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SUPPLEMENTAL REPORTING INFORMATION Q3 2025
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Table of Contents (i) Press Release Page 1 Highlights Page 9 Commercial and Residential Lending Segment Page 13 Infrastructure Lending Segment Page 22 Property Segment Page 23 Investing and Servicing Segment Page 27 Capitalization Page 29 Appendix Page 35 Cover photo: $161M first mortgage and mezzanine loan on Forty Six Fifty Broadway, New York City
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PRESS RELEASE
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For Immediate Release Starwood Property Trust Reports Results for Quarter Ended September 30, 2025 – Quarterly GAAP Earnings of $0.19 and Distributable Earnings (DE) of $0.40 per Diluted Share – – Invested $4.6 Billion in the Quarter and $10.2 Billion in the 9 Months – – Investments include $2.2 Billion of Triple Net Lease Investments, $1.4 Billion in Commercial Lending and a Record $0.8 Billion in Infrastructure Lending During the Quarter – – Raised $2.3 Billion of Capital Across Equity, Term Loan B and High Yield Markets – – Record Liquidity of $2.2 Billion – – Paid Quarterly Dividend of $0.48 per Share for Over a Decade – MIAMI BEACH, FL, November 10, 2025 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended September 30, 2025. The Company’s third quarter 2025 GAAP net income was $72.6 million, inclusive of a $28.4 million credit loss provision and $26.0 million of depreciation, and Distributable Earnings (a non-GAAP financial measure) was $148.6 million. “At the time of our IPO in 2009, we committed to diversify our company. We once again delivered by acquiring Fundamental, a $2.2 billion portfolio of durable, long-term, high quality net lease assets and a best-in-class team. Leveraging the resources of our manager, Starwood Capital Group, we believe we can meaningfully grow this net lease portfolio accretively in the coming years,” said Barry Sternlicht, Chairman and CEO of Starwood Property Trust. “As interest rates move lower and transaction volumes ramp, our ample liquidity offers us a great opportunity to continue growing all of our cylinders.” “Starwood Property Trust’s ability to access capital also remains a true differentiator,” added Jeffrey DiModica, President of Starwood Property Trust. “Over the past year, we have been extremely active in the capital markets, raising nearly $3.0 billion across equity, term loans, and unsecured debt, all at record-tight levels. We repriced our existing term loans due 2027 and 2030 to record low spreads of +175 and +200 basis points, respectively, and issued a seven-year term loan at the tightest spread for a new issuance in our sector at +225 basis points. These transactions highlight both the market’s confidence in our credit profile and our disciplined financial management.” 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. 1
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Webcast and Conference Call Information The Company will host a live webcast and conference call on Monday, November 10, 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: 13753256 The playback can be accessed through November 24, 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 September 30, 2025, the Company has successfully deployed $112 billion of capital since inception and manages a portfolio of $30 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 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC. 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. 2
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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 September 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 $ 315,894 $ 76,724 $ 246 $ 2,582 $ — $ 395,446 $ — $ 395,446 Interest income from investment securities 18,405 150 — 23,329 — 41,884 (34,523) 7,361 Servicing fees 81 — — 28,351 — 28,432 (5,220) 23,212 Rental income 6,233 — 45,603 5,692 — 57,528 — 57,528 Other revenues 2,513 844 347 934 693 5,331 — 5,331 Total revenues 343,126 77,718 46,196 60,888 693 528,621 (39,743) 488,878 Costs and expenses: Management fees 172 — — — 32,071 32,243 — 32,243 Interest expense 181,639 41,402 24,302 6,788 80,925 335,056 (207) 334,849 General and administrative 14,224 4,941 6,100 21,850 4,408 51,523 — 51,523 Costs of rental operations 5,688 — 6,726 3,573 — 15,987 — 15,987 Depreciation and amortization 2,840 10 21,181 1,762 251 26,044 — 26,044 Credit loss provision, net 26,805 1,554 — — — 28,359 — 28,359 Other expense 73 430 — (64) — 439 — 439 Total costs and