Book Value per Share Bridge


<figure type="CHART">

<description>This chart displays a waterfall-style calculation or comparison of book values for Q2'26. It consists of three vertical components: a tall blue bar on the left representing GAAP Book Value, a small green bar in the middle representing Accumulated Depreciation & Amortization, and a tall dark blue bar on the right representing Undepreciated Book Value.</description><table><thead><tr><th>Category</th><th>Value</th></tr></thead><tbody><tr><td>Q2'26 GAAP Book Value</td><td>$17.53</td></tr><tr><td>Q2'26 Accumulated Depreciation & Amortization</td><td>$1.09</td></tr><tr><td>Q2'26 Undepreciated Book Value</td><td>$18.62</td></tr></tbody></table></figure>

STARWOOD PROPERTY TRUST


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