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of Contents](#iaa27c7117c8e4808997549db33ece7b1_13)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nCommission file number 001-34436\n\n__________________________________________________\n\nStarwood Property Trust, Inc.\n\n(Exact name of registrant as specified in its charter)\n\nMaryland\n\n27-0247747\n\n(State or Other Jurisdiction of\nIncorporation or Organization)(I.R.S. Employer\nIdentification No.)\n\n2340 Collins Avenue, Suite 700\n\nMiami Beach, Florida\n\n33139\n\n(Address of Principal Executive Offices)(Zip Code)\n\nRegistrant’s telephone number, including area code:\n\n(305) 695-5500\n\n___________________________________________________________________________\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading Symbol(s)Name of each exchange on which registered\n\nCommon stock, $0.01 par value per share\n\nSTWD\n\nNew York Stock Exchange\n\nIndicate 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 ☐\n\nIndicate 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 ☐\n\nIndicate 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.\n\nLarge accelerated filer☒Accelerated filer☐\n\nNon-accelerated filer☐Smaller reporting company☐\n\nEmerging growth company☐\n\nIf 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. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\nThe number of shares of the issuer’s common stock, $0.01 par value, outstanding as of May 1, 2026 was 370,748,570.\n\n1\n\n[Table of Contents](#iaa27c7117c8e4808997549db33ece7b1_13)\n\nSpecial Note Regarding Forward-Looking Statements\n\nThis Quarterly Report on Form 10-Q 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.\n\nThese 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:\n\n•factors described in our Annual Report on Form 10-K for the year ended December 31, 2025 and this Quarterly Report on Form 10-Q, including those set forth under the captions “Risk Factors”, “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”;\n\n•defaults by borrowers in paying debt service on outstanding indebtedness;\n\n•impairment in the value of real estate property securing our loans or in which we invest;\n\n•availability of mortgage origination and acquisition opportunities acceptable to us;\n\n•potential mismatches in the timing of asset repayments and the maturity of the associated financing agreements;\n\n•national and local economic and business conditions, including as a result of the impact of public health emergencies;\n\n•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;\n\n•general and local commercial and residential real estate property conditions;\n\n•changes in federal government policies;\n\n•changes in federal, state and local governmental laws and regulations;\n\n•increased competition from entities engaged in mortgage lending and securities investing activities;\n\n•changes in interest rates; and\n\n•the availability of, and costs associated with, sources of liquidity.\n\nIn light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained in this Quarterly Report on Form 10-Q 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.