expenses 231,441 48,337 58,309 33,909 117,655 489,651 (207) 489,444 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 43,735 43,735 Change in fair value of servicing rights — — — 2,327 — 2,327 (311) 2,016 Change in fair value of investment securities, net 1,111 — — 4,531 — 5,642 (3,848) 1,794 Change in fair value of mortgage loans, net 40,544 — — 11,823 — 52,367 — 52,367 Income from affordable housing fund investments — — 324 — — 324 — 324 (Loss) earnings from unconsolidated entities — (294) — 2,797 — 2,503 (40) 2,463 Gain (loss) on sale of investments and other assets, net 1,048 — (21) — — 1,027 — 1,027 Gain (loss) on derivative financial instruments, net 14,276 7 (7,971) 1,295 (1,793) 5,814 — 5,814 Foreign currency loss, net (11,995) (210) (10) — — (12,215) — (12,215) Other loss, net (2,354) — (578) (554) — (3,486) — (3,486) Total other income (loss) 42,630 (497) (8,256) 22,219 (1,793) 54,303 39,536 93,839 Income (loss) before income taxes 154,315 28,884 (20,369) 49,198 (118,755) 93,273 — 93,273 Income tax (provision) benefit (7,432) 234 6 (6,151) — (13,343) — (13,343) Net income (loss) 146,883 29,118 (20,363) 43,047 (118,755) 79,930 — 79,930 Net income attributable to non-controlling interests (3) — (4,366) (3,001) — (7,370) — (7,370) Net income (loss) attributable to Starwood Property Trust, Inc. $ 146,880 $ 29,118 $ (24,729) $ 40,046 $ (118,755) $ 72,560 $ — $ 72,560 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 September 30, 2025 for additional information regarding Distributable Earnings. Reconciliation of Net Income to Distributable Earnings For the three months ended September 30, 2025 (Amounts in thousands except per share data) Net income (loss) attributable to Starwood Property Trust, Inc. $ 146,880 $ 29,118 $ (24,729) $ 40,046 $ (118,755) $ 72,560 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 4,629 — — 4,629 Non-controlling interests attributable to unrealized gains/losses — — (4,323) 824 — (3,499) Non-cash equity compensation expense 2,840 733 1,565 1,327 8,225 14,690 Depreciation and amortization 2,876 — 21,587 1,865 — 26,328 Straight-line rent adjustment — — (467) 38 — (429) Interest income adjustment for loans and securities 5,795 — — 9,261 — 15,056 Consolidated income tax provision (benefit) associated with fair value adjustments 7,432 (234) (6) 6,151 — 13,343 Other non-cash items 2 — (83) (407) — (488) Reversal of GAAP unrealized and realized (gains) / losses on: Loans (40,544) — — (11,823) — (52,367) Credit loss provision, net 26,805 1,554 — — — 28,359 Securities (1,111) — — (4,531) — (5,642) Woodstar Fund investments — — (324) — — (324) Derivatives (14,276) (7) 7,971 (1,295) 1,793 (5,814) Foreign currency 11,995 210 10 — — 12,215 Loss (earnings) from unconsolidated entities — 294 — (2,797) — (2,503) Sales of properties (1,095) — 21 — — (1,074) Recognition of Distributable realized gains / (losses) on: Loans (674) — — 14,115 — 13,441 Securities (414) — — (8,326) — (8,740) Woodstar Fund investments — — 21,351 — — 21,351 Derivatives 11,072 46 486 (1,111) (7,499) 2,994 Foreign currency 290 27 (11) — — 306 (Loss) earnings from unconsolidated entities — (110) — 3,252 — 3,142 Sales of properties 1,095 — (25) — — 1,070 Distributable Earnings (Loss) $ 158,968 $ 31,631 $ 27,652 $ 46,589 $ (116,236) $ 148,604 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 0.43 $ 0.08 $ 0.08 $ 0.12 $ (0.31) $ 0.40 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 nine months ended September 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 $ 919,788 $ 203,129 $ 246 $ 11,425 $ — $ 1,134,588 $ — $ 1,134,588 Interest income from investment securities 63,629 452 — 73,281 — 137,362 (107,467) 29,895 Servicing fees 257 — — 68,807 — 69,064 (14,312) 54,752 Rental income 20,968 — 78,155 15,831 — 114,954 — 114,954 Other revenues 7,857 2,946 821 4,204 1,324 17,152 — 17,152 Total revenues 1,012,499 206,527 79,222 173,548 1,324 1,473,120 (121,779) 1,351,341 Costs and expenses: Management fees 529 — — — 103,310 103,839 — 103,839 Interest expense 527,684 115,662 42,346 22,715 235,344 943,751 (612) 943,139 General and administrative 44,365 15,482 8,751 68,712 13,432 150,742 — 150,742 Costs of rental operations 16,156 — 18,674 10,489 — 45,319 — 45,319 Depreciation and amortization 8,938 29 32,921 5,257 754 47,899 — 47,899 Credit loss provision, net 4,709 4,317 — — — 9,026 — 9,026 Other expense 48 4,046 (76) 165 — 4,183 — 4,183 Total costs and expenses 602,429 139,536 102,616 107,338 352,840 1,304,759 (612) 1,304,147 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 112,706 112,706 Change in fair value of servicing