# EDGAR Filing Document

**Accession Number:** 0001465128
**File Stem:** 0001465128-26-000008
**Filing Date:** 2026-2
**Character Count:** 35589
**Document Hash:** 98dd37be70bfb87f02422e109b8e23f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001465128-26-000008.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001465128-26-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260225

**ITEM INFORMATION**: Results of Operations and Financial Condition

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** STARWOOD PROPERTY TRUST, INC.
- **CENTRAL INDEX KEY:** 0001465128
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 270247747
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34436
- **FILM NUMBER:** 26674165

**BUSINESS ADDRESS:**
- **STREET 1:** 2340 COLLINS AVENUE
- **STREET 2:** SUITE 700
- **CITY:** MIAMI BEACH
- **STATE:** FL
- **ZIP:** 33139
- **BUSINESS PHONE:** 305.695.5500

**MAIL ADDRESS:**
- **STREET 1:** 2340 COLLINS AVENUE
- **STREET 2:** SUITE 700
- **CITY:** MIAMI BEACH
- **STATE:** FL
- **ZIP:** 33139

?xml version='1.0' encoding='ASCII'? stwd-20260225

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): February 25, 2026**

**Starwood Property Trust, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-34436** | **27-0247747** |
| (State or other jurisdiction <br>of incorporation)  | (Commission<br>File Number)  | (IRS Employer<br>Identification No.) |

---

---

| | |
|:---|:---|
| **2340 Collins Avenue, Suite 700**<br>**Miami Beach, FL**  | **33139** |
| (Address of principal | (Zip Code) |
| executive offices) |  |

---

Registrant's telephone number,

including area code:

**(305) 695-5500**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common stock, $0.01 par value per share | STWD | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On February 25, 2026, Starwood Property Trust, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2025. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

---

| | |
|:---|:---|
| Exhibit<br><u>Number</u> | <br><u>Description</u> |
| 99.1 | <u>[Press Release, dated February 25, 2026](stwd_pressrelease-ye2025.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibit<br><u>Number</u> | <u>Description</u> |
| 99.1 | <u>[Press Release, dated February 2](stwd_pressrelease-ye2025.htm)[5](stwd_pressrelease-ye2025.htm)[, 202](stwd_pressrelease-ye2025.htm)6</u> |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: February 25, 2026 | STARWOOD PROPERTY TRUST, INC. | STARWOOD PROPERTY TRUST, INC. |
|  | By: | /s/ RINA PANIRY |
|  | Name: | Rina Paniry |
|  | Title: | Chief Financial Officer, Treasurer, Chief Accounting Officer and Principal Financial Officer |

---

## Exhibit 99.1

![image_0.jpg](image_0.jpg)

**Exhibit 99.1**

**For Immediate Release &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**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 Billion in the Quarter; Second Largest Investment Year –**

**– Executed a Record $4.4 Billion of Capital Transactions in 2025 –**

**– Current Liquidity of $1.4 Billion –**

**– Consistent Dividend of $0.48 per Share for Over a Decade –**

MIAMI BEACH, FL, February 25, 2026 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter and year ended December 31, 2025. The Company delivered fourth quarter GAAP net income of $96.9 million, and Distributable Earnings (a non-GAAP financial measure) was $159.5 million. The Company's full year GAAP net income was $411.5 million, and Distributable Earnings was $615.5 million.

"2025 was a transition year for Starwood Property Trust. The good news is that the pieces remain in place to outperform for our shareholders in the long run. Our core businesses are positioned and are performing exceptionally well with notable progress across global commercial lending, infrastructure lending, conduit and special servicing, each delivering incredibly strong results for the year. Additionally, our residential lending portfolio increased in value over the year with the decline in rates," said Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

"As major STWD shareholders ourselves, we have chosen to take the long view of how best to earn stable and attractive long-term returns for our shareholders. In this vein, despite the dilution we knew we would experience when we acquired the Fundamental net lease business, we were excited to add an earnings generator with reliable cash flows, driven by more than 17 years of lease duration and 2.3% contractual rent increases each year, which will be accretive long-term. We also increased our securitization pace across businesses and completed takeout refinancings, which led to higher than normal cash levels during the year. As we deploy this cash across our business lines, invest the committed but unfunded loan capital, scale our net lease business, and bring back the earnings power embedded in the nonaccrual and REO assets, we are confident in our ability to raise earnings in the future. We are real estate investors first and have proven our ability to add value to assets once they are in our control. We therefore are confident we have substantial earnings power built into our diversified company that will move us forward into a bright future," Mr. Sternlicht continued.

