STWD — what changed in the latest 10-Q
A section-by-section comparison of STWD's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-06 vs the prior 10-Q · 2026-05-08
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +119 | −94 | ~68 | 89 |
| Market risk (Item 3) | Text added/removed | 0 | −1 | ~6 | 9 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 2 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-06
•Originated or acquired $1.4 billion of commercial loans during the quarter, including the following:
◦$598.7 million first mortgage loan, representing a 3% participation in the overall loan, for the construction of a data center pre-leased to an investment grade tenant located in Texas, of which the Company funded $84.2 million.
◦A$625.1 million ($442.1 million) first mortgage loan, representing a 66% participation in the overall loan, secured by a hospitality asset located in Australia, of which the Company funded $366.8 million.
◦$127.5 million first mortgage loan secured by a luxury resort located in Colorado, which the Company fully funded.
◦$120.0 million first mortgage loan secured by a distribution and logistics portfolio located in Tennessee, of which the Company funded $110.7 million.
Text removed vs the prior filing · source: 10-Q · 2026-05-08
For the three months ended March 31, 2026, costs and expenses of our Commercial and Residential Lending Segment increased $0.5 million to $189.9 million, compared to $189.4 million for the three months ended December 31, 2025. This increase was primarily due to increases of $9.8 million in rental co…
For the three months ended March 31, 2026, net interest income of our Commercial and Residential Lending Segment decreased $0.7 million to $171.0 million, compared to $171.7 million for the three months ended December 31, 2025. This decrease reflects a net decrease in interest income discussed above…
During the three months ended March 31, 2026 and December 31, 2025, the weighted average unlevered yields on the Commercial and Residential Lending Segment’s loans and investment securities, excluding retained RMBS and loans for which interest income is not recognized, were as follows:
For the three months ended March 31, 2026, the weighted average unlevered yields on our commercial loans decreased primarily due to lower average index rates. The weighted average yields on our residential loans decreased primarily due to higher interest recoveries on former nonaccrual loans in the …
During the three months ended March 31, 2026 and December 31, 2025, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 5.6% and 6.0%, respectively. The decrease in borrowing rates primarily reflect…
Market risk (Item 3)
Text removed vs the prior filing · source: 10-Q · 2026-05-08
expiration dates of our foreign currency hedges approximate the amounts and timing of future payments we expect to receive on the related investments.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice