{ "document": "72acc13e43a1bc06", "scans": [ { "page": 14, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cmshmtmk700w0b501uvbcqjzn", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p14.ade.json", "figures": [ { "page": 14, "text": "\n\nExecuted $2.1B of corporate debt transactions in the quarter\n\n<::Stacked bar chart representing $2.1B of corporate debt transactions.\nY-axis ranges from $0.2B to $2.2B.\n\nThe bar is segmented as follows:\n- Top segment: $1.1B (dark blue)\n Unsecured note issuances:\n (i) $600M at swapped rate of S+2.22% due 2031\n (ii) $500M at 5.875% due 2029, which closed after quarter end\n- Middle segment: $697M (light blue/teal)\n Term loan repricing: $697M due 2032 pricing reduced 25 bps to S+2.00%\n- Bottom segment: $275M (green)\n Term loan upsize: $275M at S+2.00% due 2032\n: chart::>", "box": { "bottom": 0.7552785873413086, "left": 0.04098740220069885, "right": 0.9500366449356079, "top": 0.11355528235435486 }, "chunk_id": "4bceeaf3-d647-44b6-b517-cb1250e6fe9e", "job_id": "cmshmtmk700w0b501uvbcqjzn", "picture_ref": "#/pictures/2" } ], "tables": [], "context": [ { "page": 14, "kind": "text", "text": "\n\nCorporate Capital Markets Execution", "box": { "bottom": 0.10302858054637909, "left": 0.047511905431747437, "right": 0.631885290145874, "top": 0.04460769519209862 }, "chunk_id": "e870419e-d0d5-458d-96f6-158e7de7284d" }, { "page": 14, "kind": "text", "text": "\n\n- Reduced the weighted average spread on term loan facilities from S+2.00% to S+1.93%\n- Subsequent to quarter end:\n - Repaid $900M of unsecured notes due July 2026 and January 2027", "box": { "bottom": 0.9310591816902161, "left": 0.045814335346221924, "right": 0.9495393633842468, "top": 0.7668375372886658 }, "chunk_id": "22ba3014-6b00-4e48-8dc3-c0c49d84d65b" }, { "page": 14, "kind": "marginalia", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9899992942810059, "left": 0.045715779066085815, "right": 0.19332297146320343, "top": 0.9646033048629761 }, "chunk_id": "14e692c0-1cbb-4397-9e72-81fda060dda5" }, { "page": 14, "kind": "marginalia", "text": "\n\n10", "box": { "bottom": 0.9870423078536987, "left": 0.9637454748153687, "right": 0.9826312065124512, "top": 0.9626883268356323 }, "chunk_id": "14117d44-6bce-4e2b-9e31-fe4b3ca7f866" } ] }, { "page": 15, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "cmshmtmkj00rqdn01zajs1gnh", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p15.ade.json", "figures": [ { "page": 15, "text": "\n\n<::Pie chart showing a diversified asset base:\n\nU.S. office represents only 7.6% of our diversified asset base\n\nCommercial Loans 53%\n\nOwned Properties 21%\n\nPie Chart Slices:\nMultifamily 19%\nIndustrial 8%\nHotel 6%\nData Center 4%\nMixed Use 1%\nRetail 1%\nOther 4%\nResidential Lending 8%\nNet Lease 9%\nFlorida Affordable Housing Fund 5%\nProperty - Other 4%\nMedical Office 3%\nInfrastructure Lending 9%\nREIS CMBS 4%\nCash & A/R 2%\nOther 2%\nIntangibles 1%\nU.S. Office 8%\nInt'l Office 2%\n: pie chart::>", "box": { "bottom": 0.9177058935165405, "left": 0.04457813501358032, "right": 0.9606407284736633, "top": 0.10321664810180664 }, "chunk_id": "db44e8c6-2c0d-44e4-8d96-7acd3f1cd0d0", "job_id": "cmshmtmkj00rqdn01zajs1gnh", "picture_ref": "#/pictures/3" } ], "tables": [], "context": [ { "page": 15, "kind": "text", "text": "\n\nTotal Undepreciated Assets - $32.2B", "box": { "bottom": 0.09346748143434525, "left": 0.02150338888168335, "right": 0.5767961144447327, "top": 0.03568168729543686 }, "chunk_id": "5b2597ea-d20d-4b1d-bf8e-3757c3fbb8e4" }, { "page": 15, "kind": "text", "text": "\n\nNOTE: Total assets and property related amounts exclude $410M of accumulated depreciation and amortization", "box": { "bottom": 0.9541680812835693, "left": 0.02361324429512024, "right": 0.7229553461074829, "top": 0.9287518262863159 }, "chunk_id": "0032ba4b-aadd-4773-9027-5278b9fd7adc" }, { "page": 15, "kind": "text", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9890910983085632, "left": 0.04629475623369217, "right": 0.19304603338241577, "top": 0.9653443694114685 }, "chunk_id": "07590fa0-a328-421f-a2e4-40894a0c6133" }, { "page": 15, "kind": "marginalia", "text": "\n\n11", "box": { "bottom": 0.987759530544281, "left": 0.9637241959571838, "right": 0.9813944697380066, "top": 0.962364137172699 }, "chunk_id": "51a6e266-cdbd-4469-90cd-ee47d60bc8cc" } ] }, { "page": 17, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "pie_chart" ], "table_refs": [], "job_id": "cmshmtmd7003hf401rt19j6lx", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p17.ade.json", "figures": [ { "page": 17, "text": "\n\n<::donut chart\nLoan Risk Rating\nCenter: 2.9 (1) W.A. Risk Rating *\nSegments (clockwise from top right):\n- Rating 1: (1 loan)\n- Rating 2: (38 loans), $4.8B\n- Rating 3: (96 loans), $9.5B\n- Rating 4: (16 loans), $2.0B\n- Rating 5: (5 loans), $0.8B\n- Not Rated (Investment Securities): $0.2B\nFootnote: * 2.9 in prior quarter\n: donut chart::>", "box": { "bottom": 0.8765249252319336, "left": 0.49583831429481506, "right": 0.9651985168457031, "top": 0.13344255089759827 }, "chunk_id": "080497ff-a21f-4f49-91b7-040a75ae7e97", "job_id": "cmshmtmd7003hf401rt19j6lx", "picture_ref": "#/pictures/5" }, { "page": 17, "text": "\n\n<:: $17.3B Total Portfolio : metric display::>", "box": { "bottom": 0.86907559633255, "left": 0.06631666421890259, "right": 0.39835283160209656, "top": 0.4406664967536926 }, "chunk_id": "570b3f6d-7624-4086-9e1a-18b7b178af8a", "job_id": "cmshmtmd7003hf401rt19j6lx", "picture_ref": "#/pictures/4" } ], "tables": [], "context": [ { "page": 17, "kind": "text", "text": "\n\nCommercial Lending Portfolio", "box": { "bottom": 0.10603585094213486, "left": 0.021966099739074707, "right": 0.4896981716156006, "top": 0.04601777344942093 }, "chunk_id": "f71b2fc6-11bf-4267-9b87-b371cba9ae65" }, { "page": 17, "kind": "text", "text": "\n\n## Q2 Activity\n\n* Portfolio reaches a **record $17.3B**\n* **$1.4B** originations (**$754M** funded)\n* **$250M** follow on fundings\n* **$447M** repayments\n* Sold **two** units in a previously foreclosed asset for **$12M**", "box": { "bottom": 0.369973361492157, "left": 0.024279266595840454, "right": 0.4746662974357605, "top": 0.13407880067825317 }, "chunk_id": "ca9d7f4d-2cda-4683-a6bd-4ac00954a532" }, { "page": 17, "kind": "text", "text": "\n\nNOTE: See the Ratings Criteria section included in the Appendix", "box": { "bottom": 0.953020453453064, "left": 0.022874772548675537, "right": 0.38516661524772644, "top": 0.9277557134628296 }, "chunk_id": "f282a6e4-2243-4380-bc31-80fd00123022" }, { "page": 17, "kind": "text", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.989431619644165, "left": 0.04587168991565704, "right": 0.1934141218662262, "top": 0.9654554128646851 }, "chunk_id": "556386c6-a4fe-4874-adac-af4fd282f70b" }, { "page": 17, "kind": "marginalia", "text": "\n\n12", "box": { "bottom": 0.9861883521080017, "left": 0.9633870124816895, "right": 0.9832342863082886, "top": 0.9631232619285583 }, "chunk_id": "b01604c2-24b1-409e-afe4-389b064287e7" } ] }, { "page": 18, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "pie_chart", "pie_chart" ], "table_refs": [], "job_id": "cmshmtmdj06csfm01evclq1ha", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p18.ade.json", "figures": [ { "page": 18, "text": "\n\n<::chart\nMultifamily\nProperty Characteristics\nDonut chart with a total value of $6.2B, broken down as follows:\n- 21%: Southeast\n- 34%: Southwest\n- 13%: West\n- 12%: Northeast\n- 4%: Midwest\n- 16%: International\n: chart::>", "box": { "bottom": 0.5190515518188477, "left": 0.010135024785995483, "right": 0.33431583642959595, "top": 0.12778408825397491 }, "chunk_id": "d84c5a5c-dabf-4272-ae83-220c73b1ade7", "job_id": "cmshmtmdj06csfm01evclq1ha", "picture_ref": "#/pictures/6" }, { "page": 18, "text": "\n\nOffice\n\n<::donut chart\n: U.S.\n: Center value: $2.5B\n: Green section: 81%\n: Blue section: 19%\n: International\n: Center value: $0.6B\n: Green section: 100%\n: Legend:\n: Class A (green)\n: Class B (blue)::>", "box": { "bottom": 0.518315315246582, "left": 0.38784265518188477, "right": 0.6678646802902222, "top": 0.12669284641742706 }, "chunk_id": "e83d5dca-afcd-4c22-93ac-a448e8143dbf", "job_id": "cmshmtmdj06csfm01evclq1ha", "picture_ref": "#/pictures/7" }, { "page": 18, "text": "\n\n<::Industrial: title\n: Donut chart with total value $2.7B in the center.