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SUPPLEMENTAL REPORTING INFORMATION Q2 2025
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Table of Contents (i) Press Release Page 1 Highlights Page 9 Commercial and Residential Lending Segment Page 12 Infrastructure Lending Segment Page 21 Property Segment Page 22 Investing and Servicing Segment Page 25 Capitalization Page 27 Appendix Page 33 Cover photo: $350M senior mortgage and mezzanine loan on The Greenwich by Rafael Viñoly, New York City
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PRESS RELEASE
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For Immediate Release Starwood Property Trust Reports Results for Quarter Ended June 30, 2025 – Quarterly GAAP Earnings of $0.38 and Distributable Earnings (DE) of $0.43 per Diluted Share – – Invested $3.2 Billion in the Quarter and $5.5 Billion in the 6 Months, Surpassing 2024 Capital Deployment – – LNR’s Commercial Special Servicer Ratings of CSS1 and CS1 (Highest Ratings Possible) Reaffirmed by Fitch and Morningstar DBRS – – Awarded Nareit Gold Investor CARE Award for 9th Time in 11 Years – – Paid Dividend of $0.48 per Share for Q2 and Declared $0.48 Dividend for Q3 – – Acquired Fundamental Income Properties, a $2.2 Billion Fully Integrated Net Lease Real Estate Operating Platform and Owned Portfolio – MIAMI BEACH, FL, August 7, 2025 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended June 30, 2025. The Company’s second quarter 2025 GAAP net income was $129.8 million, and Distributable Earnings (a non-GAAP financial measure) was $151.1 million. “We have continued to demonstrate the strength and flexibility of our multi-cylinder platform,” said Barry Sternlicht, Chairman and CEO of Starwood Property Trust. “While commercial real estate lending remains a foundational part of our business, it now represents about half of our asset base—a reflection of how far we’ve diversified and evolved. Our capital deployment has already surpassed full-year 2024 levels, and we’re seeing robust investment opportunities across sectors. We are exceptionally well-positioned to capitalize on today’s environment.” “As the property markets recover, led by much lower future supply and the imminent projection of lower interest rates, the integration of Fundamental Income marks a significant step in our ongoing evolution and diversification,” Sternlicht continued. “Their scalable business, disciplined credit focus, and structuring expertise are highly aligned with our platform. This acquisition adds a powerful new important vertical where we hope to deploy significant capital and grow our earnings going forward with stable recurring cash flows.” “Since our IPO, we’ve raised over $20 billion in capital, proving our ability to access liquidity through all market conditions,” added Jeffrey DiModica, President of Starwood Property Trust. “The recent repricing of our term loans to best-in-class levels reflects the market’s confidence in our strategy and credit profile. With $5.0 billion in unencumbered assets, over $1.4 billion in unrealized property gains, no near-term debt maturities, and a diversified business model, we have the tools and financial strength to drive disciplined growth and capture the compelling opportunities ahead.” 1
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Supplemental Schedules The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders. Specifically, these materials can be found on the Company’s website in the Investor Relations section under “Quarterly Results” at www.starwoodpropertytrust.com. Webcast and Conference Call Information The Company will host a live webcast and conference call on Thursday, August 7, 2025 , at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. To Participate via Telephone Conference Call: Dial in at least 15 minutes prior to start time. Domestic: 1-877-407-9039 International: 1-201-689-8470 Conference Call Playback: Domestic: 1-844-512-2921 International: 1-412-317-6671 Passcode: 13754310 The playback can be accessed through August 21, 2025. About Starwood Property Trust, Inc. Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of June 30, 2025, the Company has successfully deployed $108 billion of capital since inception and manages a portfolio of over $27 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com. Forward-Looking Statements Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. 2
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In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward- looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise. Additional information can be found on the Company’s website at www.starwoodpropertytrust.com. Contact: Zachary Tanenbaum Starwood Property Trust Phone: 203-422-7788 Email: ztanenbaum@starwood.com 3
