product to its customers in an efficient manner due to a lack of transmission capacity. Unplanned outages of a project, including extensions of scheduled outages due to mechanical failures or other problems, occur from time to time. Unplanned outages typically increase operation and maintenance expenses and may reduce revenues. While a project typically maintains insurance, obtains warranties from vendors and obligates contractors to meet certain performance levels, the proceeds of such insurance, warranties or performance guarantees may not cover the lost revenues, increased expenses or liquidated damages payments should the project experience equipment breakdown or non-performance by contractors or vendors. A project’s inability to operate its assets efficiently, manage capital expenditures and costs and generate earnings and cash flow could have a material adverse effect on the project company’s ability to repay the loan, which could result in its default. A default on one or more of the infrastructure loans could have a material adverse effect on our business, financial condition and results of operations.

Loans to companies engaged in oil and gas exploration and production may be exposed to production risk and to commodity price risk.

Certain of the loans in the Infrastructure Lending segment have been, or are expected to be, made to companies that engage in oil and gas exploration and production. These companies generate revenue, and our loans are expected to be repaid, from a combination of (i) sales of oil and gas under contracts pursuant to which third parties – rather than our borrowers – bear most of the risk of commodity price fluctuation and (ii) sales of oil and gas in the open commodity markets at then-prevailing prices. To the extent production from the underlying oil and gas wells is lower than forecasted, there is non-performance by (or a bankruptcy or insolvency of) the counterparty under a commodity contract, or the spot market price for the commodities decreases, the borrowers’ revenues, and ability to repay our loan, may be negatively affected.

Risks Related to Our Investing and Servicing Segment

The business activities of our Investing and Servicing Segment, particularly our special servicing business, expose us to certain risks.

In our Investing and Servicing Segment, we derive a substantial portion of our cash flows from the special servicing of pools of commercial mortgage loans. As special servicer, we typically receive fees based upon the outstanding balance of the loans that are being specially serviced by us. The balance of loans in special servicing where we act as special servicer could decline significantly and as such our servicing fees could likewise decline materially. The special servicing industry is highly competitive, and our inability to compete successfully with other firms to maintain our existing servicing portfolio and obtain future servicing opportunities could have a material and adverse impact on our future cash flows and results of operations. Because the right to appoint the special servicer for securitized mortgage loans generally resides with the holder of the “controlling class” position in the relevant trust and may migrate to holders of different classes of securities as additional losses are realized, our ability to maintain our existing servicing rights and obtain future servicing opportunities may require, in many cases, the acquisition of additional CMBS. Accordingly, our ability to compete effectively may depend, in part, on the availability of additional debt or equity capital to fund these purchases. To maintain our existing servicing rights and to obtain future assignments, in certain instances our special servicer entity has entered and in the future will enter into a fee sharing arrangement with the holder of the controlling class. Additionally, our existing servicing portfolio is subject to “run off,” meaning that mortgage loans serviced by us may be prepaid prior to maturity, refinanced with a mortgage not serviced by us, liquidated through foreclosure, deed-in-lieu of foreclosure or other liquidation processes or repaid through standard amortization of principal, resulting in lower servicing fees and/or lower returns on the subordinated securities owned by us. Improving economic conditions and property prices and declines in interest rates and greater availability of mortgage financing could reduce the incidence of assets going into special servicing and reduce our revenues from special servicing, including as a result of lower fees under new arrangements. The fair value of our servicing rights may decrease under the foregoing circumstances, resulting in losses.

In connection with the special servicing of mortgage loans, a special servicer may, at the direction of the directing certificateholder, generally take actions with respect to the specially serviced mortgage loans that could adversely affect the

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holders of some or all of the more senior classes of CMBS. We may hold subordinated CMBS and we may or may not be the directing holder in any CMBS transaction in which we also act as special servicer. We may have conflicts of interest in exercising our rights as holder of subordinated classes of CMBS and in owning the entity that also acts as the special servicer for such transactions. It is possible that we, acting as the directing certificateholder for a CMBS transaction, may direct special servicer actions that conflict with the interests of certain other classes of the CMBS issued in that transaction. The special servicer is not permitted to take actions that are prohibited by law or that violate the applicable servicing standard or the terms of the applicable CMBS documentation or the applicable mortgage loan documentation, and we are subject to the risk of claims asserted by mortgage loan borrowers and the holders of other classes of CMBS that we have violated applicable law or, if applicable, the servicing standard and our other obligations under such CMBS documentation or mortgage loan documentation, as a result of actions we may take.

The conduit operations in our Investing and Servicing Segment are subject to volatile market conditions and significant competition. In addition, the conduit business may suffer losses as a result of ineffective or inadequate hedges and credit issues.

The business activities in our Investing and Servicing Segment are subject to an evolving regulatory environment that may affect certain aspects of these activities.

In our Investing and Servicing Segment, we acquire subordinated securities issued by and act as special servicer for securitizations. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), various federal agencies have promulgated a rule that generally requires issuers in securitizations to retain 5% of the risk associated with the securities. While the rule as adopted generally allows the purchase of the CMBS B-Piece by a party not affiliated with the issuer to satisfy the risk retention requirement, current CMBS B-Pieces are generally not large enough to fully satisfy the 5% requirement. Accordingly, buyers of B-Pieces such as us may be required to purchase larger B-Pieces, potentially reducing returns on such investments. Furthermore, any such B-Pieces purchased by a party (such as us) unaffiliated with the issuer generally cannot be transferred for a period of five years following the closing date of the securitization or hedged against credit risk. These restrictions may reduce our liquidity and could potentially reduce our returns on such investments.

The mortgage loan servicing activities of our Investing and Servicing Segment are subject to a still evolving set of regulations, including regulations being promulgated under the Dodd-Frank Act. In addition, various governmental authorities have increased their investigative focus on the activities of mortgage loan servicers. As a result, we may have to spend additional resources and devote additional management time to address any regulatory concerns, which may reduce the resources available to grow our business. In addition, if we fail to operate the servicing activities of our Investing and Servicing Segment in compliance with existing and future regulations, our business, reputation, financial condition or results of operations could be materially and adversely affected.

The risks of investment in subordinated CMBS are magnified in the case of our Investing and Servicing Segment, where the principal payments received by the CMBS trust are made in priority to the higher rated securities.

CMBS are subject to the various risks that relate to the pool of underlying commercial mortgage loans and any other assets in which the CMBS represents an interest. In addition, CMBS are subject to additional risks arising from the geographic, property type and other types of concentrations in the pool of underlying commercial mortgage loans, which risks are magnified by the subordinated nature of the CMBS in which we invest in our Investing and Servicing Segment. In the event of defaults on the mortgage loans in the CMBS trusts, we bear a risk of loss on our related subordinated CMBS to the extent of deficiencies between the value of the collateral and the principal, accrued interest and unpaid fees and expenses on the mortgage loans, which may be offset to some extent by the special servicing fees received by us on those mortgage loans. The yield to maturity on the CMBS depends largely upon the price paid for the CMBS, which are generally sold at a discount at issuance and trade at even steeper discounts in the secondary markets. Further, the yield to maturity on CMBS depends, in significant part, upon the rate and timing of principal payments on the underlying mortgage loans, including both voluntary prepayments, if permitted, and involuntary prepayments, such as prepayments resulting from casualty or condemnation, defaults and liquidations or repurchases upon breaches of representations and warranties or document defects. Any changes in the weighted average lives of CMBS may adversely affect yield on the CMBS. Prepayments resulting in a shortening of weighted average lives of CMBS may be made at a time of low interest rates when we may be unable to reinvest the resulting payment of principal on the CMBS at a rate comparable to that being earned on the CMBS, while delays and extensions resulting in a lengthening of those weighted average lives may occur at a time of high interest rates when we may have been able to reinvest scheduled principal payments at higher rates.

The exercise of remedies and successful realization of liquidation proceeds relating to commercial mortgage loans underlying CMBS may be highly dependent on our performance as special servicer. We attempt to underwrite investments on a “loss-adjusted” basis, which projects a certain level of performance. However, this underwriting may not accurately predict the timing or magnitude of such losses. To the extent that this underwriting has incorrectly anticipated the timing or magnitude of losses, our business may be adversely affected. Some of the mortgage loans underlying the CMBS are in default and additional

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loans may default in the future. In the case of such defaults, cash flows of CMBS investments held by us may be adversely affected as any reduction in the mortgage payments or principal losses on liquidation of any mortgage loan may be applied to the class of CMBS securities relating to such defaulted loans that we hold.

The market value of CMBS could fluctuate materially as a result of various risks that are out of our control and may result in significant losses.

The market value of CMBS investments could fluctuate materially over time as the result of changes in mortgage spreads, treasury bond interest rates, capital market supply and demand factors, and many other factors that affect high-yield fixed income products. These factors are out of our control and could impair our ability to obtain short-term financing on the CMBS. CMBS investments, especially subordinated classes of CMBS, may have no, or only a limited, trading market. The financial markets have experienced and may continue to experience volatility and reduced liquidity, which may continue and reduce the market value of CMBS. Some or all of the CMBS, especially subordinated classes of CMBS, may be subject to restrictions on transfer and may be considered illiquid.

Most of the assets in our Investing and Servicing Segment are held through, or are ownership interests in, entities subject to entity level taxes, which cannot be passed through to, or used by, our stockholders to reduce taxes they owe.

Most of the assets in our Investing and Servicing Segment are held through a TRS, which is subject to entity level taxes on income that it earns. Taxes on income from such assets have materially increased the taxes paid by our ~~TRS~~TRSs.

Our Consolidated Financial Statements changed materially following our acquisition of LNR, as we became required to consolidate the assets and liabilities of CMBS pools in which we own the controlling class of subordinated securities and are considered the “primary beneficiary.”

Following our acquisition of LNR in 2013, we became required to consolidate the assets and liabilities of certain CMBS pools in which we own the controlling class of subordinated securities into our financial statements, even though the value of the subordinated securities may represent a small interest relative to the size of the pool. Under GAAP, companies are required to consolidate VIEs in which they are determined to be the primary beneficiary. A VIE must be consolidated only by its primary beneficiary, which is defined as the party who, along with its affiliates and agents, has a potentially significant interest in the entity and controls the entity’s significant decisions. As a result of the foregoing, our financial statements are more complex and may be more difficult to understand than if we did not consolidate the CMBS pools.

Risks Related to Our Organization and Structure

Certain provisions of Maryland law could inhibit changes in control.

Certain provisions of the Maryland General Corporation Law (the “MGCL”) that are applicable to Maryland ~~REITs~~corporations, such as the Company, may have the effect of deterring a third party from making a proposal to acquire us or of impeding a change in control under circumstances that otherwise could provide the holders of our common stock with the opportunity to realize a premium over the then-prevailing market price of our common stock. We are subject to the “business combination” provisions of the MGCL that, subject to limitations, prohibit certain business combinations (including a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities) between us and an “interested stockholder” (defined generally as any person who beneficially owns 10% or more of our then outstanding voting capital stock or an affiliate or associate of ours who, at any time within the two-year period prior to the date in question, was the beneficial owner of 10% or more of our then outstanding voting capital stock) or an affiliate thereof for five years after the most recent date on which the stockholder becomes an interested stockholder. After the five-year prohibition, any business combination between us and an interested stockholder generally must be recommended by our board of directors and approved by the affirmative vote of at least (i) 80% of the votes entitled to be cast by holders of outstanding shares of our voting capital stock and (ii) two-thirds of the votes entitled to be cast by holders of voting capital stock of the corporation other than shares held by the interested stockholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested stockholder. These super-majority voting requirements do not apply if our common stockholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares. These provisions of the MGCL also do not apply to business combinations that are approved or exempted by a board of directors prior to the time that the interested stockholder becomes an interested stockholder. Pursuant to the statute, our board of directors has by resolution exempted business combinations between us and any other person, provided that such business combination is first approved by our board of directors (including a majority of our directors who are not affiliates or associates of such person).

The “control share” provisions of the MGCL provide that “control shares” of a Maryland corporation (defined as shares which, when aggregated with other shares controlled by the stockholder (except solely by virtue of a revocable proxy), entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a “control share acquisition” (defined as the direct or indirect acquisition of ownership or control of “control shares”) have no voting ~~rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to~~

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rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding votes entitled to be cast by the acquirer of control shares, our officers and our personnel who are also our directors. Our bylaws contain a provision exempting from the control share acquisition statute any and all acquisitions by any person of shares of our stock, but this provision could be amended or eliminated at any time in the future.

The “unsolicited takeover” provisions of the MGCL permit our board of directors, without stockholder approval and regardless of what is currently provided in our charter or bylaws, to implement takeover defenses, some of which (for example, a classified board) we do not yet have. These provisions may have the effect of inhibiting a third party from making an acquisition proposal for us or of delaying, deferring or preventing a change in control of us under the circumstances that otherwise could provide the holders of shares of common stock with the opportunity to realize a premium over the then current market price.

Our authorized but unissued shares of common and preferred stock may prevent a change in control.

Our charter authorizes us to issue additional authorized but unissued shares of common or preferred stock. In addition, our board of directors may, without stockholder approval, amend our charter to increase the aggregate number of our shares of stock or the number of shares of stock of any class or series that we have authority to issue and classify or reclassify any unissued shares of common or preferred stock and set the preferences, rights and other terms of the classified or reclassified shares. As a result, our board of directors may establish a series of shares of common or preferred stock that could delay or prevent a transaction or a change in control that might involve a premium price for our shares of common stock or otherwise be in the best interest of our stockholders.

Maintenance of our exemption from registration under the Investment Company Act imposes significant limits on our operations.

We intend to continue to conduct our operations so that neither we nor any of our subsidiaries are required to register as an investment company under the Investment Company Act. Because we are a holding company that conducts our businesses primarily through wholly-owned subsidiaries, the securities issued by these subsidiaries that are excepted from the definition of “investment company” under Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act, together with any other investment securities we own, may not have a combined value in excess of 40% of the value of our adjusted total assets on an unconsolidated basis. The term “investment securities” generally includes all securities except cash, investments in U.S. money market funds, U.S. government securities and securities of majority-owned subsidiaries that are not themselves investment companies and are not relying on the exemption from the definition of investment company under Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act. This requirement limits the types of businesses in which we may engage through our subsidiaries. In addition, the assets we and our subsidiaries may acquire are limited by the provisions of the Investment Company Act and the rules and regulations promulgated under the Investment Company Act, which may adversely affect our performance.

If the value of securities issued by our subsidiaries that are excepted from the definition of “investment company” by Section 3(c)(1) or 3(c)(7) of the Investment Company Act, together with any other investment securities we own, exceeds 40% of our adjusted total assets on an unconsolidated basis, or if one or more of such subsidiaries fail to maintain an exception or exemption from the Investment Company Act, we could, among other things, be required either (i) to substantially change the manner in which we conduct our operations to avoid being required to register as an investment company or (ii) to register as an investment company under the Investment Company Act, either of which could have an adverse effect on us and the market price of our securities. If we were required to register as an investment company under the Investment Company Act, we would become subject to substantial regulation with respect to our capital structure (including our ability to use leverage), management, operations, transactions with affiliated persons (as defined in the Investment Company Act), portfolio composition, including restrictions with respect to diversification and industry concentration, and other matters.

The Investment Company Act defines a majority-owned subsidiary of a person as a company 50% or more of the outstanding voting securities of which are owned by such person, or by another company which is a majority-owned subsidiary of such person. The Investment Company Act defines voting securities as any security presently entitling the owner or holder thereof to vote for the election of directors of a company. We treat entities in which we own at least 50% of the outstanding voting securities as majority-owned subsidiaries for purposes of the 40% test referenced above. We have not requested that the SEC or its staff approve our treatment of any entity as a majority-owned subsidiary, and neither has done so. If the SEC or its staff was to disagree with our treatment of one or more subsidiary entities as majority-owned subsidiaries, we would need to adjust our strategy and our assets in order to continue to pass the 40% test.

Many of our subsidiaries rely on the exclusion from the definition of an investment company under Section 3(c)(5)(C) of the Investment Company Act, which is available for entities “primarily engaged in [the business of] . . . purchasing or otherwise acquiring mortgages and other liens on and interests in real estate.” This exclusion, as interpreted by the SEC staff, generally requires that at least 55% of a subsidiary’s portfolio must be comprised of qualifying real estate assets and at least 80% of its portfolio must be comprised of qualifying real estate assets and real estate-related assets (and no more than 20% ~~comprised of miscellaneous assets). In addition, certain of our subsidiaries in our Infrastructure Lending Segment may seek to~~

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comprised of miscellaneous assets). In addition, certain of our subsidiaries in our Infrastructure Lending Segment may seek to rely, among other things, on the exceptions from the definition of “investment company” contained in Section 3(c)(5)(A) or Section 3(c)(5)(B) of the Investment Company Act. Section 3(c)(5)(A) provides an exception from the definition of “investment company” for entities that are primarily engaged in the business of purchasing or otherwise acquiring notes, drafts, acceptances, open accounts receivable, and other obligations representing part or all of the sales price of merchandise, insurance, and services. Section 3(c)(5)(B) excepts from the definition of “investment company” entities that are primarily engaged in the business of making loans to manufacturers, wholesalers, retailers and prospective purchasers of specified merchandise, insurance or services.

As with other provisions of the Investment Company Act, including Section 3(c)(5)(C), reliance on Sections 3(c)(5)(A) and/or 3(c)(5)(B) is based in large part on the nature of the assets held by the relevant entities, and we have analyzed the availability of Section 3(c)(5)(A) and/or 3(c)(5)(B) to certain of our subsidiaries in the Infrastructure Lending Segment based on guidance from the SEC staff on the types of assets that qualify an entity to rely on either exception. However, the SEC guidance is somewhat limited in this area and the SEC may in the future issue additional guidance through no action letters or otherwise, and there can be no assurance that the assets of our subsidiaries in the Infrastructure Lending Segment will conform to such guidance.

In that regard, to the extent that any of such subsidiaries can no longer rely on the above Sections, such subsidiaries may be required to rely on other exceptions from the definition of “investment company”, such as Section 3(c)(1) or 3(c)(7), in which case we will need to treat our holdings therein as investment securities for purposes of the 40% test described above, or otherwise change the manner in which they conduct operations. Any such change could have an adverse effect on the performance of such subsidiaries and their ability to conduct their operations as currently contemplated.

The SEC has periodically solicited public comment on a wide range of issues relating to Section 3(c)(5)(C) of the Investment Company Act, including the nature of the assets that qualify for purposes of the exemption and whether mortgage REITs should be regulated in a manner similar to investment companies. The laws and regulations governing the Investment Company Act status of REITs, including the Division of Investment Management of the SEC providing more specific or different guidance regarding these exemptions, could change in a manner that adversely affects our operations. If we or our subsidiaries fail to maintain an exception or exemption from the Investment Company Act, we could, among other things, be required to (i) change the manner in which we conduct our operations to avoid being required to register as an investment company, (ii) effect sales of our assets in a manner that, or at a time when, we would not otherwise choose to do so, or (iii) register as an investment company (which, among other things, would require us to comply with the leverage constraints applicable to investment companies), any of which could negatively affect the value of our common stock, the sustainability of our business model and our ability to make distributions to our stockholders, which could, in turn, materially and adversely affect the market price of our common stock.

