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STARWOOD PROPERTY TRUST Q2 2026 SUPPLEMENTAL REPORTING INFORMATION
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STARWOOD PROPERTY TRUST Table of Contents (i) Press Release Page 1 Highlights Page 9 Commercial and Residential Lending Segment Page 12 Infrastructure Lending Segment Page 21 Property Segment Page 22 Investing and Servicing Segment Page 26 Capitalization Page 28 Appendix Page 34
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PRESS RELEASE
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For Immediate Release Starwood Property Trust Reports Results for Quarter Ended June 30, 2026 – Quarterly GAAP Earnings of $0.01 and Distributable Earnings (DE) of $0.40 per Diluted Share – – Invested $2.5 Billion in the Quarter and $6.7 Billion through July – – Record Total Assets of $31.8 Billion and Commercial Lending Assets of $17.3 Billion – – Repurchased $30 Million of Common Shares in the Six Months – – Dividend of $0.48 per Share – – Awarded Nareit Gold Investor CARE Award for 10th Time in 12 Years – MIAMI BEACH, FL, August 6, 2026 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended June 30, 2026. The Company delivered second quarter GAAP net income of $6.6 million, and Distributable Earnings (a non-GAAP financial measure) was $151.5 million. See reconciliation tables below. “Real estate fundamentals are improving steadily in almost every asset class, supported by a drop in construction and broad and robust economic growth. This provides a more constructive backdrop to deploy capital and improving credit in our loan portfolio. For us importantly, it provides a solid foundation to support the values of our real estate owned and underperforming loan assets. We expect to resolve nearly $900 million of underperforming assets by year end or shortly thereafter, returning the trapped equity to higher use cases across all our business lines,” said Barry Sternlicht, Chairman and CEO of Starwood Property Trust. “We have invested $6.7 billion through July, at double digit return on equity, and our $2.1 billion of corporate debt transactions in the quarter extends our weighted average corporate debt maturity to 3.7 years and lowers our cost of funds, solidifying an already strong balance sheet. This positions us well to continue deploying capital and driving growth across all our business lines,” added Jeffrey DiModica, President of Starwood Property Trust. 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 Thursday, August 6, 2026 , 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: 13758023 The playback can be accessed through August 20, 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 June 30, 2026, the Company has successfully deployed $120 billion of capital since inception and manages a portfolio of $32 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, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. 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 June 30, 2026 (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 $ 327,151 $ 66,991 $ — $ 4,273 $ — $ 398,415 $ — $ 398,415 Interest income from investment securities 15,344 481 — 22,170 — 37,995 (33,245) 4,750 Servicing fees 111 — — 20,476 — 20,587 (3,920) 16,667 Rental income 19,808 — 63,827 4,219 — 87,854 — 87,854 Other revenues 1,800 1,474 362 1,524 822 5,982 — 5,982 Total revenues 364,214 68,946 64,189 52,662 822 550,833 (37,165) 513,668 Costs and expenses: Management fees 165 — — — 30,392 30,557 — 30,557 Interest expense 160,750 38,625 28,775 9,117 107,564 344,831 (254) 344,577 General and administrative 14,979 6,015 7,925 23,661 4,114 56,694 — 56,694 Costs of rental operations 16,161 — 7,254 2,898 — 26,313 — 26,313 Depreciation and amortization 4,780 9 29,137 1,082 252 35,260 — 35,260 Credit loss provision, net 29,816 348 — — — 30,164 — 30,164 Other expense 88 787 227 101 — 1,203 — 1,203 Total costs and expenses 226,739 45,784 73,318 36,859 142,322 525,022 (254) 524,768 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 33,087 33,087 Change in fair value of servicing rights — — — 1,018 — 1,018 726 1,744 Change in fair value of investment securities, net (1,587) — — (1,717) — (3,304) 3,252 (52) Change in fair value of mortgage loans, net (12,711) — — 12,650 — (61) — (61) Income from affordable housing fund investments — — 4,929 — — 4,929 — 4,929 Earnings from unconsolidated entities — 2,677 — 193 — 2,870 (154) 2,716 Gain on sale of investments and other assets, net 88 — 27 2,264 — 2,379 — 2,379 