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"text": "Starwood Property Trust Reports Results for\nQuarter Ended June 30, 2026\n",
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"text": "- Quarterly GAAP Earnings of $0.01 and Distributable Earnings (DE) of $0.40 per Diluted Share -\n- Invested $2.5 Billion in the Quarter and $6.7 Billion through July -\n- Record Total Assets of $31.8 Billion and Commercial Lending Assets of $17.3 Billion -\n- Repurchased $30 Million of Common Shares in the Six Months -\n",
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"text": "— Dividend of $0.48 per Share —\n",
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"text": "— Awarded Nareit Gold Investor CARE Award for 10th Time in 12 Years —\nMIAMI BEACH, FL, August 6, 2026 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today\nannounced operating results for the fiscal quarter ended June 30, 2026. The Company delivered second quarter\nGAAP net income of $6.6 million, and Distributable Earnings (a non-GAAP financial measure) was $151.5 million.\nSee reconciliation tables below.\n",
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"text": "\"Real estate fundamentals are improving steadily in almost every asset class, supported by a drop in construction\nand broad and robust economic growth. This provides a more constructive backdrop to deploy capital and\nimproving credit in our loan portfolio. For us importantly, it provides a solid foundation to support the values of\nour real estate owned and underperforming loan assets. We expect to resolve nearly $900 million of\nunderperforming assets by year end or shortly thereafter, returning the trapped equity to higher use cases across all\nour business lines,\" said Barry Sternlicht, Chairman and CEO of Starwood Property Trust.\n",
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"text": "“We have invested $6.7 billion through July, at double digit return on equity, and our $2.1 billion of corporate debt\ntransactions in the quarter extends our weighted average corporate debt maturity to 3.7 years and lowers our cost of\nfunds, solidifying an already strong balance sheet. This positions us well to continue deploying capital and driving\ngrowth across all our business lines,” added Jeffrey DiModica, President of Starwood Property Trust.\n",
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"text": "# Supplemental Schedules\n\nThe Company has published supplemental earnings schedules on its website in order to provide additional\ndisclosure and financial information for the benefit of the Company’s stakeholders. Specifically, these materials can\nbe found on the Company’s website in the Investor Relations section under “Quarterly Results” at\nwww.starwoodpropertytrust.com.\n",
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"text": "**Webcast and Conference Call Information**\nThe Company will host a live webcast and conference call on Thursday, August 6, 2026, at 10:00 a.m. Eastern\nTime. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to\nregister, download and install any necessary audio software. The webcast is available at\nwww.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use\nof the webcast due to potential extended wait times to access the conference call via dial-in.\n",
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"text": "To Participate via Telephone Conference Call: \nDial in at least 15 minutes prior to start time. \nDomestic: 1-877-407-9039 \nInternational: 1-201-689-8470 ",
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"text": "Conference Call Playback: \nDomestic: 1-844-512-2921 \nInternational: 1-412-317-6671 \nPasscode: 13758023 \nThe playback can be accessed through August 20, 2026. ",
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"text": "# About Starwood Property Trust, Inc.\n\nStarwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group,\nis a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of\nJune 30, 2026, the Company has successfully deployed $120 billion of capital since inception and manages a\nportfolio of $32 billion across debt and equity investments. Starwood Property Trust’s investment objective is to\ngenerate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere\nglobal organization to identify and execute on the best risk adjusted returning investments across its target assets.\nAdditional information can be found at www.starwoodpropertytrust.com.\n",
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"text": "**Forward-Looking Statements**\nStatements in this press release which are not historical fact may be deemed forward-looking statements within\nthe meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities\nExchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available\ninformation with our beliefs and assumptions and are generally identified by the words “believe,” “expect,”\n“anticipate” and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations\nreflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its\nexpectations will be attained. Factors that could cause actual results to differ materially from the Company’s\nexpectations include, but are not limited to, completion of pending investments and financings, continued ability\nto acquire additional investments, competition within the finance and real estate industries, availability of\nfinancing, and other risks detailed under the heading “Risk Factors” in the Company’s Annual Report on Form\n10-K for the fiscal year ended December 31, 2025, as well as other risks and uncertainties set forth from time to\ntime in the Company’s reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter\nended June 30, 2026.\n",