Rapid changes in the values of our real estate-related and other investments may make it more difficult for us to maintain our qualification as a REIT or exemption from the Investment Company Act.

If the market value or income potential of real estate-related or other investments declines as a result of increased interest rates, prepayment rates or other factors, including changes in carrying value of certain assets made in accordance with CECL, we may need to increase our real estate investments and income and/or liquidate our non-qualifying assets in order to maintain our REIT qualification or exemption from the Investment Company Act. Moreover, we may have to take similar action if the market value or income potential of any investment securities that we own increases. If the change in real estate or other asset values and/or income occurs quickly, this may be especially difficult to accomplish. This difficulty may be exacerbated by the illiquid nature of any non-qualifying assets that we may own. We may have to make investment decisions that we otherwise would not make absent the REIT and Investment Company Act considerations.

Our rights and the rights of our stockholders to take action against our directors and officers are limited, which could limit your recourse in the event of actions not in your best interests.

Under Maryland law generally, a director’s actions will be upheld if he or she performs his or her duties in good faith, in a manner he or she reasonably believes to be in our best interests and with the care that an ordinarily prudent person in a like position would use under similar circumstances. In addition, our charter limits the liability of our directors and officers to us and our stockholders for money damages, except for liability resulting from:

• actual receipt of an improper benefit or profit in money, property or services; or

• active and deliberate dishonesty by the director or officer that was established by a final judgment as being material to the cause of action adjudicated.

Our charter authorizes us to indemnify our directors and officers for actions taken by them in those capacities to the maximum extent permitted by Maryland law. Our bylaws require us to indemnify each director or officer, to the maximum extent permitted by Maryland law, in the defense of any proceeding to which he or she is made, or threatened to be made, a ~~party by reason of his or her service to us. In addition, we may be obligated to fund the defense costs incurred by our directors~~

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party by reason of his or her service to us. In addition, we may be obligated to fund the defense costs incurred by our directors and officers. As a result, we and our stockholders may have more limited rights against our directors and officers than might otherwise exist absent the current provisions in our charter and bylaws or that might exist with other companies.

Our charter contains provisions that make removal of our directors difficult, which could make it difficult for our stockholders to effect changes to our management.

Our charter provides that a director may only be removed for cause upon the affirmative vote of holders of two-thirds of the votes entitled to be cast in the election of directors. Vacancies may be filled only by a majority of the remaining directors in office, even if less than a quorum. These requirements make it more difficult to change our management by removing and replacing directors and may prevent a change in control of the Company that is in the best interests of our stockholders.

Ownership limitations may restrict change of control or business combination opportunities in which our stockholders might receive a premium for their shares.

In order for us to qualify as a REIT, no more than 50% in value of our outstanding capital stock may be owned, directly or indirectly, by five or fewer individuals during the last half of any calendar year. “Individuals” for this purpose include natural persons, private foundations, some employee benefit plans and trusts, and some charitable trusts. To preserve our REIT qualification, our charter generally prohibits any person from directly or indirectly owning more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of our capital stock or more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding shares of our common stock. This ownership limitation could have the effect of discouraging a takeover or other transaction in which holders of our common stock might receive a premium for their shares over the then prevailing market price or which holders might believe to be otherwise in their best interests.

Risks Related to Taxation as a REIT

If we do not qualify as a REIT or fail to remain qualified as a REIT, we will be subject to tax as a regular corporation and could face a substantial tax liability, which would reduce the amount of cash available for distribution to our stockholders.

We intend to continue to operate in a manner that will allow us to qualify as a REIT for U.S. federal income tax purposes. We have not requested nor obtained a ruling from the IRS as to our REIT qualification. Qualification as a REIT involves the application of highly technical and complex Code provisions for which only limited judicial and administrative authorities exist. Even a technical or inadvertent violation could jeopardize our REIT qualification. Our qualification as a REIT depends on our satisfaction of certain asset, income, organizational, distribution, stockholder ownership and other requirements on a continuing basis. Our ability to satisfy the asset tests depends upon our analysis of the characterization and fair values of our assets, some of which are not susceptible to a precise determination, and for which we will not obtain independent appraisals. Our compliance with the REIT income and quarterly asset requirements also depends upon our analysis of the character of our income and our ability to successfully manage the composition of our income and assets on an ongoing basis. Moreover, the proper classification of an instrument as debt or equity for U.S. federal income tax purposes may be uncertain in some circumstances, which could affect the application of the REIT qualification requirements as described below. In addition, our ability to satisfy the requirements to qualify as a REIT depends in part on the actions of third parties over which we have no control or only limited influence, including in cases where we own an equity interest in an entity that is classified as a partnership for U.S. federal income tax purposes. Accordingly, there can be no assurance that the IRS will not contend that our interests in subsidiaries or in securities of other issuers will not cause a violation of the REIT requirements.

If we were to fail to qualify as a REIT in any taxable year, we would be subject to U.S. federal income tax, and applicable state and local taxes, on our taxable income at regular corporate rates, and distributions made to our stockholders would not be deductible by us in computing our taxable income. In addition, we could possibly be subject to the corporate alternative minimum tax and the 1% excise tax on stock repurchases (and certain economically similar transactions), effective for taxable years beginning after December 31, 2022. Any such tax liability could be substantial and would reduce the amount of cash available for distribution to our stockholders, which in turn could have an adverse impact on the value of our common stock. Unless we were entitled to relief under certain Code provisions, we also would be disqualified from taxation as a REIT for the four taxable years following the year in which we failed to qualify as a REIT.

Ordinary dividends payable by REITs do not qualify for the reduced tax rates available for some corporate dividends.

The maximum tax rate applicable to “qualified dividends” payable by regular U.S. corporations to domestic stockholders that are individuals, trusts or estates is currently 20%. Dividends payable by REITs generally are not eligible for that reduced rate. However, pursuant to the 2017 Tax Cuts and Jobs Act and the 2025 One Big Beautiful Bill Act, such domestic stockholders may generally be allowed to deduct from their taxable income one-fifth of the ordinary dividends payable to them by REITs ~~for taxable years beginning before January 1, 2026~~. This would amount to a reduction in the effective tax rate on REIT dividends as compared to prior law. To qualify for this deduction, the domestic stockholder receiving such dividend must hold the dividend-paying REIT shares for at least 46 days (taking into account certain special holding period rules) of the 91-day period beginning 45 days ~~before the~~

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before the shares become ex-dividend, and cannot be under an obligation to make related payments with respect to a position in substantially similar or related property.

However, the more favorable rates that will nevertheless continue to apply to regular corporate qualified dividends could cause investors who are individuals, trusts or estates to perceive investments in REITs to be relatively less attractive as a U.S. federal income tax matter than investments in the stocks of non-REIT corporations that pay dividends, which could adversely affect the value of the stock of REITs, including ours.

REIT distribution requirements could adversely affect our ability to continue to execute our business plan.

We generally must distribute annually at least 90% of our taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal corporate income tax not to apply to earnings that we distribute. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our taxable income, we will be subject to U.S. federal corporate income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. We intend to continue to make distributions to our stockholders to comply with the REIT requirements of the Code.

From time to time, we may generate taxable income greater than our income for financial reporting purposes prepared in accordance with GAAP, or differences in timing between the recognition of taxable income and the actual receipt of cash may occur. For example, we may be required to accrue income from mortgage loans, MBS and other types of debt securities or interests in debt securities before we receive any payments of interest or principal on such assets. We may also acquire distressed debt investments that are subsequently modified by agreement with the borrower, or we may be required to amend other debt investments. If the amendments to the outstanding debt are “significant modifications” under the applicable U.S. Treasury regulations, the modified debt may be considered to have been reissued to us at a gain in a debt-for-debt exchange with the borrower, with gain recognized by us to the extent that the principal amount of the modified debt exceeds our cost of purchasing it prior to modification. In addition, we are generally required to recognize certain amounts in income no later than the time such amounts are reflected on our financial statements filed with the SEC.

We may also be required under the terms of indebtedness that we incur to use cash received from interest payments to make principal payments on that indebtedness, with the effect of recognizing income but not having a corresponding amount of cash available for distribution to our stockholders.

As a result, we may find it difficult or impossible to meet distribution requirements from our ordinary operations in certain circumstances. In particular, where we experience differences in timing between the recognition of taxable income and the actual receipt of cash, the requirement to distribute a substantial portion of our taxable income could cause us to: (i) sell assets in adverse market conditions, (ii) borrow on unfavorable terms, (iii) distribute amounts that would otherwise be invested in future acquisitions, capital expenditures or repayment of debt or (iv) make a taxable distribution of our shares, as part of a distribution in which stockholders may elect to receive shares (subject to a limit measured as a percentage of the total distribution), in order to comply with REIT requirements. These alternatives could increase our costs or reduce our equity. Thus, compliance with the REIT requirements may hinder our ability to grow, which could adversely affect the value of our common stock.

We may choose to make distributions to our stockholders in our own stock, or make a distribution of a subsidiary’s common stock, in which case our stockholders could be required to pay income taxes in excess of the cash dividends they receive.

We may in the future distribute taxable dividends that are payable in cash and shares of our common stock at the election of each stockholder. We may also determine to distribute a taxable dividend in the stock of a subsidiary in connection with a spin-off or other transaction. Taxable stockholders receiving such distributions will be required to include the full amount of the distribution as ordinary income to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, stockholders may be required to pay income taxes with respect to such dividends in excess of the cash dividends received. If a U.S. stockholder sells the stock that it receives as a dividend in order to pay this tax, the sale proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of that stock at the time of the sale. Furthermore, with respect to certain non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. In addition, if a significant number of our stockholders determine to sell shares of our common stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our common stock.

The stock ownership limit imposed by the Code for REITs and our charter may restrict our business combination opportunities.

In order for us to maintain our qualification as a REIT under the Code, not more than 50% in value of our outstanding stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include certain entities) at any time during the last half of each taxable year following our first year. Our charter, with certain exceptions, authorizes our

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board of directors to take the actions that are necessary and desirable to preserve our qualification as a REIT. Unless exempted by our board of directors, no person may own more than 9.8% of the aggregate value of our outstanding capital stock. Our board may grant an exemption in its sole discretion, subject to such conditions, representations and undertakings as it may determine. The ownership limits imposed by the tax law are based upon direct or indirect ownership by “individuals” (as defined in the Code to include certain entities), but only during the last half of a tax year. The ownership limits contained in our charter key off the ownership at any time by any “person,” which term includes entities. These ownership limitations in our charter are common in REIT charters and are intended to provide added assurance of compliance with the tax law requirements, and to minimize administrative burdens. However, these ownership limits might also delay or prevent a transaction or a change in our control that might involve a premium price for our common stock or otherwise be in the best interest of our stockholders.

Even as a REIT, we may face tax liabilities that reduce our cash flow.

Even if we remain qualified for taxation as a REIT, we may be subject to certain U.S. federal, state and local or non-U.S. taxes on our income and assets, including taxes on any undistributed income, taxes on income from some activities conducted as a result of a foreclosure, and state or local income, property and transfer taxes, such as mortgage recording taxes. For instance, we currently hold loans related to our Infrastructure Lending Segment, and may hold any newly originated infrastructure loans, through one or more domestic or foreign subsidiaries that are either disregarded as separate from our company for U.S. federal income tax purposes or, to aid in the maintenance of our status as a REIT under the Code, that have elected to be treated as a TRS. Any such domestic subsidiary that elects to be treated as a TRS will be subject to U.S. taxation under the general rules applicable to corporations (as described further below). Furthermore, certain interest payments to us or to any such domestic or foreign subsidiary made by the underlying borrowers with respect to the infrastructure loans may be subject to withholding taxes in the jurisdictions in which the related facilities or borrowers are located, which would reduce the net proceeds from such payments that are received by us. In addition, in order to continue to meet the REIT qualification requirements, prevent the recognition of certain types of non-cash income, or to avert the imposition of a 100% tax that applies to certain gains derived by a REIT from dealer property or inventory, we may hold a significant amount of our assets through our TRSs or other subsidiary corporations that will be subject to corporate-level income tax at regular rates. Although REITs are not subject to the corporate alternative minimum tax, a TRS may be subject to this tax if a TRS’s three-year average annual adjusted financial statement income exceeds $1 billion. Furthermore, if we lend money to a TRS, the TRS may be unable to deduct all or a portion of the interest paid to us, which could result in an even higher corporate-level tax liability. Any of these taxes would decrease cash available for distribution to our stockholders.

Complying with REIT requirements may cause us to forgo otherwise attractive opportunities.

To qualify as a REIT for U.S. federal income tax purposes, we must satisfy ongoing tests concerning, among other things, the sources of our income, the nature and diversification of our assets, the amounts that we distribute to our stockholders and the ownership of our stock. We may be required to make distributions to stockholders at disadvantageous times or when we do not have funds readily available for distribution, and may be unable to pursue investments that would be otherwise advantageous to us in order to satisfy the source-of-income or asset-diversification requirements for qualifying as a REIT. In addition, in certain cases, the modification of a debt instrument could result in the conversion of the instrument from a qualifying real estate asset to a wholly or partially non-qualifying asset that must be contributed to a TRS or disposed of in order for us to maintain our REIT status. Compliance with the source-of-income requirements may also limit our ability to acquire debt instruments at a discount from their face amount. Thus, compliance with the REIT requirements may hinder our ability to make, and in certain cases to maintain ownership of, certain attractive investments.

Complying with REIT requirements may force us to liquidate otherwise attractive investments.

To qualify as a REIT, we must ensure that at the end of each calendar quarter, at least 75% of the value of our assets consists of cash, cash items, government securities and qualified REIT real estate assets, including certain mortgage loans and certain kinds of MBS. The remainder of our investment in securities (other than government securities, securities of a TRS, and qualified real estate assets) generally cannot include more than 10% of the outstanding voting securities of any one issuer or more than 10% of the total value of the outstanding securities of any one issuer. In addition, in general, no more than 5% of the value of our assets (other than government securities, securities of a TRS, and qualified real estate assets) can consist of the securities of any one issuer, and no more than 25% (20% for taxable years beginning after December 31, 2017 and before January 1, 2026) of the value of our total securities can be represented by securities of one or more TRSs. If we fail to comply with these requirements at the end of any calendar quarter, we must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing our REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate from our portfolio otherwise attractive investments. These actions could have the effect of reducing our income and amounts available for distribution to our stockholders.

The failure of assets subject to repurchase agreements to qualify as real estate assets could adversely affect our ability to qualify as a REIT.

We have entered into financing arrangements that are structured as sale and repurchase agreements pursuant to which we would nominally sell certain of our assets to a counterparty and simultaneously enter into an agreement to repurchase these assets at a later date in exchange for a purchase price. Economically, these agreements are financings which are secured by the assets sold pursuant thereto. We believe that we would be treated for REIT asset and income test purposes as the owner of the assets that are the subject of any such sale and repurchase agreement notwithstanding that such agreement may transfer record ownership of the assets to the counterparty during the term of the agreement. It is possible, however, that the IRS could assert that we did not own the assets during the term of the sale and repurchase agreement, in which case we could fail to qualify as a REIT.

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assets at a later date in exchange for a purchase price. Economically, these agreements are financings which are secured by the assets sold pursuant thereto. We believe that we would be treated for REIT asset and income test purposes as the owner of the assets that are the subject of any such sale and repurchase agreement notwithstanding that such agreement may transfer record ownership of the assets to the counterparty during the term of the agreement. It is possible, however, that the IRS could assert that we did not own the assets during the term of the sale and repurchase agreement, in which case we could fail to qualify as a REIT.

We may be required to report taxable income for certain investments in excess of the economic income we ultimately realize from them.

We may acquire debt instruments in the secondary market for less than their face amount. The discount at which such debt instruments are acquired may reflect doubts about their ultimate collectability rather than current market interest rates. The amount of such discount will nevertheless generally be treated as “market discount” for U.S. federal income tax purposes. Under the rules applicable in reporting market discount as income, such market discount may have to be included in income as if the debt instruments were assured of being collected in full. If we ultimately collect less on the debt instruments than our purchase price plus the market discount we had previously reported as income, we may not be able to benefit from any offsetting loss deductions. In addition, we may acquire distressed debt investments that are subsequently modified by agreement with the borrower. If the amendments to the outstanding debt are “significant modifications” under applicable U.S. Treasury regulations, the modified debt may be considered to have been reissued to us at a gain in a debt-for-debt exchange with the borrower. In that event, we may be required to recognize taxable gain to the extent the issue price or principal amount, as applicable, of the modified debt exceeds our adjusted tax basis in the unmodified debt, even if the value of the debt or the payment expectations have not changed.

Moreover, some of the MBS that we acquire may have been issued with original issue discount. We will be required to report such original issue discount based on a constant yield method and will be taxed based on the assumption that all future projected payments due on such MBS will be made. If such MBS turns out not to be fully collectible, an offsetting loss deduction will become available only in the later year that uncollectability is provable.

Finally, in the event that any debt instruments or MBS acquired by us are delinquent as to mandatory principal and interest payments, or in the event payments with respect to a particular debt instrument are not made when due, we may nonetheless be required to continue to recognize the unpaid interest as taxable income as it accrues, despite doubt as to its ultimate collectability. Similarly, we may be required to accrue interest income with respect to subordinate MBS at its stated rate regardless of whether corresponding cash payments are received or are ultimately collectible. In each case, while we would in general ultimately have an offsetting loss deduction available to us when such interest was determined to be uncollectible, the utility of that deduction could depend on our having taxable income in that later year or thereafter.

If any of our subsidiary REITs failed to qualify as a REIT, we could be subject to higher taxes, fail to remain qualified as a REIT and/or be subject to other adverse consequences.

We own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to U.S. federal income tax and applicable state and local taxes on its taxable income at regular corporate rates, (ii) the Subsidiary REIT’s failure to so qualify could have an adverse effect on our ability to comply with the REIT income and asset tests, and thus could impair our ability to qualify as a REIT unless we could avail ourselves of certain relief provisions and (iii) such failure could also cause certain entities owned by the Subsidiary REIT that are intended to be treated as “qualified REIT subsidiaries” (or otherwise as disregarded) to be treated as taxable mortgage pools (“TMPs”), which could cause adverse tax and other adverse consequences.

The “taxable mortgage pool” rules will increase the taxes that we, or our stockholders may, incur and limit our actions with respect to our taxable mortgage pools.

Securitizations in the form of bonds or notes secured principally by mortgage loans generally result in the creation of TMPs for U.S. federal income tax purposes. The debt securities issued by TMPs are sometimes referred to as “collateralized mortgage obligations” (“CMOs”), which include CLOs. We have issued CLOs through TMPs. Unless a TMP is wholly-owned by a REIT, it is subject to taxation as a corporation. However, so long as a REIT owns 100% of the equity interests in a TMP, the TMP will not be taxed as a corporation. Instead, the REIT's stockholders, including, without limitation, foreign stockholders eligible for treaty or sovereign benefits, stockholders with net operating losses, and generally tax-exempt stockholders that are subject to unrelated business income tax, may be subject to taxation, or to increased taxes, on any portion, known as “excess inclusions”, of their dividend income from the REIT that is attributable to the TMP, but only to the extent that the REIT actually distributes “excess inclusions” to them. We intend not to distribute “excess inclusions”, but to pay the tax on “excess inclusions” ourselves. Notwithstanding our intention to try to avoid distributions to our stockholders of “excess inclusions”, it is possible that some portion of our dividends to our stockholders may be so characterized.

