Added10-Q Nov 6, 2026 vs 10-K Feb 25, 2026
There have been no material changes to the risk factors previously disclosed in our Form 10‑K.
Screener
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SEC EDGAR
/CIK 0001465128
/10-K filed Feb 25, 2026, compared with Feb 27, 2025
/Numbers from the XBRL of the 10-Ks
NYSE
Real estate · REIT
Starwood Property Trust, Inc. STWD
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 27, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
10 paragraphs in Risk Factors of the 10-K filed Feb 25, 2026 with nothing like them in the 10-K filed Feb 27, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
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.
losses to make the leased premises ready for another tenant and experience difficulty or a significant delay in re-leasing such property.
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.
We utilize artificial intelligence tools in a limited and controlled manner, which may expose us to certain risks and could adversely affect our 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.
Paragraphs in the 10-Q filed Nov 6, 2026 that were not in the one before
New in the latest 10-Q
22 paragraphs in the 10-Q filed Nov 6, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
statement of operations. We report interest and penalties, if any, related to income tax matters as a component of income tax expense.
Read in the 10-Q
As of September 30, 2026, we had five commercial loans with an aggregate amortized cost basis of $ 677.5 million and residential loans totaling $ 81.6 million that were 90 days or more past due. Of these amounts, $ 445.2 million of commercial loans, primarily consisting of a single loan with an amortized cost basis of $ 419.7 million, remained on accrual status, as they met our criteria for continued interest recognition. In addition, three commercial loans with an aggregate amortized cost basis of $ 346.8 million were on nonaccrual status despite being less than 90 days past due. None of these loans required a specific allowance for credit losses as of September 30, 2026.
Read in the 10-Q
In September 2026, we modified a $ 24.9 million commercial loan. We granted an other-than-insignificant payment delay in the form of a maturity extension from September 2026 to September 2027, plus four additional six-month extension options. The interest rate was modified from SOFR + 6.0 % to a fixed rate of 6.0 %, of which 2.0 % is being deferred and will be paid to the extent of available cash flows.
Read in the 10-Q
During the three months ended September 30, 2026, we recognized $ 32.2 million of property impairment losses within other loss, net in our condensed consolidated statements of operations on two multifamily properties previously acquired through loan foreclosure. Together, these properties have a carrying value of $ 122.7 million, net of the $ 32.2 million of property impairments. The fair values of these properties were estimated based on either a purchase and sale agreement executed shortly after quarter end or third-party bids.
Read in the 10-Q
(1) Represents distributions of excess proceeds from the refinancings of maturing mortgage debt on certain Woodstar properties, which also affects the unrealized change in fair value of debt within the Woodstar Fund investments.
Read in the 10-Q
Show the other 17
(j) Of the total balance, $ 105.2 million relates to Fundamental, of which $ 86.9 million is on a warehouse facility currently maturing in December 2026 for which we are negotiating an extension.
Read in the 10-Q
The transactions above reduced the weighted average cost of funds on the aggregate ABS financing on the master trust from 5.73 % to 5.33 %.
Read in the 10-Q
(b) Includes $ 173.9 million related to financing agreements or underlying collateral currently being modified and $ 209.0 million related to collateral expected to repay.
Read in the 10-Q
above table also excludes $ 2.4 billion notional amount of certain other interest rate swaps we entered into prior to September 30, 2026, but that were not yet effective.
Read in the 10-Q
In July 2026, we originated a $ 587.9 million first mortgage loan secured by an industrial storage portfolio located in various U.S. states, of which we funded $ 558.5 million. In August 2026, we sold $ 94.7 million of our funded balance to an affiliate of our Manager at a price equal to our cost basis of $ 93.7 million, which was net of origination fees and prepaid interest (see Note 12).
Read in the 10-Q
2025, $ 2.2 million and $ 1.8 million, respectively, was reflected as a receivable within other assets in our condensed consolidated balance sheets for such reimbursements.
Read in the 10-Q
◦ A multifamily property in Dallas, Texas, acquired in October 2024, for $74.0 million, recognizing a net loss of $10.8 million.
Read in the 10-Q
◦ A multifamily property in Phoenix, Arizona, acquired in November 2024, for $22.6 million, recognizing a net loss of $0.8 million.
Read in the 10-Q
• Amended an existing $600.0 million revolving warehouse credit facility in July 2026 which finances Fundamental’s net lease property acquisitions, reducing the spread by 60 bps.
Read in the 10-Q
• Refinanced $36.4 million of the Woodstar Fund investments’ mortgage debt in September 2026 with $97.5 million of new debt that carries an initial term of 10 years.
Read in the 10-Q
◦ A multifamily property in Dallas, Texas, acquired in October 2024, for $74.0 million, recognizing a net loss of $10.8 million.
Read in the 10-Q
◦ A multifamily property in Phoenix, Arizona, acquired in November 2024, for $22.6 million, recognizing a net loss of $0.8 million.
Read in the 10-Q
• Amended an existing $600.0 million revolving warehouse credit facility in July 2026 which finances Fundamental’s net lease property acquisitions, reducing the spread by 60 bps.
Read in the 10-Q
• Refinanced $36.4 million of the Woodstar Fund investments’ mortgage debt in September 2026 with $97.5 million of new debt that carries an initial term of 10 years.
Read in the 10-Q
We believe it is also useful to present another non-GAAP financial measure, Distributable Earnings prior to realized commercial lending gains and losses. This measure adjusts Distributable Earnings to exclude realized gains and losses resulting from the disposition or resolution of commercial loans that were on nonaccrual or properties acquired through foreclosure held within our Commercial and Residential Lending Segment. We believe this supplemental measure helps investors assess the earnings capacity of our existing investment portfolio and inform their assessment of future earnings and potential dividends by separately identifying the impact of realized commercial lending gains and losses arising from loan resolutions and dispositions of foreclosed real estate. Because these gains and losses remain an important component of our overall economic performance and dividend coverage, they are included in Distributable Earnings. Management and our Board of Directors consider both measures when evaluating our performance and determining our dividend.
Read in the 10-Q
(9) Represents, as applicable, the realized gain (loss) resulting from the disposition or resolution of commercial loans that were on nonaccrual or properties acquired through foreclosure held within our Commercial and Residential Lending Segment.
Read in the 10-Q
(l) Of the total balance, $105.2 million relates to Fundamental, of which $86.9 million is on a warehouse facility currently maturing in December 2026 for which we are negotiating an extension.
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 6, 2026 against Item 1A of the 10-K filed Feb 25, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Feb 25, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 27, 2025
artificial intelligence ×4officer two ×2invests primarily ×2reviewing directors ×2trade policies ×2increasing sophistication ×2utilize artificial ×2intelligence tools ×2internal analysis ×2
Where each one is used
- artificial intelligence: 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...
- officer two: 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, two of our other directors and certain of our executive officers are executives of Starwood Capital Group.
- invests primarily: Pursuant to our co-investment and allocation agreement, our Manager, Starwood Capital Group and their respective affiliates (i) may not sponsor or manage any U.S. publicly-traded vehicle that invests primarily in our “target assets” (as defined in our co-investment and allocation agreement) and (ii) may sponsor or...
- reviewing directors: Our board of directors has adopted a related party transaction 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...
- trade policies: • changes in governmental laws and regulations, including fiscal and trade policies, zoning ordinances and environmental legislation and the related costs of compliance; and
- increasing sophistication: 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...
- utilize artificial: We utilize artificial intelligence tools in a limited and controlled manner, which may expose us to certain risks and could adversely affect our business.
- intelligence tools: We utilize artificial intelligence tools in a limited and controlled manner, which may expose us to certain risks and could adversely affect our business.
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
5 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/STWD/export.csv") into a cell.