rights — — — 5,781 — 5,781 (649) 5,132 Change in fair value of investment securities, net 6,450 — — (14,370) — (7,920) 9,886 1,966 Change in fair value of mortgage loans, net 91,543 — — 49,095 — 140,638 — 140,638 Income from affordable housing fund investments — — 9,349 — — 9,349 — 9,349 Earnings (loss) from unconsolidated entities 2,708 251 — 8,689 — 11,648 (776) 10,872 Gain (loss) on sale of investments and other assets, net 32,710 — (21) — — 32,689 — 32,689 (Loss) gain on derivative financial instruments, net (167,702) (12) (8,082) (1,082) 41,707 (135,171) — (135,171) Foreign currency gain (loss), net 105,878 656 (197) — — 106,337 — 106,337 Gain (loss) on extinguishment of debt 20,773 (783) — — — 19,990 — 19,990 Other (loss) income, net (3,580) — (2,042) 2,427 — (3,195) — (3,195) Total other income (loss) 88,780 112 (993) 50,540 41,707 180,146 121,167 301,313 Income (loss) before income taxes 498,850 67,103 (24,387) 116,750 (309,809) 348,507 — 348,507 Income tax (provision) benefit (2,231) 189 6 (15,744) — (17,780) — (17,780) Net income (loss) 496,619 67,292 (24,381) 101,006 (309,809) 330,727 — 330,727 Net income attributable to non-controlling interests (10) — (14,776) (1,312) — (16,098) — (16,098) Net income (loss) attributable to Starwood Property Trust, Inc. $ 496,609 $ 67,292 $ (39,157) $ 99,694 $ (309,809) $ 314,629 $ — $ 314,629 6
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Reconciliation of Net Income to Distributable Earnings For the nine months ended September 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. $ 496,609 $ 67,292 $ (39,157) $ 99,694 $ (309,809) $ 314,629 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 13,917 — — 13,917 Non-controlling interests attributable to unrealized gains/losses — — (11,080) (6,378) — (17,458) Non-cash equity compensation expense 8,476 2,056 1,781 4,091 25,066 41,470 Management incentive fee — — — — 10,244 10,244 Depreciation and amortization 9,146 — 33,545 5,562 — 48,253 Straight-line rent adjustment — — 307 104 — 411 Interest income adjustment for loans and securities 17,843 — — 31,727 — 49,570 Consolidated income tax provision (benefit) associated with fair value adjustments 2,231 (189) (6) 15,744 — 17,780 Other non-cash items 10 — (246) (1,219) — (1,455) Reversal of GAAP unrealized and realized (gains) / losses on: Loans (91,543) — — (49,095) — (140,638) Credit loss provision, net 4,709 4,317 — — — 9,026 Securities (6,450) — — 14,370 — 7,920 Woodstar Fund investments — — (9,349) — — (9,349) Derivatives 167,702 12 8,082 1,082 (41,707) 135,171 Foreign currency (105,878) (656) 197 — — (106,337) Earnings from unconsolidated entities (2,708) (251) — (8,689) — (11,648) Sales of properties (5,223) — 21 — — (5,202) Recognition of Distributable realized gains / (losses) on: Loans (1,556) — — 47,987 — 46,431 Securities (761) — — (15,082) — (15,843) Woodstar Fund investments — — 63,272 — — 63,272 Derivatives 57,668 149 290 (1,788) (21,401) 34,918 Foreign currency 2,347 85 (197) — — 2,235 Earnings (loss) from unconsolidated entities 2,708 (327) — 9,659 — 12,040 Sales of properties (43,343) — (25) — — (43,368) Distributable Earnings (Loss) $ 511,987 $ 72,488 $ 61,352 $ 147,769 $ (337,607) $ 455,989 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 1.43 $ 0.20 $ 0.17 $ 0.41 $ (0.94) $ 1.27 7
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Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheet by Segment As of September 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 $ 21,189 $ 135,689 $ 36,478 $ 6,288 $ 101,491 $ 301,135 $ — $ 301,135 Restricted cash 164,241 49,872 10,499 347 13,013 237,972 — 237,972 Loans held-for-investment, net 15,254,794 3,063,963 — — — 18,318,757 — 18,318,757 Loans held-for-sale 2,308,388 — — 252,767 — 2,561,155 — 2,561,155 Investment securities 622,469 16,416 — 1,197,170 — 1,836,055 (1,577,220) 258,835 Properties, net 764,063 — 2,505,635 64,785 — 3,334,483 — 3,334,483 Investments of consolidated affordable housing fund — — 1,861,931 — — 1,861,931 — 1,861,931 Investments in unconsolidated entities 8,514 54,356 — 32,964 — 95,834 (14,744) 81,090 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets, net 2,965 — 394,574 68,673 — 466,212 (36,394) 429,818 Derivative assets 28,478 — — 304 8,532 37,314 — 37,314 Accrued interest receivable 156,005 10,242 504 635 186 167,572 — 167,572 Other assets 205,970 9,937 108,722 (9,333) 62,959 378,255 — 378,255 VIE assets, at fair value — — — — — — 34,205,812 34,205,812 Total Assets $ 19,537,076 $ 3,459,884 $ 4,918,343 $ 1,755,037 $ 186,181 $ 29,856,521 $ 32,577,454 $ 62,433,975 