Nonaccrual Assets
$ millions


<table>
<tr><td>Location</td><td>Property Type</td><td>Carrying Value</td></tr>
<tr><td>East Rutherford, New Jersey</td><td>Retail</td><td>$ 188</td></tr>
<tr><td>Los Angeles, California</td><td>Office</td><td>137</td></tr>
<tr><td>Arlington, Virginia</td><td>Office</td><td>122</td></tr>
<tr><td>Queens, New York</td><td>Industrial</td><td>110</td></tr>
<tr><td>Brooklyn, New York</td><td>Office</td><td>97</td></tr>
<tr><td>Washington, D.C.</td><td>Office</td><td>16</td></tr>
<tr><td>Dublin, Ireland&lt;sup&gt;(a)&lt;/sup&gt;</td><td>Office</td><td>9</td></tr>
<tr><td colspan="2">Carrying Value of Nonaccrual Loans</td><td>$ 679</td></tr>
<tr><td colspan="2">Preferred Equity Interests</td><td>96</td></tr>
<tr><td colspan="2">Total Carrying Value of Nonaccrual Assets</td><td>$ 775</td></tr>
</table>

<figure type="CHART">

<description>The figure consists of two pie charts positioned side-by-side, comparing the distribution of 'Property Type' and 'Location'. On the left, the 'Property Type' pie chart is labeled vertically. On the right, the 'Location' pie chart is labeled vertically.</description><table><thead><tr><th>Property Type</th><th>Percentage</th></tr></thead><tbody><tr><td>Office</td><td>56%</td></tr><tr><td>Retail</td><td>28%</td></tr><tr><td>Industrial</td><td>16%</td></tr></tbody></table><table><thead><tr><th>Location</th><th>Percentage</th></tr></thead><tbody><tr><td>NY</td><td>31%</td></tr><tr><td>NJ</td><td>28%</td></tr><tr><td>CA</td><td>20%</td></tr><tr><td>VA</td><td>18%</td></tr><tr><td>D.C.</td><td>2%</td></tr><tr><td>Int'l</td><td>1%</td></tr></tbody></table></figure>

NOTE: Excludes fully reserved nonaccrual loan totaling $5M
(a) Carrying value is net of a $27M specific credit loss allowance


STARWOOD PROPERTY TRUST


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