Slides
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Q4 2025
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Table of Contents (i) Press Release Page 1 Highlights Page 9 Commercial and Residential Lending Segment Page 14 Infrastructure Lending Segment Page 23 Property Segment Page 24 Investing and Servicing Segment Page 28 Capitalization Page 30 Appendix Page 36 Cover photo: $64M first mortgage loan on Embassy Gardens, London, England
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PRESS RELEASE
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For Immediate Release Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2025 – GAAP EPS of $0.26 for the Quarter and $1.15 for the Year and Distributable EPS for the Quarter of $0.42 and $1.69 for the Year – – Invested $12.7 Billion for the Year, Including $2.5 Billion in the Quarter; Second Largest Investment Year – – Executed a Record $4.4 Billion of Capital Transactions in 2025 – – Current Liquidity of $1.4 Billion – – Consistent Dividend of $0.48 per Share for Over a Decade – MIAMI BEACH, FL, February 25, 2026 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter and year ended December 31, 2025. The Company delivered fourth quarter GAAP net income of $96.9 million, and Distributable Earnings (a non-GAAP financial measure) was $159.5 million. The Company’s full year GAAP net income was $411.5 million, and Distributable Earnings was $615.5 million. “2025 was a transition year for Starwood Property Trust. The good news is that the pieces remain in place to outperform for our shareholders in the long run. Our core businesses are positioned and are performing exceptionally well with notable progress across global commercial lending, infrastructure lending, conduit and special servicing, each delivering incredibly strong results for the year. Additionally, our residential lending portfolio increased in value over the year with the decline in rates,” said Barry Sternlicht, Chairman and CEO of Starwood Property Trust. “As major STWD shareholders ourselves, we have chosen to take the long view of how best to earn stable and attractive long-term returns for our shareholders. In this vein, despite the dilution we knew we would experience when we acquired the Fundamental net lease business, we were excited to add an earnings generator with reliable cash flows, driven by more than 17 years of lease duration and 2.3% contractual rent increases each year, which will be accretive long-term. We also increased our securitization pace across businesses and completed takeout refinancings, which led to higher than normal cash levels during the year. As we deploy this cash across our business lines, invest the committed but unfunded loan capital, scale our net lease business, and bring back the earnings power embedded in the nonaccrual and REO assets, we are confident in our ability to raise earnings in the future. We are real estate investors first and have proven our ability to add value to assets once they are in our control. We therefore are confident we have substantial earnings power built into our diversified company that will move us forward into a bright future,” Mr. Sternlicht continued. “Starwood Property Trust’s proven and consistent access to the capital markets continues to differentiate our platform,” added Jeffrey DiModica, President of Starwood Property Trust. “We repositioned our balance sheet this year with extended duration and lower spreads, executing a record $4.4 billion of equity, unsecured debt and term loan debt, further strengthening our best-in-class balance sheet while maintaining our conservative leverage profile. We also completed or priced four securitizations, including our fourth commercial lending CLO, our sixth and seventh infrastructure CLOs, and our first Fundamental ABS transaction at record-tight spreads for that platform, positioning each of these businesses for further growth and positioning us to act quickly on compelling opportunities globally.” 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 Wednesday, February 25, 2026 , at 10:00 a.m. Eastern Time. To listen to a liv e 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: 13758021 The playback can be accessed through March 11, 2026. 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 December 31, 2025, the Company has successfully deployed $115 billion of capital since inception and manages a portfolio of over $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, 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 2
