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


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