Capitalization Overview <::Credit Metrics Affirmed by Fitch and Moody's rating agencies in Q2 Ba2 / BB / BB+ Current Corporate Issuer Rating $6.9B Total Unencumbered Assets 1.69x Fixed Charge Coverage Ratio 1.51x* Unencumbered Assets to Unsecured Debt $31.2B Total Capitalization : flowchart::> Adjusted Debt-to-Equity Ratios <::bar chart::> Legend: - Dark blue square: Adjusted On Balance Sheet Leverage (10) - Lighter blue square: Securitized Financing (ABSs, CLOs & SASB) The chart displays two bars representing debt-to-equity ratios: 1. First bar (left): - Value: 2.74x - This bar is solid dark blue, representing Adjusted On Balance Sheet Leverage. 2. Second bar (right): - Total value: 3.41x - This is a stacked bar: - Bottom part (dark blue): On-Balance Sheet (representing Adjusted On Balance Sheet Leverage) - Top part (lighter blue): Off-Balance Sheet (representing Securitized Financing (ABSs, CLOs & SASB)) ::> *Proforma for the (i) $500M issuance of senior unsecured notes due 2029; (ii) $500M repayment of senior unsecured notes due January 2027 and (iii) $400M repayment of senior unsecured notes due July 2026, which all occurred in July 2026 <::STARWOOD PROPERTY TRUST : logo::> 28