<a id='178565ad-cfcb-4535-b9a0-2a1a3b6de0f9'></a>

Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of June 30, 2026
(Amounts in thousands)

<a id='474953a4-f12b-459e-a0d0-e3bbc3160805'></a>

<table id="10-1">
<tr><td id="10-2"></td><td id="10-3">Commercial and Residential Lending Segment</td><td id="10-4">Infrastructure Lending Segment</td><td id="10-5">Property Segment</td><td id="10-6">Investing and Servicing Segment</td><td id="10-7">Corporate</td><td id="10-8">Subtotal</td><td id="10-9">Securitization
VIES</td><td id="10-a">Total</td></tr>
<tr><td id="10-b">Assets:</td><td id="10-c"></td><td id="10-d"></td><td id="10-e"></td><td id="10-f"></td><td id="10-g"></td><td id="10-h"></td><td id="10-i"></td><td id="10-j"></td></tr>
<tr><td id="10-k">Cash and cash equivalents</td><td id="10-l">$ 22,616</td><td id="10-m">$ 206,331</td><td id="10-n">$ 30,912</td><td id="10-o">$ 9,281</td><td id="10-p">$ 98,452</td><td id="10-q">$ 367,592</td><td id="10-r">$ —</td><td id="10-s">$ 367,592</td></tr>
<tr><td id="10-t">Restricted cash</td><td id="10-u">177,912</td><td id="10-v">46,173</td><td id="10-w">2,802</td><td id="10-x">189</td><td id="10-y">45,688</td><td id="10-z">272,764</td><td id="10-A">—</td><td id="10-B">272,764</td></tr>
<tr><td id="10-C">Loans held-for-investment, net</td><td id="10-D">16,965,888</td><td id="10-E">2,851,080</td><td id="10-F">—</td><td id="10-G">—</td><td id="10-H">—</td><td id="10-I">19,816,968</td><td id="10-J">—</td><td id="10-K">19,816,968</td></tr>
<tr><td id="10-L">Loans held-for-sale</td><td id="10-M">2,154,653</td><td id="10-N">—</td><td id="10-O">—</td><td id="10-P">62,828</td><td id="10-Q">—</td><td id="10-R">2,217,481</td><td id="10-S">—</td><td id="10-T">2,217,481</td></tr>
<tr><td id="10-U">Investment securities</td><td id="10-V">556,876</td><td id="10-W">123,934</td><td id="10-X">—</td><td id="10-Y">1,262,903</td><td id="10-Z">—</td><td id="10-10">1,943,713</td><td id="10-11">(1,540,884)</td><td id="10-12">402,829</td></tr>
<tr><td id="10-13">Properties, net</td><td id="10-14">1,028,671</td><td id="10-15">—</td><td id="10-16">2,938,255</td><td id="10-17">31,743</td><td id="10-18">—</td><td id="10-19">3,998,669</td><td id="10-1a">—</td><td id="10-1b">3,998,669</td></tr>
<tr><td id="10-1c">Investments of consolidated affordable housing fund</td><td id="10-1d">—</td><td id="10-1e">—</td><td id="10-1f">1,725,368</td><td id="10-1g">—</td><td id="10-1h">—</td><td id="10-1i">1,725,368</td><td id="10-1j">—</td><td id="10-1k">1,725,368</td></tr>
<tr><td id="10-1l">Investments in unconsolidated entities</td><td id="10-1m">8,514</td><td id="10-1n">61,517</td><td id="10-1o">—</td><td id="10-1p">33,200</td><td id="10-1q">—</td><td id="10-1r">103,231</td><td id="10-1s">(15,030)</td><td id="10-1t">88,201</td></tr>
<tr><td id="10-1u">Goodwill</td><td id="10-1v">—</td><td id="10-1w">119,409</td><td id="10-1x">—</td><td id="10-1y">140,437</td><td id="10-1z">—</td><td id="10-1A">259,846</td><td id="10-1B">—</td><td id="10-1C">259,846</td></tr>
<tr><td id="10-1D">Intangible assets, net</td><td id="10-1E">2,522</td><td id="10-1F">—</td><td id="10-1G">405,459</td><td id="10-1H">71,062</td><td id="10-1I">—</td><td id="10-1J">479,043</td><td id="10-1K">(38,069)</td><td id="10-1L">440,974</td></tr>
<tr><td id="10-1M">Derivative assets</td><td id="10-1N">23,233</td><td id="10-1O">—</td><td id="10-1P">931</td><td id="10-1Q">242</td><td id="10-1R">—</td><td id="10-1S">24,406</td><td id="10-1T">—</td><td id="10-1U">24,406</td></tr>