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"text": "In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-\nlooking statements contained herein will in fact occur. Except to the extent required by applicable law or\nregulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any\nforward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events,\nchanges to future results over time or otherwise.\n",
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"text": "Contact: \nZachary Tanenbaum \nStarwood Property Trust \nPhone: 203-422-7788 \nEmail: ztanenbaum@starwood.com ",
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"text": "# Definition of Distributable Earnings\n\nDistributable Earnings, a non-GAAP financial measure, is used to compute the Company's incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company's\npurposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company's external manager, acquisition costs for successful\nacquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net\nincome (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in\nGAAP and certain other non-cash adjustments as determined by the Company's external manager and approved by a majority of the Company's independent directors. Refer to the Company's Quarterly Report on\nForm 10-Q for the quarter ended June 30, 2026 for additional information regarding Distributable Earnings.\n",
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"text": "**Reconciliation of Net Income to Distributable Earnings**\nFor the three months ended June 30, 2026\n(Amounts in thousands except per share data)\n",
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"",
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Residential
Lending
Segment",
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Lending
Segment",
"Property
Segment",
"Investing
and Servicing
Segment",
"Corporate",
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""
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"$ 637,465",
"$ 128,429",
"$ —",
"$ 6,332",
"$ —",
"$ 772,226",
"$ —",
"$ 772,226"
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"865",
"—",
"46,103",
"—",
"77,949",
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"10,188"
],
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"223",
"—",
"—",
"72,095",
"—",
"72,318",
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"64,687"
],
[
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"36,113",
"---",
"124,670",
"7,042",
"---",
"167,825",
"---",
"167,825"
],
[
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"4,013",
"2,947",
"819",
"1,927",
"1,492",
"11,198",
"---",
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],
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"132,241",
"125,489",
"133,499",
"1,492",
"1,101,516",
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"1,026,124"
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"",
"",
"",
"",
"",
""
],
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"197",
"---",
"---",
"---",
"66,542",
"66,739",
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],
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"75,321",
"56,726",
"15,943",
"210,218",
"673,881",
"(398)",
"673,483"
],
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"31,771",
"11,933",
"16,793",
"45,589",
"8,941",
"115,027",
"—",
"115,027"
],
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"29,377",
"—",
"14,514",
"5,556",
"—",
"49,447",
"—",
"49,447"
],
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"19",
"57,215",
"2,232",
"503",
"68,986",
"—",
"68,986"
],
[
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"30,402",
"(615)",
"—",
"—",
"—",
"29,787",
"—",
"29,787"
],
[
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"165",
"899",
"299",
"241",
"---",
"1,604",
"---",
"1,604"
],
[
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"416,602",
"87,557",
"145,547",
"69,561",
"286,204",
"1,005,471",
"(398)",
"1,005,073"
],
[
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"",
"",
"",
"",
"",
"",
""
],
[
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"—",
"—",
"—",
"—",
"---",
"---",
"65,589",
"65,589"
],
[
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"—",
"—",
"—",
"2,022",
"---",
"2,022",
"(815)",
"1,207"
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"—",
"—",
"(9,638)",
"---",
"(10,774)",
"10,811",
"37"
],
[
"Change in fair value of mortgage loans, net",
"(33,691)",
"—",
"—",
"20,962",
"---",
"(12,729)",
"---",
"(12,729)"
],
[
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"—",
"—",
"17,393",
"—",
"---",
"17,393",
"---",
"17,393"
],
[
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"—",
"3,520",
"—",
"605",
"---",
"4,125",
"(591)",
"3,534"
],
[
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"298",
"—",
"496",
"2,264",
"---",
"3,058",
"---",
"3,058"
],
[
"Gain (loss) on derivative financial instruments, net",
"37,892",
"439",
"10,630",
"1,225",
"(55,673)",
"(5,487)",
"—",
"(5,487)"
],
[
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"(11,834)",
"—",
"38",
"—",
"—",
"(11,796)",
"—",
"(11,796)"
],
[
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"—",
"(31)",
"(304)",
"—",
"—",
"(335)",
"—",
"(335)"
],
[
"Other (loss) income, net",
"(5,472)",
"51",
"(1,401)",
"6",
"—",
"(6,816)",
"—",
