Starwood Property Trust Inc. · NYSE:STWD
Starwood Property Trust — Q1 2026 Earnings Presentation
48 slides from Starwood Property Trust's earnings presentation, May 8, 2026
Slide 1: Q1 2026 Supplemental Reporting Information
Q1 2026 SUPPLEMENTAL REPORTING INFORMATION
Slide 2: Table of Contents
Table of Contents Press Release Page 1 Highlights Page 7 Commercial and Residential Lending Page 11 Segment Infrastructure Lending Segment Page 20 Property Segment Page 21 Investing and Servicing Segment Page 25 Capitalization Page 27 Appendix Page 33 STARWOOD PROPERTY TRUST (i)
Slide 3: Press Release
PRESS RELEASE
Slide 4: Starwood Property Trust Reports Results for Quarter Ended March 31, 2026
For Immediate Release Starwood Property Trust Reports Results for Quarter Ended March 31, 2026 – Quarterly GAAP Earnings of $0.13 and Distributable Earnings (DE) of $0.39 per Diluted Share – – Invested $2.5 Billion in the Quarter and $1.5 Billion After Quarter End – – Dividend of $0.48 per Share for
Slide 5: Webcast and Conference Call Information
Webcast and Conference Call Information The Company will host a live webcast and conference call on Friday, May 8, 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 any nec
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: Condensed Consolidated Statement of Operations by Segment
Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the three months ended March 31, 2026 (Amounts in thousands) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment
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: Condensed Consolidated Balance Sheet by Segment
Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheet by Segment As of March 31, 2026 (Amounts in thousands) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal VIEs
Slide 10: Highlights
HIGHLIGHTS
Slide 11: STWD Highlights
STWD Highlights Leading diverse global multi-cylinder platform, built to thrive in all market environments Invested $2.5B in the quarter and $1.5B Strong Investment Pace subsequent to quarter end Record $31.7B of undepreciated assets with an adjusted debt-to-equity ratio of 2.59x Strong Balance Shee
Slide 12: Q1 2026 Performance Highlights
Q1 2026 Performance Highlights • Invested $2.5B across business lines in the quarter • Fundings of $2.3B and principal collections of $1.3B, bringing ◦ Commercial Lending portfolio to three year high of $16.7B ◦ Infrastructure Lending to record $3.2B ◦ Net lease to record $2.5B with 17.4-year weight
Slide 13: Q1 2026 Liquidity and Capital Markets Highlights
Q1 2026 Liquidity and Capital Markets Highlights • Securitization Activity: ◦ 7th Infrastructure CLO issuance for $600M; lowest weighted average coupon to date of S+1.68% ◦ 2nd Net Lease ABS issuance for $466M; record tight spread for this platform at a weighted average fixed rate of 5.06%, reducing
Slide 14: Total Undepreciated Assets
Total Undepreciated Assets U.S. office represents only 7.6% of our diversified $31.7B asset base Commercial Loans Int'l Offic 52% U.S. Office 8% e 2% In Multifamily 20% ta O n th gi er bl 2% es Ca 1% sh & A/ R3 REI % SC MB S 4% rial 8% Indust Infrastructure Lending 10% $31.7B Hotel 4 % e 3% Da ta ff
Slide 15: Commercial and Residential Lending Segment
COMMERCIAL AND RESIDENTIAL LENDING SEGMENT
Slide 16: Commercial Lending Portfolio
Commercial Lending Portfolio Q1 Activity Loan Risk Rating • $1.5B originations ($894M funded) • $278M follow on fundings • $835M repayments Not • $347M foreclosures on three 5-rated nonaccrual loans Rated • $40M sale of a previously foreclosed asset 5 (Investment • Portfolio reaches three year high
