<::logo: Footnotes Footnotes The logo features the word "Footnotes" in a simple, sans-serif font in a dark blue color against a white background.::> 1. Excludes $203M of the commercial portfolio which are classified as CMBS or preferred equity investments and are not risk rated. 2. Contiguous mezzanine loans of $1,417M are included in the first mortgage balance as of June 30, 2026. 3. Unlevered returns are calculated using applicable index rates for variable rate investments in place as of the respective period end and exclude assets for which interest income is not recognized. In addition to cash coupon, unlevered return includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. 4. Excludes preferred equity investments. 5. Sectors are defined as follows: Power: power plants fueled with natural gas or coal and petroleum coke; Midstream: oil and gas transport (including pipelines), LNG terminals and storage; Downstream: petrochemical and chemical plants; Upstream: oil and gas exploration and production; Other: generating facilities that convert renewable energy resources into electrical energy, including solar. 6. Net carrying value for wholly-owned investments includes properties and lease intangibles. 7. Net operating income represents rental income less costs of rental operations and excludes interest, depreciation and amortization. It also excludes an allowance for recurring capital expenditures at multifamily properties and any other adjustments that would be made in the calculation of a cash-on-cash return. 8. Occupancy calculated based on number of properties for our single-tenant net lease properties and square footage for multi-tenant net lease properties. 9. Excludes non-controlling JV interests. 10. Represents (i) total outstanding secured and unsecured financing arrangements (excluding the non-recourse ABSS, CLOs and SASB, and adjusted to include our share of the Woodstar portfolio debt with a UPB of $1,225M), less cash and lender-restricted cash; divided by (ii) undepreciated permanent equity (i.e. GAAP permanent equity plus accumulated depreciation and amortization of $404M as of June 30, 2026), less our share of the Woodstar cumulative change in fair value of debt of $11M. 11. Includes our share of the Woodstar portfolio debt with a UPB of $1,225M. 12. Excludes non-recourse ABSS, CLOs, SASB and our share of the Woodstar portfolio debt. Drawn amounts also exclude discounts / premiums and unamortized deferred financing costs. 13. Does not include potential proceeds from future A-note sales or ABS and CLO securitizations and is as of quarter end, adjusted for approved undrawn credit capacity. STARWOOD PROPERTY TRUST 35