★ STARWOOD PROPERTY TRUST Q2 2026 SUPPLEMENTAL REPORTING INFORMATION Table of Contents

Press Release	Page	1
Highlights	Page	9
Commercial and Residential Lending	Page	12
Infrastructure Lending Segment	Page	21
Property Segment	Page	22
Investing and Servicing Segment	Page	26
Capitalization	Page	28
Appendix	Page	34

STARWOOD PROPERTY TRUST (i) PRESS RELEASE [STAR_ICON] STARWOOD PROPERTY TRUST For Immediate Release Starwood Property Trust Reports Results for Quarter Ended June 30, 2026 - Quarterly GAAP Earnings of $0.01 and Distributable Earnings (DE) of $0.40 per Diluted Share - - Invested $2.5 Billion in the Quarter and $6.7 Billion through July - - Record Total Assets of $31.8 Billion and Commercial Lending Assets of $17.3 Billion - - Repurchased $30 Million of Common Shares in the Six Months - — Dividend of $0.48 per Share — — Awarded Nareit Gold Investor CARE Award for 10th Time in 12 Years — MIAMI BEACH, FL, August 6, 2026 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended June 30, 2026. The Company delivered second quarter GAAP net income of $6.6 million, and Distributable Earnings (a non-GAAP financial measure) was $151.5 million. See reconciliation tables below. "Real estate fundamentals are improving steadily in almost every asset class, supported by a drop in construction and broad and robust economic growth. This provides a more constructive backdrop to deploy capital and improving credit in our loan portfolio. For us importantly, it provides a solid foundation to support the values of our real estate owned and underperforming loan assets. We expect to resolve nearly $900 million of underperforming assets by year end or shortly thereafter, returning the trapped equity to higher use cases across all our business lines," said Barry Sternlicht, Chairman and CEO of Starwood Property Trust. “We have invested $6.7 billion through July, at double digit return on equity, and our $2.1 billion of corporate debt transactions in the quarter extends our weighted average corporate debt maturity to 3.7 years and lowers our cost of funds, solidifying an already strong balance sheet. This positions us well to continue deploying capital and driving growth across all our business lines,” added Jeffrey DiModica, President of Starwood Property Trust. # Supplemental Schedules The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders. Specifically, these materials can be found on the Company’s website in the Investor Relations section under “Quarterly Results” at www.starwoodpropertytrust.com. 1 **Webcast and Conference Call Information** The Company will host a live webcast and conference call on Thursday, August 6, 2026, at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. To Participate via Telephone Conference Call: Dial in at least 15 minutes prior to start time. Domestic: 1-877-407-9039 International: 1-201-689-8470 Conference Call Playback: Domestic: 1-844-512-2921 International: 1-412-317-6671 Passcode: 13758023 The playback can be accessed through August 20, 2026. # About Starwood Property Trust, Inc. Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of June 30, 2026, the Company has successfully deployed $120 billion of capital since inception and manages a portfolio of $32 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com. **Forward-Looking Statements** Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward- looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise. 2 Additional information can be found on the Company’s website at www.starwoodpropertytrust.com. Contact: Zachary Tanenbaum Starwood Property Trust Phone: 203-422-7788 Email: ztanenbaum@starwood.com 3 Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the three months ended June 30, 2026 (Amounts in thousands)

	Commercial and Residential Lending Segment	Infrastructure Lending Segment	Property Segment	Investing and Servicing Segment	Corporate	Subtotal	Securitization VIEs	Total
Revenues:						---
Interest income from loans	$ 327,151	$ 66,991	$ —	$ 4,273	$ —	$ 398,415	$ —	$ 398,415
Interest income from investment securities	15,344	481	—	22,170	—	37,995	(33,245)	4,750
Servicing fees	111	—	—	20,476	—	20,587	(3,920)	16,667
Rental income	19,808	—	63,827	4,219	—	87,854	—	87,854
Other revenues	1,800	1,474	362	1,524	822	5,982	—	5,982
Total revenues	364,214	68,946	64,189	52,662	822	550,833	(37,165)	513,668
Costs and expenses:
Management fees	165	—	—	—	30,392	30,557	—	30,557
Interest expense	160,750	38,625	28,775	9,117	107,564	344,831	(254)	344,577
General and administrative	14,979	6,015	7,925	23,661	4,114	56,694	—	56,694
Costs of rental operations	16,161	—	7,254	2,898	—	26,313	—	26,313
Depreciation and amortization	4,780	9	29,137	1,082	252	35,260	—	35,260
Credit loss provision, net	29,816	348	—	—	—	30,164	—	30,164
Other expense	88	787	227	101	---	1,203	---	1,203
Total costs and expenses	226,739	45,784	73,318	36,859	142,322	525,022	(254)	524,768
Other income (loss):
Change in net assets related to consolidated VIEs	—	—	—	—	---	---	33,087	33,087
Change in fair value of servicing rights	—	—	—	1,018	---	1,018	726	1,744
Change in fair value of investment securities, net	(1,587)	—	—	(1,717)	---	(3,304)	3,252	(52)
Change in fair value of mortgage loans, net	(12,711)	—	—	12,650	---	(61)	---	(61)
Income from affordable housing fund investments	—	—	4,929	—	---	4,929	---	4,929
Earnings from unconsolidated entities	—	2,677	—	193	---	2,870	(154)	2,716
Gain on sale of investments and other assets, net	88	—	27	2,264	---	2,379	---	2,379
Gain (loss) on derivative financial instruments, net	21,529	350	8,354	983	(34,240)	(3,024)	—	(3,024)
Foreign currency (loss) gain, net	(5,719)	—	13	—	—	(5,706)	—	(5,706)
Other (loss) income, net	(2,597)	—	(1,092)	6	—	(3,683)	—	(3,683)
Total other (loss) income	(997)	3,027	12,231	15,397	(34,240)	(4,582)	36,911	32,329
Income (loss) before income taxes	136,478	26,189	3,102	31,200	(175,740)	21,229	—	21,229
Income tax (provision) benefit	(2,536)	(95)	8	(3,601)	---	(6,224)	---	(6,224)
Net income (loss)	133,942	26,094	3,110	27,599	(175,740)	15,005	---	15,005
Net income attributable to non-controlling interests	(4)	—	(5,325)	(3,119)	---	(8,448)	---	(8,448)
Net income (loss) attributable to Starwood Property Trust, Inc.	$ 133,938	$ 26,094	$ (2,215)	$ 24,480	$ (175,740)	$ 6,557	$ ---	$ 6,557

4 # Definition of Distributable Earnings Distributable Earnings, a non-GAAP financial measure, is used to compute the Company's incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company's purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company's external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company's external manager and approved by a majority of the Company's independent directors. Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 for additional information regarding Distributable Earnings. **Reconciliation of Net Income to Distributable Earnings** For the three months ended June 30, 2026 (Amounts in thousands except per share data)