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Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the three months ended June 30, 2025 (Amounts in thousands) Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Subtotal Securitization VIEs Total Revenues: Interest income from loans $ 313,595 $ 65,949 $ — $ 5,675 $ — $ 385,219 $ — $ 385,219 Interest income from investment securities 21,335 148 — 21,778 — 43,261 (32,948) 10,313 Servicing fees 111 — — 18,627 — 18,738 (4,658) 14,080 Rental income 6,532 — 16,237 5,474 — 28,243 — 28,243 Other revenues 2,334 1,087 240 2,231 536 6,428 — 6,428 Total revenues 343,907 67,184 16,477 53,785 536 481,889 (37,606) 444,283 Costs and expenses: Management fees 177 — — — 30,656 30,833 — 30,833 Interest expense 180,494 39,106 9,067 7,794 79,881 316,342 (210) 316,132 General and administrative 15,535 5,523 1,237 24,361 4,416 51,072 — 51,072 Costs of rental operations 4,950 — 5,930 3,632 — 14,512 — 14,512 Depreciation and amortization 2,491 9 5,875 1,744 252 10,371 — 10,371 Credit loss provision, net 3,663 2,003 — — — 5,666 — 5,666 Other expense — 1,693 6 194 — 1,893 — 1,893 Total costs and expenses 207,310 48,334 22,115 37,725 115,205 430,689 (210) 430,479 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 40,280 40,280 Change in fair value of servicing rights — — — 3,568 — 3,568 (1,205) 2,363 Change in fair value of investment securities, net (2,058) — — 3,728 — 1,670 (1,325) 345 Change in fair value of mortgage loans, net 8,425 — — 21,442 — 29,867 — 29,867 Income from affordable housing fund investments — — 5,115 — — 5,115 — 5,115 Earnings from unconsolidated entities 1,412 1,167 — 5,647 — 8,226 (354) 7,872 Gain on sale of investments and other assets, net 31,662 — — — — 31,662 — 31,662 (Loss) gain on derivative financial instruments, net (116,140) — (13) (1,304) 16,161 (101,296) — (101,296) Foreign currency gain (loss), net 83,257 630 (126) — — 83,761 — 83,761 Gain (loss) on extinguishment of debt 20,773 (783) — — — 19,990 — 19,990 Other (loss) income, net (737) — (636) 2,977 — 1,604 — 1,604 Total other income (loss) 26,594 1,014 4,340 36,058 16,161 84,167 37,396 121,563 Income (loss) before income taxes 163,191 19,864 (1,298) 52,118 (98,508) 135,367 — 135,367 Income tax benefit (provision) 5,495 88 — (6,254) — (671) — (671) Net income (loss) 168,686 19,952 (1,298) 45,864 (98,508) 134,696 — 134,696 Net (income) loss attributable to non-controlling interests (4) — (5,326) 448 — (4,882) — (4,882) Net income (loss) attributable to Starwood Property Trust, Inc. $ 168,682 $ 19,952 $ (6,624) $ 46,312 $ (98,508) $ 129,814 $ — $ 129,814 4
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Definition of Distributable Earnings Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors. Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 for additional information regarding Distributable Earnings. Reconciliation of Net Income to Distributable Earnings For the three months ended June 30, 2025 (Amounts in thousands except per share data) Net income (loss) attributable to Starwood Property Trust, Inc. $ 168,682 $ 19,952 $ (6,624) $ 46,312 $ (98,508) $ 129,814 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 4,629 — — 4,629 Non-controlling interests attributable to unrealized gains/losses — — (3,383) (2,699) — (6,082) Non-cash equity compensation expense 2,844 723 107 1,367 8,389 13,430 Management incentive fee — — — — 183 183 Depreciation and amortization 2,528 — 5,987 1,845 — 10,360 Interest income adjustment for loans and securities 5,832 — — 7,304 — 13,136 Consolidated income tax (benefit) provision associated with fair value adjustments (5,495) (88) — 6,254 — 671 Other non-cash items 5 — 316 (380) — (59) Reversal of GAAP unrealized and realized (gains) / losses on: Loans (8,425) — — (21,442) — (29,867) Credit loss provision, net 3,663 2,003 — — — 5,666 Securities 2,058 — — (3,728) — (1,670) Woodstar Fund investments — — (5,115) — — (5,115) Derivatives 116,140 — 13 1,304 (16,161) 101,296 Foreign currency (83,257) (630) 126 — — (83,761) Earnings from unconsolidated entities (1,412) (1,167) — (5,647) — (8,226) Sales of properties (4,128) — — — — (4,128) Recognition of Distributable realized gains / (losses) on: Loans (702) — — 19,165 — 18,463 Securities (316) — — (4,223) — (4,539) Woodstar Fund investments — — 21,600 — — 21,600 Derivatives 17,555 50 (99) 347 (6,868) 10,985 Foreign currency 1,671 91 (125) — — 1,637 Earnings (loss) from unconsolidated entities 1,412 (109) — 5,801 — 7,104 Sales of properties (44,438) — — — — (44,438) Distributable Earnings (Loss) $ 174,217 $ 20,825 $ 17,432 $ 51,580 $ (112,965) $ 151,089 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 0.49 $ 0.06 $ 0.05 $ 0.15 $ (0.32) $ 0.43 Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Total 5
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Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the six months ended June 30, 2025 (Amounts in thousands) Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Subtotal Securitization VIEs Total Revenues: Interest income from loans $ 603,894 $ 126,405 $ — $ 8,843 $ — $ 739,142 $ — $ 739,142 Interest income from investment securities 45,224 302 — 49,952 — 95,478 (72,944) 22,534 Servicing fees 176 — — 40,456 — 40,632 (9,092) 31,540 Rental income 14,735 — 32,552 10,139 — 57,426 — 57,426 Other revenues 5,344 2,102 474 3,270 631 11,821 — 11,821 Total revenues 669,373 128,809 33,026 112,660 631 944,499 (82,036) 862,463 Costs and expenses: Management fees 357 — — — 71,239 71,596 — 71,596 Interest expense 346,045 74,260 18,044 15,927 154,419 608,695 (405) 608,290 General and administrative 30,141 10,541 2,651 46,862 9,024 99,219 — 99,219 Costs of rental operations 10,468 — 11,948 6,916 — 29,332 — 29,332 Depreciation and amortization 6,098 19 11,740 3,495 503 21,855 — 21,855 Credit loss (reversal) provision, net (22,096) 2,763 — — — (19,333) — (19,333) Other expense (25) 3,616 (76) 229 — 3,744 — 3,744 Total costs and expenses 370,988 91,199 44,307 73,429 235,185 815,108 (405) 814,703 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 68,971 68,971 Change in fair value of servicing rights — — — 3,454 — 3,454 (338) 3,116 Change in fair value of investment securities, net 5,339 — — (18,901) — (13,562) 13,734 172 Change in fair value of mortgage loans, net 