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“Starwood Property Trust’s ability to access capital also remains a true differentiator,” added Jeffrey DiModica, President of Starwood Property Trust. “Over the past year, we have been extremely active in the capital markets, raising nearly $3.0 billion across equity, term loans, and unsecured debt, all at record-tight levels. We repriced our existing term loans due 2027 and 2030 to record low spreads of +175 and +200 basis points, respectively, and issued a seven-year term loan at the tightest spread for a new issuance in our sector at +225 basis points. These transactions highlight both the market’s confidence in our credit profile and our disciplined financial management.”

Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of September 30, 2025, the Company has successfully deployed $112 billion of capital since inception and manages a portfolio of $30 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.

Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC.


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	315,894	$	76,724	$	246	$	2,582	$	—	$	395,446	$	—	$	395,446
Interest income from investment securities	18,405		150		—		23,329		—		41,884		(34,523)		7,361
Servicing fees	81		—		—		28,351		—		28,432		(5,220)		23,212
Rental income	6,233		—		45,603		5,692		—		57,528		—		57,528
Other revenues	2,513		844		347		934		693		5,331		—		5,331
Total revenues	343,126		77,718		46,196		60,888		693		528,621		(39,743)		488,878
Costs and expenses:
Management fees	172		—		—		—		32,071		32,243		—		32,243
Interest expense	181,639		41,402		24,302		6,788		80,925		335,056		(207)		334,849
General and administrative	14,224		4,941		6,100		21,850		4,408		51,523		—		51,523
Costs of rental operations	5,688		—		6,726		3,573		—		15,987		—		15,987
Depreciation and amortization	2,840		10		21,181		1,762		251		26,044		—		26,044
Credit loss provision, net	26,805		1,554		—		—		—		28,359		—		28,359
Other expense	73		430		—		(64)		—		439		—		439
Total costs and expenses	231,441		48,337		58,309		33,909		117,655		489,651		(207)		489,444
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		43,735		43,735
Change in fair value of servicing rights	—		—		—		2,327		—		2,327		(311)		2,016
Change in fair value of investment securities, net	1,111		—		—		4,531		—		5,642		(3,848)		1,794
Change in fair value of mortgage loans, net	40,544		—		—		11,823		—		52,367		—		52,367
Income from affordable housing fund investments	—		—		324		—		—		324		—		324
(Loss) earnings from unconsolidated entities	—		(294)		—		2,797		—		2,503		(40)		2,463
Gain (loss) on sale of investments and other assets, net	1,048		—		(21)		—		—		1,027		—		1,027
Gain (loss) on derivative financial instruments, net	14,276		7		(7,971)		1,295		(1,793)		5,814		—		5,814
Foreign currency loss, net	(11,995)		(210)		(10)		—		—		(12,215)		—		(12,215)

Other loss, net	(2,354)		—		(578)		(554)		—		(3,486)		—		(3,486)
Total other income (loss)	42,630		(497)		(8,256)		22,219		(1,793)		54,303		39,536		93,839
Income (loss) before income taxes	154,315		28,884		(20,369)		49,198		(118,755)		93,273		—		93,273
Income tax (provision) benefit	(7,432)		234		6		(6,151)		—		(13,343)		—		(13,343)
Net income (loss)	146,883		29,118		(20,363)		43,047		(118,755)		79,930		—		79,930
Net income attributable to non-controlling interests	(3)		—		(4,366)		(3,001)		—		(7,370)		—		(7,370)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	146,880	$	29,118	$	(24,729)	$	40,046	$	(118,755)	$	72,560	$	—	$	72,560

Distributable 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 purposes, 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 acquisitions, 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 income (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 GAAP 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 Form 10-Q for the quarter ended September 30, 2025 for additional information regarding Distributable Earnings.


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Total
Net income (loss) attributable to Starwood Property Trust, Inc.	$	146,880	$	29,118	$	(24,729)	$	40,046	$	(118,755)	$	72,560
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		4,629		—		—		4,629
Non-controlling interests attributable to unrealized gains/losses	—		—		(4,323)		824		—		(3,499)
Non-cash equity compensation expense	2,840		733		1,565		1,327		8,225		14,690

Depreciation and amortization	2,876		—		21,587		1,865		—		26,328
Straight-line rent adjustment	—		—		(467)		38		—		(429)
Interest income adjustment for loans and securities	5,795		—		—		9,261		—		15,056

Consolidated income tax provision (benefit) associated with fair value adjustments	7,432		(234)		(6)		6,151		—		13,343
Other non-cash items	2		—		(83)		(407)		—		(488)
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans	(40,544)		—		—		(11,823)		—		(52,367)
Credit loss provision, net	26,805		1,554		—		—		—		28,359
Securities	(1,111)		—		—		(4,531)		—		(5,642)
Woodstar Fund investments	—		—		(324)		—		—		(324)
Derivatives	(14,276)		(7)		7,971		(1,295)		1,793		(5,814)
Foreign currency	11,995		210		10		—		—		12,215
Loss (earnings) from unconsolidated entities	—		294		—		(2,797)		—		(2,503)
Sales of properties	(1,095)		—		21		—		—		(1,074)