\n\n2\n\n[Table of Contents](#iaa27c7117c8e4808997549db33ece7b1_13)\n\nTABLE OF CONTENTS\n\nPage\n\n[Part I](#iaa27c7117c8e4808997549db33ece7b1_16)\n\n[Financial Information](#iaa27c7117c8e4808997549db33ece7b1_16)\n\n[Item 1.](#iaa27c7117c8e4808997549db33ece7b1_19)\n\n[Financial Statements](#iaa27c7117c8e4808997549db33ece7b1_19)\n\n[4](#iaa27c7117c8e4808997549db33ece7b1_19)\n\n[Condensed Consolidated Balance Sheets](#iaa27c7117c8e4808997549db33ece7b1_22)\n\n[4](#iaa27c7117c8e4808997549db33ece7b1_22)\n\n[Condensed Consolidated Statements of Operations](#iaa27c7117c8e4808997549db33ece7b1_25)\n\n[5](#iaa27c7117c8e4808997549db33ece7b1_25)\n\n[Condensed Consolidated Statements of Comprehensive Income](#iaa27c7117c8e4808997549db33ece7b1_28)\n\n[6](#iaa27c7117c8e4808997549db33ece7b1_28)\n\n[Condensed Consolidated Statements of Equity](#iaa27c7117c8e4808997549db33ece7b1_31)\n\n[7](#iaa27c7117c8e4808997549db33ece7b1_31)\n\n[Condensed Consolidated Statements of Cash Flows](#iaa27c7117c8e4808997549db33ece7b1_37)\n\n[8](#iaa27c7117c8e4808997549db33ece7b1_37)\n\n[Notes to Condensed Consolidated Financial Statements](#iaa27c7117c8e4808997549db33ece7b1_40)\n\n[10](#iaa27c7117c8e4808997549db33ece7b1_40)\n\n[Note 1 Business and Organization](#iaa27c7117c8e4808997549db33ece7b1_43)\n\n[10](#iaa27c7117c8e4808997549db33ece7b1_43)\n\n[Note 2 Summary of Significant Accounting Policies](#iaa27c7117c8e4808997549db33ece7b1_46)\n\n[11](#iaa27c7117c8e4808997549db33ece7b1_46)\n\n[Note 3 Acquisitions and Divestitures](#iaa27c7117c8e4808997549db33ece7b1_49)\n\n[19](#iaa27c7117c8e4808997549db33ece7b1_49)\n\n[Note 4 Loans](#iaa27c7117c8e4808997549db33ece7b1_52)\n\n[20](#iaa27c7117c8e4808997549db33ece7b1_52)\n\n[Note 5 Investment Securities](#iaa27c7117c8e4808997549db33ece7b1_55)\n\n[25](#iaa27c7117c8e4808997549db33ece7b1_55)\n\n[Note 6 Properties](#iaa27c7117c8e4808997549db33ece7b1_58)\n\n[29](#iaa27c7117c8e4808997549db33ece7b1_58)\n\n[Note 7 Investments of Consolidated Affordable Housing Fund](#iaa27c7117c8e4808997549db33ece7b1_61)\n\n[30](#iaa27c7117c8e4808997549db33ece7b1_61)\n\n[Note 8 Investments in Unconsolidated Entities](#iaa27c7117c8e4808997549db33ece7b1_64)\n\n[31](#iaa27c7117c8e4808997549db33ece7b1_64)\n\n[Note 9 Goodwill and Intangibles](#iaa27c7117c8e4808997549db33ece7b1_67)\n\n[32](#iaa27c7117c8e4808997549db33ece7b1_67)\n\n[Note 10 Secured Borrowings](#iaa27c7117c8e4808997549db33ece7b1_70)\n\n[34](#iaa27c7117c8e4808997549db33ece7b1_70)\n\n[Note 11 Unsecured Senior Notes](#iaa27c7117c8e4808997549db33ece7b1_73)\n\n[38](#iaa27c7117c8e4808997549db33ece7b1_73)\n\n[Note 12 Loan Securitization/Sale Activities](#iaa27c7117c8e4808997549db33ece7b1_79)\n\n[39](#iaa27c7117c8e4808997549db33ece7b1_79)\n\n[Note 13 Derivatives and Hedging Activity](#iaa27c7117c8e4808997549db33ece7b1_85)\n\n[40](#iaa27c7117c8e4808997549db33ece7b1_85)\n\n[Note 14 Offsetting Assets and Liabilities](#iaa27c7117c8e4808997549db33ece7b1_88)\n\n[42](#iaa27c7117c8e4808997549db33ece7b1_88)\n\n[Note 15 Variable Interest Entities](#iaa27c7117c8e4808997549db33ece7b1_91)\n\n[42](#iaa27c7117c8e4808997549db33ece7b1_91)\n\n[Note 