Starwood Property Trust Inc. · NYSE:STWD
Starwood Property Trust — Q4 2025 Earnings Presentation
51 slides from Starwood Property Trust's earnings presentation, Feb 25, 2026
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Slide 2: Table of Contents
Table of Contents Press Release Page 1 Highlights Page 9 Commercial and Residential Lending Segment Page 14 Infrastructure Lending Segment Page 23 Property Segment Page 24 Investing and Servicing Segment Page 28 Capitalization Page 30 Appendix Page 36 Cover photo: $64M first mortgage loan on Embassy
Slide 3: Press Release
PRESS RELEASE
Slide 4: Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2025
For Immediate Release Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2025 – GAAP EPS of $0.26 for the Quarter and $1.15 for the Year and Distributable EPS for the Quarter of $0.42 and $1.69 for the Year – – Invested $12.7 Billion for the Year, Including $2.5 Bill
Slide 5: Supplemental Schedules
Supplemental Schedules The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders. Specifically, these materials can be found on the Company’s website in the Investor Relat
Slide 6: Forward-looking statements and contact
statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise. Additional information can be found on the Company’s website at www.starwoodpropertytrust.com. Contact: Zachary Tanenbaum Starwood Property Trust Phone:
Slide 7: Condensed Consolidated Statement of Operations by Segment, Quarter
Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the three months ended December 31, 2025 (Amounts in thousands) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segme
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 Statement of Operations by Segment, Year
Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the year ended December 31, 2025 (Amounts in thousands) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segme
Slide 10: Reconciliation of Net Income to Distributable Earnings
Reconciliation of Net Income to Distributable Earnings For the year ended December 31, 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) attrib
Slide 11: Condensed Consolidated Balance Sheet by Segment
Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheet by Segment As of December 31, 2025 (Amounts in thousands) Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal V
Slide 12: Highlights
HIGHLIGHTS
Slide 13: STWD Highlights
STWD Highlights Leading diverse global multi-cylinder platform, built to thrive in all market environments Invested $12.7B, including $2.5B in the Strong Investment Pace quarter, our second largest investing year to date Record $30.7B of undepreciated assets with Strong Balance Sheet an adjusted deb
Slide 14: Q4 and 2025 Performance Highlights
Q4 and 2025 Performance Highlights • GAAP earnings of $0.26 (FY $1.15) • GAAP book value per share of $18.34 and undepreciated book value per share of $19.25 ◦ Reflects $1.90 per share cumulative reduction for CECL reserves and property impairments and $0.91 of accumulated depreciation as of Decembe
Slide 15: Q4 and 2025 Capital Markets Highlights
Q4 and 2025 Capital Markets Highlights • Completed a record $4.4B in corporate debt and equity transactions in 2025 (see next slide) Liquidity and • $294M in cash-out refinancings of Woodstar Fund debt in 2025 ($116M in Q4) Capitalization • Initial term of 10 years and weighted average coupon of S+1
Slide 16: 2025 Corporate Capital Markets Execution
2025 Corporate Capital Markets Execution Most capital markets transactions since inception, achieving record execution levels $4.5B $4.0B Unsecured note issuances: (i) $500M at S+2.61% due 2030 (Q2); (ii) $500M $1.6B at S+1.88% due 2028 (Q4); and $550M at an effective rate of S+2.24% due $3.5B 2031
Slide 17: Total Undepreciated Assets
Total Undepreciated Assets U.S. office represents only 8% of our diversified Int'l $30.7B asset base Commercial Offi Loans ce 2 U.S. Office 8% Multifamily 21% 54% % In ta ng Ot ib he l r 2 es 1 Ca % % sh &A /R 2% rial 8% REIS CMB Indust S 4% Infrastructure Lending $30.7B Hotel 4% Mix 9% ed Use Da 3
