<a id='b8303d72-acfe-4b8d-8a4f-a54c99cc7790'></a>

Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the six months ended June 30, 2026
(Amounts in thousands)

<a id='d9961b16-7a13-4261-bf72-7061d9d6cede'></a>

<table id="8-1">
<tr><td id="8-2"></td><td id="8-3">Commercial and Residential Lending Segment</td><td id="8-4">Infrastructure Lending Segment</td><td id="8-5">Property Segment</td><td id="8-6">Investing and Servicing Segment</td><td id="8-7">Corporate</td><td id="8-8">Subtotal</td><td id="8-9">Securitization VIEs</td><td id="8-a">Total</td></tr>
<tr><td id="8-b">Revenues:</td><td id="8-c"></td><td id="8-d"></td><td id="8-e"></td><td id="8-f" colspan="3"></td><td id="8-g" colspan="2"></td></tr>
<tr><td id="8-h">Interest income from loans</td><td id="8-i">$ 637,465</td><td id="8-j">$ 128,429</td><td id="8-k">$ —</td><td id="8-l">$ 6,332</td><td id="8-m">$ —</td><td id="8-n">$ 772,226</td><td id="8-o">$ —</td><td id="8-p">$ 772,226</td></tr>
<tr><td id="8-q">Interest income from investment securities</td><td id="8-r">30,981</td><td id="8-s">865</td><td id="8-t">—</td><td id="8-u">46,103</td><td id="8-v">—</td><td id="8-w">77,949</td><td id="8-x">(67,761)</td><td id="8-y">10,188</td></tr>
<tr><td id="8-z">Servicing fees</td><td id="8-A">223</td><td id="8-B">—</td><td id="8-C">—</td><td id="8-D">72,095</td><td id="8-E">—</td><td id="8-F">72,318</td><td id="8-G">(7,631)</td><td id="8-H">64,687</td></tr>
<tr><td id="8-I">Rental income</td><td id="8-J">36,113</td><td id="8-K">—</td><td id="8-L">124,670</td><td id="8-M">7,042</td><td id="8-N">—</td><td id="8-O">167,825</td><td id="8-P">—</td><td id="8-Q">167,825</td></tr>
<tr><td id="8-R">Other revenues</td><td id="8-S">4,013</td><td id="8-T">2,947</td><td id="8-U">819</td><td id="8-V">1,927</td><td id="8-W">1,492</td><td id="8-X">11,198</td><td id="8-Y">—</td><td id="8-Z">11,198</td></tr>
<tr><td id="8-10">Total revenues</td><td id="8-11">708,795</td><td id="8-12">132,241</td><td id="8-13">125,489</td><td id="8-14">133,499</td><td id="8-15">1,492</td><td id="8-16">1,101,516</td><td id="8-17">(75,392)</td><td id="8-18">1,026,124</td></tr>
<tr><td id="8-19">Costs and expenses:</td><td id="8-1a"></td><td id="8-1b"></td><td id="8-1c" colspan="3"></td><td id="8-1d"></td><td id="8-1e"></td><td id="8-1f"></td></tr>
<tr><td id="8-1g">Management fees</td><td id="8-1h">197</td><td id="8-1i">—</td><td id="8-1j">—</td><td id="8-1k">—</td><td id="8-1l">66,542</td><td id="8-1m">66,739</td><td id="8-1n">—</td><td id="8-1o">66,739</td></tr>
<tr><td id="8-1p">Interest expense</td><td id="8-1q">315,673</td><td id="8-1r">75,321</td><td id="8-1s">56,726</td><td id="8-1t">15,943</td><td id="8-1u">210,218</td><td id="8-1v">673,881</td><td id="8-1w">(398)</td><td id="8-1x">673,483</td></tr>
<tr><td id="8-1y">General and administrative</td><td id="8-1z">31,771</td><td id="8-1A">11,933</td><td id="8-1B">16,793</td><td id="8-1C">45,589</td><td id="8-1D">8,941</td><td id="8-1E">115,027</td><td id="8-1F">—</td><td id="8-1G">115,027</td></tr>