\n: Segments:\n: Northeast: 40%\n: International: 36%\n: West: 15%\n: Mid-Atlantic: 5%\n: Southeast: 4%\n: chart::>", "box": { "bottom": 0.5172477960586548, "left": 0.7187910676002502, "right": 0.960581362247467, "top": 0.12571236491203308 }, "chunk_id": "6840c5e0-bc38-4985-995d-e1f9d464896c", "job_id": "cmshmtmdj06csfm01evclq1ha", "picture_ref": "#/pictures/8" } ], "tables": [ { "page": 18, "cells": [ [ "Top 10 Loans (UPB)", "Location", "$", "Maturity*" ], [ "", "Various, US", "$550", "Sep-30" ], [ "", "Various, TX", "$407", "Apr-30" ], [ "", "Various, UK", "$312", "Dec-30" ], [ "", "London, UK", "$278", "Apr-28" ], [ "", "Los Angeles, CA", "$245", "Mar-28" ], [ "", "Various, Germany", "$190", "Feb-30" ], [ "", "Various, FL", "$159", "Jun-27" ], [ "", "Various, UK", "$156", "May-27" ], [ "", "Stamford, CT", "$151", "Dec-31" ], [ "", "New York, NY", "$150", "Aug-30" ] ], "cell_boxes": [ [ { "bottom": 0.8587425430964128, "left": 0.014463025033773391, "right": 0.05031800331048243, "top": 0.5489990193084145 }, { "bottom": 0.5776268374932348, "left": 0.05022078495528173, "right": 0.19906025230359672, "top": 0.5489853746032797 }, { "bottom": 0.577600771461268, "left": 0.19900117846407978, "right": 0.2626709310346699, "top": 0.5489795431597104 }, { "bottom": 0.5775896281124303, "left": 0.26260164133697406, "right": 0.36492328305498933, "top": 0.5489701698275375 } ], [ null, { "bottom": 0.6055846590807877, "left": 0.05022977029051287, "right": 0.19900117846407978, "top": 0.577600771461268 }, { "bottom": 0.6056262229075291, "left": 0.19894340831696275, "right": 0.26260164133697406, "top": 0.5775896281124303 }, { "bottom": 0.6056931504564791, "left": 0.2625337405537019, "right": 0.36492915038926466, "top": 0.577571700479583 } ], [ null, { "bottom": 0.6334914637352977, "left": 0.05023851482900422, "right": 0.19894340831696275, "top": 0.6054874627899189 }, { "bottom": 0.6335168481441567, "left": 0.19888579730049588, "right": 0.2625337405537019, "top": 0.6055846590807877 }, { "bottom": 0.6335577586973864, "left": 0.26246619328865933, "right": 0.36493496413539556, "top": 0.6056262229075291 } ], [ null, { "bottom": 0.6618875489836225, "left": 0.050247285742350434, "right": 0.19888579730049588, "top": 0.6334321199597374 }, { "bottom": 0.6619215503704513, "left": 0.19882717620950782, "right": 0.26246619328865933, "top": 0.6334914637352977 }, { "bottom": 0.6619763971319024, "left": 0.2623974009997286, "right": 0.3649408934758627, "top": 0.6335168481441567 } ], [ null, { "bottom": 0.6898600067043581, "left": 0.05025619202874562, "right": 0.19882717620950782, "top": 0.6618080838012775 }, { "bottom": 0.689885133933152, "left": 0.1987694296583595, "right": 0.2623974009997286, "top": 0.6618875489836225 }, { "bottom": 0.68992570145996, "left": 0.26232967703963717, "right": 0.3649467248932111, "top": 0.6619215503704513 } ], [ null, { "bottom": 0.7184735433438578, "left": 0.05026497818272418, "right": 0.1987694296583595, "top": 0.6898012985419001 }, { "bottom": 0.7184895749319846, "left": 0.19871035965909148, "right": 0.26232967703963717, "top": 0.6898600067043581 }, { "bottom": 0.718515480823545, "left": 0.26226040101082276, "right": 0.36495268994097785, "top": 0.689885133933152 } ], [ null, { "bottom": 0.7462764743031725, "left": 0.05027396570905973, "right": 0.19871035965909148, "top": 0.7184360977170698 }, { "bottom": 0.7462960239096336, "left": 0.19865296308025862, "right": 0.26226040101082276, "top": 0.7184735433438578 }, { "bottom": 0.7463276421158953, "left": 0.2621930576091223, "right": 0.36495849274443765, "top": 0.7184895749319846 } ], [ null, { "bottom": 0.774699196878034, "left": 0.05028268956422526, "right": 0.19865296308025862, "top": 0.7462308246943817 }, { "bottom": 0.7747157701292439, "left": 0.1985942869989743, "right": 0.2621930576091223, "top": 0.7462764743031725 }, { "bottom": 0.7747425983663399, "left": 0.2621242288857053, "right": 0.36496442131664414, "top": 0.7462960239096336 } ], [ null, { "bottom": 0.8027788882335434, "left": 0.050291612711622975, "right": 0.1985942869989743, "top": 0.7746605087035596 }, { "bottom": 0.8027933050890373, "left": 0.19853631907390745, "right": 0.2621242288857053, "top": 0.774699196878034 }, { "bottom": 0.8028166630721851, "left": 0.2620562289509752, "right": 0.36497027876433014, "top": 0.7747157701292439 } ], [ null, { "bottom": 0.8310103434063003, "left": 0.0503004275908261, "right": 0.19853631907390745, "top": 0.802745243736398 }, { "bottom": 0.8310104496832798, "left": 0.19847803784648, "right": 0.2620562289509752, "top": 0.8027788882335434 }, { "bottom": 0.8310106220231889, "left": 0.2619878909008784, "right": 0.3649761612270711, "top": 0.8027933050890373 } ], [ null, { "bottom": 0.8589863791295256, "left": 0.05030929900276434, "right": 0.19847803784648, "top": 0.8310100954616859 }, { "bottom": 0.8590909250587988, "left": 0.19842028390887653, "right": 0.2619878909008784, "top": 0.8310103434063003 }, { "bottom": 0.8592606069230442, "left": 0.26191988384486503, "right": 0.3649820553792153, "top": 0.8310104496832798 } ] ], "box": { "bottom": 0.8592606069230442, "left": 0.014463025033773391, "right": 0.36498205537921535, "top": 0.5489701698275375 }, "chunk_id": "b6ae31ce-b904-4809-932f-cf019ed2070d", "job_id": "cmshmtmdj06csfm01evclq1ha", "table_ref": null, "picture_ref": null, "table_id": null }, { "page": 18, "cells": [ [ "Location", "$", "Maturity*" ], [ "Washington, DC", "$333", "Nov-26" ], [ "Houston, TX", "$252", "Jan-28" ], [ "Dallas, TX", "$235", "Sep-26" ], [ "London, UK", "$215", "Mar-27" ], [ "McLean, VA", "$175", "Sep-27" ], [ "Berlin, Germany", "$173", "Nov-28" ], [ "Irvine, CA", "$163", "Oct-26" ], [ "Orlando, FL", "$160", "Dec-28" ], [ "Los Angeles, CA", "$138", "Oct-27" ], [ "Dublin, CA", "$126", "Jul-27" ] ], "cell_boxes": [ [ { "bottom": 0.5778463869520947, "left": 0.3816094496341232, "right": 0.4945638299251406, "top": 0.5492706838513886 }, { "bottom": 0.577829259301275, "left": 0.4945239708925997, "right": 0.5602741431881133, "top": 0.549274282419131 }, { "bottom": 0.5778192861983634, "left": 0.560271933212692, "right": 0.663276109916177, "top": 0.5492763759072378 } ], [ { "bottom": 0.6058340055274395, "left": 0.381606811908632, "right": 0.4945239708925997, "top": 0.577829259301275 }, { "bottom": 0.6057903331985041, "left": 0.4944849408713552, "right": 0.560271933212692, "top": 0.5778192861983634 }, { "bottom": 0.6057648811760389, "left": 0.5602697694852581, "right": 0.6632793593869539, "top": 0.5778036618167349 } ], [ { "bottom": 0.6336992329339375, "left": 0.38160418571803806, "right": 0.4944849408713552, "top": 0.6057903331985041 }, { "bottom": 0.6336483427433752, "left": 0.4944460547145372, "right": 0.5602697694852581, "top": 0.6057648811760389 }, { "bottom": 0.6336186580911511, "left": 0.5602676128669685, "right": 0.6632826002232641, "top": 0.6057250269657057 } ], [ { "bottom": 0.6622965132195083, "left": 0.3816014905342736, "right": 0.4944460547145372, "top": 0.6336483427433752 }, { "bottom": 0.662223133263893, "left": 0.494406168024735, "right": 0.5602676128669685, "top": 0.6336186580911511 }, { "bottom": 0.662180291533102, "left": 0.5602654014418804, "right": 0.6632859218156577, "top": 0.6335721996942463 } ], [ { "bottom": 0.6902306575027902, "left": 0.3815988578485289, "right": 0.494406168024735, "top": 0.662223133263893 }, { "bottom": 0.6901591356264016, "left": 0.4943671730000909, "right": 0.5602654014418804, "top": 0.662180291533102 }, { "bottom": 0.6901173418810932, "left": 0.5602632383760268, "right": 0.6632891733065036, "top": 0.6621132762161783 } ], [ { "bottom": 0.7185887807204443, "left": 0.38159618520439903, "right": 0.4943671730000909, "top": 0.6901591356264016 }, { "bottom": 0.7185275177586697, "left": 0.4943275744295437, "right": 0.5602632383760268, "top": 0.6901173418810932 }, { "bottom": 0.7184916867492444, "left": 0.5602610414520229, "right": 0.663292476583071, "top": 0.6900519989860343 } ], [ { "bottom": 0.7464718377829316, "left": 0.38159355733342853, "right": 0.4943275744295437, "top": 0.7185275177586697 }, { "bottom": 0.7464004905799055, "left": 0.49428866738593874, "right": 0.5602610414520229, "top": 0.7184916867492444 }, { "bottom": 0.7463587248775385, "left": 0.5602588838069649, "right": 0.6632957186558472, "top": 0.7184356951490752 } ], [ { "bottom": 0.7748114709868288, "left": 0.3815908864319114, "right": 0.49428866738593874, "top": 0.7464004905799055 }, { "bottom": 0.7747565492764384, "left": 0.49424908601730444, "right": 0.5602588838069649, "top": 0.7463587248775385 }, { "bottom": 0.774724370079641, "left": 0.5602566875565451, "right": 0.6632990215771886, "top": 0.7462934923224464 } ], [ { "bottom": 0.8027118440930336, "left": 0.38158825692897036, "right": 0.49424908601730444, "top": 0.7747565492764384 }, { "bottom": 0.802690708966882, "left": 0.49421009356479084, "right": 0.5602566875565451, "top": 0.774724370079641 }, { "bottom": 0.8026783147688002, "left": 0.560254523182623, "right": 0.6633022784351497, "top": 0.7746741361752483 } ], [ { "bottom": 0.8312286487980151, "left": 0.3815855693297201, "right": 0.49421009356479084, "top": 0.802690708966882 }, { "bottom": 0.8312028920691257, "left": 0.4941702942667989, "right": 0.560254523182623, "top": 0.8026783147688002 }, { "bottom": 0.8311877740616519, "left": 0.5602523157971928, "right": 0.6633055958547639, "top": 0.8026589763583112 } ], [ { "bottom": 0.8594105396900957, "left": 0.38158291329480964, "right": 0.4941702942667989, "top": 0.8312028920691257 }, { "bottom": 0.8593714724425783, "left": 0.4941309745935115, "right": 0.5602523157971928, "top": 0.8311877740616519 }, { "bottom": 0.8593485214153325, "left": 0.5602501354112803, "right": 0.6633088717651887, "top": 0.8311641979024784 } ] ], "box": { "bottom": 0.8594105396900957, "left": 0.38158291329480964, "right": 0.6633088717651887, "top": 0.5492706838513886 }, "chunk_id": "4f87246b-50f4-447a-aaa4-7ab65a1e1668", "job_id": "cmshmtmdj06csfm01evclq1ha", "table_ref": null, "picture_ref": null, "table_id": null }, { "page": 18, "cells": [ [ "Location", "$", "Maturity*" ], [ "Various, NY", "$487", "Sep-30" ], [ "Long Island City, NY", "$418", "Aug-27" ], [ "Various, Europe", "$330", "Aug-30" ], [ "Dublin, Ireland", "$191", "Feb-31" ], [ "Various, Czech Republic", "$189", "Aug-30" ], [ "Goleta, CA", "$174", "Mar-31" ], [ "Beaumont, CA", "$162", "Apr-30" ], [ "Various, US", "$140", "Jan-31" ], [ "Memphis, TN", "$111", "Jun-31" ], [ "Queens, NY", "$110", "Nov-26" ] ], "cell_boxes": [ [ { "bottom": 0.5760985609488197, "left": 0.6803865550628636, "right": 0.8397982929688383, "top": 0.5476178976951473 }, { "bottom": 0.5760930132134592, "left": 0.839757711414975, "right": 0.8902639735900693, "top": 0.5476345897158019 }, { "bottom": 0.5760912562914555, "left": 0.8902285730695095, "right": 0.9817851937320385, "top": 0.5476398739827847 } ], [ { "bottom": 0.6043692803542932, "left": 0.6803886652756244, "right": 0.839757711414975, "top": 0.5760930132134592 }, { "bottom": 0.6043525602376947, "left": 0.8397174134578584, "right": 0.8902285730695095, "top": 0.5760912562914555 }, { "bottom": 0.6043472631664056, "left": 0.890193415644065, "right": 0.9817923658491925, "top": 0.5760880691486933 } ], [ { "bottom": 0.6324911588256587, "left": 0.6803907599330526, "right": 0.8397174134578584, "top": 0.6043525602376947 }, { "bottom": 0.6324331509140301, "left": 0.8396773706915, "right": 0.890193415644065, "top": 0.6043472631664056 }, { "bottom": 0.6324147668027744, "left": 0.8901584927630337, "right": 0.9817994857071686, "top": 0.6043376505554969 } ], [ { "bottom": 0.6607923953771404, "left": 0.6803928435624359, "right": 0.8396773706915, "top": 0.6324331509140301 }, { "bottom": 0.6607580365892675, "left": 0.8396369795618297, "right": 0.8901584927630337, "top": 0.6324147668027744 }, { "bottom": 0.6607471434436275, "left": 0.8901232403148082, "right": 0.9818066822953968, "top": 0.6323813931743619 } ], [ { "bottom": 0.688666940859629, "left": 0.6803949404809657, "right": 0.8396369795618297, "top": 0.6607580365892675 }, { "bottom": 0.6886542864426142, "left": 0.8395971996644611, "right": 0.8901232403148082, "top": 0.6607471434436275 }, { "bottom": 0.6886502730162964, "left": 0.8900885219555593, "right": 0.9818137696252414, "top": 0.6607273614064679 } ], [ { "bottom": 0.7172522636836388, "left": 0.6803970057847494, "right": 0.8395971996644611, "top": 0.6886542864426142 }, { "bottom": 0.7172584255768487, "left": 0.8395564191077348, "right": 0.8900885219555593, "top": 0.6886502730162964 }, { "bottom": 0.7172696236840302, "left": 0.8900529263742301, "right": 0.9818210374719698, "top": 0.6886429820105099 } ], [ { "bottom": 0.7451864500671014, "left": 0.6803991223130507, "right": 0.8395564191077348, "top": 0.7172328423351234 }, { "bottom": 0.7451647779309742, "left": 0.8395166160174307, "right": 0.8900529263742301, "top": 0.7172522636836388 }, { "bottom": 0.745157899418147, "left": 0.8900182125636106, "right": 0.981828114684604, "top": 0.7172584255768487 } ], [ { "bottom": 0.7735883745745712, "left": 0.6804011934747797, "right": 0.8395166160174307, "top": 0.7451647779309742 }, { "bottom": 0.7735705886188675, "left": 0.8394761094891419, "right": 0.8900182125636106, "top": 0.745157899418147 }, { "bottom": 0.7735649414504646, "left": 0.8899828672132654, "right": 0.9818353273458804, "top": 0.7451453945542892 } ], [ { "bottom": 0.8016521498899092, "left": 0.6804032978535645, "right": 0.8394761094891419, "top": 0.7735705886188675 }, { "bottom": 0.8016298383612224, "left": 0.8394360971548368, "right": 0.8899828672132654, "top": 0.7735649414504646 }, { "bottom": 0.8016227517002514, "left": 0.8899479563931922, "right": 0.981842450109597, "top": 0.7735546714126726 } ], [ { "bottom": 0.8300813074945761, "left": 0.6804053771779207, "right": 0.8394360971548368, "top": 0.8016298383612224 }, { "bottom": 0.8300635522936648, "left": 0.8393955508366762, "right": 0.8899479563931922, "top": 0.8016227517002514 }, { "bottom": 0.8300579107386242, "left": 0.8899125760583728, "right": 0.981849670008473, "top": 0.8016098591809129 } ], [ { "bottom": 0.8585354042639324, "left": 0.6804074835744826, "right": 0.8393955508366762, "top": 0.8300635522936648 }, { "bottom": 0.858533429729993, "left": 0.8393549529495599, "right": 0.8899125760583728, "top": 0.8300579107386242 }, { "bottom": 0.8585328021068606, "left": 0.8898771462867581, "right": 0.9818569016448038, "top": 0.8300476435430895 } ] ], "box": { "bottom": 0.8585354042639324, "left": 0.6803865550628636, "right": 0.9818569016448038, "top": 0.5476178976951473 }, "chunk_id": "19c8cfe4-09fa-4083-a826-398a703b6c72", "job_id": "cmshmtmdj06csfm01evclq1ha", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 18, "kind": "text", "text": "\n\nTop 10 Loans by Largest Property Types", "box": { "bottom": 0.10790817439556122, "left": 0.02133476734161377, "right": 0.6294681429862976, "top": 0.046878665685653687 }, "chunk_id": "615143cf-eb7e-4ba5-b36d-99466af76739" }, { "page": 18, "kind": "marginalia", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9905537962913513, "left": 0.04521411657333374, "right": 0.1940145343542099, "top": 0.9640761017799377 }, "chunk_id": "45488194-45d0-4be3-9959-bc2f092ad581" }, { "page": 18, "kind": "marginalia", "text": "\n\n13", "box": { "bottom": 0.9871373772621155, "left": 0.9636892676353455, "right": 0.982783854007721, "top": 0.9626113772392273 }, "chunk_id": "0b9cd2c1-aad4-4c24-864c-6972521bd6cf" } ] }, { "page": 19, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cmshmtmki06lneq019vq5k0ya", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p19.ade.json", "figures": [ { "page": 19, "text": "\n\nCollateral Diversification\nCommercial loan portfolio has evolved over time, with increasing concentration in multifamily, industrial and\ndata center collateral types\n<::Stacked bar chart showing collateral diversification by percentage over time from Q2'21 to Q2'26.\nLegend:\nMultifamily\nOffice\nHotel\nMixed Use\nIndustrial\nData Center\nRetail\nOther\nY-axis: Percentage from 0% to 100%.\nX-axis: Time periods by quarter.\nQ2'21, Q3'21, Q4'21, Q1'22, Q2'22, Q3'22, Q4'22, Q1'23, Q2'23, Q3'23, Q4'23, Q1'24, Q2'24, Q3'24, Q4'24, Q1'25, Q2'25, Q3'25, Q4'25, Q1'26, Q2'26\n: chart::>", "box": { "bottom": 0.8971235752105713, "left": 0.023118317127227783, "right": 0.9670995473861694, "top": 0.046006232500076294 }, "chunk_id": "38f2358a-add2-4fcd-b1a7-b9ad0362caa5", "job_id": "cmshmtmki06lneq019vq5k0ya", "picture_ref": "#/pictures/9" } ], "tables": [], "context": [ { "page": 19, "kind": "marginalia", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9899265766143799, "left": 0.046004608273506165, "right": 0.19304630160331726, "top": 0.9646670818328857 }, "chunk_id": "1fdd1038-6a7d-47ce-bb45-4354782cbe29" }, { "page": 19, "kind": "marginalia", "text": "\n\n14", "box": { "bottom": 0.9863997101783752, "left": 0.9631139039993286, "right": 0.9831486940383911, "top": 0.9633989930152893 }, "chunk_id": "dfc7f897-b7cc-4307-a078-8d37d3d89e63" } ] }, { "page": 20, "status": "figures", "reason": "", "picture_classes": [ "geographical_map", "geographical_map", "geographical_map" ], "table_refs": [], "job_id": "cmshmtn0h06loeq0105ldiogl", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p20.ade.json", "figures": [ { "page": 20, "text": "\n\n<:: U.S.\n: bar label::>", "box": { "bottom": 0.4191034138202667, "left": 0.021955551579594612, "right": 0.07042252272367477, "top": 0.17029699683189392 }, "chunk_id": "acd55cae-102c-45cc-8c19-019f0f78aea5", "job_id": "cmshmtn0h06loeq0105ldiogl", "picture_ref": null }, { "page": 20, "text": "\n\n<::A choropleth map of the United States, with states colored in different shades to represent distinct regions. Hawaii and Alaska are included in the bottom left. The regions are: Dark Blue (Northeast): Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, Connecticut, New York, New Jersey, Pennsylvania, Maryland, Delaware. Medium Blue (West): Washington, Oregon, California, Nevada, Idaho, Utah, Colorado, Arizona, Alaska, Hawaii. Teal (Midwest/Great Lakes): Minnesota, Wisconsin, Michigan, Illinois, Indiana, Ohio, Iowa. Light Green (Mid-Atlantic): Virginia, West Virginia. Purple (Southeast/South Central): Missouri, Kentucky, Tennessee, Arkansas, Louisiana, Mississippi, Alabama, Georgia, Florida, South Carolina, North Carolina. Gray (Central/Southwest): Montana, Wyoming, North Dakota, South Dakota, Nebraska, Kansas, Oklahoma, Texas, New Mexico.