Slide 18: Commercial and Residential Lending Segment
COMMERCIAL AND RESIDENTIAL LENDING SEGMENT
Slide 19: Commercial Lending Portfolio
Commercial Lending Portfolio Q4 Activity Loan Risk Rating • $1.7B originations ($1.2B funded) Not • $223M follow on fundings • $670M repayments 5 Rated (Investment 1 (8 loans) Securities) 4 $0.2B (1 loan) (11 loans) $1.0B 2 3 $1 (32 loans) .7 B (106 loans) $4.0B $16.6B (1) 3.0 W.A. Risk Total Portfo
Slide 20: Characteristics
Top 10 Loans by Largest Property Types Multifamily Office Industrial International Characteristics 3% 15% 41% 22% U.S. Property 6% 13% $6.5B 20% $0.6B 9% $2.5B 14% 33% $2.4B 100% 44% 80% Southeast Southwest West Northeast International Midwest Northeast International Class A Class B West Mid-Atlanti
Slide 21: Collateral Diversification
Collateral Diversification Our commercial loan portfolio has transformed over time, with multifamily becoming our largest property type Multifamily Office Hotel Mixed Use Industrial Data Center Retail Other 100% 80% 60% 40% 20% —% 1 2 3 4 1 2 3 5 1 2 4 5 1 3 4 5 2 3 4 5 1'2 2'2 3'2 4'2 2'2 3'2 4'2 1
Slide 22: Commercial Portfolio Geographic Diversification
Commercial Portfolio Geographic Diversification U.S. Southwest 19 % Northeast 19 % Southeast 13 % West 13 % Mid-Atlantic 6% Midwest 3% Europe Australia Europe: International UK 9% Germany 4% Ireland 4% Other Europe 3% Australia 7% NOTE: Amounts are stated as a percentage of commercial loan portfolio
Slide 23: Commercial Lending Metrics
Commercial Lending Metrics Mezzanine Subordinated First Mortgages (2) Lending CMBS Preferred Equity Total CRE ($ millions) Loans (2) Mortgages $16,086 $311 $16 $93 $83 $16,589 Carrying Value Carrying Value on $15,232 $143 $11 $93 $18 $15,497 Accrual Unlevered Return for Assets on 7.4% 11.5% 13.4% 5.
Slide 24: 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* $ 918.7 $ 918.7 Senior/Mezz Sep 2025 Sep 2030 Various, US Multifamily 550.0 550.0 Senior/Me
Slide 25: Nonaccrual Assets
Nonaccrual Assets $ millions Location Property Type Carrying Value Dallas, Texas(a) Mixed Use $ 242 East Rutherford, New Jersey Retail 188 Los Angeles, California Office 132 Arlington, Virginia Office 117 Queens, New York Industrial 108 Brooklyn, New York Office 95 Phoenix, Arizona(a)(b) Multifamily
Slide 26: Foreclosed Assets
Foreclosed Assets 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) 114 2,198 Dallas, Texas Multifamily 86 178 Windermere, Florida Multifamily 84 220 Boston, Massachusetts Life Science 56 56
Slide 27: Residential Portfolio
Residential Portfolio $ millions Ø During the quarter, recorded $36M net unrealized fair value increase: – Loans: $31M increase – RMBS: $2M increase – Interest Rate Hedges: $3M increase to FMV of $(8)M Ø Repayments of $58M on loans and $10M on RMBS during the quarter Asset Carrying Values Dec 31, 20
Slide 28: Infrastructure Lending Segment
INFRASTRUCTURE LENDING SEGMENT 25
Slide 29: Portfolio Metrics and Activity
Portfolio Metrics and Activity Q4 Activity • $386M new commitments ($339M funded) • $568M repayments $2.9B Total Portfolio Geographic Location Sector (5) Southwest Power 25% 57% Northeast 27% Midwest 22% Other - U.S. 1% Midstream Other West Downstream 27% Mid-Atlantic 1% 3% 13% Southeast 13% Int'l 1
Slide 30: Property Segment
PROPERTY SEGMENT 25
Slide 31: Property Segment Investment Portfolio
Property Segment Investment Portfolio $ millions Net Asset Q4'25 Net Net Operating Occupancy Investment Carrying Specific Investment Rate (8) Value (6) Financing Income (7) Wholly-Owned: Net Lease $ 2,414 $ 1,376 $ 1,038 $ 38.7 100% Medical Office Portfolio 793 482 311 10.8 88% D.C. Multifamily Conv
Slide 32: Woodstar Fund
Woodstar Fund (the "Fund") $ millions Significant Activity During the Quarter: Ø Sold a 264-unit multifamily property at our GAAP fair value basis of $56M, resulting in a DE net gain of $24M Ø Completed $116M cash-out refinancings at an initial term of 10 years and a weighted average coupon of S+1.7