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 219,001 $ 39,187 $ 105,907 $ 44,584 $ 123,351 $ 532,030 $ — $ 532,030 Related-party payable — — — — 27,939 27,939 — 27,939 Dividends payable — — — — 180,113 180,113 — 180,113 Derivative liabilities 79,121 — — — 14,450 93,571 — 93,571 Secured financing agreements, net 9,958,349 1,100,722 896,034 498,660 2,229,453 14,683,218 (20,000) 14,663,218 Securitized financing, net 1,412,126 1,232,420 877,942 — — 3,522,488 — 3,522,488 Unsecured senior notes, net — — — — 3,245,122 3,245,122 — 3,245,122 VIE liabilities, at fair value — — — — — — 32,597,454 32,597,454 Total Liabilities 11,668,597 2,372,329 1,879,883 543,244 5,820,428 22,284,481 32,577,454 54,861,935 Temporary Equity: Redeemable non-controlling interests — — 385,853 — — 385,853 — 385,853 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,778 3,778 — 3,778 Additional paid-in capital 1,283,096 760,702 383,549 (616,981) 5,133,680 6,944,046 — 6,944,046 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 6,573,329 326,853 2,063,233 1,712,845 (10,633,683) 42,577 — 42,577 Accumulated other comprehensive income 11,935 — — — — 11,935 — 11,935 Total Starwood Property Trust, Inc. Stockholders’ Equity 7,868,360 1,087,555 2,446,782 1,095,864 (5,634,247) 6,864,314 — 6,864,314 Non-controlling interests in consolidated subsidiaries 119 — 205,825 115,929 — 321,873 — 321,873 Total Permanent Equity 7,868,479 1,087,555 2,652,607 1,211,793 (5,634,247) 7,186,187 — 7,186,187 Total Liabilities and Equity $ 19,537,076 $ 3,459,884 $ 4,918,343 $ 1,755,037 $ 186,181 $ 29,856,521 $ 32,577,454 $ 62,433,975 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 $29.9B of total assets with an adjusted debt- to-equity ratio of 2.51x and undepreciated book value per share of $19.39 Strong Balance Sheet Strong Investment Pace Ample Capacity to Fund Growth Consistent Dividend Ample Capacity to Fund Growth $9.3B of capacity across secured financing facilities, with $2.2B of current liquidity and corporate debt capacity of over $1.0B NOTE: Amounts are as of September 30, 2025, unless otherwise indicated 9 Paid quarterly dividend of $0.48 for over a decade, a dividend that we have never cut, with $8.4B of total dividends paid or declared since inception $4.6B of investing in the quarter, bringing nine months to $10.2B, on pace to be one of our largest investing years to date
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Q3 2025 Highlights NOTE: Please refer to the Calculation Methodologies section herein for the definition of DE 10 Quarter Performance • GAAP book value per share of $18.54 and undepreciated book value per share of $19.39 ◦ GAAP book value reflects $1.80 per share cumulative reduction for CECL reserves and property impairments and $0.85 of accumulated depreciation • GAAP earnings of $0.19 and Distributable Earnings ("DE") of $0.40 per diluted share, which includes $0.03 of temporary dilution from the merger of Fundamental Income Properties, LLC ("FIP") • Invested $4.6B ($10.2B YTD) across business lines: ◦ Property - $2.2B merger of FIP, a triple net lease real estate owned portfolio, on July 23rd ◦ Commercial Lending - Originated $1.4B in the quarter ($4.7B YTD) ◦ Infrastructure Lending - Invested a record $0.8B in the quarter ($2.2B YTD) • Fundings of $4.7B and principal collections of $2.1B • Securitized or priced $222M of conduit loans in five transactions • Named servicing portfolio of $99.0B and total active servicing portfolio of $10.6B
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Q3 2025 Highlights 11 Liquidity and Capitalization • Raised $2.3B of capital including: ◦ $700M term loan due 2032 at S+2.25% (tightest spread for a new deal) ◦ $534M of common stock at $19.70, which was accretive to GAAP book value ◦ $1.1B of unsecured notes at 5.25% and 5.75%, which closed after quarter end • Repriced $1.6B of term loans at record low spreads, $0.9B at S+2.00% and $0.7B at S+1.75% • Completed a $178M cash-out refinancing of Woodstar Fund debt; new debt has an initial term of 10 years and a coupon of S+1.75% • Adjusted debt-to-equity ratio of 2.51x • $2.2B of cash plus approved undrawn debt capacity as of November 3 • Subsequent to quarter end completed: ◦ Sixth CLO in Infrastructure Lending for $500M with lowest weighted average coupon to date of S+1.72%, bringing this segment's term non-MTM CLO financing to 67% ◦ FIP ABS issuance for $391M at a weighted average fixed rate of 5.26% and 6.5 year weighted average term ◦ Additional $116M cash-out refinancings of Woodstar Fund debt; new debt has an initial term of 10 years and a weighted average coupon of S+1.76%