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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 December 31, 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 $ 311,500 $ 69,153 $ 43 $ 3,225 $ — $ 383,921 $ — $ 383,921 Interest income from investment securities 15,332 197 — 24,543 — 40,072 (35,506) 4,566 Servicing fees 112 — — 37,726 — 37,838 (6,047) 31,791 Rental income 6,298 — 57,100 4,088 — 67,486 — 67,486 Other revenues 1,997 909 651 1,183 444 5,184 — 5,184 Total revenues 335,239 70,259 57,794 70,765 444 534,501 (41,553) 492,948 Costs and expenses: Management fees 172 — — — 33,254 33,426 — 33,426 Interest expense 155,129 39,550 29,054 6,626 103,687 334,046 (198) 333,848 General and administrative 15,180 5,497 8,572 24,440 4,378 58,067 — 58,067 Costs of rental operations 4,861 — 7,551 3,070 — 15,482 — 15,482 Depreciation and amortization 2,841 10 26,558 1,422 251 31,082 — 31,082 Credit loss provision (reversal), net 11,142 (798) — — — 10,344 — 10,344 Other expense 55 58 15 38 — 166 — 166 Total costs and expenses 189,380 44,317 71,750 35,596 141,570 482,613 (198) 482,415 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 42,052 42,052 Change in fair value of servicing rights — — — 1,617 — 1,617 (859) 758 Change in fair value of investment securities, net 1,972 — — (2,433) — (461) 682 221 Change in fair value of mortgage loans, net 30,574 — — 13,228 — 43,802 — 43,802 Income from affordable housing fund investments — — 37,604 — — 37,604 — 37,604 Earnings from unconsolidated entities — 3,641 — 560 — 4,201 (520) 3,681 Gain (loss) on sale of investments and other assets, net 165 — (1) 10,060 — 10,224 — 10,224 Gain (loss) on derivative financial instruments, net 12,688 50 3,886 (303) (8,418) 7,903 — 7,903 Foreign currency gain (loss), net 6,900 (292) (1) — — 6,607 — 6,607 Loss on extinguishment of debt (326) (1,893) — (90) — (2,309) — (2,309) Other (loss) income, net (29,009) — (763) 1 — (29,771) — (29,771) Total other income (loss) 22,964 1,506 40,725 22,640 (8,418) 79,417 41,355 120,772 Income (loss) before income taxes 168,823 27,448 26,769 57,809 (149,544) 131,305 — 131,305 Income tax provision (10,066) (299) (1,850) (6,724) — (18,939) — (18,939) Net income (loss) 158,757 27,149 24,919 51,085 (149,544) 112,366 — 112,366 Net income attributable to non-controlling interests (5) — (10,712) (4,734) — (15,451) — (15,451) Net income (loss) attributable to Starwood Property Trust, Inc. $ 158,752 $ 27,149 $ 14,207 $ 46,351 $ (149,544) $ 96,915 $ — $ 96,915 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 Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding Distributable Earnings. Reconciliation of Net Income to Distributable Earnings For the three months ended December 31, 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. $ 158,752 $ 27,149 $ 14,207 $ 46,351 $ (149,544) $ 96,915 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 4,629 — — 4,629 Non-controlling interests attributable to unrealized gains/losses — — (1,986) 6,650 — 4,664 Non-cash equity compensation expense 2,842 738 1,999 1,491 5,554 12,624 Management incentive fee — — — — 3,502 3,502 Depreciation and amortization 2,877 — 27,071 1,523 — 31,471 Straight-line rent adjustment — — (460) 22 — (438) Interest income adjustment for loans and securities 5,457 — — 8,023 — 13,480 Consolidated income tax provision (benefit) associated with fair value adjustments 10,066 299 (34) 6,724 — 17,055 Other non-cash items 5 — (82) (542) — (619) Reversal of GAAP unrealized and realized (gains) / losses on: Loans (30,574) — — (13,228) — (43,802) Credit loss provision (reversal), net 11,142 (798) — — — 10,344 Securities (1,972) — — 2,433 — 461 Woodstar Fund investments — — (37,604) — — (37,604) Derivatives (12,688) (50) (3,886) 303 8,418 (7,903) Foreign currency (6,900) 292 1 — — (6,607) Earnings from unconsolidated entities — (3,641) — (560) — (4,201) Sales of properties — — — (10,060) — (10,060) Impairment of properties 26,766 — — — — 26,766 Recognition of Distributable realized gains / (losses) on: Loans (879) — — 13,188 — 12,309 Securities (594) — — (19,930) — (20,524) Woodstar Fund investments — — 47,297 — — 47,297 Derivatives 12,336 37 (2,012) (137) (6,554) 3,670 Foreign currency (793) 134 (2) — — (661) Earnings from unconsolidated entities — 3,128 — 457 — 3,585 Sales of properties — — — 3,192 — 3,192 Distributable Earnings (Loss) $ 175,843 $ 27,288 $ 49,138 $ 45,900 $ (138,624) $ 159,545 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 0.46 $ 0.07 $ 0.13 $ 0.12 $ (0.36) $ 0.42 5
