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


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

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