Starwood Property Trust Inc. · NYSE:STWD
Starwood Property Trust — Q3 2025 Earnings Presentation
50 slides from Starwood Property Trust's earnings presentation, Nov 10, 2025
Slide 1: Supplemental Reporting Information Q3 2025
SUPPLEMENTAL Q3 REPORTING 2025 INFORMATION
Slide 2: Table of Contents
Table of Contents Press Release Page 1 Highlights Page 9 Commercial and Residential Lending Segment Page 13 Infrastructure Lending Segment Page 22 Property Segment Page 23 Investing and Servicing Segment Page 27 Capitalization Page 29 Appendix Page 35 Cover photo: $161M first mortgage and mezzanine
Slide 3: Press Release
PRESS RELEASE
Slide 4: Starwood Property Trust Reports Results for Quarter Ended September 30, 2025
For Immediate Release Starwood Property Trust Reports Results for Quarter Ended September 30, 2025 – Quarterly GAAP Earnings of $0.19 and Distributable Earnings (DE) of $0.40 per Diluted Share – – Invested $4.6 Billion in the Quarter and $10.2 Billion in the 9 Months – – Investments include $2.2 Bil
Slide 5: Webcast and Conference Call Information
Webcast and Conference Call Information The Company will host a live webcast and conference call on Monday, November 10, 2025, at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install a
Slide 6: Additional information can be found on the Company's website
Additional information can be found on the Company’s website at www.starwoodpropertytrust.com. Contact: Zachary Tanenbaum Starwood Property Trust Phone: 203-422-7788 Email: ztanenbaum@starwood.com 3
Slide 7: Statement of Operations by Segment
Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the three months ended September 30, 2025 (Amounts in thousands) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segm
Slide 8: Definition of Distributable Earnings
Definition of Distributable Earnings 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
Slide 9: Statement of Operations by Segment
Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the nine months ended September 30, 2025 (Amounts in thousands) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segme
Slide 10: Reconciliation of Net Income to Distributable Earnings
Reconciliation of Net Income to Distributable Earnings For the nine months ended September 30, 2025 (Amounts in thousands except per share data) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Segment Segment Segment Segment Corporate Total Net income (loss
Slide 11: Condensed Consolidated Balance Sheet by Segment
Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheet by Segment As of September 30, 2025 (Amounts in thousands) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal
Slide 12: Highlights
HIGHLIGHTS
Slide 13: STWD Highlights
STWD Highlights Leading diverse global multi-cylinder platform, built to thrive in all market environments $29.9B of total assets with an adjusted debt- Strong Balance Sheet to-equity ratio of 2.51x and undepreciated book value per share of $19.39 Paid quarterly dividend of $0.48 for over a Consiste
Slide 14: Q3 2025 Highlights
Q3 2025 Highlights Quarter Performance • GAAP book value per share of $18.54 and undepreciated book value per share of $19.39 ◦ GAAP book value reflects $1.80 per share cumulative reduction for CECL reserves and property impairments and $0.85 of accumulated depreciation • GAAP earnings of $0.19 and
Slide 15: Q3 2025 Highlights: Liquidity and Capitalization
Q3 2025 Highlights Liquidity and Capitalization • Raised $2.3B of capital including: ◦ $700M term loan due 2032 at S+2.25% (tightest spread for a new deal) ◦ $534M of common stock at $19.70, which was accretive to GAAP book value ◦ $1.1B of unsecured notes at 5.25% and 5.75%, which closed after quar
Slide 16: Total Assets $29.9B
Total Assets Ø U.S. office represents only 8% of our diversified $29.9B asset base Int'l Office Commercial U.S. Office 8% Loans 2% 53% In O Multifamily 20% ta th ng e r2 ib Ca le % s sh 1% & A/ R2 REI % SC MB S 4% l 5% Hote Infrastructure Lending 10% $29.9B Mixed Use 2% Ind ustr ial 9 e 2% % ffic %
Slide 17: Commercial and Residential Lending Segment
COMMERCIAL AND RESIDENTIAL LENDING SEGMENT
Slide 18: Commercial Lending Portfolio
Commercial Lending Portfolio Q3 Activity Loan Risk Rating • $1.4B originations (funded nearly 100%) • $219M follow on fundings • $1.3B repayments Not Rated 5 (Investment 1 Securities) (5 loans) (1 loan) 4 $0.2B (13 loans) 2 $0.6B (35 loans) $2 3 .0 B (92 loans) $3.9B $15.8B (1) 3.0 W.A. Risk Total P
Slide 19: Characteristics