"Starwood Property Trust's proven and consistent access to the capital markets continues to differentiate our platform," added Jeffrey DiModica, President of Starwood Property Trust. "We repositioned our balance sheet this year with extended duration and lower spreads, executing a record $4.4 billion of equity, unsecured debt and term loan debt, further strengthening our best-in-class balance sheet while maintaining our conservative leverage profile. We also completed or priced four securitizations, including our fourth commercial lending CLO, our sixth and seventh infrastructure CLOs, and our first Fundamental ABS transaction at record-tight spreads for that platform, positioning each of these businesses for further growth and positioning us to act quickly on compelling opportunities globally."

------

**<u>Supplemental Schedules</u>**

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 Relations section under "Quarterly Results" at <u>www.starwoodpropertytrust.com</u>.

**<u>Webcast and Conference Call Information</u>** 

The Company will host a live webcast and conference call on Wednesday, February 25, 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 necessary audio software. The webcast is available at <u>www.starwoodpropertytrust.com</u> in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in.

**To Participate via Telephone Conference Call:**

Dial in at least 15 minutes prior to start time.

Domestic: 1-877-407-9039

International: 1-201-689-8470

**Conference Call Playback:**

Domestic: 1-844-512-2921

International: 1-412-317-6671

Passcode: 13758021

The playback can be accessed through March 11, 2026.

**<u>About Starwood Property Trust, Inc.</u>**

Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of December 31, 2025, the Company has successfully deployed $115 billion of capital since inception and manages a portfolio of over $30 billion across debt and equity investments. Starwood Property Trust's investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at <u>www.starwoodpropertytrust.com</u>.

**Forward-Looking Statements**

Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words "believe," "expect," "anticipate" and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as other risks and uncertainties set forth from time to time in the Company's reports filed with the SEC.

In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking

------

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 <u>www.starwoodpropertytrust.com</u>.

**Contact:**<br> Zachary Tanenbaum

Starwood Property Trust

Phone: 203-422-7788

Email: ztanenbaum@starwood.com

------

**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**<br>**Residential**<br>**Lending**<br>**Segment** | **Infrastructure**<br>**Lending**<br>**Segment** | **Property**<br>**Segment** | **Investing**<br>**and Servicing**<br>**Segment** | **Corporate** | **Subtotal** | **Securitization**<br>**VIEs** | **Total** |
| **Revenues:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income from loans | $311500  | $69153  | $43  | $3225  | $—  | $383921  | $—  | $383921  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income from investment securities | 15332  | 197  | —  | 24543  | —  | 40072  | (35506) | 4566  |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees | 112  | —  | —  | 37726  | —  | 37838  | (6047) | 31791  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental income | 6298  | —  | 57100  | 4088  | —  | 67486  | —  | 67486  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 1997  | 909  | 651  | 1183  | 444  | 5184  | —  | 5184  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **335239**  | **70259**  | **57794**  | **70765**  | **444**  | **534501**  | **(41553)** | **492948**  |
| **Costs and expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 172  | —  | —  | —  | 33254  | 33426  | —  | 33426  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 155129  | 39550  | 29054  | 6626  | 103687  | 334046  | (198) | 333848  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 15180  | 5497  | 8572  | 24440  | 4378  | 58067  | —  | 58067  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs of rental operations | 4861  | —  | 7551  | 3070  | —  | 15482  | —  | 15482  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2841  | 10  | 26558  | 1422  | 251  | 31082  | —  | 31082  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit loss provision (reversal), net | 11142  | (798) | —  | —  | —  | 10344  | —  | 10344  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 55  | 58  | 15  | 38  | —  | 166  | —  | 166  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total costs and expenses** | **189380**  | **44317**  | **71750**  | **35596**  | **141570**  | **482613**  | **(198)** | **482415**  |
| **Other income (loss):** |  |  |  |  |  |  |  |  |
| Change in net assets related to consolidated VIEs | —  | —  | —  | —  | —  | —  | 42052  | 42052  |
| Change in fair value of servicing rights | —  | —  | —  | 1617  | —  | 1617  | (859) | 758  |
| Change in fair value of investment securities, net | 1972  | —  | —  | (2433) | —  | (461) | 682  | 221  |
| Change in fair value of mortgage loans, net | 30574  | —  | —  | 13228  | —  | 43802  | —  | 43802  |
| Income from affordable housing fund investments | —  | —  | 37604  | —  | —  | 37604  | —  | 37604  |
| Earnings from unconsolidated entities | —  | 3641  | —  | 560  | —  | 4201  | (520) | 3681  |
| Gain (loss) on sale of investments and other assets, net | 165  | —  | (1) | 10060  | —  | 10224  | —  | 10224  |
| Gain (loss) on derivative financial instruments, net | 12688  | 50  | 3886  | (303) | (8418) | 7903  | —  | 7903  |
| Foreign currency gain (loss), net | 6900  | (292) | (1) | —  | —  | 6607  | —  | 6607  |
| Loss on extinguishment of debt | (326) | (1893) | —  | (90) | —  | (2309) | —  | (2309) |
| Other (loss) income, net | (29009) | —  | (763) | 1  | —  | (29771) | —  | (29771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (loss)** | **22964**  | **1506**  | **40725**  | **22640**  | **(8418)** | **79417**  | **41355**  | **120772**  |
| **Income (loss) before income taxes** | **168823**  | **27448**  | **26769**  | **57809**  | **(149544)** | **131305**  | **—**  | **131305**  |
| Income tax provision | (10066) | (299) | (1850) | (6724) | —  | (18939) | —  | (18939) |
| **Net income (loss)** | **158757**  | **27149**  | **24919**  | **51085**  | **(149544)** | **112366**  | **—**  | **112366**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interests | (5) | —  | (10712) | (4734) | —  | (15451) | —  | (15451) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Starwood Property Trust, Inc.** | $**158752**  | $**27149**  | $**14207**  | $**46351**  | $**(149544)** | $**96915**  | $**—**  | $**96915**  |

