Footnotes


1. Excludes $203M of the commercial portfolio which are classified as CMBS or preferred equity investments and are not risk rated.
2. Contiguous mezzanine loans of $1,417M are included in the first mortgage balance as of June 30, 2026.
3. Unlevered returns are calculated using applicable index rates for variable rate investments in place as of the respective period
end and exclude assets for which interest income is not recognized. In addition to cash coupon, unlevered return includes the
amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of
exit fees.
4. Excludes preferred equity investments.
5. Sectors are defined as follows: Power: power plants fueled with natural gas or coal and petroleum coke; Midstream: oil and gas
transport (including pipelines), LNG terminals and storage; Downstream: petrochemical and chemical plants; Upstream: oil and gas
gas exploration and production; Other: generating facilities that convert renewable energy resources into electrical energy,
including solar.
6. Net carrying value for wholly-owned investments includes properties and lease intangibles.
7. Net operating income represents rental income less costs of rental operations and excludes interest, depreciation and
amortization. It also excludes an allowance for recurring capital expenditures at multifamily properties and any other adjustments
that would be made in the calculation of a cash-on-cash return.
8. Occupancy calculated based on number of properties for our single-tenant net lease properties and square footage for multi-
tenant net lease properties.
9. Excludes non-controlling JV interests.
10. Represents (i) total outstanding secured and unsecured financing arrangements (excluding the non-recourse ABSs, CLOs and
SASB, and adjusted to include our share of the Woodstar portfolio debt with a UPB of $1,225M), less cash and lender-restricted
cash; divided by (ii) undepreciated permanent equity (i.e. GAAP permanent equity plus accumulated depreciation and
amortization of $404M as of June 30, 2026), less our share of the Woodstar cumulative change in fair value of debt of $11M.
11. Includes our share of the Woodstar portfolio debt with a UPB of $1,225M.
12. Excludes non-recourse ABSs, CLOs, SASB and our share of the Woodstar portfolio debt. Drawn amounts also exclude discounts /
premiums and unamortized deferred financing costs.
13. Does not include potential proceeds from future A-note sales or ABS and CLO securitizations and is as of quarter end, adjusted for
approved undrawn credit capacity.


STARWOOD PROPERTY TRUST


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