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Book Value per Share Bridge

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<::bar chart
: The chart displays three bars with their corresponding values and labels.
: - The first bar, colored blue, has a value of "$17.53" and is labeled "Q2'26 GAAP Book Value".
: - The second bar, colored green, has a value of "$1.09" and is labeled "Q2'26 Accumulated Depreciation & Amortization".
: - The third bar, colored dark blue, has a value of "$18.62" and is labeled "Q2'26 Undepreciated Book Value".
: The chart visually represents a relationship where the GAAP Book Value plus Accumulated Depreciation & Amortization equals the Undepreciated Book Value ($17.53 + $1.09 = $18.62).
: chart::>

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STARWOOD PROPERTY TRUST

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