Foreclosed Assets


<table>
<tr><td>Location</td><td>Property Type</td><td colspan="2">Carrying Value</td></tr>
<tr><td></td><td></td><td>($ millions)</td><td>(per sq ft)</td></tr>
<tr><td>Dallas, Texas</td><td>Mixed Use</td><td>$ 245</td><td>$ 406</td></tr>
<tr><td>Los Angeles, California</td><td>Mixed Use</td><td>150</td><td>131</td></tr>
<tr><td>New York City, New York (a)</td><td>Residential (Luxury Co-Op)</td><td>106</td><td>2,367</td></tr>
<tr><td>Windermere, Florida</td><td>Multifamily</td><td>85</td><td>223</td></tr>
<tr><td>Dallas, Texas</td><td>Multifamily</td><td>85</td><td>176</td></tr>
<tr><td>Phoenix, Arizona</td><td>Multifamily</td><td>70</td><td>229</td></tr>
<tr><td>Boston, Massachusetts</td><td>Life Science</td><td>56</td><td>562</td></tr>
<tr><td>Nashville, Tennessee</td><td>Multifamily</td><td>39</td><td>135</td></tr>
<tr><td>Chicago, Illinois</td><td>Retail</td><td>33</td><td>1,153</td></tr>
<tr><td>Dallas, Texas</td><td>Multifamily</td><td>28</td><td>121</td></tr>
<tr><td>Phoenix, Arizona</td><td>Multifamily</td><td>23</td><td>172</td></tr>
<tr><td colspan="2">Net Carrying Value of Foreclosed Assets (b)</td><td>$ 920</td><td></td></tr>
</table>

<figure type="CHART">Property Type<br><table><tr><th>Category</th><th>Percentage</th></tr><tr><td>Mixed Use</td><td>43%</td></tr><tr><td>Life Science</td><td>6%</td></tr><tr><td>Multifamily</td><td>36%</td></tr><tr><td>Residential</td><td>11%</td></tr><tr><td>Retail</td><td>4%</td></tr></table>

<description>A pie chart titled 'Property Type' (written vertically on the left) displays the distribution of five property types: Mixed Use (43%, grey slice), Life Science (6%, light green slice), Multifamily (36%, dark blue slice), Residential (11%, medium blue slice), and Retail (4%, teal slice).</description></figure>

<figure type="CHART">

<description>A pie chart titled "Location" illustrating the percentage distribution across different US states. The chart is divided into several slices, each labeled with the state abbreviation and its corresponding percentage value.</description><table><tr><td>State</td><td>Percentage</td></tr><tr><td>TX</td><td>39%</td></tr><tr><td>CA</td><td>16%</td></tr><tr><td>NY</td><td>12%</td></tr><tr><td>AZ</td><td>10%</td></tr><tr><td>FL</td><td>9%</td></tr><tr><td>MA</td><td>6%</td></tr><tr><td>IL</td><td>4%</td></tr><tr><td>TN</td><td>4%</td></tr></table></figure>

(a) Sold two units within this asset during the quarter with another two under contract subsequent to quarter end
(b) Excludes: (i) two properties that were sold in Q4'24 and Q2'25 but did not qualify as GAAP sales and (ii) a property that is being repositioned and thus included in Property Segment


STARWOOD PROPERTY TRUST


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