Slide 33: Net Lease Portfolio Highlights
Net Lease Portfolio Highlights Significant Activity During the Quarter: Ø Acquired 16 properties (11 tenants) for $182M at a 7.44% cap rate and 20.5-year weighted average lease term Ø Completed first ABS transaction since acquisition, with $391M of financing at a weighted average fixed rate of 5.26%
Slide 34: 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 & 25.0% Distribution Product 19.1% Service Manufacturing 45% Dining & 13.3% Entertainment Automotive Service 10.7% Deathcare 5.6% Healthcare 3.4% Retail Grocery & 3
Slide 35: Investing and Servicing Segment
INVESTING AND SERVICING SEGMENT 21
Slide 36: Investment Portfolio
Investment Portfolio $ millions Significant Activity During the Quarter: Ø Securitized $276M of conduit loans in three transactions (not including $82M which priced last quarter) Ø Active servicing portfolio increased from $10.6B to $11.0B Ø Obtained four new servicing assignments with a UPB of $3B,
Slide 37: CMBS and Special Servicing
CMBS and Special Servicing Owned CMBS by Vintage (9) LNR Special Servicer $ millions $ billions Named SS: 188 $97.5B 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 Q2 Q4 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2
Slide 38: Capitalization
CAPITALIZATION 27
Slide 39: Capitalization Overview
Capitalization Overview Credit Metrics Adjusted Debt-to-Equity Ratios Ba2 / BB / BB+ Current Corporate Issuer Rating $6.3B 3.07x Total Unencumbered Assets Off-Balance Sheet 2.38x 1.76x Fixed Charge Coverage Ratio On-Balance Sheet 1.46x Unencumbered Assets to Unsecured Debt $30.2B Total Capitalizatio
Slide 40: Capitalization Overview, continued
Capitalization Overview, continued $ billions Ø 95% of commercial lending debt and 87% of consolidated debt has no markets mark-to-market provisions Total Debt Outstanding Margin Call Provisions (including off-balance sheet) (including off-balance sheet) Secured Debt $12.8 Spread and Credit $3.0 $23
Slide 41: Book Value per Share Bridge
Book Value per Share Bridge $0.91 $19.25 $18.34 Q4'25 Q4'25 Q4'25 GAAP Accumulated Undepreciated Book Value Depreciation & Amortization Book Value 23 32
Slide 42: Financing Facilities
Financing Facilities $ millions $29.0B $11.9B 20 Max Facility Size Available Capacity Counterparties Debt Obligations Maximum Facility Available Type Drawn (12) Size (12) Capacity Asset Specific Financing: Large Loans, Commercial $ 14,433 $ 6,529 $ 7,904 Infrastructure Lending Segment 1,864 729 1,13
Slide 43: Financial Capacity
Financial Capacity $ millions Total Available Capital $ 1,733 + Available On-BS Financing (13) $ 10,264 Total Potential Liquidity $ 11,997 $2,400 $2,100 $641 $(120) $(225) $1,800 $1,733 $1,500 $1,279 $1,437 $1,200 $900 $600 $300 $158 $0 Cash & Approved and Current liquidity 90-day 90-day expected Wo
Slide 44: Share Count
Share Count shares in thousands 2025 2025 Q4 Q3 Q2 Q1 YTD Number of Shares, GAAP EPS: Basic — Average shares outstanding 366,151 360,136 336,945 335,059 349,687 Effect of dilutive securities — Convertible Notes — — — — — Effect of dilutive securities — Other 375 258 200 397 304 Diluted — Average sha
Slide 45: Appendix
APPENDIX 34
Slide 46: 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 47: Footnotes
Footnotes 1. Excludes $176M of the commercial portfolio which are classified as CMBS or preferred equity investments and are not risk rated. 2. Contiguous mezzanine loans of $1,334M are included in the first mortgage balance as of December 31, 2025. 3. Unlevered returns are calculated using applicab
Slide 48: 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 49: 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 50: 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 51: NYSE: STWD
NYSE : STWD
Starwood Property Trust — Q4 2025 Earnings Presentation on 6ix