50,999 — — 37,272 — 88,271 — 88,271 Income from affordable housing fund investments — — 9,025 — — 9,025 — 9,025 Earnings from unconsolidated entities 2,708 545 — 5,892 — 9,145 (736) 8,409 Gain on sale of investments and other assets, net 31,662 — — — — 31,662 — 31,662 (Loss) gain on derivative financial instruments, net (181,978) (19) (111) (2,377) 43,500 (140,985) — (140,985) Foreign currency gain (loss), net 117,873 866 (187) — — 118,552 — 118,552 Gain (loss) on extinguishment of debt 20,773 (783) — — — 19,990 — 19,990 Other (loss) income, net (1,226) — (1,464) 2,981 — 291 — 291 Total other income (loss) 46,150 609 7,263 28,321 43,500 125,843 81,631 207,474 Income (loss) before income taxes 344,535 38,219 (4,018) 67,552 (191,054) 255,234 — 255,234 Income tax benefit (provision) 5,201 (45) — (9,593) — (4,437) — (4,437) Net income (loss) 349,736 38,174 (4,018) 57,959 (191,054) 250,797 — 250,797 Net (income) loss attributable to non-controlling interests (7) — (10,410) 1,689 — (8,728) — (8,728) Net income (loss) attributable to Starwood Property Trust, Inc. $ 349,729 $ 38,174 $ (14,428) $ 59,648 $ (191,054) $ 242,069 $ — $ 242,069 6
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Reconciliation of Net Income to Distributable Earnings For the six months ended June 30, 2025 (Amounts in thousands except per share data) Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Total Net income (loss) attributable to Starwood Property Trust, Inc. $ 349,729 $ 38,174 $ (14,428) $ 59,648 $ (191,054) $ 242,069 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 9,288 — — 9,288 Non-controlling interests attributable to unrealized gains/losses — — (6,757) (7,202) — (13,959) Non-cash equity compensation expense 5,636 1,323 216 2,764 16,841 26,780 Management incentive fee — — — — 10,244 10,244 Depreciation and amortization 6,270 — 11,958 3,697 — 21,925 Interest income adjustment for loans and securities 12,048 — — 22,466 — 34,514 Consolidated income tax provision (benefit} associated with fair value adjustments (5,201) 45 — 9,593 — 4,437 Other non-cash items 8 — 611 (746) — (127) Reversal of GAAP unrealized and realized (gains) / losses on: Loans (50,999) — — (37,272) — (88,271) Credit loss (reversal) provision, net (22,096) 2,763 — — — (19,333) Securities (5,339) — — 18,901 — 13,562 Woodstar Fund investments — — (9,025) — — (9,025) Derivatives 181,978 19 111 2,377 (43,500) 140,985 Foreign currency (117,873) (866) 187 — — (118,552) Earnings from unconsolidated entities (2,708) (545) — (5,892) — (9,145) Sales of properties (4,128) — — — — (4,128) Recognition of Distributable realized gains / (losses) on: Loans (882) — — 33,872 — 32,990 Securities (347) — — (6,756) — (7,103) Woodstar Fund investments — — 41,921 — — 41,921 Derivatives 46,596 103 (196) (677) (13,902) 31,924 Foreign currency 2,057 58 (186) — — 1,929 Earnings (loss) from unconsolidated entities 2,708 (217) — 6,407 — 8,898 Sales of properties (44,438) — — — — (44,438) Distributable Earnings (Loss) $ 353,019 $ 40,857 $ 33,700 $ 101,180 $ (221,371) $ 307,385 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 1.00 $ 0.12 $ 0.10 $ 0.29 $ (0.63) $ 0.88 7
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Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheet by Segment As of June 30, 2025 (Amounts in thousands) Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Subtotal Securitization VIEs Total Assets: Cash and cash equivalents $ 20,699 $ 89,036 $ 31,842 $ 60,226 $ 58,118 $ 259,921 $ — $ 259,921 Restricted cash 167,090 29,605 1,170 356 16,723 214,944 — 214,944 Loans held-for-investment, net 14,765,064 3,060,322 — — — 17,825,386 — 17,825,386 Loans held-for-sale 2,323,276 — — 171,562 — 2,494,838 — 2,494,838 Investment securities 871,881 17,055 — 1,202,438 — 2,091,374 (1,588,776) 502,598 Properties, net 764,852 — 650,398 64,761 — 1,480,011 — 1,480,011 Investments of consolidated affordable housing fund — — 2,055,555 — — 2,055,555 — 2,055,555 Investments in unconsolidated entities 8,514 54,651 — 33,225 — 96,390 (14,971) 81,419 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets 3,112 — 20,784 66,619 — 90,515 (36,083) 54,432 Derivative assets 64,565 — 4 11 7,374 71,954 — 71,954 Accrued interest receivable 147,344 16,241 — 816 240 164,641 — 164,641 Other assets 173,709 5,502 58,328 7,913 136,116 381,568 — 381,568 VIE assets, at fair value — — — — — — 36,522,250 36,522,250 Total Assets $ 19,310,106 $ 3,391,821 $ 2,818,081 $ 1,748,364 $ 218,571 $ 27,486,943 $ 34,882,420 $ 62,369,363 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 197,050 $ 31,651 $ 13,658 $ 38,650 $ 117,265 $ 398,274 $ — $ 398,274 Related-party payable — — — — 25,846 25,846 — 25,846 Dividends payable — — — — 166,227 166,227 — 166,227 Derivative liabilities 125,447 — — — 16,894 142,341 — 142,341 Secured financing agreements, net 9,820,014 1,195,546 480,912 518,078 1,545,949 13,560,499 (20,110) 13,540,389 Collateralized loan obligations and single asset securitization, net 1,550,966 1,231,809 — — — 2,782,775 — 2,782,775 Unsecured senior notes, net — — — — 3,242,251 3,242,251 — 3,242,251 VIE liabilities, at fair value — — — — — — 34,902,530 34,902,530 Total Liabilities 11,693,477 2,459,006 494,570 556,728 5,114,432 20,318,213 34,882,420 55,200,633 Temporary Equity: Redeemable non-controlling interests — — 425,453 — — 425,453 — 425,453 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,491 3,491 — 3,491 Additional paid-in capital 1,177,279 635,080 (395,728) (596,291) 5,575,101 6,395,441 — 6,395,441 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 6,426,450 297,735 2,087,961 1,672,800 (10,336,431) 148,515 — 148,515 Accumulated other comprehensive income 12,785 — — — — 12,785 — 12,785 Total Starwood Property Trust, Inc. Stockholders’ Equity 7,616,514 932,815 1,692,233 1,076,509 (4,895,861) 6,422,210 — 6,422,210 Non-controlling interests in consolidated subsidiaries 115 — 205,825 115,127 — 321,067 — 321,067 Total Permanent Equity 7,616,629 932,815 1,898,058 1,191,636 (4,895,861) 6,743,277 — 6,743,277 Total Liabilities and Equity $ 19,310,106 $ 3,391,821 $ 2,818,081 $ 1,748,364 $ 218,571 $ 27,486,943 $ 34,882,420 $ 62,369,363 8