---

------

**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 net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company's external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company's external manager and approved by a majority of the Company's independent directors. Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding Distributable Earnings.

**Reconciliation of Net Income to Distributable Earnings** 

**For the three months ended December 31, 2025**

**(Amounts in thousands except per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commercial and**<br>**Residential**<br>**Lending**<br>**Segment** | **Infrastructure**<br>**Lending**<br>**Segment** | **Property**<br>**Segment** | **Investing**<br>**and Servicing**<br>**Segment** | **Corporate** | **Total** |
| **Net income (loss) attributable to Starwood Property Trust, Inc.** | $**158752**  | $**27149**  | $**14207**  | $**46351**  | $**(149544)** | $**96915**  |
| **Add / (Deduct):** |  |  |  |  |  |  |
| Non-controlling interests attributable to Woodstar II Class A Units | —  | —  | 4629  | —  | —  | 4629  |
| Non-controlling interests attributable to unrealized gains/losses | —  | —  | (1986) | 6650  | —  | 4664  |
| Non-cash equity compensation expense | 2842  | 738  | 1999  | 1491  | 5554  | 12624  |
| Management incentive fee | —  | —  | —  | —  | 3502  | 3502  |
| Depreciation and amortization | 2877  | —  | 27071  | 1523  | —  | 31471  |
| Straight-line rent adjustment | —  | —  | (460) | 22  | —  | (438) |
| Interest income adjustment for loans and securities | 5457  | —  | —  | 8023  | —  | 13480  |
| Consolidated income tax provision (benefit) associated with fair value adjustments | 10066  | 299  | (34) | 6724  | —  | 17055  |
| Other non-cash items | 5  | —  | (82) | (542) | —  | (619) |
| Reversal of GAAP unrealized and realized (gains) / losses on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | (30574) | —  | —  | (13228) | —  | (43802) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit loss provision (reversal), net | 11142  | (798) | —  | —  | —  | 10344  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | (1972) | —  | —  | 2433  | —  | 461  |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodstar Fund investments | —  | —  | (37604) | —  | —  | (37604) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | (12688) | (50) | (3886) | 303  | 8418  | (7903) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (6900) | 292  | 1  | —  | —  | (6607) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings from unconsolidated entities | —  | (3641) | —  | (560) | —  | (4201) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of properties | —  | —  | —  | (10060) | —  | (10060) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of properties | 26766  | —  | —  | —  | —  | 26766  |
| Recognition of Distributable realized gains / (losses) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | (879) | —  | —  | 13188  | —  | 12309  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | (594) | —  | —  | (19930) | —  | (20524) |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodstar Fund investments | —  | —  | 47297  | —  | —  | 47297  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 12336  | 37  | (2012) | (137) | (6554) | 3670  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (793) | 134  | (2) | —  | —  | (661) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings from unconsolidated entities | —  | 3128  | —  | 457  | —  | 3585  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of properties | —  | —  | —  | 3192  | —  | 3192  |
| &nbsp;&nbsp;&nbsp;**Distributable Earnings (Loss)** | $**175843**  | $**27288**  | $**49138**  | $**45900**  | $**(138624)** | $**159545**  |
| &nbsp;&nbsp;&nbsp;**Distributable Earnings (Loss) per Weighted Average Diluted Share** | $**0.46**  | $**0.07**  | $**0.13**  | $**0.12**  | $**(0.36)** | $**0.42**  |

