Commercial Lending Metrics


<figure type="CHART">

<description>A financial table titled "($ millions)" on the left axis, displaying various commercial real estate (CRE) asset categories and their associated financial metrics: Carrying Value, Carrying Value on Accrual, and Unlevered Return for Assets on Accrual. The table is color-coded by asset type.</description><table><thead><tr><th>($ millions)</th><th>First Mortgages (2)</th><th>Mezzanine Loans (2)</th><th>Preferred Equity</th><th>Lending CMBS</th><th>Subordinated Mortgages</th><th>Total CRE</th></tr></thead><tbody><tr><td>Carrying Value</td><td>$16,800</td><td>$290</td><td>$114</td><td>$89</td><td>$5</td><td>$17,298</td></tr><tr><td>Carrying Value on Accrual</td><td>$16,267</td><td>$117</td><td>$18</td><td>$89</td><td>$—</td><td>$16,491</td></tr><tr><td>Unlevered Return for Assets on Accrual (3)</td><td>7.2%</td><td>11.2%</td><td>10.5%</td><td>5.1%</td><td>N/A</td><td>7.3%</td></tr></tbody></table>

<description>Legend at the bottom indicates: Dark blue square represents First Mortgages; Teal square represents Subordinated Mortgages; Medium blue square represents Lending CMBS; Grey square represents Preferred Equity; Light blue square represents Mezzanine Loans.</description></figure>

<figure type="CHART">

<description>A stacked bar chart titled 'Dollar (Carrying values in billions)' displaying financial data over six time periods from Q2'24 to Q2'26. The bars are composed of four segments in descending order of value: dark blue (largest), medium blue, light blue, and a thin gray segment at the top. The chart shows a general upward trend in total carrying values across the observed quarters.</description><table><thead><tr><th>Quarter</th><th>Segment 1 (Dark Blue)</th><th>Segment 2 (Medium Blue)</th><th>Segment 3 (Light Blue)</th><th>Segment 4 (Gray)</th><th>Total Approx. Value</th></tr></thead><tbody><tr><td>Q2'24</td><td>~13.8</td><td>~0.5</td><td>~0.2</td><td>~0.2</td><td>~14.7</td></tr><tr><td>Q2'25</td><td>~14.8</td><td>~0.3</td><td>~0.2</td><td>~0.2</td><td>~15.5</td></tr><tr><td>Q3'25</td><td>~15.3</td><td>~0.2</td><td>~0.1</td><td>~0.1</td><td>~15.7</td></tr><tr><td>Q4'25</td><td>~16.1</td><td>~0.2</td><td>~0.1</td><td>~0.1</td><td>~16.5</td></tr><tr><td>Q1'26</td><td>~16.3</td><td>~0.2</td><td>~0.1</td><td>~0.1</td><td>~16.7</td></tr><tr><td>Q2'26</td><td>~16.8</td><td>~0.2</td><td>~0.1</td><td>~0.1</td><td>~17.2</td></tr></tbody></table></figure>

STARWOOD PROPERTY TRUST


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