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HIGHLIGHTS
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STWD Highlights Leading diverse global multi-cylinder platform, built to thrive in all market environments $27.5B of total assets with an adjusted debt- to-equity ratio of 2.50x and undepreciated book value per share of $19.65 Strong Balance Sheet Stable Capitalization Ample Capacity to Fund Growth Consistent Dividend Ample Capacity to Fund Growth $9.3B of capacity across secured financing facilities, with $1.1B of current liquidity and corporate debt capacity of ~$2.0B NOTE: Amounts are as of June 30, 2025, unless otherwise indicated 9 Paid quarterly dividend of $0.48 for over a decade, with $8.4B of total dividends paid or declared since inception 82% of outstanding debt contains no capital markets mark-to-market provisions
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Q2 2025 Highlights NOTE: Please refer to the Calculation Methodologies section herein for the definition of DE 10 Quarter Performance Liquidity and Capitalization • GAAP book value per share of $18.80 and undepreciated book value per share of $19.65 ◦ GAAP book value reflects $1.87 per share cumulative reduction for CECL reserves and property impairments • GAAP earnings of $0.38 and Distributable Earnings ("DE") of $0.43 per diluted share • Across business lines: ◦ Invested in $3.2B of assets, bringing the six months to $5.5B, already surpassing FY 2024 ◦ Principal collections and sales of $1.3B ◦ Fundings of $2.7B • Securitized $435M of conduit loans in four transactions • Named servicing portfolio of $102.1B and total active servicing portfolio of $10.3B • Morningstar DBRS and Fitch reaffirmed LNR's ratings of CS1 and CSS1, their highest available special servicer ratings • Awarded Nareit Gold Investor CARE Award for the 9th time in 11 years • Adjusted debt-to-equity ratio of 2.50x • $1.1B of cash plus approved undrawn debt capacity as of July 31 • Subsequent to quarter end: ◦ Acquired Fundamental Income Properties, LLC, a fully integrated net lease real estate operating platform and owned portfolio for $2.2B ◦ Raised $502M of common stock ◦ Repriced at par both of our term loans totaling $1.6B at record low spreads, $0.9B at S+2.00% and $0.7B at S+1.75% ◦ Early declared third quarter dividend of $0.48 per share
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Ø U.S. office represents only 9% of our diversified $27.5B asset base (8% pro forma for Fundamental acquisition) Total Assets $27.5B 11 Other 3% Cash & A/R 2% Other $1.3 Int'l Office 2% Commercial Loans 56% Medical Office 2% Property - Other 4% Owned Properties 13% Florida AffordableHousing Fund 7% Other 5% Industrial 7% Retail 1% REIS CMBS 4% Mixed Use 6% U.S. Office 9% Intangibles 1% Residential 1% Residential Lending 10% Infrastructure Lending 11% Hotel 6% Multifamily 19%
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COMMERCIAL AND RESIDENTIAL LENDING SEGMENT
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(Investment Securities) $15.5B Total Portfolio * 2.9 in prior quarter Commercial Lending Portfolio NOTE: See the Ratings Criteria section included in the Appendix • $1.9B originations ($1.3B funded) • $198M follow on fundings • $898M repayments and sales, including proceeds from: ◦ $230M A-note sale ◦ $115M sales of two previously foreclosed assets ◦ $70M sale of previously obtained equity kicker • $140M foreclosures on two 5-rated nonaccrual loans 2.9 W.A. Risk Rating * (1 loan) (35 loans) (91 loans) (13 loans) (3 loans) Loan Risk Rating 12 15 4 3 2 Q2 Activity $2.1B $0.3B $4.0B $8.7B $0.4B Not Rated (1)
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24% 33%13% 11% 3% 16% Production Studio Warehouse 72% 21% 7% 81% 19% $ millions Location $ Maturity* Washington, DC $327 Oct-25 Houston, TX $252 Jan-28 Dallas, TX $224 Sep-26 London, UK $200 Mar-27 Orlando, FL $193 Dec-28 Berlin, Germany $176 Nov-28 McLean, VA $175 Sep-27 Irvine, CA $163 Aug-25 Brooklyn, NY $137 Mar-25 Dublin, CA $122 Jul-27 Location $ Maturity* Various, Europe $314 Aug-29 Salt Lake City, UT $307 Feb-30 Long Island City, NY $265 Aug-27 Various, Czech Republic $195 Aug-30 Beaumont, CA $162 Apr-30 Various, Australia $161 Dec-28 Queens, NY $108 Nov-26 Santa Clarita, CA $106 Nov-26 Ashburn, VA $95 Jun-30 Brooklyn, NY $95 Dec-26 Top 10 Loans by Largest Property Types Office Industrial 13 Location $ Maturity* Various, TX $412 Apr-30 Various, UK $306 Mar-26 Los Angeles, CA $263 Apr-26 London, UK $236 Apr-28 Various, Germany $172 Feb-30 Various, FL $169 Jun-27 Arlington, VA $145 Oct-26 Various, UK $145 May-27 New Rochelle, NY $138 Dec-28 Philadelphia, PA $125 Aug-26 Multifamily Property CharacteristicsTop 10 Loans (UPB) *Fully extended $5.3B $2.0B 100% International Class BClass A $2.4B $0.6B U.S. Data CenterSoutheast Southwest West NortheastMid-Atlantic International ** ** In maturity default and in process of modification to accommodate newly executed leases