Gain (loss) on derivative financial instruments, net 21,529 350 8,354 983 (34,240) (3,024) — (3,024) Foreign currency (loss) gain, net (5,719) — 13 — — (5,706) — (5,706) Other (loss) income, net (2,597) — (1,092) 6 — (3,683) — (3,683) Total other (loss) income (997) 3,027 12,231 15,397 (34,240) (4,582) 36,911 32,329 Income (loss) before income taxes 136,478 26,189 3,102 31,200 (175,740) 21,229 — 21,229 Income tax (provision) benefit (2,536) (95) 8 (3,601) — (6,224) — (6,224) Net income (loss) 133,942 26,094 3,110 27,599 (175,740) 15,005 — 15,005 Net income attributable to non-controlling interests (4) — (5,325) (3,119) — (8,448) — (8,448) Net income (loss) attributable to Starwood Property Trust, Inc. $ 133,938 $ 26,094 $ (2,215) $ 24,480 $ (175,740) $ 6,557 $ — $ 6,557 4
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Definition of Distributable Earnings Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors. Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 for additional information regarding Distributable Earnings. Reconciliation of Net Income to Distributable Earnings For the three months ended June 30, 2026 (Amounts in thousands except per share data) Net income (loss) attributable to Starwood Property Trust, Inc. $ 133,938 $ 26,094 $ (2,215) $ 24,480 $ (175,740) $ 6,557 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 4,629 — — 4,629 Non-controlling interests attributable to unrealized gains/losses — — (2,724) (2,226) — (4,950) Non-cash equity compensation expense 2,585 788 2,014 1,449 6,477 13,313 Depreciation and amortization 4,817 — 29,632 1,121 — 35,570 Straight-line rent adjustment — — (1,697) 57 — (1,640) Interest income adjustment for loans and securities 4,675 — — 12,686 — 17,361 Consolidated income tax provision (benefit) associated with fair value adjustments 2,536 95 (8) 3,601 — 6,224 Other non-cash items 5 447 (82) (407) — (37) Reversal of GAAP unrealized and realized (gains) / losses on: Loans 12,711 — — (12,650) — 61 Credit loss provision, net 29,816 348 — — — 30,164 Securities 1,587 — — 1,717 — 3,304 Woodstar Fund investments — — (4,929) — — (4,929) Derivatives (21,529) (350) (8,354) (983) 34,240 3,024 Foreign currency 5,719 — (13) — — 5,706 Earnings from unconsolidated entities — (2,677) — (193) — (2,870) Sales of properties (32) — (27) (2,264) — (2,323) Recognition of Distributable realized gains / (losses) on: Loans (454) — — 12,636 — 12,182 Securities (51) — — (682) — (733) Woodstar Fund investments — — 18,208 — — 18,208 Derivatives 8,570 248 (235) 1,650 (2,907) 7,326 Foreign currency 803 — 13 — — 816 Earnings from unconsolidated entities — 2,146 — 469 — 2,615 Sales of properties 32 — (35) 1,928 — 1,925 Distributable Earnings (Loss) $ 185,728 $ 27,139 $ 34,177 $ 42,389 $ (137,930) $ 151,503 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 0.49 $ 0.07 $ 0.09 $ 0.11 $ (0.36) $ 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 six months ended June 30, 2026 (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 $ 637,465 $ 128,429 $ — $ 6,332 $ — $ 772,226 $ — $ 772,226 Interest income from investment securities 30,981 865 — 46,103 — 77,949 (67,761) 10,188 Servicing fees 223 — — 72,095 — 72,318 (7,631) 64,687 Rental income 36,113 — 124,670 7,042 — 167,825 — 167,825 Other revenues 4,013 2,947 819 1,927 1,492 11,198 — 11,198 Total revenues 708,795 132,241 125,489 133,499 1,492 1,101,516 (75,392) 1,026,124 Costs and expenses: Management fees 197 — — — 66,542 66,739 — 66,739 Interest expense 315,673 75,321 56,726 15,943 210,218 673,881 (398) 673,483 General and administrative 31,771 11,933 16,793 45,589 8,941 115,027 — 115,027 Costs of rental operations 29,377 — 14,514 5,556 — 49,447 — 49,447 Depreciation and amortization 9,017 19 57,215 2,232 503 68,986 — 68,986 Credit loss provision (reversal), net 30,402 (615) — — — 29,787 — 29,787 Other expense 165 899 299 241 — 1,604 — 1,604 Total costs and expenses 416,602 87,557 145,547 69,561 286,204 1,005,471 (398) 1,005,073 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 65,589 65,589 Change in fair value of servicing rights — — — 2,022 — 2,022 (815) 1,207 Change in fair value of investment securities, net (1,136) — — (9,638) — (10,774) 10,811 37 Change in fair value of mortgage loans, net (33,691) — — 20,962 — (12,729) — (12,729) Income from affordable housing fund investments — — 17,393 — — 17,393 — 17,393 Earnings from unconsolidated entities — 3,520 — 605 — 4,125 (591) 3,534 Gain on sale of investments and other assets, net 298 — 496 2,264 — 3,058 — 3,058 