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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)

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<table id="9-1">
<tr><td id="9-2"></td><td id="9-3">Commercial and Residential Lending Segment</td><td id="9-4">Infrastructure Lending Segment</td><td id="9-5">Property Segment</td><td id="9-6">Investing and Servicing Segment</td><td id="9-7">Corporate</td><td id="9-8">Total</td></tr>
<tr><td id="9-9">Net income (loss) attributable to Starwood Property Trust, Inc.</td><td id="9-a">$ 287,435</td><td id="9-b">$ 48,518</td><td id="9-c">$ (5,333)</td><td id="9-d">$ 68,200</td><td id="9-e">$ (340,385)</td><td id="9-f">$ 58,435</td></tr>
<tr><td id="9-g">Add / (Deduct):</td><td id="9-h"></td><td id="9-i"></td><td id="9-j"></td><td id="9-k"></td><td id="9-l"></td><td id="9-m"></td></tr>
<tr><td id="9-n">Non-controlling interests attributable to Woodstar II Class A Units</td><td id="9-o">—</td><td id="9-p">—</td><td id="9-q">9,258</td><td id="9-r"></td><td id="9-s">—</td><td id="9-t">9,258</td></tr>
<tr><td id="9-u">Non-controlling interests attributable to unrealized gains/losses</td><td id="9-v">—</td><td id="9-w">—</td><td id="9-x">(4,031)</td><td id="9-y">(6,971)</td><td id="9-z">—</td><td id="9-A">(11,002)</td></tr>
<tr><td id="9-B">Non-cash equity compensation expense</td><td id="9-C">5,669</td><td id="9-D">1,540</td><td id="9-E">4,009</td><td id="9-F">2,874</td><td id="9-G">13,215</td><td id="9-H">27,307</td></tr>
<tr><td id="9-I">Management incentive fee</td><td id="9-J">—</td><td id="9-K">—</td><td id="9-L">—</td><td id="9-M">—</td><td id="9-N">5,567</td><td id="9-O">5,567</td></tr>
<tr><td id="9-P">Depreciation and amortization</td><td id="9-Q">9,090</td><td id="9-R">—</td><td id="9-S">58,206</td><td id="9-T">2,313</td><td id="9-U">—</td><td id="9-V">69,609</td></tr>
<tr><td id="9-W">Straight-line rent adjustment</td><td id="9-X">—</td><td id="9-Y">—</td><td id="9-Z">(3,346)</td><td id="9-10">171</td><td id="9-11">—</td><td id="9-12">(3,175)</td></tr>
<tr><td id="9-13">Interest income adjustment for loans and securities</td><td id="9-14">9,749</td><td id="9-15">—</td><td id="9-16">—</td><td id="9-17">18,062</td><td id="9-18">—</td><td id="9-19">27,811</td></tr>
<tr><td id="9-1a">Consolidated income tax (benefit) provision associated with fair value adjustments</td><td id="9-1b">(9,192)</td><td id="9-1c">145</td><td id="9-1d">(25)</td><td id="9-1e">11,351</td><td id="9-1f"></td><td id="9-1g">2,279</td></tr>
<tr><td id="9-1h">Other non-cash items</td><td id="9-1i">7</td><td id="9-1j">447</td><td id="9-1k">(164)</td><td id="9-1l">(813)</td><td id="9-1m"></td><td id="9-1n">(523)</td></tr>
<tr><td id="9-1o">Reversal of GAAP unrealized and realized (gains) / losses on:</td><td id="9-1p"></td><td id="9-1q"></td><td id="9-1r"></td><td id="9-1s"></td><td id="9-1t"></td><td id="9-1u"></td></tr>
<tr><td id="9-1v">Loans</td><td id="9-1w">33,691</td><td id="9-1x">—</td><td id="9-1y">—</td><td id="9-1z">(20,962)</td><td id="9-1A"></td><td id="9-1B">12,729</td></tr>
<tr><td id="9-1C">Credit loss provision (reversal), net</td><td id="9-1D">30,402</td><td id="9-1E">(615)</td><td id="9-1F">—</td><td id="9-1G">—</td><td id="9-1H"></td><td id="9-1I">29,787</td></tr>
