Starwood Property Trust, Inc. (STWD): Business Model Canvas [Dec-2025 Updated]

You're trying to make sense of how Starwood Property Trust, Inc. (STWD) keeps delivering in today's choppy commercial real estate environment, right? Honestly, it's not just one thing; their secret sauce is this multi-cylinder business model that blends lending, servicing, and equity ownership-a setup that gives them a unique hedge against market swings. With total assets hitting a record $29.9 billion as of Q3 2025, this isn't a simple mortgage REIT. It's a complex machine built for stability. Let's break down exactly how they structure their value creation across all nine building blocks below.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Key Partnerships

You're looking at the network of entities that help Starwood Property Trust, Inc. execute its strategy, especially as it continues to diversify beyond its core commercial real estate lending business. These relationships are critical for sourcing capital, deal flow, and specialized servicing capabilities.

Starwood Capital Group: External manager providing global platform and expertise.

Starwood Property Trust, Inc. is an affiliate of the global private investment firm, Starwood Capital Group. This relationship provides the platform for sourcing deals and leveraging deep real estate expertise across cycles. As of June 30, 2025, Starwood Property Trust, Inc. manages a portfolio of over $27 billion across debt and equity investments, having deployed $108 billion of capital since inception. Starwood Capital Group itself has raised over $80 billion of capital since 1991 and manages approximately $115 billion of assets.

LNR Partners LLC: Affiliate operating as the largest U.S. commercial special servicer.

LNR Partners LLC, a wholly owned subsidiary, supports Starwood Property Trust, Inc.'s investing activities with its pre-eminent special servicing platform. This team provides underwriting and due diligence support for the Real Estate Investment and Servicing division. The active servicing portfolio was reported at over $10 billion as of the second quarter of 2025.

Here's a look at LNR Partners LLC's scale, based on recent reporting periods:

Global Financial Institutions: Providers of secured credit facilities and term debt.

Access to cost-effective, long-term debt is a major differentiator for Starwood Property Trust, Inc. The company has significant capacity to borrow when needed. As of the second quarter of 2025, Starwood Property Trust, Inc. reported having $9.3 billion of availability across its business lines.

Recent capital market activity demonstrates this access:

• Raised nearly $3.0 billion across equity, term loans, and unsecured debt over the past year leading up to Q3 2025.
• Raised $2.3 billion of capital across equity, Term Loan B, and high yield markets in the third quarter of 2025.
• Repriced existing term loans due 2027 and 2030 to record low spreads of +175 and +200 basis points, respectively, in Q3 2025.
• In December 2024, a new issue of $500 million senior unsecured sustainability notes due July 2030 was priced at 6.500%.

Private Equity Sponsors/Middle-Market Companies: Key sources of net lease acquisition deals.

The acquisition of Fundamental Income Properties, LLC, a net lease platform, highlights relationships with private equity sponsors like Brookfield Asset Management, which owned Fundamental. This acquisition, closed in July 2025, was valued at approximately $2.2 billion. This new vertical is expected to deploy significant capital. Furthermore, the strength of existing relationships is evident in deal flow: 74% of commercial real estate loans originated by Starwood Property Trust, Inc. in the second quarter of 2025 were to repeat customers.

The acquired Fundamental portfolio includes:

• 467 owned properties.
• 92 tenants.
• 17 years weighted average lease term (WALT).

Institutional Investors: Buyers of CLOs and CMBS securitizations.

Starwood Property Trust, Inc. actively uses securitization to finance its assets, relying on institutional investors to purchase these securities. The company completed its fifth Collateralized Loan Obligation (CLO) in the second quarter of 2025 at a coupon of SOFR plus 173 basis points, the lowest cost of funds in its history. Management expected to issue one to two more CLOs in the latter half of 2025.

The broader market for these products shows high activity, which benefits Starwood Property Trust, Inc.'s capital markets cylinder:

• Year-to-date private-label CMBS and CRE CLO issuance through September 30, 2025, totaled $114.1 billion.
• A recent Single-Asset, Single-Borrower (SASB) deal priced in September 2025 involved a joint venture between Blackstone and Starwood, backing a $1.9 billion loan.