\n: map::>", "box": { "bottom": 0.5251408219337463, "left": 0.1726776510477066, "right": 0.6411848068237305, "top": 0.1379791647195816 }, "chunk_id": "77b526c9-c610-46b2-9212-c2dc4d82f639", "job_id": "cmshmtn0h06loeq0105ldiogl", "picture_ref": "#/pictures/10" }, { "page": 20, "text": "\n\n<::International\n: figure::>", "box": { "bottom": 0.8411447405815125, "left": 0.021671049296855927, "right": 0.07114186137914658, "top": 0.593945324420929 }, "chunk_id": "4f9dbaca-220b-4568-bba6-6ff95aa10989", "job_id": "cmshmtn0h06loeq0105ldiogl", "picture_ref": null }, { "page": 20, "text": "\n\nEurope\n<::Map of Europe with the following countries highlighted in dark blue: United Kingdom, Ireland, Portugal, Spain, France, Belgium, Netherlands, Luxembourg, Germany, Denmark, Sweden, Finland, Estonia, Latvia, Lithuania, Poland, Czech Republic, Austria, Hungary, Slovenia, Italy, Greece.\n: map::>", "box": { "bottom": 0.854698121547699, "left": 0.1387968361377716, "right": 0.3436793088912964, "top": 0.547843873500824 }, "chunk_id": "9b15a216-04df-49a4-950e-46f73bbc2111", "job_id": "cmshmtn0h06loeq0105ldiogl", "picture_ref": "#/pictures/11" }, { "page": 20, "text": "\n\nAustralia\n<::A blue silhouette map of the continent of Australia.\n: map::>", "box": { "bottom": 0.8122542500495911, "left": 0.4106249511241913, "right": 0.619658350944519, "top": 0.5454902052879333 }, "chunk_id": "e4d013fd-da82-48b0-a82d-1f3debff7975", "job_id": "cmshmtn0h06loeq0105ldiogl", "picture_ref": "#/pictures/12" } ], "tables": [ { "page": 20, "cells": [ [ "Northeast", "17", "%" ], [ "Southwest", "17", "%" ], [ "West", "14", "%" ], [ "Southeast", "12", "%" ], [ "Mid-Atlantic", "8", "%" ], [ "Midwest", "3", "%" ] ], "cell_boxes": [ [ { "bottom": 0.2632174748785569, "left": 0.739891864748131, "right": 0.8799697850984463, "top": 0.23504382269398885 }, { "bottom": 0.2632293455728735, "left": 0.8799663532353741, "right": 0.934472319762222, "top": 0.23503327910376443 }, { "bottom": 0.2632328183715726, "left": 0.9344392505631154, "right": 0.9503827327662293, "top": 0.23503020140629927 } ], [ { "bottom": 0.2929434116713937, "left": 0.7399008962686959, "right": 0.879973406046987, "top": 0.2631869492446374 }, { "bottom": 0.29295508202934195, "left": 0.8799697850984463, "right": 0.9344392505631154, "top": 0.2632174748785569 }, { "bottom": 0.29295850422875347, "left": 0.9344043873208063, "right": 0.9503744169283393, "top": 0.2632293455728735 } ], [ { "bottom": 0.32216200383897176, "left": 0.7399104450874943, "right": 0.8799769651953299, "top": 0.29291338125762134 }, { "bottom": 0.32216658845769314, "left": 0.879973406046987, "right": 0.9344043873208063, "top": 0.2929434116713937 }, { "bottom": 0.32216793594134485, "left": 0.9343701271830193, "right": 0.9503656519975862, "top": 0.29295508202934195 } ], [ { "bottom": 0.35002603855652414, "left": 0.7399198366308077, "right": 0.8799803593435632, "top": 0.3221501988894116 }, { "bottom": 0.35004593781510374, "left": 0.8799769651953299, "right": 0.9343701271830193, "top": 0.32216200383897176 }, { "bottom": 0.3500517993295208, "left": 0.9343374294393154, "right": 0.9503570392897909, "top": 0.32216658845769314 } ], [ { "bottom": 0.37937954992383116, "left": 0.7399287745271386, "right": 0.8799839349265597, "top": 0.34997476789944443 }, { "bottom": 0.3793865789210058, "left": 0.8799803593435632, "right": 0.9343374294393154, "top": 0.35002603855652414 }, { "bottom": 0.3793886541599667, "left": 0.9343030178484748, "right": 0.9503488174397416, "top": 0.35004593781510374 } ], [ { "bottom": 0.40920410179151645, "left": 0.7399382142032384, "right": 0.8799875632423487, "top": 0.3793614277295242 }, { "bottom": 0.4091659676527357, "left": 0.8799839349265597, "right": 0.9343030178484748, "top": 0.37937954992383116 }, { "bottom": 0.4091511865518321, "left": 0.9342681090168774, "right": 0.9503401671599015, "top": 0.3793865789210058 } ] ], "box": { "bottom": 0.40920410179151645, "left": 0.739891864748131, "right": 0.9503827327662293, "top": 0.23503020140629927 }, "chunk_id": "6b92465e-0597-44ff-af76-0adcfd5afc8f", "job_id": "cmshmtn0h06loeq0105ldiogl", "table_ref": null, "picture_ref": null, "table_id": null }, { "page": 20, "cells": [ [ "Europe:", "" ], [ "UK", "9 %" ], [ "Germany", "4 %" ], [ "Ireland", "4 %" ], [ "Other Europe", "3 %" ], [ "Australia", "8 %" ], [ "Bermuda", "1 %" ] ], "cell_boxes": [ [ { "bottom": 0.6596380637719501, "left": 0.7398510405855587, "right": 0.8912872264374808, "top": 0.6323499783218338 }, { "bottom": 0.6596361533410955, "left": 0.8912757716855473, "right": 0.9512393169346609, "top": 0.632413200908795 } ], [ { "bottom": 0.6855508988211249, "left": 0.7398543932700469, "right": 0.8912757716855473, "top": 0.6596361533410955 }, { "bottom": 0.6855117878720011, "left": 0.8912648838520028, "right": 0.9512361668901164, "top": 0.6596353968416484 } ], [ { "bottom": 0.7137004003855674, "left": 0.7398575769877273, "right": 0.8912648838520028, "top": 0.6855117878720011 }, { "bottom": 0.7136499430577309, "left": 0.8912530440051558, "right": 0.9512331716153306, "top": 0.6854962970961572 } ], [ { "bottom": 0.7433458001356268, "left": 0.7398610355080186, "right": 0.8912530440051558, "top": 0.7136499430577309 }, { "bottom": 0.7434185008988455, "left": 0.8912405487154871, "right": 0.9512299131041974, "top": 0.7136299534124597 } ], [ { "bottom": 0.7709080290303747, "left": 0.7398646552775867, "right": 0.8912405487154871, "top": 0.7431623380156958 }, { "bottom": 0.7709592545165286, "left": 0.8912289512043241, "right": 0.951226462919389, "top": 0.7433458001356268 } ], [ { "bottom": 0.7989465851413149, "left": 0.739868048306181, "right": 0.8912289512043241, "top": 0.7707787912026388 }, { "bottom": 0.7989835072956322, "left": 0.8912171532663296, "right": 0.9512232730797437, "top": 0.7709080290303747 } ], [ { "bottom": 0.8273119339208961, "left": 0.7398714976318517, "right": 0.8912171532663296, "top": 0.7988534561412767 }, { "bottom": 0.8272653144664476, "left": 0.8912052374383055, "right": 0.9512200272400045, "top": 0.7989465851413149 } ] ], "box": { "bottom": 0.8273119339208961, "left": 0.7398510405855587, "right": 0.9512393169346609, "top": 0.6323499783218338 }, "chunk_id": "9c439332-103c-413d-8268-af41b2e9aa71", "job_id": "cmshmtn0h06loeq0105ldiogl", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 20, "kind": "text", "text": "\n\nCommercial Portfolio Geographic Diversification", "box": { "bottom": 0.10558484494686127, "left": 0.022236764430999756, "right": 0.7749263644218445, "top": 0.04747709631919861 }, "chunk_id": "16aa01cf-f567-4b3b-a8de-728ba518116c" }, { "page": 20, "kind": "text", "text": "\n\nNOTE: Amounts are stated as a percentage of commercial loan portfolio", "box": { "bottom": 0.9516160488128662, "left": 0.02323390543460846, "right": 0.4359855055809021, "top": 0.9280252456665039 }, "chunk_id": "5b8c9a88-ec8b-4b7a-84b4-7516ecc9d8cc" }, { "page": 20, "kind": "text", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9894846677780151, "left": 0.04632817208766937, "right": 0.19327262043952942, "top": 0.9653691053390503 }, "chunk_id": "9a637b69-9779-4f4f-85f4-89b255fc5116" }, { "page": 20, "kind": "marginalia", "text": "\n\n15", "box": { "bottom": 0.9869170784950256, "left": 0.964031457901001, "right": 0.9824371337890625, "top": 0.963162362575531 }, "chunk_id": "b888d970-ea43-413a-abf7-c977ad41c93e" } ] }, { "page": 21, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cmshmtws4003if4012zf18v8u", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p21.ade.json", "figures": [ { "page": 21, "text": "\n\n<::Table: Financial Data by Asset Type\n\n($ millions)\n\n| | First Mortgages (2) | Mezzanine Loans (2) | Preferred Equity | Lending CMBS | Subordinated Mortgages | Total CRE |\n|:---|:---|:---|:---|:---|:---|:---|\n| Carrying Value | $16,800 | $290 | $114 | $89 | $5 | $17,298 |\n| Carrying Value on Accrual | $16,267 | $117 | $18 | $89 | $- | $16,491 |\n| Unlevered Return for Assets on Accrual (3) | 7.2% | 11.2% | 10.5% | 5.1% | N/A | 7.3% |\n\nLegend:\n- First Mortgages (dark blue)\n- Subordinated Mortgages (teal)\n- Lending CMBS (blue)\n- Preferred Equity (grey)\n- Mezzanine Loans (light blue)\n: table::>", "box": { "bottom": 0.4435857832431793, "left": 0.05256655812263489, "right": 0.9428006410598755, "top": 0.12601938843727112 }, "chunk_id": "f8330ff8-dd3a-44da-8ed6-0d33713bac56", "job_id": "cmshmtws4003if4012zf18v8u", "picture_ref": "#/pictures/13" }, { "page": 21, "text": "\n\n<::Bar chart showing Dollar (Carrying values in billions) on the Y-axis, ranging from 0.0 to 18.0, and quarters on the X-axis. Each bar is stacked with several segments, primarily a large dark blue segment at the bottom, followed by smaller segments of lighter blue and grey.