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


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