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Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the year ended December 31, 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 $ 1,231,288 $ 272,282 $ 289 $ 14,650 $ — $ 1,518,509 $ — $ 1,518,509 Interest income from investment securities 78,961 649 — 97,824 — 177,434 (142,973) 34,461 Servicing fees 369 — — 106,533 — 106,902 (20,359) 86,543 Rental income 27,266 — 135,255 19,919 — 182,440 — 182,440 Other revenues 9,854 3,855 1,472 5,387 1,768 22,336 — 22,336 Total revenues 1,347,738 276,786 137,016 244,313 1,768 2,007,621 (163,332) 1,844,289 Costs and expenses: Management fees 701 — — — 136,564 137,265 — 137,265 Interest expense 682,813 155,212 71,400 29,341 339,031 1,277,797 (810) 1,276,987 General and administrative 59,545 20,979 17,323 93,152 17,810 208,809 — 208,809 Costs of rental operations 21,017 — 26,225 13,559 — 60,801 — 60,801 Depreciation and amortization 11,779 39 59,479 6,679 1,005 78,981 — 78,981 Credit loss provision, net 15,851 3,519 — — — 19,370 — 19,370 Other expense 103 4,104 (61) 203 — 4,349 — 4,349 Total costs and expenses 791,809 183,853 174,366 142,934 494,410 1,787,372 (810) 1,786,562 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 154,758 154,758 Change in fair value of servicing rights — — — 7,398 — 7,398 (1,508) 5,890 Change in fair value of investment securities, net 8,422 — — (16,803) — (8,381) 10,568 2,187 Change in fair value of mortgage loans, net 122,117 — — 62,323 — 184,440 — 184,440 Income from affordable housing fund investments — — 46,953 — — 46,953 — 46,953 Earnings from unconsolidated entities 2,708 3,892 — 9,249 — 15,849 (1,296) 14,553 Gain (loss) on sale of investments and other assets, net 32,875 — (22) 10,060 — 42,913 — 42,913 (Loss) gain on derivative financial instruments, net (155,014) 38 (4,196) (1,385) 33,289 (127,268) — (127,268) Foreign currency gain (loss), net 112,778 364 (198) — — 112,944 — 112,944 Gain (loss) on extinguishment of debt, net 20,447 (2,676) — (90) — 17,681 — 17,681 Other (loss) income, net (32,589) — (2,805) 2,428 — (32,966) — (32,966) Total other income 111,744 1,618 39,732 73,180 33,289 259,563 162,522 422,085 Income (loss) before income taxes 667,673 94,551 2,382 174,559 (459,353) 479,812 — 479,812 Income tax provision (12,297) (110) (1,844) (22,468) — (36,719) — (36,719) Net income (loss) 655,376 94,441 538 152,091 (459,353) 443,093 — 443,093 Net income attributable to non-controlling interests (15) — (25,488) (6,046) — (31,549) — (31,549) Net income (loss) attributable to Starwood Property Trust, Inc. $ 655,361 $ 94,441 $ (24,950) $ 146,045 $ (459,353) $ 411,544 $ — $ 411,544 6
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Reconciliation of Net Income to Distributable Earnings For the year ended December 31, 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. $ 655,361 $ 94,441 $ (24,950) $ 146,045 $ (459,353) $ 411,544 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 18,546 — — 18,546 Non-controlling interests attributable to unrealized gains/losses — — (13,066) 272 — (12,794) Non-cash equity compensation expense 11,318 2,794 3,780 5,582 30,620 54,094 Management incentive fee — — — — 13,746 13,746 Depreciation and amortization 12,023 — 60,616 7,085 — 79,724 Straight-line rent adjustment — — (153) 126 — (27) Interest income adjustment for loans and securities 23,300 — — 39,750 — 63,050 Consolidated income tax provision (benefit) associated with fair value adjustments 12,297 110 (40) 22,468 — 34,835 Other non-cash items 15 — (328) (1,761) — (2,074) Reversal of GAAP unrealized and realized (gains) / losses on: Loans (122,117) — — (62,323) — (184,440) Credit loss provision, net 15,851 3,519 — — — 19,370 Securities (8,422) — — 16,803 — 8,381 Woodstar Fund investments — — (46,953) — — (46,953) Derivatives 155,014 (38) 4,196 1,385 (33,289) 127,268 Foreign currency (112,778) (364) 198 — — (112,944) Earnings from unconsolidated entities (2,708) (3,892) — (9,249) — (15,849) Sales of properties (5,223) — 21 (10,060) — (15,262) Impairment of properties 26,766 — — — — 26,766 Recognition of Distributable realized gains / (losses) on: Loans (2,435) — — 61,175 — 58,740 Securities (1,355) — — (35,012) — (36,367) Woodstar Fund investments — — 110,569 — — 110,569 Derivatives 70,004 186 (1,722) (1,925) (27,955) 38,588 Foreign currency 1,554 219 (199) — — 1,574 Earnings from unconsolidated entities 2,708 2,801 — 10,116 — 15,625 Sales of properties (43,343) — (25) 3,192 — (40,176) Distributable Earnings (Loss) $ 687,830 $ 99,776 $ 110,490 $ 193,669 $ (476,231) $ 615,534 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 1.89 $ 0.27 $ 0.30 $ 0.53 $ (1.30) $ 1.69 7
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Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheet by Segment As of December 31, 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 $ 74,534 $ 198,031 $ 70,900 $ 25,149 $ 130,866 $ 499,480 $ — $ 499,480 Restricted cash 123,215 33,794 3,236 454 14,468 175,167 — 175,167 Loans held-for-investment, net 16,038,333 2,824,379 — — — 18,862,712 — 18,862,712 Loans held-for-sale 2,278,067 — — 45,476 — 2,323,543 — 2,323,543 Investment securities 641,893 31,273 — 1,284,863 — 1,958,029 (1,657,029) 301,000 Properties, net 732,714 — 2,674,276 41,662 — 3,448,652 — 3,448,652 Investments of consolidated affordable housing fund — — 1,727,499 — — 1,727,499 — 1,727,499 Investments in unconsolidated entities 8,514 57,997 — 33,203 — 99,714 (14,962) 