In order to control better, and to attempt to avoid, the distribution of “excess inclusions” to our stockholders, all of our TMPs are wholly-owned by a Subsidiary REIT that has elected to be treated as a REIT. Our Subsidiary REIT is required to satisfy, on a stand-alone basis, the REIT asset, income, organizational, distribution, stockholder ownership and other requirements described above, and if it were to fail to qualify as a REIT, then our Subsidiary REIT would face adverse tax consequences similar to those described above with respect to our qualification as a REIT and, as described above, failure could

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Because our TMPs must at all times be owned by a REIT, we are restricted from selling equity interests in it, or selling any notes or bonds issued by it that might be considered to be equity for tax purposes, to other investors if doing so would subject it to taxation. These restrictions limit the liquidity of our investments in our TMPs and may prevent us from incurring greater leverage on that investment in order to maximize our returns from it.

The tax on prohibited transactions may limit our ability to engage in transactions, including certain methods of securitizing mortgage loans, which would be treated as sales for U.S. federal income tax purposes.

A REIT’s net income from prohibited transactions is subject to a 100% tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, but including mortgage loans, held primarily for sale to customers in the ordinary course of business. We might be subject to this tax if we were to dispose of or securitize loans in a manner that was treated as a sale of the loans for U.S. federal income tax purposes. Therefore, in order to avoid the prohibited transactions tax, we may choose not to engage in certain sales of loans at the REIT level, and may limit the structures we utilize for our securitization transactions, even though the sales or structures might otherwise be beneficial to us.

Our investments in construction loans require us to make estimates about the fair value of land and improvements that may be challenged by the IRS.

We invest in construction loans, the interest from which is qualifying income for purposes of the REIT income tests, provided that the loan value of the real property securing the construction loan is equal to or greater than the highest outstanding principal amount of the construction loan during any taxable year. For purposes of construction loans, the loan value of the real property is the fair value of the land plus the reasonably estimated cost of the improvements or developments (other than personal property) that secure the loan and that are to be constructed from the proceeds of the loan. There can be no assurance that the IRS would not challenge our estimate of the loan value of the real property.

The failure of a mezzanine loan to qualify as a real estate asset could adversely affect our ability to qualify as a REIT.

We invest in mezzanine loans, for which the IRS has provided a safe harbor but not rules of substantive law. Pursuant to the safe harbor, if a mezzanine loan meets certain requirements, it will be treated by the IRS as a real estate asset for purposes of the REIT asset tests, and interest derived from the mezzanine loan will be treated as qualifying mortgage interest for purposes of the REIT 75% income test. We may acquire mezzanine loans that do not meet all of the requirements of this safe harbor. In the event we own a mezzanine loan that does not meet the safe harbor, the IRS could challenge such loan’s treatment as a real estate asset for purposes of the REIT asset and income tests and, if such a challenge were sustained, we could fail to qualify as a REIT.

Liquidation of assets may jeopardize our REIT qualification.

To qualify as a REIT, we must comply with requirements regarding our assets and our sources of income. If we are compelled to liquidate our investments to repay obligations to our lenders, we may be unable to comply with these requirements, ultimately jeopardizing our qualification as a REIT, or we may be subject to a 100% tax on any resultant gain if we sell assets that are treated as dealer property or inventory.

Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

The REIT provisions of the Code substantially limit our ability to hedge our assets and liabilities. Any income from a hedging transaction we enter into either (i) to manage risk of interest rate or price changes with respect to borrowings made or to be made to acquire or carry real estate assets, (ii) to manage risk of currency fluctuations with respect to items of income that qualify for purposes of the REIT 75% or 95% gross income tests or assets that generate such income or (iii) to hedge another instrument that hedges risks described in clause (i) or (ii) for a period following the extinguishment of the liability or the disposition of the asset that was previously hedged by the instrument, and provided that, in each case, the applicable hedging instrument is properly identified under applicable U.S. Treasury regulations, does not constitute “gross income” for purposes of the 75% or 95% gross income tests. To the extent that we enter into other types of hedging transactions, the income from those transactions is likely to be treated as non-qualifying income for purposes of both of the gross income tests. As a result of these rules, we intend to limit our use of advantageous hedging techniques or implement those hedges through a domestic TRS. This could increase the cost of our hedging activities because our TRS would be subject to tax on gains or expose us to greater risks associated with changes in interest rates than we would otherwise want to bear. In addition, losses in our TRS will not directly reduce our REIT taxable income but may reduce current or future taxable income in the TRS.

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associated with changes in interest rates than we would otherwise want to bear. In addition, losses in our TRS will not directly reduce our REIT taxable income but may reduce current or future taxable income in the TRS.

Partnership tax audits could increase the tax liability borne by us in the event of a U.S. federal income tax audit of a subsidiary partnership.

In connection with U.S. federal income tax audits of partnerships (such as certain of our subsidiaries) and the collection of any tax resulting from any such audits or other tax proceedings, the partnership itself may be liable for partner-level taxes (including interest and penalties) resulting from an adjustment of partnership tax items on audit, regardless of changes in the composition of the partners (or their relative ownership) between the year under audit and the year of the adjustment. The rules also include an elective alternative method under which the additional taxes resulting from the adjustment are assessed against the affected partners, subject to a higher rate of interest than otherwise would apply. Although regulations have been issued and address some aspects of these rules, questions remain as to how they will apply. These rules could increase the U.S. federal income tax, interest, and/or penalties economically borne by us in the event of a U.S. federal income tax audit of a subsidiary partnership in comparison to prior law.

Legislative or other actions affecting REITs could materially and adversely affect us and our stockholders.

The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. Changes to the tax laws, with or without retroactive application, could materially and adversely affect us and our stockholders. We cannot predict how changes in the tax laws, ~~or the expiration of certain tax provisions in the 2017 Tax Cuts and Jobs Act that are subject to “sunset” for taxable years beginning after December 31, 2025,~~ might affect us or our stockholders. New legislation, U.S. Treasury regulations, administrative interpretations or court decisions could significantly and negatively affect our ability to qualify as a REIT or the U.S. federal income tax consequences of such qualification.

General Risk Factors

Changes in accounting rules and other policy or regulatory changes could occur at any time and could impact us in significantly negative ways that we are unable to predict or protect against.

The SEC, the Financial Accounting Standards Board (“FASB”) and other regulatory bodies that establish the accounting rules applicable to us have proposed or enacted a wide array of changes to accounting rules over the last several years. Moreover, in the future, these regulators may propose additional changes that we do not currently anticipate. Changes to accounting rules that apply to us could significantly impact our business or our reported financial performance in negative ways that we cannot predict or protect against. We cannot predict whether any changes to current accounting rules will occur or what impact any codified changes will have on our business, results of operations, liquidity or financial condition.

Failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and stock price.

As a public company, we are required to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002. Internal control over financial reporting is complex and may be revised over time to adapt to changes in our business or changes in applicable accounting rules. We cannot assure you that our internal control over financial reporting will be effective in the future or that a material weakness will not be discovered with respect to a prior period for which we believe that internal controls were effective. If we are not able to maintain or document effective internal control over financial reporting, our independent registered public accounting firm may not be able to certify as to the effectiveness of our internal control over financial reporting as of the required dates. Matters impacting our internal controls may cause us to be unable to report our financial information on a timely basis, or may cause us to restate previously issued financial information, and thereby subject us to adverse regulatory consequences, including sanctions or investigations by the SEC or violations of applicable stock exchange listing rules. There could also be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Confidence in the reliability of our financial statements is also likely to suffer if we or our independent registered public accounting firm reports a material weakness in our internal control over financial reporting. This could materially and adversely affect us by, for example, leading to a decline in our stock price and impairing our ability to raise capital.

Our board of directors has approved very broad investment guidelines for our Manager and does not approve each investment and financing decision made by our Manager ~~unless required by our investment guidelines~~.

Our Manager is authorized to follow very broad investment guidelines which enable our Manager to make investments on our behalf in a wide array of assets. Our board of directors will periodically review our investment guidelines and our investment portfolio but will not, and will not be required to, review all of our proposed investments~~, except that any investment that is equal to or in excess of $250~~.0 million but less than $400.0 million will require approval of the investment committee of our board of directors and any investment that is equal to or in excess of $400.0 million will require approval of our board of directors. See Item 1. "Business—Investment Guidelines” in this Form 10-K for additional information regarding these investment guidelines. In addition, in conducting periodic reviews, our board of directors may rely and may make investments through affiliates primarily on information provided to them by our Manager. Furthermore, our Manager may use complex strategies, and transactions entered

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~~complex strategies, and transactions entered~~ into by our Manager may be costly, difficult or impossible to unwind by the time they are reviewed by our board of directors. Our Manager (or such affiliates) has great latitude within the broad parameters of our investment guidelines in determining the types and amounts of target assets it decides are attractive investments for us, which could result in investment returns that are substantially below expectations or that result in losses, which would materially and adversely affect our business operations and results. Further, decisions made and investments and financing arrangements entered into by our Manager may not fully reflect the best interests of our stockholders.

New investments may not be profitable (or as profitable as we expect), may increase our exposure to certain industries, may increase our exposure to interest rate, foreign currency, real estate market or credit market fluctuations, may divert managerial attention from more profitable opportunities and may require significant financial resources. A change in our investment strategy may also increase any guarantee obligations we agree to incur or increase the number of transactions we enter into with affiliates. Moreover, new investments may present risks that are difficult for us to adequately assess, given our lack of familiarity with a particular type of investment. The risks related to new investments or the financing risks associated with such investments could adversely affect our results of operations, financial condition and liquidity, and could impair our ability to make distributions to our stockholders.

Our board of directors has in the past and may in the future at any time change one or more of our investment strategy or guidelines, financing strategy or leverage policies without stockholder consent.

Our board of directors has in the past and may in the future at any time change one or more of our investment strategy or guidelines, financing strategy or leverage policies with respect to investments, acquisitions, growth, operations, indebtedness, capitalization and distributions without the consent of our stockholders, which could result in an investment portfolio with a different risk profile. Any change in our investment strategy may increase our exposure to interest rate risk, default risk and real estate market fluctuations. These changes could adversely affect our financial condition, results of operations, the market price of our common stock and our ability to make distributions to our stockholders.

We operate in a highly competitive market for investment opportunities and competition may limit our ability to acquire desirable investments in our target assets and could also affect the pricing of these investment opportunities.

We operate in a highly competitive market for investment opportunities. Our profitability depends, in large part, on our ability to acquire our target assets at attractive prices. In acquiring our target assets, we compete with a variety of institutional investors, including other REITs, commercial and investment banks, specialty finance companies, public and private funds (including other funds managed by Starwood Capital Group), commercial finance and insurance companies and other financial institutions. Many of our competitors are substantially larger and have considerably greater financial, technical, marketing and other resources than we do. Several other REITs have raised significant amounts of capital and may have investment objectives that overlap with ours, which may create additional competition for investment opportunities. Some competitors may have a lower cost of funds and access to funding sources that may not be available to us, such as funding from the U.S. government, if we are not eligible to participate in programs established by the U.S. government. Many of our competitors are not subject to the operating constraints associated with REIT tax compliance or maintenance of an exemption from the Investment Company Act. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than we do. Furthermore, competition for investments in our target assets may lead to the price of such assets increasing, which may further limit our ability to generate desired returns. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, desirable investments in our target assets may be limited in the future and we may not be able to continue to take advantage of attractive investment opportunities from time to time, as we may not be able to identify and make additional investments that are consistent with our investment objectives.

Cybersecurity risks could result in the loss of data, interruptions in our business, damage to our reputation, and result in increased costs and financial losses that could have a material adverse effect on our business and results of operations.

Our operations are dependent on information systems and technology, and we rely heavily on our financial, accounting, communications and other data processing systems. Such systems may fail to operate properly or become disabled as a result of tampering or a breach of the network security systems or otherwise. Our network systems and storage applications, and those systems and storage and other business applications maintained by our third party providers, may be subject to attempts to gain unauthorized access, breach, malfeasance or other system disruptions.

Cybersecurity incidents and cyber-attacks, ransomware attacks, and social engineering attempts (including business email compromise attacks) have been occurring globally at a more frequent and severe level, with increasing sophistication, including through the use of artificial intelligence, and will likely continue to increase in frequency and sophistication in the future. There have been a number of recent highly publicized cases involving the dissemination, theft and destruction of corporate information as a result of a failure to follow procedures by employees or contractors or as a result of actions by a variety of third parties. There can be no assurance that the measures we take to ensure the integrity of our systems will provide ~~protection, especially because cyberattack techniques used change frequently, may persist undetected over~~

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protection, especially because cyberattack techniques used change frequently and with increasing sophistication, may persist undetected over extended periods of time, and may not be mitigated in a timely manner to prevent or minimize the impact of an attack. We regularly encounter phishing attempts and unsuccessful attacks, and we believe our layered security approach has effectively protected us, but there can be no assurance that cybersecurity intrusions will not occur or, if they do occur, that they will be adequately addressed. The loss, disclosure or misappropriation of, or unauthorized access to, information or our failure to meet our obligations could result in damage to our reputation, legal claims or proceedings, penalties and remediation costs. See Item 1C—"Cybersecurity” in this Form 10-K for a discussion of how we address these cybersecurity risks.

We ~~are~~utilize ~~subject~~artificial ~~to risks~~intelligence ~~from~~tools ~~natural~~in ~~disasters~~a ~~such~~limited ~~as earthquakes, wildfires~~ and ~~severe~~controlled ~~weather~~manner, ~~including~~which asmay ~~the~~expose ~~result~~us ofto ~~global~~certain ~~climate~~risks ~~changes,~~and ~~which~~could ~~may~~adversely ~~result~~affect ~~in damage to~~ our ~~properties~~ business.

We utilize artificial intelligence tools, including generative artificial intelligence and machine learning technologies (“AI”), on a limited basis to support certain operational, analytical and process-efficiency functions within our business. Our current use of AI is focused on enhancing internal productivity, automating routine tasks, and supporting internal analysis, and we do not rely on AI to make autonomous investment, underwriting, or credit decisions.

If our peers utilize AI tools and we do not do so in a comparable manner or at a similar pace, we may be competitively disadvantaged. Conversely, the adoption of AI tools presents opportunities to reduce costs, improve efficiency, and enhance internal processes; however, such tools also present certain risks. AI tools may produce outputs that are inaccurate, incomplete or biased, may rely on insufficient or flawed data sets, and may give rise to intellectual property, data privacy or cybersecurity risks.

The use of AI tools may introduce errors or inadequacies that are not easily detectable, including deficiencies, inaccuracies or biases in the content, analyses, models or recommendations generated by such tools. To the extent the AI-assisted outputs are used to support internal analysis or workflows and are, or are perceived to be, deficient, inaccurate, biased or otherwise flawed, our reputation, competitive position and business may be materially and adversely affected.

We use AI tools subject to internal policies, controls and oversight, including the use of enterprise-grade platforms with contractual and security protections. However, the use of AI tools may result in the inadvertent input or disclosure of confidential or proprietary information that contradicts applicable policies, contractual or other obligations or restrictions, which could cause such information to become accessible to unauthorized third-parties.

We may also be exposed to risks related to AI to the extent our service providers, vendors or counterparties, whether or not known to us, use AI in their business activities, and we may not be able to control or fully assess the use of AI technologies in third-party products or services upon which we rely.

AI technology and its applications continue to develop rapidly, and it is not possible to predict all of the risks that may arise from future technological developments related to AI.

We are subject to risks from natural disasters such as earthquakes, wildfires and severe weather which may result in damage to our properties.

Natural disasters and severe weather such as earthquakes, tornadoes, hurricanes, wildfires, droughts or floods may result in significant damage to the properties securing our loans or in which we invest. In addition, our investments may be exposed to new or increased risks and liabilities associated with global climate change, such as increased frequency or intensity of adverse weather and natural disasters, as well as increased unavailability or costs of insurance, any of which could negatively impact our and our borrowers’ businesses and the value of the properties securing our loans or in which we invest. The extent of our or our borrowers’ casualty losses and loss in operating income in connection with such events is a function of the severity of the event and the total amount of exposure in the affected area. When we have geographic concentration of exposures, a single catastrophe (such as an earthquake) or destructive weather event (such as a hurricane) affecting a region may have a significant negative effect on our financial condition and results of operations. We may be materially and adversely affected by our exposure to losses arising from natural disasters or severe weather, including those associated with global climate change.

In addition, global climate change concerns could result in additional legislation and regulatory requirements, including those associated with the transition to a low-carbon economy, which could increase expenses or otherwise adversely impact our business, results of operations and financial condition, or the business, results of operations and financial condition of our borrowers.

The market price and trading volume of our common stock could be volatile and the market price of our common stock could decline, resulting in a substantial or complete loss of your investment.

The stock markets, including the New York Stock Exchange (the “NYSE”), which is the exchange on which our common stock is listed, have experienced significant price and volume fluctuations. In the past, overall weakness in the economy and other factors have contributed to extreme volatility of the equity markets generally, including the market price of our common stock. As a result, the market price of our common stock has been and may continue to be volatile, and investors in our common stock may experience a decrease in the value of their shares, including decreases unrelated to our operating performance or prospects. Some of the factors that could negatively affect our stock price or result in fluctuations in the price or trading volume of our common stock include:

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• our actual or projected operating results, financial condition, cash flows and liquidity, or changes in business strategy or prospects;

• actual or perceived conflicts of interest with our Manager or Starwood Capital Group and individuals, including our executives;

• equity issuances by us or share resales by our stockholders, or the perception that such issuances or resales may occur;

• actual or anticipated accounting problems;

• publication of research reports about us or the real estate industry;

• changes in market valuations of similar companies;

• adverse market reaction to the level of leverage we employ;

• additions to or departures of our Manager’s or Starwood Capital Group’s key personnel;

• speculation in the press or investment community;

• our failure to meet, or the lowering of, our earnings estimates or those of any securities analysts;

• increases in market interest rates, which may lead investors to demand a higher distribution yield for our common stock and would result in increased interest expenses on our debt;

• failure to maintain our REIT qualification;

• uncertainty regarding our exemption from the Investment Company Act;

• price and volume fluctuations in the stock market generally; and

• general market and economic conditions, including the current state of the credit and capital markets.

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In the past, securities class action litigation has often been instituted against companies following periods of volatility in their share price. This type of litigation could result in substantial costs and divert our attention and resources.

There may be future dilution of our common stock as a result of additional issuances of our securities, which could adversely impact our stock price.

Our board of directors is authorized under our charter to, among other things, authorize the issuance of additional shares of our common stock or the issuance of shares of preferred stock or additional securities convertible or exchangeable into equity securities, without stockholder approval. Future issuances of our common stock or shares of preferred stock or securities convertible or exchangeable into equity securities may dilute the ownership interest of our existing stockholders. Because our decision to issue additional equity or convertible or exchangeable securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future issuances. Additionally, any convertible or exchangeable securities that we issue may have rights, preferences and privileges more favorable than those of our common stock. Also, we cannot predict the effect, if any, of future sales of our common stock, or the availability of shares for future sales, on the market price of our common stock. Sales of substantial amounts of common stock or the perception that such sales could occur may adversely affect the prevailing market price for our common stock.

Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity.

We rely on information technology (“IT”) systems, including data hosting facilities and other hardware and software platforms, some of which are hosted by third parties, to assist in conducting our businesses. Our IT systems, like those of most companies, may be vulnerable to certain cybersecurity threats such as ransomware, interruption of services, data breaches, or any other cybersecurity incident that could adversely impact our ability to operate our core business functions. As a real estate finance services firm, we do not maintain a significant level of personally identifiable information data, so our exposure to data breaches is limited. In the last fiscal year, we have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our operations, business strategy, results of operations, cash flow or financial condition. However, we have, from time to time, experienced threats to our data and systems, including from malicious software and computer virus attacks. We anticipate we will continue to face similar threats, including attempts for unauthorized access, in the future. We also maintain a cybersecurity insurance policy to mitigate risks associated with cybersecurity incidents, though coverage may not be available or sufficient to cover costs of certain cybersecurity incidents.

As of December 31, 2025, we have not had any known instances of material cybersecurity incidents, including third-party incidents, during any of the prior three fiscal years. However, we have, from time to time, experienced threats to our data and systems, including from malicious software and computer virus attacks. We anticipate we will continue to face similar threats, including attempts for unauthorized access, in the future. We also maintain a cybersecurity insurance policy to mitigate

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risks associated with cybersecurity incidents, though coverage may not be available or sufficient to cover costs of certain cybersecurity incidents.

Risk Management and Strategy

We consider cybersecurity, along with other top risks, within our enterprise risk management framework. The enterprise risk management framework includes internal reporting at the business and enterprise levels, with consideration of key risk indicators, trends and countermeasures for cybersecurity and other types of significant risks. We have implemented a robust cybersecurity program that employs various controls and activities aimed at identifying, protecting against, detecting, and responding to cybersecurity threats. These controls, including endpoint and network monitoring, endpoint protection, and network security measures, safeguard our assets from unauthorized access and attacks. We prioritize data protection through data classification and access management designed to permit access only by authorized personnel. Our cybersecurity incident response plan, integrated into the enterprise risk management framework, outlines a structured process for handling cybersecurity incidents involving assets or data. It guides our cybersecurity incident response team in containing, eradicating, and recovering from incidents while minimizing damage and disruption. The plan includes a clearly defined notification framework for timely communication to relevant parties, that may include our management team, Board of Directors and Audit Committee, based on the incident’s severity and potential impact. Controls and related activities are designed taking into consideration recognized third party cybersecurity frameworks.

We utilize on-premises and cloud-based security solutions, with real-time monitoring provided by specialized managed security services providers. These external managed security service providers collect events generated by critical systems in real-time, filter non-security events, and then correlate the information using security data analytical engines so that personnel can identify and analyze threats.

~~Annual~~We ~~risk~~also ~~assessments~~utilize ofartificial ~~our~~intelligence ~~Information~~tools, ~~Security~~including ~~Program~~generative ~~are~~artificial ~~conducted~~intelligence, in a limited and controlled manner to ~~identify~~support ~~emerging~~certain ~~information~~operational, ~~security~~analytical and ~~third~~process-efficiency ~~party~~functions ~~risks~~within our business. InOur ~~addition,~~use ~~periodic~~of ~~vulnerability~~AI ~~assessments~~is ~~and~~subject ~~penetration~~to ~~tests~~information ~~are~~security, ~~conducted~~data protection and monitoring controls designed to ~~support~~be ~~the~~consistent ~~identification~~with ofthose ~~risks.~~that Weapply ~~also~~to ~~conduct~~our ~~independent~~broader ~~audits,~~technology ~~including~~environment. ~~through~~AI ~~the~~tools ~~use~~are ofnot ~~third-party~~used ~~assessors~~to onmake ~~both~~autonomous ~~the~~investment, ~~design~~underwriting, or credit decisions.

53We maintain internal policies governing the use of AI technologies, including guidelines and restrictions on the types of data that may be input into such tools, and we leverage enterprise-grade platforms with contractual and security protections.

~~Table~~Annual risk assessments of ~~Contents~~our Information Security Program are conducted to identify emerging information security and third party risks. In addition, periodic vulnerability assessments and penetration tests are conducted to support the identification of risks. We also conduct independent audits, including through the use of third-party assessors on both the design and operational effectiveness of security controls and consult with external advisors on best practices to address new challenges.

An external vendor risk management platform is utilized to evaluate, rate, monitor, and ~~operational~~track ~~effectiveness~~vendor ofrisk pertaining to our critical vendors. The security ~~controls~~practices and ~~consult~~processes of the service providers are monitored regularly, and periodic assessments may be performed on the service providers’ compliance with ~~external~~cybersecurity ~~advisors~~terms, based on ~~best~~the ~~practices~~service providers’ risk. For any of our hosted applications we by default require the vendor to ~~address~~maintain ~~new~~a ~~challenges~~System and Organization Controls (“SOC”) 1 or SOC 2 report. If a third party vendor is not able to provide a SOC 1 or SOC 2 report, we take additional steps to assess their cybersecurity preparedness and assess our relationship on that basis. Our assessment of risks associated with the use of third party providers is part of our overall cybersecurity risk management framework.

An external vendor risk management platform is utilized to evaluate, rate, monitor, and track vendor risk pertaining to our critical vendors. The security practices and processes of the service providers are monitored regularly, and periodic assessments may be performed on the service providers’compliance with cybersecurity terms, based on the service providers’ risk. For any of our hosted applications we by default require the vendor to maintain a System and Organization Controls (“SOC”) 1 or SOC 2 report. If a third party vendor is not able to provide a SOC 1 or SOC 2 report, we take additional steps to assess their cybersecurity preparedness and assess our relationship on that basis. Our assessment of risks associated with the use of third party providers is part of our overall cybersecurity risk management framework.

We also periodically perform simulations and tabletop exercises at a management level and incorporate external resources and advisors as needed. All employees are required to complete a monthly computer-based Security Awareness Training Program that includes various topics on cybersecurity risk management best practices. This program educates users to identify information security threats and what actions should be taken. Additionally, employees are regularly tested with phishing campaigns reinforcing their awareness of email threats.

Governance

Oversight of cybersecurity is a joint responsibility of our Board of Directors and Audit Committee, with each receiving at least quarterly updates on our cybersecurity program, including measures taken to address cybersecurity risks and significant cybersecurity incidents. The Board and Audit Committee also may receive updates on topics such as the results of various cybersecurity assessments, third party risk management, and evolving risks.

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Our Chief Information Officer leads our overall cybersecurity function and is responsible for developing and implementing our information security program and managing our response to threats. In addition to our in-house cybersecurity capabilities, at times we also engage third parties to assist with assessing, identifying, and managing cybersecurity risks. Members of our IT security team, including the third party security firms we utilize as part of our program, have cybersecurity experience or certifications, such as the Certified Information Systems Security Professional certification.

Item 2. Properties.

The Company leases office space in Miami Beach, FL; New York, NY; Los Angeles, CA; Stamford, CT; ~~and~~ Charlotte, NC and Phoenix, AZ. Refer to Schedule III included in Item 8 of this Form 10‑K for a listing of investment properties owned as of December 31, ~~2024~~2025.

Item 3. Legal Proceedings.

Currently, no material legal proceedings are pending against us that could have a material adverse effect on our business, financial position or results of operations.

Item 4. Mine Safety Disclosures.

Not applicable.

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PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Market Information and Dividends

The Company’s common stock has been listed on the NYSE and is traded under the symbol “STWD” since its IPO in August 2009. On February 2120, ~~2025~~2026, the closing price of our common stock, as reported by the NYSE, was $1918.9006 per share.

We intend to make regular quarterly distributions to holders of our common stock and distribution equivalents to holders of restricted stock units which are settled in shares of common stock. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. We generally intend over time to pay quarterly distributions in an amount at least equal to our taxable income. Refer to Note 18 to the Consolidated Financial Statements for the Company’s dividend history for the three years ended December 31, ~~2024~~2025.

Holders

As of February 2120, ~~2025~~2026, there were ~~600~~440 holders of record of the Company’s ~~337~~370,~~423~~581,~~560~~767 shares of common stock outstanding. One of the holders of record is Cede & Co., which holds shares as nominee for The Depository Trust Company which itself holds shares on behalf of other beneficial owners of our common stock.

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Stock Performance Graph

CUMULATIVE TOTAL RETURN

Based upon initial investment of $100 on December 31, ~~2019~~2020 (1)

	Starwood Property Trust		FTSE NAREIT Mortgage REITs Index ~~(2)~~		S&P 500 Index
12/31/2019	$	100.00	$	100.00	$	100.00
12/31/2020	$	100.00	$	100.00	$	100.00
12/31/2020	$	88.36	$	81.38	$	118.39
12/31/2021	$	135.83	$	115.56	$	128.68
12/31/2021	$	120.03	$	94.05	$	152.34
12/31/2022	$	112.58	$	85.11	$	105.36
12/31/2022	$	99.48	$	69.27	$	124.73
12/31/2023	$	142.54	$	98.04	$	133.03
12/31/2023	$	125.95	$	79.79	$	157.48
12/31/2024	$	141.54	$	98.25	$	166.28
12/31/2024	$	125.07	$	79.96	$	196.85
12/31/2025	$	148.43	$	114.13	$	195.98

__________________________________________

(1)Dividend reinvestment is assumed.

(2)The Bloomberg REIT Mortgage Index used for comparison in our prior year graph is no longer published. We retrospectively replaced it with the FTSE NAREIT Mortgage REITs Index (FNMR-FTX) in the graph above.

Sales of Unregistered Equity Securities

There were no sales of unregistered equity securities during the year ended December 31, ~~2024~~2025.

Issuer Purchases of Equity Securities

There were no purchases of common stock during the year ended December 31, ~~2024~~2025.

Item 6. [Reserved]

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company should be read in conjunction with our accompanying Consolidated Financial Statements included in Item 8 of this Form 10‑K. Certain statements we make under this Item 7 constitute “forward‑looking statements” under the Private Securities Litigation Reform Act of 1995. See “Special Note Regarding Forward‑Looking Statements” preceding Part I of this Form 10‑K. You should consider our forward‑looking statements in light of our Consolidated Financial Statements and other financial information appearing elsewhere in this Form 10‑K and our other filings with the SEC.

Business Objectives

Our objective is to provide attractive risk‑adjusted returns to our investors over the long‑term, primarily through dividends and secondarily through capital appreciation. We intend to achieve our objective by originating and acquiring target assets to create a diversified investment portfolio that is financed in a manner that is designed to deliver attractive returns across a variety of market conditions and economic cycles. We are focused on our three core competencies: transaction access, asset analysis and selection, and identification of attractive relative values within the real estate debt and equity markets.

Since our IPO in August 2009, we have evolved from a company focused on opportunistic acquisitions of real estate debt assets from distressed sellers to that of a full‑service real estate finance platform that is primarily focused on the origination and acquisition of commercial real estate debt and equity investments across the capital structure, in the U.S., Europe and Australia. With the Starwood brand, market presence, and lending/asset management platform that we have developed, we are focused primarily on the following opportunities:

(1)Continue to expand our market presence as a leading provider of acquisition, refinance, development and expansion capital to large real estate projects (greater than $75 million) in infill locations, and other attractive market niches where our size and scale give us an advantage to provide a “one-stop” lending solution for real estate developers, owners and operators;

(2)Continue to expand our investment activities in subordinate CMBS and revenues from special servicing;

(3)Continue to expand our capabilities in syndication and securitization, which serve as a source of attractively priced, matched-term financing;

(4)Continue to leverage our Investing and Servicing Segment’s sourcing and credit underwriting capabilities to expand our overall footprint in the commercial real estate debt markets;

(5)Expand our investment activities in both (i) targeted real estate equity investments (including net lease and triple net lease commercial properties) and (ii) residential mortgage finance; and

(6)Expand our originations and acquisitions of infrastructure debt investments.

Economic Environment

~~During~~Although ~~2023,~~the ~~inflation~~Federal Reserve began to ~~moderate~~lower asinterest arates ~~result~~in ofSeptember ~~the~~2025, ~~monetary~~after ~~policy~~having ~~tightening~~held ~~actions~~rates ~~taken~~steady byfor ~~the~~a ~~Federal Reserve~~year, ~~including~~it ~~repeatedly~~is ~~raising~~not ~~interest~~clear ~~rates.~~what ~~While~~actions ~~the~~it ~~Federal~~may ~~Reserve~~take ~~began~~going toforward ~~lower~~given ~~interest~~the ~~rates~~uncertain ineconomic ~~September~~effects ~~2024,~~of ~~interest~~tariffs ~~rates~~which ~~may~~increase ~~remain~~the ~~near~~possibility ~~recent~~of ~~highs~~an ~~which~~economic ~~creates~~slowdown ~~uncertainty~~as ~~for~~well ~~the~~as ~~economy~~inflationary ~~and~~pressures ~~for~~in ~~our~~the ~~borrowers~~U.S. Elevated interest rates and tariffs over time may adversely affect our ~~existing~~ borrowers and ~~lead~~our totenants. Higher ~~nonperformance as higher~~ costs may dampen consumer spending and slow income growth, which may negatively impact the collateral underlying certain of our loans. ~~Additionally,~~and ~~elevated~~certain ~~interest~~of ~~rates~~our commercial assets subject to net lease whose customer base could be adversely ~~affect~~impacted. Rates can also impact the value of ~~commercial~~real estate, including the real estate we own ~~and~~as ~~that~~well ~~collateralizes~~as the real estate collateralizing our loans. It remains difficult to predict the full impact of recent events and any future changes in tariffs, interest rates, or inflation and overall economic activity.

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 5 to the 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.~~

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~~Developments~~CECL ~~During~~reserves, particularly if market conditions relevant to the ~~Fourth~~office ~~Quarter~~sector ofdo ~~2024~~not improve. Any such reserve increases are difficult to predict.

Developments During the Fourth Quarter of 2025

Commercial and Residential Lending Segment

•Originated or acquired $~~477.~~1.7 ~~million~~billion of commercial loans during the quarter, including the following:

◦~~€107~~£235.50 million ($~~111~~315.4 million) first mortgage loan secured by a14 ~~shopping~~assisted ~~center~~living facilities located inacross ~~Ireland~~the United Kingdom, which the Company fully funded ~~subsequent to year end~~.

◦€217.6 million ($63251.51 million) first mortgage loan secured by aan ~~multifamily~~industrial ~~property~~logistics portfolio located in ~~Florida~~Ireland, of which the Company funded $51192.61 million.

◦~~€51.7 million (~~$53192.~~5 million) upsize to an existing $93.~~9 million first mortgage bridge loan tosecured ~~add~~by a ~~hotel~~pre-leased ~~asset~~data tocenter ~~an existing portfolio~~ located in ~~Ireland~~Texas, of which the Company funded $4921.40 million.

◦$48147.13 million first mortgage and mezzanine loan secured by a ~~multifamily~~25-asset, ~~property~~36-building light industrial portfolio located in ~~New~~Virginia ~~York~~and Maryland, of which the Company funded $46139.04 million.

◦$~~100~~107.01 million first mortgage bridge loan secured by a ~~portfolio~~pre-leased ~~of six~~ data center ~~assets~~ located ~~across~~in Wisconsin, of which the ~~western~~Company ~~United~~funded ~~States~~$8.9 million.

•Funded $~~171~~222.97 million of previously originated commercial loan commitments and investment securities.

•Received gross proceeds of $~~967~~669.37 million ($~~484~~183.70 million, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.

•~~Sold~~Refinanced a pool of our commercial loans held-for-investment in November 2025 through a CLO, STWD 2025-FL4. The CLO has a contractual maturity of December 2042 and a weighted average cost of financing of SOFR + 1.85%, inclusive of the amortization of deferred issuance costs. On the closing date, the CLO issued $401.1 billion of notes, of which $968.6 million of ~~participating~~notes ~~interests~~were inpurchased ~~first~~by ~~mortgage~~third party investors and ~~mezzanine~~$135.2 ~~loans~~million atof ~~par~~subordinated notes were retained by us.

•Sold another unit in a residential conversion project in New York for $5.4 million.

•Amended several commercial credit facilities resulting in an aggregate net upsize of $604.0 million and extended the weighted average maturity on amended facilities by 1.2 years to 1.5 years.

Infrastructure Lending Segment

•~~Acquired~~Committed $~~532~~386.04 million offor new infrastructure loans and bonds, of which the Company funded $25338.85 million, and also funded $3.3 million of pre-existing infrastructure loan commitments.

•Received proceeds of $~~365~~567.96 million from principal repayments on our infrastructure loans and bonds.

•InRefinanced ~~October 2024, we refinanced~~ a pool of our infrastructure loans held-for-investment in October 2025 through a CLO, Starwood ~~2024~~2025-~~SIF4~~SIF6. The CLO has a contractual maturity of October ~~2036~~2037 and a weighted average cost of financing of SOFR + 21.1091%, inclusive of the amortization of deferred issuance costs. On the closing date, the CLO issued $~~600~~500.0 million of notes, of which $~~496~~413.25 million of notes ~~was~~were purchased by third party investors and $~~103~~86.85 million of subordinated notes were retained by us. ~~In connection therewith, we redeemed at par the third party financing for our STWD 2021-SIF1 CLO for $402.8 million and contributed certain loans previously held in that CLO to Starwood 2024-SIF4.~~

Investing and Servicing Segment

•Originated commercial conduit loans of $539.2 million.

•Received proceeds of $666.4 million from sales of previously originated commercial conduit loans.

•Acquired CMBS for a purchase price of $53.6 million, of which $5.0 million related to non-controlling interests.

•Obtained six new special servicing assignments for CMBS trusts with a total unpaid principal balance of $5.1 billion, while $2.8 billion matured, bringing our total named special servicing portfolio to $109.6 billion.

•Acquired a hotel in Arkansas from a consolidated CMBS trust for a purchase price of $7.7 million.

•Acquired a 25% equity interest in a retail center in Hawaii for $6.2 million.

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Property

•Acquired 17 additional net lease properties for cash of $182.1 million and the non-cash conversion of one existing loan for the development of net lease properties totaling $1.7 million.

•Refinanced a $492.1 million pool of our Fundamental net lease properties in October 2025 through an ABS, FI Series 2025-1, with $391.1 million of third party financing at a weighted average fixed rate of 5.26% and weighted average maturity of 6.45 years.

•Refinanced $126.1 million of the Woodstar Fund investments’ mortgage debt in October 2025 with $245.9 million of new debt that carries an initial term of 10 years, and a weighted average coupon of SOFR + 1.76%.

•Sold a 264-unit multifamily property in the Woodstar Fund at our fair value basis of $56.4 million.

Investing and Servicing Segment

•Originated commercial conduit loans of $153.0 million.

•Received proceeds of $372.9 million from sales of previously originated commercial conduit loans.

•Acquired CMBS for a purchase price of $107.2 million, of which $5.8 million related to non-controlling interests.

•Obtained four new special servicing assignments for CMBS trusts with a total unpaid principal balance of $2.7 billion, while $3.1 billion matured and $1.1 billion transferred, bringing our total named special servicing portfolio to $97.5 billion.

•Sold two operating properties for total gross proceeds of $36.3 million and recognized a total gain of $10.1 million.

