Starwood Property Trust Inc. · NYSE:STWD
Starwood Property Trust — Investor Presentation (May 2026)
23 slides from Starwood Property Trust's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
INVESTOR PRESENTATION May 2026
Slide 2: Forward Looking Statements
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 harbor provisions of th
Slide 3: Starwood Property Trust Today
Starwood Property Trust Today A leading diversified finance company with a core focus on the real estate and P infrastructure sectors and a market capitalization of $6.8B1; sector leading annualized total returns of 9.8%2 per year since inception Highly flexible investment platform backed by approxi
Slide 4: STWD Primary Investment Cylinders
STWD Primary Investment Cylinders 2009 2013 2014 2016 2018 2025 Commercial CMBS Special CMBS Loan Residential Infrastructure Net Lease Investing Origination Real Estate Lending Lending Lending Servicing Invest in new Workout Originate Invest in high- Originate, Originate Fully Originate issue and de
Slide 5: Total Undepreciated Assets $31.7B
Total Undepreciated Assets U.S. office represents only 7.6% of our diversified $31.7B asset base Commercial Loans Int'l Office 52% U.S. Office 8% In 2% O Multifamily 20% ta th ng er i bl Ca 2 % es sh 1 % & A/ REI R 3% S CM BS 4% rial 8% Indust Infrastructure Lending 10% $31.7B Hotel 4% % Da ic e3 ta
Slide 6: Diversified, Complementary and Scalable Platforms
Diversified, Complementary and Scalable Platforms Distributable Earnings Breakdown1 14% 39% 9% TTM Q1'26 15% 23% 2 Commercial Lending REIS Property Residential Lending Infrastructure Lending 1 Represents TTM distributable earnings (a non-GAAP financial measure) and includes allocated Corporate expen
Slide 7: Starwood Capital Group
Starwood Capital Group A Leading Global Real Estate Investment Firm Starwood Capital Group Profile Affiliated Business • Founded in 1991 by Barry Sternlicht Real Estate Equity Performing Real Estate Debt Energy • Current assets under management of $130B • Acquired over $275B of assets over the past
Slide 8: Starwood Global Footprint
Starwood Global Footprint New York City Chicago Stamford Luxembourg Tokyo San Francisco Greenwich London Arlington Seoul Los Angeles Washington, D.C. Hong Kong Phoenix Atlanta Miami Dallas Singapore Dubai ~7,000 professionals in 21 offices Sydney Data as of March 31, 2026 STARWOOD PROPERTY TRUST 8
Slide 9: Commercial Lending Overview
Commercial Lending Leading Provider of First Mortgage and Mezzanine Loans Overview STWD Competitive Advantages ($M) Portfolio Size1 US$ (B) • Reputation, scale and market knowledge 18,000 • Information advantage from 16,000 affiliation with Starwood Capital Group and insight into over $100B of 14,00
Slide 10: Commercial Lending Portfolio
Commercial Lending Diversified Loan Portfolio with Strong Fundamentals Portfolio Carrying Value by Loan Type1 Carrying Value by Region1 Subordinated CMBS Preferred equity Southwest mortgages 1% 1% 17% Northeast 1% 19% Mezzanine loans Mid-Atlantic 1% 8% West 14% Key Portfolio Metrics Midwest 3% South
Slide 11: Investment Process Overview
Investment Process In-Depth Underwriting and Management of Real Estate Credit Risk Overview i ORIGINATION • Sources deals from borrowers, banks and brokerage community • Compensation linked to loan performance ii CREDIT / UNDERWRITING • Performs independent due diligence on market, property and spon
Slide 12: Residential Lending Overview
Residential Lending Overview Platform and Portfolio Overview Acquisition Programs • In 2016, Starwood Property Trust commenced its Full Documentation Alternative Documentation strategy of investing in non-agency residential Program targets traditional Program targets alternative mortgage loans to hi
Slide 13: Infrastructure Lending Segment Overview