---

------

**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**<br>**Residential**<br>**Lending**<br>**Segment** | **Infrastructure**<br>**Lending**<br>**Segment** | **Property**<br>**Segment** | **Investing**<br>**and Servicing**<br>**Segment** | **Corporate** | **Subtotal** | **Securitization**<br>**VIEs** | **Total** |
| **Revenues:** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income from loans | $1231288  | $272282  | $289  | $14650  | $—  | $1518509  | $—  | $1518509  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income from investment securities | 78961  | 649  | —  | 97824  | —  | 177434  | (142973) | 34461  |
| &nbsp;&nbsp;&nbsp;&nbsp;Servicing fees | 369  | —  | —  | 106533  | —  | 106902  | (20359) | 86543  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rental income | 27266  | —  | 135255  | 19919  | —  | 182440  | —  | 182440  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenues | 9854  | 3855  | 1472  | 5387  | 1768  | 22336  | —  | 22336  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **1347738**  | **276786**  | **137016**  | **244313**  | **1768**  | **2007621**  | **(163332)** | **1844289**  |
| **Costs and expenses:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 701  | —  | —  | —  | 136564  | 137265  | —  | 137265  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 682813  | 155212  | 71400  | 29341  | 339031  | 1277797  | (810) | 1276987  |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 59545  | 20979  | 17323  | 93152  | 17810  | 208809  | —  | 208809  |
| &nbsp;&nbsp;&nbsp;&nbsp;Costs of rental operations | 21017  | —  | 26225  | 13559  | —  | 60801  | —  | 60801  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 11779  | 39  | 59479  | 6679  | 1005  | 78981  | —  | 78981  |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit loss provision, net | 15851  | 3519  | —  | —  | —  | 19370  | —  | 19370  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 103  | 4104  | (61) | 203  | —  | 4349  | —  | 4349  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total costs and expenses** | **791809**  | **183853**  | **174366**  | **142934**  | **494410**  | **1787372**  | **(810)** | **1786562**  |
| **Other income (loss):** |  |  |  |  |  |  |  |  |
| Change in net assets related to consolidated VIEs | —  | —  | —  | —  | —  | —  | 154758  | 154758  |
| Change in fair value of servicing rights | —  | —  | —  | 7398  | —  | 7398  | (1508) | 5890  |
| Change in fair value of investment securities, net | 8422  | —  | —  | (16803) | —  | (8381) | 10568  | 2187  |
| Change in fair value of mortgage loans, net | 122117  | —  | —  | 62323  | —  | 184440  | —  | 184440  |
| Income from affordable housing fund investments | —  | —  | 46953  | —  | —  | 46953  | —  | 46953  |
| Earnings from unconsolidated entities | 2708  | 3892  | —  | 9249  | —  | 15849  | (1296) | 14553  |
| Gain (loss) on sale of investments and other assets, net | 32875  | —  | (22) | 10060  | —  | 42913  | —  | 42913  |
| (Loss) gain on derivative financial instruments, net | (155014) | 38  | (4196) | (1385) | 33289  | (127268) | —  | (127268) |
| Foreign currency gain (loss), net | 112778  | 364  | (198) | —  | —  | 112944  | —  | 112944  |
| Gain (loss) on extinguishment of debt, net | 20447  | (2676) | —  | (90) | —  | 17681  | —  | 17681  |
| Other (loss) income, net | (32589) | —  | (2805) | 2428  | —  | (32966) | —  | (32966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income** | **111744**  | **1618**  | **39732**  | **73180**  | **33289**  | **259563**  | **162522**  | **422085**  |
| **Income (loss) before income taxes** | **667673**  | **94551**  | **2382**  | **174559**  | **(459353)** | **479812**  | **—**  | **479812**  |
| Income tax provision | (12297) | (110) | (1844) | (22468) | —  | (36719) | —  | (36719) |
| **Net income (loss)** | **655376**  | **94441**  | **538**  | **152091**  | **(459353)** | **443093**  | **—**  | **443093**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to non-controlling interests | (15) | —  | (25488) | (6046) | —  | (31549) | —  | (31549) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Starwood Property Trust, Inc.** | $**655361**  | $**94441**  | $**(24950)** | $**146045**  | $**(459353)** | $**411544**  | $**—**  | $**411544**  |