Top 10 Loans by Largest Property Types Multifamily Office Industrial International 2% 15% 5% Characteristics 21% U.S. Property 20% 12% $5.8B 19% $0.6B $2.6B 12% 38% $2.4B 100% 75% 81% Southeast Southwest West Warehouse Data Center Midwest Northeast International Class A Class B Production Studio $ m
Slide 20: Collateral Diversification
Collateral Diversification Our commercial loan portfolio has transformed over time, with multifamily becoming our largest property type Multifamily Office Hotel Mixed Use Industrial Residential Retail Other 100% 80% 60% 40% 20% —% 1 2 4 1 3 5 2 3 5 0 2 4 1 3 4 1 3 5 0 2 4 1'2 4'2 3'2 3'2 2'2 1'2 1'2
Slide 21: Commercial Portfolio Geographic Diversification
Commercial Portfolio Geographic Diversification U.S. Southwest 20 % Northeast 20 % Southeast 13 % West 12 % Mid-Atlantic 6% Midwest 3% Europe Australia Europe: International UK 9% Germany 4% Ireland 3% Other Europe 3% Australia 7% NOTE: Amounts are stated as a percentage of commercial loan portfolio
Slide 22: Commercial Lending Metrics
Commercial Lending Metrics Mezzanine Subordinated First Mortgages (2) Preferred Equity Lending CMBS Total CRE ($ millions) Loans (2) Mortgages $15,283 $307 $33 $73 $70 $15,766 Carrying Value Carrying Value $14,493 $155 $28 $18 $70 $14,764 on Accrual Unlevered Return for Assets on 7.9% 11.4% 14.7% 10
Slide 23: Top Commercial Lending Commitments
Top 10 Commercial Lending Commitments(4) $ millions Origination Fully Extended Loan Loan Type Location Property Type UPB Date Maturity Date Commitment Senior Jun 2022 Jun 2030 Various, Australia Casino Hotel* $ 910.3 $ 910.3 Senior/Mezz Sep 2025 Sep 2030 Various, US Multifamily 550.0 550.0 Senior/Me
Slide 24: Nonaccrual Assets
Nonaccrual Assets $ millions Ø $970M carrying value of commercial assets on nonaccrual Location Property Type Carrying Value Dallas, Texas Mixed Use $ 242 East Rutherford, New Jersey Retail 188 Brooklyn, New York Office 139 Los Angeles, California Office 119 Arlington, Virginia Office 117 Phoenix, A
Slide 25: Foreclosed Assets
Foreclosed Assets Ø $654M net carrying value of commercial assets previously foreclosed Location Property Type Carrying Value ($ millions) (per sq ft) Los Angeles, California Mixed Use $ 150 $ 131 New York City, New York Residential (Luxury Co-Op) 117 2,112 Dallas, Texas Multifamily 86 179 Windermer
Slide 26: Residential Portfolio
Residential Portfolio $ millions Ø Recorded $27M net unrealized fair value increase: – Loans: $41M increase – RMBS: $1M increase – Interest Rate Hedges: $15M decrease to FMV of $(11)M Ø Repayments of $52M on loans and $10M on RMBS Asset Carrying Values Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31,
Slide 27: Infrastructure Lending Segment
INFRASTRUCTURE LENDING SEGMENT 25
Slide 28: Portfolio Metrics and Activity
Portfolio Metrics and Activity Q3 Activity • Record $791M new commitments ($678M funded) • $19M follow on fundings $3.1B • $691M repayments Total • Portfolio remains at record high of $3.1B Portfolio Geographic Location Sector (5) Power Southwest 62% 23% Northeast 31% Midwest 20% Other - U.S. 1% Mid
Slide 29: Property Segment
PROPERTY SEGMENT 25
Slide 30: Property Segment Investment Portfolio
Property Segment Investment Portfolio $ millions Significant Activity During the Quarter: Ø Acquired Fundamental, a 468-property, single-tenant, triple net lease portfolio, for $2.2B Ø Completed a $178M cash-out refinancing of Woodstar Fund debt; new debt has an initial term of 10 years and a coupon
Slide 31: Fundamental Highlights
Fundamental Highlights Significant Activity During the Quarter: Ø Post-acquisition, we acquired an additional six properties (four tenants) for $39M with newly executed 20-year leases Ø Converted two $14M loans to properties subject to pre-existing 20-year leases Portfolio Highlights Geographic Dive
Slide 32: Fundamental Portfolio Overview
Fundamental Portfolio Overview (% of Annualized In-Place Base Rent(a)) Top 10 Major Industries Property Type Food Production & 25.9% Distribution Product 14.3% Manufacturing Service Dining & 48% 14.2% Entertainment Automotive Service 11.7% Deathcare 6.1% Healthcare 3.7% Grocery & 3.7% Convenience St
Slide 33: Woodstar Fund (the Fund)
Woodstar Fund (the "Fund") $ millions Ø The Fund, which was formed in Q4 2021, holds the 15,057 affordable housing units comprising the Woodstar I and Woodstar II portfolios and is accounted for under ASC 946, Financial Services – Investment Companies, with its investments reported on our consolidat