Infrastructure Lending Platform and Portfolio Overview Segment Overview Key Portfolio Metrics ▪ Full-service platform across loan origination, underwriting, capital No. of Loans 41 markets and asset management ▪ Domain expertise in the thermal and renewable power and Total Commitments/Carrying Value
Slide 14: Property Segment Overview
Property Segment Overview High Quality Assets with Attractive Multifamily Portfolio Return Profile • Focused on investing in high quality real estate with: ◦ Stable cash-on-cash returns ◦ Potential for capital appreciation ◦ Longer duration of cash flows Worthington – West Palm ◦ Natural inflation h
Slide 15: Property Segment Investment Portfolio
Property Segment Investment Portfolio ($M) Asset Q1'26 Net Weighted Net Carrying Net Occupancy Investment Specific Operating Average Value (1) Investment Rate (3) Financing Income (2) Lease Term Wholly-owned: Net Lease $ 2,534 $ 1,489 $ 1,045 $ 41.3 100% 17.4 years Medical Office Portfolio 794 443 3
Slide 16: Net Lease Portfolio Highlights
Net Lease Portfolio Highlights Operating Statistics Geographic Diversification Portfolio Carrying Value $2.5B Top 10 States (% of ABR) Owned Properties 515 State % # of Properties Square Footage 15.1M Pennsylvania 8.3% 27 Weighted Avg. Occupancy Rate 100% Illinois 7.7% 27 States 44 Virginia 7.6% 9 W
Slide 17: Net Lease Portfolio Highlights, continued
Net Lease Portfolio Highlights, continued (% of Annualized In-Place Base Rent1) Top 10 Major Industries Property Type Food Production & 25.3% Distribution Product Manufacturing 20.6% Service Dining & Entertainment 12.6% 43% Automotive Service 11.7% Deathcare 5.3% Healthcare 3.3% Retail 5% Dealership
Slide 18: Investing & Servicing Segment Overview
Investing & Servicing Segment Overview 21% Leading CMBS Investor, Special Special Servicer Market Share ($B) Servicer and Conduit Originator • One of the largest CMBS special servicers in the U.S. SPECIAL • Named special servicer on 186 trusts with SERVICING OF a collateral balance of $94.6B CMBS LO
Slide 19: Investing & Servicing Segment Advantages
Investing & Servicing Segment Advantages The Power of Experience Underwriting Process • The longest serving investor in subordinate • The segment has deployed $20B of capital CMBS; persevered through every real estate since 2013 cycle since 1991 • In evaluating a new CMBS investment, STWD • Senior m
Slide 20: Conservative Balance Sheet
Conservative Balance Sheet Utilize a Combination of Secured Asset-Level, Unsecured and Off-Balance Sheet Debt Debt-to-Equity Ratios Capitalization ($B) 3.29x Unsecured Debt Off-Balance 3 $4.3 Sheet Woodstar Fund Debt 2.59x $1.2 Equity Market Capitalization $6.4 On-Balance Sheet 2 Secured Debt $19.0
Slide 21: Total Debt Capacity
Total Debt Capacity $29B of total capacity, not including capacity that would result from selling A-notes or issuing CLOs/ABSs or securitizations $ millions Debt Obligations Maximum Facility Available Type Drawn (1) Size (1) Capacity Asset Specific Financing: Large Loans, Commercial $ 14,500 $ 7,720
Slide 22: Corporate Debt Maturity Schedule
Corporate Debt Maturity Schedule 1 ($M) $2,400 $2,289 $2,200 $2,000 Term Loan B freely $1,800 $889 redeemable at par $1,600 $1,560 $1,400 Sustainability $1,150 $1,200 $679 Term Loan B $1,000 $800 $697 $1,400 $500 $600 $600 $500 $400 Sustainability Term Loan B $200 $381 $0 2026 2027 2028 2029 2030 20
Slide 23: STWD: A Premier Multi-Cylinder Platform
STWD: A Premier Multi-Cylinder Platform Scaling Existing Businesses Developing New Premier Businesses Internally Multi-Cylinder Finance Company Primarily Focused Exploring on the Real Estate and New Asset Classes Infrastructure Industries Geographic Expansion Future growth opportunities will come fr
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