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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)

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<table id="6-1">
<tr><td id="6-2"></td><td id="6-3">Commercial and Residential Lending Segment</td><td id="6-4">Infrastructure Lending Segment</td><td id="6-5">Property Segment</td><td id="6-6">Investing and Servicing Segment</td><td id="6-7">Corporate</td><td id="6-8">Subtotal</td><td id="6-9">Securitization VIEs</td><td id="6-a">Total</td></tr>
<tr><td id="6-b">Revenues:</td><td id="6-c" colspan="8"></td></tr>
<tr><td id="6-d">Interest income from loans</td><td id="6-e">327,151</td><td id="6-f">66,991</td><td id="6-g">—</td><td id="6-h">4,273</td><td id="6-i">$ —</td><td id="6-j">$ 398,415</td><td id="6-k">$ —</td><td id="6-l">$ 398,415</td></tr>
<tr><td id="6-m">Interest income from investment securities</td><td id="6-n">15,344</td><td id="6-o">481</td><td id="6-p">—</td><td id="6-q">22,170</td><td id="6-r">—</td><td id="6-s">37,995</td><td id="6-t">(33,245)</td><td id="6-u">4,750</td></tr>
<tr><td id="6-v">Servicing fees</td><td id="6-w">111</td><td id="6-x">—</td><td id="6-y">—</td><td id="6-z">20,476</td><td id="6-A">—</td><td id="6-B">20,587</td><td id="6-C">(3,920)</td><td id="6-D">16,667</td></tr>
<tr><td id="6-E">Rental income</td><td id="6-F">19,808</td><td id="6-G">—</td><td id="6-H">63,827</td><td id="6-I">4,219</td><td id="6-J">—</td><td id="6-K">87,854</td><td id="6-L">—</td><td id="6-M">87,854</td></tr>
<tr><td id="6-N">Other revenues</td><td id="6-O">1,800</td><td id="6-P">1,474</td><td id="6-Q">362</td><td id="6-R">1,524</td><td id="6-S">822</td><td id="6-T">5,982</td><td id="6-U">—</td><td id="6-V">5,982</td></tr>
<tr><td id="6-W">Total revenues</td><td id="6-X">364,214</td><td id="6-Y">68,946</td><td id="6-Z">64,189</td><td id="6-10">52,662</td><td id="6-11">822</td><td id="6-12">550,833</td><td id="6-13">(37,165)</td><td id="6-14">513,668</td></tr>
<tr><td id="6-15">Costs and expenses:</td><td id="6-16" colspan="8"></td></tr>
<tr><td id="6-17">Management fees</td><td id="6-18">165</td><td id="6-19">—</td><td id="6-1a">—</td><td id="6-1b">—</td><td id="6-1c">30,392</td><td id="6-1d">30,557</td><td id="6-1e">—</td><td id="6-1f">30,557</td></tr>
<tr><td id="6-1g">Interest expense</td><td id="6-1h">160,750</td><td id="6-1i">38,625</td><td id="6-1j">28,775</td><td id="6-1k">9,117</td><td id="6-1l">107,564</td><td id="6-1m">344,831</td><td id="6-1n">(254)</td><td id="6-1o">344,577</td></tr>
<tr><td id="6-1p">General and administrative</td><td id="6-1q">14,979</td><td id="6-1r">6,015</td><td id="6-1s">7,925</td><td id="6-1t">23,661</td><td id="6-1u">4,114</td><td id="6-1v">56,694</td><td id="6-1w">—</td><td id="6-1x">56,694</td></tr>
<tr><td id="6-1y">Costs of rental operations</td><td id="6-1z">16,161</td><td id="6-1A">—</td><td id="6-1B">7,254</td><td id="6-1C">2,898</td><td id="6-1D">—</td><td id="6-1E">26,313</td><td id="6-1F">—</td><td id="6-1G">26,313</td></tr>
<tr><td id="6-1H">Depreciation and amortization</td><td id="6-1I">4,780</td><td id="6-1J">9</td><td id="6-1K">29,137</td><td id="6-1L">1,082</td><td id="6-1M">252</td><td id="6-1N">35,260</td><td id="6-1O">—</td><td id="6-1P">35,260</td></tr>
<tr><td id="6-1Q">Credit loss provision, net</td><td id="6-1R">29,816</td><td id="6-1S">348</td><td id="6-1T">—</td><td id="6-1U">—</td><td id="6-1V">—</td><td id="6-1W">30,164</td><td id="6-1X">—</td><td id="6-1Y">30,164</td></tr>
<tr><td id="6-1Z">Other expense</td><td id="6-20">88</td><td id="6-21">787</td><td id="6-22">227</td><td id="6-23">101</td><td id="6-24">—</td><td id="6-25">1,203</td><td id="6-26">—</td><td id="6-27">1,203</td></tr>
<tr><td id="6-28">Total costs and expenses</td><td id="6-29">226,739</td><td id="6-2a">45,784</td><td id="6-2b">73,318</td><td id="6-2c">36,859</td><td id="6-2d">142,322</td><td id="6-2e">525,022</td><td id="6-2f">(254)</td><td id="6-2g">524,768</td></tr>
<tr><td id="6-2h" colspan="8">Other income (loss):</td><td id="6-2i"></td></tr>