Slide 17: Characteristics
Top 10 Loans by Largest Property Types Multifamily Office Industrial International 3% Characteristics 15% 42% 23% U.S. Property 6% 12% $6.3B 19% $0.6B $2.5B 16% 14% 33% $2.4B 100% 36% 81% Southeast Southwest West Northeast International Midwest Northeast International Class A Class B West Mid-Atlant
Slide 18: Collateral Diversification
Collateral Diversification Our commercial loan portfolio has transformed over time, with multifamily becoming our largest property type Multifamily Office Hotel Mixed Use Industrial Data Center Retail Other 100% 80% 60% 40% 20% —% 1 3 5 2 3 5 2 4 6 1 3 4 1 3 5 2 4 5 1 2 4 3'2 2'2 1'2 1'2 4'2 3'2 3'2
Slide 19: Commercial Portfolio Geographic Diversification
Commercial Portfolio Geographic Diversification Northeast 19 % Southwest 17 % U.S. West 14 % Southeast 12 % Mid-Atlantic 8% Midwest 3% Europe Australia Europe: UK 9% International Germany 5% Ireland 4% Other Europe 3% Australia 6% NOTE: Amounts are stated as a percentage of commercial loan portfolio
Slide 20: Commercial Lending Metrics
Commercial Lending Metrics Mezzanine Subordinated First Mortgages (2) Preferred Equity Lending CMBS Total CRE ($ millions) Loans (2) Mortgages $16,235 $307 $99 $90 $5 $16,736 Carrying Value Carrying Value $15,709 $137 $18 $90 $— $15,954 on Accrual Unlevered Return for Assets on 7.2% 11.5% 10.4% 4.9%
Slide 21: Top 10 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* $ 950.1 $ 950.1 Senior Mar 2026 Dec 2030 Sterling, VA Data Center 727.2 232.3 Senior/Mezz S
Slide 22: Nonaccrual Assets
Nonaccrual Assets $ millions Location Property Type Carrying Value East Rutherford, New Jersey Retail $ 188 Los Angeles, California Office 135 Arlington, Virginia Office 119 Queens, New York Industrial 108 Brooklyn, New York Office 95 Washington, D.C. Office 15 Dublin, Ireland(a) Office 9 Carrying V
Slide 23: Foreclosed Assets
Foreclosed Assets Location Property Type Carrying Value ($ millions) (per sq ft) Dallas, Texas Mixed Use $ 247 $ 409 Los Angeles, California Mixed Use 150 131 New York City, New York Residential (Luxury Co-Op) 115 2,220 Windermere, Florida Multifamily 85 223 Dallas, Texas Multifamily 85 177 Phoenix,
Slide 24: Residential Portfolio
Residential Portfolio $ millions Ø Recorded $26M net unrealized fair value decrease: – Loans: $21M decrease which offset the increase we recorded last quarter – Interest Rate Hedges: $5M decrease to FMV of $(13)M Ø Repayments of $38M on loans and $8M on RMBS Asset Carrying Values Mar 31, 2026 Dec 31
Slide 25: Infrastructure Lending Segment
INFRASTRUCTURE LENDING SEGMENT 25
Slide 26: Portfolio Metrics and Activity
Portfolio Metrics and Activity Q1 Activity • $597M new commitments ($567M funded) • $320M repayments • Portfolio reaches a record $3.2B $3.2B Total Portfolio Geographic Location Sector (5) Power Southwest 59% 23% Northeast 30% Midwest Other - U.S. 1% 23% Upstream Mid-Atlantic 1% 2% Midstream West Do
Slide 27: Property Segment
PROPERTY SEGMENT 25
Slide 28: Property Segment Investment Portfolio
Property Segment Investment Portfolio $ millions Net Asset Q1'26 Net Net Operating Occupancy Investment Carrying Specific Investment Rate (8) Value (6) Financing Income (7) Wholly-Owned: Net Lease $ 2,534 $ 1,489 $ 1,045 $ 41.3 100% Medical Office Portfolio 794 443 351 11.1 89% D.C. Multifamily Conv
Slide 29: Woodstar Fund (the "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 30: Net Lease Portfolio Highlights