<tr><td id="9-1J">Securities</td><td id="9-1K">1,136</td><td id="9-1L">—</td><td id="9-1M">—</td><td id="9-1N">9,638</td><td id="9-1O">—</td><td id="9-1P">10,774</td></tr>
<tr><td id="9-1Q">Woodstar Fund investments</td><td id="9-1R">—</td><td id="9-1S">—</td><td id="9-1T">(17,393)</td><td id="9-1U">—</td><td id="9-1V">—</td><td id="9-1W">(17,393)</td></tr>
<tr><td id="9-1X">Derivatives</td><td id="9-1Y">(37,892)</td><td id="9-1Z">(439)</td><td id="9-20">(10,630)</td><td id="9-21">(1,225)</td><td id="9-22">55,673</td><td id="9-23">5,487</td></tr>
<tr><td id="9-24">Foreign currency</td><td id="9-25">11,834</td><td id="9-26">—</td><td id="9-27">(38)</td><td id="9-28">—</td><td id="9-29">—</td><td id="9-2a">11,796</td></tr>
<tr><td id="9-2b">Earnings from unconsolidated entities</td><td id="9-2c">—</td><td id="9-2d">(3,520)</td><td id="9-2e">—</td><td id="9-2f">(605)</td><td id="9-2g">—</td><td id="9-2h">(4,125)</td></tr>
<tr><td id="9-2i">Sales of properties</td><td id="9-2j">(356)</td><td id="9-2k">—</td><td id="9-2l">(496)</td><td id="9-2m">(2,264)</td><td id="9-2n">—</td><td id="9-2o">(3,116)</td></tr>
<tr><td id="9-2p">Recognition of Distributable realized gains / (losses) on:</td><td id="9-2q"></td><td id="9-2r"></td><td id="9-2s"></td><td id="9-2t"></td><td id="9-2u"></td><td id="9-2v"></td></tr>
<tr><td id="9-2w">Loans</td><td id="9-2x">(822)</td><td id="9-2y">—</td><td id="9-2z">—</td><td id="9-2A">21,194</td><td id="9-2B">—</td><td id="9-2C">20,372</td></tr>
<tr><td id="9-2D">Securities</td><td id="9-2E">(137)</td><td id="9-2F">—</td><td id="9-2G">—</td><td id="9-2H">(5,936)</td><td id="9-2I">—</td><td id="9-2J">(6,073)</td></tr>
<tr><td id="9-2K">Woodstar Fund investments</td><td id="9-2L">—</td><td id="9-2M">—</td><td id="9-2N">37,029</td><td id="9-2O">—</td><td id="9-2P">—</td><td id="9-2Q">37,029</td></tr>
<tr><td id="9-2R">Derivatives</td><td id="9-2S">21,205</td><td id="9-2T">279</td><td id="9-2U">(3,324)</td><td id="9-2V">1,926</td><td id="9-2W">(5,724)</td><td id="9-2X">14,362</td></tr>
<tr><td id="9-2Y">Foreign currency</td><td id="9-2Z">942</td><td id="9-30">—</td><td id="9-31">38</td><td id="9-32">—</td><td id="9-33">—</td><td id="9-34">980</td></tr>
<tr><td id="9-35">Earnings from unconsolidated entities</td><td id="9-36">—</td><td id="9-37">2,657</td><td id="9-38">—</td><td id="9-39">905</td><td id="9-3a">—</td><td id="9-3b">3,562</td></tr>
<tr><td id="9-3c">Sales of properties</td><td id="9-3d">(4,753)</td><td id="9-3e">—</td><td id="9-3f">(135)</td><td id="9-3g">1,928</td><td id="9-3h">—</td><td id="9-3i">(2,960)</td></tr>
<tr><td id="9-3j">Distributable Earnings (Loss)</td><td id="9-3k">$ 358,008</td><td id="9-3l">$ 49,012</td><td id="9-3m">$ 63,625</td><td id="9-3n">$ 99,786</td><td id="9-3o">$ (271,654)</td><td id="9-3p">$ 298,777</td></tr>
<tr><td id="9-3q">Distributable Earnings (Loss) per Weighted Average Diluted Share</td><td id="9-3r">0.94</td><td id="9-3s">0.13</td><td id="9-3t">0.16</td><td id="9-3u">0.26</td><td id="9-3v">$           (0.71)</td><td id="9-3w">$           0.78</td></tr>
</table>

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