Investment Portfolio
$ millions


**Significant Activity During the Quarter:**
- Securitized or sold **$320M** of conduit loans in five transactions (not including **$11M** which priced last quarter)
- Active servicing portfolio increased from **$9.9B** to **$10.9B**, with named servicing portfolio at **$93.6B**
- Sold a previously foreclosed hospitality asset for gross proceeds of **$13M** and a **$2M** gain for GAAP and DE
- Acquired **$45M** of CMBS and received **$18M** in sales and principal collections


<table>
<tr><td>Asset Carrying Values</td><td>Jun 30, 2026</td><td>Mar 31, 2026</td><td>Dec 31, 2025</td><td>Sep 30, 2025</td><td>Jun 30, 2025</td></tr>
<tr><td>Owned CMBS, VRR</td><td>$ 484</td><td>$ 462</td><td>$ 464</td><td>$ 408</td><td>$ 410</td></tr>
<tr><td>Owned CMBS, non-VRR</td><td>408</td><td>411</td><td>445</td><td>427</td><td>432</td></tr>
<tr><td>Owned CMBS, Agency Multifamily B-Piece</td><td>71</td><td>71</td><td>73</td><td>75</td><td>75</td></tr>
<tr><td>CMBS, JVs (net of non-controlling interests)</td><td>171</td><td>165</td><td>171</td><td>161</td><td>160</td></tr>
<tr><td>Total CMBS</td><td>$ 1,134</td><td>$ 1,109</td><td>$ 1,153</td><td>$ 1,071</td><td>$ 1,077</td></tr>
<tr><td>Conduit Loans</td><td>63</td><td>104</td><td>45</td><td>253</td><td>172</td></tr>
<tr><td>Special servicing intangible</td><td>68</td><td>67</td><td>66</td><td>64</td><td>62</td></tr>
<tr><td>Properties and lease intangibles, net</td><td>35</td><td>45</td><td>45</td><td>70</td><td>70</td></tr>
<tr><td>Other</td><td>18</td><td>18</td><td>18</td><td>18</td><td>18</td></tr>
<tr><td>Total</td><td>$ 1,318</td><td>$ 1,343</td><td>$ 1,327</td><td>$ 1,476</td><td>$ 1,399</td></tr>
</table>

**NOTE:** VRR refers to vertical risk retention


STARWOOD PROPERTY TRUST


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