	Commercial and Residential Lending Segment	Infrastructure Lending Segment	Property Segment	Investing and Servicing Segment	Corporate	Total
Net income (loss) attributable to Starwood Property Trust, Inc.	$ 133,938	$ 26,094	$ (2,215)	$ 24,480	$(175,740)	$6,557
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—	—	4,629	—	—	4,629
Non-controlling interests attributable to unrealized gains/losses	—	—	(2,724)	(2,226)	—	(4,950)
Non-cash equity compensation expense	2,585	788	2,014	1,449	6,477	13,313
Depreciation and amortization	4,817	—	29,632	1,121	—	35,570
Straight-line rent adjustment	—	—	(1,697)	57	—	(1,640)
Interest income adjustment for loans and securities	4,675	—	—	12,686	—	17,361
Consolidated income tax provision (benefit) associated with fair value adjustments	2,536	95	(8)	3,601	—	6,224
Other non-cash items	5	447	(82)	(407)	—	(37)
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans	12,711	—	—	(12,650)	—	61
Credit loss provision, net	29,816	348	—	—	—	30,164
Securities	1,587	—	—	1,717	—	3,304
Woodstar Fund investments	—	—	(4,929)	—	---	(4,929)
Derivatives	(21,529)	(350)	(8,354)	(983)	34,240	3,024
Foreign currency	5,719	—	(13)	—	---	5,706
Earnings from unconsolidated entities	—	(2,677)	—	(193)	---	(2,870)
Sales of properties	(32)	—	(27)	(2,264)	---	(2,323)
Recognition of Distributable realized gains / (losses) on:
Loans	(454)	—	—	12,636	—	12,182
Securities	(51)	—	—	(682)	—	(733)
Woodstar Fund investments	—	—	18,208	—	—	18,208
Derivatives	8,570	248	(235)	1,650	(2,907)	7,326
Foreign currency	803	—	13	—	---	816
Earnings from unconsolidated entities	—	2,146	—	469	---	2,615
Sales of properties	32	—	(35)	1,928	---	1,925
Distributable Earnings (Loss)	$ 185,728	$ 27,139	$ 34,177	$ 42,389	$ (137,930)	$ 151,503
Distributable Earnings (Loss) per Weighted Average Diluted Share	$ 0.49	$ 0.07	$ 0.09	$ 0.11	$ (0.36)	$ 0.40

5 Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the six months ended June 30, 2026 (Amounts in thousands)

	Commercial and Residential Lending Segment	Infrastructure Lending Segment	Property Segment	Investing and Servicing Segment	Corporate	Subtotal	Securitization VIEs	Total
Revenues:
Interest income from loans	$ 637,465	$ 128,429	$ —	$ 6,332	$ —	$ 772,226	$ —	$ 772,226
Interest income from investment securities	30,981	865	—	46,103	—	77,949	(67,761)	10,188
Servicing fees	223	—	—	72,095	—	72,318	(7,631)	64,687
Rental income	36,113	---	124,670	7,042	---	167,825	---	167,825
Other revenues	4,013	2,947	819	1,927	1,492	11,198	---	11,198
Total revenues	708,795	132,241	125,489	133,499	1,492	1,101,516	(75,392)	1,026,124
Costs and expenses:
Management fees	197	---	---	---	66,542	66,739	---	66,739
Interest expense	315,673	75,321	56,726	15,943	210,218	673,881	(398)	673,483
General and administrative	31,771	11,933	16,793	45,589	8,941	115,027	—	115,027
Costs of rental operations	29,377	—	14,514	5,556	—	49,447	—	49,447
Depreciation and amortization	9,017	19	57,215	2,232	503	68,986	—	68,986
Credit loss provision (reversal), net	30,402	(615)	—	—	—	29,787	—	29,787
Other expense	165	899	299	241	---	1,604	---	1,604
Total costs and expenses	416,602	87,557	145,547	69,561	286,204	1,005,471	(398)	1,005,073
Other income (loss):
Change in net assets related to consolidated VIEs	—	—	—	—	---	---	65,589	65,589
Change in fair value of servicing rights	—	—	—	2,022	---	2,022	(815)	1,207
Change in fair value of investment securities, net	(1,136)	—	—	(9,638)	---	(10,774)	10,811	37
Change in fair value of mortgage loans, net	(33,691)	—	—	20,962	---	(12,729)	---	(12,729)
Income from affordable housing fund investments	—	—	17,393	—	---	17,393	---	17,393
Earnings from unconsolidated entities	—	3,520	—	605	---	4,125	(591)	3,534
Gain on sale of investments and other assets, net	298	—	496	2,264	---	3,058	---	3,058
Gain (loss) on derivative financial instruments, net	37,892	439	10,630	1,225	(55,673)	(5,487)	—	(5,487)
Foreign currency (loss) gain, net	(11,834)	—	38	—	—	(11,796)	—	(11,796)
Loss on extinguishment of debt	—	(31)	(304)	—	—	(335)	—	(335)
Other (loss) income, net	(5,472)	51	(1,401)	6	—	(6,816)	—	(6,816)
Total other (loss) income	(13,943)	3,979	26,852	17,446	(55,673)	(21,339)	74,994	53,655
Income (loss) before income taxes	278,250	48,663	6,794	81,384	(340,385)	74,706	—	74,706
Income tax benefit (provision)	9,192	(145)	25	(11,351)	—	(2,279)	—	(2,279)
Net income (loss)	287,442	48,518	6,819	70,033	(340,385)	72,427	—	72,427
Net income attributable to non-controlling interests	(7)	—	(12,152)	(1,833)	—	(13,992)	—	(13,992)
Net income (loss) attributable to Starwood Property Trust, Inc.	$ 287,435	$ 48,518	$ (5,333)	$ 68,200	$ (340,385)	$ 58,435	$ —	$ 58,435

6 **Reconciliation of Net Income to Distributable Earnings** For the six months ended June 30, 2026 (Amounts in thousands except per share data)

	Commercial and Residential Lending Segment	Infrastructure Lending Segment	Property Segment	Investing and Servicing Segment	Corporate	Total
Net income (loss) attributable to Starwood Property Trust, Inc.	$ 287,435	$ 48,518	$ (5,333)	$ 68,200	$ (340,385)	$ 58,435
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—	—	9,258	—	—	9,258
Non-controlling interests attributable to unrealized gains/losses	—	—	(4,031)	(6,971)	—	(11,002)
Non-cash equity compensation expense	5,669	1,540	4,009	2,874	13,215	27,307
Management incentive fee	—	—	—	—	5,567	5,567
Depreciation and amortization	9,090	—	58,206	2,313	---	69,609
Straight-line rent adjustment	—	—	(3,346)	171	---	(3,175)
Interest income adjustment for loans and securities	9,749	—	—	18,062	---	27,811
Consolidated income tax (benefit) provision associated with fair value adjustments	(9,192)	145	(25)	11,351	---	2,279
Other non-cash items	7	447	(164)	(813)	---	(523)
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans	33,691	—	—	(20,962)	---	12,729
Credit loss provision (reversal), net	30,402	(615)	—	—	---	29,787
Securities	1,136	—	—	9,638	---	10,774
Woodstar Fund investments	—	—	(17,393)	—	---	(17,393)
Derivatives	(37,892)	(439)	(10,630)	(1,225)	55,673	5,487
Foreign currency	11,834	—	(38)	—	---	11,796
Earnings from unconsolidated entities	—	(3,520)	—	(605)	---	(4,125)
Sales of properties	(356)	—	(496)	(2,264)	---	(3,116)
Recognition of Distributable realized gains / (losses) on:
Loans	(822)	—	—	21,194	---	20,372
Securities	(137)	—	—	(5,936)	---	(6,073)
Woodstar Fund investments	—	—	37,029	—	---	37,029
Derivatives	21,205	279	(3,324)	1,926	(5,724)	14,362
Foreign currency	942	—	38	—	—	980
Earnings from unconsolidated entities	—	2,657	—	905	—	3,562
Sales of properties	(4,753)	—	(135)	1,928	—	(2,960)
Distributable Earnings (Loss)	$ 358,008	$ 49,012	$ 63,625	$ 99,786	$ (271,654)	$ 298,777
Distributable Earnings (Loss) per Weighted Average Diluted Share	$ 0.94	$ 0.13	$ 0.16	$ 0.26	$(0.71)	$0.78

