Starwood Property Trust Inc. · NYSE:STWD
Starwood Property Trust — Investor Presentation (November 2025)
23 slides from Starwood Property Trust's investor presentation, November 2025
Slide 1: Investor Presentation November 2025
INVESTOR PRESENTATION November 2025
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 $6.7B ; sector leading annualized total returns of 9.8% per year since inception 1 1 Highly flexible investment platform backed by appr
Slide 4: STWD Primary Investment Cylinders
STWD Primary Investment Cylinders 2009 2013 2014 2016 2018 2025 Commercial CMBS Special CMBS Loan Residential Infrastructure Fundamental Investing Origination Real Estate Lending Lending Lending Servicing Invest in new Workout Originate Invest in high- Originate, Originate Fully Originate issue and
Slide 5: Total Assets $29.9B
Total Assets Commercial Loans Int'l Office 53% U.S. Office 8% In 2% O Multifamily 20% ta th ng er i Ca bl 2% es sh & 1 % A/ RE R2 IS C % MB S4 % l 5% Hote $29.9B Mixed Use 2% Infrastructure Lending 10% Ind ustr e 2% ial 9 ffic 4% % lO d ica er Re Me O th sid - e 6% le rty Re ntia nd ab pe ta l 1% Pr
Slide 6: Diversified, Complementary and Scalable Platforms
Diversified, Complementary and Scalable Platforms Distributable Earnings Breakdown1 12% 12% TTM 45% Q3'25 8% 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 $120B • Acquired over $260B of assets over the past
Slide 8: Starwood Global Footprint
Starwood Global Footprint New York City Amsterdam Chicago Luxembourg Tokyo San Francisco Greenwich London Arlington Seoul Washington, D.C. Hong Kong Los Angeles Atlanta Miami Dallas Singapore Dubai ~7,000 professionals in 20 offices Sydney Data as of September 30, 2025 STARWOOD PROPERTY TRUST, INC 8
Slide 9: Commercial Lending Overview
Commercial Lending Leading Provider of First Mortgage and Mezzanine Loans Overview STWD Competitive Advantages ($M) Portfolio Size1 US$ (B) • Reputation, scale and market 18,000 knowledge 16,000 • Information advantage from affiliation with Starwood Capital 14,000 Group and insight into over $100B o
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 mortgages 1% 1% Southwest 1% 20% Northeast Mezzanine loans 20% 2% Mid-Atlantic 6% West Key Portfolio Metrics Midwest 12% 3% No. o
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 strategy of investing in non-agency residential Full Documentation Alternative Documentation mortgage loans to high quality borrowers at low LTVs Program targets traditi
Slide 13: Infrastructure Lending Segment Overview
Infrastructure Lending Platform and Portfolio Overview Segment Overview Key Portfolio Metrics No. of Loans 43 ▪ Full-service platform across loan origination, underwriting, capital markets and asset management Total Commitments/Carrying Value $3.6B/$3.1B ▪ Domain expertise in the thermal and renewab
Slide 14: Property Segment Overview
Property Segment Overview Multifamily Portfolio High Quality Assets with Attractive Return Profile • Focused on investing in high quality real estate with: ◦ Stable cash-on-cash returns ◦ Potential for capital appreciation Worthington – West Palm Windchase – Orlando, FL (352 Units) Beach, FL (300 Un
Slide 15: Property Segment Overview
Property Segment Overview Fundamental Portfolio Operating Statistics Geographic Diversification Owned Properties 475 Top 10 States (% of ABR) Square Footage 12.8M State % # of Properties Weighted Average Occupancy Rate 100% Pennsylvania 9.2% 25 Illinois 8.3% 26 States 43 Texas 7.7% 29 Weighted Avg.
Slide 16: Fundamental Portfolio Overview
Fundamental Portfolio Overview (% of Annualized In-Place Base Rent(a)) Top 10 Major Industries Property Type Food Production & 25.9% Distribution Product 14.3% Manufacturing Service Dining & 48% 14.2% Entertainment Automotive Service 11.7% Deathcare 6.1% Healthcare 3.7% Grocery & Retail 3.7% Conveni
Slide 17: Property Segment Portfolio
Property Segment Portfolio ($M) Asset Q3'25 Net Weighted Net Carrying Net Occupancy Investment Specific Operating Average Value (1) Investment Rate Financing Income (2) Lease Term Wholly-owned: Fundamental $ 2,216 $ 1,292 $ 924 $ 28.3 100% 17.1 years Medical Office Portfolio 790 482 308 10.6 88% 5.6
Slide 18: Investing & Servicing Segment Overview
21% Investing & Servicing Segment Overview Special Servicer Market Share ($B) Leading CMBS Investor, Special Servicer and Conduit Originator • One of the largest CMBS special servicers in the U.S. SPECIAL • Named special servicer on 190 trusts with SERVICING OF a collateral balance of $99.0B 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 over $19B of CMBS; persevered through every real estate capital since 2013 cycle since 1991 • In evaluating a new CMBS investment, STWD • Sen
Slide 20: Conservative Balance Sheet
Conservative Balance Sheet Utilize a Combination of Secured Asset-Level, Unsecured and Off-Balance Sheet Debt Debt-to-Equity Ratios Capitalization ($B) Unsecured Debt $3.3 3 Woodstar Fund Debt Equity Market 2.98x $1.1 Capitalization Off-Balance $7.2 2.51x Sheet On-Balance Sheet 2 Adjusted On Balance
Slide 21: Total Debt Capacity
Total Debt Capacity $27B of total capacity, not including capacity that would result from selling A-notes or issuing CLOs or securitizations $ millions Debt Obligations Maximum Facility Available Type Drawn (1) Size (1) Capacity Asset Specific Financing: Large Loans, Commercial $ 13,663 $ 7,735 $ 5,
Slide 22: Corporate Debt Maturity Schedule
Corporate Debt Maturity Schedule ($M) $2,400 $2,293 $2,200 $2,000 Term Loan B freely $1,800 redeemable at par $893 $1,564 $1,600 $1,400 1,250M Sustainability $683 $1,200 Term Loan B $1,000 $700 Sustainability $800 Term Loan B $1,400 $500 $600 $600 $500 1 $400 $400 $5501 $200 $381 $0 2025 2026 2027 2
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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