"(6,816)"
],
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"(13,943)",
"3,979",
"26,852",
"17,446",
"(55,673)",
"(21,339)",
"74,994",
"53,655"
],
[
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"278,250",
"48,663",
"6,794",
"81,384",
"(340,385)",
"74,706",
"—",
"74,706"
],
[
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"9,192",
"(145)",
"25",
"(11,351)",
"—",
"(2,279)",
"—",
"(2,279)"
],
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"287,442",
"48,518",
"6,819",
"70,033",
"(340,385)",
"72,427",
"—",
"72,427"
],
[
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"(7)",
"—",
"(12,152)",
"(1,833)",
"—",
"(13,992)",
"—",
"(13,992)"
],
[
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"$ 48,518",
"$ (5,333)",
"$ 68,200",
"$ (340,385)",
"$ 58,435",
"$ —",
"$ 58,435"
]
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[
"",
"Commercial and
Residential
Lending
Segment",
"Infrastructure
Lending
Segment",
"Property
Segment",
"Investing
and Servicing
Segment",
"Corporate",
"Subtotal",
"Securitization VIEs",
"Total"
],
[
"Assets:",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Cash and cash equivalents",
"$ 22,616",
"$ 206,331",
"$ 30,912",
"$ 9,281",
"$ 98,452",
"$ 367,592",
"$ —",
"$ 367,592"
],
[
"Restricted cash",
"177,912",
"46,173",
"2,802",
"189",
"45,688",
"272,764",
"—",
"272,764"
],
[
"Loans held-for-investment, net",
"16,965,888",
"2,851,080",
"—",
"—",
"—",
"19,816,968",
"—",
"19,816,968"
],
[
"Loans held-for-sale",
"2,154,653",
"—",
"—",
"62,828",
"—",
"2,217,481",
"—",
"2,217,481"
],
[
"Investment securities",
"556,876",
"123,934",
"—",
"1,262,903",
"—",
"1,943,713",
"(1,540,884)",
"402,829"
],
[
"Properties, net",
"1,028,671",
"—",
"2,938,255",
"31,743",
"—",
"3,998,669",
"—",
"3,998,669"
],
[
"Investments of consolidated affordable housing fund",
"—",
"—",
"1,725,368",
"—",
"—",
"1,725,368",
"—",
"1,725,368"
],
[
"Investments in unconsolidated entities",
"8,514",
"61,517",
"—",
"33,200",
"—",
"103,231",
"(15,030)",
"88,201"
],
[
"Goodwill",
"—",
"119,409",
"—",
"140,437",
"—",
"259,846",
"—",
"259,846"
],
[
"Intangible assets, net",
"2,522",
"—",
"405,459",
"71,062",
"—",
"479,043",
"(38,069)",
"440,974"
],
[
"Derivative assets",
"23,233",
"—",
"931",
"242",
"—",
"24,406",
"—",
"24,406"
],
[
"Accrued interest receivable",
"195,044",
"3,611",
"4",
"493",
"1,664",
"200,816",
"—",
"200,816"
],
[
"Other assets",
"195,215",
"20,947",
"111,988",
"(16,670)",
"50,735",
"362,215",
"—",
"362,215"
],
[
"VIE assets, at fair value",
"—",
"—",
"—",
"—",
"—",
"—",
"30,868,147",
"30,868,147"
],
[
"Total Assets",
"$ 21,331,144",
"$ 3,433,002",
"$ 5,215,719",
"$ 1,595,708",
"$ 196,539",
"$ 31,772,112",
"$ 29,274,164",
"$ 61,046,276"
],
[
"Liabilities and Equity",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Liabilities:",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Accounts payable, accrued expenses and other liabilities",
"$ 232,135",
"$ 38,666",
"$ 123,067",
"$ 37,521",
"$ 144,167",
"$ 575,556",
"$ —",
"$ 575,556"
],
[
"Related-party payable",
"—",
"—",
"—",
"—",
"27,033",
"27,033",
"—",
"27,033"
],
[
"Dividends payable",
"—",
"—",
"—",
"—",
"180,744",
"180,744",
"—",
"180,744"
],
[
"Derivative liabilities",
"64,972",
"—",
"—",
"—",
"26,601",
"91,573",
"—",
"91,573"
],
[
"Secured financing agreements, net",
"9,496,528",
"716,722",
"731,638",
"583,078",
"2,491,581",
"14,019,547",
"(19,656)",
"13,999,891"
],
[
"Securitized financing, net",
"1,603,874",
"1,810,038",
"1,397,599",
"—",
"—",
"4,811,511",
"—",
"4,811,511"
],
[
"Unsecured senior notes, net",
"—",
"—",
"—",
"—",
"4,882,722",
"4,882,722",
"—",
"4,882,722"
],
[
"VIE liabilities, at fair value",
"—",
"—",
"—",
"—",
"—",
"—",
"29,293,820",
"29,293,820"
],
[
"Total Liabilities",
"11,397,509",
"2,565,426",
"2,252,304",
"620,599",
"7,752,848",
"24,588,686",
"29,274,164",
"53,862,850"
],
[
"Temporary Equity: Redeemable non-controlling interests",
"—",
"—",
"356,377",
"—",
"—",
"356,377",
"—",
"356,377"
],
[
"Permanent Equity:",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Starwood Property Trust, Inc. Stockholders' Equity:",
"",
"",
"",
"",
"",
"",
"",
""
],
[
"Common stock",
"—",
"—",
"—",
"—",
"3,798",
"3,798",
"—",
"3,798"
],
[
"Additional paid-in capital",
"2,904,306",
"465,056",
"329,107",
"(974,433)",
"4,267,303",
"6,991,339",
"—",
"6,991,339"
],
[
"Treasury stock",
"—",
"—",
"—",
"—",
"(167,962)",
"(167,962)",
"—",
"(167,962)"
],
[
"Retained earnings (accumulated deficit)",
"7,019,517",
"402,520",
"2,072,106",
"1,827,396",
"(11,659,448)",
"(337,909)",
"—",
"(337,909)"
],
[
"Accumulated other comprehensive income",
"9,697",
"—",
"—",
"—",
"—",
"9,697",
"—",
"9,697"
],
[
"Total Starwood Property Trust, Inc. Stockholders' Equity",
"9,933,520",
"867,576",
"2,401,213",
"852,963",
"(7,556,309)",
"6,498,963",
"—",
"6,498,963"
],
[
"Non-controlling interests in consolidated subsidiaries",
"115",
"—",
"205,825",
"122,146",
"—",
"328,086",
"—",
"328,086"
],
[
"Total Permanent Equity",
"9,933,635",
"867,576",
"2,607,038",
"975,109",
"(7,556,309)",
"6,827,049",
"—",
"6,827,049"
],
[
"Total Liabilities and Equity",
"$ 21,331,144",
"$ 3,433,002",
"$ 5,215,719",
"$ 1,595,708",
"$ 196,539",
"$ 31,772,112",
"$ 29,274,164",
"$ 61,046,276"
]
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"EARNINGS & PER SHARE METRICS
$0.40
DE / diluted share",
"• $0.48 quarterly dividend paid; $8.9B distributed since inception
• GAAP book value of $17.53/share and undepreciated book value of $18.62/share, includes $729M of CECL and REO reductions ($1.97/share)
