CMBS and Special Servicing


<figure type="CHART">

<description>A bar chart titled 'Owned CMBS by Vintage (9)' displaying the 'Carrying Value' in '$ millions' on the y-axis (ranging from 0 to 250) against 'Vintage' years on the x-axis (ranging from 11 to 26). The chart is divided into two categories: 'CMBS 2.0' (covering years 11, 12, 13) and 'CMBS 3.0' (covering years 14 through 26). There is a legend below the chart indicating the bars represent 'Carrying Value'.</description><table><thead><tr><th>Vintage</th><th>Carrying Value ($ millions)</th></tr></thead><tbody><tr><td>11</td><td>~20</td></tr><tr><td>12</td><td>0</td></tr><tr><td>13</td><td>~65</td></tr><tr><td>14</td><td>~40</td></tr><tr><td>15</td><td>~65</td></tr><tr><td>16</td><td>~50</td></tr><tr><td>17</td><td>~60</td></tr><tr><td>18</td><td>~105</td></tr><tr><td>19</td><td>~195</td></tr><tr><td>20</td><td>~45</td></tr><tr><td>21</td><td>~45</td></tr><tr><td>22</td><td>~45</td></tr><tr><td>23</td><td>~35</td></tr><tr><td>24</td><td>~165</td></tr><tr><td>25</td><td>~140</td></tr><tr><td>26</td><td>~40</td></tr></tbody></table></figure>

<figure type="CHART">LNR Special Servicer. 

<description>The figure is a composite infographic displaying financial data for LNR Special Servicer. It consists of three sections: a header, a line chart, and a calculation summary.</description> ### Named SS: [185 CMBS Trusts] [$93.6B Loan Balance] 

<description>A line chart titled 'Named SS' (in $ billions) plots the 'UPB loans named SS' from Q2'17 to Q2'26 on the x-axis, with the 'Named SS Balance' on the y-axis ranging from 50 to 150. The data points show fluctuations over time, with a general upward trend peaking around Q4'24.</description> <table><thead><tr><th>Quarter</th><th>Balance ($ Billions)</th></tr></thead><tbody><tr><td>Q2'17</td><td>~70</td></tr><tr><td>Q4'17</td><td>~68</td></tr><tr><td>Q2'18</td><td>~72</td></tr><tr><td>Q4'18</td><td>~73</td></tr><tr><td>Q2'19</td><td>~84</td></tr><tr><td>Q4'19</td><td>~88</td></tr><tr><td>Q2'20</td><td>~94</td></tr><tr><td>Q4'20</td><td>~82</td></tr><tr><td>Q2'21</td><td>~80</td></tr><tr><td>Q4'21</td><td>~80</td></tr><tr><td>Q2'22</td><td>~95</td></tr><tr><td>Q4'22</td><td>~105</td></tr><tr><td>Q2'23</td><td>~108</td></tr><tr><td>Q4'23</td><td>~102</td></tr><tr><td>Q2'24</td><td>~99</td></tr><tr><td>Q4'24</td><td>~98</td></tr><tr><td>Q2'25</td><td>~109</td></tr><tr><td>Q4'25</td><td>~102</td></tr><tr><td>Q2'26</td><td>~97</td></tr><tr><td>Q4'26</td><td>~93</td></tr></tbody></table> ### Active SS: [$8.8B SS Loan Balance] + [$2.1B REO Loan Balance] = [$10.9B Total Active SS Balance] 

<description>The bottom section illustrates a simple summation calculation where the SS Loan Balance ($8.8B) plus the REO Loan Balance ($2.1B) equals the Total Active SS Balance ($10.9B).</description></figure>

**NOTE:** Carrying value represents estimated fair value


STARWOOD PROPERTY TRUST


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