\n\nX-axis categories and approximate total values:\n- Q2'24: ~14.3 billion\n - Stacked segments (from bottom to top):\n - Dark blue: ~13.8 billion\n - Medium blue: ~0.3 billion\n - Light blue: ~0.1 billion\n - Grey: ~0.1 billion\n- Q2'25: ~15.5 billion\n - Stacked segments (from bottom to top):\n - Dark blue: ~15.0 billion\n - Medium blue: ~0.3 billion\n - Light blue: ~0.1 billion\n - Grey: ~0.1 billion\n- Q3'25: ~15.7 billion\n - Stacked segments (from bottom to top):\n - Dark blue: ~15.3 billion\n - Medium blue: ~0.3 billion\n - Light blue: ~0.05 billion\n - Grey: ~0.05 billion\n- Q4'25: ~16.5 billion\n - Stacked segments (from bottom to top):\n - Dark blue: ~16.0 billion\n - Medium blue: ~0.4 billion\n - Light blue: ~0.05 billion\n - Grey: ~0.05 billion\n- Q1'26: ~16.6 billion\n - Stacked segments (from bottom to top):\n - Dark blue: ~16.2 billion\n - Medium blue: ~0.3 billion\n - Light blue: ~0.05 billion\n - Grey: ~0.05 billion\n- Q2'26: ~17.2 billion\n - Stacked segments (from bottom to top):\n - Dark blue: ~16.8 billion\n - Medium blue: ~0.3 billion\n - Light blue: ~0.05 billion\n - Grey: ~0.05 billion\n: bar chart::>", "box": { "bottom": 0.9343867301940918, "left": 0.12024959921836853, "right": 0.8846375942230225, "top": 0.4468804895877838 }, "chunk_id": "f522fad6-5c8d-49b0-9ba3-5078aac08e71", "job_id": "cmshmtws4003if4012zf18v8u", "picture_ref": "#/pictures/30" } ], "tables": [], "context": [ { "page": 21, "kind": "text", "text": "\n\nCommercial Lending Metrics", "box": { "bottom": 0.10390862077474594, "left": 0.023068532347679138, "right": 0.47415053844451904, "top": 0.04830280691385269 }, "chunk_id": "4a4bfd9a-d0ee-4418-9660-437b2ba6d44d" }, { "page": 21, "kind": "marginalia", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.990295946598053, "left": 0.045490264892578125, "right": 0.19362403452396393, "top": 0.963362991809845 }, "chunk_id": "9757652e-3699-45ed-9098-8c20f4d5d4d0" }, { "page": 21, "kind": "marginalia", "text": "\n\n16", "box": { "bottom": 0.9879539012908936, "left": 0.9631736874580383, "right": 0.9833151698112488, "top": 0.9625225067138672 }, "chunk_id": "c4b8bfd7-dfef-4306-bf04-7f75db4540d3" } ] }, { "page": 23, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "pie_chart" ], "table_refs": [], "job_id": "cmshmtwnc06h2fo017hsa8oll", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p23.ade.json", "figures": [ { "page": 23, "text": "\n\nProperty Type\n<::pie chart showing property type distribution:\nOffice 56%\nRetail 28%\nIndustrial 16%\n\npie chart showing location distribution:\nNY 31%\nNJ 28%\nCA 20%\nVA 18%\nD.C. 2%\nInt'l 1%::>\nLocation", "box": { "bottom": 0.8862568140029907, "left": 0.16358965635299683, "right": 0.8365527987480164, "top": 0.5811573266983032 }, "chunk_id": "18d71130-e390-4989-a95a-e5f6feeab195", "job_id": "cmshmtwnc06h2fo017hsa8oll", "picture_ref": "#/pictures/14" } ], "tables": [ { "page": 23, "cells": [ [ "Location", "Property Type", "Carrying Value" ], [ "East Rutherford, New Jersey", "Retail", "$ 188" ], [ "Los Angeles, California", "Office", "137" ], [ "Arlington, Virginia", "Office", "122" ], [ "Queens, New York", "Industrial", "110" ], [ "Brooklyn, New York", "Office", "97" ], [ "Washington, D.C.", "Office", "16" ], [ "Dublin, Ireland(a)", "Office", "9" ], [ "Carrying Value of Nonaccrual Loans", "", "$ 679" ], [ "Preferred Equity Interests", "", "96" ], [ "Total Carrying Value of Nonaccrual Assets", "", "$ 775" ] ], "cell_boxes": [ [ { "bottom": 0.18368468780623295, "left": 0.11744242378277292, "right": 0.4675785468342653, "top": 0.14071850872685637 }, { "bottom": 0.18346134017710083, "left": 0.46756184801833367, "right": 0.7080186455997205, "top": 0.14076334459999976 }, { "bottom": 0.18330796564536012, "left": 0.7080124059320608, "right": 0.8784396175531133, "top": 0.1407941364097813 } ], [ { "bottom": 0.22277871548544476, "left": 0.11744397495934947, "right": 0.4675938967779269, "top": 0.18346134017710083 }, { "bottom": 0.22271034018162308, "left": 0.4675785468342653, "right": 0.7080244217147744, "top": 0.18330796564536012 }, { "bottom": 0.2226633900741669, "left": 0.7080186455997205, "right": 0.8784461769377546, "top": 0.1831992556718309 } ], [ { "bottom": 0.2607096754563643, "left": 0.11744538634247263, "right": 0.46760870707958424, "top": 0.22271034018162308 }, { "bottom": 0.2605795039148564, "left": 0.4675938967779269, "right": 0.7080299734676565, "top": 0.2226633900741669 }, { "bottom": 0.26049012810821337, "left": 0.7080244217147744, "right": 0.8784524644719772, "top": 0.22263011093990276 } ], [ { "bottom": 0.29747154424880706, "left": 0.11744675573621192, "right": 0.46762308980313727, "top": 0.2605795039148564 }, { "bottom": 0.2973553728849361, "left": 0.46760870707958424, "right": 0.7080353723983224, "top": 0.26049012810821337 }, { "bottom": 0.29727561555728077, "left": 0.7080299734676565, "right": 0.8784585849293339, "top": 0.2604267741136501 } ], [ { "bottom": 0.3341628093897997, "left": 0.11744808292310643, "right": 0.46763745629290726, "top": 0.2973553728849361 }, { "bottom": 0.33408973292417576, "left": 0.46762308980313727, "right": 0.7080407681680598, "top": 0.29727561555728077 }, { "bottom": 0.3340395660940404, "left": 0.7080353723983224, "right": 0.8784647041593472, "top": 0.2972190772645814 } ], [ { "bottom": 0.3708046955256007, "left": 0.1174494075610489, "right": 0.4676517910697924, "top": 0.33408973292417576 }, { "bottom": 0.3707430047818362, "left": 0.46763745629290726, "right": 0.708046148841355, "top": 0.3340395660940404 }, { "bottom": 0.3707006573751777, "left": 0.7080407681680598, "right": 0.8784708037113256, "top": 0.33400400240491657 } ], [ { "bottom": 0.4085662233846764, "left": 0.1174507304162972, "right": 0.4676665562229785, "top": 0.3707430047818362 }, { "bottom": 0.4084967262443728, "left": 0.4676517910697924, "right": 0.7080516890917992, "top": 0.3707006573751777 }, { "bottom": 0.40844902381887827, "left": 0.708046148841355, "right": 0.878477082579538, "top": 0.37067063569650227 } ], [ { "bottom": 0.4460903221284054, "left": 0.11745209369315272, "right": 0.46768125267542193, "top": 0.4084967262443728 }, { "bottom": 0.44607478351520147, "left": 0.4676665562229785, "right": 0.7080572097822515, "top": 0.40844902381887827 }, { "bottom": 0.4460641187165321, "left": 0.7080516890917992, "right": 0.8784833442776814, "top": 0.4084152043204003 } ], [ { "bottom": 0.4834214392657818, "left": 0.11745344839827836, "right": 0.7080626882511335, "top": 0.4460641187165321 }, null, { "bottom": 0.48339153793401324, "left": 0.7080572097822515, "right": 0.8784895535749286, "top": 0.4460565573928695 } ], [ { "bottom": 0.5208833034716356, "left": 0.11745479613633003, "right": 0.7080681908407882, "top": 0.48339153793401324 }, null, { "bottom": 0.5209433348561504, "left": 0.7080626882511334, "right": 0.8784958018106109, "top": 0.48338290955245855 } ], [ { "bottom": 0.5529114693222672, "left": 0.11745614108403761, "right": 0.7080728561838289, "top": 0.5206752664120515 }, null, { "bottom": 0.5526705088442596, "left": 0.7080681908407882, "right": 0.8785010681090879, "top": 0.5208833034716356 } ] ], "box": { "bottom": 0.5529114693222672, "left": 0.11744242378277292, "right": 0.8785010681090881, "top": 0.14071850872685637 }, "chunk_id": "06c0157c-5abf-4711-902e-b2223a1f5bc5", "job_id": "cmshmtwnc06h2fo017hsa8oll", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 23, "kind": "text", "text": "\n\nNonaccrual Assets\n$ millions", "box": { "bottom": 0.12341862171888351, "left": 0.02360694110393524, "right": 0.3160489797592163, "top": 0.050592564046382904 }, "chunk_id": "7c8f7f10-55bb-451c-bb90-d03a9ecb695a" }, { "page": 23, "kind": "text", "text": "\n\nNOTE: Excludes fully reserved nonaccrual loan totaling $5M\n(a) Carrying value is net of a $27M specific credit loss allowance", "box": { "bottom": 0.9524674415588379, "left": 0.023164808750152588, "right": 0.42552319169044495, "top": 0.901919960975647 }, "chunk_id": "407c6e10-4d99-4dad-aa38-378931c6d357" }, { "page": 23, "kind": "text", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9892899394035339, "left": 0.04595015197992325, "right": 0.19336962699890137, "top": 0.9651876091957092 }, "chunk_id": "55771b29-8651-42a8-ba24-f3c3630ba443" }, { "page": 23, "kind": "marginalia", "text": "\n\n18", "box": { "bottom": 0.9867143630981445, "left": 0.9640591740608215, "right": 0.982624351978302, "top": 0.962916374206543 }, "chunk_id": "dcc191d8-88c5-4a20-81ca-7cbf0fc9510a" } ] }, { "page": 24, "status": "figures", "reason": "", "picture_classes": [ "pie_chart", "pie_chart" ], "table_refs": [], "job_id": "cmshmty3a00w1b501gxmv8pcn", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p24.ade.json", "figures": [ { "page": 24, "text": "\n\n<::pie chart\nProperty Type\nMixed Use: 43%\nMultifamily: 36%\nResidential: 11%\nLife Science: 6%\nRetail: 4%::>", "box": { "bottom": 0.8897078633308411, "left": 0.17935481667518616, "right": 0.5092892646789551, "top": 0.6559849381446838 }, "chunk_id": "8e767ce2-9d25-4b99-ba97-244dc1796eac", "job_id": "cmshmty3a00w1b501gxmv8pcn", "picture_ref": "#/pictures/16" }, { "page": 24, "text": "\n\n<::pie chart::>\nLocation\n\nTX: 39%\nCA: 16%\nNY: 12%\nAZ: 10%\nFL: 9%\nMA: 6%\nIL: 4%\nTN: 4%\n<::>", "box": { "bottom": 0.8944092392921448, "left": 0.5476715564727783, "right": 0.8186620473861694, "top": 0.6565981507301331 }, "chunk_id": "aa127d1e-b46c-4124-839a-a7075affffb0", "job_id": "cmshmty3a00w1b501gxmv8pcn", "picture_ref": "#/pictures/15" } ], "tables": [ { "page": 24, "cells": [ [ "Location", "Property Type", "Carrying Value", "" ], [ "", "", "($ millions)", "(per sq ft)" ], [ "Dallas, Texas", "Mixed Use", "245", "406" ], [ "Los Angeles, California", "Mixed