Investment Portfolio $ millions Significant Activity During the Quarter: - Securitized or sold $320M of conduit loans in five transactions (not including $11M which priced last quarter) - Active servicing portfolio increased from $9.9B to $10.9B, with named servicing portfolio at $93.6B - Sold a previously foreclosed hospitality asset for gross proceeds of $13M and a $2M gain for GAAP and DE - Acquired $45M of CMBS and received $18M in sales and principal collections

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

NOTE: VRR refers to vertical risk retention STARWOOD PROPERTY TRUST 26