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**Reconciliation of Net Income to Distributable Earnings** 

**For the year ended December 31, 2025**

**(Amounts in thousands except per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Commercial and**<br>**Residential**<br>**Lending**<br>**Segment** | **Infrastructure**<br>**Lending**<br>**Segment** | **Property**<br>**Segment** | **Investing**<br>**and Servicing**<br>**Segment** | **Corporate** | **Total** |
| **Net income (loss) attributable to Starwood Property Trust, Inc.** | $**655361**  | $**94441**  | $**(24950)** | $**146045**  | $**(459353)** | $**411544**  |
| **Add / (Deduct):** |  |  |  |  |  |  |
| Non-controlling interests attributable to Woodstar II Class A Units | —  | —  | 18546  | —  | —  | 18546  |
| Non-controlling interests attributable to unrealized gains/losses | —  | —  | (13066) | 272  | —  | (12794) |
| Non-cash equity compensation expense | 11318  | 2794  | 3780  | 5582  | 30620  | 54094  |
| Management incentive fee | —  | —  | —  | —  | 13746  | 13746  |
| Depreciation and amortization | 12023  | —  | 60616  | 7085  | —  | 79724  |
| Straight-line rent adjustment | —  | —  | (153) | 126  | —  | (27) |
| Interest income adjustment for loans and securities | 23300  | —  | —  | 39750  | —  | 63050  |
| Consolidated income tax provision (benefit) associated with fair value adjustments | 12297  | 110  | (40) | 22468  | —  | 34835  |
| Other non-cash items | 15  | —  | (328) | (1761) | —  | (2074) |
| Reversal of GAAP unrealized and realized (gains) / losses on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | (122117) | —  | —  | (62323) | —  | (184440) |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit loss provision, net | 15851  | 3519  | —  | —  | —  | 19370  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | (8422) | —  | —  | 16803  | —  | 8381  |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodstar Fund investments | —  | —  | (46953) | —  | —  | (46953) |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 155014  | (38) | 4196  | 1385  | (33289) | 127268  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | (112778) | (364) | 198  | —  | —  | (112944) |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings from unconsolidated entities | (2708) | (3892) | —  | (9249) | —  | (15849) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of properties | (5223) | —  | 21  | (10060) | —  | (15262) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of properties | 26766  | —  | —  | —  | —  | 26766  |
| Recognition of Distributable realized gains / (losses) on: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | (2435) | —  | —  | 61175  | —  | 58740  |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities | (1355) | —  | —  | (35012) | —  | (36367) |
| &nbsp;&nbsp;&nbsp;&nbsp;Woodstar Fund investments | —  | —  | 110569  | —  | —  | 110569  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 70004  | 186  | (1722) | (1925) | (27955) | 38588  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency | 1554  | 219  | (199) | —  | —  | 1574  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings from unconsolidated entities | 2708  | 2801  | —  | 10116  | —  | 15625  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of properties | (43343) | —  | (25) | 3192  | —  | (40176) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Distributable Earnings (Loss)** | $**687830**  | $**99776**  | $**110490**  | $**193669**  | $**(476231)** | $**615534**  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Distributable Earnings (Loss) per Weighted Average Diluted Share** | $**1.89**  | $**0.27**  | $**0.30**  | $**0.53**  | $**(1.30)** | $**1.69**  |

