Commercial Lending Portfolio


Q2 Activity
- Portfolio reaches a **record $17.3B**
- **$1.4B** originations ($754M funded)
- **$250M** follow on fundings
- **$447M** repayments
- Sold **two** units in a previously foreclosed asset for **$12M**


<figure type="CHART">Loan Risk Rating



<description>The image is a donut chart illustrating the distribution of loan risk ratings, centered around a '2.9(1) W.A. Risk Rating *' value (with a note indicating '* 2.9 in prior quarter'). The chart is segmented into colored arcs representing different risk levels, each labeled with a dollar amount, while corresponding legend blocks indicate the risk rating number and the count of loans.</description>

<table>
  <thead>
    <tr>
      <th>Risk Rating</th>
      <th>Loan Count</th>
      <th>Value ($B)</th>
    </tr>
  </thead>
  <tbody>
    <tr>
      <td>3</td>
      <td>96 loans</td>
      <td>$9.5B</td>
    </tr>
    <tr>
      <td>4</td>
      <td>16 loans</td>
      <td>$2.0B</td>
    </tr>
    <tr>
      <td>5</td>
      <td>5 loans</td>
      <td>$0.8B</td>
    </tr>
    <tr>
      <td>Not Rated (Investment Securities)</td>
      <td>N/A</td>
      <td>$0.2B</td>
    </tr>
    <tr>
      <td>1</td>
      <td>1 loan</td>
      <td>N/A</td>
    </tr>
    <tr>
      <td>2</td>
      <td>38 loans</td>
      <td>$4.8B</td>
    </tr>
  </tbody>
</table></figure>

**NOTE:** See the Ratings Criteria section included in the Appendix


STARWOOD PROPERTY TRUST


12


<figure type="CHART">

<description>A circular chart element featuring a solid dark blue background. The center of the circle contains the text "$17.3B" in a bold, white sans-serif font, followed immediately below by the text "Total Portfolio" in a slightly smaller, regular white sans-serif font.</description> <table><tr><td>Total Portfolio</td><td>$17.3B</td></tr></table></figure>