84,752 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets, net 2,817 — 401,268 69,227 — 473,312 (37,253) 436,059 Derivative assets 27,157 — — 201 18,455 45,813 — 45,813 Accrued interest receivable 157,116 4,424 442 562 135 162,679 — 162,679 Other assets 193,525 4,623 107,468 5,454 51,921 362,991 — 362,991 VIE assets, at fair value — — — — — — 34,493,164 34,493,164 Total Assets $ 20,277,885 $ 3,273,930 $ 4,985,089 $ 1,646,688 $ 215,845 $ 30,399,437 $ 32,783,920 $ 63,183,357 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 165,317 $ 32,732 $ 113,707 $ 60,423 $ 127,571 $ 499,750 $ — $ 499,750 Related-party payable — — — — 31,662 31,662 — 31,662 Dividends payable — — — — 180,413 180,413 — 180,413 Derivative liabilities 72,351 — — — 11,632 83,983 — 83,983 Secured financing agreements, net 8,637,246 719,942 596,906 517,897 2,226,843 12,698,834 (19,886) 12,678,948 Securitized financing, net 2,224,239 1,645,536 1,261,678 — — 5,131,453 — 5,131,453 Unsecured senior notes, net — — — — 4,283,836 4,283,836 — 4,283,836 VIE liabilities, at fair value — — — — — — 32,803,806 32,803,806 Total Liabilities 11,099,153 2,398,210 1,972,291 578,320 6,861,957 22,909,931 32,783,920 55,693,851 Temporary Equity: Redeemable non-controlling interests — — 364,118 — — 364,118 — 364,118 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,780 3,780 — 3,780 Additional paid-in capital 2,434,975 521,717 365,416 (814,760) 4,449,868 6,957,216 — 6,957,216 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 6,732,082 354,003 2,077,439 1,759,196 (10,961,738) (39,018) — (39,018) Accumulated other comprehensive income 11,560 — — — — 11,560 — 11,560 Total Starwood Property Trust, Inc. Stockholders’ Equity 9,178,617 875,720 2,442,855 944,436 (6,646,112) 6,795,516 — 6,795,516 Non-controlling interests in consolidated subsidiaries 115 — 205,825 123,932 — 329,872 — 329,872 Total Permanent Equity 9,178,732 875,720 2,648,680 1,068,368 (6,646,112) 7,125,388 — 7,125,388 Total Liabilities and Equity $ 20,277,885 $ 3,273,930 $ 4,985,089 $ 1,646,688 $ 215,845 $ 30,399,437 $ 32,783,920 $ 63,183,357 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 Paid quarterly dividend of $0.48 for over a decade, a dividend that we have never cut, with $8.5B of total dividends paid or declared since inception Strong Balance Sheet Strong Investment Pace Ample Capacity to Fund Growth Consistent Dividend Record $30.7B of undepreciated assets with an adjusted debt-to-equity ratio of 2.38x and undepreciated book value per share of $19.25 Invested $12.7B, including $2.5B in the quarter, our second largest investing year to date Ample Capacity to Fund Growth $11.9B of capacity across secured financing facilities, with $1.4B of current liquidity and corporate debt capacity of over $1.0B NOTE: Amounts are as of December 31, 2025, unless otherwise indicated 9
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Q4 and 2025 Performance Highlights NOTE: Please refer to the Calculation Methodologies section herein for the definition of DE 10 Financial Performance • GAAP earnings of $0.26 (FY $1.15) • GAAP book value per share of $18.34 and undepreciated book value per share of $19.25 ◦ Reflects $1.90 per share cumulative reduction for CECL reserves and property impairments and $0.91 of accumulated depreciation as of December 31 • Distributable Earnings ("DE") of $0.42 (FY $1.69) per diluted share ◦ Includes $0.03 of temporary dilution from our July net lease acquisition ("FIP") • Securitized $1.2B ($276M in Q4) of conduit loans in 16 transactions in 2025 • Named servicing portfolio of $97.5B and total active servicing portfolio of $11.0B • Sold a Woodstar Fund property in Q4 at our GAAP basis of $56M for a $24M net DE gain Portfolio & Capital Deployment • Invested $2.5B (FY $12.7B) across business lines • Fundings of $2.2B (FY $11.7B) and principal collections of $1.3B (FY $5.4B), bringing our Commercial and Infrastructure Lending portfolios to $16.6B and and $2.9B, respectively $1.7B $0.4B $0.2B $2.5B Q4 $6.4B $2.6B $2.4B $1.3B $12.7B FY $0.2B Investment Activity
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$1.1B $1.0B $0.4B Q4 and 2025 Capital Markets Highlights 11 Liquidity and Capitalization • Completed a record $4.4B in corporate debt and equity transactions in 2025 (see next slide) • $294M in cash-out refinancings of Woodstar Fund debt in 2025 ($116M in Q4) • Initial term of 10 years and weighted average coupon of S+1.76% • Adjusted debt-to-equity ratio decreased to 2.38x from 2.51x last quarter • $1.4B of cash plus approved undrawn debt capacity as of February 20 Securitization Activity • Executed $2.5B in securitized financings across business lines in 2025 ($2.0B in Q4) • Subsequent to quarter end, completed: ◦ 7th Infrastructure CLO for $600M; lowest weighted average coupon to date of S+1.68% ◦ 2nd Net Lease ABS issuance for $466M; record tight spread for this platform at a weighted average fixed rate of 5.06% $1.1B $0.5B $0.4B $2.0B Q4 $2.5B FY (a) (b) (a) (b) (a) $500M in Q2 and $500M in Q4 with weighted average coupons of S+1.73% and S+1.72%, respectively (b) Weighted average coupon of S+1.65% for Commercial Lending and 5.26% fixed for Net Lease (b) (b)