Corporate

•~~Repaid~~Issued ~~the entire~~ $~~400~~550.0 million of 35.75% Senior Notes atdue ~~maturity~~2031 onin ~~December 31~~October 2025, ~~2024~~half of which were swapped to a floating rate of SOFR + 2.24%.

•InIssued ~~December 2024, we issued~~ $500.0 million of 65.5025% Senior Notes due ~~2030~~2028 in October 2025 and swapped the notes to a floating rate of SOFR + 21.5588%.

•In December 2024, we amended our $589.5 million term loan facility, increasing the facility by $100.0 million, to $689.5 million, and reducing the spread by 50 bps from SOFR + 2.75% to SOFR + 2.25%.

•In November 2024, we early redeemed $250.0 million of our $500.0 million Senior Notes due March 2025.

•In October 2024, we issued $400.0 million of 6.00% Senior Notes due 2030 and swapped the notes to a floating rate of SOFR + 2.70%.

Developments During 2024

Commercial and Residential Lending Segment

•Originated or acquired $1.7 billion of commercial loans during the year, including the following:

◦$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.

◦£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.

◦$189.4 million first mortgage loan to refinance a residential development located in New York, of which the Company funded $155.8 million.

◦$175.0 million first mortgage loan to renovate a 593-key beach resort located in Bermuda, of which the Company funded $27.4 million.

◦€107.5 million ($111.4 million) first mortgage loan secured by a shopping center located in Ireland, which the Company fully funded subsequent to year end.

◦$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 $98.7 million.

◦$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 $60.8 million.

◦$63.5 million first mortgage loan secured by a multifamily property located in Florida, of which the Company funded $51.6 million.

◦$59.6 million first mortgage loan to refinance a Class A industrial property located in New York, of which the Company funded $56.8 million.

◦$100.0 million bridge loan secured by a portfolio of six data center assets located across the western United States.

•Funded $506.8 million of previously originated commercial loan commitments and investment securities.

•Received gross proceeds of $3.6 billion ($1.5 billion, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.

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~~•Sold~~Developments ~~three~~During ~~units in a residential conversion project in New York for $12.1 million.~~2025

~~•Sold~~Commercial ~~$40.1 million of participating interests in first mortgage~~ and ~~mezzanine~~Residential ~~loans~~Lending ~~at par.~~Segment

•Originated or acquired $6.4 billion of commercial loans during the year, including the following:

◦$550.0 million first mortgage and mezzanine loan secured by a 12-property multifamily portfolio located primarily in Arizona, which the Company fully funded.

◦$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 $363.2 million.

◦$500.0 million first mortgage loan secured by a 42-asset industrial portfolio located in New York, of which the Company funded $485.2 million.

◦$412.0 million first mortgage loan secured by a multifamily portfolio located in Texas, which the Company fully funded.

◦$350.0 million first mortgage and mezzanine loan secured by a 272-unit high-rise luxury condominium located in New York, of which the Company sold the $280.0 million first mortgage and retained the $70.0 million mezzanine loan. The Company funded $60.8 million of the mezzanine loan. Refer to Note 13 to the Consolidated Financial Statements for further discussion.

◦$287.7 million first mortgage loan for the construction of a fully leased data center located in Virginia, of which the Company funded $57.2 million. Refer to Note 17 to the Consolidated Financial Statements for further discussion.

◦£235.0 million ($315.4 million) first mortgage loan secured by 14 assisted living facilities located across the United Kingdom, which the Company fully funded.

◦€220.5 million ($228.9 million) first mortgage loan secured by a portfolio of apartment buildings located in Germany, of which the Company funded $171.0 million.

◦€217.6 million ($251.1 million) first mortgage loan secured by an industrial logistics portfolio located in Ireland, of which the Company funded $192.1 million.

◦€189.7 million ($214.3 million) first mortgage loan secured by a logistics portfolio located in Czech Republic and Slovakia, of which the Company funded $187.0 million.

•Funded $674.8 million of previously originated commercial loan commitments and investment securities.

•Received gross proceeds of $2.8 billion ($1.0 billion, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities.

•Refinanced a pool of our commercial loans held-for-investment in November 2025 through a CLO, STWD 2025-FL4. The CLO has a contractual maturity of December 2042 and a weighted average cost of financing of SOFR + 1.85%, inclusive of the amortization of deferred issuance costs. On the closing date, the CLO issued $1.1 billion of notes, of which $968.6 million of notes were purchased by third party investors and $135.2 million of subordinated notes were retained by us.

•Sold another unit in a residential conversion project in New York for $5.4 million.

•Sold an equity interest originally obtained in connection with a 2013 loan origination for gross proceeds of $70.0 million and recognized a gain of $51.4 million.

•Sold commercial real estate in Texas that was previously acquired through equity control in May 2022 for gross proceeds of $60.0 million and recognized a net gain of $4.1 million.

•Redeemed at par the third party financing for our STWD 2019-FL1 CLO for $220.1 million.

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•Amended several commercial credit facilities resulting in an aggregate net upsize of $2.0 billion and extended the weighted average maturity on amended facilities by 1.4 years to 2.6 years.

Infrastructure Lending Segment

•~~Acquired~~Committed $12.46 billion offor new infrastructure loans and bonds, of which the Company funded $~~110~~2.63 billion, and also funded $31.3 million of pre-existing infrastructure loan commitments.

•Received proceeds of $12.30 billion from principal repayments on our infrastructure loans and bonds ~~and $47~~.~~1 million from the sale of an infrastructure loan.~~

•~~Entered~~Refinanced ~~into~~ a ~~credit~~pool ~~facility~~of toour ~~finance~~ infrastructure loans ~~with~~held-for-investment in October 2025 through a ~~maximum~~CLO, ~~facility~~Starwood ~~size~~2025-SIF6. The CLO has a contractual maturity of October 2037 and a weighted average cost of financing of SOFR + 1.91%, inclusive of the amortization of deferred issuance costs. On the closing date, the CLO issued $~~250~~500.0 million of notes, of which $413.5 million of notes were purchased by third party investors and $86.5 million of subordinated notes were retained by us.

•InRefinanced ~~October 2024, we refinanced~~ a pool of our infrastructure loans held-for-investment in April 2025 through a CLO, Starwood ~~2024~~2025-~~SIF4~~SIF5. The CLO has a contractual maturity of ~~October~~April ~~2036~~2037 and a weighted average cost of financing of SOFR + 21.1094%, inclusive of the amortization of deferred issuance costs. On the closing date, the CLO issued $~~600~~500.0 million of notes, of which $~~496~~413.25 million of notes ~~was~~were purchased by third party investors and $~~103~~86.85 million of subordinated notes were retained by us. In connection therewith, we redeemed at par the third party financing for our STWD 2021-~~SIF1~~SIF2 CLO for $~~402~~410.80 million and contributed certain loans previously held in that CLO to Starwood ~~2024~~2025-~~SIF4~~SIF5.

•InAmended ~~May~~an ~~2024, we refinanced a pool of our~~ infrastructure ~~loans~~credit ~~held-for-investment through a CLO~~facility, ~~STWD~~increasing ~~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~~facility ofsize ~~deferred~~by ~~issuance costs. On the closing date, the CLO issued~~ $~~400~~125.0 million ofand ~~notes,~~reducing ofthe ~~which~~spread ~~$330.0 million of notes was purchased~~ by ~~third~~20 ~~party investors and $70~~bps.~~0 million of subordinated notes were retained by us.~~

Property

•InAcquired ~~May~~Fundamental ~~2024,~~by weway ~~refinanced $600.0 million~~ of ~~outstanding~~merger ~~debt~~in onJuly ~~our~~2025. ~~Medical~~The ~~Office~~purchase ~~Portfolio~~price ~~due~~totaled ~~November 2024 with~~ $~~450~~2.52 billion, ~~million~~inclusive of ~~senior securitized mortgage debt and a~~ $391.53 billion ~~million~~of ~~mezzanine~~indebtedness ~~loan~~assumed. ~~The~~See ~~new~~Note ~~debt~~3 ~~carries~~to anthe ~~initial~~Consolidated ~~term~~Financial ofStatements ~~two~~for ~~years,~~further ~~followed by three successive one-year extension options and a weighted average coupon of SOFR + 2~~discussion.~~52%.~~

•InAcquired ~~February~~25 ~~2024,~~additional wenet ~~sold~~lease ~~the~~properties 16for ~~retail~~cash ~~properties~~of ~~which~~$221.1 ~~comprised~~million ~~our~~and ~~Property~~the ~~Segment's~~non-cash ~~Master~~conversion ~~Lease~~of ~~Portfolio~~three existing loans for ~~net~~the ~~proceeds~~development of net lease properties totaling $~~188~~16.0 million,. ~~recognizing~~We aalso sold one net ~~gain~~lease ofproperty for $900.85 million.

•Sold a 264-unit multifamily property in the Woodstar Fund at our fair value basis of $56.4 million.

•Refinanced $311.2 million of the Woodstar Fund investments’ mortgage debt in August and October 2025 with $613.6 million of new debt that carries an initial term of 10 years, and a weighted average coupon of SOFR + 1.76%.

Investing and Servicing Segment

•Originated ~~or acquired~~ commercial conduit loans of $1.82 billion.

•Received proceeds of $1.73 billion from sales of previously originated ~~or acquired~~ commercial conduit loans.

•Acquired CMBS for a purchase price of $~~187~~176.53 million, of which $8.7.3 million related to non-controlling interests, and sold CMBS for total gross proceeds of $124.~~9 million, of which $~~2.8 million ~~related to non-controlling interests~~.

•Obtained 2912 new special servicing assignments for CMBS trusts with a total unpaid principal balance of $248.2 billion, while $1319.2 billion matured and $01.1 billion transferred, bringing our total named special servicing portfolio to $~~109~~97.65 billion.

•Sold ~~commercial~~two ~~real~~operating ~~estate~~properties for total gross proceeds of $1836.23 million and recognized a total gain of $810.31 million~~, of which $2~~.~~5 million was attributable to non-controlling interests.~~

~~•Acquired a hotel in Arkansas from a consolidated CMBS trust for a gross purchase price of $7.7 million.~~61

•Acquired a 25% equity interest in a retail center in Hawaii for $6.2 million.

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Corporate

•InIssued ~~December 2024, we issued~~ $500.0 million of 65.5025% Senior Notes due ~~2030~~2028 in October 2025 and swapped the notes to a floating rate of SOFR + 21.5588%.

•InIssued ~~December 2024, we amended our~~ $~~589~~500.~~5 million term loan facility, increasing the facility by $100.~~0 ~~million,~~ ~~to $689.5~~ million, ~~and~~of ~~reducing the spread by 50 bps from SOFR + 2~~6.7550% toSenior ~~SOFR~~Notes +due ~~2.25%,~~2030 ~~which~~in ~~had~~April ~~been~~2025 ~~previously~~and ~~reduced~~swapped inthe ~~June~~notes ~~2024,~~to ~~from~~a ~~SOFR~~floating +rate ~~3.25%~~of to SOFR + 2.7561%.

•InIssued ~~November 2024, we early redeemed $250~~27.01 million shares of ~~our~~common ~~Senior~~stock ~~Notes~~for ~~due~~proceeds ~~March~~of ~~2025~~$534.4 million.

•InEntered ~~October~~into ~~2024,~~a ~~we issued~~ $~~400~~700.0 million ofterm ~~6.00%~~loan ~~Senior~~facility ~~Notes~~that ~~due~~carries ~~2030~~a ~~and~~seven-year ~~swapped~~term, ~~the~~an ~~notes~~annual tointerest ~~a floating~~ rate of SOFR + 2.7025%, and an issue discount of 50 bps.

•InAmended ~~September~~our ~~2024,~~$682.6 wemillion ~~issued~~November 202027 and $893.13 million ~~shares~~January of2030 ~~our~~term ~~common~~loan ~~stock~~facilities, ~~for~~reducing ~~proceeds~~the ofspreads ~~$392~~by 50 bps and 25 bps, to SOFR + 1.575% ~~million~~and SOFR + 2.00%, respectively.

•InEntered ~~March~~into ~~2024,~~a wenew ~~issued~~ATM Agreement with a syndicate of financial institutions to sell shares of the Company’s common stock of up to $~~600~~500.0 million offrom 7time to time, through an “at the market” equity offering program.~~25%~~ ~~Senior~~During ~~Notes~~the ~~due~~year, ~~2029~~we ~~and~~issued ~~swapped~~1.6 million shares under the ~~notes~~ATM toAgreement afor ~~floating~~gross ~~rate~~proceeds of ~~SOFR~~$31.6 +million 3at an average share price of $20.~~25%~~22.

•Repaid the remaining $250.0 million of $500.0 million 4.75% Senior Notes due March 2025 upon maturity.

•Amended our January 2030 term loan facility in January 2025, 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.

Subsequent Events

Refer to Note 25 to the Consolidated Financial Statements for disclosure regarding significant transactions that occurred subsequent to December 31, ~~2024~~2025.

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Results of Operations

The discussion below is based on GAAP and therefore reflects the elimination of certain key financial statement line items related to the consolidation of securitization VIEs, particularly within revenues and other income, as discussed in Note 2 to the Consolidated Financial Statements. For a discussion of our results of operations excluding the impact of ASC 810 as it relates to the consolidation of securitization VIEs, refer to the section captioned “Non-GAAP Financial Measures.”

The following table compares our summarized results of operations for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023 by business segment (amounts in thousands):

For the Year Ended December 31,

$ ~~Change2024~~Change2025 vs. ~~2023~~2024

$ ~~Change2023~~Change2024 vs. ~~2022~~2023

2024

2023

2022

2025

2024

2023

Revenues:

Commercial and Residential Lending Segment

1,~~566~~347,~~550~~738

1,~~704~~566,~~210~~550

1,~~167~~704,~~980~~210

(~~137~~218,~~660~~812)

~~536~~(137,~~230~~660)

Infrastructure Lending Segment

~~260~~276,~~993~~786

~~239~~260,~~985~~993

~~154~~239,~~362~~985

2115,~~008~~793

8521,~~623~~008

Property Segment

69137,~~982~~016

9469,~~172~~982

9194,~~832~~172

~~(24~~67,~~190)~~034

2(24,~~340~~190)

Investing and Servicing Segment

~~208~~244,~~759~~313

~~174~~208,~~804~~759

~~205~~174,~~311~~804

3335,~~955~~554

~~(30~~33,~~507)~~955

Corporate

21,~~514~~768

12,~~622~~514

691,622

~~892~~(746)

~~1,553~~892

Securitization VIE eliminations

(~~161~~163,~~955~~332)

(~~164~~161,~~885~~955)

(~~154~~164,~~838~~885)

2(1,~~930~~377)

~~(10~~2,~~047)~~930

1,946,843

2,049,908

1,464,716

(103,065)

585,192

1,844,289

1,946,843

2,049,908

(102,554)

(103,065)

Costs and expenses:

Commercial and Residential Lending Segment

1791,~~123,862~~809

1,~~271~~123,~~867~~862

~~611~~1,~~637~~271,867

(~~148~~332,~~005~~053)

~~660~~(148,~~230~~005)

Infrastructure Lending Segment

~~174~~183,~~812~~853

174,~~713~~812

~~100~~174,~~591~~713

999,041

~~74,122~~99

Property Segment

96174,~~453~~366

~~113~~96,~~461~~453

92113,~~651~~461

~~(17~~77,~~008)~~913

20(17,~~810~~008)

Investing and Servicing Segment

~~155~~142,~~704~~934

~~145~~155,~~129~~704

~~137~~145,~~814~~129

10(12,~~575~~770)

710,~~315~~575

Corporate

~~432~~494,~~075~~410

~~393~~432,~~994~~075

~~330~~393,~~833~~994

3862,~~081~~335

6338,~~161~~081

Securitization VIE eliminations

(~~834~~810)

(~~846~~834)

(~~575~~846)

1224

~~(271)~~12

1,982,072

2,098,318

1,272,951

(116,246)

825,367

1,786,562

1,982,072

2,098,318

(195,510)

(116,246)

Other income (loss):

Commercial and Residential Lending Segment

~~128~~111,~~256~~744

(1128,~~511)~~256

(~~115~~1,~~802~~511)

~~129~~(16,~~767~~512)

~~114~~129,~~291~~767

Infrastructure Lending Segment

~~444~~1,618

~~6,026~~444

46,~~431~~026

(51,~~582)~~174

1(5,~~595~~582)

Property Segment

~~192~~39,~~522~~732

~~293~~192,~~339~~522

~~789~~293,~~726~~339

(~~100~~152,~~817~~790)

(~~496~~100,~~387~~817)

Investing and Servicing Segment

273,~~701~~180

152,~~277~~701

5615,~~095~~277

~~(12~~70,~~576)~~479

(4012,~~818~~576)

Corporate

~~(43~~33,~~806)~~289

(1143,~~285~~806)

(8211,~~987~~285)

~~(32~~77,~~521)~~095

71(32,~~702~~521)

Securitization VIE eliminations

~~161~~162,~~121~~522

~~164~~161,~~039~~121

~~154~~164,~~310~~039

(21,~~918)~~401

9(2,~~729~~918)

441,238

465,885

805,773

(24,647)

(339,888)

422,085

441,238

465,885

(19,153)

(24,647)

Income (loss) before income taxes:

Commercial and Residential Lending Segment

~~570~~667,~~944~~673

~~430~~570,~~832~~944

~~440~~430,~~541~~832

~~140~~96,~~112~~729

(9140,~~709)~~112

Infrastructure Lending Segment

8694,~~625~~551

7186,~~298~~625

5871,~~202~~298

157,~~327~~926

1315,~~096~~327

Property Segment

~~166~~2,~~051~~382

~~274~~166,~~050~~051

~~788~~274,~~907~~050

(~~107~~163,~~999~~669)

(~~514~~107,~~857~~999)

Investing and Servicing Segment

55174,~~756~~559

4455,~~952~~756

~~123~~44,~~592~~952

10118,~~804~~803

~~(78~~10,~~640)~~804

Corporate

(~~473~~459,~~367~~353)

(~~403~~473,~~657~~367)

(~~413~~403,~~751~~657)

~~(69~~14,~~710)~~014

10(69,~~094~~710)

Securitization VIE eliminations

—

(47)

479,812

406,009

417,475

73,803

(11,466)

406,009

417,475

997,538

(11,466)

(580,063)

Income tax (provision) benefit

(36,719)

(25,432)

682

(11,287)

(26,114)

Income tax (provision) benefit

(25,432)

682

61,523

(26,114)

(60,841)

Net income attributable to non-controlling interests

(31,549)

(20,644)

(78,944)

(10,905)

58,300

Net income attributable to non-controlling interests

(20,644)

(78,944)

(187,586)

58,300

108,642

Net income attributable to Starwood Property Trust, Inc.

411,544

359,933

339,213

51,611

20,720

Net income attributable to Starwood Property Trust, Inc.

359,933

339,213

871,475

20,720

(532,262)

6263

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Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024

Commercial and Residential Lending Segment

Revenues

For the year ended December 31, 2025, revenues of our Commercial and Residential Lending Segment decreased $218.8 million to $1.4 billion, compared to $1.6 billion for the year ended December 31, 2024. This decrease was primarily due to decreases in interest income from loans of $192.9 million and investment securities of $37.8 million, partially offset by an $8.9 million increase in rental income from foreclosed properties. The decrease in interest income from loans reflects (i) a $184.5 million decrease from commercial loans, reflecting additional loans placed on nonaccrual, lower average index rates and spreads and lower prepayment related income, and (ii) an $8.4 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.