Gain (loss) on derivative financial instruments, net 37,892 439 10,630 1,225 (55,673) (5,487) — (5,487) Foreign currency (loss) gain, net (11,834) — 38 — — (11,796) — (11,796) Loss on extinguishment of debt — (31) (304) — — (335) — (335) Other (loss) income, net (5,472) 51 (1,401) 6 — (6,816) — (6,816) Total other (loss) income (13,943) 3,979 26,852 17,446 (55,673) (21,339) 74,994 53,655 Income (loss) before income taxes 278,250 48,663 6,794 81,384 (340,385) 74,706 — 74,706 Income tax benefit (provision) 9,192 (145) 25 (11,351) — (2,279) — (2,279) Net income (loss) 287,442 48,518 6,819 70,033 (340,385) 72,427 — 72,427 Net income attributable to non-controlling interests (7) — (12,152) (1,833) — (13,992) — (13,992) Net income (loss) attributable to Starwood Property Trust, Inc. $ 287,435 $ 48,518 $ (5,333) $ 68,200 $ (340,385) $ 58,435 $ — $ 58,435 6
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Reconciliation of Net Income to Distributable Earnings For the six months ended June 30, 2026 (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. $ 287,435 $ 48,518 $ (5,333) $ 68,200 $ (340,385) $ 58,435 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 9,258 — — 9,258 Non-controlling interests attributable to unrealized gains/losses — — (4,031) (6,971) — (11,002) Non-cash equity compensation expense 5,669 1,540 4,009 2,874 13,215 27,307 Management incentive fee — — — — 5,567 5,567 Depreciation and amortization 9,090 — 58,206 2,313 — 69,609 Straight-line rent adjustment — — (3,346) 171 — (3,175) Interest income adjustment for loans and securities 9,749 — — 18,062 — 27,811 Consolidated income tax (benefit) provision associated with fair value adjustments (9,192) 145 (25) 11,351 — 2,279 Other non-cash items 7 447 (164) (813) — (523) Reversal of GAAP unrealized and realized (gains) / losses on: Loans 33,691 — — (20,962) — 12,729 Credit loss provision (reversal), net 30,402 (615) — — — 29,787 Securities 1,136 — — 9,638 — 10,774 Woodstar Fund investments — — (17,393) — — (17,393) Derivatives (37,892) (439) (10,630) (1,225) 55,673 5,487 Foreign currency 11,834 — (38) — — 11,796 Earnings from unconsolidated entities — (3,520) — (605) — (4,125) Sales of properties (356) — (496) (2,264) — (3,116) Recognition of Distributable realized gains / (losses) on: Loans (822) — — 21,194 — 20,372 Securities (137) — — (5,936) — (6,073) Woodstar Fund investments — — 37,029 — — 37,029 Derivatives 21,205 279 (3,324) 1,926 (5,724) 14,362 Foreign currency 942 — 38 — — 980 Earnings from unconsolidated entities — 2,657 — 905 — 3,562 Sales of properties (4,753) — (135) 1,928 — (2,960) Distributable Earnings (Loss) $ 358,008 $ 49,012 $ 63,625 $ 99,786 $ (271,654) $ 298,777 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 0.94 $ 0.13 $ 0.16 $ 0.26 $ (0.71) $ 0.78 7
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Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheet by Segment As of June 30, 2026 (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 $ 22,616 $ 206,331 $ 30,912 $ 9,281 $ 98,452 $ 367,592 $ — $ 367,592 Restricted cash 177,912 46,173 2,802 189 45,688 272,764 — 272,764 Loans held-for-investment, net 16,965,888 2,851,080 — — — 19,816,968 — 19,816,968 Loans held-for-sale 2,154,653 — — 62,828 — 2,217,481 — 2,217,481 Investment securities 556,876 123,934 — 1,262,903 — 1,943,713 (1,540,884) 402,829 Properties, net 1,028,671 — 2,938,255 31,743 — 3,998,669 — 3,998,669 Investments of consolidated affordable housing fund — — 1,725,368 — — 1,725,368 — 1,725,368 Investments in unconsolidated entities 8,514 61,517 — 33,200 — 103,231 (15,030) 88,201 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets, net 2,522 — 405,459 71,062 — 479,043 (38,069) 440,974 Derivative assets 23,233 — 931 242 — 24,406 — 24,406 Accrued interest receivable 195,044 3,611 4 493 1,664 200,816 — 200,816 Other assets 195,215 20,947 111,988 (16,670) 50,735 362,215 — 362,215 VIE assets, at fair value — — — — — — 30,868,147 30,868,147 Total Assets $ 21,331,144 $ 3,433,002 $ 5,215,719 $ 1,595,708 $ 196,539 $ 31,772,112 $ 29,274,164 $ 61,046,276 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 232,135 $ 38,666 $ 123,067 $ 37,521 $ 144,167 $ 575,556 $ — $ 575,556 Related-party payable — — — — 27,033 27,033 — 27,033 Dividends payable — — — — 180,744 180,744 — 180,744 Derivative liabilities 64,972 — — — 26,601 91,573 — 91,573 Secured financing agreements, net 9,496,528 716,722 731,638 583,078 2,491,581 14,019,547 (19,656) 13,999,891 Securitized financing, net 1,603,874 1,810,038 