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$0.5B $1.0B $1.5B $2.0B $2.5B $3.0B $3.5B $4.0B $4.5B Unsecured note issuances: (i) $500M at S+2.61% due 2030 (Q2); (ii) $500M at S+1.88% due 2028 (Q4); and $550M at an effective rate of S+2.24% due 2031 (Q4) Term loan repricings: (i) $684M Notes due 2027 pricing reduced 50 bps to S+1.75% (Q3); and (ii) $895M Notes due 2030 pricing reduced 25 bps to S+2.00% (Q3) Term loan issuance: $700M at S+2.25% due 2032 (Q3) Common stock issuance: 27.125M shares at $19.70, accretive to GAAP book value (Q3) 2025 Corporate Capital Markets Execution $1.6B $1.6B $700M $534M 12 Most capital markets transactions since inception, achieving record execution levels
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U.S. office represents only 8% of our diversified $30.7B asset base Total Undepreciated Assets $30.7B Other 2%Cash & A/R 2% Other $1.3 Int'l Office 2% Commercial Loans 54% Medical Office 3% Property - Other 2% Owned Properties 19% Florida AffordableHousing Fund 6% Other 5% Industrial 8% Retail 1% REIS CMBS 4% Mixed Use 3% U.S. Office 8% Infrastructure Lending 9% Data Center 2% Multifamily 21% Hotel 4% Intangibles 1% Residential Lending 9% Fundamental 8% 13 NOTE: Total assets and property related amounts exclude $342M of accumulated depreciation and amortization
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COMMERCIAL AND RESIDENTIAL LENDING SEGMENT
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(Investment Securities) $16.6B Total Portfolio * 3.0 in prior quarter Commercial Lending Portfolio NOTE: See the Ratings Criteria section included in the Appendix • $1.7B originations ($1.2B funded) • $223M follow on fundings • $670M repayments 3.0 W.A. Risk Rating * (1 loan) (32 loans) (106 loans) (11 loans) (8 loans) Loan Risk Rating 1 5 4 3 2 Q4 Activity $1.7B $1.0B $4.0B $9.7B $0.2B Not Rated (1) 14
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22% 33%14% 13% 3% 15% 41% 44% 9% 6% 80% 20% $ millions Location $ Maturity* Washington, DC $329 Apr-26 Houston, TX $252 Jan-28 Dallas, TX $235 Sep-26 London, UK $218 Mar-27 Berlin, Germany $178 Nov-28 McLean, VA $175 Sep-27 Irvine, CA $163 Oct-25 Orlando, FL $160 Dec-28 Los Angeles, CA $132 Oct-27 Dublin, CA $123 Jul-27 Location $ Maturity* Various, NY $485 Sep-30 Various, Europe $338 Aug-30 Long Island City, NY $269 Aug-27 Dublin, Ireland $196 Feb-31 Various, Czech Republic $194 Aug-30 Beaumont, CA $162 Apr-30 Various, Australia $151 Dec-28 Various, US $139 Jan-31 Queens, NY $108 Nov-26 Brooklyn, NY $96 Dec-26 Top 10 Loans by Largest Property Types Office Industrial Location $ Maturity* Various, US $550 Sep-30 Various, TX $407 Apr-30 Various, UK $315 Dec-30 London, UK $267 Apr-28 Los Angeles, CA $262 Apr-26 Various, Germany $191 Feb-30 Various, UK $159 May-27 Various, FL $159 Jun-27 New York, NY $147 Aug-30 New Rochelle, NY $139 Dec-28 Multifamily Property CharacteristicsTop 10 Loans (UPB) *Fully extended $6.5B $2.5B 100% International Class BClass A $2.4B $0.6B U.S. Southeast Southwest West NortheastMidwest International ** ** In process of being modified 15 Northeast International West Mid-Atlantic
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Collateral Diversification Multifamily Office Hotel Mixed Use Industrial Data Center Retail Other Q1'21Q2'21Q3'21Q4'21Q1'22Q2'22Q3'22Q4'22Q1'23Q2'23Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25 —% 20% 40% 60% 80% 100% Our commercial loan portfolio has transformed over time, with multifamily becoming our largest property type 16
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Commercial Portfolio Geographic Diversification NOTE: Amounts are stated as a percentage of commercial loan portfolio International U.S. Southwest 19 % Northeast 19 % Southeast 13 % West 13 % Mid-Atlantic 6 % Midwest 3 % Europe: UK 9 % Germany 4 % Ireland 4 % Other Europe 3 % Australia 7 % Europe Australia 17
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Commercial Lending Metrics ($ millions) First Mortgages (2) Mezzanine Loans (2) Subordinated Mortgages Lending CMBS Preferred Equity Total CRE Carrying Value $16,086 $311 $16 $93 $83 $16,589 Carrying Value on Accrual $15,232 $143 $11 $93 $18 $15,497 Unlevered Return for Assets on Accrual (3) 7.4% 11.5% 13.4% 5.2% 10.4% 7.4% Dollar (Carrying values in billions) First Mortgages Lending CMBS Mezzanine Loans Subordinated MortgagesPreferred Equity Q4'23 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 18