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Collateral Diversification 14 Multifamily Office Hotel Mixed Use Industrial Residential Retail Other Q2'20Q3'20Q4'20Q1'21Q2'21Q3'21Q4'21Q1'22Q2'22Q3'22Q4'22Q1'23Q2'23Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25 —% 20% 40% 60% 80% 100% Our commercial loan portfolio has transformed over time, with multifamily becoming our largest property type
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Commercial Portfolio Geographic Diversification NOTE: Amounts are stated as a percentage of commercial loan portfolio International U.S. 15 Southwest 17 % Northeast 16 % Southeast 14 % West 12 % Mid-Atlantic 7 % Midwest 2 % Europe: UK 14 % Ireland 3 % Germany 3 % Other Europe 3 % Australia 7 % Bahamas/Bermuda 2 % Europe Bahamas / BermudaAustralia
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Commercial Lending Metrics ($ millions) First Mortgages (2) Lending CMBS Mezzanine Loans (2) Subordinated Mortgages Preferred Equity Total CRE Carrying Value $14,790 $314 $294 $33 $64 $15,495 Carrying Value on Accrual $14,003 $314 $177 $28 $18 $14,540 Unlevered Return for Assets on Accrual (3) 8.1% 8.4% 11.4% 15.0% 10.4% 8.2% 16 Dollar (Carrying values in billions) First Mortgages Lending CMBS Mezzanine Loans Subordinated MortgagesPreferred Equity Q2'23 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
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Top 10 Commercial Lending Commitments(4) 13 $ millions *Included within the "Other" property type category Loan Type Origination Date Fully Extended Maturity Date Location Property Type Loan Commitment UPB Senior Jun 2022 Jun 2030 Various, Australia Casino Hotel* $ 906.1 $ 906.1 Senior Feb 2021 Feb 2028 Various, UK Mixed Use 704.5 704.5 Senior/Mezz Jan 2025 Feb 2030 Salt Lake City, UT Industrial 550.0 306.9 Senior Apr 2025 Apr 2030 Various, TX Multifamily 412.0 412.0 Senior/Mezz Dec 2019 Oct 2025 Washington, DC Office 335.9 326.7 Senior Dec 2021 Apr 2028 London, UK Multifamily 334.2 235.6 Senior Jun 2023 Jun 2028 Birmingham, UK Convention/Arenas* 314.5 307.8 Senior/CMBS Jul 2024 Aug 2029 Various, Europe Industrial 313.6 313.6 Senior Mar 2021 Mar 2026 Various, UK Multifamily 305.6 305.6 Senior Jun 2025 Jun 2031 Herndon, VA Industrial 287.7 37.3 17
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Nonaccrual Assets 18 Location Property Type Carrying Value Dallas, Texas Mixed Use $ 242 East Rutherford, New Jersey Retail 188 Brooklyn, New York Office 137 Arlington, Virginia Office 117 Los Angeles, California Office 117 Phoenix, Arizona Multifamily 91 Washington, D.C. Office 12 Carrying Value of Nonaccrual Loans $ 904 Preferred Equity Interests 47 Total Carrying Value of Nonaccrual Assets $ 951 Ø $951M carrying value of commercial assets on nonaccrual $ millions Property Type Location Retail 21% Mixed Use 27% Office 42% Multifamily 10% NJ 21% VA 13% NY 15% CA 13% TX 27%D.C. 1% AZ 10% NOTE: Excludes fully reserved nonaccrual loan totaling $5M
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(a) Excludes: (i) two properties that were legally sold in Q4'24 and Q2'25 but did not qualify as GAAP sales and (ii) a property that is included in Property Segment and is being repositioned GA 7% TN 8% IL 6% NY 17% CA 23% TX 13% AZ 5% FL 13% MA 8% Foreclosed Assets Multifamily 45% Residential 18% Retail 6% Mixed Use 23% Life Science 8% 19 Location Property Type Carrying Value ($ millions) (per sq ft) Los Angeles, California Mixed Use $ 150 $ 131 New York City, New York Residential (Luxury Co-Op) 115 2,083 Dallas, Texas Multifamily 87 180 Windermere, Florida Multifamily 84 219 Boston, Massachusetts Life Science 56 562 Nashville, Tennessee Multifamily 50 173 Conyers, Georgia Multifamily 45 163 Chicago, Illinois Retail 38 1,331 Phoenix, Arizona Multifamily 30 227 Net Carrying Value of Foreclosed Assets (a) $ 655 Ø $655M net carrying value of commercial assets previously foreclosed Property Type Location
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Asset Carrying Values Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Loans, held for sale $ 2,323 $ 2,376 $ 2,395 $ 2,540 $ 2,504 Post-securitization retained RMBS 414 422 421 423 427 Residential Portfolio Carrying Values $ 2,737 $ 2,798 $ 2,816 $ 2,963 $ 2,931 Weighted Average Coupon (WAC)* Loans, held for sale 4.4% 4.5% 4.5% 4.5% 4.5% Residential Portfolio $ millions Ø Recorded $31M net unrealized fair value decrease: – Loans: $9M increase – RMBS: $2M decrease – Interest Rate Hedges: $38M decrease to FMV of $4M Ø Repayments of $60M on loans and $10M on RMBS 20 *Does not include the impact of interest rate hedges
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INFRASTRUCTURE LENDING SEGMENT 25
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Power 59% Midstream 27% Downstream 13% Upstream 1% Portfolio Metrics and Activity $3.1B Total Portfolio Northeast 29% Southwest 22% Midwest 20% Southeast 13% West 11%Int'l 3% Mid-Atlantic 1% Other - U.S. 1% Geographic Location Sector (5) • Record $699M new commitments ($642M funded) • $288M repayments • Portfolio reaches new record high of $3.1B Q2 Activity 21
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PROPERTY SEGMENT 25