1,397,599 — — 4,811,511 — 4,811,511 Unsecured senior notes, net — — — — 4,882,722 4,882,722 — 4,882,722 VIE liabilities, at fair value — — — — — — 29,293,820 29,293,820 Total Liabilities 11,397,509 2,565,426 2,252,304 620,599 7,752,848 24,588,686 29,274,164 53,862,850 Temporary Equity: Redeemable non-controlling interests — — 356,377 — — 356,377 — 356,377 Permanent Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 3,798 3,798 — 3,798 Additional paid-in capital 2,904,306 465,056 329,107 (974,433) 4,267,303 6,991,339 — 6,991,339 Treasury stock — — — — (167,962) (167,962) — (167,962) Retained earnings (accumulated deficit) 7,019,517 402,520 2,072,106 1,827,396 (11,659,448) (337,909) — (337,909) Accumulated other comprehensive income 9,697 — — — — 9,697 — 9,697 Total Starwood Property Trust, Inc. Stockholders’ Equity 9,933,520 867,576 2,401,213 852,963 (7,556,309) 6,498,963 — 6,498,963 Non-controlling interests in consolidated subsidiaries 115 — 205,825 122,146 — 328,086 — 328,086 Total Permanent Equity 9,933,635 867,576 2,607,038 975,109 (7,556,309) 6,827,049 — 6,827,049 Total Liabilities and Equity $ 21,331,144 $ 3,433,002 $ 5,215,719 $ 1,595,708 $ 196,539 $ 31,772,112 $ 29,274,164 $ 61,046,276 8
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HIGHLIGHTS
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STARWOOD PROPERTY TRUST Q2 2026 Highlights EARNINGS & PER SHARE METRICS $0.40 DE / diluted share INVESTMENTS $2.5B Invested this quarter PORTFOLIO $32.2B Undepreciated assets, record level CAPITALIZATION $11.4B Financing capacity NOTE: Data as of June 30, 2026 unless otherwise noted. Liquidity as of July 31, 2026. Please refer to the Calculation Methodologies section herein for the definition of Distributable Earnings (DE). • $0.48 quarterly dividend paid; $8.9B distributed since inception • GAAP book value of $17.53/share and undepreciated book value of $18.62/ share, includes $729M of CECL and REO reductions ($1.97/share) • Repurchased $10M of common shares at $17.16/share avg • $5.0B invested over the last six months • $1.7B invested after quarter end • 64% of commercial lending investing is in industrial and data centers 9 • Commercial loans 53%, owned properties 21% • U.S. office only 7.6% of the diversified asset base • $1.2B liquidity and 2.74x adjusted debt-to-equity • $2.1B of corporate debt transactions (see slide 10) • Weighted average corporate debt maturity extended to 3.7 years • Subsequent to quarter end ◦ 3rd net lease ABS issuance: $321M at a 5.47% weighted average fixed rate ◦ Commercial lending CLO redemptions and $1.2B facility upsize: redeemed $579M at par and upsized an existing credit facility to $3.0B I N D U S T R Y R E C O G N I T I O N ★ • Nareit Gold Investor CARE Award, 10th time in 12 years • Ratings affirmed by Fitch (BB+) and Moody’s (Ba2)
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STARWOOD PROPERTY TRUST Corporate Capital Markets Execution 10 $0.2B $0.4B $0.6B $0.8B $1.0B $1.2B $1.4B $1.6B $1.8B $2.0B $2.2B Unsecured note issuances: (i) $600M at swapped rate of S+2.22% due 2031 (ii) $500M at 5.875% due 2029, which closed after quarter end Term loan repricing: $697M due 2032 pricing reduced 25 bps to S+2.00% Term loan upsize: $275M at S+2.00% due 2032 $1.1B $697M $275M • Reduced the weighted average spread on term loan facilities from S+2.00% to S+1.93% • Subsequent to quarter end: ◦ Repaid $900M of unsecured notes due July 2026 and January 2027 Executed $2.1B of corporate debt transactions in the quarter
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STARWOOD PROPERTY TRUST Total Undepreciated Assets - $32.2B Commercial Loans 53% Owned Properties 21% NOTE: Total assets and property related amounts exclude $410M of accumulated depreciation and amortization 11 U.S. office represents only 7.6% of our diversified asset base U.S. Office 8% Int'l Office 2% Multifamily 19% Other 4% Industrial 8% Retail 1% Mixed Use 1% Data Center 4% Hotel 6% Medical Office 3% Property - Other 4% Florida Affordable Housing Fund 5% Net Lease 9% Other 2%Cash & A/R 2%REIS CMBS 4% Intangibles 1% Infrastructure Lending 9% Residential Lending 8%
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COMMERCIAL AND RESIDENTIAL LENDING SEGMENT
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STARWOOD PROPERTY TRUST (Investment Securities) $17.3B Total Portfolio * 2.9 in prior quarter Commercial Lending Portfolio NOTE: See the Ratings Criteria section included in the Appendix • Portfolio reaches a record $17.3B • $1.4B originations ($754M funded) • $250M follow on fundings • $447M repayments • Sold two units in a previously foreclosed asset for $12M 2.9 W.A. Risk Rating * (1 loan) (38 loans) (96 loans) (16 loans) (5 loans) Loan Risk Rating 12 15 4 3 2 Q2 Activity $2.0B $0.8B $4.8B $9.5B $0.2B Not Rated (1)
