Starwood Property Trust Inc. · NYSE:STWD
Starwood Property Trust — Q2 2026 Earnings Presentation
49 slides from Starwood Property Trust's earnings presentation, Aug 6, 2026
Slide 1: Q2 2026 Supplemental Reporting Information
Q2 2026 SUPPLEMENTAL REPORTING INFORMATION
Slide 2: Table of Contents
Table of Contents Press Release Page 1 Highlights Page 9 Commercial and Residential Lending Page 12 Segment Infrastructure Lending Segment Page 21 Property Segment Page 22 Investing and Servicing Segment Page 26 Capitalization Page 28 Appendix Page 34 STARWOOD PROPERTY TRUST (i)
Slide 3: Press Release
PRESS RELEASE
Slide 4: Starwood Property Trust Reports Results for Quarter Ended June 30, 2026
For Immediate Release Starwood Property Trust Reports Results for Quarter Ended June 30, 2026 – Quarterly GAAP Earnings of $0.01 and Distributable Earnings (DE) of $0.40 per Diluted Share – – Invested $2.5 Billion in the Quarter and $6.7 Billion through July – – Record Total Assets of $31.8 Billion
Slide 5: Webcast and Conference Call Information
Webcast and Conference Call Information The Company will host a live webcast and conference call on Thursday, August 6, 2026, 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 an
Slide 6: Contact
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: Condensed Consolidated Statement of Operations by Segment (Three Months)
Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the three months ended June 30, 2026 (Amounts in thousands) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment S
Slide 8: Definition of Distributable Earnings and Reconciliation (Three Months)
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: Condensed Consolidated Statement of Operations by Segment (Six Months)
Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the six months ended June 30, 2026 (Amounts in thousands) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Seg
Slide 10: Reconciliation of Net Income to Distributable Earnings (Six Months)
Reconciliation of Net Income to Distributable Earnings For the six months ended June 30, 2026 (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) attr
Slide 11: Condensed Consolidated Balance Sheet by Segment
Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheet by Segment As of June 30, 2026 (Amounts in thousands) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal VIEs
Slide 12: Highlights
HIGHLIGHTS
Slide 13: Q2 2026 Highlights
Q2 2026 Highlights EARNINGS & PER SHARE METRICS • $0.48 quarterly dividend paid; $8.9B distributed since inception • GAAP book value of $17.53/share and undepreciated book value of $18.62/ $0.40 share, includes $729M of CECL and REO reductions ($1.97/share) DE / diluted share • Repurchased $10M of c
Slide 14: Corporate Capital Markets Execution
Corporate Capital Markets Execution Executed $2.1B of corporate debt transactions in the quarter $2.2B $2.0B $1.8B Unsecured note issuances: $1.6B (i) $600M at swapped rate of S+2.22% due 2031 $1.1B $1.4B (ii) $500M at 5.875% due 2029, which closed after quarter end $1.2B $1.0B $0.8B $0.6B $697M Ter
Slide 15: Total Undepreciated Assets - $32.2B
Total Undepreciated Assets - $32.2B U.S. office represents only 7.6% of our diversified asset base Commercial Loans 53% Int'l Off U.S . Of ice In O ta fic th ng er 2% e Ca 2% ib 8% Multifamily 19% le sh s1 & A/ % REI R S 2% CM BS 4 % l 8% Industria Infrastructure Lending 9% Hotel % 6% e3 lO ffic a %
Slide 16: Commercial and Residential Lending Segment
COMMERCIAL AND RESIDENTIAL LENDING SEGMENT
Slide 17: Commercial Lending Portfolio
Commercial Lending Portfolio Q2 Activity Loan Risk Rating • Portfolio reaches a record $17.3B • $1.4B originations ($754M funded) • $250M follow on fundings Not • $447M repayments Rated • Sold two units in a previously foreclosed asset for $12M 5 (Investment Securities) 1 (5 loans) 4 $0.2B (1 loan)