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Investment Portfolio $ millions Investment Net Carrying Value (6) Asset Specific Financing Net Investment Q2'25 Net Operating Income (7) Occupancy Rate Wholly-Owned: Medical Office Portfolio $ 788 $ 481 $ 307 $ 10.8 89% D.C. Multifamily Conversion 116 — 116 N/A Subtotal - Undepreciated Carrying Value $ 904 $ 481 $ 423 $ 10.8 Accumulated Depreciation and Amortization (234) — (234) — Subtotal - Wholly-Owned $ 670 $ 481 $ 189 $ 10.8 Woodstar Fund 2,056 — 2,056 33.5 98% Total Property Segment Investment Portfolio $ 2,726 $ 481 $ 2,245 $ 44.3 96% 22 Significant Activity During the Quarter: Ø Unrealized fair value decreases of $17M ($13M, net of 20.6% non-controlling interests) in the Woodstar Fund investments
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Woodstar Fund (the "Fund") $ millions Net Investment Properties, at fair value $ 3,261.0 Cash and other assets 54.6 Secured debt, at fair value (1,233.8) Accrued liabilities (26.2) Investments of consolidated affordable housing fund, at fair value $ 2,055.6 Ø The Fund, which was formed in Q4 2021, holds the 15,057 affordable housing units comprising the Woodstar I and Woodstar II portfolios and is accounted for under ASC 946, Financial Services – Investment Companies, with its investments reported on our consolidated balance sheet at fair value and changes in fair value each period recognized in earnings Net Income Rental and other income $ 57.9 Cost of rental operations (24.4) Interest expense (11.9) Change in fair value (16.5) Income from affordable housing fund investments $ 5.1 Balance Sheet: ▪ Net Investment: Property-level assets, net of property-level debt ▪ Temporary Equity: 20.6% attributable to third party investors Income Statement: ▪ DE ($22M): Represents net income at the portfolio-level excluding unrealized fair value adjustments ▪ GAAP ($5M): Net income from our investments is reported as a single line item, which includes changes in fair value of the investments ($-17M), changes in working capital ($+7M), and cash income distributions received ($+15M) Change in FMV Properties $ (7.8) Debt (5.6) Derivative (3.1) Total change in FMV $ (16.5) 23
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Medical Office Portfolio Snapshot $ millions, sq. ft. in thousands Region % Gross investment Occupancy Sq. Ft. Northeast 29% $ 228 100% 430 Texas 20% 159 87% 457 Southeast 18% 142 83% 366 West 17% 136 89% 372 Midwest 16% 123 83% 325 Total 100% $ 788 89% 1,950 Woodstar Fund Region % Occupancy Units North Florida 6% 92% 1,230 Central Florida 77% 99% 11,879 South Florida 17% 99% 1,948 Total 100% 98% 15,057 24 D.C. Multifamily Conversion Region Gross investment Sq. Ft. Mid Atlantic $ 116 375
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INVESTING AND SERVICING SEGMENT 21
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Significant Activity During the Quarter: Ø Securitized $435M of conduit loans in four transactions Ø Acquired CMBS for a purchase price of $56M Ø Active servicing portfolio increased from $9.6B to $10.3B Ø Obtained two new servicing assignments with a UPB of $1B, while $6B matured, bringing our portfolio to $102B Ø DBRS/Morningstar and Fitch reaffirmed LNR's ratings of CS1 and CSS1; their highest special servicing ratings available Investment Portfolio $ millions NOTE: VRR refers to vertical risk retention Asset Carrying Values Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Owned CMBS, non-VRR $ 432 $ 405 $ 464 $ 451 $ 456 Owned CMBS, VRR 410 382 383 356 330 Owned CMBS, Agency Multifamily B-Piece 75 76 76 77 — CMBS, JVs (net of non-controlling interests) 160 159 168 169 174 Total CMBS $ 1,077 $ 1,022 $ 1,091 $ 1,053 $ 960 Properties and lease intangibles, net 70 70 71 64 74 Conduit Loans 172 71 121 233 316 Special servicing intangible 62 58 58 56 55 Other 18 19 19 13 19 Total $ 1,399 $ 1,240 $ 1,360 $ 1,419 $ 1,424 25
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11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 0 50 100 150 200 250 CMBS and Special Servicing Owned CMBS by Vintage (8) CMBS 2.0 CMBS 3.0 $ millions LNR Special Servicer NOTE: Carrying value represents estimated fair value Carrying Value Named SS: $102.1B Loan Balance 190 CMBS Trusts Active SS: $8.7B SS Loan Balance $1.6B REO Loan Balance $10.3B Total Active SS Balance 26 Named SS Balance UPB loans named SS Q2'16Q4'16Q2'17Q4'17Q2'18Q4'18Q2'19Q4'19Q2'20Q4'20Q2'21Q4'21Q2'22Q4'22Q2'23Q4'23Q2'24Q4'24Q2'25 50 100 150 $ billions
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CAPITALIZATION 27
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Adjusted On Balance Sheet Leverage CLOs and SASB Capitalization Overview Credit Metrics Adjusted Debt-to-Equity Ratios 2.50x 2.90x (9) Ba2 / BB / BB+ Current Corporate Issuer Rating $5.0B Total Unencumbered Assets 1.69x Fixed Charge Coverage Ratio 1.53x Unencumbered Assets to Unsecured Debt $27.6B Total Capitalization Off-Balance Sheet 27 On-Balance Sheet Affirmed by all 3 rating agencies in Q2
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Capitalization Overview, continued Total Debt Outstanding (including off-balance sheet) Margin Call Provisions (including off-balance sheet) Secured Debt $13.6 Woodstar Fund Debt $1.0 Off-B/S Debt (CLOs & SASB) $2.8 Unsecured Debt $3.3 $20.7 No Margin Calls $9.7 Credit $7.3 Spread and Credit $3.7 $20.7 $ billions 28 Ø 90% of commercial lending debt and 82% of consolidated debt has no capital markets mark-to-market provisions (10)
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Q2'25 GAAP Book Value Q2'25 Accumulated Depreciation & Amortization Q2'25 Undepreciated Book Value Book Value per Share Bridge 23 $18.80 $0.85 $19.65 29