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STARWOOD PROPERTY TRUST 40% 36% 15% 5% 4% 21% 34%13% 12% 4% 16% 81% 19% $ millions Location $ Maturity* Washington, DC $333 Nov-26 Houston, TX $252 Jan-28 Dallas, TX $235 Sep-26 London, UK $215 Mar-27 McLean, VA $175 Sep-27 Berlin, Germany $173 Nov-28 Irvine, CA $163 Oct-26 Orlando, FL $160 Dec-28 Los Angeles, CA $138 Oct-27 Dublin, CA $126 Jul-27 Location $ Maturity* Various, NY $487 Sep-30 Long Island City, NY $418 Aug-27 Various, Europe $330 Aug-30 Dublin, Ireland $191 Feb-31 Various, Czech Republic $189 Aug-30 Goleta, CA $174 Mar-31 Beaumont, CA $162 Apr-30 Various, US $140 Jan-31 Memphis, TN $111 Jun-31 Queens, NY $110 Nov-26 Top 10 Loans by Largest Property Types Office Industrial Location $ Maturity* Various, US $550 Sep-30 Various, TX $407 Apr-30 Various, UK $312 Dec-30 London, UK $278 Apr-28 Los Angeles, CA $245 Mar-28 Various, Germany $190 Feb-30 Various, FL $159 Jun-27 Various, UK $156 May-27 Stamford, CT $151 Dec-31 New York, NY $150 Aug-30 Multifamily Property CharacteristicsTop 10 Loans (UPB) *Fully extended $6.2B $2.7B 100% International Class BClass A $2.5B $0.6B U.S. Southeast Southwest West NortheastMidwest International Northeast International West Mid-Atlantic 13 Southeast
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STARWOOD PROPERTY TRUST Collateral Diversification Multifamily Office Hotel Mixed Use Industrial Data Center Retail Other Q2'21Q3'21Q4'21Q1'22Q2'22Q3'22Q4'22Q1'23Q2'23Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26 —% 20% 40% 60% 80% 100% Commercial loan portfolio has evolved over time, with increasing concentration in multifamily, industrial and data center collateral types 14
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STARWOOD PROPERTY TRUST Commercial Portfolio Geographic Diversification NOTE: Amounts are stated as a percentage of commercial loan portfolio International U.S. Northeast 17 % Southwest 17 % West 14 % Southeast 12 % Mid-Atlantic 8 % Midwest 3 % Europe: UK 9 % Germany 4 % Ireland 4 % Other Europe 3 % Australia 8 % Bermuda 1 % Europe Australia 15
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STARWOOD PROPERTY TRUST Commercial Lending Metrics ($ millions) First Mortgages (2) Mezzanine Loans (2) Preferred Equity Lending CMBS Subordinated Mortgages Total CRE Carrying Value $16,800 $290 $114 $89 $5 $17,298 Carrying Value on Accrual $16,267 $117 $18 $89 $— $16,491 Unlevered Return for Assets on Accrual (3) 7.2% 11.2% 10.5% 5.1% N/A 7.3% Dollar (Carrying values in billions) First Mortgages Lending CMBS Mezzanine Loans Subordinated MortgagesPreferred Equity Q2'24 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 16
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STARWOOD PROPERTY TRUST Top 10 Commercial Lending Commitments(4) $ millions Loan Type Origination Date Fully Extended Maturity Date Location Property Type Loan Commitment UPB Senior Jun 2022 Jun 2030 Various, Australia Casino Hotel* $ 950.4 $ 950.4 Senior Mar 2026 Dec 2030 Sterling, VA Data Center 727.2 272.8 Senior Apr 2026 Apr 2032 Abilene, TX Data Center 598.7 84.2 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 550.0 488.8 Senior Aug 2025 Sep 2030 Various, NY Industrial 500.0 487.3 Senior Apr 2026 Apr 2032 Hamilton Island, Australia Hotel 442.1 366.8 Senior/Mezz Jul 2022 Aug 2027 Long Island City, NY Industrial 426.7 418.1 Senior Apr 2025 Apr 2030 Various, TX Multifamily 407.0 407.0 Senior/CMBS Jul 2024 Aug 2030 Various, Europe Industrial 342.8 329.6 * Included within the "Other" property type category 17
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STARWOOD PROPERTY TRUST Nonaccrual Assets Location Property Type Carrying Value East Rutherford, New Jersey Retail $ 188 Los Angeles, California Office 137 Arlington, Virginia Office 122 Queens, New York Industrial 110 Brooklyn, New York Office 97 Washington, D.C. Office 16 Dublin, Ireland(a) Office 9 Carrying Value of Nonaccrual Loans $ 679 Preferred Equity Interests 96 Total Carrying Value of Nonaccrual Assets $ 775 $ millions Property Type Location Retail 28% Industrial 16% Office 56% NJ 28% VA 18% NY 31% CA 20% D.C. 2% Int'l 1% NOTE: Excludes fully reserved nonaccrual loan totaling $5M (a) Carrying value is net of a $27M specific credit loss allowance 18