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

	Commercial and Residential Lending Segment	Infrastructure Lending Segment	Property Segment	Investing and Servicing Segment	Corporate	Subtotal	Securitization VIEs	Total
Assets:
Cash and cash equivalents	$ 22,616	$ 206,331	$ 30,912	$ 9,281	$ 98,452	$ 367,592	$ —	$ 367,592
Restricted cash	177,912	46,173	2,802	189	45,688	272,764	—	272,764
Loans held-for-investment, net	16,965,888	2,851,080	—	—	—	19,816,968	—	19,816,968
Loans held-for-sale	2,154,653	—	—	62,828	—	2,217,481	—	2,217,481
Investment securities	556,876	123,934	—	1,262,903	—	1,943,713	(1,540,884)	402,829
Properties, net	1,028,671	—	2,938,255	31,743	—	3,998,669	—	3,998,669
Investments of consolidated affordable housing fund	—	—	1,725,368	—	—	1,725,368	—	1,725,368
Investments in unconsolidated entities	8,514	61,517	—	33,200	—	103,231	(15,030)	88,201
Goodwill	—	119,409	—	140,437	—	259,846	—	259,846
Intangible assets, net	2,522	—	405,459	71,062	—	479,043	(38,069)	440,974
Derivative assets	23,233	—	931	242	—	24,406	—	24,406
Accrued interest receivable	195,044	3,611	4	493	1,664	200,816	—	200,816
Other assets	195,215	20,947	111,988	(16,670)	50,735	362,215	—	362,215
VIE assets, at fair value	—	—	—	—	—	—	30,868,147	30,868,147
Total Assets	$ 21,331,144	$ 3,433,002	$ 5,215,719	$ 1,595,708	$ 196,539	$ 31,772,112	$ 29,274,164	$ 61,046,276
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$ 232,135	$ 38,666	$ 123,067	$ 37,521	$ 144,167	$ 575,556	$ —	$ 575,556
Related-party payable	—	—	—	—	27,033	27,033	—	27,033
Dividends payable	—	—	—	—	180,744	180,744	—	180,744
Derivative liabilities	64,972	—	—	—	26,601	91,573	—	91,573
Secured financing agreements, net	9,496,528	716,722	731,638	583,078	2,491,581	14,019,547	(19,656)	13,999,891
Securitized financing, net	1,603,874	1,810,038	1,397,599	—	—	4,811,511	—	4,811,511
Unsecured senior notes, net	—	—	—	—	4,882,722	4,882,722	—	4,882,722
VIE liabilities, at fair value	—	—	—	—	—	—	29,293,820	29,293,820
Total Liabilities	11,397,509	2,565,426	2,252,304	620,599	7,752,848	24,588,686	29,274,164	53,862,850
Temporary Equity: Redeemable non-controlling interests	—	—	356,377	—	—	356,377	—	356,377
Permanent Equity:
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	—	—	—	—	3,798	3,798	—	3,798
Additional paid-in capital	2,904,306	465,056	329,107	(974,433)	4,267,303	6,991,339	—	6,991,339
Treasury stock	—	—	—	—	(167,962)	(167,962)	—	(167,962)
Retained earnings (accumulated deficit)	7,019,517	402,520	2,072,106	1,827,396	(11,659,448)	(337,909)	—	(337,909)
Accumulated other comprehensive income	9,697	—	—	—	—	9,697	—	9,697
Total Starwood Property Trust, Inc. Stockholders' Equity	9,933,520	867,576	2,401,213	852,963	(7,556,309)	6,498,963	—	6,498,963
Non-controlling interests in consolidated subsidiaries	115	—	205,825	122,146	—	328,086	—	328,086
Total Permanent Equity	9,933,635	867,576	2,607,038	975,109	(7,556,309)	6,827,049	—	6,827,049
Total Liabilities and Equity	$ 21,331,144	$ 3,433,002	$ 5,215,719	$ 1,595,708	$ 196,539	$ 31,772,112	$ 29,274,164	$ 61,046,276

8 HIGHLIGHTS Q2 2026 Highlights

EARNINGS & PER SHARE METRICS $0.40 DE / diluted share	• $0.48 quarterly dividend paid; $8.9B distributed since inception • GAAP book value of $17.53/share and undepreciated book value of $18.62/share, includes $729M of CECL and REO reductions ($1.97/share) • Repurchased $10M of common shares at $17.16/share avg
INVESTMENTS $2.5B Invested this quarter	• $5.0B invested over the last six months • $1.7B invested after quarter end • 64% of commercial lending investing is in industrial and data centers
PORTFOLIO $32.2B Undepreciated assets, record level	• Commercial loans 53%, owned properties 21% • U.S. office only 7.6% of the diversified asset base
CAPITALIZATION $11.4B Financing capacity	• $1.2B liquidity and 2.74x adjusted debt-to-equity • $2.1B of corporate debt transactions (see slide 10) • Weighted average corporate debt maturity extended to 3.7 years • Subsequent to quarter end ◦ 3rd net lease ABS issuance: $321M at a 5.47% weighted average fixed rate ◦ Commercial lending CLO redemptions and $1.2B facility upsize: redeemed $579M at par and upsized an existing credit facility to $3.0B
INDUSTRY RECOGNITION ★	• Nareit Gold Investor CARE Award, 10th time in 12 years • Ratings affirmed by Fitch (BB+) and Moody's (Ba2)

**NOTE:** Data as of June 30, 2026 unless otherwise noted. Liquidity as of July 31, 2026. Please refer to the Calculation Methodologies section herein for the definition of Distributable Earnings (DE). STARWOOD PROPERTY TRUST 9 Corporate Capital Markets Execution

A stacked bar chart titled "Executed $2.1B of corporate debt transactions in the quarter". The y-axis represents value in billions of dollars, ranging from $0.2B to $2.2B. The single bar is composed of three colored segments representing different debt transactions.

Transaction Category	Value	Details
Unsecured note issuances	$1.1B	(i) $600M at swapped rate of S+2.22% due 2031; (ii) $500M at 5.875% due 2029, which closed after quarter end
Term loan repricing	$697M	$697M due 2032 pricing reduced 25 bps to S+2.00%
Term loan upsize	$275M	$275M at S+2.00% due 2032

- Reduced the weighted average spread on term loan facilities from **S+2.00%** to **S+1.93%** - Subsequent to quarter end: - ○ Repaid **$900M** of unsecured notes due **July 2026** and **January 2027** STARWOOD PROPERTY TRUST 10 Total Undepreciated Assets - $32.2B

A pie chart illustrating the composition of a diversified asset base. The chart is divided into several slices representing different asset classes, with specific percentages labeled for each. The chart is segmented into three primary groupings indicated by callout boxes: 'Commercial Loans' (53%), 'Owned Properties' (21%), and a specific note regarding 'U.S. office' representing 7.6% of the asset base. The pie chart segments include: Multifamily (19%), Industrial (8%), Hotel (6%), Data Center (4%), Mixed Use (1%), Retail (1%), Other (4%), Residential Lending (8%), Net Lease (9%), Florida Affordable Housing Fund (5%), Property - Other (4%), Medical Office (3%), Infrastructure Lending (9%), REIS CMBS (4%), Cash & A/R (2%), Other (2%), Intangibles (1%), U.S. Office (8%), and Int'l Office (2%).