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Financing Facilities $ millions Debt Obligations Type Maximum Facility Size (11) Drawn (11) Available Capacity Asset Specific Financing: Large Loans, Commercial $ 13,627 $ 7,500 $ 6,127 Infrastructure Lending Segment 2,156 1,199 957 Property Segment 490 490 — Residential Loans 3,450 2,084 1,366 Conduit Loans, Commercial 375 18 357 CMBS and RMBS 997 716 281 REO Portfolio 51 39 12 Subtotal - Asset Specific Financing $ 21,146 $ 12,046 $ 9,100 Corporate Debt: Convertible Senior Notes 381 381 — Senior Unsecured Notes 2,900 2,900 — Term Loans 1,580 1,580 — Revolving Secured Financing 200 — 200 Subtotal - Corporate Debt $ 5,061 $ 4,861 $ 200 TOTAL DEBT $ 26,207 $ 16,907 $ 9,300 $26.2B Max Facility Size 30 $9.3B Available Capacity 20 Counterparties
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Cash & equivalents Approved and undrawn credit capacity Current liquidity 90-day expected loan repayments, sales and securitizations 90-day expected future fundings Working capitalTotal available capital 0 300 600 900 1,200 1,500 1,800 2,100 2,400 Financial Capacity $ millions NOTE: As of July 31, 2025 $1,221 $142 $936 $(165) Total Available Capital $ 1,221 + Available On-BS Financing (12) $ 8,121 Total Potential Liquidity $ 9,342 $(225) $1,078 $533 31
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Share Count shares in thousands 2025 2025 Q2 Q1 YTD Number of Shares, GAAP EPS: Basic — Average shares outstanding 336,945 335,059 336,007 Effect of dilutive securities — Convertible Notes — — — Effect of dilutive securities — Other 200 397 201 Diluted — Average shares outstanding 337,145 335,456 336,208 Shares Outstanding 341,639 339,376 341,639 Number of Shares, Distributable EPS: Basic — Average shares outstanding 336,945 335,059 336,007 Effect of Weighted Average Unvested Stock Awards 5,314 4,478 4,898 Effect of dilutive securities — Woodstar II OP units 9,643 9,707 9,675 Effect of dilutive securities — Other 5 252 5 Diluted — Average shares outstanding 351,907 349,496 350,585 32
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APPENDIX 34
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Company Information Starwood Property Trust, an affiliate of global private investment firm Starwood Capital Group Global L.P., is the largest commercial mortgage real estate investment trust in the United States. Additional information may be found on the Company’s website, www.starwoodpropertytrust.com Bank of America Derek Hewett, 646.855.2087 BTIG Thomas Catherwood, 212.738.6140 Green Street Harsh Hemnani, 949.640.8780 JMP Securities Steven Delaney, 212.906.3517 JP Morgan Richard B. Shane, Jr., 415.315.6701 Keefe Bruyette & Woods North America Jade Rahmani, 212.887.3882 UBS Douglas Harter, 212.882.0080 Wells Fargo Donald Fandetti, 212.214.8069 Wolfe Research Logan Epstein, 646.582.9267 Headquarters: 2340 Collins Avenue, Suite 700 Miami Beach, FL 33139 305.695.5500 Investor Relations: Zachary Tanenbaum 203.422.7788 ztanenbaum@starwood.com New York Stock Exchange: Symbol: STWD Contact Information: Rating BB+ / Outlook Stable Rating Ba2 / Outlook Stable Fitch Ratings Meghan Neenan, 212.908.9121 Johann Juan, 312.368.3339 Moody’s Investors Service Stephen Lynch, 212.553.9585 Ana Arsov, 212.553.3763 Rating Agencies: Analyst Coverage: 33 S&P Ratings Gaurav A. Parikh, 212.438.1131 Brendan Browne, 212.438.8283 Rating BB / Outlook Stable
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Footnotes 34 1. Excludes $378M of the commercial portfolio which are classified as CMBS or preferred equity investments and are not risk rated. 2. Contiguous mezzanine loans of $1,098M are included in the first mortgage balance as of June 30, 2025. 3. Unlevered returns are calculated using applicable index rates for variable rate investments in place as of the respective period end and exclude assets for which interest income is not recognized. In addition to cash coupon, unlevered return includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. 4. Excludes preferred equity investments. 5. Sectors are defined as follows: Power: power plants fueled with natural gas or coal and petroleum coke, renewable power; Midstream: oil and gas transport (including pipelines), LNG terminals and storage; Downstream: oil and gas refineries, petrochemical plants; Upstream: oil and gas exploration and production. 6. Net carrying value for wholly-owned investments includes properties and lease intangibles. 7. Net operating income represents rental income less costs of rental operations and excludes interest, depreciation and amortization. It also excludes an allowance for recurring capital expenditures at multifamily properties and any other adjustments that would be made in the calculation of a cash-on-cash return. 8. Excludes non-controlling JV interests. 9. Represents (i) total outstanding secured and unsecured financing arrangements (excluding the non-recourse CLOs and SASB, and adjusted to include our share of the Woodstar portfolio debt with a UPB of $1,001M), less cash and lender-restricted cash; divided by (ii) undepreciated permanent equity (i.e. GAAP permanent equity plus accumulated depreciation and amortization of $292M as of June 30, 2025), less our share of the Woodstar cumulative change in fair value of debt of $21M. 10. Includes our share of the Woodstar portfolio debt with a UPB of $1,001M. 11. Excludes non-recourse CLOs, SASBs and our share of the Woodstar portfolio debt. Drawn amounts also exclude discounts / premiums and unamortized deferred financing costs. 12. Does not include potential proceeds from future A-note sales or CLO securitizations and is as of quarter end, adjusted for approved undrawn credit capacity.