Costs and Expenses

For the year ended December 31, 2025, costs and expenses of our Commercial and Residential Lending Segment decreased $332.1 million to $0.8 billion, compared to $1.1 billion for the year ended December 31, 2024. This decrease was primarily due to decreases of $178.4 million in credit loss provision and $162.3 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 $10.0 million increase in rental related costs from foreclosed properties. The credit loss provision decreased primarily due to improvement in the macroeconomic outlook. 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.

Net Interest Income (amounts in thousands)


	For the Year Ended December 31,
	2025		2024		Change
Interest income from loans	$	1,231,288	$	1,424,188	$	(192,900)
Interest income from investment securities	78,961		116,808		(37,847)
Interest expense	(682,813)		(845,082)		162,269
Net interest income	$	627,436	$	695,914	$	(68,478)

For the year ended December 31, 2025, net interest income of our Commercial and Residential Lending Segment decreased $68.5 million to $627.4 million, compared to $695.9 million for the year 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.

During the years ended December 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:


	For the Year Ended December 31,
	2025		2024
Commercial	8.1	%	9.7	%
Residential	5.0	%	5.0	%
Overall	7.7	%	9.0	%

The weighted average unlevered yield on our commercial loans decreased primarily due to lower average index rates and spreads and lower prepayment related income. The unlevered yield on our residential loans was relatively unchanged.

During the years ended December 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 6.4% and 7.4%, respectively. The decrease in borrowing rates primarily reflects lower average index rates. Interest rate hedges had the effect of adjusting these weighted average borrowing costs to 5.9% and 6.5% during the year ended December 31, 2025 and 2024, respectively.

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Other Income

For the year ended December 31, 2025, other income of our Commercial and Residential Lending Segment decreased $16.6 million to $111.7 million, compared to $128.3 million for the year ended December 31, 2024. This decrease primarily reflects (i) a $351.4 million unfavorable change in gain (loss) on derivatives and (ii) $26.8 million of impairments recognized on four foreclosed properties in 2025, partially offset by (iii) a $186.6 million favorable change in foreign currency gain (loss), (iv) a $118.5 million greater increase in fair value of residential loans, (v) a $32.6 million increased gain on sale of investments and other assets and (vi) a $20.3 million increased gain on extinguishment of debt primarily related to the sale of a foreclosed property in 2025. The unfavorable change in gain (loss) on derivatives during the year ended December 31, 2025 reflects (i) a $205.6 million unfavorable change in gain (loss) on foreign currency hedges and (ii) a $145.8 million unfavorable change in gain (loss) on interest rate swaps principally related to residential 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”) during the year ended December 31, 2025, compared to a strengthening of the U.S. dollar against each of those currencies in the year ended December 31, 2024.

Infrastructure Lending Segment

Revenues

For the year ended December 31, 2025, revenues of our Infrastructure Lending Segment increased $15.8 million to $276.8 million, compared to $261.0 million for the year ended December 31, 2024. This increase was primarily due to a $16.6 million increase in in interest income from loans, reflecting higher average balances and prepayment related income, partially offset by lower average index rates and spreads.

Costs and Expenses

For the year ended December 31, 2025, costs and expenses of our Infrastructure Lending Segment increased $9.1 million to $183.9 million, compared to $174.8 million for the year ended December 31, 2024. The increase was primarily due to increases of $4.6 million in general, administrative and other expenses and $4.1 million in interest expense. The increase in interest expense reflects higher average borrowings outstanding, partially offset by lower average index rates.

Net Interest Income (amounts in thousands)


	For the Year Ended December 31,
	2025		2024		Change
Interest income from loans	$	272,282	$	255,645	$	16,637
Interest income from investment securities	649		506		143
Interest expense	(155,212)		(151,120)		(4,092)
Net interest income	$	117,719	$	105,031	$	12,688

For the year ended December 31, 2025, net interest income of our Infrastructure Lending Segment increased $12.7 million to $117.7 million, compared to $105.0 million for the year ended December 31, 2024. The increase reflects the increase in interest income from loans, partially offset by the increase in interest expense on the secured financing facilities, both as discussed in the sections above.

During the years ended December 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 9.7% and 10.6%, respectively, reflecting lower average index rates and spreads, partially offset by higher prepayment related income, in 2025.

During the years ended December 31, 2025 and 2024, the Infrastructure Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 6.8% and 7.8%, respectively, reflecting lower average index rates in 2025.

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Other Income

For the year ended December 31, 2025, other income of our Infrastructure Lending Segment increased $1.2 million to $1.6 million, compared to $0.4 million for the year ended December 31, 2024, primarily due to a $2.5 million increase in earnings from unconsolidated entities, partially offset by a $1.2 million increased loss on extinguishment of debt.

Property Segment

Change in Results by Portfolio (amounts in thousands)


	$ Change from prior period
	Revenues		Depreciation and amortization		Other costs and expenses		Gain (loss) on derivative financial instruments		Other income (loss)		Income (loss) before income taxes
Fundamental	$	69,583	$	36,111	$	48,491	$	(4,081)	$	(36)	$	(19,136)
Master Lease Portfolio	(4,821)		—		(1,506)		—		(90,795)		(94,110)
Medical Office Portfolio	1,865		(167)		(6,202)		(1,607)		1,046		7,673
Woodstar Fund	488		—		9		—		(55,188)		(54,709)
D.C. Multifamily Conversion	—		—		—		—		(2,122)		(2,122)
Other/Corporate	(81)		—		1,177		—		(7)		(1,265)
Total	$	67,034	$	35,944	$	41,969	$	(5,688)	$	(147,102)	$	(163,669)

See Notes 7 and 8 to the Consolidated Financial Statements for a description of the above-referenced Property Segment portfolios and fund.

Revenues

For the year ended December 31, 2025, revenues of our Property Segment increased $67.0 million to $137.0 million, compared to $70.0 million for the year ended December 31, 2024. The increase was primarily due to Fundamental, which contributed rental income for the period from July 23, 2025 to December 31, 2025, the effect of which was partially offset by the sale of our Master Lease Portfolio on February 29, 2024.

Costs and Expenses

For the year ended December 31, 2025, costs and expenses of our Property Segment increased $77.9 million to $174.4 million, compared to $96.5 million for the year ended December 31, 2024. The increase is primarily due to Fundamental, which introduced (i) higher interest expense from the liabilities assumed and higher general and administrative expenses totaling $48.5 million and (ii) higher depreciation and amortization of $36.1 million from the assets acquired, the effect of which was partially offset by (iii) a $7.7 million decrease in interest expense on variable rate borrowings of the Medical Office Portfolio, reflecting lower refinanced balances and index rates, and (iv) the sale of our Master Lease Portfolio on February 29, 2024.

Other Income

For the year ended December 31, 2025, other income of our Property Segment decreased $152.8 million to $39.7 million, compared to $192.5 million for the year ended December 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 $55.2 million decrease in income attributable to investments of the Woodstar Fund due to an unfavorable change in unrealized increase (decrease) in fair value and (iii) a $4.1 million loss on derivatives which hedge the timing of securitizations on Fundamental collateral while on a warehouse line.

Investing and Servicing Segment

Revenues

For the year ended December 31, 2025, revenues of our Investing and Servicing Segment increased $35.5 million to $244.3 million, compared to $208.8 million for the year ended December 31, 2024. The increase in revenues is primarily due to a $34.0 million increase in servicing fees principally related to default interest.

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Costs and Expenses

For the year ended December 31, 2025, costs and expenses of our Investing and Servicing Segment decreased $12.8 million to $142.9 million, compared to $155.7 million for the year ended December 31, 2024. The decrease is primarily due to decreases of (i) $7.5 million in interest expense principally related to the financing of conduit loan balances and (ii) $6.3 million in general and administrative expenses, principally reflecting decreased incentive compensation due to lower loan securitization volume.

Other Income

For the year ended December 31, 2025, other income of our Investing and Servicing Segment increased $70.5 million to $73.2 million, compared to $2.7 million for the year ended December 31, 2024. The increase was primarily due to (i) a $66.9 million lesser decrease in fair value of CMBS investments, (ii) a $7.8 million increase in earnings from unconsolidated entities and (iii) a $6.5 million greater increase in fair value of servicing rights, partially offset by (iv) a $10.0 million lesser increase in fair value of conduit loans.

Corporate and Other Items

Corporate Costs and Expenses

For the year ended December 31, 2025, corporate expenses increased $62.3 million to $494.4 million, compared to $432.1 million for the year ended December 31, 2024. This increase was primarily due to (i) a $67.5 million increase in interest expense reflecting higher average balances of unsecured senior notes and secured term loans outstanding, partially offset by lower spreads and index rates on the secured term loans, and (ii) a $2.6 million increase in general and administrative expenses, partially offset by (iii) a $7.8 million decrease in management fees, primarily reflecting lower incentive fees.

Corporate Other Income (Loss)

For the year ended December 31, 2025, corporate other income (loss) improved $77.1 million to income of $33.3 million, compared to a loss of $43.8 million for the year ended December 31, 2024. This was due primarily to a $76.8 million favorable change in gain (loss) on fixed-to-floating interest rate swaps which hedge a portion of our unsecured senior notes.

Securitization VIE Eliminations

Securitization VIE eliminations primarily reclassify interest income and servicing fee revenues to other income (loss) for the CMBS and RMBS VIEs that we consolidate as primary beneficiary. Such eliminations have no overall effect on net income (loss) attributable to Starwood Property Trust. The reclassified revenues, along with applicable changes in fair value of investment securities and servicing rights, comprise the other income (loss) caption “Change in net assets related to consolidated VIEs,” which represents our beneficial interest in those consolidated VIEs. The magnitude of the securitization VIE eliminations is merely a function of the number of CMBS and RMBS trusts consolidated in any given period, and as such, is not a meaningful indicator of operating results. The eliminations primarily relate to CMBS trusts for which the Investing and Servicing Segment is deemed the primary beneficiary and, to a much lesser extent, some CMBS and RMBS trusts for which the Commercial and Residential Lending Segment is deemed the primary beneficiary.

Income Tax Provision

Net Income Attributable to Non-controlling Interests

For the year ended December 31, 2025, net income attributable to non-controlling interests increased $10.9 million to $31.5 million, compared to $20.6 million for the year ended December 31, 2024. The increase was primarily due to non-controlling interests in lower unrealized losses of a consolidated CMBS joint venture, partially offset by noncontrolling interests in lower income of the Woodstar Fund, reflecting an unfavorable change in unrealized increase (decrease) in fair value of its investments.

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Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023

Commercial and Residential Lending Segment

Revenues

For the year ended December 31, 2024, revenues of our Commercial and Residential Lending Segment decreased $137.6 million to $1.6 billion, compared to $1.7 billion for the year ended December 31, 2023. This decrease was primarily due to decreases in interest income from loans of $133.4 million and investment securities of $18.3 million, partially offset by a $10.0 million increase in rental income from foreclosed properties. The decrease in interest income from loans reflects (i) a $123.0 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 $10.4 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.

Costs and Expenses

For the year ended December 31, 2024, costs and expenses of our Commercial and Residential Lending Segment decreased $148.0 million to $1.1 billion, compared to $1.3 billion for the year ended December 31, 2023. This decrease was primarily due to decreases of (i) $125.9 million in interest expense associated with the various secured financing facilities used to fund a portion of this segment’s investment portfolio and (ii) $31.5 million in credit loss provision, partially offset by (iii) a $6.8 million increase in depreciation and other 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. The decrease in credit loss provision was primarily due to a lesser deterioration in modeled macroeconomic forecasts in the year ended December 31, 2024 compared to the year ended December 31, 2023, the effect of which was partially offset by selecting the most unfavorable modeled macroeconomic forecast for office and retail loans in 2024.

Net Interest Income (amounts in thousands)


	For the Year Ended December 31,
	2024		2023		Change
Interest income from loans	$	1,424,188	$	1,557,631	$	(133,443)
Interest income from investment securities	116,808		135,130		(18,322)
Interest expense	(845,082)		(971,028)		125,946
Net interest income	$	695,914	$	721,733	$	(25,819)

For the year ended December 31, 2024, net interest income of our Commercial and Residential Lending Segment decreased $25.8 million to $695.9 million, compared to $721.7 million for the year ended December 31, 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.

During the years ended December 31, 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:


	For the Year Ended December 31,
	2024		2023
Commercial	9.7	%	9.4	%
Residential	5.0	%	5.1	%
Overall	9.0	%	8.8	%

The weighted average unlevered yield on our commercial loans increased primarily due to higher prepayment related income. The unlevered yield on our residential loans was relatively unchanged.

During the years ended December 31, 2024 and 2023, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 7.4% and 7.3%, respectively.

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Interest rate hedges had the effect of adjusting these weighted average borrowing costs to 6.5% and 6.6% during the year ended December 31, 2024 and 2023, respectively.

Other Income (Loss)

For the year ended December 31, 2024, other income of our Commercial and Residential Lending Segment increased $129.8 million to income of $128.3 million, compared to a loss of $1.5 million for the year ended December 31, 2023. This increase primarily reflects (i) a $221.6 million favorable change in gain (loss) on derivatives, (ii) the non-recurrence of $124.9 million of impairment losses in 2023 on two foreclosed properties and (iii) a $7.2 million increase in earnings from unconsolidated entities primarily due to an observable price change in an equity investment, partially offset by (iv) a $134.5 million unfavorable change in foreign currency gain (loss), (v) a $69.2 million lesser increase in fair value of primarily RMBS investment securities and (vi) a $22.3 million lesser increase in fair value of residential loans. The favorable change in gain (loss) on derivatives during the year ended December 31, 2024 reflects (i) a $160.2 million favorable change in gain (loss) on foreign currency hedges and (ii) a $61.4 million increased gain on interest rate swaps principally related to residential 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 unfavorable change in foreign currency gain (loss) and the favorable change in gain (loss) on foreign currency hedges reflect the strengthening of the U.S. dollar against the ~~pound sterling (“~~GBP”), ~~Euro (“~~EUR”) and ~~Australian dollar (“~~AUD”) during the year ended December 31, 2024, compared to a weakening of the U.S. dollar against the GBP and EUR, partially offset by a slight strengthening against the AUD, during the year ended December 31, 2023.

Infrastructure Lending Segment

Revenues

For the year ended December 31, 2024, revenues of our Infrastructure Lending Segment increased $21.0 million to $261.0 million, compared to $240.0 million for the year ended December 31, 2023. This increase was primarily due to increases in interest income of (i) $18.8 million from loans, principally due to higher average loan balances and prepayment related income, and (ii) $3.5 million from cash balances, partially offset by (iii) a $1.3 million decrease in interest income from investment securities, primarily due to lower average balances resulting from repayments.

Costs and Expenses

For the year ended December 31, 2024, costs and expenses of our Infrastructure Lending Segment increased $0.1 million to $174.8 million, compared to $174.7 million for the year ended December 31, 2023. The slight increase reflects (i) a $10.1 million increase in interest expense associated with the various secured financing facilities used to fund this segment’s investment portfolio and (ii) a $4.9 million increase in general, administrative and other expenses, primarily for compensation and professional fees, substantially offset by (iii) a $14.9 million decrease in credit loss provision primarily due to the nonrecurrence of specific allowances for a credit-deteriorated loan and investment security provided during 2023. The increase in interest expense was primarily due to higher average borrowings outstanding and interest rates.

Net Interest Income (amounts in thousands)


	For the Year Ended December 31,
	2024		2023		Change
Interest income from loans	$	255,645	$	236,884	$	18,761
Interest income from investment securities	506		1,805		(1,299)
Interest expense	(151,120)		(141,016)		(10,104)
Net interest income	$	105,031	$	97,673	$	7,358

For the year ended December 31, 2024, net interest income of our Infrastructure Lending Segment increased $7.3 million to $105.0 million, compared to $97.7 million for the year ended December 31, 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.

During the years ended December 31, 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 10.2%, respectively, primarily reflecting higher prepayment related income in 2024.

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During the years ended December 31, 2024 and 2023, the Infrastructure Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 7.8% and 7.6%, respectively.

Other Income

For the year ended December 31, 2024, other income of our Infrastructure Lending Segment decreased $5.6 million to $0.4 million, compared to $6.0 million for the year ended December 31, 2023. The decrease primarily reflects a $4.3 million decrease in earnings from unconsolidated entities and a $1.5 million loss on extinguishment of debt in 2024.

Property Segment

Change in Results by Portfolio (amounts in thousands)

	$ Change from prior period
	Revenues		~~Costs~~Depreciation and ~~expenses~~amortization		~~Gain~~Other ~~(loss)~~costs onand ~~derivative financial instruments~~expenses		~~Other~~Gain ~~income~~ (loss) on derivative financial instruments		~~Income~~Other income (loss) ~~before income taxes~~		Income (loss) before income taxes
Master Lease Portfolio	$	(24,594)	$	(168,~~211~~434)	$	—(7,777)	$	~~90,795~~—	$	8290,~~412~~795	$	82,412
Medical Office Portfolio	375		~~(1,675)~~9		(~~619~~1,684)		(~~1,046~~619)		~~385~~(1,046)		385
Woodstar Fund	66		~~(8)~~—		—(8)		~~(189,103)~~—		(189,~~029~~103)		(189,029)
Other/Corporate	(37)		~~886~~—		—886		~~(844)~~—		(~~1,767~~844)		(1,767)
Total	$	(24,190)	$	(178,~~008~~425)	$	(~~619~~8,583)	$	(~~100,198~~619)	$	(~~107~~100,~~999~~198)	$	(107,999)

See Notes 7 and 8 to the Consolidated Financial Statements for a description of the above-referenced Property Segment portfolios and fund.

Revenues

For the year ended December 31, 2024, revenues of our Property Segment decreased $24.2 million to $70.0 million, compared to $94.2 million for the year ended December 31, 2023, primarily due to the sale of our Master Lease Portfolio on February 29, 2024.

Costs and Expenses

For the year ended December 31, 2024, costs and expenses of our Property Segment decreased $17.0 million to $96.5 million, compared to $113.5 million for the year ended December 31, 2023. The decrease is primarily due to the sale of our Master Lease Portfolio on February 29, 2024.

Other Income

For the year ended December 31, 2024, other income of our Property Segment decreased $100.8 million to $192.5 million, compared to $293.3 million for the year ended December 31, 2023. The decrease is primarily due to (i) a $189.1 million decrease in income attributable to investments of the Woodstar Fund due to lower unrealized increases in fair value, partially offset by (ii) a $90.8 million net gain on sale of the Master Lease Portfolio in the first quarter of 2024.

Investing and Servicing Segment

Revenues

For the year ended December 31, 2024, revenues of our Investing and Servicing Segment increased $34.0 million to $208.8 million, compared to $174.8 million for the year ended December 31, 2023. The increase in revenues is primarily due to (i) a $27.7 million increase in servicing fees principally related to loan modifications and (ii) a $10.1 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 $5.4 million decrease in rental income due to fewer operating properties held.