<tr><td id="8-1H">Costs of rental operations</td><td id="8-1I">29,377</td><td id="8-1J">—</td><td id="8-1K">14,514</td><td id="8-1L">5,556</td><td id="8-1M">—</td><td id="8-1N">49,447</td><td id="8-1O">—</td><td id="8-1P">49,447</td></tr>
<tr><td id="8-1Q">Depreciation and amortization</td><td id="8-1R">9,017</td><td id="8-1S">19</td><td id="8-1T">57,215</td><td id="8-1U">2,232</td><td id="8-1V">503</td><td id="8-1W">68,986</td><td id="8-1X">—</td><td id="8-1Y">68,986</td></tr>
<tr><td id="8-1Z">Credit loss provision (reversal), net</td><td id="8-20">30,402</td><td id="8-21">(615)</td><td id="8-22">—</td><td id="8-23">—</td><td id="8-24">—</td><td id="8-25">29,787</td><td id="8-26">—</td><td id="8-27">29,787</td></tr>
<tr><td id="8-28">Other expense</td><td id="8-29">165</td><td id="8-2a">899</td><td id="8-2b">299</td><td id="8-2c">241</td><td id="8-2d">—</td><td id="8-2e">1,604</td><td id="8-2f">—</td><td id="8-2g">1,604</td></tr>
<tr><td id="8-2h">Total costs and expenses</td><td id="8-2i">416,602</td><td id="8-2j">87,557</td><td id="8-2k">145,547</td><td id="8-2l">69,561</td><td id="8-2m">286,204</td><td id="8-2n">1,005,471</td><td id="8-2o">(398)</td><td id="8-2p">1,005,073</td></tr>
<tr><td id="8-2q">Other income (loss):</td><td id="8-2r"></td><td id="8-2s" colspan="2"></td><td id="8-2t"></td><td id="8-2u" colspan="3"></td><td id="8-2v"></td></tr>
<tr><td id="8-2w">Change in net assets related to consolidated VIEs</td><td id="8-2x">—</td><td id="8-2y">—</td><td id="8-2z">—</td><td id="8-2A">—</td><td id="8-2B">—</td><td id="8-2C">—</td><td id="8-2D">65,589</td><td id="8-2E">65,589</td></tr>
<tr><td id="8-2F">Change in fair value of servicing rights</td><td id="8-2G">—</td><td id="8-2H">—</td><td id="8-2I">—</td><td id="8-2J">2,022</td><td id="8-2K">—</td><td id="8-2L">2,022</td><td id="8-2M">(815)</td><td id="8-2N">1,207</td></tr>
<tr><td id="8-2O">Change in fair value of investment securities, net</td><td id="8-2P">(1,136)</td><td id="8-2Q">—</td><td id="8-2R">—</td><td id="8-2S">(9,638)</td><td id="8-2T">—</td><td id="8-2U">(10,774)</td><td id="8-2V">10,811</td><td id="8-2W">37</td></tr>
<tr><td id="8-2X">Change in fair value of mortgage loans, net</td><td id="8-2Y">(33,691)</td><td id="8-2Z">—</td><td id="8-30">—</td><td id="8-31">20,962</td><td id="8-32">—</td><td id="8-33">(12,729)</td><td id="8-34">—</td><td id="8-35">(12,729)</td></tr>
<tr><td id="8-36">Income from affordable housing fund investments</td><td id="8-37">—</td><td id="8-38">—</td><td id="8-39">17,393</td><td id="8-3a">—</td><td id="8-3b">—</td><td id="8-3c">17,393</td><td id="8-3d">—</td><td id="8-3e">17,393</td></tr>
<tr><td id="8-3f">Earnings from unconsolidated entities</td><td id="8-3g">—</td><td id="8-3h">3,520</td><td id="8-3i">—</td><td id="8-3j">605</td><td id="8-3k">—</td><td id="8-3l">4,125</td><td id="8-3m">(591)</td><td id="8-3n">3,534</td></tr>
