Q1 2025 SUPPLEMENTAL REPORTING INFORMATION Table of Contents | Press Release | Page | 1 | | --- | --- | --- | | Highlights | Page | 7 | | Commercial and Residential Lending Segment | Page | 10 | | Infrastructure Lending Segment | Page | 18 | | Property Segment | Page | 19 | | Investing and Servicing Segment | Page | 22 | | Capitalization | Page | 24 | | Appendix | Page | 30 | (i) Cover photo: $190M first mortgage participation in The Perigon, Miami Beach PRESS RELEASE – Closed $1.3 Billion After Quarter End ...

– Quarterly GAAP Earnings of $0.33 and Distributable Earnings (DE) of $0.45 per Diluted Share –– Invested $2.3 Billion, Including $1.4 Billion in Commercial Lending and Record $0.7 Billion in Infrastructure Lending –– Closed $1.3 Billion After Quarter End, Including $0.9 Billion in Commercial Lending –– Issued $500 Million of Corporate Debt, Extending Average Maturity to 3.7 Years –– Current Liquidity of $1.5 Billion –– Paid Quarterly Dividend of $0.48 per Share for Over a Decade –MIAMI BEACH, Fla., May 9, ...

Preliminary Information [Registrant Information](index=1&type=section&id=Registrant%20Information) STWD is a Maryland corporation and large accelerated filer, with **339.5 million shares outstanding** as of May 2, 2025 - Starwood Property Trust, Inc. (STWD) is a **Maryland corporation** and a **large accelerated filer**, having filed all required reports under the Securities Exchange Act of 1934[2](index=2&type=chunk)[3](index=3&type=chunk) Common Stock Information | Metric | Value | | :----- | :---- | | Common stock outstanding (as of May 2, 2025) | 339,454,864 shares | | Common stock par value | $0.01 per share | | Exchange | New York Stock Exchange | [Special Note Regarding Forward-Looking Statements](index=2&type=section&id=Special%20Note%20Regarding%20Forward-Looking%20Statements) Forward-looking statements are subject to risks and uncertainties, and actual results may differ materially - The report contains **forward-looking statements** based on current beliefs and assumptions, which are subject to change due to various known and unknown events or factors[6](index=6&type=chunk)[7](index=7&type=chunk) - Factors that may cause actual results to vary include **borrower defaults**, **impairment of real estate value**, **availability of acquisition opportunities**, **timing mismatches in financing**, **economic conditions**, **geopolitical events**, **changes in laws**, **increased competition**, **interest rate changes**, and **liquidity costs**[9](index=9&type=chunk) - Readers are cautioned **not to place undue reliance** on these statements, and the company disclaims any obligation to update or revise them[6](index=6&type=chunk)[8](index=8&type=chunk) Part I - Financial Information [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Unaudited condensed consolidated financial statements, including balance sheets, operations, and cash flows, are presented [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) - Total assets decreased by approximately **$393 million** from December 31, 2024, to March 31, 2025, primarily driven by a decrease in VIE assets and loans held-for-sale, partially offset by an increase in loans held-for-investment[13](index=13&type=chunk) - Total liabilities decreased by approximately **$356 million**, mainly due to a reduction in VIE liabilities and unsecured senior notes, while secured financing agreements increased[13](index=13&type=chunk) Condensed Consolidated Balance Sheets (amounts in thousands) | Metric | As of March 31, 2025 | As of December 31, 2024 | | :---------------------------- | :------------------- | :---------------------- | | **Assets:** | | | | Cash and cash equivalents | $440,580 | $377,831 | | Total Assets | $62,163,347 | $62,556,497 | | **Liabilities:** | | | | Total Liabilities | $55,006,596 | $55,363,025 | | **Equity:** | | | | Total Starwood Property Trust, Inc. Stockholders' Equity | $6,405,665 | $6,437,107 | | Total Liabilities and Equity | $62,163,347 | $62,556,497 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) - Total revenues decreased by **$104.9 million (20.1%) YoY**, primarily due to lower interest income from loans and investment securities[17](index=17&type=chunk) - Net income attributable to Starwood Property Trust, Inc. decreased by **$42.1 million (27.3%) YoY**, resulting in a basic EPS decrease from **$0.49 to $0.33**[17](index=17&type=chunk) Condensed Consolidated Statements of Operations (amounts in thousands) | Metric | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2024 | | :---------------------------- | :---------------------------------------- | :---------------------------------------- | | Total revenues | $418,180 | $523,088 | | Total costs and expenses | $384,224 | $509,308 | | Total other income | $85,911 | $147,286 | | Net income | $116,101 | $159,860 | | Net income attributable to Starwood Property Trust, Inc. | $112,255 | $154,332 | | Basic EPS | $0.33 | $0.49 | | Diluted EPS | $0.33 | $0.48 | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) - Comprehensive income attributable to Starwood Property Trust, Inc. decreased by **$41.7 million YoY**, mainly driven by lower net income and a slightly reduced other comprehensive loss[19](index=19&type=chunk) Condensed Consolidated Statements of Comprehensive Income (amounts in thousands) | Metric | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2024 | | :---------------------------- | :---------------------------------------- | :---------------------------------------- | | Net income | $116,101 | $159,860 | | Other comprehensive loss | $(867) | $(1,291) | | Comprehensive income attributable to Starwood Property Trust, Inc. | $111,388 | $153,041 | [Condensed Consolidated Statements of Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Equity) - Total Starwood Property Trust, Inc. Stockholders' Equity decreased by **$31.4 million** from December 31, 2024, to March 31, 2025, primarily due to dividends declared exceeding net income, partially offset by proceeds from equity plans and share-based compensation[21](index=21&type=chunk) - Dividends declared were **$0.48 per share** for the three months ended March 31, 2025, totaling **$163.9 million**[21](index=21&type=chunk) Condensed Consolidated Statements of Equity (amounts in thousands) | Metric | As of March 31, 2025 | As of December 31, 2024 | | :---------------------------- | :------------------- | :---------------------- | | Total Starwood Property Trust, Inc. Stockholders' Equity | $6,405,665 | $6,437,107 | | Total Permanent Equity | $6,729,916 | $6,766,777 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) - Net cash provided by operating activities significantly increased to **$238.9 million** in Q1 2025 from **$55.9 million** in Q1 2024[24](index=24&type=chunk) - Investing activities shifted from providing **$1.17 billion** in Q1 2024 to using **$906.4 million** in Q1 2025, primarily due to higher originations of loans held-for-investment and lower proceeds from sales of real estate[24](index=24&type=chunk) - Financing activities provided **$805.5 million** in Q1 2025, a substantial change from using **$1.08 billion** in Q1 2024, driven by higher proceeds from borrowings and lower principal repayments[26](index=26&type=chunk) Condensed Consolidated Statements of Cash Flows (amounts in thousands) | Metric | For the Three Months Ended March 31, 2025 | For the Three Months Ended March 31, 2024 | | :---------------------------------------- | :---------------------------------------- | :---------------------------------------- | | Net cash provided by operating activities | $238,865 | $55,949 | | Net cash (used in) provided by investing activities | $(906,449) | $1,165,661 | | Net cash provided by (used in) financing activities | $805,506 | $(1,079,833) | | Net increase in cash, cash equivalents and restricted cash | $137,922 | $141,777 | | Cash, cash equivalents and restricted cash, end of period | $692,351 | $452,704 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the company's business, accounting policies, and specific financial line items [Note 1 Business and Organization](index=10&type=section&id=Note%201%20Business%20and%20Organization) STWD is a Maryland REIT focused on originating, acquiring, financing, and managing mortgage loans and real estate investments - **STWD is a Maryland corporation**, commenced operations in August 2009, and operates as a **REIT**, generally not subject to U.S. federal corporate income tax on distributed net income[29](index=29&type=chunk)[31](index=31&type=chunk) - The company's strategy involves originating, acquiring, financing, and managing mortgage loans and other real estate investments in the U.S., Europe, and Australia, with flexibility to adjust based on market conditions[29](index=29&type=chunk) - **Commercial and Residential Lending Segment:** Focuses on commercial first mortgages, non-agency residential mortgages, subordinated/mezzanine loans, preferred equity, CMBS, RMBS, and other real estate debt - **Infrastructure Lending Segment:** Engages in originating, acquiring, financing, and managing infrastructure debt investments - **Property Segment:** Acquires and manages equity interests in stabilized and to-be-stabilized commercial real estate properties, including multifamily - **Investing and Servicing Segment:** Includes a U.S. servicing business, investment

Starwood to open up its $30 billion real asset credit platform to the insurance industry MIAMI BEACH, Fla., May 8, 2025 /PRNewswire/ -- Starwood Capital Group ("Starwood Capital") today announced the appointment of Rob Allard as Chief Investment Officer for Starwood Insurance Strategies, a new extension of Starwood Capital's credit platform. Mr. Allard brings more than 27 years of financial industry experience to his new position, including deep expertise in insurance markets, asset-backed finance and priva ...