Use", "150", "131" ], [ "New York City, New York (a)", "Residential (Luxury Co-Op)", "106", "2,367" ], [ "Windermere, Florida", "Multifamily", "85", "223" ], [ "Dallas, Texas", "Multifamily", "85", "176" ], [ "Phoenix, Arizona", "Multifamily", "70", "229" ], [ "Boston, Massachusetts", "Life Science", "56", "562" ], [ "Nashville, Tennessee", "Multifamily", "39", "135" ], [ "Chicago, Illinois", "Retail", "33", "1,153" ], [ "Dallas, Texas", "Multifamily", "28", "121" ], [ "Phoenix, Arizona", "Multifamily", "23", "172" ], [ "Net Carrying Value of Foreclosed Assets (b)", "", "$ 920", "" ] ], "cell_boxes": [ [ { "bottom": 0.16557896788333368, "left": 0.07747764806242897, "right": 0.423835754714526, "top": 0.12253972089054632 }, { "bottom": 0.165606752845838, "left": 0.42383062459176646, "right": 0.6622920006911523, "top": 0.122579516300788 }, { "bottom": 0.1656355179543067, "left": 0.6622888594634682, "right": 0.9091624876477766, "top": 0.12260691477553859 }, null ], [ { "bottom": 0.19256784074462374, "left": 0.0774852692828656, "right": 0.42383897466793996, "top": 0.16553861106562207 }, { "bottom": 0.19263382412952487, "left": 0.423835754714526, "right": 0.662293975074972, "top": 0.16557896788333368 }, { "bottom": 0.19266824927559334, "left": 0.6622920006911523, "right": 0.7867125066336851, "top": 0.165606752845838 }, { "bottom": 0.19270213454062846, "left": 0.7867017821625804, "right": 0.9091600603290572, "top": 0.16562125034443873 } ], [ { "bottom": 0.2260174575885332, "left": 0.07749004301788712, "right": 0.4238429654314115, "top": 0.1924720018029863 }, { "bottom": 0.2260691886994701, "left": 0.42383897466793996, "right": 0.6622964175979567, "top": 0.19256784074462374 }, { "bottom": 0.22609617485539454, "left": 0.662293975074972, "right": 0.7867017821625804, "top": 0.19263382412952487 }, { "bottom": 0.22612274361234536, "left": 0.7866885275747835, "right": 0.9091585324466898, "top": 0.19266824927559334 } ], [ { "bottom": 0.26227510852742036, "left": 0.07749597537262741, "right": 0.4238472912121702, "top": 0.22594231959240607 }, { "bottom": 0.26229412389852336, "left": 0.4238429654314115, "right": 0.6622990639048825, "top": 0.2260174575885332 }, { "bottom": 0.26230404220940484, "left": 0.6622964175979567, "right": 0.7866885275747835, "top": 0.2260691886994701 }, { "bottom": 0.2623138094291889, "left": 0.7866741707055356, "right": 0.9091566458880522, "top": 0.22609617485539454 } ], [ { "bottom": 0.2986403932680777, "left": 0.07750241018290922, "right": 0.4238516298343628, "top": 0.2622474892047874 }, { "bottom": 0.2986435700165161, "left": 0.4238472912121702, "right": 0.6623017193075904, "top": 0.26227510852742036 }, { "bottom": 0.2986452267750249, "left": 0.6622990639048825, "right": 0.7866741707055356, "top": 0.26229412389852336 }, { "bottom": 0.2986468586837544, "left": 0.7866597609743569, "right": 0.9091546029400118, "top": 0.26230404220940484 } ], [ { "bottom": 0.3353022368140095, "left": 0.07750885972562141, "right": 0.4238560015704128, "top": 0.29863577912070394 }, { "bottom": 0.33528323037480656, "left": 0.4238516298343628, "right": 0.6623043949551267, "top": 0.2986403932680777 }, { "bottom": 0.33527014483320605, "left": 0.6623017193075904, "right": 0.7866597609743569, "top": 0.2986435700165161 }, { "bottom": 0.3352633212715277, "left": 0.7866452414449504, "right": 0.9091525519771538, "top": 0.2986452267750249 } ], [ { "bottom": 0.3720165173629753, "left": 0.0775153585714189, "right": 0.42386038015910327, "top": 0.33528323037480656 }, { "bottom": 0.3719835046599376, "left": 0.4238560015704128, "right": 0.6623070752821212, "top": 0.33527014483320605 }, { "bottom": 0.37196077611658435, "left": 0.6623043949551267, "right": 0.7866452414449504, "top": 0.3352633212715277 }, { "bottom": 0.3719489256911361, "left": 0.7866306951470204, "right": 0.9091504853954044, "top": 0.3352565984438196 } ], [ { "bottom": 0.4088058874962095, "left": 0.07752186589344737, "right": 0.42386476714581384, "top": 0.3719835046599376 }, { "bottom": 0.4087541691248763, "left": 0.42386038015910327, "right": 0.6623097605149108, "top": 0.37196077611658435 }, { "bottom": 0.40871856216182084, "left": 0.6623070752821212, "right": 0.7866306951470204, "top": 0.3719489256911361 }, { "bottom": 0.4086999995072223, "left": 0.7866161228896617, "right": 0.9091484148109045, "top": 0.37193724740261336 } ], [ { "bottom": 0.4460106234121679, "left": 0.07752838652452339, "right": 0.4238692026123992, "top": 0.4087541691248763 }, { "bottom": 0.44593118020622774, "left": 0.42386476714581384, "right": 0.6623124749785521, "top": 0.40871856216182084 }, { "bottom": 0.44587648535715624, "left": 0.6623097605149108, "right": 0.7866161228896617, "top": 0.4086999995072223 }, { "bottom": 0.44584797558391354, "left": 0.7866013932556254, "right": 0.909146340624638, "top": 0.4086817020840958 } ], [ { "bottom": 0.48257664210724566, "left": 0.07753498077596911, "right": 0.42387356345149874, "top": 0.44593118020622774 }, { "bottom": 0.48248268170194686, "left": 0.4238692026123992, "right": 0.6623151444116923, "top": 0.44587648535715624 }, { "bottom": 0.4824179921525764, "left": 0.6623124749785521, "right": 0.7866013932556254, "top": 0.44584797558391354 }, { "bottom": 0.48238427704200515, "left": 0.7865869061581747, "right": 0.9091442442138756, "top": 0.44581986632894716 } ], [ { "bottom": 0.5191986715346604, "left": 0.07754146181973165, "right": 0.4238779400108151, "top": 0.48248268170194686 }, { "bottom": 0.519165946263616, "left": 0.42387356345149874, "right": 0.6623178272803341, "top": 0.4824179921525764 }, { "bottom": 0.5191434156996261, "left": 0.6623151444116923, "right": 0.7865869061581747, "top": 0.48238427704200515 }, { "bottom": 0.5191316746936336, "left": 0.7865723353584606, "right": 0.9091421820677994, "top": 0.4823510276165499 } ], [ { "bottom": 0.5556311188472027, "left": 0.07754795279096292, "right": 0.42388229055029686, "top": 0.519165946263616 }, { "bottom": 0.5556742334689045, "left": 0.4238779400108151, "right": 0.6623204959326184, "top": 0.5191434156996261 }, { "bottom": 0.5556966981823395, "left": 0.6623178272803341, "right": 0.7865723353584606, "top": 0.5191316746936336 }, { "bottom": 0.5557188632506445, "left": 0.786557836872368, "right": 0.9091401064922802, "top": 0.5191200930700963 } ], [ { "bottom": 0.5936498658225525, "left": 0.07755439906073017, "right": 0.4238868264416157, "top": 0.5555684955104667 }, { "bottom": 0.5937224327309838, "left": 0.42388229055029686, "right": 0.6623232754327799, "top": 0.5556311188472027 }, { "bottom": 0.5937602382882043, "left": 0.6623204959326184, "right": 0.786557836872368, "top": 0.5556742334689045 }, { "bottom": 0.5937975488826933, "left": 0.7865427442058194, "right": 0.9091380405297523, "top": 0.5556966981823395 } ], [ { "bottom": 0.6316805741594855, "left": 0.07756113000706898, "right": 0.6623260468411111, "top": 0.5935444633758762 }, null, { "bottom": 0.6316598640318235, "left": 0.6623232754327799, "right": 0.7865427442058194, "top": 0.5937224327309838 }, { "bottom": 0.6316554652347511, "left": 0.7865277182775292, "right": 0.9091358910275356, "top": 0.5937602382882043 } ] ], "box": { "bottom": 0.6316805741594855, "left": 0.07747764806242897, "right": 0.9091624876477766, "top": 0.12253972089054632 }, "chunk_id": "b26d013a-a3d2-4c7d-9d3d-1cf5d3220019", "job_id": "cmshmty3a00w1b501gxmv8pcn", "table_ref": null, "picture_ref": null, "table_id": null } ], "context": [ { "page": 24, "kind": "text", "text": "\n\nForeclosed Assets", "box": { "bottom": 0.10052039474248886, "left": 0.023598775267601013, "right": 0.3023039698600769, "top": 0.05008401721715927 }, "chunk_id": "4f9f83a7-1e41-42ef-b273-fca8ef27ed98" }, { "page": 24, "kind": "text", "text": "\n\n(a) Sold two units within this asset during the quarter with another two under contract subsequent to quarter end\n(b) Excludes: (i) two properties that were sold in Q4'24 and Q2'25 but did not qualify as GAAP sales and (ii) a property that is being repositioned and thus included in Property Segment", "box": { "bottom": 0.9509720802307129, "left": 0.023583710193634033, "right": 0.9225187301635742, "top": 0.9063189029693604 }, "chunk_id": "cceb4dd2-30fb-46d6-9598-29d0c436883f" }, { "page": 24, "kind": "marginalia", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9892464280128479, "left": 0.045978888869285583, "right": 0.19331440329551697, "top": 0.9647617936134338 }, "chunk_id": "ab28108d-719a-4aae-9138-d5d2dc4721d6" }, { "page": 24, "kind": "marginalia", "text": "\n\n19", "box": { "bottom": 0.9865330457687378, "left": 0.9632406234741211, "right": 0.9825174808502197, "top": 0.9625890254974365 }, "chunk_id": "a033bcd6-1987-4ed0-b143-79729408d044" } ] }, { "page": 27, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "cmshmtyjn00rrdn01ulh0ld98", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p27.ade.json", "figures": [ { "page": 27, "text": "\n\nQ2 Activity\n- $441M new commitments ($296M funded)\n- $24M follow on fundings\n- $447M repayments\n<::\n$3.1B Total Portfolio\n\nGeographic Location donut chart:\n- Southwest: 