Recognition of Distributable realized gains / (losses) on:
Loans	(674)		—		—		14,115		—		13,441

Securities	(414)		—		—		(8,326)		—		(8,740)
Woodstar Fund investments	—		—		21,351		—		—		21,351

Derivatives	11,072		46		486		(1,111)		(7,499)		2,994
Foreign currency	290		27		(11)		—		—		306
(Loss) earnings from unconsolidated entities	—		(110)		—		3,252		—		3,142
Sales of properties	1,095		—		(25)		—		—		1,070
Distributable Earnings (Loss)	$	158,968	$	31,631	$	27,652	$	46,589	$	(116,236)	$	148,604
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	0.43	$	0.08	$	0.08	$	0.12	$	(0.31)	$	0.40


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	919,788	$	203,129	$	246	$	11,425	$	—	$	1,134,588	$	—	$	1,134,588
Interest income from investment securities	63,629		452		—		73,281		—		137,362		(107,467)		29,895
Servicing fees	257		—		—		68,807		—		69,064		(14,312)		54,752
Rental income	20,968		—		78,155		15,831		—		114,954		—		114,954
Other revenues	7,857		2,946		821		4,204		1,324		17,152		—		17,152
Total revenues	1,012,499		206,527		79,222		173,548		1,324		1,473,120		(121,779)		1,351,341
Costs and expenses:
Management fees	529		—		—		—		103,310		103,839		—		103,839
Interest expense	527,684		115,662		42,346		22,715		235,344		943,751		(612)		943,139
General and administrative	44,365		15,482		8,751		68,712		13,432		150,742		—		150,742
Costs of rental operations	16,156		—		18,674		10,489		—		45,319		—		45,319
Depreciation and amortization	8,938		29		32,921		5,257		754		47,899		—		47,899
Credit loss provision, net	4,709		4,317		—		—		—		9,026		—		9,026
Other expense	48		4,046		(76)		165		—		4,183		—		4,183
Total costs and expenses	602,429		139,536		102,616		107,338		352,840		1,304,759		(612)		1,304,147
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		112,706		112,706
Change in fair value of servicing rights	—		—		—		5,781		—		5,781		(649)		5,132
Change in fair value of investment securities, net	6,450		—		—		(14,370)		—		(7,920)		9,886		1,966
Change in fair value of mortgage loans, net	91,543		—		—		49,095		—		140,638		—		140,638
Income from affordable housing fund investments	—		—		9,349		—		—		9,349		—		9,349
Earnings (loss) from unconsolidated entities	2,708		251		—		8,689		—		11,648		(776)		10,872
Gain (loss) on sale of investments and other assets, net	32,710		—		(21)		—		—		32,689		—		32,689
(Loss) gain on derivative financial instruments, net	(167,702)		(12)		(8,082)		(1,082)		41,707		(135,171)		—		(135,171)
Foreign currency gain (loss), net	105,878		656		(197)		—		—		106,337		—		106,337
Gain (loss) on extinguishment of debt	20,773		(783)		—		—		—		19,990		—		19,990
Other (loss) income, net	(3,580)		—		(2,042)		2,427		—		(3,195)		—		(3,195)
Total other income (loss)	88,780		112		(993)		50,540		41,707		180,146		121,167		301,313
Income (loss) before income taxes	498,850		67,103		(24,387)		116,750		(309,809)		348,507		—		348,507
Income tax (provision) benefit	(2,231)		189		6		(15,744)		—		(17,780)		—		(17,780)
Net income (loss)	496,619		67,292		(24,381)		101,006		(309,809)		330,727		—		330,727
Net income attributable to non-controlling interests	(10)		—		(14,776)		(1,312)		—		(16,098)		—		(16,098)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	496,609	$	67,292	$	(39,157)	$	99,694	$	(309,809)	$	314,629	$	—	$	314,629


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Total
Net income (loss) attributable to Starwood Property Trust, Inc.	$	496,609	$	67,292	$	(39,157)	$	99,694	$	(309,809)	$	314,629
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units	—		—		13,917		—		—		13,917
Non-controlling interests attributable to unrealized gains/losses	—		—		(11,080)		(6,378)		—		(17,458)
Non-cash equity compensation expense	8,476		2,056		1,781		4,091		25,066		41,470
Management incentive fee	—		—		—		—		10,244		10,244
Depreciation and amortization	9,146		—		33,545		5,562		—		48,253
Straight-line rent adjustment	—		—		307		104		—		411
Interest income adjustment for loans and securities	17,843		—		—		31,727		—		49,570