Core Viewpoint - Starwood Property Trust will release its first quarter 2025 financial results on May 9, 2025, before the market opens, followed by a conference call to discuss performance and recent events [1][4]. Financial Results Announcement - The financial results will be available on the company's website on May 9, 2025 [6]. - A conference call is scheduled for May 9, 2025, at 10:00 a.m. Eastern Time to review the first quarter performance and hold a Q&A session [1]. Participation Details - Participants can join the conference call by dialing in at least five minutes prior to the start time, with domestic and international numbers provided [3]. - A playback of the conference call will be available for 90 days after the event [2][3]. Company Overview - Starwood Property Trust is a diversified finance company focused on real estate and infrastructure, managing a portfolio of over $25 billion across debt and equity investments [4]. - The company has deployed over $102 billion of capital since its inception and aims to generate attractive and stable returns for shareholders primarily through dividends [4].

Core Insights - The current market volatility has created opportunities for income and value investors, particularly those focused on defensive stocks with a medium- to long-term investment horizon [2]. Group 1: Investment Focus - iREIT+HOYA Capital emphasizes income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1]. - The service offers a free two-week trial to explore top ideas within exclusive income-focused portfolios [1]. Group 2: Market Context - Passive investors, particularly those invested in index funds like the S&P 500, are experiencing challenges due to market fluctuations [2]. - The ongoing market conditions are seen as a chance for investors who prioritize income over capital gains [2].

Core Insights - Starwood Capital Group and Fontainebleau Development are collaborating on the development of 1 Homes Jupiter Island, which will feature 26 oceanfront estate residences designed for luxury living [1][2][4] - The residences will range from 4,000 to 6,000 square feet and will include three to four bedrooms, with a focus on sustainability and luxury [1][6] - The project is positioned as a unique opportunity for exclusive oceanfront living in a limited development area on Jupiter Island [8] Company Overview - Starwood Capital Group is a private investment firm focused on global real estate, managing approximately $115 billion in assets and having raised over $80 billion since its inception [10] - Fontainebleau Development is a premier real estate development group with a diverse portfolio, including hospitality, residential, and commercial sectors, and has been involved in over 100 projects valued at over $38 billion [13][14] Project Details - 1 Homes Jupiter Island will offer luxury amenities such as custom kitchens, energy-efficient appliances, and smart home technology, designed to enhance the coastal lifestyle [6][7] - The development will include penthouses with private rooftop terraces and beach residences with oversized terraces and private pools, emphasizing outdoor living [6][8] - The project aims to create a seamless connection with the natural beauty of the region, reflecting a commitment to luxury and sustainability [4][5]

MIAMI and HOUSTON, April 4, 2025 /PRNewswire/ -- A joint venture between an affiliate of Starwood Capital Group, a global private investment firm with a primary focus on real estate, and an affiliate of Land Strategies Management (DBA Starwood Land), announced today that it has completed the acquisition of a portfolio of master-planned communities in Texas from Hines, a global real estate investment manager, for approximately $800 million.  The acquisition comprises 11 master-planned communities that are in ...

MIAMI, April 1, 2025 /PRNewswire/ -- Starwood Capital Group ("Starwood Capital"), a global private investment firm with a primary focus on real estate, today announced that Jonathan Pollack officially joined the firm as its President effective today, April 1st. Mr. Pollack brings more than 26 years' experience in real estate investing to his new role and will work with Chairman and CEO Barry Sternlicht and the rest of Starwood Capital's senior leadership team to guide the firm into the next stage of its gro ...

Core Insights - Starwood Property (NYSE: STWD) exceeded distributable earnings expectations for the fourth quarter, supporting its dividend with these earnings [1] - The company beat the consensus distributable earnings estimate by $0.01 per share, marking its third consecutive quarter of dividend payments [1]