<tr><td id="10-1V">Accrued interest receivable</td><td id="10-1W">195,044</td><td id="10-1X">3,611</td><td id="10-1Y">4</td><td id="10-1Z">493</td><td id="10-20">1,664</td><td id="10-21">200,816</td><td id="10-22">—</td><td id="10-23">200,816</td></tr>
<tr><td id="10-24">Other assets</td><td id="10-25">195,215</td><td id="10-26">20,947</td><td id="10-27">111,988</td><td id="10-28">(16,670)</td><td id="10-29">50,735</td><td id="10-2a">362,215</td><td id="10-2b">—</td><td id="10-2c">362,215</td></tr>
<tr><td id="10-2d">VIE assets, at fair value</td><td id="10-2e">—</td><td id="10-2f">—</td><td id="10-2g">—</td><td id="10-2h">—</td><td id="10-2i">—</td><td id="10-2j">—</td><td id="10-2k">30,868,147</td><td id="10-2l">30,868,147</td></tr>
<tr><td id="10-2m">Total Assets</td><td id="10-2n">$ 21,331,144</td><td id="10-2o">$ 3,433,002</td><td id="10-2p">$ 5,215,719</td><td id="10-2q">$ 1,595,708</td><td id="10-2r">$ 196,539</td><td id="10-2s">$ 31,772,112</td><td id="10-2t">$ 29,274,164</td><td id="10-2u">$ 61,046,276</td></tr>
<tr><td id="10-2v">Liabilities and Equity</td><td id="10-2w"></td><td id="10-2x"></td><td id="10-2y"></td><td id="10-2z"></td><td id="10-2A"></td><td id="10-2B"></td><td id="10-2C"></td><td id="10-2D"></td></tr>
<tr><td id="10-2E">Liabilities:</td><td id="10-2F"></td><td id="10-2G"></td><td id="10-2H"></td><td id="10-2I"></td><td id="10-2J"></td><td id="10-2K"></td><td id="10-2L"></td><td id="10-2M"></td></tr>
<tr><td id="10-2N">Accounts payable, accrued expenses and other liabilities</td><td id="10-2O">$ 232,135</td><td id="10-2P">$ 38,666</td><td id="10-2Q">$ 123,067</td><td id="10-2R">$ 37,521</td><td id="10-2S">$ 144,167</td><td id="10-2T">$ 575,556</td><td id="10-2U">$ —</td><td id="10-2V">$ 575,556</td></tr>
<tr><td id="10-2W">Related-party payable</td><td id="10-2X">—</td><td id="10-2Y">—</td><td id="10-2Z">—</td><td id="10-30">—</td><td id="10-31">27,033</td><td id="10-32">27,033</td><td id="10-33">—</td><td id="10-34">27,033</td></tr>
<tr><td id="10-35">Dividends payable</td><td id="10-36">—</td><td id="10-37">—</td><td id="10-38">—</td><td id="10-39">—</td><td id="10-3a">180,744</td><td id="10-3b">180,744</td><td id="10-3c">—</td><td id="10-3d">180,744</td></tr>
<tr><td id="10-3e">Derivative liabilities</td><td id="10-3f">64,972</td><td id="10-3g">—</td><td id="10-3h">—</td><td id="10-3i">—</td><td id="10-3j">26,601</td><td id="10-3k">91,573</td><td id="10-3l">—</td><td id="10-3m">91,573</td></tr>
<tr><td id="10-3n">Secured financing agreements, net</td><td id="10-3o">9,496,528</td><td id="10-3p">716,722</td><td id="10-3q">731,638</td><td id="10-3r">583,078</td><td id="10-3s">2,491,581</td><td id="10-3t">14,019,547</td><td id="10-3u">(19,656)</td><td id="10-3v">13,999,891</td></tr>
<tr><td id="10-3w">Securitized financing, net</td><td id="10-3x">1,603,874</td><td id="10-3y">1,810,038</td><td id="10-3z">1,397,599</td><td id="10-3A">—</td><td id="10-3B">—</td><td id="10-3C">4,811,511</td><td id="10-3D">—</td><td id="10-3E">4,811,511</td></tr>
<tr><td id="10-3F">Unsecured senior notes, net</td><td id="10-3G">—</td><td id="10-3H">—</td><td id="10-3I">—</td><td id="10-3J">—</td><td id="10-3K">4,882,722</td><td id="10-3L">4,882,722</td><td id="10-3M">—</td><td id="10-3N">4,882,722</td></tr>
<tr><td id="10-3O">VIE liabilities, at fair value</td><td id="10-3P">—</td><td id="10-3Q">—</td><td id="10-3R">—</td><td id="10-3S">—</td><td id="10-3T">—</td><td id="10-3U">—</td><td id="10-3V">29,293,820</td><td id="10-3W">29,293,820</td></tr>