Asset Category	Percentage
Multifamily	19%
Industrial	8%
Hotel	6%
Data Center	4%
Mixed Use	1%
Retail	1%
Other	4%
Residential Lending	8%
Net Lease	9%
Florida Affordable Housing Fund	5%
Property - Other	4%
Medical Office	3%
Infrastructure Lending	9%
REIS CMBS	4%
Cash & A/R	2%
Other	2%
Intangibles	1%
U.S. Office	8%
Int'l Office	2%

**NOTE:** Total assets and property related amounts exclude $410M of accumulated depreciation and amortization STARWOOD PROPERTY TRUST 11 COMMERCIAL AND RESIDENTIAL LENDING SEGMENT Commercial Lending Portfolio Q2 Activity - Portfolio reaches a **record $17.3B** - **$1.4B** originations ($754M funded) - **$250M** follow on fundings - **$447M** repayments - Sold **two** units in a previously foreclosed asset for **$12M**

Loan Risk Rating The image is a donut chart illustrating the distribution of loan risk ratings, centered around a '2.9(1) W.A. Risk Rating *' value (with a note indicating '* 2.9 in prior quarter'). The chart is segmented into colored arcs representing different risk levels, each labeled with a dollar amount, while corresponding legend blocks indicate the risk rating number and the count of loans.

Risk Rating	Loan Count	Value ($B)
3	96 loans	$9.5B
4	16 loans	$2.0B
5	5 loans	$0.8B
Not Rated (Investment Securities)	N/A	$0.2B
1	1 loan	N/A
2	38 loans	$4.8B

**NOTE:** See the Ratings Criteria section included in the Appendix STARWOOD PROPERTY TRUST 12

A circular chart element featuring a solid dark blue background. The center of the circle contains the text "$17.3B" in a bold, white sans-serif font, followed immediately below by the text "Total Portfolio" in a slightly smaller, regular white sans-serif font.

Total Portfolio

$17.3B

Top 10 Loans by Largest Property Types

A donut chart titled 'Multifamily' with a total value of $6.2B in the center. The chart displays the percentage breakdown of property characteristics across six regions: Southeast (21%, purple), Southwest (34%, grey), West (13%, blue), Midwest (4%, light green), Northeast (12%, dark blue), and International (16%, teal).

Region	Percentage
Southeast	21%
Southwest	34%
West	13%
Midwest	4%
Northeast	12%
International	16%

The figure presents two donut charts comparing the composition of 'Office' sector investments between the U.S. and International markets. The charts are color-coded with a legend at the bottom: light green represents 'Class A' and blue represents 'Class B'.

Category	Region	Total Value	Class A (%)	Class B (%)
Office	U.S.	$2.5B	81%	19%
Office	International	$0.6B	100%	0%

A donut chart titled 'Industrial' representing a total value of $2.7B, divided into five segments corresponding to different regions.

Region	Percentage
Northeast	40%
International	36%
West	15%
Mid-Atlantic	5%
Southeast	4%

$ millions

Top 10 Loans (UPB)	Location	$	Maturity<sup>*</sup>
	Various, US	$550	Sep-30
	Various, TX	$407	Apr-30
	Various, UK	$312	Dec-30
	London, UK	$278	Apr-28
	Los Angeles, CA	$245	Mar-28
	Various, Germany	$190	Feb-30
	Various, FL	$159	Jun-27
	Various, UK	$156	May-27
	Stamford, CT	$151	Dec-31
	New York, NY	$150	Aug-30

*Fully extended

Location	$	Maturity*
Washington, DC	$333	Nov-26
Houston, TX	$252	Jan-28
Dallas, TX	$235	Sep-26
London, UK	$215	Mar-27
McLean, VA	$175	Sep-27
Berlin, Germany	$173	Nov-28
Irvine, CA	$163	Oct-26
Orlando, FL	$160	Dec-28
Los Angeles, CA	$138	Oct-27
Dublin, CA	$126	Jul-27

Location	$	Maturity<sup>*</sup>
Various, NY	$487	Sep-30
Long Island City, NY	$418	Aug-27
Various, Europe	$330	Aug-30
Dublin, Ireland	$191	Feb-31
Various, Czech Republic	$189	Aug-30
Goleta, CA	$174	Mar-31
Beaumont, CA	$162	Apr-30
Various, US	$140	Jan-31
Memphis, TN	$111	Jun-31
Queens, NY	$110	Nov-26

STARWOOD PROPERTY TRUST 13

Collateral Diversification. Commercial loan portfolio has evolved over time, with increasing concentration in multifamily, industrial and data center collateral types. The chart is a stacked bar graph displaying the composition of a commercial loan portfolio from Q2'21 to Q2'26. The legend includes: Multifamily (dark blue), Office (light purple), Hotel (bright blue), Mixed Use (light gray), Industrial (light green), Data Center (teal), Retail (dark gray), and Other (medium gray). A stacked bar chart illustrating the shifting composition of a commercial loan portfolio over time. The x-axis represents time periods from Q2'21 to Q2'26. The y-axis represents percentage from 0% to 100%. The data shows a significant increase in the proportion of Multifamily loans (dark blue) and a decrease in the proportion of Office loans (light purple) over the displayed time period.

Period	Multifamily	Office	Hotel	Mixed Use	Industrial	Data Center	Retail	Other
Q2'21	27%	28%	20%	14%	3%	0%	3%	5%
Q3'21	26%	28%	21%	14%	3%	0%	3%	5%
Q4'21	29%	30%	18%	12%	3%	0%	3%	5%
Q1'22	34%	27%	16%	6%	7%	0%	3%	7%
Q2'22	35%	24%	15%	9%	7%	0%	2%	8%
Q3'22	35%	24%	16%	9%	6%	1%	2%	7%
Q4'22	35%	23%	16%	9%	7%	1%	2%	7%
Q1'23	35%	23%	16%	9%	7%	1%	2%	7%
Q2'23	36%	23%	16%	8%	7%	1%	2%	7%
Q3'23	37%	24%	14%	7%	8%	1%	2%	7%
Q4'23	38%	23%	15%	7%	8%	1%	2%	6%
Q1'24	39%	23%	14%	7%	8%	1%	2%	6%
Q2'24	39%	22%	14%	7%	8%	1%	2%	7%
Q3'24	36%	21%	14%	9%	8%	1%	1%	10%
Q4'24	36%	22%	12%	8%	9%	2%	1%	10%
Q1'25	36%	21%	11%	9%	9%	2%	1%	11%
Q2'25	36%	20%	10%	9%	10%	2%	1%	12%
Q3'25	39%	20%	9%	4%	13%	2%	1%	12%
Q4'25	39%	18%	8%	5%	14%	4%	1%	11%
Q1'26	37%	18%	8%	4%	14%	4%	4%	11%
Q2'26	35%	18%	10%	0%	18%	4%	4%	11%

STARWOOD PROPERTY TRUST 14 Commercial Portfolio Geographic Diversification U.S.

This is a choropleth map of the United States, displaying a color-coded regional categorization of states. The states are grouped into distinct geographic regions using different solid colors: dark blue, medium blue, light gray, teal/green, light green, dark purple, and a dark gray/brown color. The map includes the contiguous United States, as well as Hawaii, which is color-coded in dark blue. The map does not contain any text labels for states or a legend, but uses color saturation and hue to delineate groupings of states across the country.