25%\n- Northeast: 26%\n- Midwest: 26%\n- West: 11%\n- Southeast: 9%\n- Int'l: 1%\n- Mid-Atlantic: 1%\n- Other - U.S.: 1%\n\nSector (5) donut chart:\n- Power: 62%\n- Midstream: 26%\n- Downstream: 7%\n- Other: 3%\n- Upstream: 2%\n: chart::>\n", "box": { "bottom": 0.9080841541290283, "left": 0.016137301921844482, "right": 0.9209848046302795, "top": 0.12246856093406677 }, "chunk_id": "d715a981-0305-4d00-822d-0a0485564bcb", "job_id": "cmshmtyjn00rrdn01ulh0ld98", "picture_ref": "#/pictures/17" } ], "tables": [], "context": [ { "page": 27, "kind": "text", "text": "\n\nPortfolio Metrics and Activity", "box": { "bottom": 0.10616445541381836, "left": 0.022386208176612854, "right": 0.4687291979789734, "top": 0.045414168387651443 }, "chunk_id": "14706584-1a3f-48f1-ae6a-301c5cbbcf39" }, { "page": 27, "kind": "marginalia", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9900192618370056, "left": 0.046056658029556274, "right": 0.19317837059497833, "top": 0.96431964635849 }, "chunk_id": "fec456ff-37a2-4f7e-8ab9-c90f90cb7765" }, { "page": 27, "kind": "marginalia", "text": "\n\n21", "box": { "bottom": 0.9868059158325195, "left": 0.9612818956375122, "right": 0.9816336631774902, "top": 0.9630106687545776 }, "chunk_id": "872f01b6-1e9a-4622-9543-94e25e15b977" } ] }, { "page": 32, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cmshmu1vu003jf401vqgf7h3s", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p32.ade.json", "figures": [ { "page": 32, "text": "\n\n<::Top 10 Major Industries bar chart:\n- Food Production & Distribution: 26.5%\n- Product Manufacturing: 21.9%\n- Dining & Entertainment: 11.7%\n- Automotive Service: 11.0%\n- Deathcare: 4.9%\n- Healthcare: 3.0%\n- Dealerships: 2.3%\n- Furniture Shops: 2.3%\n- Aerospace: 2.2%\n- Warehouse & Distribution: 2.2%\n\nProperty Type pie chart:\n- Industrial: 55%\n- Service: 40%\n- Retail: 5%\n: chart::>", "box": { "bottom": 0.8582559823989868, "left": 0.029711395502090454, "right": 0.9739499092102051, "top": 0.17185541987419128 }, "chunk_id": "e2f76346-0e60-4982-93e7-6559d0115179", "job_id": "cmshmu1vu003jf401vqgf7h3s", "picture_ref": "#/pictures/20" } ], "tables": [], "context": [ { "page": 32, "kind": "text", "text": "\n\nNet Lease Portfolio Highlights, continued\n(% of Annualized In-Place Base Rent(a))", "box": { "bottom": 0.1358593851327896, "left": 0.023075014352798462, "right": 0.6488466262817383, "top": 0.05129089578986168 }, "chunk_id": "744f37b3-b9d0-485c-bdea-27bf5271352e" }, { "page": 32, "kind": "text", "text": "\n\n(a) Annualized In-Place Base Rent represents the monthly aggregate base rent charged to tenants as of the balance sheet date, multiplied by 12", "box": { "bottom": 0.9531117081642151, "left": 0.02321431040763855, "right": 0.9222180843353271, "top": 0.924198567867279 }, "chunk_id": "b33697b3-f6c0-4bb0-a2a2-87b3e1741d3b" }, { "page": 32, "kind": "marginalia", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9896634221076965, "left": 0.04570552706718445, "right": 0.19369369745254517, "top": 0.9647303223609924 }, "chunk_id": "0f8e453e-ead6-4758-995d-cc5c7de0b318" }, { "page": 32, "kind": "marginalia", "text": "\n\n25", "box": { "bottom": 0.9867580533027649, "left": 0.9609404802322388, "right": 0.9842346906661987, "top": 0.9629014134407043 }, "chunk_id": "cac16256-4ae7-41b5-b43b-b04beb5deee4" } ] }, { "page": 35, "status": "figures", "reason": "", "picture_classes": [ "bar_chart", "line_chart" ], "table_refs": [], "job_id": "cmshmu67300w2b501otehwh6u", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p35.ade.json", "figures": [ { "page": 35, "text": "\n\nOwned CMBS by Vintage ⁽⁹⁾\n$ millions\n<::bar chart\nTitle: Owned CMBS by Vintage\nY-axis: $ millions (values from 0 to 250)\nX-axis: Vintage years (11 to 26)\n\nData Series: Carrying Value\n- Vintage 11: 15 $ millions\n- Vintage 12: 0 $ millions\n- Vintage 13: 65 $ millions\n- Vintage 14: 35 $ millions\n- Vintage 15: 65 $ millions\n- Vintage 16: 50 $ millions\n- Vintage 17: 60 $ millions\n- Vintage 18: 100 $ millions\n- Vintage 19: 195 $ millions\n- Vintage 20: 45 $ millions\n- Vintage 21: 45 $ millions\n- Vintage 22: 45 $ millions\n- Vintage 23: 35 $ millions\n- Vintage 24: 160 $ millions\n- Vintage 25: 140 $ millions\n- Vintage 26: 45 $ millions\n\nX-axis categories:\n- CMBS 2.0: Vintage years 11, 12, 13, 14\n- CMBS 3.0: Vintage years 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26\n\nLegend:\n- Carrying Value: [dark blue bar]\n: bar chart::> ", "box": { "bottom": 0.8203877210617065, "left": 0.019671469926834106, "right": 0.5288532972335815, "top": 0.14346161484718323 }, "chunk_id": "7eaa2d43-5732-4583-a5ea-4facc2e540b5", "job_id": "cmshmu67300w2b501otehwh6u", "picture_ref": "#/pictures/21" }, { "page": 35, "text": "\n\nLNR Special Servicer\n$ billions\n\nNamed SS:\n185\nCMBS Trusts\n$93.6B\nLoan Balance\n\n<::line chart\nNamed SS Balance over time.\n\nY-axis: Named SS Balance (values: 50, 100, 150)\nX-axis: Quarters from Q2'17 to Q2'26\n\nData Series: UPB loans named SS\n- Q2'17: 72\n- Q4'17: 75\n- Q2'18: 78\n- Q4'18: 85\n- Q2'19: 92\n- Q4'19: 95\n- Q2'20: 80\n- Q4'20: 80\n- Q2'21: 80\n- Q4'21: 98\n- Q2'22: 105\n- Q4'22: 110\n- Q2'23: 100\n- Q4'23: 98\n- Q2'24: 105\n- Q4'24: 100\n- Q2'25: 98\n- Q4'25: 95\n- Q2'26: 93::>\n\nActive SS:\n$8.8B\nSS Loan Balance\n$2.1B\nREO Loan Balance\n$10.9B\nTotal Active SS Balance", "box": { "bottom": 0.9067716598510742, "left": 0.5475704669952393, "right": 0.9797357320785522, "top": 0.1422608196735382 }, "chunk_id": "b9db45c4-0f22-46aa-88e5-9add18505435", "job_id": "cmshmu67300w2b501otehwh6u", "picture_ref": "#/pictures/22" } ], "tables": [], "context": [ { "page": 35, "kind": "text", "text": "\n\nCMBS and Special Servicing", "box": { "bottom": 0.10888990759849548, "left": 0.02282141149044037, "right": 0.46122127771377563, "top": 0.047785431146621704 }, "chunk_id": "4b8f3c87-bc3d-4960-b44a-88419fc6c357" }, { "page": 35, "kind": "text", "text": "\n\nNOTE: Carrying value represents estimated fair value", "box": { "bottom": 0.9514011740684509, "left": 0.023321688175201416, "right": 0.35507839918136597, "top": 0.926205575466156 }, "chunk_id": "1442d109-506b-404a-b6bb-9a60997eb182" }, { "page": 35, "kind": "marginalia", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9890831708908081, "left": 0.04656941443681717, "right": 0.19289082288742065, "top": 0.9656765460968018 }, "chunk_id": "a656a6ff-d022-406d-bcd2-3322499bb695" }, { "page": 35, "kind": "marginalia", "text": "\n\n27", "box": { "bottom": 0.9859925508499146, "left": 0.9608060717582703, "right": 0.9826176762580872, "top": 0.9632868766784668 }, "chunk_id": "338e6589-b126-4483-a04b-5663858327de" } ] }, { "page": 37, "status": "figures", "reason": "", "picture_classes": [ "flow_chart", "bar_chart" ], "table_refs": [], "job_id": "cmshmu8cr003kf401qhqqzmk1", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p37.ade.json", "figures": [ { "page": 37, "text": "\n\n<::Credit Metrics\nAffirmed by Fitch and Moody's rating agencies in Q2\nBa2 / BB / BB+\nCurrent Corporate Issuer Rating\n$6.9B\nTotal Unencumbered Assets\n1.69x\nFixed Charge Coverage Ratio\n1.51x*\nUnencumbered Assets to Unsecured Debt\n$31.2B\nTotal Capitalization\n: flowchart::>", "box": { "bottom": 0.8624010682106018, "left": 0.03486235439777374, "right": 0.4377906918525696, "top": 0.1297292709350586 }, "chunk_id": "6b3e5644-d5ac-4e33-b6c8-16e62a09399c", "job_id": "cmshmu8cr003kf401qhqqzmk1", "picture_ref": "#/pictures/23" }, { "page": 37, "text": "\n\nAdjusted Debt-to-Equity Ratios\n<::bar chart::>\n\nLegend:\n- Dark blue square: Adjusted On Balance Sheet Leverage (10)\n- Lighter blue square: Securitized Financing (ABSs, CLOs & SASB)\n\nThe chart displays two bars representing debt-to-equity ratios:\n\n1. First bar (left):\n - Value: 2.74x\n - This bar is solid dark blue, representing Adjusted On Balance Sheet Leverage.