Costs and Expenses

For the year ended December 31, 2024, costs and expenses of our Investing and Servicing Segment increased $10.6 million to $155.7 million, compared to $145.1 million for the year ended December 31, 2023. The increase in costs and expenses primarily reflects (i) an $11.9 million increase in general and administrative expenses, principally reflecting increased incentive compensation due to higher loan securitization volume and (ii) a $2.3 million increase in interest expense primarily on

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~~incentive compensation due to~~ higher ~~loan securitization volume and (ii) a $2.3 million increase in interest expense primarily on higher~~ conduit loan balances, partially offset by (iii) a $4.4 million decrease in depreciation and other costs of rental operations due to fewer operating properties held.

Other Income

For the year ended December 31, 2024, other income of our Investing and Servicing Segment decreased $12.6 million to $2.7 million, compared to $15.3 million for the year ended December 31, 2023. The decrease in other income was primarily due to (i) a $31.9 million greater decrease in fair value of CMBS investments, (ii) a $17.4 million decreased gain on sale of operating properties and (iii) a $7.4 million decrease in earnings from unconsolidated entities, partially offset by (iv) a $35.5 million greater increase in fair value of conduit loans and (v) a $7.8 million favorable change in gain (loss) on derivatives which primarily hedge our interest rate risk on conduit loans and CMBS investments.

Corporate and Other Items

Corporate Costs and Expenses

For the year ended December 31, 2024, corporate expenses increased $38.1 million to $432.1 million, compared to $394.0 million for the year ended December 31, 2023. This increase was primarily due to a $35.7 million increase in interest expense reflecting higher average unsecured borrowings outstanding.

Corporate Other Loss

For the year ended December 31, 2024, corporate other loss increased $32.5 million to $43.8 million, compared to $11.3 million for the year ended December 31, 2023. This was primarily due to a $32.2 million increased loss on fixed-to-floating interest rate swaps which hedge a portion of our unsecured senior notes.

Securitization VIE Eliminations

~~Securitization~~Refer ~~VIE eliminations primarily reclassify interest income and servicing fee revenues~~ to ~~other income (loss) for~~ the ~~CMBS~~preceding ~~and~~comparison RMBS VIEs that we consolidate as primary beneficiary. Such eliminations have no overall effect on net income (loss) attributable to Starwood Property Trust. The reclassified revenues, along with applicable changes in fair value of ~~investment~~the ~~securities~~year ~~and~~ended ~~servicing~~December ~~rights~~31, ~~comprise~~2025 ~~the other income (loss) caption “Change in net assets related~~ to ~~consolidated VIEs,” which represents our beneficial interest in those consolidated VIEs. The magnitude of~~ the ~~securitization~~year ~~VIE~~ended ~~eliminations~~December ~~is merely a function of the number of CMBS and RMBS trusts consolidated in any given period~~31, ~~and~~2024 asfor ~~such, is not~~ a ~~meaningful~~discussion ~~indicator~~ of ~~operating~~securitization ~~results.~~VIE ~~The~~ eliminations primarily relate to CMBS trusts for which the Investing and Servicing Segment is deemed the primary beneficiary and, to a much lesser extent, some CMBS and RMBS trusts for which the Commercial and Residential Lending Segment is deemed the primary beneficiary.

Income Tax (Provision) Benefit

Net Income Attributable to Non-controlling Interests

For the year ended December 31, 2024, net income attributable to non-controlling interests decreased $58.3 million to $20.6 million, compared to $78.9 million for the year ended December 31, 2023. The decrease was primarily due to non-controlling interests in (i) lower income of the Woodstar Fund, reflecting lower unrealized increases in fair value, and (ii) losses of a consolidated CMBS joint venture during the year ended December 31, 2024.

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Year Ended December 31, 2023 Compared to the Year Ended December 31, 2022

Commercial and Residential Lending Segment

Revenues

For the year ended December 31, 2023, revenues of our Commercial and Residential Lending Segment increased $536.2 million to $1.7 billion, compared to $1.2 billion for the year ended December 31, 2022. This increase was primarily due to increases in interest income from loans of $499.3 million, and investment securities of $33.0 million. The increase in interest income from loans reflects (i) a $485.1 million increase from commercial loans, reflecting higher average index rates and loan balances, and (ii) a $14.2 million increase from residential loans principally due to higher average balances, reflecting the timing of purchases and securitizations. The increase in interest income from investment securities was primarily due to the effect of higher index rates on certain commercial investments and higher RMBS yields and average investment balances.

Costs and Expenses

For the year ended December 31, 2023, costs and expenses of our Commercial and Residential Lending Segment increased $660.2 million to $1.3 billion, compared to $611.6 million for the year ended December 31, 2022. This increase was primarily due to (i) a $469.9 million increase in interest expense associated with the various secured financing facilities used to fund a portion of this segment’s investment portfolio and (ii) a $185.9 million increase in credit loss provision. The increase in interest expense was primarily due to higher average index rates and borrowings outstanding. The increase in credit loss provision was primarily due to a deterioration in modeled macroeconomic forecasts during the year ended December 31, 2023.

Net Interest Income (amounts in thousands)

	For the Year Ended December 31,
	2023		2022		Change
Interest income from loans	$	1,557,631	$	1,058,326	$	499,305
Interest income from investment securities	135,130		102,125		33,005
Interest expense	(971,028)		(501,126)		(469,902)
Net interest income	$	721,733	$	659,325	$	62,408

For the year ended December 31, 2023, net interest income of our Commercial and Residential Lending Segment increased $62.4 million to $721.7 million, compared to $659.3 million for the year ended December 31, 2022. This increase 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.

During the years ended December 31, 2023 and 2022, 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:

	For the Year Ended December 31,
	2023		2022
Commercial	9.4	%	6.5	%
Residential	5.1	%	4.7	%
Overall	8.8	%	6.2	%

The weighted average unlevered yield on our commercial loans increased primarily due to higher average index rates. The weighted average unlevered yield on our residential loans increased primarily due to a decline in fair value of the residential loans.

During the years ended December 31, 2023 and 2022, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of interest rate hedging costs and the amortization of deferred financing fees, were 7.3% and 4.0%, respectively. The increase in borrowing rates primarily reflects higher average index rates. Interest rate hedges had the effect of reducing these weighted average borrowing costs to 6.6% and 3.9% during the year ended December 31, 2023 and 2022, respectively.

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Other Loss

For the year ended December 31, 2023, other loss of our Commercial and Residential Lending Segment decreased $114.3 million to $1.5 million, compared to $115.8 million for the year ended December 31, 2022. This decrease primarily reflects (i) a $378.3 million favorable change in fair value of residential loans, (ii) a $157.3 million favorable change in foreign currency gain (loss), (iii) the nonrecurrence of an $88.4 million loss contingency provision related to residential loans sold and later repurchased in 2022 (refer to Note 5 to the Consolidated Financial Statements) and (iv) a $57.4 million favorable change in fair value of primarily RMBS investment securities, all partially offset by (v) a $364.2 million unfavorable change in net gain (loss) on derivatives, (vi) $124.9 million of impairment losses on two properties which had been acquired through loan foreclosures in 2022 (refer to Note 7 to the Consolidated Financial Statements) and (vii) the nonrecurrence of an $86.6 million gain on sale of a foreclosed property in 2022. The unfavorable change in net gain (loss) on derivatives during the year ended December 31, 2023 reflects (i) a $182.7 million decreased gain on interest rate swaps principally related to residential loans, which partially offsets the favorable change in fair value of those loans, and (ii) a $181.5 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 and EUR, partially offset by a slight strengthening against the AUD, during the year ended December 31, 2023 compared to a strengthening of the U.S. dollar against each of those currencies during the year ended December 31, 2022.

Infrastructure Lending Segment

Revenues

For the year ended December 31, 2023, revenues of our Infrastructure Lending Segment increased $85.6 million to $240.0 million, compared to $154.4 million for the year ended December 31, 2022. This increase was primarily due to an increase in interest income from loans of $86.7 million, principally due to higher average index rates and loan balances.

Costs and Expenses

For the year ended December 31, 2023, costs and expenses of our Infrastructure Lending Segment increased $74.1 million to $174.7 million, compared to $100.6 million for the year ended December 31, 2022. The increase was primarily due to a $61.9 million increase in interest expense associated with the various secured financing facilities used to fund this segment’s investment portfolio and an $11.1 million increase in credit loss provision. The increase in interest expense was primarily due to higher average index rates. The increase in the credit loss provision was primarily due to specific allowances for a credit-deteriorated loan and investment security provided during the year.

Net Interest Income (amounts in thousands)

	For the Year Ended December 31,
	2023		2022		Change
Interest income from loans	$	236,884	$	150,230	$	86,654
Interest income from investment securities	1,805		3,681		(1,876)
Interest expense	(141,016)		(79,137)		(61,879)
Net interest income	$	97,673	$	74,774	$	22,899

For the year ended December 31, 2023, net interest income of our Infrastructure Lending Segment increased $22.9 million to $97.7 million, compared to $74.8 million for the year ended December 31, 2022. 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.

During the years ended December 31, 2023 and 2022, 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 10.2% and 6.6%, respectively, primarily reflecting higher average index rates in 2023.

During the years ended December 31, 2023 and 2022, the Infrastructure Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 7.6% and 4.3%, respectively.

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Other Income

For the year ended December 31, 2023, other income of our Infrastructure Lending Segment increased $1.6 million to $6.0 million, compared to $4.4 million for the year ended December 31, 2022. The increase primarily reflects a $1.7 million increase in earnings from unconsolidated entities.

Property Segment

Change in Results by Portfolio (amounts in thousands)

	$ Change from prior period
	Revenues		Costs and expenses		Gain (loss) on derivative financial instruments		Other income (loss)		Income (loss) before income taxes
Master Lease Portfolio	$	2,072	$	54	$	—	$	—	$	2,018
Medical Office Portfolio	(213)		20,675		(32,970)		—		(53,858)
Woodstar Fund	278		11		—		(464,492)		(464,225)
Other/Corporate	203		70		—		1,075		1,208
Total	$	2,340	$	20,810	$	(32,970)	$	(463,417)	$	(514,857)

Revenues

For the year ended December 31, 2023, revenues of our Property Segment increased $2.4 million to $94.2 million, compared to $91.8 million for the year ended December 31, 2022, primarily due to rent increases in our Master Lease Portfolio.

Costs and Expenses

For the year ended December 31, 2023, costs and expenses of our Property Segment increased $20.8 million to $113.5 million, compared to $92.7 million for the year ended December 31, 2022. The increase was primarily due to an increase of $20.6 million in interest expense reflecting higher index rates on variable rate borrowings of the Medical Office Portfolio.

Other Income

For the year ended December 31, 2023, other income of our Property Segment decreased $496.4 million to $293.3 million, compared to $789.7 million for the year ended December 31, 2022. The decrease in other income was primarily due to (i) a $464.5 million decrease in income attributable to investments of the Woodstar Fund, mainly reflecting lower unrealized increases in fair value during the year ended December 31, 2023 and (ii) a $33.0 million lower gain on derivatives which primarily hedge our interest rate risk on borrowings secured by our Medical Office Portfolio.

Investing and Servicing Segment

Revenues

For the year ended December 31, 2023, revenues of our Investing and Servicing Segment decreased $30.5 million to $174.8 million, compared to $205.3 million for the year ended December 31, 2022. The decrease in revenues was primarily due to (i) a $9.9 million decrease in servicing fees, (ii) a $10.3 million decrease in other fee income related to the origination of certain loans contributed into CMBS transactions and (iii) a $7.3 million decrease in interest income reflecting lower CMBS interest recoveries and conduit loan inventories.

Costs and Expenses

For the year ended December 31, 2023, costs and expenses of our Investing and Servicing Segment increased $7.3 million to $145.1 million, compared to $137.8 million for the year ended December 31, 2022. The increase in costs and expenses was primarily due to a $7.9 million increase in interest expense reflecting higher average index rates on borrowings which finance our CMBS investments and conduit loans.

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Other Income

For the year ended December 31, 2023, other income of our Investing and Servicing Segment decreased $40.8 million to $15.3 million, compared to $56.1 million for the year ended December 31, 2022. The decrease in other income was primarily due to (i) a $46.0 million unfavorable change in gain (loss) on derivatives which primarily hedge our interest rate risk on conduit loans and CMBS investments, (ii) a $25.2 million decreased gain on sales of operating properties and (iii) an $8.7 million greater decrease in fair value of CMBS investments, all partially offset by (iv) a $30.6 million greater increase in fair value of conduit loans and (v) a $6.0 million increase in earnings from unconsolidated entities.

Corporate and Other Items

Corporate Costs and Expenses

For the year ended December 31, 2023, corporate expenses increased $63.2 million to $394.0 million, compared to $330.8 million for the year ended December 31, 2022. This increase was primarily due to (i) a $78.7 million increase in interest expense reflecting higher average outstanding term loan and unsecured senior note balances, as well as higher interest rates, partially offset by (ii) a $13.9 million decrease in management fees, primarily reflecting lower incentive fees.

Corporate Other Loss

For the year ended December 31, 2023, corporate other loss decreased $71.7 million to $11.3 million, compared to $83.0 million for the year ended December 31, 2022. This decrease was due to a lower loss on fixed-to-floating interest rate swaps which hedge a portion of our unsecured senior notes.

Securitization VIE Eliminations

Refer to the preceding comparison of the year ended December 31, 2024 to the year ended December 31, 2023 for a discussion of securitization VIE eliminations.

Income Tax Benefit

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 year ended December 31, 2023, our income tax benefit decreased $60.8 million to $0.7 million, compared to $61.5 million for the year ended December 31, 2022 due to lower tax losses of our TRSs during the year ended December 31, 2023 compared to the year ended December 31, 2022. The tax losses were primarily attributable to net unrealized losses on our residential loans resulting from elevated market volatility. This market dislocation resulted in us choosing to hold more residential loans rather than securitize them, which resulted in higher net unrealized losses on those loans particularly during the year ended December 31, 2022.

Net Income Attributable to Non-controlling Interests

For the year ended December 31, 2023, net income attributable to non-controlling interests decreased $108.7 million to $78.9 million, compared to $187.6 million for the year ended December 31, 2022. The decrease was primarily due to non-controlling interests in lower income, reflecting lower unrealized gains in fair value, of the Woodstar Fund during the year ended December 31, 2023.

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Non-GAAP Financial Measures

Distributable Earnings is a non-GAAP financial measure. We calculate Distributable Earnings as GAAP net income (loss) excluding the following: (i) non-cash equity compensation expense; (ii) the incentive fee due under our management agreement; (iii) acquisition and investment pursuit costs associated with successful acquisitions; (iv) depreciation and amortization of real estate and associated intangibles; (v) unrealized gains (losses), net of realized gains (losses), as described further below; (vi) other non-cash items; and (vii) to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein (i.e. the Woodstar II Class A units), with each of the above adjusted for any related non-controlling interest. Distributable Earnings may be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by our Manager and approved by a majority of our independent directors.

As noted in (v) above, we exclude unrealized gains and losses from our calculation of Distributable Earnings and include realized gains and losses. The nature of these adjustments is described more fully in the footnotes to our reconciliation tables. In order to present each of these items within our Distributable Earnings reconciliation tables in a manner which can be agreed more easily to our GAAP financial statements, we reverse the entirety of those items within our GAAP financial statements which contain unrealized and realized components (i.e. those assets and liabilities carried at fair value, including loans or securities for which the fair value option has been elected, investment company assets and liabilities, derivatives, foreign currency conversions, and accumulated depreciation related to sold properties). The realized portion of these items is then separately included in the reconciliation table, along with a description as to how the amount was determined.

The CECL reserve and any property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Non-recoverability may also be determined if, in our determination, it is nearly certain the carrying amounts will not be collected or realized upon sale. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the Distributable Earnings basis of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the asset. The timing of any such loss realization in our Distributable Earnings may differ materially from the timing of the corresponding CECL reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP.

We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash ~~flow~~flows from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute annually at least 90% of our REIT taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our common stock. Further, Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations, and is a performance metric we consider when declaring our dividends. We also use Distributable Earnings (previously defined as “Core Earnings”) to compute the incentive fee due under our management agreement.

Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be considered as an alternative to GAAP net income (loss), or an indication of our GAAP cash flows from operations, a measure of our liquidity, taxable income, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings may not be comparable to the Distributable Earnings reported by other companies.

As discussed in Note 2 to the Consolidated Financial Statements, consolidation of securitization variable interest entities (“VIEs”) results in the elimination of certain key financial statement line items, particularly within revenues and other income, including unrealized changes in fair value of loans and investment securities. These line items are essential to understanding the true financial performance of our business segments and the Company as a whole. For this reason, as referenced in Note 2 to our Consolidated Financial Statements, we present business segment data in Note 24 without consolidation of these VIEs. This is how we manage our business and is the basis for all data reviewed with our board of directors, investors and analysts. This presentation also allows for a more transparent reconciliation of the unrealized gain (loss) adjustments below to the segment data presented in Note 24.

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The weighted average diluted share count applied to Distributable Earnings for purposes of determining Distributable Earnings per share (“EPS”) is computed using the GAAP diluted share count, adjusted for the following:

(i)Unvested stock awards – Currently, unvested stock awards are excluded from the denominator of GAAP EPS. The related compensation expense is also excluded from Distributable Earnings. In order to effectuate dilution from these awards in the Distributable Earnings computation, we adjust the GAAP diluted share count to include these shares.

(ii)Convertible Notes – Conversion of our Convertible Notes is an event that is contingent upon numerous factors, none of which are in our control, and is an event that may or may not occur. Consistent with the treatment of other unrealized adjustments to Distributable Earnings, we adjust the GAAP diluted share count to exclude the potential shares issuable upon conversion until a conversion occurs.

(iii)Subsidiary equity – The intent of a February 2018 amendment to our management agreement (the “Amendment”) is to treat subsidiary equity in the same manner as if parent equity had been issued. The Class A Units issued in connection with the acquisition of assets in our Woodstar II Portfolio are currently excluded from our GAAP diluted share count, with the subsidiary equity represented as non-controlling interests in consolidated subsidiaries on our GAAP balance sheet. Consistent with the Amendment, we adjust GAAP diluted share count to include these subsidiary units.

The following table presents our diluted weighted average shares used in our GAAP EPS calculation reconciled to our diluted weighted average shares used in our Distributable EPS calculation (amounts in thousands):

	For the Year Ended December 31,
	2024	2023	2022
	2025	2024	2023
Diluted weighted average shares - GAAP EPS	~~320~~349,~~569~~991	~~310~~320,~~507~~569	~~315~~310,~~728~~507
Add: Unvested stock awards	35,~~873~~134	3,~~708~~873	3,~~485~~708
Add: Woodstar II Class A Units	9,~~707~~659	9,~~760~~707	9,~~773~~760
Less: Convertible Notes dilution	—	—	(9,649)
Diluted weighted average shares - Distributable EPS	364,784	334,149	323,975
Diluted weighted average shares - Distributable EPS	334,149	323,975	319,337

As noted above, the definition of Distributable Earnings ~~allows~~provides flexibility for management to make additional adjustments, subject to the approval of a majority of our independent directors., ~~This~~when ~~is done in situations where such adjustments are considered~~ appropriate in order for Distributable Earnings to be calculated in a manner consistent with its definition and objective. As a result of the Fundamental acquisition, we expect that straight-line rent will become a more significant component of our GAAP net income. Given that straight-line rent does not reflect the timing of cash received pursuant to the applicable leases and is not consistent with the determination of taxable income, we are adding an adjustment for straight line rents in the computation of Distributable Earnings. This adjustment was unanimously approved by our independent directors. No adjustments to the definition of Distributable Earnings became effective during the years ended December 31, 2024, ~~2023~~ and ~~2022~~2023.