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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* $ 918.7 $ 918.7 Senior/Mezz Sep 2025 Sep 2030 Various, US Multifamily 550.0 550.0 Senior/Mezz Jan 2025 Feb 2030 Salt Lake City, UT Data Center 550.0 393.2 Senior Aug 2025 Sep 2030 Various, NY Industrial 500.0 485.2 Senior Apr 2025 Apr 2030 Various, TX Multifamily 407.0 407.0 Senior/CMBS Jul 2024 Aug 2030 Various, Europe Industrial 353.8 337.7 Senior/Mezz Dec 2019 Apr 2026 Washington, DC Office 335.9 329.1 Senior Dec 2021 Apr 2028 London, UK Multifamily 327.8 267.2 Senior Dec 2025 Dec 2030 Various, UK Multifamily 315.4 315.4 Senior Jun 2023 Jun 2028 Birmingham, UK Convention/Arenas* 308.5 305.8 19
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Nonaccrual Assets 20 Location Property Type Carrying Value Dallas, Texas(a) Mixed Use $ 242 East Rutherford, New Jersey Retail 188 Los Angeles, California Office 132 Arlington, Virginia Office 117 Queens, New York Industrial 108 Brooklyn, New York Office 95 Phoenix, Arizona(a)(b) Multifamily 71 Washington, D.C. Office 13 Dublin, Ireland(b) Office 9 Carrying Value of Nonaccrual Loans $ 975 Preferred Equity Interests 65 Total Carrying Value of Nonaccrual Assets $ 1,040 $ millions Property Type Location Retail 19% Mixed Use 25% Office 38% Multifamily 7% Industrial 11% NJ 19% VA 12% NY 21% CA 14% TX 25%D.C. 1% AZ 7% Int'l 1% NOTE: Excludes fully reserved nonaccrual loan totaling $5M (a) Foreclosed subsequent to December 31, 2025 (b) Carrying values are net of specific credit loss allowances of $19.7M for Phoenix property and $27.6M for Dublin property
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Foreclosed Assets Location Property Type Carrying Value ($ millions) (per sq ft) Los Angeles, California Mixed Use $ 150 $ 131 New York City, New York Residential (Luxury Co-Op) 114 2,198 Dallas, Texas Multifamily 86 178 Windermere, Florida Multifamily 84 220 Boston, Massachusetts Life Science 56 562 Conyers, Georgia(a) Multifamily 40 146 Nashville, Tennessee(a) Multifamily 38 131 Chicago, Illinois(a) Retail 33 1,154 Phoenix, Arizona(a) Multifamily 23 174 Net Carrying Value of Foreclosed Loans (b) $ 624 Property Type Location GA 7% TN 6% IL 5% NY 18% CA 24% TX 14% AZ 4%FL 13% MA 9% Multifamily 44% Residential 18% Retail 5% Mixed Use 24% Life Science 9% (a) Carrying values are net of GAAP impairments: $4.0M (Conyers), $11.7M (Nashville) $4.3M (Chicago) and $6.8M (Phoenix) (b) 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 being repositioned and thus included in Property Segment 21
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Asset Carrying Values Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Loans, held for sale $ 2,278 $ 2,308 $ 2,323 $ 2,376 $ 2,395 Post-securitization retained RMBS 405 409 414 422 421 Residential Portfolio Carrying Values $ 2,683 $ 2,717 $ 2,737 $ 2,798 $ 2,816 Weighted Average Coupon (WAC)* Loans, held for sale 4.4% 4.4% 4.4% 4.5% 4.5% Residential Portfolio $ millions Ø During the quarter, recorded $36M net unrealized fair value increase: – Loans: $31M increase – RMBS: $2M increase – Interest Rate Hedges: $3M increase to FMV of $(8)M Ø Repayments of $58M on loans and $10M on RMBS during the quarter *Does not include the impact of interest rate hedges 22
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INFRASTRUCTURE LENDING SEGMENT 25
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Power 57% Midstream 27%Downstream 13% Other 3% Portfolio Metrics and Activity $2.9B Total Portfolio Northeast 27% Southwest 25% Midwest 22% Southeast 10% West 13%Int'l 1% Mid-Atlantic 1% Other - U.S. 1% Geographic Location Sector (5) • $386M new commitments ($339M funded) • $568M repayments Q4 Activity 23
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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 Q4'25 Net Operating Income (7) Occupancy Rate (8) Wholly-Owned: Net Lease $ 2,414 $ 1,376 $ 1,038 $ 38.7 100% Medical Office Portfolio 793 482 311 10.8 88% D.C. Multifamily Conversion 119 — 119 N/A Subtotal - Undepreciated Carrying Value $ 3,326 $ 1,858 $ 1,468 $ 49.5 Accumulated Depreciation and Amortization (283) — (283) — Subtotal - Wholly-Owned $ 3,043 $ 1,858 $ 1,185 $ 49.5 Woodstar Fund 1,727 — 1,727 34.0 98% Total Property Segment Investment Portfolio $ 4,770 $ 1,858 $ 2,912 $ 83.5 97% 24