Northeast	17	%
Southwest	17	%
West	14	%
Southeast	12	%
Mid-Atlantic	8	%
Midwest	3	%

International

Europe A map of Europe displayed on a light gray background. A dark blue title box at the top reads "Europe". The map highlights specific countries in dark blue against the rest of the continent, which is rendered in light gray. The highlighted countries include Sweden in the north, the United Kingdom, Germany, Czech Republic, Austria, Italy, and Spain. The map illustrates a geographical distribution of selected European nations.

Australia The image consists of two parts. At the top, there is a blue rectangular banner containing the white text "Australia" centered in sans-serif font. Below this banner is a solid, flat blue silhouette map of the Australian continent, oriented in its standard geographical position.

Europe:
UK	9 %
Germany	4 %
Ireland	4 %
Other Europe	3 %
Australia	8 %
Bermuda	1 %

**NOTE:** Amounts are stated as a percentage of commercial loan portfolio STARWOOD PROPERTY TRUST 15 Commercial Lending Metrics

A financial table titled "($ millions)" on the left axis, displaying various commercial real estate (CRE) asset categories and their associated financial metrics: Carrying Value, Carrying Value on Accrual, and Unlevered Return for Assets on Accrual. The table is color-coded by asset type.

($ millions)	First Mortgages (2)	Mezzanine Loans (2)	Preferred Equity	Lending CMBS	Subordinated Mortgages	Total CRE
Carrying Value	$16,800	$290	$114	$89	$5	$17,298
Carrying Value on Accrual	$16,267	$117	$18	$89	$—	$16,491
Unlevered Return for Assets on Accrual (3)	7.2%	11.2%	10.5%	5.1%	N/A	7.3%

Legend at the bottom indicates: Dark blue square represents First Mortgages; Teal square represents Subordinated Mortgages; Medium blue square represents Lending CMBS; Grey square represents Preferred Equity; Light blue square represents Mezzanine Loans.

A stacked bar chart titled 'Dollar (Carrying values in billions)' displaying financial data over six time periods from Q2'24 to Q2'26. The bars are composed of four segments in descending order of value: dark blue (largest), medium blue, light blue, and a thin gray segment at the top. The chart shows a general upward trend in total carrying values across the observed quarters.

Quarter	Segment 1 (Dark Blue)	Segment 2 (Medium Blue)	Segment 3 (Light Blue)	Segment 4 (Gray)	Total Approx. Value
Q2'24	~13.8	~0.5	~0.2	~0.2	~14.7
Q2'25	~14.8	~0.3	~0.2	~0.2	~15.5
Q3'25	~15.3	~0.2	~0.1	~0.1	~15.7
Q4'25	~16.1	~0.2	~0.1	~0.1	~16.5
Q1'26	~16.3	~0.2	~0.1	~0.1	~16.7
Q2'26	~16.8	~0.2	~0.1	~0.1	~17.2

STARWOOD PROPERTY TRUST 16 Top 10 Commercial Lending Commitments⁽⁴⁾ $ millions

Loan Type	Origination Date	Fully Extended Maturity Date	Location	Property Type	Loan Commitment	UPB
Senior	Jun 2022	Jun 2030	Various, Australia	Casino Hotel*	$ 950.4	$ 950.4
Senior	Mar 2026	Dec 2030	Sterling, VA	Data Center	727.2	272.8
Senior	Apr 2026	Apr 2032	Abilene, TX	Data Center	598.7	84.2
Senior/Mezz	Sep 2025	Sep 2030	Various, US	Multifamily	550.0	550.0
Senior/Mezz	Jan 2025	Feb 2030	Salt Lake City, UT	Data Center	550.0	488.8
Senior	Aug 2025	Sep 2030	Various, NY	Industrial	500.0	487.3
Senior	Apr 2026	Apr 2032	Hamilton Island, Australia	Hotel	442.1	366.8
Senior/Mezz	Jul 2022	Aug 2027	Long Island City, NY	Industrial	426.7	418.1
Senior	Apr 2025	Apr 2030	Various, TX	Multifamily	407.0	407.0
Senior/CMBS	Jul 2024	Aug 2030	Various, Europe	Industrial	342.8	329.6

* Included within the "Other" property type category STARWOOD PROPERTY TRUST 17 Nonaccrual Assets $ millions

Location	Property Type	Carrying Value
East Rutherford, New Jersey	Retail	$ 188
Los Angeles, California	Office	137
Arlington, Virginia	Office	122
Queens, New York	Industrial	110
Brooklyn, New York	Office	97
Washington, D.C.	Office	16
Dublin, Ireland<sup>(a)</sup>	Office	9
Carrying Value of Nonaccrual Loans		$ 679
Preferred Equity Interests		96
Total Carrying Value of Nonaccrual Assets		$ 775

The figure consists of two pie charts positioned side-by-side, comparing the distribution of 'Property Type' and 'Location'. On the left, the 'Property Type' pie chart is labeled vertically. On the right, the 'Location' pie chart is labeled vertically.

Property Type	Percentage
Office	56%
Retail	28%
Industrial	16%

Location	Percentage
NY	31%
NJ	28%
CA	20%
VA	18%
D.C.	2%
Int'l	1%

NOTE: Excludes fully reserved nonaccrual loan totaling $5M (a) Carrying value is net of a $27M specific credit loss allowance STARWOOD PROPERTY TRUST 18 Foreclosed Assets

Location	Property Type	Carrying Value
		($ millions)	(per sq ft)
Dallas, Texas	Mixed Use	$ 245	$ 406
Los Angeles, California	Mixed Use	150	131
New York City, New York (a)	Residential (Luxury Co-Op)	106	2,367
Windermere, Florida	Multifamily	85	223
Dallas, Texas	Multifamily	85	176
Phoenix, Arizona	Multifamily	70	229
Boston, Massachusetts	Life Science	56	562
Nashville, Tennessee	Multifamily	39	135
Chicago, Illinois	Retail	33	1,153
Dallas, Texas	Multifamily	28	121
Phoenix, Arizona	Multifamily	23	172
Net Carrying Value of Foreclosed Assets (b)		$ 920

Property Type

Category	Percentage
Mixed Use	43%
Life Science	6%
Multifamily	36%
Residential	11%
Retail	4%

A pie chart titled 'Property Type' (written vertically on the left) displays the distribution of five property types: Mixed Use (43%, grey slice), Life Science (6%, light green slice), Multifamily (36%, dark blue slice), Residential (11%, medium blue slice), and Retail (4%, teal slice).

A pie chart titled "Location" illustrating the percentage distribution across different US states. The chart is divided into several slices, each labeled with the state abbreviation and its corresponding percentage value.