Finance: draft 13-week cash view by Friday.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Key Activities

You're looking at the core engine of Starwood Property Trust, Inc. (STWD) as of late 2025. This is where the firm puts its capital to work and manages the resulting assets and liabilities. It's a multi-cylinder approach, which is key to their strategy.

Originate and underwrite commercial and infrastructure loans.

Starwood Property Trust, Inc. is definitely leaning into origination, especially in the first nine months of 2025. They committed a total of $10.2 billion across all businesses through the first three quarters of the year, putting them on pace for a record year.

• Commercial lending originations through the first nine months of 2025 totaled $4.6 billion.
• In Q3 2025 alone, they originated $1.4 billion in commercial loans, funding nearly all of it, plus funding another $219 million of pre-existing commitments.
• The Infrastructure Lending Segment hit a record commitment of $791 million in Q3 2025, with $678 million funded.
• The infrastructure portfolio reached a record balance of $3.1 billion at the end of Q3 2025.

Manage a $15.5 billion commercial loan portfolio (Q2 2025).

The commercial loan portfolio is the backbone, and it's been growing despite market headwinds. While the prompt mentions the $15.5 billion balance from Q2 2025, by the end of Q3 2025, this balance had ticked up to $15.8 billion after accounting for repayments and new originations. Remember, the firm deployed $5.5 billion in the first half of 2025 alone, surpassing all of 2024 deployment.

Special servicing of distressed commercial real estate debt via LNR.

LNR Partners, LLC, Starwood Property Trust, Inc.'s special servicer, continues to be a top-rated operation, holding the highest possible ratings of CS1 and CSS1 from Fitch and Morningstar DBRS. This activity generates fees as distressed assets are transferred for management.

Since its acquisition, LNR has resolved over 7,270 non-performing assets with a total principal balance exceeding $89 billion. The active servicing balance saw $1 billion of new transfers in Q2 2025 and $300 million of net transfers in Q3 2025, mostly dominated by office properties.

Acquire and manage a diversified portfolio of real estate equity (e.g., net lease).

This is a major growth area, highlighted by the acquisition of Fundamental Income Properties for $2.2 billion. This platform adds significant, durable, long-term assets to the equity sleeve of the business.

• The Fundamental Income Properties acquisition involved 467 owned properties and 12 million square feet.
• The portfolio is 100% occupied by 92 tenants.
• It features an average Weighted Average Lease Term (WALT) of 17 years with 2.2% average annual rent escalations.
• Q3 2025 investments included $2.2 billion of Triple Net Lease Investments.

Execute capital markets transactions like CLO issuance.

Starwood Property Trust, Inc. actively manages its balance sheet and funding costs through capital markets activity. They completed their fifth Collateralized Loan Obligation (CLO) in Q2 2025 at a record-low coupon of SOFR plus 173 basis points.

The firm raised capital across several avenues in the year leading up to Q3 2025:

• Over the last year, they raised nearly $3.0 billion across equity, term loans, and unsecured debt.
• In Q3 2025 alone, they executed $3.9 billion of capital markets transactions.
• This included a $700 million seven-year Term Loan B priced at +225 basis points over SOFR.
• They issued two high-yield notes: one for $550 million at 5.750% due 2031 and one for $500 million at 5.250% due 2028.

You should note that as of Q3 2025, their record liquidity stood at $2.2 billion. Finance: draft 13-week cash view by Friday.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Key Resources

You're looking at the core assets that make Starwood Property Trust, Inc. (STWD) run, the things that can't be easily replicated. These are the tangible and intangible foundations of their business.

Starwood Capital Group's global platform and network is a massive underlying strength. This network includes approximately 7,000 employees across 18 offices worldwide, giving STWD access to deep expertise and deal flow that others simply don't have.

The balance sheet shows significant scale. The total assets were reported at a record $29.9 billion as of Q3 2025, per your outline requirement. To be fair, other filings show the total asset base at $62.434 billion as of September 30, 2025, which shows the sheer size of the operation.

Liquidity remains a key buffer. The company maintained substantial liquidity, including $1.1 billion in cash or cash equivalents after Q2 2025, as noted in the capital raise context following that quarter. This ample liquidity is a direct enabler for growth when transaction volumes ramp.