Consolidated income tax provision (benefit) associated with fair value adjustments	2,231		(189)		(6)		15,744		—		17,780
Other non-cash items	10		—		(246)		(1,219)		—		(1,455)
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans	(91,543)		—		—		(49,095)		—		(140,638)
Credit loss provision, net	4,709		4,317		—		—		—		9,026
Securities	(6,450)		—		—		14,370		—		7,920
Woodstar Fund investments	—		—		(9,349)		—		—		(9,349)
Derivatives	167,702		12		8,082		1,082		(41,707)		135,171
Foreign currency	(105,878)		(656)		197		—		—		(106,337)
Earnings from unconsolidated entities	(2,708)		(251)		—		(8,689)		—		(11,648)
Sales of properties	(5,223)		—		21		—		—		(5,202)

Recognition of Distributable realized gains / (losses) on:
Loans	(1,556)		—		—		47,987		—		46,431

Securities	(761)		—		—		(15,082)		—		(15,843)
Woodstar Fund investments	—		—		63,272		—		—		63,272

Derivatives	57,668		149		290		(1,788)		(21,401)		34,918
Foreign currency	2,347		85		(197)		—		—		2,235
Earnings (loss) from unconsolidated entities	2,708		(327)		—		9,659		—		12,040
Sales of properties	(43,343)		—		(25)		—		—		(43,368)
Distributable Earnings (Loss)	$	511,987	$	72,488	$	61,352	$	147,769	$	(337,607)	$	455,989
Distributable Earnings (Loss) per Weighted Average Diluted Share	$	1.43	$	0.20	$	0.17	$	0.41	$	(0.94)	$	1.27

(Amounts in thousands)


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Assets:
Cash and cash equivalents	$	21,189	$	135,689	$	36,478	$	6,288	$	101,491	$	301,135	$	—	$	301,135
Restricted cash	164,241		49,872		10,499		347		13,013		237,972		—		237,972
Loans held-for-investment, net	15,254,794		3,063,963		—		—		—		18,318,757		—		18,318,757
Loans held-for-sale	2,308,388		—		—		252,767		—		2,561,155		—		2,561,155
Investment securities	622,469		16,416		—		1,197,170		—		1,836,055		(1,577,220)		258,835
Properties, net	764,063		—		2,505,635		64,785		—		3,334,483		—		3,334,483

Investments of consolidated affordable housing fund	—		—		1,861,931		—		—		1,861,931		—		1,861,931
Investments in unconsolidated entities	8,514		54,356		—		32,964		—		95,834		(14,744)		81,090
Goodwill	—		119,409		—		140,437		—		259,846		—		259,846
Intangible assets, net	2,965		—		394,574		68,673		—		466,212		(36,394)		429,818
Derivative assets	28,478		—		—		304		8,532		37,314		—		37,314
Accrued interest receivable	156,005		10,242		504		635		186		167,572		—		167,572
Other assets	205,970		9,937		108,722		(9,333)		62,959		378,255		—		378,255
VIE assets, at fair value	—		—		—		—		—		—		34,205,812		34,205,812
Total Assets	$	19,537,076	$	3,459,884	$	4,918,343	$	1,755,037	$	186,181	$	29,856,521	$	32,577,454	$	62,433,975
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	219,001	$	39,187	$	105,907	$	44,584	$	123,351	$	532,030	$	—	$	532,030
Related-party payable	—		—		—		—		27,939		27,939		—		27,939
Dividends payable	—		—		—		—		180,113		180,113		—		180,113
Derivative liabilities	79,121		—		—		—		14,450		93,571		—		93,571
Secured financing agreements, net	9,958,349		1,100,722		896,034		498,660		2,229,453		14,683,218		(20,000)		14,663,218
Securitized financing, net	1,412,126		1,232,420		877,942		—		—		3,522,488		—		3,522,488
Unsecured senior notes, net	—		—		—		—		3,245,122		3,245,122		—		3,245,122

VIE liabilities, at fair value	—		—		—		—		—		—		32,597,454		32,597,454
Total Liabilities	11,668,597		2,372,329		1,879,883		543,244		5,820,428		22,284,481		32,577,454		54,861,935
Temporary Equity: Redeemable non-controlling interests	—		—		385,853		—		—		385,853		—		385,853
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	—		—		—		—		3,778		3,778		—		3,778
Additional paid-in capital	1,283,096		760,702		383,549		(616,981)		5,133,680		6,944,046		—		6,944,046
Treasury stock	—		—		—		—		(138,022)		(138,022)		—		(138,022)
Retained earnings (accumulated deficit)	6,573,329		326,853		2,063,233		1,712,845		(10,633,683)		42,577		—		42,577
Accumulated other comprehensive income	11,935		—		—		—		—		11,935		—		11,935
Total Starwood Property Trust, Inc. Stockholders’ Equity	7,868,360		1,087,555		2,446,782		1,095,864		(5,634,247)		6,864,314		—		6,864,314
Non-controlling interests in consolidated subsidiaries	119		—		205,825		115,929		—		321,873		—		321,873
Total Permanent Equity	7,868,479		1,087,555		2,652,607		1,211,793		(5,634,247)		7,186,187		—		7,186,187
Total Liabilities and Equity	$	19,537,076	$	3,459,884	$	4,918,343	$	1,755,037	$	186,181	$	29,856,521	$	32,577,454	$	62,433,975