State	Percentage
TX	39%
CA	16%
NY	12%
AZ	10%
FL	9%
MA	6%
IL	4%
TN	4%

(a) Sold two units within this asset during the quarter with another two under contract subsequent to quarter end (b) Excludes: (i) two properties that were sold in Q4'24 and Q2'25 but did not qualify as GAAP sales and (ii) a property that is being repositioned and thus included in Property Segment STARWOOD PROPERTY TRUST 19 Residential Portfolio $ millions ➢ Recorded **$3M** net unrealized fair value increase: - Loans: **$12M** decrease - RMBS: **$2M** decrease - Interest Rate Hedges: **$17M** increase to FMV of **$4M** ➢ Redeemed a consolidated RMBS trust: - Transferred **$230M** of loans previously securitized to loans held-for-investment - Redeemed **$82M** of our retained RMBS and **$151M** held by third parties ➢ Repayments of **$53M** on loans and **$8M** on RMBS

Asset Carrying Values	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025
Loans, held for sale	$ 2,155	$ 2,218	$ 2,278	$ 2,308	$ 2,323
Loans, held for investment	228	—	—	—	—
Post-securitization retained RMBS	313	400	405	409	414
Residential Portfolio Carrying Values	$ 2,696	$ 2,618	$ 2,683	$ 2,717	$ 2,737
Weighted Average Coupon (WAC)<sup>*</sup>
Loans, held for sale	4.4%	4.4%	4.4%	4.4%	4.4%
Loans, held for investment	5.5%	N/A	N/A	N/A	N/A

*Does not include the impact of interest rate hedges STARWOOD PROPERTY TRUST 20 INFRASTRUCTURE LENDING SEGMENT Portfolio Metrics and Activity

The figure presents an overview of a $3.1B Total Portfolio, broken down by geographic location and sector, alongside Q2 activity metrics. At the top left, a box titled 'Q2 Activity' lists: $441M new commitments ($296M funded), $24M follow on fundings, and $447M repayments. A central node labeled '$3.1B Total Portfolio' connects to two donut charts below. The left donut chart, titled 'Geographic Location', displays the portfolio distribution by region: Northeast (26%), Southwest (25%), Midwest (26%), West (11%), Southeast (9%), Other - U.S. (1%), Mid-Atlantic (1%), and Int'l (1%). The right donut chart, titled 'Sector (5)', displays the portfolio distribution by industry sector: Power (62%), Midstream (26%), Downstream (7%), Other (3%), and Upstream (2%).

Category	Segment	Percentage
Geographic Location	Northeast	26%
Geographic Location	Southwest	25%
Geographic Location	Midwest	26%
Geographic Location	West	11%
Geographic Location	Southeast	9%
Geographic Location	Other - U.S.	1%
Geographic Location	Mid-Atlantic	1%
Geographic Location	Int'l	1%
Sector	Power	62%
Sector	Midstream	26%
Sector	Downstream	7%
Sector	Other	3%
Sector	Upstream	2%

STARWOOD PROPERTY TRUST 21 PROPERTY SEGMENT Property Segment Investment Portfolio $ millions

Investment	Net Carrying Value <sup>(6)</sup>	Asset Specific Financing	Net Investment	Q2'26 Net Operating Income <sup>(7)</sup>	Occupancy Rate<sup>(8)</sup>
Wholly-Owned:
Net Lease	$ 2,732	$ 1,685	$ 1,047	$ 44.3	100%
Medical Office Portfolio	795	444	351	11.0	90%
D.C. Multifamily Conversion	123	—	123	N/A
Subtotal - Undepreciated Carrying Value	$ 3,650	$ 2,129	$ 1,521	$ 55.3
Accumulated Depreciation and Amortization	(340)	—	(340)	—
Subtotal - Wholly-Owned	$ 3,310	$ 2,129	$ 1,181	$ 55.3
Woodstar Fund	1,725	—	1,725	35.1	97%
Total Property Segment Investment Portfolio	$ 5,035	$ 2,129	$ 2,906	$ 90.4	98%

STARWOOD PROPERTY TRUST 22 Woodstar Fund (the "Fund") $ millions > The Fund, which was formed in Q4 2021, holds the **14,793** affordable housing units comprising the Woodstar I and Woodstar II portfolios and is accounted for under ASC 946, *Financial Services – Investment Companies*, with its investments reported on our consolidated balance sheet at fair value and changes in fair value each period recognized in earnings

The figure presents a comparison between two financial reporting methods: 'DE' and 'GAAP', followed by two related financial tables. The layout consists of a left-side panel with explanatory text and a right-side panel containing two tables, 'Net Income' and 'Change in FMV', linked by a dotted arrow. ### Income Statement Explanation - **DE ($18M)**: Represents net income at the portfolio-level excluding unrealized fair value adjustments - **GAAP ($5M)**: Net income from our investments is reported as a single line item, which includes changes in fair value of the investments ($-13M), changes in working capital ($+9M), and cash income distributions received ($+9M) ### Financial Tables

Net Income
Rental and other income	$ 59.3
Cost of rental operations	(24.2)
Interest expense	(16.9)
Change in fair value	(13.3)
Income from affordable housing fund investments	$ 4.9

Change in FMV
Properties	$ (9.3)
Debt	(2.0)
Derivative	(2.0)
Total change in FMV	$ (13.3)

A dotted arrow connects the 'Change in fair value' row in the 'Net Income' table to the 'Total change in FMV' value in the 'Change in FMV' table.

The figure presents a conceptual explanation on the left, connected by a right-pointing arrow to a financial calculation table on the right. The left section is enclosed in a rounded rectangle titled 'Balance Sheet:' with two bullet points: 'Net Investment: Property-level assets, net of property-level debt' and 'Temporary Equity: 20.6% attributable to third party investors'. A blue arrow indicates the transition to the calculation table on the right.

Net Investment
Properties, at fair value	$ 3,239.7
Cash and other assets	43.4
Secured debt, at fair value	(1,529.5)
Accrued liabilities	(28.2)
Investments of consolidated affordable housing fund, at fair value	$ 1,725.4

STARWOOD PROPERTY TRUST 23 Net Lease Portfolio Highlights **Significant Activity During the Quarter:** - Portfolio grew to **$2.7B** - Acquired **16** properties (**10** tenants) for **$179M** at a **7.4%** cap rate and a **16.2-year** weighted average lease term - Entered into a new revolving warehouse credit facility totalling **$1.0B** (**$500M** committed) with a **5-year** term, at **S+1.55%** and an advance rate of up to **70%** - After quarter end, amended an existing **$600M** credit facility reducing spread by **60 bps** to **S+1.90%** and eliminating SOFR floor

Portfolio Highlights		Geographic Diversification
Portfolio Carrying Value	$2.7B	Top 10 States (% of ABR)
Owned Properties	527	State	%	# of Properties
Square Footage	16.9M	Illinois	9.3%	29
States	44	Ohio	8.7%	68
Weighted Avg. Remaining Lease Term (Years) Annualized Cash Base Rent ("ABR") Industries Tenants Avg. Annual Rent Increases<sup>(a)</sup> Master Leases (% of ABR) Top 10 Tenant (% of ABR)	16.8 $187M 72 123 2.31% 57.2% 27.9% 88.0%	Wisconsin	7.7%	27
		Pennsylvania	7.6%	27
		Virginia	6.9%	9
		Texas	6.2%	33
		Kansas	4.1%	21
		Washington	3.9%	3
		Arizona	3.7%	8
		Florida	3.3%	23
Top 10 Major Industries (% of ABR)		Total	61%	248

(a) Assumes CPI increase of 2.0% or greater STARWOOD PROPERTY TRUST 24 Net Lease Portfolio Highlights, continued (% of Annualized In-Place Base Rent^(a))

The figure presents two charts side-by-side. On the left is a horizontal bar chart titled 'Top 10 Major Industries', displaying the percentage distribution of ten different industries. On the right is a pie chart titled 'Property Type', showing the distribution of property types across three categories.

Industry	Percentage
Food Production & Distribution	26.5%
Product Manufacturing	21.9%
Dining & Entertainment	11.7%
Automotive Service	11.0%
Deathcare	4.9%
Healthcare	3.0%
Dealerships	2.3%
Furniture Shops	2.3%
Aerospace	2.2%
Warehouse & Distribution	2.2%

Property Type	Percentage
Service	40%
Industrial	55%
Retail	5%

(a) Annualized In-Place Base Rent represents the monthly aggregate base rent charged to tenants as of the balance sheet date, multiplied by 12 STARWOOD PROPERTY TRUST 25 INVESTING AND SERVICING SEGMENT 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 CMBS and Special Servicing

A bar chart titled 'Owned CMBS by Vintage (9)' displaying the 'Carrying Value' in '$ millions' on the y-axis (ranging from 0 to 250) against 'Vintage' years on the x-axis (ranging from 11 to 26). The chart is divided into two categories: 'CMBS 2.0' (covering years 11, 12, 13) and 'CMBS 3.0' (covering years 14 through 26). There is a legend below the chart indicating the bars represent 'Carrying Value'.