<tr><td id="6-2j">Change in net assets related to consolidated VIEs</td><td id="6-2k">—</td><td id="6-2l">—</td><td id="6-2m">—</td><td id="6-2n">—</td><td id="6-2o">—</td><td id="6-2p">—</td><td id="6-2q">33,087</td><td id="6-2r">33,087</td></tr>
<tr><td id="6-2s">Change in fair value of servicing rights</td><td id="6-2t">—</td><td id="6-2u">—</td><td id="6-2v">—</td><td id="6-2w">1,018</td><td id="6-2x">—</td><td id="6-2y">1,018</td><td id="6-2z">726</td><td id="6-2A">1,744</td></tr>
<tr><td id="6-2B">Change in fair value of investment securities, net</td><td id="6-2C">(1,587)</td><td id="6-2D">—</td><td id="6-2E">—</td><td id="6-2F">(1,717)</td><td id="6-2G">—</td><td id="6-2H">(3,304)</td><td id="6-2I">3,252</td><td id="6-2J">(52)</td></tr>
<tr><td id="6-2K">Change in fair value of mortgage loans, net</td><td id="6-2L">(12,711)</td><td id="6-2M">—</td><td id="6-2N">—</td><td id="6-2O">12,650</td><td id="6-2P">—</td><td id="6-2Q">(61)</td><td id="6-2R">—</td><td id="6-2S">(61)</td></tr>
<tr><td id="6-2T">Income from affordable housing fund investments</td><td id="6-2U">—</td><td id="6-2V">—</td><td id="6-2W">4,929</td><td id="6-2X">—</td><td id="6-2Y">—</td><td id="6-2Z">4,929</td><td id="6-30">—</td><td id="6-31">4,929</td></tr>
<tr><td id="6-32">Earnings from unconsolidated entities</td><td id="6-33">—</td><td id="6-34">2,677</td><td id="6-35">—</td><td id="6-36">193</td><td id="6-37">—</td><td id="6-38">2,870</td><td id="6-39">(154)</td><td id="6-3a">2,716</td></tr>
<tr><td id="6-3b">Gain on sale of investments and other assets, net</td><td id="6-3c">88</td><td id="6-3d">—</td><td id="6-3e">27</td><td id="6-3f">2,264</td><td id="6-3g">—</td><td id="6-3h">2,379</td><td id="6-3i">—</td><td id="6-3j">2,379</td></tr>
<tr><td id="6-3k">Gain (loss) on derivative financial instruments, net</td><td id="6-3l">21,529</td><td id="6-3m">350</td><td id="6-3n">8,354</td><td id="6-3o">983</td><td id="6-3p">(34,240)</td><td id="6-3q">(3,024)</td><td id="6-3r">—</td><td id="6-3s">(3,024)</td></tr>
<tr><td id="6-3t">Foreign currency (loss) gain, net</td><td id="6-3u">(5,719)</td><td id="6-3v">—</td><td id="6-3w">13</td><td id="6-3x">—</td><td id="6-3y">—</td><td id="6-3z">(5,706)</td><td id="6-3A">—</td><td id="6-3B">(5,706)</td></tr>
<tr><td id="6-3C">Other (loss) income, net</td><td id="6-3D">(2,597)</td><td id="6-3E">—</td><td id="6-3F">(1,092)</td><td id="6-3G">6</td><td id="6-3H">—</td><td id="6-3I">(3,683)</td><td id="6-3J">—</td><td id="6-3K">(3,683)</td></tr>
<tr><td id="6-3L">Total other (loss) income</td><td id="6-3M">(997)</td><td id="6-3N">3,027</td><td id="6-3O">12,231</td><td id="6-3P">15,397</td><td id="6-3Q">(34,240)</td><td id="6-3R">(4,582)</td><td id="6-3S">36,911</td><td id="6-3T">32,329</td></tr>
<tr><td id="6-3U">Income (loss) before income taxes</td><td id="6-3V">136,478</td><td id="6-3W">26,189</td><td id="6-3X">3,102</td><td id="6-3Y">31,200</td><td id="6-3Z">(175,740)</td><td id="6-40">21,229</td><td id="6-41">—</td><td id="6-42">21,229</td></tr>
<tr><td id="6-43">Income tax (provision) benefit</td><td id="6-44">(2,536)</td><td id="6-45">(95)</td><td id="6-46">8</td><td id="6-47">(3,601)</td><td id="6-48">—</td><td id="6-49">(6,224)</td><td id="6-4a">—</td><td id="6-4b">(6,224)</td></tr>
<tr><td id="6-4c">Net income (loss)</td><td id="6-4d">133,942</td><td id="6-4e">26,094</td><td id="6-4f">3,110</td><td id="6-4g">27,599</td><td id="6-4h">(175,740)</td><td id="6-4i">15,005</td><td id="6-4j">—</td><td id="6-4k">15,005</td></tr>
<tr><td id="6-4l">Net income attributable to non-controlling interests</td><td id="6-4m">(4)</td><td id="6-4n">—</td><td id="6-4o">(5,325)</td><td id="6-4p">(3,119)</td><td id="6-4q">—</td><td id="6-4r">(8,448)</td><td id="6-4s">—</td><td id="6-4t">(8,448)</td></tr>
<tr><td id="6-4u">Net income (loss) attributable to Starwood Property Trust, Inc.</td><td id="6-4v">$ 133,938</td><td id="6-4w">$ 26,094</td><td id="6-4x">$ (2,215)</td><td id="6-4y">$ 24,480</td><td id="6-4z">$ (175,740)</td><td id="6-4A">$ 6,557</td><td id="6-4B">$ —</td><td id="6-4C">$ 6,557</td></tr>
</table>

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