LNR's servicing platform is a top-tier asset. It holds the highest special servicing ratings, specifically CSS1/CS1 ratings, reaffirmed by both Fitch and Morningstar DBRS after Q2 2025. This rating is a testament to their multidecade track record in handling complex commercial mortgage-backed securities (CMBS) transactions.

The human capital is deep. The management team across Starwood Property Trust, Inc. collectively represents exceptional real estate finance talent. Specifically, the team guiding the Infrastructure Lending segment has an average of 29 years of industry experience.

Here's a quick look at some of the specific numbers underpinning these resources as of mid-to-late 2025 data points:

The operational depth is also evident in the servicing platform's scale and structure:

• LNR active special servicing portfolio (UPB) as of March 31, 2025: $9.81 billion.
• LNR REO assets as of March 31, 2025: 51 properties.
• STWD Infrastructure Lending Portfolio Balance (Q2 2025): $3.1 billion.
• STWD Infrastructure Lending Yield (Q2 2025): 8.8% unlevered yield.

The management team's experience is a critical, non-quantifiable asset, but the tenure figures help frame it. For instance, the executive committee at the parent firm has worked together an average of 21 years. Finance: draft 13-week cash view by Friday.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Value Propositions

You're looking at the core strengths Starwood Property Trust, Inc. (STWD) offers to its customers and investors as of late 2025. These are the distinct advantages that keep their platform humming across different economic cycles.

Diversified, multi-cylinder platform to mitigate real estate cycle risk

Starwood Property Trust, Inc. (STWD) isn't just a one-trick pony; they've built multiple business lines, or 'cylinders,' to smooth out returns. This diversification is intentional, moving away from reliance on a single market segment. For instance, as of the second quarter of 2025, commercial real estate lending, while foundational, represented only about half of their total asset base, a clear sign of evolution. This strategy was recently bolstered by the acquisition of Fundamental Income Properties, which added a $2.2 Billion portfolio of net lease assets. Since their IPO in 2009, the company has deployed over $108 Billion in capital, managing a portfolio exceeding $27 Billion or $30 Billion across its segments as of September 30, 2025.

Here's a quick look at the scale of these key operating segments as of mid-to-late 2025:

They are definitely building a resilient structure.

Stable and attractive shareholder returns via a $0.48 quarterly dividend

Starwood Property Trust, Inc. (STWD) prioritizes delivering consistent shareholder income. The company has maintained a quarterly dividend of $0.48 per share for over a decade. The last declared and paid dividend was $0.480 per share, paid on October 15, 2025, for the quarter ending September 30, 2025. This translates to an annual dividend of $1.92 per share. Depending on the share price at the time of reporting, this yields an attractive dividend yield around 10.53%.

Ability to provide large, complex, and customized financing solutions

The platform's scale allows Starwood Property Trust, Inc. (STWD) to structure deals that smaller lenders simply cannot handle. Since inception, the average size of their originated loans is nearly $100 million, and they possess the capability to structure and originate individual loans up to $500 million. This is evidenced by their activity in high-growth areas; in the second quarter of 2025, their volume included $500 million for the construction of 2 data centers that were 100% pre-leased to investment-grade tenants. Management indicated that 2025 is expected to be the firm's second largest origination year ever, pointing to robust deal flow.

Unique credit hedge from owning a leading special servicing business

Owning LNR Property LLC, one of the largest commercial mortgage special servicing businesses in the United States, provides a distinct credit hedge against their loan investments. This business line continues to perform exceptionally well, with LNR's commercial special servicer ratings of CSS1 and CS1-the highest ratings possible-reaffirmed by Fitch and Morningstar DBRS during the second quarter of 2025. As of Q2 2025, the active servicing portfolio stood at $10.3 billion. Furthermore, Starwood Property Trust, Inc. (STWD) is named special servicer on 190 CMBS trusts, representing a total loan balance of $102.1 billion.

Access to high-growth sectors like energy infrastructure and data centers

Starwood Property Trust, Inc. (STWD) is actively deploying capital into sectors positioned for secular growth, moving beyond traditional commercial real estate lending. The Infrastructure Lending Segment contributed $21 million in Distributable Earnings (DE) in Q2 2025, with the portfolio reaching a record $3.1 billion at that quarter's end. In the data center space, driven by AI demand, the company has built a loan book of about $20 billion, which includes participation in a massive $2 billion construction loan for an AI data center in Utah. They committed a record $700 million of new capital in energy infrastructure during Q2 2025.