Net Lease Portfolio Highlights Significant Activity During the Quarter: Ø Portfolio grew to a record $2.5B Ø Acquired 32 properties (10 tenants) for $130M at a 7.4% cap rate and a 19.5-year weighted average lease term Ø Completed second ABS transaction since acquisition, with $466M of financing at a
Slide 31: 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 & 25.3% Distribution Product Manufacturing 20.6% Service 43% Dining & Entertainment 12.6% Automotive Service 11.7% Deathcare 5.3% Healthcare 3.3% Retail 5% Dealersh
Slide 32: Investing and Servicing Segment
INVESTING AND SERVICING SEGMENT 21
Slide 33: Investment Portfolio
Investment Portfolio $ millions Significant Activity During the Quarter: Ø Securitized or priced $153M of conduit loans in three transactions Ø Named servicing portfolio of $95B and total active servicing portfolio of $9.9B Ø Received principal collections of $43M and acquired $7M of CMBS Asset Carr
Slide 34: CMBS and Special Servicing
CMBS and Special Servicing Owned CMBS by Vintage (9) LNR Special Servicer $ millions $ billions Named SS: 186 $94.6B 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 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3
Slide 35: Capitalization
CAPITALIZATION 27
Slide 36: Capitalization Overview
Capitalization Overview Credit Metrics Adjusted Debt-to-Equity Ratios Ba2 / BB / BB+ Current Corporate Issuer Rating 3.29x $6.4B Off-Balance Total Unencumbered Assets Sheet 2.59x 1.73x On-Balance Fixed Charge Coverage Ratio Sheet 1.48x Unencumbered Assets to Unsecured Debt $30.9B Total Capitalizatio
Slide 37: Capitalization Overview, continued
Capitalization Overview, continued $ billions Ø 92% of commercial lending debt and 85% 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 $3.6 Secured Debt $13.9 (11) Woodst
Slide 38: Book Value per Share Bridge
Book Value per Share Bridge $0.99 $18.97 $17.98 Q1'26 Q1'26 Q1'26 GAAP Accumulated Undepreciated Book Value Depreciation & Amortization Book Value 23 STARWOOD PROPERTY TRUST 29
Slide 39: Financing Facilities
Financing Facilities $ millions $28.6B $10.4B 20 Max Facility Size Available Capacity Counterparties Debt Obligations Maximum Facility Available Type Drawn (12) Size (12) Capacity Asset Specific Financing: Large Loans, Commercial $ 14,500 $ 7,720 $ 6,780 Infrastructure Lending Segment 2,003 595 1,40
Slide 40: Financial Capacity
Financial Capacity Total Available Capital + Available On-BS Financing (13) $ $ 465 9,410 $ millions Total Potential Liquidity $ 9,875 1,400 $339 $(400) 1,200 1,000 $804 $957 $(206) 800 $(225) 600 $465 400 200 $153 0 Cash & Approved and Current liquidity 90-day Repayment of 90-day Working capital To
Slide 41: Share Count
Share Count shares in thousands 2026 2025 Q1 Q4 Number of Shares, GAAP EPS: Basic — Average shares outstanding 366,460 366,151 Effect of dilutive securities — Convertible Notes — — Effect of dilutive securities — Other 487 375 Diluted — Average shares outstanding 366,947 366,526 Shares Outstanding 3
Slide 42: Appendix
APPENDIX 34
Slide 43: 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 44: Footnotes
Footnotes 1. Excludes $189M of the commercial portfolio which are classified as CMBS or preferred equity investments and are not risk rated. 2. Contiguous mezzanine loans of $1,412M are included in the first mortgage balance as of March 31, 2026. 3. Unlevered returns are calculated using applicable
Slide 45: 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 46: 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 47: 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 48: i
i STARWOOD PROPERTY TRUST NYSE: STWD
Starwood Property Trust — Q1 2026 Earnings Presentation on 6ix