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Woodstar Fund (the "Fund") $ millions Net Investment Properties, at fair value $ 3,239.7 Cash and other assets 42.4 Secured debt, at fair value (1,527.5) Accrued liabilities (27.1) Investments of consolidated affordable housing fund, at fair value $ 1,727.5 NOTE: The Fund, which was formed in Q4 2021, holds the 14,793 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 $ 60.2 Cost of rental operations (26.2) Interest expense (18.4) Change in fair value 22.0 Income from affordable housing fund investments $ 37.6 Balance Sheet: ▪ Net Investment: Property-level assets, net of property-level debt ▪ Temporary Equity: 20.6% attributable to third party investors Income Statement: ▪ DE ($47M): Represents net income at the portfolio-level excluding $22M of changes in fair value of investments, but including $32M of realized fair value gain from sale of a property ▪ GAAP ($37M): Net income from our investments is reported as a single line item, which includes changes in fair value of the investments ($+22M), changes in working capital ($+3M), and cash income distributions received ($+12M) Change in FMV Properties $ 27.9 Debt (2.8) Derivative (3.1) Total change in FMV $ 22.0 25 Significant Activity During the Quarter: Ø Sold a 264-unit multifamily property at our GAAP fair value basis of $56M, resulting in a DE net gain of $24M Ø Completed $116M cash-out refinancings at an initial term of 10 years and a weighted average coupon of S+1.76%
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Net Lease Portfolio Highlights 26 Top 10 States (% of ABR) State % # of Properties Illinois 8.1% 27 Virginia 7.8% 9 Wisconsin 7.7% 27 Pennsylvania 7.1% 25 Texas 6.2% 31 Ohio 5.3% 43 Colorado 4.6% 56 Washington 4.5% 3 Arizona 4.2% 8 Kansas 3.3% 20 Total 59% 249 Owned Properties 492 Square Footage 14.3M States 44 Weighted Avg. Remaining Lease Term (Years) 17.3 Annualized Cash Base Rent ("ABR") $163M Industries 65 Tenants 106 Avg. Annual Rent Increases(a) 2.27% Master Leases (% of ABR) 61.3% Top 10 Tenant (% of ABR) 31.7% Top 10 Major Industries (% of ABR) 88.4% Significant Activity During the Quarter: Ø Acquired 16 properties (11 tenants) for $182M at a 7.44% cap rate and 20.5-year weighted average lease term Ø Completed first ABS transaction since acquisition, with $391M of financing at a weighted average fixed rate of 5.26% (a) Assumes CPI of 2.0% or greater Geographic DiversificationPortfolio Highlights
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Net Lease Portfolio Highlights, continued (% of Annualized In-Place Base Rent(a)) 27 25.0% 19.1% 13.3% 10.7% 5.6% 3.4% 3.4% 2.7% 2.7% 2.5% —% 5% 10% 15% 20% 25% 30% Food Production & Distribution Product Manufacturing Dining & Entertainment Automotive Service Deathcare Healthcare Grocery & Convenience Stores Dealerships Furniture Shops Warehouse & Distribution Industrial 50% Retail 5% Service 45% (a) Annualized In-Place Base Rent represents the monthly aggregate base rent charged to tenants as of the balance sheet date, multiplied by 12 Top 10 Major Industries Property Type
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INVESTING AND SERVICING SEGMENT 21
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Investment Portfolio $ millions Significant Activity During the Quarter: Ø Securitized $276M of conduit loans in three transactions (not including $82M which priced last quarter) Ø Active servicing portfolio increased from $10.6B to $11.0B Ø Obtained four new servicing assignments with a UPB of $3B, while $3B matured and $1B transferred, bringing our portfolio to $98B Ø Sold two properties for proceeds of $36M, a net GAAP gain of $10M and a net DE gain of $3M Ø Acquired $101M of CMBS and received principal collections of $17M NOTE: VRR refers to vertical risk retention. Asset Carrying Values Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Owned CMBS, non-VRR $ 445 $ 427 $ 432 $ 405 $ 464 Owned CMBS, VRR 464 408 410 382 383 Owned CMBS, Agency Multifamily B-Piece 73 75 75 76 76 CMBS, JVs (net of non-controlling interests) 171 161 160 159 168 Total CMBS $ 1,153 $ 1,071 $ 1,077 $ 1,022 $ 1,091 Properties and lease intangibles, net 45 70 70 70 71 Conduit Loans 45 253 172 71 121 Special servicing intangible 66 64 62 58 58 Other 18 18 18 19 19 Total $ 1,327 $ 1,476 $ 1,399 $ 1,240 $ 1,360 28
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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) $ millions LNR Special Servicer NOTE: Carrying value represents estimated fair value Carrying Value Named SS: $97.5B Loan Balance 188 CMBS Trusts Active SS: $9.4B SS Loan Balance $1.6B REO Loan Balance $11.0B Total Active SS Balance Named SS Balance UPB loans named SS Q4'16Q2'17Q4'17Q2'18Q4'18Q2'19Q4'19Q2'20Q4'20Q2'21Q4'21Q2'22Q4'22Q2'23Q4'23Q2'24Q4'24Q2'25Q4'25 50 100 150 $ billions CMBS 3.0CMBS 2.0 29
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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 2.38x 3.07x Ba2 / BB / BB+ Current Corporate Issuer Rating $6.3B Total Unencumbered Assets 1.76x Fixed Charge Coverage Ratio 1.46x Unencumbered Assets to Unsecured Debt $30.2B Total Capitalization Off-Balance Sheet On-Balance Sheet (10) 30