<tr><td id="8-3o">Gain on sale of investments and other assets, net</td><td id="8-3p">298</td><td id="8-3q">—</td><td id="8-3r">496</td><td id="8-3s">2,264</td><td id="8-3t">—</td><td id="8-3u">3,058</td><td id="8-3v">—</td><td id="8-3w">3,058</td></tr>
<tr><td id="8-3x">Gain (loss) on derivative financial instruments, net</td><td id="8-3y">37,892</td><td id="8-3z">439</td><td id="8-3A">10,630</td><td id="8-3B">1,225</td><td id="8-3C">(55,673)</td><td id="8-3D">(5,487)</td><td id="8-3E">—</td><td id="8-3F">(5,487)</td></tr>
<tr><td id="8-3G">Foreign currency (loss) gain, net</td><td id="8-3H">(11,834)</td><td id="8-3I">—</td><td id="8-3J">38</td><td id="8-3K">—</td><td id="8-3L">—</td><td id="8-3M">(11,796)</td><td id="8-3N">—</td><td id="8-3O">(11,796)</td></tr>
<tr><td id="8-3P">Loss on extinguishment of debt</td><td id="8-3Q">—</td><td id="8-3R">(31)</td><td id="8-3S">(304)</td><td id="8-3T">—</td><td id="8-3U">—</td><td id="8-3V">(335)</td><td id="8-3W">—</td><td id="8-3X">(335)</td></tr>
<tr><td id="8-3Y">Other (loss) income, net</td><td id="8-3Z">(5,472)</td><td id="8-40">51</td><td id="8-41">(1,401)</td><td id="8-42">6</td><td id="8-43">—</td><td id="8-44">(6,816)</td><td id="8-45">—</td><td id="8-46">(6,816)</td></tr>
<tr><td id="8-47">Total other (loss) income</td><td id="8-48">(13,943)</td><td id="8-49">3,979</td><td id="8-4a">26,852</td><td id="8-4b">17,446</td><td id="8-4c">(55,673)</td><td id="8-4d">(21,339)</td><td id="8-4e">74,994</td><td id="8-4f">53,655</td></tr>
<tr><td id="8-4g">Income (loss) before income taxes</td><td id="8-4h">278,250</td><td id="8-4i">48,663</td><td id="8-4j">6,794</td><td id="8-4k">81,384</td><td id="8-4l">(340,385)</td><td id="8-4m">74,706</td><td id="8-4n">—</td><td id="8-4o">74,706</td></tr>
<tr><td id="8-4p">Income tax benefit (provision)</td><td id="8-4q">9,192</td><td id="8-4r">(145)</td><td id="8-4s">25</td><td id="8-4t">(11,351)</td><td id="8-4u">—</td><td id="8-4v">(2,279)</td><td id="8-4w">—</td><td id="8-4x">(2,279)</td></tr>
<tr><td id="8-4y">Net income (loss)</td><td id="8-4z">287,442</td><td id="8-4A">48,518</td><td id="8-4B">6,819</td><td id="8-4C">70,033</td><td id="8-4D">(340,385)</td><td id="8-4E">72,427</td><td id="8-4F">—</td><td id="8-4G">72,427</td></tr>
<tr><td id="8-4H">Net income attributable to non-controlling interests</td><td id="8-4I">(7)</td><td id="8-4J">—</td><td id="8-4K">(12,152)</td><td id="8-4L">(1,833)</td><td id="8-4M">—</td><td id="8-4N">(13,992)</td><td id="8-4O">—</td><td id="8-4P">(13,992)</td></tr>
<tr><td id="8-4Q">Net income (loss) attributable to Starwood Property Trust, Inc.</td><td id="8-4R">$ 287,435</td><td id="8-4S">$ 48,518</td><td id="8-4T">$ (5,333)</td><td id="8-4U">$ 68,200</td><td id="8-4V">$ (340,385)</td><td id="8-4W">$ 58,435</td><td id="8-4X">$ —</td><td id="8-4Y">$ 58,435</td></tr>
</table>

<a id='f5b796ff-f6a2-4a13-a9bc-787e982582f5'></a>

6