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STARWOOD PROPERTY TRUST (a) Sold two units within this asset during the quarter with another two under contract subsequent to quarter end (b) Excludes: (i) two properties that were sold in Q4'24 and Q2'25 but did not qualify as GAAP sales and (ii) a property that is being repositioned and thus included in Property Segment TN 4% IL 4% NY 12% CA 16% TX 39% AZ 10%FL 9% MA 6% Foreclosed Assets Multifamily 36%Residential 11% Retail 4% Mixed Use 43% Life Science 6% Location Property Type Carrying Value ($ millions) (per sq ft) Dallas, Texas Mixed Use $ 245 $ 406 Los Angeles, California Mixed Use 150 131 New York City, New York (a) Residential (Luxury Co-Op) 106 2,367 Windermere, Florida Multifamily 85 223 Dallas, Texas Multifamily 85 176 Phoenix, Arizona Multifamily 70 229 Boston, Massachusetts Life Science 56 562 Nashville, Tennessee Multifamily 39 135 Chicago, Illinois Retail 33 1,153 Dallas, Texas Multifamily 28 121 Phoenix, Arizona Multifamily 23 172 Net Carrying Value of Foreclosed Assets (b) $ 920 Property Type Location 19
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STARWOOD PROPERTY TRUST Asset Carrying Values Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Loans, held for sale $ 2,155 $ 2,218 $ 2,278 $ 2,308 $ 2,323 Loans, held for investment 228 — — — — Post-securitization retained RMBS 313 400 405 409 414 Residential Portfolio Carrying Values $ 2,696 $ 2,618 $ 2,683 $ 2,717 $ 2,737 Weighted Average Coupon (WAC)* Loans, held for sale 4.4% 4.4% 4.4% 4.4% 4.4% Loans, held for investment 5.5% N/A N/A N/A N/A Residential Portfolio $ millions Ø Recorded $3M net unrealized fair value increase: – Loans: $12M decrease – RMBS: $2M decrease – Interest Rate Hedges: $17M increase to FMV of $4M Ø Redeemed a consolidated RMBS trust: – Transferred $230M of loans previously securitized to loans held-for-investment – Redeemed $82M of our retained RMBS and $151M held by third parties Ø Repayments of $53M on loans and $8M on RMBS *Does not include the impact of interest rate hedges 20
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INFRASTRUCTURE LENDING SEGMENT 25
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STARWOOD PROPERTY TRUST Power 62% Midstream 26% Downstream 7% Other 3% Upstream 2% Portfolio Metrics and Activity $3.1B Total Portfolio Northeast 26% Southwest 25% Midwest 26% Southeast 9% West 11%Int'l 1% Mid-Atlantic 1% Other - U.S. 1% Geographic Location Sector (5) • $441M new commitments ($296M funded) • $24M follow on fundings • $447M repayments Q2 Activity 21
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PROPERTY SEGMENT 25
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STARWOOD PROPERTY TRUST Property Segment Investment Portfolio $ millions Investment Net Carrying Value (6) Asset Specific Financing Net Investment Q2'26 Net Operating Income (7) Occupancy Rate (8) Wholly-Owned: Net Lease $ 2,732 $ 1,685 $ 1,047 $ 44.3 100% Medical Office Portfolio 795 444 351 11.0 90% D.C. Multifamily Conversion 123 — 123 N/A Subtotal - Undepreciated Carrying Value $ 3,650 $ 2,129 $ 1,521 $ 55.3 Accumulated Depreciation and Amortization (340) — (340) — Subtotal - Wholly-Owned $ 3,310 $ 2,129 $ 1,181 $ 55.3 Woodstar Fund 1,725 — 1,725 35.1 97% Total Property Segment Investment Portfolio $ 5,035 $ 2,129 $ 2,906 $ 90.4 98% 22
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STARWOOD PROPERTY TRUST Woodstar Fund (the "Fund") $ millions Net Investment Properties, at fair value $ 3,239.7 Cash and other assets 43.4 Secured debt, at fair value (1,529.5) Accrued liabilities (28.2) Investments of consolidated affordable housing fund, at fair value $ 1,725.4 Ø 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 $ 59.3 Cost of rental operations (24.2) Interest expense (16.9) Change in fair value (13.3) Income from affordable housing fund investments $ 4.9 Balance Sheet: ▪ Net Investment: Property-level assets, net of property-level debt ▪ Temporary Equity: 20.6% attributable to third party investors Income Statement: ▪ DE ($18M): Represents net income at the portfolio-level excluding unrealized fair value adjustments ▪ GAAP ($5M): Net income from our investments is reported as a single line item, which includes changes in fair value of the investments ($-13M), changes in working capital ($+9M), and cash income distributions received ($+9M) Change in FMV Properties $ (9.3) Debt (2.0) Derivative (2.0) Total change in FMV $ (13.3) 23