Slide 18: Commercial Lending Characteristics and Top Loans
Top 10 Loans by Largest Property Types Multifamily Office Industrial International Characteristics 4% 16% 21% 4% 40% U.S. Property 5% 12% $6.2B $0.6B $2.7B 19% 15% 13% 34% $2.5B 100% 36% 81% Southeast Southwest West Northeast International Midwest Northeast International Class A Class B West Mid-Atl
Slide 19: Collateral Diversification
Collateral Diversification Commercial loan portfolio has evolved over time, with increasing concentration in multifamily, industrial and data center collateral types Multifamily Office Hotel Mixed Use Industrial Data Center Retail Other 100% 80% 60% 40% 20% —% 1 3 5 2 4 5 2 4 6 1 3 5 2 3 5 2 4 6 1 3
Slide 20: Commercial Portfolio Geographic Diversification
Commercial Portfolio Geographic Diversification Northeast 17 % Southwest 17 % U.S. West 14 % Southeast 12 % Mid-Atlantic 8% Midwest 3% Europe Australia Europe: UK 9% International Germany 4% Ireland 4% Other Europe 3% Australia 8% Bermuda 1% NOTE: Amounts are stated as a percentage of commercial loa
Slide 21: Commercial Lending Metrics
Commercial Lending Metrics Mezzanine Subordinated First Mortgages (2) Preferred Equity Lending CMBS Total CRE ($ millions) Loans (2) Mortgages $16,800 $290 $114 $89 $5 $17,298 Carrying Value Carrying Value $16,267 $117 $18 $89 $— $16,491 on Accrual Unlevered Return for Assets on 7.2% 11.2% 10.5% 5.1
Slide 22: Top Commercial Lending Commitments
Top 10 Commercial Lending Commitments(4) $ millions Fully Extended Loan Loan Type Origination Date Location Property Type UPB Maturity Date Commitment Senior Jun 2022 Jun 2030 Various, Australia Casino Hotel* $ 950.4 $ 950.4 Senior Mar 2026 Dec 2030 Sterling, VA Data Center 727.2 272.8 Senior Apr 20
Slide 23: Nonaccrual Assets
Nonaccrual Assets $ millions Location Property Type Carrying Value East Rutherford, New Jersey Retail $ 188 Los Angeles, California Office 137 Arlington, Virginia Office 122 Queens, New York Industrial 110 Brooklyn, New York Office 97 Washington, D.C. Office 16 Dublin, Ireland(a) Office 9 Carrying V
Slide 24: Foreclosed Assets
Foreclosed Assets Location Property Type Carrying Value ($ millions) (per sq ft) Dallas, Texas Mixed Use $ 245 $ 406 Los Angeles, California Mixed Use 150 131 New York City, New York (a) Residential (Luxury Co-Op) 106 2,367 Windermere, Florida Multifamily 85 223 Dallas, Texas Multifamily 85 176 Phoe
Slide 25: Residential Portfolio
Residential Portfolio $ millions Ø Recorded $3M net unrealized fair value increase: – Loans: $12M decrease – RMBS: $2M decrease – Interest Rate Hedges: $17M increase to FMV of $4M Ø Redeemed a consolidated RMBS trust: – Transferred $230M of loans previously securitized to loans held-for-investment –
Slide 26: Infrastructure Lending Segment
INFRASTRUCTURE LENDING SEGMENT 25
Slide 27: Portfolio Metrics and Activity
Portfolio Metrics and Activity Q2 Activity • $441M new commitments ($296M funded) • $24M follow on fundings • $447M repayments $3.1B Total Portfolio Geographic Location Sector (5) Southwest Power 25% 62% Northeast 26% Midwest 26% Other - U.S. 1% Upstream Mid-Atlantic 1% West Midstream 2% Int'l 1% 11
Slide 28: Property Segment
PROPERTY SEGMENT 25
Slide 29: Property Segment Investment Portfolio
Property Segment Investment Portfolio $ millions Net Asset Q2'26 Net Net Operating Occupancy Investment Carrying Specific Investment Rate (8) Value (6) Financing Income (7) Wholly-Owned: Net Lease $ 2,732 $ 1,685 $ 1,047 $ 44.3 100% Medical Office Portfolio 795 444 351 11.0 90% D.C. Multifamily Conv
Slide 30: Woodstar Fund
Woodstar Fund (the "Fund") $ millions Ø The Fund, which was formed in Q4 2021, holds the 14,793 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 31: Net Lease Portfolio Highlights