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Ø U.S. office represents only 8% of our diversified $29.9B asset base Total Assets $29.9B 12 Other 2%Cash & A/R 2% Other $1.3 Int'l Office 2% Commercial Loans 53% Medical Office 2% Property - Other 4% Owned Properties 19% Florida Affordable Housing Fund 6% Other 5% Industrial 9% Retail 1% REIS CMBS 4% Mixed Use 2% U.S. Office 8%Intangibles 1% Residential 1% Residential Lending 9% Infrastructure Lending 10% Hotel 5% Multifamily 20% Fundamental 7%
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COMMERCIAL AND RESIDENTIAL LENDING SEGMENT
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(Investment Securities) $15.8B Total Portfolio * 2.9 in prior quarter Commercial Lending Portfolio NOTE: See the Ratings Criteria section included in the Appendix • $1.4B originations (funded nearly 100%) • $219M follow on fundings • $1.3B repayments 3.0 W.A. Risk Rating * (1 loan) (35 loans) (92 loans) (13 loans) (5 loans) Loan Risk Rating 13 15 4 3 2 Q3 Activity $2.0B $0.6B $3.9B $9.1B $0.2B Not Rated (1)
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21% 38%12% 12% 2% 15% Production Studio Warehouse 75% 20% 5% 81% 19% $ millions Location $ Maturity* Washington, DC $328 Jan-26 Houston, TX $252 Jan-28 Dallas, TX $231 Sep-26 London, UK $214 Mar-27 Orlando, FL $193 Dec-28 Berlin, Germany $175 Nov-28 McLean, VA $175 Sep-27 Irvine, CA $163 Oct-25 Brooklyn, NY $140 Mar-25 Dublin, CA $122 Jul-27 Location $ Maturity* Various, NY $484 Sep-30 Salt Lake City, UT $335 Feb-30 Various, Europe $311 Aug-30 Long Island City, NY $267 Aug-27 Various, Czech Republic $194 Aug-30 Beaumont, CA $162 Apr-30 Various, Australia $162 Dec-28 Ashburn, VA $131 Jun-30 Queens, NY $108 Nov-26 Santa Clarita, CA $106 Nov-26 Top 10 Loans by Largest Property Types Office Industrial 14 Location $ Maturity* Various, US $550 Sep-30 Various, TX $412 Apr-30 Various, UK $298 Mar-26 Los Angeles, CA $262 Apr-26 London, UK $255 Apr-28 Various, Germany $191 Feb-30 Various, FL $159 Jun-27 Various, UK $159 May-27 New York, NY $145 Aug-30 New Rochelle, NY $138 Dec-28 Multifamily Property CharacteristicsTop 10 Loans (UPB) *Fully extended $5.8B $2.6B 100% International Class BClass A $2.4B $0.6B U.S. Data CenterSoutheast Southwest West NortheastMidwest International *** ** In process of being modified *** Modification in process to accommodate new leases which would bring occupancy to 100% **
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Collateral Diversification 15 Multifamily Office Hotel Mixed Use Industrial Residential Retail Other Q3'20Q4'20Q1'21Q2'21Q3'21Q4'21Q1'22Q2'22Q3'22Q4'22Q1'23Q2'23Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25 —% 20% 40% 60% 80% 100% Our commercial loan portfolio has transformed over time, with multifamily becoming our largest property type
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Commercial Portfolio Geographic Diversification NOTE: Amounts are stated as a percentage of commercial loan portfolio International U.S. 16 Southwest 20 % Northeast 20 % Southeast 13 % West 12 % Mid-Atlantic 6 % Midwest 3 % Europe: UK 9 % Germany 4 % Ireland 3 % Other Europe 3 % Australia 7 % Europe Australia
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Commercial Lending Metrics ($ millions) First Mortgages (2) Mezzanine Loans (2) Subordinated Mortgages Preferred Equity Lending CMBS Total CRE Carrying Value $15,283 $307 $33 $73 $70 $15,766 Carrying Value on Accrual $14,493 $155 $28 $18 $70 $14,764 Unlevered Return for Assets on Accrual (3) 7.9% 11.4% 14.7% 10.4% 5.5% 7.9% 17 Dollar (Carrying values in billions) First Mortgages Lending CMBS Mezzanine Loans Subordinated MortgagesPreferred Equity Q3'23 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 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 Loan Type Origination Date Fully Extended Maturity Date Location Property Type Loan Commitment UPB Senior Jun 2022 Jun 2030 Various, Australia Casino Hotel* $ 910.3 $ 910.3 Senior/Mezz Sep 2025 Sep 2030 Various, US Multifamily 550.0 550.0 Senior/Mezz Jan 2025 Feb 2030 Salt Lake City, UT Industrial 550.0 335.2 Senior Aug 2025 Sep 2030 Various, NY Industrial 500.0 483.6 Senior Apr 2025 Apr 2030 Various, TX Multifamily 412.0 412.0 Senior/Mezz Dec 2019 Jan 2026 Washington, DC Office 335.9 327.7 Senior Dec 2021 Apr 2028 London, UK Multifamily 327.1 254.7 Senior/CMBS Jul 2024 Aug 2030 Various, Europe Industrial 310.8 310.8 Senior Jun 2023 Jun 2028 Birmingham, UK Convention/Arenas* 307.8 303.1 Senior Mar 2021 Mar 2026 Various, UK Multifamily 297.8 297.8 18 * Included within the "Other" property type category