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STARWOOD PROPERTY TRUST Net Lease Portfolio Highlights Top 10 States (% of ABR) State % # of Properties Illinois 9.3% 29 Ohio 8.7% 68 Wisconsin 7.7% 27 Pennsylvania 7.6% 27 Virginia 6.9% 9 Texas 6.2% 33 Kansas 4.1% 21 Washington 3.9% 3 Arizona 3.7% 8 Florida 3.3% 23 Total 61% 248 Portfolio Carrying Value $2.7B Owned Properties 527 Square Footage 16.9M States 44 Weighted Avg. Remaining Lease Term (Years) 16.8 Annualized Cash Base Rent ("ABR") $187M Industries 72 Tenants 123 Avg. Annual Rent Increases(a) 2.31% Master Leases (% of ABR) 57.2% Top 10 Tenant (% of ABR) 27.9% Top 10 Major Industries (% of ABR) 88.0% Significant Activity During the Quarter: Ø Portfolio grew to $2.7B Ø Acquired 16 properties (10 tenants) for $179M at a 7.4% cap rate and a 16.2-year weighted average lease term Ø Entered into a new revolving warehouse credit facility totalling $1.0B ($500M committed) with a 5-year term, at S+1.55% and an advance rate of up to 70% Ø After quarter end, amended an existing $600M credit facility reducing spread by 60 bps to S+1.90% and eliminating SOFR floor (a) Assumes CPI increase of 2.0% or greater Portfolio Highlights Geographic Diversification 24
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STARWOOD PROPERTY TRUST Net Lease Portfolio Highlights, continued (% of Annualized In-Place Base Rent(a)) 26.5% 21.9% 11.7% 11.0% 4.9% 3.0% 2.3% 2.3% 2.2% 2.2% —% 5% 10% 15% 20% 25% 30% Food Production & Distribution Product Manufacturing Dining & Entertainment Automotive Service Deathcare Healthcare Dealerships Furniture Shops Aerospace Warehouse & Distribution Industrial 55% Retail 5% Service 40% (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 25
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INVESTING AND SERVICING SEGMENT 21
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STARWOOD PROPERTY TRUST Significant Activity During the Quarter: Ø Securitized or sold $320M of conduit loans in five transactions (not including $11M which priced last quarter) Ø Active servicing portfolio increased from $9.9B to $10.9B, with named servicing portfolio at $93.6B Ø Sold a previously foreclosed hospitality asset for gross proceeds of $13M and a $2M gain for GAAP and DE Ø Acquired $45M of CMBS and received $18M in sales and principal collections Investment Portfolio $ millions NOTE: VRR refers to vertical risk retention Asset Carrying Values Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Owned CMBS, VRR $ 484 $ 462 $ 464 $ 408 $ 410 Owned CMBS, non-VRR 408 411 445 427 432 Owned CMBS, Agency Multifamily B-Piece 71 71 73 75 75 CMBS, JVs (net of non-controlling interests) 171 165 171 161 160 Total CMBS $ 1,134 $ 1,109 $ 1,153 $ 1,071 $ 1,077 Conduit Loans 63 104 45 253 172 Special servicing intangible 68 67 66 64 62 Properties and lease intangibles, net 35 45 45 70 70 Other 18 18 18 18 18 Total $ 1,318 $ 1,343 $ 1,327 $ 1,476 $ 1,399 26
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STARWOOD PROPERTY TRUST 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 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: $93.6B Loan Balance 185 CMBS Trusts Active SS: $8.8B SS Loan Balance $2.1B REO Loan Balance $10.9B Total Active SS Balance Named SS Balance UPB loans named SS Q2'17Q4'17Q2'18Q4'18Q2'19Q4'19Q2'20Q4'20Q2'21Q4'21Q2'22Q4'22Q2'23Q4'23Q2'24Q4'24Q2'25Q4'25Q2'26 50 100 150 $ billions 27
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CAPITALIZATION 27
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STARWOOD PROPERTY TRUST Adjusted On Balance Sheet Leverage Securitized Financing (ABSs, CLOs & SASB) Capitalization Overview Credit Metrics Adjusted Debt-to-Equity Ratios 2.74x 3.41x (10) Ba2 / BB / BB+ Current Corporate Issuer Rating $6.9B Total Unencumbered Assets 1.69x Fixed Charge Coverage Ratio 1.51x* Unencumbered Assets to Unsecured Debt $31.2B Total Capitalization Off-Balance Sheet On-Balance Sheet 28 *Proforma for the (i) $500M issuance of senior unsecured notes due 2029; (ii) $500M repayment of senior unsecured notes due January 2027 and (iii) $400M repayment of senior unsecured notes due July 2026, which all occurred in July 2026 Affirmed by Fitch and Moody's rating agencies in Q2
