Starwood Property Trust Inc. · NYSE:STWD
Starwood Property Trust — Investor Presentation (March 2026)
23 slides from Starwood Property Trust's investor presentation, March 2026
Slide 1: Investor Presentation March 2026
INVESTOR PRESENTATION March 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 $6.7B ; sector leading annualized total returns of 9.6% 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 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
Total Undepreciated Assets U.S. office represents only 8% of our diversified $30.7B asset base Commercial Int'l Loans Offi 54% ce 2 Multifamily 21% U.S. Office 8% % In ta ng Ot he ible r2 s1 Ca % % sh &A /R 2% REIS str ial 8% CMB Indu S 4% Infrastructure $30.7B Hotel 4% Lending Mix 9% ed Da Use ta 3
Slide 6: Diversified, Complementary and Scalable Platforms
Diversified, Complementary and Scalable Platforms Distributable Earnings Breakdown1 14% 41% 10% TTM Q4'25 13% 22% 2 Commercial Lending REIS Property Residential Lending Infrastructure Lending 1 Represents TTM distributable earnings (a non-GAAP financial measure) and includes allocated Corporate expe
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 $125B • Acquired over $270B of assets over the past
Slide 8: Starwood Global Footprint
Starwood Global Footprint New York City Chicago Luxembourg Tokyo San Francisco Greenwich London Arlington Seoul Washington, D.C. Hong Kong Los Angeles Atlanta Miami Dallas Singapore Dubai ~7,000 professionals in 19 offices Sydney Data as of December 31, 2025 STARWOOD PROPERTY TRUST, INC 8
Slide 9: Commercial Lending Overview
Commercial Lending Leading Provider of First Mortgage and Mezzanine Loans Overview STWD Competitive Advantages ($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 $100
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 1% Southwest mortgages 1% 19% Northeast 1% 19% Mezzanine loans 1% Mid-Atlantic 6% West Key Portfolio Metrics Midwest 13% 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 ▪ Full-service platform across loan origination, underwriting, capital No. of Loans 39 markets and asset management Total Commitments/Carrying Value $3.4B/$2.9B ▪ Domain expertise in the thermal and renewab
Slide 14: Property Segment Overview
Property Segment Overview Multifamily Portfolio High Quality Assets with Attractive Return Profile • Focused on investing in high quality real estate with: ◦ Stable cash-on-cash returns ◦ Potential for capital appreciation Worthington – West Palm Windchase – Orlando, FL (352 Units) Beach, FL (300 Un
Slide 15: Net Lease Portfolio Highlights
Net Lease Portfolio Highlights Operating Statistics Geographic Diversification Owned Properties 492 Top 10 States (% of ABR) Square Footage 14.3M State % # of Properties Weighted Avg. Occupancy Rate 100% Illinois 8.1% 27 Virginia 7.8% 9 States 44 Wisconsin 7.7% 27 Weighted Avg. Remaining Lease Term
Slide 16: Net Lease Portfolio Highlights, continued
Net Lease Portfolio Highlights, continued (% of Annualized In-Place Base Rent(a)) Top 10 Major Industries Property Type Food Production & 25.0% Distribution Product 19.1% Manufacturing Service Dining & 45% 13.3% Entertainment Automotive Service 10.7% Deathcare 5.6% Healthcare 3.4% Retail Grocery & 5
Slide 17: Property Segment Investment Portfolio
Property Segment Investment Portfolio ($M) Asset Q4'25 Net Weighted Net Carrying Net Occupancy Investment Specific Operating Average Value (1) Investment Rate Financing Income (2) Lease Term Wholly-owned: Net Lease $ 2,414 $ 1,376 $ 1,038 $ 38.7 100% 17.3 years Medical Office Portfolio 793 482 311 1
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 188 trusts with SERVICING OF a collateral balance of $97.5B 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) 3.07x Unsecured Debt $4.3 Off-Balance 3 Woodstar Fund Debt Sheet 2.38x $1.2 Equity Market Capitalization $6.7 On-Balance Sheet 2 Secured Debt 1 Adju
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 $ 14,433 $ 6,529
Slide 22: Corporate Debt Maturity Schedule
Corporate Debt Maturity Schedule ($M) $2,400 $2,291 $2,200 $2,000 $891 Term Loan B freely $1,800 redeemable at par $1,600 $1,562 $1,400 $681 Sustainability $1,200 Term Loan B $1,000 $800 $698 $500 $600 $600 $1,400 $550 $500 $400 $400 Sustainability Term Loan B $200 $381 $0 2026 2027 2028 2029 2030 2
Slide 23: STWD: A Premier Multi-Cylinder Platform
STWD: A Premier Multi-Cylinder Platform Scaling Existing Businesses Developing New Building the 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
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