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Nonaccrual Assets 19 Location Property Type Carrying Value Dallas, Texas Mixed Use $ 242 East Rutherford, New Jersey Retail 188 Brooklyn, New York Office 139 Los Angeles, California Office 119 Arlington, Virginia Office 117 Phoenix, Arizona Multifamily 91 Washington, D.C. Office 13 Dublin, Ireland(a) Office 6 Carrying Value of Nonaccrual Loans $ 915 Preferred Equity Interests 55 Total Carrying Value of Nonaccrual Assets $ 970 Ø $970M carrying value of commercial assets on nonaccrual $ millions Property Type Location Retail 21% Mixed Use 26% Office 43% Multifamily 10% NJ 21% VA 13% NY 15% CA 13% TX 26%D.C. 1% AZ 10% Int'l 1% NOTE: Excludes fully reserved nonaccrual loan totaling $5M (a) Carrying value is net of a $27.2 million specific credit loss allowance
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(a) Excludes: (i) two properties that were legally sold in Q4'24 and Q2'25 but did not qualify as GAAP sales and (ii) a property that is included in Property Segment and is being repositioned GA 7% TN 7% IL 6% NY 18% CA 23% TX 13% AZ 4% FL 13% MA 9% Foreclosed Assets Multifamily 45% Residential 18% Retail 6% Mixed Use 23% Life Science 8% 20 Location Property Type Carrying Value ($ millions) (per sq ft) Los Angeles, California Mixed Use $ 150 $ 131 New York City, New York Residential (Luxury Co-Op) 117 2,112 Dallas, Texas Multifamily 86 179 Windermere, Florida Multifamily 84 218 Boston, Massachusetts Life Science 56 562 Nashville, Tennessee Multifamily 49 172 Conyers, Georgia Multifamily 44 162 Chicago, Illinois Retail 38 1,318 Phoenix, Arizona Multifamily 30 226 Net Carrying Value of Foreclosed Assets (a) $ 654 Ø $654M net carrying value of commercial assets previously foreclosed Property Type Location
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Asset Carrying Values Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Loans, held for sale $ 2,308 $ 2,323 $ 2,376 $ 2,395 $ 2,540 Post-securitization retained RMBS 409 414 422 421 423 Residential Portfolio Carrying Values $ 2,717 $ 2,737 $ 2,798 $ 2,816 $ 2,963 Weighted Average Coupon (WAC)* Loans, held for sale 4.4% 4.4% 4.5% 4.5% 4.5% Residential Portfolio $ millions Ø Recorded $27M net unrealized fair value increase: – Loans: $41M increase – RMBS: $1M increase – Interest Rate Hedges: $15M decrease to FMV of $(11)M Ø Repayments of $52M on loans and $10M on RMBS 21 *Does not include the impact of interest rate hedges
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INFRASTRUCTURE LENDING SEGMENT 25
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Power 62% Midstream 25% Downstream 10%Other 3% Portfolio Metrics and Activity $3.1B Total Portfolio Northeast 31% Southwest 23% Midwest 20% Southeast 10% West 11%Int'l 3% Mid-Atlantic 1% Other - U.S. 1% Geographic Location Sector (5) • Record $791M new commitments ($678M funded) • $19M follow on fundings • $691M repayments • Portfolio remains at record high of $3.1B Q3 Activity 22
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PROPERTY SEGMENT 25
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Property Segment Investment Portfolio $ millions Investment Net Carrying Value (6) Asset Specific Financing Net Investment Q3'25 Net Operating Income (7) Occupancy Rate (8) Wholly-Owned: Fundamental $ 2,216 $ 1,292 $ 924 $ 28.3 100% Medical Office Portfolio 790 482 308 10.6 88% D.C. Multifamily Conversion 117 — 117 N/A Subtotal - Undepreciated Carrying Value $ 3,123 $ 1,774 $ 1,349 $ 38.9 Accumulated Depreciation and Amortization (256) — (256) — Subtotal - Wholly-Owned $ 2,867 $ 1,774 $ 1,093 $ 38.9 Woodstar Fund 1,862 — 1,862 34.4 98% Total Property Segment Investment Portfolio $ 4,729 $ 1,774 $ 2,955 $ 73.3 97% 23 Significant Activity During the Quarter: Ø Acquired Fundamental, a 468-property, single-tenant, triple net lease portfolio, for $2.2B Ø Completed a $178M cash-out refinancing of Woodstar Fund debt; new debt has an initial term of 10 years and a coupon of S+1.75%
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Fundamental Highlights 24 Portfolio Highlights Top 10 States (% of ABR) State % # of Properties Pennsylvania 9.2% 25 Illinois 8.3% 26 Texas 7.7% 29 Virginia 7.5% 8 Ohio 6.8% 43 Arizona 5.4% 7 Washington 4.7% 3 Wisconsin 4.6% 23 Colorado 4.3% 56 Utah 4.0% 1 Total 63% 221 Geographic Diversification Owned Properties 475 Square Footage 12.8M States 43 Weighted Avg. Remaining Lease Term (Years) 17.1 Annualized Cash Base Rent ("ABR") $149M Industries 61 Tenants 96 Avg. Annual Rent Increases(a) 2.24% Master Leases (% of ABR) 63.6% Top 10 Tenant (% of ABR) 34.7% Top 10 Major Industries (% of ABR) 88.1% Significant Activity During the Quarter: Ø Post-acquisition, we acquired an additional six properties (four tenants) for $39M with newly executed 20-year leases Ø Converted two $14M loans to properties subject to pre-existing 20-year leases (a) Assumes CPI of 2.0% or greater