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Capitalization Overview, continued Total Debt Outstanding (including off-balance sheet) Margin Call Provisions (including off-balance sheet) Secured Debt $12.8 Woodstar Fund Debt $1.2 Off-B/S Debt (ABSs, CLOs & SASB) $5.2 Unsecured Debt $4.3 $23.5 No Margin Calls $14.1 Credit $6.4 Spread and Credit $3.0 $23.5 $ billions Ø 95% of commercial lending debt and 87% of consolidated debt has no markets mark-to-market provisions (11) 31
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Q4'25 GAAP Book Value Q4'25 Accumulated Depreciation & Amortization Q4'25 Undepreciated Book Value Book Value per Share Bridge 23 $18.34 $0.91 $19.25 32
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Financing Facilities 24 $ millions Debt Obligations Type Maximum Facility Size (12) Drawn (12) Available Capacity Asset Specific Financing: Large Loans, Commercial $ 14,433 $ 6,529 $ 7,904 Infrastructure Lending Segment 1,864 729 1,135 Property Segment 1,090 605 485 Residential Loans 3,450 1,929 1,521 Conduit Loans, Commercial 375 — 375 CMBS and RMBS 940 700 240 REO Portfolio 20 18 2 Subtotal - Asset Specific Financing $ 22,172 $ 10,510 $ 11,662 Corporate Debt: Convertible Senior Notes 381 381 — Senior Unsecured Notes 3,950 3,950 — Term Loans 2,270 2,270 — Revolving Secured Financing 200 — 200 Subtotal - Corporate Debt $ 6,801 $ 6,601 $ 200 TOTAL DEBT $ 28,973 $ 17,111 $ 11,862 $29.0B Max Facility Size $11.9B Available Capacity 20 Counterparties 33
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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 February 20, 2026 $1,733 $158 $1,279 $(120) Total Available Capital $ 1,733 + Available On-BS Financing (13) $ 10,264 Total Potential Liquidity $ 11,997 $(225) $1,437 $641 34
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Share Count shares in thousands 2025 2025 Q4 Q3 Q2 Q1 YTD Number of Shares, GAAP EPS: Basic — Average shares outstanding 366,151 360,136 336,945 335,059 349,687 Effect of dilutive securities — Convertible Notes — — — — — Effect of dilutive securities — Other 375 258 200 397 304 Diluted — Average shares outstanding 366,526 360,394 337,145 335,456 349,991 Shares Outstanding 370,563 370,316 341,639 339,376 370,563 Number of Shares, Distributable EPS: Basic — Average shares outstanding 366,151 360,136 336,945 335,059 349,687 Effect of Weighted Average Unvested Stock Awards 5,732 5,830 5,314 4,478 5,343 Effect of dilutive securities — Woodstar II OP units 9,643 9,643 9,643 9,707 9,659 Effect of dilutive securities — Other 95 — 5 252 95 Diluted — Average shares outstanding 381,621 375,609 351,907 349,496 364,784 35
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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 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 Moody’s Investors Service Stephen Lynch, 212.553.9585 Ana Arsov, 212.553.3763 Rating Agencies: Analyst Coverage: Rating BB / Outlook Stable S&P Ratings Gaurav A. Parikh, 212.438.1131 Brendan Browne, 212.438.8283 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 Raymond James Gabe Poggi, 571.227.9641 UBS Douglas Harter, 212.882.0080 Wells Fargo Donald Fandetti, 212.214.8069 Wolfe Research Logan Epstein, 646.582.9267 Fitch Ratings Meghan Neenan, 212.908.9121 Johann Juan, 312.368.3339 36
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Footnotes 1. Excludes $176M of the commercial portfolio which are classified as CMBS or preferred equity investments and are not risk rated. 2. Contiguous mezzanine loans of $1,334M are included in the first mortgage balance as of December 31, 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; Midstream: oil and gas transport (including pipelines), LNG terminals and storage; Downstream: oil and gas refineries, petrochemical plants; Other: generating facilities that convert renewable energy resources into electrical energy, including solar. 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 $1,225M), less cash and lender-restricted cash; divided by (ii) undepreciated permanent equity (i.e. GAAP permanent equity plus accumulated depreciation and amortization of $337M as of December 31, 2025), less our share of the Woodstar cumulative change in fair value of debt of $13M. 11. Includes our share of the Woodstar portfolio debt with a UPB of $1,225M. 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 or CLO securitizations and is as of year end, adjusted for approved undrawn credit capacity. 37
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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 flow 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. 38
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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 39
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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, 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; 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. 40
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NYSE : STWD