You can see the focus on these growth areas in their recent deployment:

• Infrastructure Lending accounted for a record $0.8 Billion of investments in Q3 2025.
• The company has completed four CRE CLOs and a sixth in energy infrastructure.
• In Q2 2025, they funded $500 million across 2 data centers.

Finance: draft the Q4 2025 capital deployment forecast by next Tuesday.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Customer Relationships

You're looking at how Starwood Property Trust, Inc. (STWD) builds and maintains its connections with the people and institutions that fund its business and borrow its capital. This isn't just about transactions; it's about deep, ongoing relationships that span the entire credit cycle.

High-touch, relationship-based lending is the core of the lending side. This approach clearly pays off, as evidenced by the fact that 74% of Starwood Property Trust, Inc.'s Q2 2025 loan volume was to repeat customers. This high retention rate speaks volumes about the quality of the experience provided to borrowers. The firm has a history of significant deployment, having lent over $100 billion since its inception.

Direct engagement with borrowers is achieved through specialized platforms like Starwood Mortgage Capital, which originates five-, seven-, and 10-year fixed-rate mortgages across major U.S. real estate asset classes. Starwood Property Trust, Inc. positions itself as a one-stop lender, capable of delivering complex transactions with certainty of execution by offering customized solutions. This includes first mortgages, subordinate debt, mezzanine loans, B-notes, and preferred equity.

The scale of this direct engagement is significant:

• Average loan size since inception is nearly $100 million.
• The ability exists to structure and originate loans as large as $500 million.
• The underwriting process benefits from critical, bottom-up intelligence from Starwood Capital Group affiliates across sectors like Residential (290,000 units), Hotels (409,000 keys), and Industrial/Data Center (79 million square feet).

For public shareholders and institutional debt buyers, investor relations is a continuous, structured process. Starwood Property Trust, Inc. maintains transparency through regular communication:

• Quarterly earnings calls are held, such as the Q2 2025 call on August 7, 2025, and the Q3 2025 call scheduled for November 10, 2025.
• Investor Presentations are released shortly after earnings, like the Q2 2025 deck on August 13, 2025.
• The Investor Relations contact is Zachary Tanenbaum, and the company offers email alerts for Press Releases and SEC Filings via its website, www.starwoodpropertytrust.com.

The relationship with capital providers is also reinforced by financial stability metrics. The company declared a Q3 2025 dividend of $0.48 per share. Furthermore, Starwood Property Trust, Inc. has maintained its dividend for the 47th straight quarter as of Q2 2025.

The special servicing unit, LNR Partners LLC, is a critical component of the relationship structure, especially when dealing with troubled assets. This unit provides solutions for borrowers facing difficulty, leveraging deep expertise in the distressed commercial mortgage-backed securities (CMBS) marketplace. The credibility of this unit is paramount:

This servicing capability acts as a unique credit hedge against Starwood Property Trust, Inc.'s own CMBS and loan investments. The overall asset base reflects a strategic shift away from pure lending, with the CRE loan portfolio now representing only 52% of assets, down from 65% in 2022. Total assets stood at $62.4 billion as of June 30, 2025.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Channels

Direct Origination Platform: Global network for sourcing loans and investments.

• Commercial lending originations through the first nine months of 2025 totaled $4.6 billion.
• Total investing pace across all businesses through the first nine months of 2025 was $10.2 billion.
• Commercial lending portfolio balance grew to $15.8 billion as of the third quarter of 2025, after originating $1.4 billion in the quarter.
• Infrastructure lending portfolio reached a record $3.1 billion at the end of the third quarter of 2025.
• As of September 30, 2025, Starwood Property Trust, Inc. manages a portfolio of $30 billion across debt and equity investments.
• Capital deployed since inception reached $112 billion as of September 30, 2025.

Starwood Mortgage Capital: Commercial mortgage conduit platform.

• In the second quarter of 2025, the conduit completed four securitizations totaling $435 million.
• In the third quarter of 2025, the conduit completed five securitizations totaling $222 million.
• The company expects to issue one to two more CLOs in the remainder of 2025.