• Repurchased $10M of common shares at $17.16/share avg"
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"INVESTMENTS
$2.5B
Invested this quarter",
"• $5.0B invested over the last six months
• $1.7B invested after quarter end
• 64% of commercial lending investing is in industrial and data centers"
],
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"PORTFOLIO
$32.2B
Undepreciated assets, record level",
"• Commercial loans 53%, owned properties 21%
• U.S. office only 7.6% of the diversified asset base"
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"CAPITALIZATION
$11.4B
Financing capacity",
"• $1.2B liquidity and 2.74x adjusted debt-to-equity
• $2.1B of corporate debt transactions (see slide 10)
• Weighted average corporate debt maturity extended to 3.7 years
• Subsequent to quarter end
◦ 3rd net lease ABS issuance: $321M at a 5.47% weighted average fixed rate
◦ Commercial lending CLO redemptions and $1.2B facility upsize: redeemed $579M at par and upsized an existing credit facility to $3.0B"
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"INDUSTRY RECOGNITION ★",
"• Nareit Gold Investor CARE Award, 10th time in 12 years
• Ratings affirmed by Fitch (BB+) and Moody's (Ba2)"
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"text": "- Reduced the weighted average spread on term loan facilities from **S+2.00%** to **S+1.93%**\n- Subsequent to quarter end:\n- ○ Repaid **$900M** of unsecured notes due **July 2026** and **January 2027**\n",
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"text": "The image is a donut chart illustrating the distribution of loan risk ratings, centered around a '2.9(1) W.A. Risk Rating *' value (with a note indicating '* 2.9 in prior quarter'). The chart is segmented into colored arcs representing different risk levels, each labeled with a dollar amount, while corresponding legend blocks indicate the risk rating number and the count of loans.\n\n| Risk Rating | Loan Count | Value ($B) |\n| --- | --- | --- |\n| 3 | 96 loans | $9.5B |\n| 4 | 16 loans | $2.0B |\n| 5 | 5 loans | $0.8B |\n| Not Rated (Investment Securities) | N/A | $0.2B |\n| 1 | 1 loan | N/A |\n| 2 | 38 loans | $4.8B |",
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"text": "Q2 Activity\n- Portfolio reaches a **record $17.3B**\n- **$1.4B** originations ($754M funded)\n- **$250M** follow on fundings\n- **$447M** repayments\n- Sold **two** units in a previously foreclosed asset for **$12M**\n",
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"text": "A donut chart titled 'Multifamily' with a total value of $6.2B in the center. The chart displays the percentage breakdown of property characteristics across six regions: Southeast (21%, purple), Southwest (34%, grey), West (13%, blue), Midwest (4%, light green), Northeast (12%, dark blue), and International (16%, teal).\n\n| Region | Percentage |\n| --- | --- |\n| Southeast | 21% |\n| Southwest | 34% |\n| West | 13% |\n| Midwest | 4% |\n| Northeast | 12% |\n| International | 16% |",
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"text": "The figure presents two donut charts comparing the composition of 'Office' sector investments between the U.S. and International markets. The charts are color-coded with a legend at the bottom: light green represents 'Class A' and blue represents 'Class B'.\n\n| Category | Region | Total Value | Class A (%) | Class B (%) |\n| --- | --- | --- | --- | --- |\n| Office | U.S. | $2.5B | 81% | 19% |\n| Office | International | $0.6B | 100% | 0% |",
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"text": "A donut chart titled 'Industrial' representing a total value of $2.7B, divided into five segments corresponding to different regions.\n\n| Region | Percentage |\n| --- | --- |\n| Northeast | 40% |\n| International | 36% |\n| West | 15% |\n| Mid-Atlantic | 5% |\n| Southeast | 4% |",
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"text": "A financial table titled \"($ millions)\" on the left axis, displaying various commercial real estate (CRE) asset categories and their associated financial metrics: Carrying Value, Carrying Value on Accrual, and Unlevered Return for Assets on Accrual. The table is color-coded by asset type.\n\nLegend at the bottom indicates: Dark blue square represents First Mortgages; Teal square represents Subordinated Mortgages; Medium blue square represents Lending CMBS; Grey square represents Preferred Equity; Light blue square represents Mezzanine Loans.\n\n| ($ millions) | First Mortgages (2) | Mezzanine Loans (2) | Preferred Equity | Lending CMBS | Subordinated Mortgages | Total CRE |\n| --- | --- | --- | --- | --- | --- | --- |\n| Carrying Value | $16,800 | $290 | $114 | $89 | $5 | $17,298 |\n| Carrying Value on Accrual | $16,267 | $117 | $18 | $89 | $— | $16,491 |\n| Unlevered Return for Assets on Accrual (3) | 7.2% | 11.2% | 10.5% | 5.1% | N/A | 7.3% |",
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"text": "A stacked bar chart titled 'Dollar (Carrying values in billions)' displaying financial data over six time periods from Q2'24 to Q2'26. The bars are composed of four segments in descending order of value: dark blue (largest), medium blue, light blue, and a thin gray segment at the top. The chart shows a general upward trend in total carrying values across the observed quarters.\n\n| Quarter | Segment 1 (Dark Blue) | Segment 2 (Medium Blue) | Segment 3 (Light Blue) | Segment 4 (Gray) | Total Approx. Value |\n| --- | --- | --- | --- | --- | --- |\n| Q2'24 | ~13.8 | ~0.5 | ~0.2 | ~0.2 | ~14.7 |\n| Q2'25 | ~14.8 | ~0.3 | ~0.2 | ~0.2 | ~15.5 |\n| Q3'25 | ~15.3 | ~0.2 | ~0.1 | ~0.1 | ~15.7 |\n| Q4'25 | ~16.1 | ~0.2 | ~0.1 | ~0.1 | ~16.5 |\n| Q1'26 | ~16.3 | ~0.2 | ~0.1 | ~0.1 | ~16.7 |\n| Q2'26 | ~16.8 | ~0.2 | ~0.1 | ~0.1 | ~17.2 |",