Slide 34: Investing and Servicing Segment
INVESTING AND SERVICING SEGMENT 21
Slide 35: Investment Portfolio
Investment Portfolio $ millions Significant Activity During the Quarter: Ø Securitized or priced $222M of conduit loans in five transactions Ø Active servicing portfolio increased from $10.3B to $10.6B Ø Obtained five new servicing assignments with a UPB of $4B, while $7B matured, bringing our portf
Slide 36: CMBS and Special Servicing
CMBS and Special Servicing Owned CMBS by Vintage (9) LNR Special Servicer $ millions $ billions Named SS: 190 $99.0B 250 CMBS Trusts Loan Balance 200 150 Named SS Balance 150 100 100 50 50 '19 '22 '18 '22 '25 '18 '21 '25 '17 '21 '24 '17 '20 '24 '16 '20 '23 '19 '23 Q1 Q3 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1
Slide 37: Capitalization
CAPITALIZATION 27
Slide 38: Capitalization Overview
Capitalization Overview Credit Metrics Adjusted Debt-to-Equity Ratios Ba2 / BB / BB+ Current Corporate Issuer Rating $4.8B 2.98x Total Unencumbered Assets Off-Balance 2.51x Sheet 1.55x Fixed Charge Coverage Ratio On-Balance Sheet 1.47x Unencumbered Assets to Unsecured Debt $29.9B Total Capitalizatio
Slide 39: Capitalization Overview, continued
Capitalization Overview, continued $ billions Ø 90% of commercial lending debt and 84% of consolidated debt has no capital markets mark-to-market provisions Total Debt Outstanding Margin Call Provisions (including off-balance sheet) (including off-balance sheet) Secured Debt Spread and Credit $14.8
Slide 40: Book Value per Share Bridge
Book Value per Share Bridge $0.85 $19.39 $18.54 Q3'25 Q3'25 Q3'25 GAAP Accumulated Undepreciated Book Value Depreciation & Amortization Book Value 23 31
Slide 41: Financing Facilities
Financing Facilities $ millions $27.3B $9.3B 21 Max Facility Size Available Capacity Counterparties Debt Obligations Maximum Facility Available Type Drawn (12) Size (12) Capacity Asset Specific Financing: Large Loans, Commercial $ 13,663 $ 7,735 $ 5,928 Infrastructure Lending Segment 2,028 1,108 920
Slide 42: Financial Capacity
Financial Capacity Total Available Capital + Available On-BS Financing (13) $ $ 2,165 7,747 $ millions Total Potential Liquidity $ 9,912 2,700 $397 $(171) $(225) 2,400 $1,999 $2,164 $2,165 2,100 1,800 1,500 1,200 900 600 300 $165 0 Cash & Approved and Current liquidity 90-day 90-day expected Working
Slide 43: Share Count
Share Count shares in thousands 2025 2025 Q3 Q2 Q1 YTD Number of Shares, GAAP EPS: Basic — Average shares outstanding 360,136 336,945 335,059 344,139 Effect of dilutive securities — Convertible Notes — — — — Effect of dilutive securities — Other 258 200 397 160 Diluted — Average shares outstanding 3
Slide 44: Appendix
APPENDIX 34
Slide 45: Company Information
Company Information Starwood Property Trust, an affiliate of global private investment firm Starwood Capital Group Global L.P., is the largest commercial mortgage real estate investment trust in the United States. Additional information may be found on the Company’s website, www.starwoodpropertytrus
Slide 46: Footnotes
Footnotes 1. Excludes $143M of the commercial portfolio which are classified as CMBS or preferred equity investments and are not risk rated. 2. Contiguous mezzanine loans of $1,263M are included in the first mortgage balance as of September 30, 2025. 3. Unlevered returns are calculated using applica
Slide 47: Calculation Methodologies
Calculation Methodologies Distributable Earnings: Distributable Earnings is a non-GAAP measure. We calculate Distributable Earnings as GAAP net income (loss) excluding the following: (i) non-cash equity compensation expense; (ii) the incentive fee due under our management agreement; (iii) acquisitio
Slide 48: Ratings Criteria
Ratings Criteria Rating Characteristics 1 ▪ Sponsor capability and financial condition – Sponsor is highly rated or investment grade or, if private, the equivalent thereof with significant management experience. ▪ Loan collateral and performance relative to underwriting – The collateral has surpasse
Slide 49: Special Note Regarding Forward-Looking Statements
Special Note Regarding Forward-Looking Statements This presentation contains certain forward-looking statements, including without limitation, statements concerning the Company’s operations, economic performance and financial condition. These forward-looking statements are made pursuant to the safe
Slide 50: NYSE: STWD
NYSE: STWD
Starwood Property Trust — Q3 2025 Earnings Presentation on 6ix