Vintage	Carrying Value ($ millions)
11	~20
12	0
13	~65
14	~40
15	~65
16	~50
17	~60
18	~105
19	~195
20	~45
21	~45
22	~45
23	~35
24	~165
25	~140
26	~40

LNR Special Servicer. The figure is a composite infographic displaying financial data for LNR Special Servicer. It consists of three sections: a header, a line chart, and a calculation summary. ### Named SS: [185 CMBS Trusts] [$93.6B Loan Balance] A line chart titled 'Named SS' (in $ billions) plots the 'UPB loans named SS' from Q2'17 to Q2'26 on the x-axis, with the 'Named SS Balance' on the y-axis ranging from 50 to 150. The data points show fluctuations over time, with a general upward trend peaking around Q4'24.

Quarter	Balance ($ Billions)
Q2'17	~70
Q4'17	~68
Q2'18	~72
Q4'18	~73
Q2'19	~84
Q4'19	~88
Q2'20	~94
Q4'20	~82
Q2'21	~80
Q4'21	~80
Q2'22	~95
Q4'22	~105
Q2'23	~108
Q4'23	~102
Q2'24	~99
Q4'24	~98
Q2'25	~109
Q4'25	~102
Q2'26	~97
Q4'26	~93

### Active SS: [$8.8B SS Loan Balance] + [$2.1B REO Loan Balance] = [$10.9B Total Active SS Balance] The bottom section illustrates a simple summation calculation where the SS Loan Balance ($8.8B) plus the REO Loan Balance ($2.1B) equals the Total Active SS Balance ($10.9B). **NOTE:** Carrying value represents estimated fair value STARWOOD PROPERTY TRUST 27 CAPITALIZATION 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

Adjusted Debt-to-Equity Ratios A bar chart illustrating Adjusted Debt-to-Equity Ratios. The chart compares two scenarios: a baseline 'On-Balance Sheet' leverage and a total leverage including 'Off-Balance Sheet' securitized financing.

Category	Value
Baseline (Left Bar)	2.74x
Total (Right Bar)	3.41x

The left bar represents 'Adjusted On Balance Sheet Leverage' with a value of 2.74x. The right bar is a stacked bar representing the total ratio of 3.41x, composed of a dark blue base labeled 'On-Balance Sheet' and a light blue top section with a dashed border labeled 'Off-Balance Sheet'. Legend: - Dark Blue: Adjusted On Balance Sheet Leverage (10) - Light Blue: 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 28 Capitalization Overview, continued $ billions - 92% of commercial lending debt and 86% of consolidated debt has no mark-to-market provisions

The figure displays two donut charts representing financial data, each totaling $25.1. The left chart is titled 'Total Debt Outstanding (including off-balance sheet)' and the right chart is titled 'Margin Call Provisions (including off-balance sheet)'.

Total Debt Outstanding (including off-balance sheet)	Value ($)	Margin Call Provisions (including off-balance sheet)	Value ($)
Secured Debt	14.2	No Margin Calls	14.8
Unsecured Debt	4.9	Credit	6.8
Off-B/S Debt (ABSs, CLOs & SASB)	4.8	Spread and Credit	3.5
Woodstar Fund Debt	1.2

*$4.5B 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 29 Book Value per Share Bridge

This chart displays a waterfall-style calculation or comparison of book values for Q2'26. It consists of three vertical components: a tall blue bar on the left representing GAAP Book Value, a small green bar in the middle representing Accumulated Depreciation & Amortization, and a tall dark blue bar on the right representing Undepreciated Book Value.

Category	Value
Q2'26 GAAP Book Value	$17.53
Q2'26 Accumulated Depreciation & Amortization	$1.09
Q2'26 Undepreciated Book Value	$18.62

STARWOOD PROPERTY TRUST 30 Financing Facilities $ millions

The figure consists of three horizontally aligned, identical dark blue rectangular boxes with rounded corners, each containing white text. From left to right, the boxes display the following metrics: 1. '$30.4B Max Facility Size', 2. '$11.4B Available Capacity', and 3. '20 Counterparties'.

$30.4B	$11.4B	20
Max Facility Size	Available Capacity	Counterparties

		Debt Obligations
Type	Maximum Facility Size<sup>(12)</sup>	Drawn<sup>(12)</sup>	Available Capacity
Asset Specific Financing:
Large Loans, Commercial	$ 14,666	$ 7,360	$ 7,306
Infrastructure Lending Segment	1,836	723	1,113
Property Segment	2,058	742	1,316
Residential Loans	2,950	2,050	900
Conduit Loans, Commercial	375	16	359
CMBS and RMBS	847	651	196
REO Portfolio	20	18	2
Subtotal - Asset Specific Financing	$ 22,752	$ 11,560	$ 11,192

Corporate Debt:
Convertible Senior Notes	381	381	—
Senior Unsecured Notes	4,550	4,550	—
Term Loans	2,533	2,533	—
Revolving Secured Financing	200	—	200
Subtotal - Corporate Debt	$ 7,664	$ 7,464	$ 200

TOTAL DEBT	$ 30,416	$ 19,024	$ 11,392

STARWOOD PROPERTY TRUST 31

This is a waterfall chart titled 'Financial Capacity' (in $ millions). The chart illustrates the components that make up the 'Total available capital' of $1,381 million. The chart begins with 'Cash & equivalents' at $228 million, followed by positive contributions from 'Approved and undrawn credit capacity' ($970 million), and '90-day expected loan repayments, sales and securitizations' ($552 million). It also shows negative impacts from '90-day expected future fundings' ($(144) million) and 'Working capital' ($(225) million). There is a 'Current liquidity' bar at $1,198 million. An inset box at the top right calculates 'Total Potential Liquidity' as $11,374 million, derived from $1,381 million 'Total Available Capital' plus $9,993 million 'Available On-BS Financing (13)'.

Category	Value ($ millions)
Cash & equivalents	228
Approved and undrawn credit capacity	970
Current liquidity	1,198
90-day expected loan repayments, sales and securitizations	552
90-day expected future fundings	(144)
Working capital	(225)
Total available capital	1,381

The inset table at the top right shows: Total Available Capital: $1,381; + Available On-BS Financing (13): $9,993; Total Potential Liquidity: $11,374. **NOTE:** As of July 31, 2026 STARWOOD PROPERTY TRUST 32 Share Count shares in thousands

	2026		2026
	Q2	Q1	YTD
Number of Shares, GAAP EPS:
Basic — Average shares outstanding	366,401	366,460	366,430
Effect of dilutive securities — Convertible Notes	—	—	—
Effect of dilutive securities — Other	330	487	323
Diluted — Average shares outstanding	366,731	366,947	366,753

Shares Outstanding	370,628	370,739	370,628
Number of Shares, Distributable EPS:
Basic — Average shares outstanding	366,401	366,460	366,430
Effect of Weighted Average Unvested Stock Awards	5,895	5,732	5,814
Effect of dilutive securities — Woodstar II OP units	9,643	9,643	9,643
Effect of dilutive securities — Other	—	161	—
Diluted — Average shares outstanding	381,939	381,996	381,887