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"text": "The figure consists of two pie charts positioned side-by-side, comparing the distribution of 'Property Type' and 'Location'. On the left, the 'Property Type' pie chart is labeled vertically. On the right, the 'Location' pie chart is labeled vertically.\n\n| Property Type | Percentage |\n| --- | --- |\n| Office | 56% |\n| Retail | 28% |\n| Industrial | 16% |\n\n| Location | Percentage |\n| --- | --- |\n| NY | 31% |\n| NJ | 28% |\n| CA | 20% |\n| VA | 18% |\n| D.C. | 2% |\n| Int'l | 1% |",
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"text": "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).\n\n| Category | Percentage |\n| --- | --- |\n| Mixed Use | 43% |\n| Life Science | 6% |\n| Multifamily | 36% |\n| Residential | 11% |\n| Retail | 4% |",
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"text": "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.\n\n| State | Percentage |\n| --- | --- |\n| TX | 39% |\n| CA | 16% |\n| NY | 12% |\n| AZ | 10% |\n| FL | 9% |\n| MA | 6% |\n| IL | 4% |\n| TN | 4% |",
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"text": "$ millions\n ➢ Recorded **$3M** net unrealized fair value increase:\n - Loans: **$12M** decrease\n - RMBS: **$2M** decrease\n - Interest Rate Hedges: **$17M** increase to FMV of **$4M**\n ➢ Redeemed a consolidated RMBS trust:\n - Transferred **$230M** of loans previously securitized to loans held-for-investment\n - Redeemed **$82M** of our retained RMBS and **$151M** held by third parties\n ➢ Repayments of **$53M** on loans and **$8M** on RMBS\n",
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"text": "The figure presents an overview of a $3.1B Total Portfolio, broken down by geographic location and sector, alongside Q2 activity metrics. At the top left, a box titled 'Q2 Activity' lists: $441M new commitments ($296M funded), $24M follow on fundings, and $447M repayments. A central node labeled '$3.1B Total Portfolio' connects to two donut charts below. The left donut chart, titled 'Geographic Location', displays the portfolio distribution by region: Northeast (26%), Southwest (25%), Midwest (26%), West (11%), Southeast (9%), Other - U.S. (1%), Mid-Atlantic (1%), and Int'l (1%). The right donut chart, titled 'Sector (5)', displays the portfolio distribution by industry sector: Power (62%), Midstream (26%), Downstream (7%), Other (3%), and Upstream (2%).\n\n| Category | Segment | Percentage |\n| --- | --- | --- |\n| Geographic Location | Northeast | 26% |\n| Geographic Location | Southwest | 25% |\n| Geographic Location | Midwest | 26% |\n| Geographic Location | West | 11% |\n| Geographic Location | Southeast | 9% |\n| Geographic Location | Other - U.S. | 1% |\n| Geographic Location | Mid-Atlantic | 1% |\n| Geographic Location | Int'l | 1% |\n| Sector | Power | 62% |\n| Sector | Midstream | 26% |\n| Sector | Downstream | 7% |\n| Sector | Other | 3% |\n| Sector | Upstream | 2% |",
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"text": "**Significant Activity During the Quarter:**\n- Portfolio grew to **$2.7B**\n- Acquired **16** properties (**10** tenants) for **$179M** at a **7.4%** cap rate and a **16.2-year** weighted average lease term\n- Entered into a new revolving warehouse credit facility totalling **$1.0B** (**$500M** committed) with a **5-year** term, at **S+1.55%** and\nan advance rate of up to **70%**\n- After quarter end, amended an existing **$600M** credit facility reducing spread by **60 bps** to **S+1.90%** and eliminating SOFR floor\n",
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"text": "The figure presents two charts side-by-side. On the left is a horizontal bar chart titled 'Top 10 Major Industries', displaying the percentage distribution of ten different industries. On the right is a pie chart titled 'Property Type', showing the distribution of property types across three categories.\n\n| Industry | Percentage |\n| --- | --- |\n| Food Production & Distribution | 26.5% |\n| Product Manufacturing | 21.9% |\n| Dining & Entertainment | 11.7% |\n| Automotive Service | 11.0% |\n| Deathcare | 4.9% |\n| Healthcare | 3.0% |\n| Dealerships | 2.3% |\n| Furniture Shops | 2.3% |\n| Aerospace | 2.2% |\n| Warehouse & Distribution | 2.2% |\n\n| Property Type | Percentage |\n| --- | --- |\n| Service | 40% |\n| Industrial | 55% |\n| Retail | 5% |",
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"text": "**Significant Activity During the Quarter:**\n- Securitized or sold **$320M** of conduit loans in five transactions (not including **$11M** which priced last quarter)\n- Active servicing portfolio increased from **$9.9B** to **$10.9B**, with named servicing portfolio at **$93.6B**\n- Sold a previously foreclosed hospitality asset for gross proceeds of **$13M** and a **$2M** gain for GAAP and DE\n- Acquired **$45M** of CMBS and received **$18M** in sales and principal collections\n",
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"text": "A bar chart titled 'Owned CMBS by Vintage (9)' displaying the 'Carrying Value' in '$ 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'.\n\n| Vintage | Carrying Value ($ millions) |\n| --- | --- |\n| 11 | ~20 |\n| 12 | 0 |\n| 13 | ~65 |\n| 14 | ~40 |\n| 15 | ~65 |\n| 16 | ~50 |\n| 17 | ~60 |\n| 18 | ~105 |\n| 19 | ~195 |\n| 20 | ~45 |\n| 21 | ~45 |\n| 22 | ~45 |\n| 23 | ~35 |\n| 24 | ~165 |\n| 25 | ~140 |\n| 26 | ~40 |",