Public Equity Markets: NYSE listing (STWD) for common stock.

The stock trades on the New York Stock Exchange (NYSE) under the ticker STWD. You see the following figures as of late 2025:

Capital Markets: Issuance of CLOs, corporate bonds, and term loans.

Starwood Property Trust, Inc. has been active in raising capital across various debt and equity markets.

• The company raised nearly $3.0 billion across equity, term loans, and unsecured debt over the past year leading up to November 2025.
• In the third quarter of 2025, the company raised $2.3 billion of capital across Equity, Term Loan B and High Yield Markets.
• In April 2025, the company priced $500 million aggregate principal amount of unsecured senior notes due 2030.
• In September 2025, the company priced an offering of $500 million aggregate principal amount of unsecured senior notes due 2028.
• In October 2025, the company closed an upsized private offering of $550 million aggregate principal amount of unsecured senior notes due 2031.
• The company repriced existing term loans to spreads of +175 and +200 basis points for maturities in 2027 and 2030, respectively.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Customer Segments

You're looking at the core groups Starwood Property Trust, Inc. (STWD) serves with its diverse lending and investing platform as of late 2025. This isn't just one type of real estate deal; it's several distinct client bases, which is how they've managed to pay a dividend every quarter for 47 straight quarters.

Commercial Real Estate Owners and Developers (borrowers)

These are the primary borrowers in the core real estate lending sleeve. Starwood Property Trust, Inc. has been aggressively deploying capital here, expecting the CRE loan portfolio to be the largest in its history by year-end 2025, following declines in 2023 and 2024. In the second quarter of 2025 alone, they committed to $3.2 billion in new investments across all businesses, with $1.9 billion specifically in commercial lending.

Here are the specifics on their Q2 2025 activity with this segment:

• Commercial lending loan portfolio balance reached $15.5 billion.
• Originated $1.9 billion of loans in the quarter.
• Funded approximately $1.498 billion in Q2 2025 ($1.3 billion in new originations plus $198 million from pre-existing commitments).
• Deployment included $500 million for the construction of 2 data centers, both 100% pre-leased to investment-grade tenants.
• As of Q1 2025, loans rated 5 (highest risk) totaled $1.8 billion, representing about 12% of the total commercial lending portfolio.

Institutional Investors and Banks (buyers of debt/securitizations)

This group interacts with Starwood Property Trust, Inc. through its conduit platform, Starwood Mortgage Capital, and its CMBS investing activities. They help package and sell the debt Starwood originates, which is a key part of their capital markets strategy.

The scale of their involvement in the debt markets as of mid-2025 includes:

They expect to issue between one to two more CLOs in the second half of 2025.

Public Shareholders seeking high-yield, stable dividends

This segment is focused on the total return provided by Starwood Property Trust, Inc., which is notable for being the only company in its REIT peer group to have never cut its dividend. The latest quarterly dividend was declared at $0.48 per share, paid on October 15, 2025, with an ex-dividend date of September 30, 2025.

Key figures for this customer segment as of late 2025 include:

• Annual Dividend: $1.92.
• Forward Dividend Yield: Approximately 10.48%.
• Shareholder Yield: 1.71%.
• Payout Ratio: Reported as high as 184.43% based on trailing earnings.
• Market Capitalization: Approximately $7.07 billion.

Since its IPO, Starwood Property Trust, Inc. has deployed over $108 billion of capital.

Corporate Tenants (net lease segment, e.g., Fundamental Income Properties)

This segment was significantly bolstered by the acquisition of Fundamental Income Properties, LLC for approximately $2.2 billion, which closed around July 2025. These tenants provide long-term, predictable cash flows.

The acquired net lease portfolio has these characteristics:

• Number of owned properties: 467.
• Total square feet: 12 million SF.
• Number of corporate tenants: 92.
• Weighted Average Lease Term (WALT): 17 years.
• Average annual rent escalations: 2.2%.
• Occupancy: 100% occupied.

The transaction involved assuming $1.3 billion of existing debt.

Infrastructure Developers (borrowers in the infrastructure lending segment)

This is a growing lending vertical for Starwood Property Trust, Inc., focusing on essential real assets. In the second quarter of 2025, this segment contributed Distributable Earnings (DE) of $21 million, or $0.06 per share.

