Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of 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>Assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr><td>Cash and cash equivalents</td><td>$ 22,616</td><td>$ 206,331</td><td>$ 30,912</td><td>$ 9,281</td><td>$ 98,452</td><td>$ 367,592</td><td>$ —</td><td>$ 367,592</td></tr>
<tr><td>Restricted cash</td><td>177,912</td><td>46,173</td><td>2,802</td><td>189</td><td>45,688</td><td>272,764</td><td>—</td><td>272,764</td></tr>
<tr><td>Loans held-for-investment, net</td><td>16,965,888</td><td>2,851,080</td><td>—</td><td>—</td><td>—</td><td>19,816,968</td><td>—</td><td>19,816,968</td></tr>
<tr><td>Loans held-for-sale</td><td>2,154,653</td><td>—</td><td>—</td><td>62,828</td><td>—</td><td>2,217,481</td><td>—</td><td>2,217,481</td></tr>
<tr><td>Investment securities</td><td>556,876</td><td>123,934</td><td>—</td><td>1,262,903</td><td>—</td><td>1,943,713</td><td>(1,540,884)</td><td>402,829</td></tr>
<tr><td>Properties, net</td><td>1,028,671</td><td>—</td><td>2,938,255</td><td>31,743</td><td>—</td><td>3,998,669</td><td>—</td><td>3,998,669</td></tr>
<tr><td>Investments of consolidated affordable housing fund</td><td>—</td><td>—</td><td>1,725,368</td><td>—</td><td>—</td><td>1,725,368</td><td>—</td><td>1,725,368</td></tr>
<tr><td>Investments in unconsolidated entities</td><td>8,514</td><td>61,517</td><td>—</td><td>33,200</td><td>—</td><td>103,231</td><td>(15,030)</td><td>88,201</td></tr>
<tr><td>Goodwill</td><td>—</td><td>119,409</td><td>—</td><td>140,437</td><td>—</td><td>259,846</td><td>—</td><td>259,846</td></tr>
<tr><td>Intangible assets, net</td><td>2,522</td><td>—</td><td>405,459</td><td>71,062</td><td>—</td><td>479,043</td><td>(38,069)</td><td>440,974</td></tr>
<tr><td>Derivative assets</td><td>23,233</td><td>—</td><td>931</td><td>242</td><td>—</td><td>24,406</td><td>—</td><td>24,406</td></tr>
<tr><td>Accrued interest receivable</td><td>195,044</td><td>3,611</td><td>4</td><td>493</td><td>1,664</td><td>200,816</td><td>—</td><td>200,816</td></tr>
<tr><td>Other assets</td><td>195,215</td><td>20,947</td><td>111,988</td><td>(16,670)</td><td>50,735</td><td>362,215</td><td>—</td><td>362,215</td></tr>
<tr><td>VIE assets, at fair value</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>30,868,147</td><td>30,868,147</td></tr>
<tr><td>Total Assets</td><td>$ 21,331,144</td><td>$ 3,433,002</td><td>$ 5,215,719</td><td>$ 1,595,708</td><td>$ 196,539</td><td>$ 31,772,112</td><td>$ 29,274,164</td><td>$ 61,046,276</td></tr>
<tr><td>Liabilities and Equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr><td>Liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr><td>Accounts payable, accrued expenses and other liabilities</td><td>$ 232,135</td><td>$ 38,666</td><td>$ 123,067</td><td>$ 37,521</td><td>$ 144,167</td><td>$ 575,556</td><td>$ —</td><td>$ 575,556</td></tr>
<tr><td>Related-party payable</td><td>—</td><td>—</td><td>—</td><td>—</td><td>27,033</td><td>27,033</td><td>—</td><td>27,033</td></tr>
<tr><td>Dividends payable</td><td>—</td><td>—</td><td>—</td><td>—</td><td>180,744</td><td>180,744</td><td>—</td><td>180,744</td></tr>
<tr><td>Derivative liabilities</td><td>64,972</td><td>—</td><td>—</td><td>—</td><td>26,601</td><td>91,573</td><td>—</td><td>91,573</td></tr>
<tr><td>Secured financing agreements, net</td><td>9,496,528</td><td>716,722</td><td>731,638</td><td>583,078</td><td>2,491,581</td><td>14,019,547</td><td>(19,656)</td><td>13,999,891</td></tr>
<tr><td>Securitized financing, net</td><td>1,603,874</td><td>1,810,038</td><td>1,397,599</td><td>—</td><td>—</td><td>4,811,511</td><td>—</td><td>4,811,511</td></tr>
<tr><td>Unsecured senior notes, net</td><td>—</td><td>—</td><td>—</td><td>—</td><td>4,882,722</td><td>4,882,722</td><td>—</td><td>4,882,722</td></tr>
<tr><td>VIE liabilities, at fair value</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>—</td><td>29,293,820</td><td>29,293,820</td></tr>
<tr><td>Total Liabilities</td><td>11,397,509</td><td>2,565,426</td><td>2,252,304</td><td>620,599</td><td>7,752,848</td><td>24,588,686</td><td>29,274,164</td><td>53,862,850</td></tr>
<tr><td>Temporary Equity: Redeemable non-controlling interests</td><td>—</td><td>—</td><td>356,377</td><td>—</td><td>—</td><td>356,377</td><td>—</td><td>356,377</td></tr>
<tr><td>Permanent Equity:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr><td>Starwood Property Trust, Inc. Stockholders&#x27; Equity:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr>
<tr><td>Common stock</td><td>—</td><td>—</td><td>—</td><td>—</td><td>3,798</td><td>3,798</td><td>—</td><td>3,798</td></tr>
<tr><td>Additional paid-in capital</td><td>2,904,306</td><td>465,056</td><td>329,107</td><td>(974,433)</td><td>4,267,303</td><td>6,991,339</td><td>—</td><td>6,991,339</td></tr>
<tr><td>Treasury stock</td><td>—</td><td>—</td><td>—</td><td>—</td><td>(167,962)</td><td>(167,962)</td><td>—</td><td>(167,962)</td></tr>
<tr><td>Retained earnings (accumulated deficit)</td><td>7,019,517</td><td>402,520</td><td>2,072,106</td><td>1,827,396</td><td>(11,659,448)</td><td>(337,909)</td><td>—</td><td>(337,909)</td></tr>
<tr><td>Accumulated other comprehensive income</td><td>9,697</td><td>—</td><td>—</td><td>—</td><td>—</td><td>9,697</td><td>—</td><td>9,697</td></tr>
<tr><td>Total Starwood Property Trust, Inc. Stockholders&#x27; Equity</td><td>9,933,520</td><td>867,576</td><td>2,401,213</td><td>852,963</td><td>(7,556,309)</td><td>6,498,963</td><td>—</td><td>6,498,963</td></tr>
<tr><td>Non-controlling interests in consolidated subsidiaries</td><td>115</td><td>—</td><td>205,825</td><td>122,146</td><td>—</td><td>328,086</td><td>—</td><td>328,086</td></tr>
<tr><td>Total Permanent Equity</td><td>9,933,635</td><td>867,576</td><td>2,607,038</td><td>975,109</td><td>(7,556,309)</td><td>6,827,049</td><td>—</td><td>6,827,049</td></tr>
<tr><td>Total Liabilities and Equity</td><td>$ 21,331,144</td><td>$ 3,433,002</td><td>$ 5,215,719</td><td>$ 1,595,708</td><td>$ 196,539</td><td>$ 31,772,112</td><td>$ 29,274,164</td><td>$ 61,046,276</td></tr>
</table>

8