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"text": "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.\n\nA 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.\n\nThe 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 ($10.9B).\n\n| Quarter | Balance ($ Billions) |\n| --- | --- |\n| Q2'17 | ~70 |\n| Q4'17 | ~68 |\n| Q2'18 | ~72 |\n| Q4'18 | ~73 |\n| Q2'19 | ~84 |\n| Q4'19 | ~88 |\n| Q2'20 | ~94 |\n| Q4'20 | ~82 |\n| Q2'21 | ~80 |\n| Q4'21 | ~80 |\n| Q2'22 | ~95 |\n| Q4'22 | ~105 |\n| Q2'23 | ~108 |\n| Q4'23 | ~102 |\n| Q2'24 | ~99 |\n| Q4'24 | ~98 |\n| Q2'25 | ~109 |\n| Q4'25 | ~102 |\n| Q2'26 | ~97 |\n| Q4'26 | ~93 |",
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"text": "A bar chart illustrating Adjusted Debt-to-Equity Ratios. The chart compares two scenarios: a baseline 'On-Balance Sheet' leverage and a total leverage including 'Off-Balance Sheet' securitized financing.\n\nThe left bar represents 'Adjusted On Balance Sheet Leverage' with a value of 2.74x. The right bar is a stacked bar representing the total ratio of 3.41x, composed of a dark blue base labeled 'On-Balance Sheet' and a light blue top section with a dashed border labeled 'Off-Balance Sheet'.\n\n| Category | Value |\n| --- | --- |\n| Baseline (Left Bar) | 2.74x |\n| Total (Right Bar) | 3.41x |",
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"text": "Credit Metrics \n\nAffirmed by Fitch and Moody's rating agencies in Q2 \n\n↑\n\nBa2 / BB / BB+ \nCurrent Corporate Issuer Rating \n\n$6.9B \nTotal Unencumbered Assets \n\n1.69x \nFixed Charge Coverage Ratio \n\n1.51x* \nUnencumbered Assets to Unsecured Debt \n\n$31.2B \nTotal Capitalization ",
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"text": "*Proforma for the (i) $500M issuance of senior unsecured notes due 2029; (ii) $500M repayment of senior unsecured notes due January 2027\nand (iii) $400M repayment of senior unsecured notes due July 2026, which all occurred in July 2026\n",
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"text": "This is a waterfall chart titled 'Financial Capacity' (in $ millions). The chart illustrates the components that make up the 'Total available capital' of $1,381 million. The chart begins with 'Cash & equivalents' at $228 million, followed by positive contributions from 'Approved and undrawn credit capacity' ($970 million), and '90-day expected loan repayments, sales and securitizations' ($552 million). It also shows negative impacts from '90-day expected future fundings' ($(144) million) and 'Working capital' ($(225) million). There is a 'Current liquidity' bar at $1,198 million. An inset box at the top right calculates 'Total Potential Liquidity' as $11,374 million, derived from $1,381 million 'Total Available Capital' plus $9,993 million 'Available On-BS Financing (13)'.\n\nThe inset table at the top right shows: Total Available Capital: $1,381; + Available On-BS Financing (13): $9,993; Total Potential Liquidity: $11,374.\n\n| Category | Value ($ millions) |\n| --- | --- |\n| Cash & equivalents | 228 |\n| Approved and undrawn credit capacity | 970 |\n| Current liquidity | 1,198 |\n| 90-day expected loan repayments, sales and securitizations | 552 |\n| 90-day expected future fundings | (144) |\n| Working capital | (225) |\n| Total available capital | 1,381 |",
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Derek Hewett, 646.855.2087",
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Chris Muller, 212.906.3559",
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Gabe Poggi, 571.227.9641"
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Thomas Catherwood, 212.738.6140",
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Ana Arsov, 212.553.3763",
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"text": "Starwood Property Trust, an affiliate of global private investment firm Starwood Capital Group Global L.P., is the largest\ncommercial mortgage real estate investment trust in the United States. Additional information may be found on the Company's\nwebsite, www.starwoodpropertytrust.com\n",
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"text": "Contact Information: \n\nHeadquarters: \n2340 Collins Avenue, Suite 700 \nMiami Beach, FL 33139 \n305.695.5500 \n\nInvestor Relations: \nZachary Tanenbaum \n203.422.7788 \nztanenbaum@starwood.com ",
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"text": "1. Excludes $203M of the commercial portfolio which are classified as CMBS or preferred equity investments and are not risk rated.\n2. Contiguous mezzanine loans of $1,417M are included in the first mortgage balance as of June 30, 2026.\n3. Unlevered returns are calculated using applicable index rates for variable rate investments in place as of the respective period\nend and exclude assets for which interest income is not recognized. In addition to cash coupon, unlevered return includes the\namortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of\nexit fees.\n4. Excludes preferred equity investments.\n5. Sectors are defined as follows: Power: power plants fueled with natural gas or coal and petroleum coke; Midstream: oil and gas\ntransport (including pipelines), LNG terminals and storage; Downstream: petrochemical and chemical plants; Upstream: oil and gas\ngas exploration and production; Other: generating facilities that convert renewable energy resources into electrical energy,\nincluding solar.