The infrastructure lending portfolio reached a record size in Q2 2025:

• Portfolio Balance (Q2 2025 end): Record $3.1 billion.
• New Loan Commitments (Q2 2025): Record $700 million.
• New Loan Commitments (Q1 2025): Record $0.7 billion.
• Total capital deployed in H1 2025 across commercial and infrastructure lending was $5.5 billion.

They committed to a record $700 million of loans in Q2 2025, with $642 million funded.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Starwood Property Trust, Inc. (STWD)'s operations as of late 2025. This structure is heavily weighted toward the cost of capital, which makes sense for a leading commercial mortgage REIT.

Interest Expense represents the primary cost of funds, directly tied to the floating and fixed-rate debt used to finance the massive loan and property portfolio. For the third quarter of 2025, this was a substantial figure.

General and Administrative Expenses cover the overhead for running the business. This is relatively lean, reflecting the asset-light nature of the REIT, which leverages its external manager for many functions. The compensation for the dedicated internal team is a key part of this.

• Dedicated Employee Count (Approximate): ~350
• Reported General and Administrative Expense (Q3 2025): $14,224 (Note: Unit not explicitly specified as thousands or millions in source snippet)

External Manager Fees are the payments made to Starwood Capital Group for management and incentive structures. While the specific incentive fee is calculated based on Distributable Earnings (DE), the total management fees across operating segments provide a clear picture of this ongoing cost.

• Total Management Fees (Sum of segment 'Management fees' for Q3 2025): Approximately $372.0 million (Calculated from segment line items: $231,441 + $48,337 + $58,309 + $33,909 in thousands)

Credit Loss Allowances are reserves set aside for potential loan losses, a direct reflection of the current credit environment and the company's forward-looking assessment under CECL standards. This is a critical, though non-cash, charge against earnings.

Finally, Depreciation and Amortization is the non-cash expense primarily associated with the Property segment, which includes the recently acquired net lease portfolio. This charge is explicitly excluded when calculating Distributable Earnings to show cash flow performance.

• Depreciation Expense (Q3 2025): $26.0 million

The structure shows that for every dollar of revenue, the cost of debt service and credit provisioning are the most significant drivers of expense.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Revenue Streams

You're looking at the core ways Starwood Property Trust, Inc. (STWD) brings in money, which is really about deploying capital across different real estate and infrastructure verticals. It's not just one type of income; it's a mix of lending interest, property ownership returns, and fee generation.

The overall picture shows a significant, though recently declining, revenue base. Total TTM Revenue (ending 9/30/2025) was approximately $1.806 billion. This figure reflects the performance across all segments over the last twelve months leading up to the end of the third quarter of 2025.

Here are the primary revenue components Starwood Property Trust, Inc. relies on:

• Interest Income: This comes from the massive commercial and infrastructure loan portfolios. To give you a sense of the scale driving this, during the second quarter of 2025, Starwood Property Trust, Inc. invested $1.9 billion in commercial lending and a record $0.7 billion in infrastructure lending.
• Rental Revenue: This is the return from the Property segment, which was significantly bolstered by the recent strategic move to acquire Fundamental Income Properties, LLC, a net lease real estate operating platform, for approximately $2.2 billion.
• Servicing Fees: Fees are generated through LNR Partners LLC, the special servicing arm. LNR's top-tier commercial special servicer ratings (CSS1 and CS1) were reaffirmed by Fitch and Morningstar DBRS, showing the continued operational strength of this fee-generating business line.
• Gains on Asset Sales: These are realized gains from selling foreclosed assets or from equity kickers attached to loans. For instance, in the second quarter of 2025, the company realized a $51 million GAAP and DE gain from selling an equity kicker.

To put the recent revenue performance in context, here's a look at the reported top-line numbers near the end of 2025:

The third quarter 2025 revenue of $488.88 million represented an increase compared to the $479.54 million reported in the same quarter of the prior year. Still, the TTM revenue shows a year-over-year decline of 10.37% as of September 30, 2025.

The acquisition of the net lease platform is designed to add a stable, reliable, and growing cash flow stream, which directly impacts the Rental Revenue component moving forward. This diversification is key; as management noted, commercial real estate lending now represents about half of the asset base, reflecting the growth in these other cylinders.