STARWOOD PROPERTY TRUST 33 APPENDIX Company Information Starwood Property Trust, an affiliate of global private investment firm Starwood Capital Group Global L.P., is the largest commercial mortgage real estate investment trust in the United States. Additional information may be found on the Company's website, www.starwoodpropertytrust.com Contact Information: Headquarters: 2340 Collins Avenue, Suite 700 Miami Beach, FL 33139 305.695.5500 Investor Relations: Zachary Tanenbaum 203.422.7788 ztanenbaum@starwood.com New York Stock Exchange: Symbol: STWD Analyst Coverage:

Bank of America Derek Hewett, 646.855.2087	JMP Securities Chris Muller, 212.906.3559	Raymond James Gabe Poggi, 571.227.9641
BTIG Thomas Catherwood, 212.738.6140	JP Morgan Richard B. Shane, Jr., 415.315.6701	Wells Fargo Donald Fandetti, 212.214.8069
Green Street Harsh Hemnani, 949.640.8780	Keefe Bruyette & Woods North America Jade Rahmani, 212.887.3882	Wolfe Research Logan Epstein, 646.582.9267

Rating Agencies:

Moody's Investors Service	Fitch Ratings	S&P Ratings
Stephen Lynch, 212.553.9585 Ana Arsov, 212.553.3763	Meghan Neenan, 212.908.9121 Johann Juan, 312.368.3339	Kristina Koltunicki, 212.438.7242 Gaurav A. Parikh, 212.438.1131
Rating	Rating	Rating
Ba2 / Outlook Stable	BB+ / Outlook Stable	BB / Outlook Stable

STARWOOD PROPERTY TRUST 34 Footnotes 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 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 Calculation Methodologies **Distributable Earnings:** Distributable Earnings is a non-GAAP measure. We calculate Distributable Earnings as GAAP net income (loss) excluding the following: (i) non-cash equity compensation expense; (ii) the incentive fee due under our management agreement; (iii) acquisition and investment pursuit costs associated with successful acquisitions; (iv) depreciation and amortization of real estate and associated intangibles; (v) unrealized gains (losses), net of realized gains (losses), as described further below; (vi) other non-cash items; and (vii) to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein (i.e. the Woodstar II Class A units), with each of the above adjusted for any related non-controlling interest. Distributable Earnings may be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by our Manager and approved by a majority of our independent directors. As noted in (v) above, we exclude unrealized gains and losses from our calculation of Distributable Earnings and include realized gains and losses. The CECL reserve and any property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of a foreclosed or other property, when the underlying asset is sold. Non-recoverability may also be determined if, in our determination, it is nearly certain the carrying amounts will not be collected or realized upon sale. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the Distributable Earnings basis of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the asset. The timing of any such loss realization in our Distributable Earnings may differ materially from the timing of the corresponding CECL reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute annually at least 90% of our REIT taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our common stock. Further, Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations, and is a performance metric we consider when declaring our dividends. We also use Distributable Earnings (previously defined as "Core Earnings") to compute the incentive fee due under our management agreement. Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be considered as an alternative to GAAP net income (loss), or an indication of our GAAP cash flows from operations, a measure of our liquidity, taxable income, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings may not be comparable to the Distributable Earnings reported by other companies. STARWOOD PROPERTY TRUST 36 Ratings Criteria

Rating	Characteristics
1	• Sponsor capability and financial condition – Sponsor is highly rated or investment grade or, if private, the equivalent thereof with significant management experience. • Loan collateral and performance relative to underwriting – The collateral has surpassed underwritten expectations. • Quality and stability of collateral cash flows – Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix. • Loan structure – Loan to collateral value ratio ("LTV") does not exceed 65%. The loan has structural features that enhance the credit profile.
2	• Sponsor capability and financial condition – Strong sponsorship with experienced management team and a responsibly leveraged portfolio. • Loan collateral and performance relative to underwriting – Collateral performance equals or exceeds underwritten expectations and covenants and performance criteria are being met or exceeded. • Quality and stability of collateral cash flows – Occupancy is stabilized with a diverse tenant mix. • Loan structure – LTV does not exceed 70% and unique property risks are mitigated by structural features.
3	• Sponsor capability and financial condition – Sponsor has historically met its credit obligations, routinely pays off loans at maturity, and has a capable management team. • Loan collateral and performance relative to underwriting – Property performance is consistent with underwritten expectations. • Quality and stability of collateral cash flows – Occupancy is stabilized, near stabilized, or is on track with underwriting. • Loan structure – LTV does not exceed 80%.
4	• Sponsor capability and financial condition – Sponsor credit history includes missed payments, past due payment, and maturity extensions. Management team is capable but thin. • Loan collateral and performance relative to underwriting – Property performance lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. A sale of the property may be necessary in order for the borrower to pay off the loan at maturity. • Quality and stability of collateral cash flows – Occupancy is not stabilized and the property has a large amount of rollover. • Loan structure – LTV is 80% to 90%.
5	. Sponsor capability and financial condition - Credit history includes defaults, deeds-in-lieu, foreclosures and / or bankruptcies. . Loan collateral and performance relative to underwriting - Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Sale proceeds would not be sufficient to pay off the loan at maturity. . Quality and stability of collateral cash flows - The property has material vacancy and significant rollover of remaining tenants. . Loan structure - LTV exceeds 90%.

STARWOOD PROPERTY TRUST 37 Special Note Regarding Forward-Looking Statements This presentation contains certain forward-looking statements, including without limitation, statements concerning the Company's operations, economic performance and financial condition. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are developed by combining currently available information with the Company's beliefs and assumptions and are generally identified by the words "believe," "expect," "anticipate" and other similar expressions. Forward-looking statements do not guarantee future performance, which may be materially different from that expressed in, or implied by, any such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their respective dates. These forward-looking statements are based largely on the Company's current beliefs, assumptions and expectations of the Company's future performance taking into account all information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or within the Company's control, and which could materially affect actual results, performance or achievements. Factors that may cause actual results to vary from the Company's forward-looking statements are set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and include, but are not limited to: - defaults by borrowers in paying debt service on outstanding indebtedness; - impairment in the value of real estate property securing the Company's loans or in which the Company invests; - availability of mortgage origination and acquisition opportunities acceptable to the Company; - potential mismatches in the timing of asset repayments and the maturity of the associated financing agreements; - national and local economic and business conditions, including as a result of the impact of public health emergencies; - the occurrence of certain geo-political events (such as wars, terrorist attacks and tensions between states, including global trade disputes related to tariffs) that affect the normal and peaceful course of international relations; - general and local commercial and residential real estate property conditions; - changes in federal government policies; - changes in federal, state and local governmental laws and regulations; - increased competition from entities engaged in mortgage lending and securities investing activities; - changes in interest rates; and - the availability of, and costs associated with, sources of liquidity. Additional risk factors are identified in the Company's filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available on the Company's website at http://www.starwoodpropertytrust.com and the SEC's website at http://www.sec.gov. In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to, and expressly disclaims any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise. Please keep this cautionary note in mind as you assess the information given in this presentation. STARWOOD PROPERTY TRUST 38

The image is a logo for Starwood Property Trust, presented against a solid, dark blue rectangular background. In the upper left corner, there is a large, five-pointed white star graphic. Below the star, centered, is the text 'STARWOOD PROPERTY TRUST' in a white, serif font, written in all capital letters. Directly beneath that, in a smaller, similar white serif font, is the text 'NYSE: STWD', also in all capital letters.