\n6. Net carrying value for wholly-owned investments includes properties and lease intangibles.\n7. Net operating income represents rental income less costs of rental operations and excludes interest, depreciation and\namortization. It also excludes an allowance for recurring capital expenditures at multifamily properties and any other adjustments\nthat would be made in the calculation of a cash-on-cash return.\n8. Occupancy calculated based on number of properties for our single-tenant net lease properties and square footage for multi-\ntenant net lease properties.\n9. Excludes non-controlling JV interests.\n10. Represents (i) total outstanding secured and unsecured financing arrangements (excluding the non-recourse ABSs, CLOs and\nSASB, and adjusted to include our share of the Woodstar portfolio debt with a UPB of $1,225M), less cash and lender-restricted\ncash; divided by (ii) undepreciated permanent equity (i.e. GAAP permanent equity plus accumulated depreciation and\namortization of $404M as of June 30, 2026), less our share of the Woodstar cumulative change in fair value of debt of $11M.\n11. Includes our share of the Woodstar portfolio debt with a UPB of $1,225M.\n12. Excludes non-recourse ABSs, CLOs, SASB and our share of the Woodstar portfolio debt. Drawn amounts also exclude discounts /\npremiums and unamortized deferred financing costs.\n13. Does not include potential proceeds from future A-note sales or ABS and CLO securitizations and is as of quarter end, adjusted for\napproved undrawn credit capacity.\n",
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"text": "Calculation Methodologies\n",
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"text": "**Distributable Earnings:**\nDistributable Earnings is a non-GAAP measure. We calculate Distributable Earnings as GAAP net income (loss) excluding the following: (i) non-cash\nequity compensation expense; (ii) the incentive fee due under our management agreement; (iii) acquisition and investment pursuit costs associated\nwith successful acquisitions; (iv) depreciation and amortization of real estate and associated intangibles; (v) unrealized gains (losses), net of realized\ngains (losses), as described further below; (vi) other non-cash items; and (vii) to the extent deducted from net income (loss), distributions payable with\nrespect to equity securities of subsidiaries issued in exchange for properties or interests therein (i.e. the Woodstar II Class A units), with each of the\nabove adjusted for any related non-controlling interest. Distributable Earnings may be adjusted to exclude one-time events pursuant to changes in\nGAAP and certain other non-cash adjustments as determined by our Manager and approved by a majority of our independent directors.\n",
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"text": "As noted in (v) above, we exclude unrealized gains and losses from our calculation of Distributable Earnings and include realized gains and losses. The\nCECL reserve and any property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to\nour existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in Distributable\nEarnings if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case\nof a foreclosed or other property, when the underlying asset is sold. Non-recoverability may also be determined if, in our determination, it is nearly\ncertain the carrying amounts will not be collected or realized upon sale. The realized loss amount reflected in Distributable Earnings will equal the\ndifference between the cash received, or expected to be received, and the Distributable Earnings basis of the asset, and is reflective of our economic\nexperience as it relates to the ultimate realization of the asset. The timing of any such loss realization in our Distributable Earnings may differ materially\nfrom the timing of the corresponding CECL reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with\nGAAP.\n",
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"text": "We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flow from operating\nactivities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of\nour common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must\ndistribute annually at least 90% of our REIT taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the\nprincipal reasons stockholders may invest in our common stock. Further, Distributable Earnings helps us to evaluate our performance excluding the\neffects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations, and is\na performance metric we consider when declaring our dividends. We also use Distributable Earnings (previously defined as \"Core Earnings\") to\ncompute the incentive fee due under our management agreement.\n",
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"text": "Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be considered as an alternative\nto GAAP net income (loss), or an indication of our GAAP cash flows from operations, a measure of our liquidity, taxable income, or an indication of\nfunds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the methodologies employed\nby other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings may\nnot be comparable to the Distributable Earnings reported by other companies.\n",
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• Loan collateral and performance relative to underwriting – The collateral has surpassed underwritten expectations.