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Calculation Methodologies 30 Distributable Earnings: Distributable Earnings is a non-GAAP measure. We calculate Distributable Earnings as GAAP net income (loss) excluding the following: (i) non-cash equity compensation expense; (ii) the incentive fee due under our management agreement; (iii) acquisition and investment pursuit costs associated with successful acquisitions; (iv) depreciation and amortization of real estate and associated intangibles; (v) unrealized gains (losses), net of realized gains (losses), as described further below; (vi) other non-cash items; and (vii) to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein (i.e. the Woodstar II Class A units), with each of the above adjusted for any related non-controlling interest. Distributable Earnings may be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by our Manager and approved by a majority of our independent directors. As noted in (v) above, we exclude unrealized gains and losses from our calculation of Distributable Earnings and include realized gains and losses. The CECL reserve and any property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of a foreclosed or other property, when the underlying asset is sold. Non-recoverability may also be determined if, in our determination, it is nearly certain the carrying amounts will not be collected or realized upon sale. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the Distributable Earnings basis of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the asset. The timing of any such loss realization in our Distributable Earnings may differ materially from the timing of the corresponding CECL reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flows from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute annually at least 90% of our REIT taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our common stock. Further, Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations, and is a performance metric we consider when declaring our dividends. We also use Distributable Earnings (previously defined as “Core Earnings”) to compute the incentive fee due under our management agreement. Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be considered as an alternative to GAAP net income (loss), or an indication of our GAAP cash flows from operations, a measure of our liquidity, taxable income, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings may not be comparable to the Distributable Earnings reported by other companies. 35
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Ratings Criteria 31 Rating ▪ Sponsor capability and financial condition – Sponsor is highly rated or investment grade or, if private, the equivalent thereof with significant management experience. ▪ Loan collateral and performance relative to underwriting – The collateral has surpassed underwritten expectations. ▪ Quality and stability of collateral cash flows – Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix. ▪ Loan structure – Loan to collateral value ratio (“LTV”) does not exceed 65%. The loan has structural features that enhance the credit profile. Characteristics 1 ▪ Sponsor capability and financial condition – Strong sponsorship with experienced management team and a responsibly leveraged portfolio. ▪ Loan collateral and performance relative to underwriting – Collateral performance equals or exceeds underwritten expectations and covenants and performance criteria are being met or exceeded. ▪ Quality and stability of collateral cash flows – Occupancy is stabilized with a diverse tenant mix. ▪ Loan structure – LTV does not exceed 70% and unique property risks are mitigated by structural features. 2 ▪ Sponsor capability and financial condition – Sponsor has historically met its credit obligations, routinely pays off loans at maturity, and has a capable management team. ▪ Loan collateral and performance relative to underwriting – Property performance is consistent with underwritten expectations. ▪ Quality and stability of collateral cash flows – Occupancy is stabilized, near stabilized, or is on track with underwriting. ▪ Loan structure – LTV does not exceed 80%. 3 ▪ Sponsor capability and financial condition – Sponsor credit history includes missed payments, past due payment, and maturity extensions. Management team is capable but thin. ▪ Loan collateral and performance relative to underwriting – Property performance lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. A sale of the property may be necessary in order for the borrower to pay off the loan at maturity. ▪ Quality and stability of collateral cash flows – Occupancy is not stabilized and the property has a large amount of rollover. ▪ Loan structure – LTV is 80% to 90%. 4 ▪ Sponsor capability and financial condition – Credit history includes defaults, deeds-in-lieu, foreclosures and / or bankruptcies. ▪ Loan collateral and performance relative to underwriting – Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Sale proceeds would not be sufficient to pay off the loan at maturity. ▪ Quality and stability of collateral cash flows – The property has material vacancy and significant rollover of remaining tenants. ▪ Loan structure – LTV exceeds 90%. 5 36
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Special Note Regarding Forward-Looking Statements 32 This presentation contains certain forward-looking statements, including without limitation, statements concerning the Company’s operations, economic performance and financial condition. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are developed by combining currently available information with the Company’s beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions. Forward-looking statements do not guarantee future performance, which may be materially different from that expressed in, or implied by, any such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their respective dates. These forward-looking statements are based largely on the Company’s current beliefs, assumptions and expectations of the Company’s future performance taking into account all information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or within the Company’s control, and which could materially affect actual results, performance or achievements. Factors that may cause actual results to vary from the Company’s forward-looking statements are set forth under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and include, but are not limited to: • defaults by borrowers in paying debt service on outstanding indebtedness; • impairment in the value of real estate property securing the Company’s loans or in which the Company invests; • availability of mortgage origination and acquisition opportunities acceptable to the Company; • potential mismatches in the timing of asset repayments and the maturity of the associated financing agreements; • national and local economic and business conditions, including as a result of the impact of public health emergencies; • the occurrence of certain geo-political events (such as wars, terrorist attacks and tensions between states, including global trade disputes related to tariffs) that affect the normal and peaceful course of international relations; • general and local commercial and residential real estate property conditions; • changes in federal government policies; • changes in federal, state and local governmental laws and regulations; • increased competition from entities engaged in mortgage lending and securities investing activities; • changes in interest rates; and • the availability of, and costs associated with, sources of liquidity. Additional risk factors are identified in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available on the Company’s website at http://www.starwoodpropertytrust.com and the SEC’s website at http://www.sec.gov. In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to, and expressly disclaims any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise. Please keep this cautionary note in mind as you assess the information given in this presentation. 37
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NYSE: STWD