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Fundamental Portfolio Overview (% of Annualized In-Place Base Rent(a)) 25 Top 10 Major Industries 25.9% 14.3% 14.2% 11.7% 6.1% 3.7% 3.7% 3.0% 2.9% 2.6% —% 5% 10% 15% 20% 25% 30% Food Production & Distribution Product Manufacturing Dining & Entertainment Automotive Service Deathcare Healthcare Grocery & Convenience Stores Dealerships Furniture Stores Warehouse & Distribution Property Type Industrial 46% Retail 6% Service 48% (a) Annualized In-Place Base Rent represents the monthly aggregate base rent charged to tenants as of the balance sheet date, multiplied by 12
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Woodstar Fund (the "Fund") $ millions Net Investment Properties, at fair value $ 3,261.0 Cash and other assets 51.6 Secured debt, at fair value (1,422.6) Accrued liabilities (28.0) Investments of consolidated affordable housing fund, at fair value $ 1,862.0 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 $ 60.3 Cost of rental operations (25.9) Interest expense (13.1) Change in fair value (21.0) Income from affordable housing fund investments $ 0.3 Balance Sheet: ▪ Net Investment: Property-level assets, net of property-level debt ▪ Temporary Equity: 20.6% attributable to third party investors Income Statement: ▪ DE ($21M): Represents net income at the portfolio-level excluding unrealized fair value adjustments ▪ GAAP ($0.3M): Net income from our investments is reported as a single line item, which includes changes in fair value of the investments ($-21M), changes in working capital ($+5M), and cash income distributions received ($+16M) Change in FMV Properties $ (10.1) Debt (8.0) Derivative (2.9) Total change in FMV $ (21.0) 26
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INVESTING AND SERVICING SEGMENT 21
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Significant Activity During the Quarter: Ø Securitized or priced $222M of conduit loans in five transactions Ø Active servicing portfolio increased from $10.3B to $10.6B Ø Obtained five new servicing assignments with a UPB of $4B, while $7B matured, bringing our portfolio to $99B Investment Portfolio $ millions NOTE: VRR refers to vertical risk retention Asset Carrying Values Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Owned CMBS, non-VRR $ 427 $ 432 $ 405 $ 464 $ 451 Owned CMBS, VRR 408 410 382 383 356 Owned CMBS, Agency Multifamily B-Piece 75 75 76 76 77 CMBS, JVs (net of non-controlling interests) 161 160 159 168 169 Total CMBS $ 1,071 $ 1,077 $ 1,022 $ 1,091 $ 1,053 Properties and lease intangibles, net 70 70 70 71 64 Conduit Loans 253 172 71 121 233 Special servicing intangible 64 62 58 58 56 Other 18 18 19 19 13 Total $ 1,476 $ 1,399 $ 1,240 $ 1,360 $ 1,419 27
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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 (9) CMBS 2.0 CMBS 3.0 $ millions LNR Special Servicer NOTE: Carrying value represents estimated fair value Carrying Value Named SS: $99.0B Loan Balance 190 CMBS Trusts Active SS: $9.0B SS Loan Balance $1.6B REO Loan Balance $10.6B Total Active SS Balance 28 Named SS Balance UPB loans named SS Q3'16Q1'17Q3'17Q1'18Q3'18Q1'19Q3'19Q1'20Q3'20Q1'21Q3'21Q1'22Q3'22Q1'23Q3'23Q1'24Q3'24Q1'25Q3'25 50 100 150 $ billions
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CAPITALIZATION 27
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Adjusted On Balance Sheet Leverage Securitized Financing (ABSs, CLOs & SASB) Capitalization Overview Credit Metrics Adjusted Debt-to-Equity Ratios 2.51x 2.98x (10) Ba2 / BB / BB+ Current Corporate Issuer Rating $4.8B Total Unencumbered Assets 1.55x Fixed Charge Coverage Ratio 1.47x Unencumbered Assets to Unsecured Debt $29.9B Total Capitalization Off-Balance Sheet 29 On-Balance Sheet
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Capitalization Overview, continued Total Debt Outstanding (including off-balance sheet) Margin Call Provisions (including off-balance sheet) Secured Debt $14.8 Woodstar Fund Debt $1.1 Off-B/S Debt (ABSs, CLOs & SASB) $3.5 Unsecured Debt $3.3 $22.7 No Margin Calls $11.7 Credit $7.3 Spread and Credit $3.7 $22.7 $ billions 30 Ø 90% of commercial lending debt and 84% of consolidated debt has no capital markets mark-to-market provisions (11)