Net Lease Portfolio Highlights Significant Activity During the Quarter: Ø Portfolio grew to $2.7B Ø Acquired 16 properties (10 tenants) for $179M at a 7.4% cap rate and a 16.2-year weighted average lease term Ø Entered into a new revolving warehouse credit facility totalling $1.0B ($500M committed)
Slide 32: Net Lease Portfolio Highlights, continued
Net Lease Portfolio Highlights, continued (% of Annualized In-Place Base Rent(a)) Top 10 Major Industries Property Type Food Production & 26.5% Distribution Product Manufacturing 21.9% Service 40% Dining & Entertainment 11.7% Automotive Service 11.0% Deathcare 4.9% Retail Healthcare 3.0% 5% Dealersh
Slide 33: Investing and Servicing Segment
INVESTING AND SERVICING SEGMENT 21
Slide 34: Investment Portfolio
Investment Portfolio $ millions Significant Activity During the Quarter: Ø Securitized or sold $320M of conduit loans in five transactions (not including $11M which priced last quarter) Ø Active servicing portfolio increased from $9.9B to $10.9B, with named servicing portfolio at $93.6B Ø Sold a pre
Slide 35: CMBS and Special Servicing
CMBS and Special Servicing Owned CMBS by Vintage (9) LNR Special Servicer $ millions $ billions Named SS: 185 $93.6B 250 CMBS Trusts Loan Balance 200 150 Named SS Balance 150 100 100 50 50 '19 '23 '19 '22 '26 '18 '22 '25 '18 '21 '25 '17 '21 '24 '17 '20 '24 '20 '23 Q4 Q2 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4
Slide 36: Capitalization
CAPITALIZATION 27
Slide 37: Capitalization Overview
Capitalization Overview Credit Metrics Adjusted Debt-to-Equity Ratios Affirmed by Fitch and Moody's rating agencies in Q2 Ba2 / BB / BB+ 3.41x Current Corporate Issuer Rating Off-Balance Sheet 2.74x $6.9B Total Unencumbered Assets On-Balance Sheet 1.69x Fixed Charge Coverage Ratio 1.51x* Unencumbere
Slide 38: Capitalization Overview, continued
Capitalization Overview, continued $ billions Ø 92% of commercial lending debt and 86% of consolidated debt has no mark-to-market provisions Total Debt Outstanding Margin Call Provisions (including off-balance sheet) (including off-balance sheet) Spread and Credit $3.5 Secured Debt $14.2 (11) Woodst
Slide 39: Book Value per Share Bridge
Book Value per Share Bridge $1.09 $18.62 $17.53 Q2'26 Q2'26 Q2'26 GAAP Accumulated Undepreciated Book Value Depreciation & Amortization Book Value 23 STARWOOD PROPERTY TRUST 30
Slide 40: Financing Facilities
Financing Facilities $ millions $30.4B $11.4B 20 Max Facility Size Available Capacity Counterparties Debt Obligations Maximum Facility Available Type Drawn (12) Size (12) Capacity Asset Specific Financing: Large Loans, Commercial $ 14,666 $ 7,360 $ 7,306 Infrastructure Lending Segment 1,836 723 1,11
Slide 41: Financial Capacity
Financial Capacity Total Available Capital + Available On-BS Financing (13) $ $ 1,381 9,993 $ millions Total Potential Liquidity $ 11,374 1,800 $552 $(144) $(225) 1,600 $1,381 1,400 $970 $1,198 1,200 1,000 800 600 400 $228 200 0 Cash & Approved and Current liquidity 90-day 90-day expected Working ca
Slide 42: Share Count
Share Count shares in thousands 2026 2026 Q2 Q1 YTD Number of Shares, GAAP EPS: Basic — Average shares outstanding 366,401 366,460 366,430 Effect of dilutive securities — Convertible Notes — — — Effect of dilutive securities — Other 330 487 323 Diluted — Average shares outstanding 366,731 366,947 36
Slide 43: Appendix
APPENDIX 34
Slide 44: 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 45: Footnotes
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 i
Slide 46: 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 47: 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 48: 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
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i STARWOOD PROPERTY TRUST NYSE: STWD
Starwood Property Trust — Q2 2026 Earnings Presentation on 6ix