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------

**Starwood Property Trust, Inc. and Subsidiaries**

**Condensed Consolidated Balance Sheet by Segment**

**As of December 31, 2025**

**(Amounts in thousands)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Commercial and**<br>**Residential Lending**<br>**Segment** | **Infrastructure**<br>**Lending**<br>**Segment** | **Property**<br>**Segment** | **Investing**<br>**and Servicing**<br>**Segment** | **Corporate** | **Subtotal** | **Securitization**<br>**VIEs** | **Total** |
| **Assets:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $74534  | $198031  | $70900  | $25149  | $130866  | $499480  | $—  | $499480  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 123215  | 33794  | 3236  | 454  | 14468  | 175167  | —  | 175167  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-investment, net | 16038333  | 2824379  | —  | —  | —  | 18862712  | —  | 18862712  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held-for-sale | 2278067  | —  | —  | 45476  | —  | 2323543  | —  | 2323543  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment securities | 641893  | 31273  | —  | 1284863  | —  | 1958029  | (1657029) | 301000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Properties, net | 732714  | —  | 2674276  | 41662  | —  | 3448652  | —  | 3448652  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments of consolidated affordable housing fund | —  | —  | 1727499  | —  | —  | 1727499  | —  | 1727499  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in unconsolidated entities | 8514  | 57997  | —  | 33203  | —  | 99714  | (14962) | 84752  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | —  | 119409  | —  | 140437  | —  | 259846  | —  | 259846  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 2817  | —  | 401268  | 69227  | —  | 473312  | (37253) | 436059  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative assets | 27157  | —  | —  | 201  | 18455  | 45813  | —  | 45813  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest receivable | 157116  | 4424  | 442  | 562  | 135  | 162679  | —  | 162679  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 193525  | 4623  | 107468  | 5454  | 51921  | 362991  | —  | 362991  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIE assets, at fair value | —  | —  | —  | —  | —  | —  | 34493164  | 34493164  |
| **Total Assets** | $**20277885**  | $**3273930**  | $**4985089**  | $**1646688**  | $**215845**  | $**30399437**  | $**32783920**  | $**63183357**  |
| **Liabilities and Equity** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | $165317  | $32732  | $113707  | $60423  | $127571  | $499750  | $—  | $499750  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related-party payable | —  | —  | —  | —  | 31662  | 31662  | —  | 31662  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends payable | —  | —  | —  | —  | 180413  | 180413  | —  | 180413  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative liabilities | 72351  | —  | —  | —  | 11632  | 83983  | —  | 83983  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured financing agreements, net | 8637246  | 719942  | 596906  | 517897  | 2226843  | 12698834  | (19886) | 12678948  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securitized financing, net | 2224239  | 1645536  | 1261678  | —  | —  | 5131453  | —  | 5131453  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured senior notes, net | —  | —  | —  | —  | 4283836  | 4283836  | —  | 4283836  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIE liabilities, at fair value | —  | —  | —  | —  | —  | —  | 32803806  | 32803806  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **11099153**  | **2398210**  | **1972291**  | **578320**  | **6861957**  | **22909931**  | **32783920**  | **55693851**  |
| **Temporary Equity:** Redeemable non-controlling interests  | —  | —  | 364118  | —  | —  | 364118  | —  | 364118  |
| **Permanent Equity:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Starwood Property Trust, Inc. Stockholders' Equity:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | —  | —  | —  | —  | 3780  | 3780  | —  | 3780  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2434975  | 521717  | 365416  | (814760) | 4449868  | 6957216  | —  | 6957216  |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | —  | —  | —  | —  | (138022) | (138022) | —  | (138022) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (accumulated deficit) | 6732082  | 354003  | 2077439  | 1759196  | (10961738) | (39018) | —  | (39018) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 11560  | —  | —  | —  | —  | 11560  | —  | 11560  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Starwood Property Trust, Inc. Stockholders' Equity** | 9178617  | 875720  | 2442855  | 944436  | (6646112) | 6795516  | —  | 6795516  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests in consolidated subsidiaries | 115  | —  | 205825  | 123932  | —  | 329872  | —  | 329872  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Permanent Equity** | **9178732**  | **875720**  | **2648680**  | **1068368**  | **(6646112)** | **7125388**  | **—**  | **7125388**  |
| **Total Liabilities and Equity** | $**20277885**  | $**3273930**  | $**4985089**  | $**1646688**  | $**215845**  | $**30399437**  | $**32783920**  | $**63183357**  |

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