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STARWOOD PROPERTY TRUST Capitalization Overview, continued Total Debt Outstanding (including off-balance sheet) Margin Call Provisions (including off-balance sheet) Secured Debt $14.2 Woodstar Fund Debt $1.2 Off-B/S Debt (ABSs, CLOs & SASB) $4.8 Unsecured Debt $4.9 $25.1 No Margin Calls $14.8 Credit $6.8 Spread and Credit $3.5 $25.1 $ billions Ø 92% of commercial lending debt and 86% of consolidated debt has no mark-to-market provisions (11) 29 *$4.5B proforma for the (i) $500M issuance of senior unsecured notes due 2029; (ii) $500M repayment of senior unsecured notes due January 2027 and (iii) $400M repayment of senior unsecured notes due July 2026, which all occurred in July 2026 *
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STARWOOD PROPERTY TRUST Q2'26 GAAP Book Value Q2'26 Accumulated Depreciation & Amortization Q2'26 Undepreciated Book Value Book Value per Share Bridge 23 $17.53 $1.09 $18.62 30
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STARWOOD PROPERTY TRUST Financing Facilities $ millions Debt Obligations Type Maximum Facility Size (12) Drawn (12) Available Capacity Asset Specific Financing: Large Loans, Commercial $ 14,666 $ 7,360 $ 7,306 Infrastructure Lending Segment 1,836 723 1,113 Property Segment 2,058 742 1,316 Residential Loans 2,950 2,050 900 Conduit Loans, Commercial 375 16 359 CMBS and RMBS 847 651 196 REO Portfolio 20 18 2 Subtotal - Asset Specific Financing $ 22,752 $ 11,560 $ 11,192 Corporate Debt: Convertible Senior Notes 381 381 — Senior Unsecured Notes 4,550 4,550 — Term Loans 2,533 2,533 — Revolving Secured Financing 200 — 200 Subtotal - Corporate Debt $ 7,664 $ 7,464 $ 200 TOTAL DEBT $ 30,416 $ 19,024 $ 11,392 $30.4B Max Facility Size $11.4B Available Capacity 20 Counterparties 31
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STARWOOD PROPERTY TRUST 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 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Financial Capacity $ millions NOTE: As of July 31, 2026 $1,381 $228 $970 $(144) Total Available Capital $ 1,381 + Available On-BS Financing (13) $ 9,993 Total Potential Liquidity $ 11,374 $(225) $1,198 $552 32
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STARWOOD PROPERTY TRUST Share Count shares in thousands 2026 2026 Q2 Q1 YTD Number of Shares, GAAP EPS: Basic — Average shares outstanding 366,401 366,460 366,430 Effect of dilutive securities — Convertible Notes — — — Effect of dilutive securities — Other 330 487 323 Diluted — Average shares outstanding 366,731 366,947 366,753 Shares Outstanding 370,628 370,739 370,628 Number of Shares, Distributable EPS: Basic — Average shares outstanding 366,401 366,460 366,430 Effect of Weighted Average Unvested Stock Awards 5,895 5,732 5,814 Effect of dilutive securities — Woodstar II OP units 9,643 9,643 9,643 Effect of dilutive securities — Other — 161 — Diluted — Average shares outstanding 381,939 381,996 381,887 33
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APPENDIX 34
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STARWOOD PROPERTY TRUST 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 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: S&P Ratings Kristina Koltunicki, 212.438.7242 Gaurav A. Parikh, 212.438.1131 Rating BB / Outlook Stable Bank of America Derek Hewett, 646.855.2087 BTIG Thomas Catherwood, 212.738.6140 Green Street Harsh Hemnani, 949.640.8780 JMP Securities Chris Muller, 212.906.3559 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 Wells Fargo Donald Fandetti, 212.214.8069 Wolfe Research Logan Epstein, 646.582.9267 34
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STARWOOD PROPERTY TRUST Footnotes 1. Excludes $203M of the commercial portfolio which are classified as CMBS or preferred equity investments and are not risk rated. 2. Contiguous mezzanine loans of $1,417M are included in the first mortgage balance as of June 30, 2026. 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: petrochemical and chemical plants; Upstream: oil and gas exploration and production; 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 $404M as of June 30, 2026), less our share of the Woodstar cumulative change in fair value of debt of $11M. 11. Includes our share of the Woodstar portfolio debt with a UPB of $1,225M. 12. Excludes non-recourse ABSs, CLOs, SASB 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. 35
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STARWOOD PROPERTY TRUST 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. 36
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STARWOOD PROPERTY TRUST 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 37
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STARWOOD PROPERTY TRUST 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. 38