The following table summarizes our quarterly Distributable Earnings per weighted average diluted share for the years ended December 31, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023:

	Distributable Earnings For the Three-Month Periods Ended
	March 31,		June 30,		September 30,		December 31,
2024	$	0.59	$	0.48	$	0.48	$	0.48
2025	$	0.45	$	0.43	$	0.40	$	0.42
2024	0.59		0.48		0.48		0.48
2023	0.49		0.49		0.49		0.58
2022	0.76		0.51		0.51		0.50

Distributable Earnings per weighted average diluted share for the ~~year~~years ended December 31, 2025 and 2024 ~~does~~do not equal the sum of the individual quarters due to rounding and other computational factors.

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The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the year ended December 31, 2024, by business segment (amounts in thousands, except per share data):

	CommercialandResidentialLendingSegment		InfrastructureLendingSegment		PropertySegment		Investingand ServicingSegment		Corporate		Total
Revenues	$	1,566,550	$	260,993	$	69,982	$	208,759	$	2,514	$	2,108,798
Costs and expenses	(1,123,862)		(174,812)		(96,453)		(155,704)		(432,075)		(1,982,906)
Other income (loss)	128,256		444		192,522		2,701		(43,806)		280,117
Income (loss) before income taxes	570,944		86,625		166,051		55,756		(473,367)		406,009
Income tax (provision) benefit	(9,116)		259		—		(16,575)		—		(25,432)
(Income) loss attributable to non-controlling interests	(14)		—		(38,201)		17,571		—		(20,644)
Net income (loss) attributable to Starwood Property Trust, Inc.	561,814		86,884		127,850		56,752		(473,367)		359,933
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		18,638		—		—		18,638
Non-controlling interests attributable to unrealized gains/losses	—		—		6,551		(34,961)		—		(28,410)
Non-cash equity compensation expense	9,750		1,975		370		6,127		23,564		41,786
Management incentive fee	—		—		—		—		35,324		35,324
Depreciation and amortization	10,239		17		23,896		7,440		—		41,592
Interest income adjustment for securities	20,252		—		—		35,593		—		55,845
Consolidated income tax provision (benefit) associated with fair value adjustments	9,116		(259)		—		16,575		—		25,432
Other non-cash items	14		—		1,111		(940)		—		185
Reversal of GAAP unrealized and realized (gains) / losses on: (1)
Loans	(3,597)		—		—		(72,283)		—		(75,880)
Credit loss provision, net	194,260		3,140		—		—		—		197,400
Securities	(76)		—		—		83,748		—		83,672
Woodstar Fund investments	—		—		(102,141)		—		—		(102,141)
Derivatives	(196,349)		(152)		(1,492)		(3,454)		43,513		(157,934)
Foreign currency	73,830		187		(89)		—		—		73,928
Earnings from unconsolidated entities	(11,599)		(1,414)		—		(1,473)		—		(14,486)
Sales of properties	—		—		(92,003)		(8,402)		—		(100,405)
Recognition of Distributable realized gains / (losses) on:
Loans (2)	(5,235)		—		—		73,214		—		67,979
Realized credit loss (3)	—		(1,546)		—		—		—		(1,546)
Securities (4)	(9,556)		—		—		(48,711)		—		(58,267)
Woodstar Fund investments (5)	—		—		70,346		—		—		70,346
Derivatives (6)	144,325		334		8,283		9,354		(43,265)		119,031
Foreign currency (7)	(26,055)		(46)		89		—		—		(26,012)
Earnings (loss) from unconsolidated entities (8)	5,577		(437)		—		1,338		—		6,478
Sales of properties (9)	—		—		39,150		3,323		—		42,473
Distributable Earnings (Loss)	$	776,710	$	88,683	$	100,559	$	123,240	$	(414,231)	$	674,961
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	2.32	$	0.27	$	0.30	$	0.37	$	(1.24)	$	2.02

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	CommercialandResidentialLendingSegment		InfrastructureLendingSegment		PropertySegment		Investingand ServicingSegment		Corporate		Total
Revenues	$	1,704,210	$	239,985	$	94,172	$	174,804	$	1,622	$	2,214,793
Costs and expenses	(1,271,867)		(174,713)		(113,461)		(145,129)		(393,994)		(2,099,164)
Other income (loss)	(1,511)		6,026		293,339		15,277		(11,285)		301,846
Income (loss) before income taxes	430,832		71,298		274,050		44,952		(403,657)		417,475
Income tax benefit (provision)	990		590		—		(898)		—		682
Income attributable to non-controlling interests	(14)		—		(77,156)		(1,774)		—		(78,944)
Net income (loss) attributable to Starwood Property Trust, Inc.	431,808		71,888		196,894		42,280		(403,657)		339,213
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		18,732		—		—		18,732
Non-controlling interests attributable to unrealized gains/losses	—		—		47,249		(13,885)		—		33,364
Non-cash equity compensation expense	8,755		1,469		310		6,372		22,341		39,247
Management incentive fee	—		—		—		—		35,709		35,709
Depreciation and amortization	7,810		64		32,257		10,263		84		50,478
Interest income adjustment for securities	22,404		—		—		28,368		—		50,772
Extinguishment of debt, net	—		—		—		—		(246)		(246)
Consolidated income tax (benefit) provision associated with fair value adjustments	(990)		(590)		—		898		—		(682)
Other non-cash items	(66)		—		1,140		(270)		—		804
Reversal of GAAP unrealized and realized (gains) / losses on: (1)
Loans	(25,874)		—		—		(36,828)		—		(62,702)
Credit loss provision, net	225,720		18,008		—		—		—		243,728
Securities	(69,259)		—		—		51,889		—		(17,370)
Woodstar Fund investments	—		—		(291,244)		—		—		(291,244)
Derivatives	25,206		(123)		(2,111)		4,348		11,285		38,605
Foreign currency	(60,644)		(201)		11		—		—		(60,834)
Earnings from unconsolidated entities	(4,410)		(5,702)		—		(8,849)		—		(18,961)
Sales of properties	—		—		—		(25,841)		—		(25,841)
Unrealized impairment of properties	124,902		—		—		—		—		124,902
Recognition of Distributable realized gains / (losses) on:
Loans (2)	(4,072)		—		—		36,375		—		32,303
Realized credit loss (3)	(12,292)		(10,795)		—		—		—		(23,087)
Securities (4)	105		—		—		(22,475)		—		(22,370)
Woodstar Fund investments (5)	—		—		61,513		—		—		61,513
Derivatives (6)	119,917		397		22,851		(2,493)		(32,659)		108,013
Foreign currency (7)	(7,250)		13		(11)		—		—		(7,248)
Earnings (loss) from unconsolidated entities (8)	4,410		(1,908)		—		7,020		—		9,522
Sales of properties (9)	—		—		—		6,246		—		6,246
Distributable Earnings (Loss)	$	786,180	$	72,520	$	87,591	$	83,418	$	(367,143)	$	662,566
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	2.43	$	0.22	$	0.27	$	0.26	$	(1.13)	$	2.05

The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the year ended December 31, 2025, by business segment (amounts in thousands, except per share data):


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Total
Revenues	$	1,347,738	$	276,786	$	137,016	$	244,313	$	1,768	$	2,007,621
Costs and expenses	(791,809)		(183,853)		(174,366)		(142,934)		(494,410)		(1,787,372)
Other income	111,744		1,618		39,732		73,180		33,289		259,563
Income (loss) before income taxes	667,673		94,551		2,382		174,559		(459,353)		479,812
Income tax provision	(12,297)		(110)		(1,844)		(22,468)		—		(36,719)
Income attributable to non-controlling interests	(15)		—		(25,488)		(6,046)		—		(31,549)
Net income (loss) attributable to Starwood Property Trust, Inc.	655,361		94,441		(24,950)		146,045		(459,353)		411,544
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		18,546		—		—		18,546
Non-controlling interests attributable to unrealized gains/losses	—		—		(13,066)		272		—		(12,794)
Non-cash equity compensation expense	11,318		2,794		3,780		5,582		30,620		54,094
Management incentive fee	—		—		—		—		13,746		13,746
Depreciation and amortization	12,023		—		60,616		7,085		—		79,724
Straight-line rent adjustment	—		—		(153)		126		—		(27)
Interest income adjustment for loans and securities	23,300		—		—		39,750		—		63,050

Consolidated income tax provision (benefit) associated with fair value adjustments	12,297		110		(40)		22,468		—		34,835
Other non-cash items	15		—		(328)		(1,761)		—		(2,074)
Reversal of GAAP unrealized and realized (gains) / losses on: (1)
Loans	(122,117)		—		—		(62,323)		—		(184,440)
Credit loss provision, net	15,851		3,519		—		—		—		19,370
Securities	(8,422)		—		—		16,803		—		8,381
Woodstar Fund investments	—		—		(46,953)		—		—		(46,953)
Derivatives	155,014		(38)		4,196		1,385		(33,289)		127,268
Foreign currency	(112,778)		(364)		198		—		—		(112,944)
Earnings from unconsolidated entities	(2,708)		(3,892)		—		(9,249)		—		(15,849)
Sales of properties	(5,223)		—		21		(10,060)		—		(15,262)
Impairment of properties	26,766		—		—		—		—		26,766
Recognition of Distributable realized gains / (losses) on:
Loans (2)	(2,435)		—		—		61,175		—		58,740

Securities (4)	(1,355)		—		—		(35,012)		—		(36,367)
Woodstar Fund investments (5)	—		—		110,569		—		—		110,569

Derivatives (6)	70,004		186		(1,722)		(1,925)		(27,955)		38,588
Foreign currency (7)	1,554		219		(199)		—		—		1,574
Earnings from unconsolidated entities (8)	2,708		2,801		—		10,116		—		15,625
Sales of properties (9)	(43,343)		—		(25)		3,192		—		(40,176)
Distributable Earnings (Loss)	$	687,830	$	99,776	$	110,490	$	193,669	$	(476,231)	$	615,534
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	1.89	$	0.27	$	0.30	$	0.53	$	(1.30)	$	1.69

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The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the year ended December 31, 2022, by business segment (amounts in thousands, except per share data):


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Total
Revenues	$	1,566,550	$	260,993	$	69,982	$	208,759	$	2,514	$	2,108,798
Costs and expenses	(1,123,862)		(174,812)		(96,453)		(155,704)		(432,075)		(1,982,906)
Other income (loss)	128,256		444		192,522		2,701		(43,806)		280,117
Income (loss) before income taxes	570,944		86,625		166,051		55,756		(473,367)		406,009
Income tax (provision) benefit	(9,116)		259		—		(16,575)		—		(25,432)
(Income) loss attributable to non-controlling interests	(14)		—		(38,201)		17,571		—		(20,644)
Net income (loss) attributable to Starwood Property Trust, Inc.	561,814		86,884		127,850		56,752		(473,367)		359,933
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		18,638		—		—		18,638
Non-controlling interests attributable to unrealized gains/losses	—		—		6,551		(34,961)		—		(28,410)
Non-cash equity compensation expense	9,750		1,975		370		6,127		23,564		41,786
Management incentive fee	—		—		—		—		35,324		35,324
Depreciation and amortization	10,239		17		23,896		7,440		—		41,592

Interest income adjustment for loans and securities	20,252		—		—		35,593		—		55,845

Consolidated income tax provision (benefit) associated with fair value adjustments	9,116		(259)		—		16,575		—		25,432
Other non-cash items	14		—		1,111		(940)		—		185
Reversal of GAAP unrealized and realized (gains) / losses on: (1)
Loans	(3,597)		—		—		(72,283)		—		(75,880)
Credit loss provision, net	194,260		3,140		—		—		—		197,400
Securities	(76)		—		—		83,748		—		83,672
Woodstar Fund investments	—		—		(102,141)		—		—		(102,141)
Derivatives	(196,349)		(152)		(1,492)		(3,454)		43,513		(157,934)
Foreign currency	73,830		187		(89)		—		—		73,928
Earnings from unconsolidated entities	(11,599)		(1,414)		—		(1,473)		—		(14,486)
Sales of properties	—		—		(92,003)		(8,402)		—		(100,405)

Recognition of Distributable realized gains / (losses) on:
Loans (2)	(5,235)		—		—		73,214		—		67,979
Realized credit loss (3)	—		(1,546)		—		—		—		(1,546)
Securities (4)	(9,556)		—		—		(48,711)		—		(58,267)
Woodstar Fund investments (5)	—		—		70,346		—		—		70,346

Derivatives (6)	144,325		334		8,283		9,354		(43,265)		119,031
Foreign currency (7)	(26,055)		(46)		89		—		—		(26,012)
Earnings (loss) from unconsolidated entities (8)	5,577		(437)		—		1,338		—		6,478
Sales of properties (9)	—		—		39,150		3,323		—		42,473
Distributable Earnings (Loss)	$	776,710	$	88,683	$	100,559	$	123,240	$	(414,231)	$	674,961
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	2.32	$	0.27	$	0.30	$	0.37	$	(1.24)	$	2.02

	CommercialandResidentialLendingSegment		InfrastructureLendingSegment		PropertySegment		Investingand ServicingSegment		Corporate		Total
Revenues	$	1,167,980	$	154,362	$	91,832	$	205,311	$	69	$	1,619,554
Costs and expenses	(611,637)		(100,591)		(92,651)		(137,814)		(330,833)		(1,273,526)
Other income (loss)	(115,802)		4,431		789,726		56,095		(82,987)		651,463
Income (loss) before income taxes	440,541		58,202		788,907		123,592		(413,751)		997,491
Income tax benefit (provision)	69,199		12		—		(7,688)		—		61,523
Income attributable to non-controlling interests	(14)		—		(172,598)		(14,927)		—		(187,539)
Net income (loss) attributable to Starwood Property Trust, Inc.	509,726		58,214		616,309		100,977		(413,751)		871,475
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		18,764		—		—		18,764
Non-controlling interests attributable to unrealized gains/losses	—		—		143,769		(5,161)		—		138,608
Non-cash equity compensation expense	7,966		1,246		285		5,616		25,072		40,185
Management incentive fee	—		—		—		—		49,586		49,586
Depreciation and amortization	4,919		348		33,005		11,959		—		50,231
Interest income adjustment for securities	10,777		—		—		12,362		—		23,139
Extinguishment of debt, net	—		—		—		—		(986)		(986)
Consolidated income tax (benefit) provision associated with fair value adjustments	(64,616)		(7)		—		3,345		—		(61,278)
Other non-cash items	87,813		—		1,174		(37)		—		88,950
Reversal of GAAP unrealized and realized (gains) / losses on: (1)
Loans	352,412		—		—		(6,190)		—		346,222
Credit loss provision, net	39,780		6,877		—		—		—		46,657
Securities	(11,818)		—		—		43,179		—		31,361
Woodstar Fund investments	—		—		(755,736)		—		—		(755,736)
Derivatives	(338,994)		(1,235)		(35,081)		(41,692)		82,987		(334,015)
Foreign currency	96,651		317		(12)		—		—		96,956
Loss (earnings) from unconsolidated entities	11,242		(3,982)		—		(2,871)		—		4,389
Sales of properties	(86,610)		—		—		(51,079)		—		(137,689)
Recognition of Distributable realized gains / (losses) on:
Loans (2)	(73,406)		—		—		5,467		—		(67,939)
Securities (4)	(3,102)		—		—		(20,443)		—		(23,545)
Woodstar Fund investments (5)	—		—		56,576		—		—		56,576
Derivatives (6)	97,444		5		2,138		32,591		214		132,392
Foreign currency (7)	(4,652)		58		12		—		—		(4,582)
(Loss) earnings from unconsolidated entities (8)	(10,798)		2,632		—		4,236		—		(3,930)
Sales of properties (9)	84,738		—				35,768		—		120,506
Distributable Earnings (Loss)	$	709,472	$	64,473	$	81,203	$	128,027	$	(256,878)	$	726,297
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	2.22	$	0.20	$	0.26	$	0.40	$	(0.80)	$	2.28

Table of Contents

The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the year ended December 31, 2023, by business segment (amounts in thousands, except per share data):


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Total
Revenues	$	1,704,210	$	239,985	$	94,172	$	174,804	$	1,622	$	2,214,793
Costs and expenses	(1,271,867)		(174,713)		(113,461)		(145,129)		(393,994)		(2,099,164)
Other income (loss)	(1,511)		6,026		293,339		15,277		(11,285)		301,846
Income (loss) before income taxes	430,832		71,298		274,050		44,952		(403,657)		417,475
Income tax benefit (provision)	990		590		—		(898)		—		682
Income attributable to non-controlling interests	(14)		—		(77,156)		(1,774)		—		(78,944)
Net income (loss) attributable to Starwood Property Trust, Inc.	431,808		71,888		196,894		42,280		(403,657)		339,213
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		18,732		—		—		18,732
Non-controlling interests attributable to unrealized gains/losses	—		—		47,249		(13,885)		—		33,364
Non-cash equity compensation expense	8,755		1,469		310		6,372		22,341		39,247
Management incentive fee	—		—		—		—		35,709		35,709
Depreciation and amortization	7,810		64		32,257		10,263		84		50,478

Interest income adjustment for loans and securities	22,404		—		—		28,368		—		50,772
Extinguishment of debt, net	—		—		—		—		(246)		(246)
Consolidated income tax (benefit) provision associated with fair value adjustments	(990)		(590)		—		898		—		(682)
Other non-cash items	(66)		—		1,140		(270)		—		804
Reversal of GAAP unrealized and realized (gains) / losses on: (1)
Loans	(25,874)		—		—		(36,828)		—		(62,702)
Credit loss provision, net	225,720		18,008		—		—		—		243,728
Securities	(69,259)		—		—		51,889		—		(17,370)
Woodstar Fund investments	—		—		(291,244)		—		—		(291,244)
Derivatives	25,206		(123)		(2,111)		4,348		11,285		38,605
Foreign currency	(60,644)		(201)		11		—		—		(60,834)
Earnings from unconsolidated entities	(4,410)		(5,702)		—		(8,849)		—		(18,961)
Sales of properties	—		—		—		(25,841)		—		(25,841)
Unrealized impairment of properties	124,902		—		—		—		—		124,902
Recognition of Distributable realized gains / (losses) on:
Loans (2)	(4,072)		—		—		36,375		—		32,303
Realized credit loss (3)	(12,292)		(10,795)		—		—		—		(23,087)
Securities (4)	105		—		—		(22,475)		—		(22,370)
Woodstar Fund investments (5)	—		—		61,513		—		—		61,513

Derivatives (6)	119,917		397		22,851		(2,493)		(32,659)		108,013
Foreign currency (7)	(7,250)		13		(11)		—		—		(7,248)
Earnings (loss) from unconsolidated entities (8)	4,410		(1,908)		—		7,020		—		9,522
Sales of properties (9)	—		—		—		6,246		—		6,246
Distributable Earnings (Loss)	$	786,180	$	72,520	$	87,591	$	83,418	$	(367,143)	$	662,566
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	2.43	$

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