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 "markdown": "<a id='4a4bfd9a-d0ee-4418-9660-437b2ba6d44d'></a>\n\nCommercial Lending Metrics\n\n<a id='f8330ff8-dd3a-44da-8ed6-0d33713bac56'></a>\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::>\n\n<a id='f522fad6-5c8d-49b0-9ba3-5078aac08e71'></a>\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::>\n\n<a id='9757652e-3699-45ed-9098-8c20f4d5d4d0'></a>\n\nSTARWOOD PROPERTY TRUST\n\n<a id='c4b8bfd7-dfef-4306-bf04-7f75db4540d3'></a>\n\n16",
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   "markdown": "<a id='4a4bfd9a-d0ee-4418-9660-437b2ba6d44d'></a>\n\nCommercial Lending Metrics\n\n<a id='f8330ff8-dd3a-44da-8ed6-0d33713bac56'></a>\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::>\n\n<a id='f522fad6-5c8d-49b0-9ba3-5078aac08e71'></a>\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::>\n\n<a id='9757652e-3699-45ed-9098-8c20f4d5d4d0'></a>\n\nSTARWOOD PROPERTY TRUST\n\n<a id='c4b8bfd7-dfef-4306-bf04-7f75db4540d3'></a>\n\n16",
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