<tr><td id="10-3X">Total Liabilities</td><td id="10-3Y">11,397,509</td><td id="10-3Z">2,565,426</td><td id="10-40">2,252,304</td><td id="10-41">620,599</td><td id="10-42">7,752,848</td><td id="10-43">24,588,686</td><td id="10-44">29,274,164</td><td id="10-45">53,862,850</td></tr>
<tr><td id="10-46">Temporary Equity: Redeemable non-controlling interests</td><td id="10-47">—</td><td id="10-48">—</td><td id="10-49">356,377</td><td id="10-4a">—</td><td id="10-4b">—</td><td id="10-4c">356,377</td><td id="10-4d">—</td><td id="10-4e">356,377</td></tr>
<tr><td id="10-4f">Permanent Equity:</td><td id="10-4g"></td><td id="10-4h"></td><td id="10-4i"></td><td id="10-4j"></td><td id="10-4k"></td><td id="10-4l"></td><td id="10-4m"></td><td id="10-4n"></td></tr>
<tr><td id="10-4o">Starwood Property Trust, Inc. Stockholders&#x27; Equity:</td><td id="10-4p"></td><td id="10-4q"></td><td id="10-4r"></td><td id="10-4s"></td><td id="10-4t"></td><td id="10-4u"></td><td id="10-4v"></td><td id="10-4w"></td></tr>
<tr><td id="10-4x">Common stock</td><td id="10-4y">—</td><td id="10-4z">—</td><td id="10-4A">—</td><td id="10-4B">—</td><td id="10-4C">3,798</td><td id="10-4D">3,798</td><td id="10-4E">—</td><td id="10-4F">3,798</td></tr>
<tr><td id="10-4G">Additional paid-in capital</td><td id="10-4H">2,904,306</td><td id="10-4I">465,056</td><td id="10-4J">329,107</td><td id="10-4K">(974,433)</td><td id="10-4L">4,267,303</td><td id="10-4M">6,991,339</td><td id="10-4N">—</td><td id="10-4O">6,991,339</td></tr>
<tr><td id="10-4P">Treasury stock</td><td id="10-4Q">—</td><td id="10-4R">—</td><td id="10-4S">—</td><td id="10-4T">—</td><td id="10-4U">(167,962)</td><td id="10-4V">(167,962)</td><td id="10-4W">—</td><td id="10-4X">(167,962)</td></tr>
<tr><td id="10-4Y">Retained earnings (accumulated deficit)</td><td id="10-4Z">7,019,517</td><td id="10-50">402,520</td><td id="10-51">2,072,106</td><td id="10-52">1,827,396</td><td id="10-53">(11,659,448)</td><td id="10-54">(337,909)</td><td id="10-55">—</td><td id="10-56">(337,909)</td></tr>
<tr><td id="10-57">Accumulated other comprehensive income</td><td id="10-58">9,697</td><td id="10-59">—</td><td id="10-5a">—</td><td id="10-5b">—</td><td id="10-5c">—</td><td id="10-5d">9,697</td><td id="10-5e">—</td><td id="10-5f">9,697</td></tr>
<tr><td id="10-5g">Total Starwood Property Trust, Inc. Stockholders&#x27; Equity</td><td id="10-5h">9,933,520</td><td id="10-5i">867,576</td><td id="10-5j">2,401,213</td><td id="10-5k">852,963</td><td id="10-5l">(7,556,309)</td><td id="10-5m">6,498,963</td><td id="10-5n">—</td><td id="10-5o">6,498,963</td></tr>
<tr><td id="10-5p">Non-controlling interests in consolidated subsidiaries</td><td id="10-5q">115</td><td id="10-5r">—</td><td id="10-5s">205,825</td><td id="10-5t">122,146</td><td id="10-5u">—</td><td id="10-5v">328,086</td><td id="10-5w">—</td><td id="10-5x">328,086</td></tr>
<tr><td id="10-5y">Total Permanent Equity</td><td id="10-5z">9,933,635</td><td id="10-5A">867,576</td><td id="10-5B">2,607,038</td><td id="10-5C">975,109</td><td id="10-5D">(7,556,309)</td><td id="10-5E">6,827,049</td><td id="10-5F">—</td><td id="10-5G">6,827,049</td></tr>
<tr><td id="10-5H">Total Liabilities and Equity</td><td id="10-5I">$ 21,331,144</td><td id="10-5J">$ 3,433,002</td><td id="10-5K">$ 5,215,719</td><td id="10-5L">$ 1,595,708</td><td id="10-5M">$ 196,539</td><td id="10-5N">$ 31,772,112</td><td id="10-5O">$ 29,274,164</td><td id="10-5P">$ 61,046,276</td></tr>
</table>

<a id='07aa14d6-2869-44ce-8bae-5e6ef582d6bd'></a>

8