Q2 2026 Highlights


<table>
<tr><td>EARNINGS &amp; PER SHARE METRICS <br> $0.40 <br> DE / diluted share</td><td>• $0.48 quarterly dividend paid; $8.9B distributed since inception <br> • 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) <br> • Repurchased $10M of common shares at $17.16/share avg</td></tr>
<tr><td>INVESTMENTS <br> $2.5B <br> Invested this quarter</td><td>• $5.0B invested over the last six months <br> • $1.7B invested after quarter end <br> • 64% of commercial lending investing is in industrial and data centers</td></tr>
<tr><td>PORTFOLIO <br> $32.2B <br> Undepreciated assets, record level</td><td>• Commercial loans 53%, owned properties 21% <br> • U.S. office only 7.6% of the diversified asset base</td></tr>
<tr><td>CAPITALIZATION <br> $11.4B <br> Financing capacity</td><td>• $1.2B liquidity and 2.74x adjusted debt-to-equity <br> • $2.1B of corporate debt transactions (see slide 10) <br> • Weighted average corporate debt maturity extended to 3.7 years <br> • Subsequent to quarter end <br>   ◦ 3rd net lease ABS issuance: $321M at a 5.47% weighted average fixed rate <br>   ◦ Commercial lending CLO redemptions and $1.2B facility upsize: redeemed $579M at par and upsized an existing credit facility to $3.0B</td></tr>
<tr><td>INDUSTRY RECOGNITION ★</td><td>• Nareit Gold Investor CARE Award, 10th time in 12 years <br> • Ratings affirmed by Fitch (BB+) and Moody&#x27;s (Ba2)</td></tr>
</table>

**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


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