\n\n2. Second bar (right):\n - Total value: 3.41x\n - This is a stacked bar:\n - Bottom part (dark blue): On-Balance Sheet (representing Adjusted On Balance Sheet Leverage)\n - Top part (lighter blue): Off-Balance Sheet (representing Securitized Financing (ABSs, CLOs & SASB))\n::>", "box": { "bottom": 0.8664791584014893, "left": 0.5073110461235046, "right": 0.9497341513633728, "top": 0.13309809565544128 }, "chunk_id": "8ae69918-ecdf-42f8-8091-411a974e3d6a", "job_id": "cmshmu8cr003kf401qhqqzmk1", "picture_ref": "#/pictures/24" }, { "page": 37, "text": "\n\n<::STARWOOD PROPERTY TRUST\n: logo::>", "box": { "bottom": 0.9896067976951599, "left": 0.045997872948646545, "right": 0.19314846396446228, "top": 0.9651519656181335 }, "chunk_id": "9d772bb1-f91b-4cae-9048-c90389c3d2d7", "job_id": "cmshmu8cr003kf401qhqqzmk1", "picture_ref": null } ], "tables": [], "context": [ { "page": 37, "kind": "text", "text": "\n\nCapitalization Overview", "box": { "bottom": 0.10539530962705612, "left": 0.022271916270256042, "right": 0.40260738134384155, "top": 0.04584696143865585 }, "chunk_id": "438cfaa0-cb5d-4aca-bff1-920762cb4933" }, { "page": 37, "kind": "text", "text": "\n\n*Proforma for the (i) $500M issuance of senior unsecured notes due 2029; (ii) $500M repayment of senior unsecured notes due January 2027 and (iii) $400M repayment of senior unsecured notes due July 2026, which all occurred in July 2026", "box": { "bottom": 0.9510462880134583, "left": 0.02166050672531128, "right": 0.8803970217704773, "top": 0.9012368321418762 }, "chunk_id": "69951c11-b66d-4e3a-ae56-13a379ff3cb1" }, { "page": 37, "kind": "marginalia", "text": "\n\n28", "box": { "bottom": 0.9867739081382751, "left": 0.9618416428565979, "right": 0.9831101298332214, "top": 0.9626948237419128 }, "chunk_id": "e0ec7218-55f7-4bbf-bf89-8e2f157e12f8" } ] }, { "page": 38, "status": "figures", "reason": "", "picture_classes": [ "pie_chart" ], "table_refs": [], "job_id": "cmshmu95f06lpeq019livjau4", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p38.ade.json", "figures": [ { "page": 38, "text": "\n\n<::Total Debt Outstanding (including off-balance sheet)\n\nPie chart with center value $25.1. Segments are:\n- Secured Debt: $14.2\n- Unsecured Debt: $4.9\n- Off-B/S Debt (ABSs, CLOs & SASB): $4.8\n- Woodstar Fund Debt (11): $1.2\n: pie chart::>\n<::Margin Call Provisions (including off-balance sheet)\n\nPie chart with center value $25.1. Segments are:\n- Spread and Credit: $3.5\n- Credit: $6.8\n- No Margin Calls: $14.8\n: pie chart::>", "box": { "bottom": 0.8554021716117859, "left": 0.016823798418045044, "right": 0.9949941635131836, "top": 0.22850149869918823 }, "chunk_id": "59990074-5b3e-4f08-ba7f-ff8596baba99", "job_id": "cmshmu95f06lpeq019livjau4", "picture_ref": "#/pictures/25" } ], "tables": [], "context": [ { "page": 38, "kind": "text", "text": "\n\nCapitalization Overview, continued\n$ billions", "box": { "bottom": 0.12943337857723236, "left": 0.022830218076705933, "right": 0.5787515640258789, "top": 0.04660587012767792 }, "chunk_id": "33131924-0f93-418e-bd74-b70f940c0b1d" }, { "page": 38, "kind": "text", "text": "\n\n> **92%** of commercial lending debt and **86%** of consolidated debt has no mark-to-market provisions", "box": { "bottom": 0.19764679670333862, "left": 0.024720370769500732, "right": 0.8610869646072388, "top": 0.15706682205200195 }, "chunk_id": "5c8bbb36-c47c-4b5b-a96c-735368376df3" }, { "page": 38, "kind": "text", "text": "\n\n*$4.5B proforma for the (i) $500M issuance of senior unsecured notes due 2029; (ii) $500M repayment of senior unsecured notes due January 2027\nand (iii) $400M repayment of senior unsecured notes due July 2026, which all occurred in July 2026", "box": { "bottom": 0.950934648513794, "left": 0.022753626108169556, "right": 0.9167454242706299, "top": 0.9017030000686646 }, "chunk_id": "4ef324fb-511d-4136-bce4-b3c979697adc" }, { "page": 38, "kind": "marginalia", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9896126985549927, "left": 0.04603315889835358, "right": 0.193187415599823, "top": 0.9651975631713867 }, "chunk_id": "82023525-d4eb-46fc-9281-b92096a56d5d" }, { "page": 38, "kind": "marginalia", "text": "\n\n29", "box": { "bottom": 0.9858469367027283, "left": 0.9613852500915527, "right": 0.9826897382736206, "top": 0.9631072878837585 }, "chunk_id": "d7147bc7-2db7-43e6-9a08-4be2c744db34" } ] }, { "page": 39, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cmshmuapf00w3b501oj1zf36q", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p39.ade.json", "figures": [ { "page": 39, "text": "\n\n<::bar chart\n: The chart displays three bars with their corresponding values and labels.\n: - The first bar, colored blue, has a value of \"$17.53\" and is labeled \"Q2'26 GAAP Book Value\".\n: - The second bar, colored green, has a value of \"$1.09\" and is labeled \"Q2'26 Accumulated Depreciation & Amortization\".\n: - The third bar, colored dark blue, has a value of \"$18.62\" and is labeled \"Q2'26 Undepreciated Book Value\".\n: The chart visually represents a relationship where the GAAP Book Value plus Accumulated Depreciation & Amortization equals the Undepreciated Book Value ($17.53 + $1.09 = $18.62).\n: chart::>", "box": { "bottom": 0.8706497550010681, "left": 0.12585487961769104, "right": 0.8555705547332764, "top": 0.26257866621017456 }, "chunk_id": "4aab0797-3457-4eaa-9dcf-820b9ecea5a1", "job_id": "cmshmuapf00w3b501oj1zf36q", "picture_ref": "#/pictures/26" } ], "tables": [], "context": [ { "page": 39, "kind": "text", "text": "\n\nBook Value per Share Bridge", "box": { "bottom": 0.10630100220441818, "left": 0.022733032703399658, "right": 0.4709891676902771, "top": 0.0484011247754097 }, "chunk_id": "e3789231-4438-4e54-9ddc-7f93aa78eb91" }, { "page": 39, "kind": "marginalia", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9902796745300293, "left": 0.04566892981529236, "right": 0.19347651302814484, "top": 0.9639750719070435 }, "chunk_id": "a9d09aa5-9068-4a46-8a41-ede82a15806a" }, { "page": 39, "kind": "marginalia", "text": "\n\n30", "box": { "bottom": 0.9872626066207886, "left": 0.9621784090995789, "right": 0.982835590839386, "top": 0.9630966186523438 }, "chunk_id": "764aaee6-8e2a-41a5-b99b-a30868d1aa57" } ] }, { "page": 41, "status": "figures", "reason": "", "picture_classes": [ "bar_chart" ], "table_refs": [], "job_id": "cmshmubqx00rsdn01pqlyla3u", "model": "dpt-2", "version": "dpt-2-20260410", "credits": 3.0, "reused": true, "response_artifact": "72acc13e43a1bc06.p41.ade.json", "figures": [ { "page": 41, "text": "\n\nFinancial Capacity\n$ millions\n<::waterfall chart and summary table::>\n\nWaterfall Chart:\nY-axis: $ millions (from 0 to 1,800)\n\nBars (from left to right):\n1. Cash & equivalents: $228 (green bar, from 0 to 228)\n2. Approved and undrawn credit capacity: $970 (green bar, from 228 to 1,198)\n3. Current liquidity: $1,198 (blue bar, from 0 to 1,198)\n4. 90-day expected loan repayments, sales and securitizations: $552 (green bar, from 1,198 to 1,750)\n5. 90-day expected future fundings: $(144) (red bar, from 1,750 to 1,606)\n6. Working capital: $(225) (red bar, from 1,606 to 1,381)\n7. Total available capital: $1,381 (blue bar, from 0 to 1,381)\n\nSummary Table:\nTotal Available Capital: $1,381\n+ Available On-BS Financing (13): $9,993\nTotal Potential Liquidity: $11,374\n::>", "box": { "bottom": 0.863750696182251, "left": 0.021360695362091064, "right": 0.9924109578132629, "top": 0.03009200096130371 }, "chunk_id": "bb78f95d-df53-4a2d-9684-52395537e28a", "job_id": "cmshmubqx00rsdn01pqlyla3u", "picture_ref": "#/pictures/27" } ], "tables": [], "context": [ { "page": 41, "kind": "text", "text": "\n\n**NOTE:** As of July 31, 2026", "box": { "bottom": 0.9519064426422119, "left": 0.02409738302230835, "right": 0.18344900012016296, "top": 0.9268425703048706 }, "chunk_id": "0aca2049-ab87-4dbf-9abd-2afe3afb463f" }, { "page": 41, "kind": "marginalia", "text": "\n\nSTARWOOD PROPERTY TRUST", "box": { "bottom": 0.9886139035224915, "left": 0.0465758740901947, "right": 0.19242408871650696, "top": 0.9661346077919006 }, "chunk_id": "7817ae5b-1d7f-4733-ae1f-0afe1331f299" }, { "page": 41, "kind": "marginalia", "text": "\n\n32", "box": { "bottom": 0.9856206774711609, "left": 0.962753415107727, "right": 0.982558012008667, "top": 0.9639645218849182 }, "chunk_id": "5a598b13-c089-4770-bfde-e820d5435f18" } ] } ], "errors": [ "page 20: the scan returned a figure at {'bottom': 0.4191034138202667, 'left': 0.021955551579594612, 'right': 0.07042252272367477, 'top': 0.17029699683189392} that overlaps no picture in the parse (job cmshmtn0h06loeq0105ldiogl); its text is in the figure records only", "page 20: the scan returned a figure at {'bottom': 0.8411447405815125, 'left': 0.021671049296855927, 'right': 0.07114186137914658, 'top': 0.593945324420929} that overlaps no picture in the parse (job cmshmtn0h06loeq0105ldiogl); its text is in the figure records only", "page 37: the scan returned a figure at {'bottom': 0.9896067976951599, 'left': 0.045997872948646545, 'right': 0.19314846396446228, 'top': 0.9651519656181335} that overlaps no picture in the parse (job cmshmu8cr003kf401qhqqzmk1); its text is in the figure records only" ], "removed": [ { "page": 18, "text": "Property Characteristics", "box": [ 0.019418120328282815, 0.28379084967320267, 0.031578011881225936, 0.3560457516339869 ], "reason": "heading label already captured by figure description, not a statement within the figure itself" }, { "page": 19, "text": "Commercial loan portfolio has evolved over time, with increasing concentration in multifamily, industrial and data center collateral types", "box": [ 0.03465909090909091, 0.12338945457516337, 0.9638914141414141, 0.16903840994340957 ], "reason": "Duplicate of subtitle text already reported in figure description" }, { "page": 38, "text": "$25.1", "box": [ 0.7094065404040404, 0.5878672810457516, 0.7730429040404042, 0.6164787905820884 ], "reason": "center value of pie chart, duplicate label not carrying new info beyond chart total (kept as data though - actually it's stated figure, keep)" }, { "page": 41, "text": "$ millions", "box": [ 0.029305555555555557, 0.11043125228758166, 0.0719318181818182, 0.12187585610211638 ], "reason": "unit label duplicate, not a fact" } ] }