• Quality and stability of collateral cash flows – Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix.
• Loan structure – Loan to collateral value ratio ("LTV") does not exceed 65%. The loan has structural features that enhance the credit profile."
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• Loan collateral and performance relative to underwriting – Collateral performance equals or exceeds underwritten expectations and covenants and performance criteria are being met or exceeded.
• Quality and stability of collateral cash flows – Occupancy is stabilized with a diverse tenant mix.
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• Loan collateral and performance relative to underwriting – Property performance lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. A sale of the property may be necessary in order for the borrower to pay off the loan at maturity.
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. Loan collateral and performance relative to underwriting - Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Sale proceeds would not be sufficient to pay off the loan at maturity.
. Quality and stability of collateral cash flows - The property has material vacancy and significant rollover of remaining tenants.
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"text": "This presentation contains certain forward-looking statements, including without limitation, statements concerning the Company's operations, economic performance and\nfinancial condition. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking\nstatements are developed by combining currently available information with the Company's beliefs and assumptions and are generally identified by the words \"believe,\"\n\"expect,\" \"anticipate\" and other similar expressions. Forward-looking statements do not guarantee future performance, which may be materially different from that\nexpressed in, or implied by, any such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their\nrespective dates.\n",
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"text": "These forward-looking statements are based largely on the Company's current beliefs, assumptions and expectations of the Company's future performance taking into\naccount all information currently available to the Company. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all\nof which are known to the Company or within the Company's control, and which could materially affect actual results, performance or achievements. Factors that may\ncause actual results to vary from the Company's forward-looking statements are set forth under the caption \"Risk Factors\" in the Company's Annual Report on Form 10-K for\nthe year ended December 31, 2025, and include, but are not limited to:\n",
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"text": "- defaults by borrowers in paying debt service on outstanding indebtedness;\n- impairment in the value of real estate property securing the Company's loans or in which the Company invests;\n- availability of mortgage origination and acquisition opportunities acceptable to the Company;\n- potential mismatches in the timing of asset repayments and the maturity of the associated financing agreements;\n- national and local economic and business conditions, including as a result of the impact of public health emergencies;\n- the occurrence of certain geo-political events (such as wars, terrorist attacks and tensions between states, including global trade disputes related to tariffs) that affect\nthe normal and peaceful course of international relations;\n- general and local commercial and residential real estate property conditions;\n- changes in federal government policies;\n- changes in federal, state and local governmental laws and regulations;\n- increased competition from entities engaged in mortgage lending and securities investing activities;\n- changes in interest rates; and\n- the availability of, and costs associated with, sources of liquidity.\n",
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"text": "Additional risk factors are identified in the Company's filings with the U.S. Securities and Exchange Commission (the “SEC”), which are available on the Company's website\nat http://www.starwoodpropertytrust.com and the SEC's website at http://www.sec.gov.\n",
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"text": "In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to\nthe extent required by applicable law or regulation, the Company undertakes no obligation to, and expressly disclaims any such obligation to, update or revise any\nforward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise. Please\nkeep this cautionary note in mind as you assess the information given in this presentation.\n",
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"page 17: figure marker '(1)' is defined by no note — neither the agent's read of the page nor the page's own footnote text has it",
"page 17: note '*' sits on 'W.A. Risk Rating' and the figure's value table has no value under that label; the note is on the picture only",
"page 18: note '*' sits on 'Maturity*' and the figure's value table has no value under that label; the note is on the picture only",
"page 18: note '*' sits on 'Maturity*' and the figure's value table has no value under that label; the note is on the picture only",
"page 18: note '*' sits on 'Maturity*' and the figure's value table has no value under that label; the note is on the picture only",
"page 21: figure marker '(2)' is defined by no note — neither the agent's read of the page nor the page's own footnote text has it",
"page 21: figure marker '(3)' is defined by no note — neither the agent's read of the page nor the page's own footnote text has it",
"page 27: figure marker '5' is defined by no note — neither the agent's read of the page nor the page's own footnote text has it",
"page 32: note '(a)' sits on '% of Annualized In-Place Base Rent(a)' and the figure's value table has no value under that label; the note is on the picture only",
"page 35: figure marker '(9)' is defined by no note — neither the agent's read of the page nor the page's own footnote text has it",
"page 37: figure marker '(10)' is defined by no note — neither the agent's read of the page nor the page's own footnote text has it",
"page 38: figure marker '(11)' is defined by no note — neither the agent's read of the page nor the page's own footnote text has it",
"page 38: note '*' sits on 'Unsecured Debt $4.9' and the figure's value table has no value under that label; the note is on the picture only",
"page 41: figure marker '(13)' is defined by no note — neither the agent's read of the page nor the page's own footnote text has it",
"page 44: the scan returned a table (table-0) over a region the parse holds no table or picture for; its cells are in the digest records and the page's own text is grouped by its rectangles",
"page 44: the scan returned a table (table-1) over a region the parse holds no table or picture for; its cells are in the digest records and the page's own text is grouped by its rectangles",
"page 37: picture #/pictures/23 (flow_chart) was read by nothing — the scan returned no figure over it and the document holds no table there; whatever it shows is not in the document"
],
"removed": []
}