16 Related-Party Transactions](#iaa27c7117c8e4808997549db33ece7b1_94)\n\n[44](#iaa27c7117c8e4808997549db33ece7b1_94)\n\n[Note 17 Stockholders’ Equity and Non-Controlling Interests](#iaa27c7117c8e4808997549db33ece7b1_100)\n\n[47](#iaa27c7117c8e4808997549db33ece7b1_100)\n\n[Note 18 Earnings per Share](#iaa27c7117c8e4808997549db33ece7b1_103)\n\n[50](#iaa27c7117c8e4808997549db33ece7b1_103)\n\n[Note 19 Accumulated Other Comprehensive Income](#iaa27c7117c8e4808997549db33ece7b1_106)\n\n[51](#iaa27c7117c8e4808997549db33ece7b1_106)\n\n[Note 20 Fair Value](#iaa27c7117c8e4808997549db33ece7b1_109)\n\n[52](#iaa27c7117c8e4808997549db33ece7b1_109)\n\n[Note 21 Income Taxes](#iaa27c7117c8e4808997549db33ece7b1_112)\n\n[59](#iaa27c7117c8e4808997549db33ece7b1_112)\n\n[Note 22 Commitments and Contingencies](#iaa27c7117c8e4808997549db33ece7b1_115)\n\n[59](#iaa27c7117c8e4808997549db33ece7b1_115)\n\n[Note 23 Segment Data](#iaa27c7117c8e4808997549db33ece7b1_118)\n\n[60](#iaa27c7117c8e4808997549db33ece7b1_118)\n\n[Note 24 Subsequent Events](#iaa27c7117c8e4808997549db33ece7b1_130)\n\n[64](#iaa27c7117c8e4808997549db33ece7b1_130)\n\n[Item 2.](#iaa27c7117c8e4808997549db33ece7b1_133)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#iaa27c7117c8e4808997549db33ece7b1_133)\n\n[65](#iaa27c7117c8e4808997549db33ece7b1_133)\n\n[Item 3.](#iaa27c7117c8e4808997549db33ece7b1_208)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#iaa27c7117c8e4808997549db33ece7b1_208)\n\n[97](#iaa27c7117c8e4808997549db33ece7b1_208)\n\n[Item 4.](#iaa27c7117c8e4808997549db33ece7b1_217)\n\n[Controls and Procedures](#iaa27c7117c8e4808997549db33ece7b1_217)\n\n[99](#iaa27c7117c8e4808997549db33ece7b1_217)\n\n[Part II](#iaa27c7117c8e4808997549db33ece7b1_220)\n\n[Other Information](#iaa27c7117c8e4808997549db33ece7b1_220)\n\n[Item 1.](#iaa27c7117c8e4808997549db33ece7b1_223)\n\n[Legal Proceedings](#iaa27c7117c8e4808997549db33ece7b1_223)\n\n[100](#iaa27c7117c8e4808997549db33ece7b1_223)\n\n[Item 1A.](#iaa27c7117c8e4808997549db33ece7b1_226)\n\n[Risk Factors](#iaa27c7117c8e4808997549db33ece7b1_226)\n\n[100](#iaa27c7117c8e4808997549db33ece7b1_226)\n\n[Item 2.](#iaa27c7117c8e4808997549db33ece7b1_229)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#iaa27c7117c8e4808997549db33ece7b1_229)\n\n[100](#iaa27c7117c8e4808997549db33ece7b1_229)\n\n[Item 3.](#iaa27c7117c8e4808997549db33ece7b1_232)\n\n[Defaults Upon Senior Securities](#iaa27c7117c8e4808997549db33ece7b1_232)\n\n[100](#iaa27c7117c8e4808997549db33ece7b1_232)\n\n[Item 4.](#iaa27c7117c8e4808997549db33ece7b1_235)\n\n[Mine Safety Disclosures](#iaa27c7117c8e4808997549db33ece7b1_235)\n\n[100](#iaa27c7117c8e4808997549db33ece7b1_235)\n\n[Item 5.](#iaa27c7117c8e4808997549db33ece7b1_238)\n\n[Other Information](#iaa27c7117c8e4808997549db33ece7b1_238)\n\n[100](#iaa27c7117c8e4808997549db33ece7b1_238)\n\n[Item 6.](#iaa27c7117c8e4808997549db33ece7b1_244)\n\n[Exhibits](#iaa27c7117c8e4808997549db33ece7b1_244)\n\n[101](#iaa27c7117c8e4808997549db33ece7b1_244)\n\n3\n\n[Table of Contents](#iaa27c7117c8e4808997549db33ece7b1_13)\n\nPART I - FINANCIAL INFORMATION"}