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Q3'25 GAAP Book Value Q3'25 Accumulated Depreciation & Amortization Q3'25 Undepreciated Book Value Book Value per Share Bridge 23 $18.54 $0.85 $19.39 31
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Financing Facilities $ millions Debt Obligations Type Maximum Facility Size (12) Drawn (12) Available Capacity Asset Specific Financing: Large Loans, Commercial $ 13,663 $ 7,735 $ 5,928 Infrastructure Lending Segment 2,028 1,108 920 Property Segment 1,090 905 185 Residential Loans 3,450 2,062 1,388 Conduit Loans, Commercial 375 — 375 CMBS and RMBS 907 646 261 REO Portfolio 40 38 2 Subtotal - Asset Specific Financing $ 21,553 $ 12,494 $ 9,059 Corporate Debt: Convertible Senior Notes 381 381 — Senior Unsecured Notes 2,900 2,900 — Term Loans 2,276 2,276 — Revolving Secured Financing 200 — 200 Subtotal - Corporate Debt $ 5,757 $ 5,557 $ 200 TOTAL DEBT $ 27,310 $ 18,051 $ 9,259 $27.3B Max Facility Size 32 $9.3B Available Capacity 21 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 2,700 Financial Capacity $ millions NOTE: As of November 3, 2025 $2,165 $165 $1,999 $(171) Total Available Capital $ 2,165 + Available On-BS Financing (13) $ 7,747 Total Potential Liquidity $ 9,912 $(225) $2,164 $397 33
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Share Count shares in thousands 2025 2025 Q3 Q2 Q1 YTD Number of Shares, GAAP EPS: Basic — Average shares outstanding 360,136 336,945 335,059 344,139 Effect of dilutive securities — Convertible Notes — — — — Effect of dilutive securities — Other 258 200 397 160 Diluted — Average shares outstanding 360,394 337,145 335,456 344,299 Shares Outstanding 370,316 341,639 339,376 370,316 Number of Shares, Distributable EPS: Basic — Average shares outstanding 360,136 336,945 335,059 344,139 Effect of Weighted Average Unvested Stock Awards 5,830 5,314 4,478 5,212 Effect of dilutive securities — Woodstar II OP units 9,643 9,643 9,707 9,664 Effect of dilutive securities — Other — 5 252 — Diluted — Average shares outstanding 375,609 351,907 349,496 359,015 34
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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: 35 S&P Ratings Gaurav A. Parikh, 212.438.1131 Brendan Browne, 212.438.8283 Rating BB / Outlook Stable
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Footnotes 36 1. Excludes $143M of the commercial portfolio which are classified as CMBS or preferred equity investments and are not risk rated. 2. Contiguous mezzanine loans of $1,263M are included in the first mortgage balance as of September 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. 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. Occupancy calculated based on number of properties for our single-tenant net lease properties and square footage for multi- tenant net lease properties. 9. Excludes non-controlling JV interests. 10. Represents (i) total outstanding secured and unsecured financing arrangements (excluding the non-recourse ABSs, CLOs and SASB, and adjusted to include our share of the Woodstar portfolio debt with a UPB of $1,144M), less cash and lender-restricted cash; divided by (ii) undepreciated permanent equity (i.e. GAAP permanent equity plus accumulated depreciation and amortization of $317M as of September 30, 2025), less our share of the Woodstar cumulative change in fair value of debt of $15M. 11. Includes our share of the Woodstar portfolio debt with a UPB of $1,144M. 12. Excludes non-recourse ABSs, CLOs, SASBs and our share of the Woodstar portfolio debt. Drawn amounts also exclude discounts / premiums and unamortized deferred financing costs. 13. Does not include potential proceeds from future A-note sales or ABS and 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 foreclosure 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. 37
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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 38
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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 its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, 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; • the availability of, and costs associated with, sources of liquidity; and • the Company's ability to achieve the benefits that it anticipates and underwrote in connection with the acquisition of Fundamental Income Properties, LLC, which was completed by way of merger. 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. 39
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NYSE: STWD