Segment Data (Tables)

The table below presents our results of operations for the three months ended March 31, 2026 by business segment (amounts in thousands):


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	310,314	$	61,438	$	—	$	2,059	$	—	$	373,811	$	—	$	373,811
Interest income from investment securities	15,637		384		—		23,933		—		39,954		(34,516)		5,438
Servicing fees	112		—		—		51,619		—		51,731		(3,711)		48,020
Rental income	16,305		—		60,843		2,823		—		79,971		—		79,971
Other revenues	2,213		1,473		457		403		670		5,216		—		5,216
Total revenues	344,581		63,295		61,300		80,837		670		550,683		(38,227)		512,456
Costs and expenses:
Management fees	32		—		—		—		36,150		36,182		—		36,182
Interest expense	154,923		36,696		27,951		6,826		102,654		329,050		(144)		328,906
General and administrative	16,792		5,918		8,868		21,928		4,827		58,333		—		58,333
Costs of rental operations	13,216		—		7,260		2,658		—		23,134		—		23,134
Depreciation and amortization	4,237		10		28,078		1,150		251		33,726		—		33,726
Credit loss provision (reversal), net	586		(963)		—		—		—		(377)		—		(377)
Other expense	77		112		72		140		—		401		—		401
Total costs and expenses	189,863		41,773		72,229		32,702		143,882		480,449		(144)		480,305
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		32,502		32,502
Change in fair value of servicing rights	—		—		—		1,004		—		1,004		(1,541)		(537)
Change in fair value of investment securities, net	451		—		—		(7,921)		—		(7,470)		7,559		89
Change in fair value of mortgage loans, net	(20,980)		—		—		8,312		—		(12,668)		—		(12,668)
Income from affordable housing fund investments	—		—		12,464		—		—		12,464		—		12,464
Earnings (loss) from unconsolidated entities	—		843		—		412		—		1,255		(437)		818
Gain on sale of investments and other assets, net	210		—		469		—		—		679		—		679
Gain (loss) on derivative financial instruments, net	16,363		89		2,276		242		(21,433)		(2,463)		—		(2,463)
Foreign currency (loss) gain, net	(6,115)		—		25		—		—		(6,090)		—		(6,090)
Loss on extinguishment of debt	—		(31)		(304)		—		—		(335)		—		(335)
Other (loss) income, net	(2,875)		51		(309)		—		—		(3,133)		—		(3,133)
Total other income (loss)	(12,946)		952		14,621		2,049		(21,433)		(16,757)		38,083		21,326
Income (loss) before income taxes	141,772		22,474		3,692		50,184		(164,645)		53,477		—		53,477
Income tax benefit (provision)	11,728		(50)		17		(7,750)		—		3,945		—		3,945
Net income (loss)	153,500		22,424		3,709		42,434		(164,645)		57,422		—		57,422
Net (income) loss attributable to non-controlling interests	(3)		—		(6,827)		1,286		—		(5,544)		—		(5,544)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	153,497	$	22,424	$	(3,118)	$	43,720	$	(164,645)	$	51,878	$	—	$	51,878

The table below presents our results of operations for the three months ended March 31, 2025 by business segment (amounts in thousands):


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	290,299	$	60,456	$	—	$	3,168	$	—	$	353,923	$	—	$	353,923
Interest income from investment securities	23,889		154		—		28,174		—		52,217		(39,996)		12,221
Servicing fees	65		—		—		21,829		—		21,894		(4,434)		17,460
Rental income	8,203		—		16,315		4,665		—		29,183		—		29,183
Other revenues	3,010		1,015		234		1,039		95		5,393		—		5,393
Total revenues	325,466		61,625		16,549		58,875		95		462,610		(44,430)		418,180
Costs and expenses:
Management fees	180		—		—		—		40,583		40,763		—		40,763
Interest expense	165,551		35,154		8,977		8,133		74,538		292,353		(195)		292,158
General and administrative	14,606		5,018		1,414		22,501		4,608		48,147		—		48,147
Costs of rental operations	5,518		—		6,018		3,284		—		14,820		—		14,820
Depreciation and amortization	3,607		10		5,865		1,751		251		11,484		—		11,484
Credit loss (reversal) provision, net	(25,759)		760		—		—		—		(24,999)		—		(24,999)
Other expense	(25)		1,923		(82)		35		—		1,851		—		1,851
Total costs and expenses	163,678		42,865		22,192		35,704		119,980		384,419		(195)		384,224
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		28,691		28,691
Change in fair value of servicing rights	—		—		—		(114)		—		(114)		867		753
Change in fair value of investment securities, net	7,397		—		—		(22,629)		—		(15,232)		15,059		(173)
Change in fair value of mortgage loans, net	42,574		—		—		15,830		—		58,404		—		58,404
Income from affordable housing fund investments	—		—		3,910		—		—		3,910		—		3,910
Earnings (loss) from unconsolidated entities	1,296		(622)		—		245		—		919		(382)		537

(Loss) gain on derivative financial instruments, net	(65,838)		(19)		(98)		(1,073)		27,339		(39,689)		—		(39,689)
Foreign currency gain (loss), net	34,616		236		(61)		—		—		34,791		—		34,791

Other (loss) income, net	(489)		—		(828)		4		—		(1,313)		—		(1,313)
Total other income (loss)	19,556		(405)		2,923		(7,737)		27,339		41,676		44,235		85,911
Income (loss) before income taxes	181,344		18,355		(2,720)		15,434		(92,546)		119,867		—		119,867
Income tax provision	(294)		(133)		—		(3,339)		—		(3,766)		—		(3,766)
Net income (loss)	181,050		18,222		(2,720)		12,095		(92,546)		116,101		—		116,101
Net (income) loss attributable to non-controlling interests	(3)		—		(5,084)		1,241		—		(3,846)		—		(3,846)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	181,047	$	18,222	$	(7,804)	$	13,336	$	(92,546)	$	112,255	$	—	$	112,255

The table below presents our consolidated balance sheet as of March 31, 2026 by business segment (amounts in thousands):


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Assets:
Cash and cash equivalents	$	44,239	$	125,331	$	33,521	$	6,001	$	81,193	$	290,285	$	—	$	290,285
Restricted cash	322,650		22,909		3,085		412		26,721		375,777		—		375,777
Loans held-for-investment, net	16,214,754		3,066,806		—		—		—		19,281,560		—		19,281,560
Loans held-for-sale	2,218,429		—		—		104,511		—		2,322,940		—		2,322,940
Investment securities	639,401		30,301		—		1,236,128		—		1,905,830		(1,597,627)		308,203
Properties, net	1,039,257		—		2,778,893		40,984		—		3,859,134		—		3,859,134

Investments of consolidated affordable housing fund	—		—		1,729,433		—		—		1,729,433		—		1,729,433
Investments in unconsolidated entities	8,514		58,840		—		33,316		—		100,670		(15,112)		85,558
Goodwill	—		119,409		—		140,437		—		259,846		—		259,846
Intangible assets, net	2,670		—		392,643		70,136		—		465,449		(38,794)		426,655
Derivative assets	24,074		—		—		219		7,958		32,251		—		32,251
Accrued interest receivable	168,183		8,160		—		218		847		177,408		—		177,408
Other assets	329,455		42,273		131,023		(15,547)		51,262		538,466		—		538,466
VIE assets, at fair value	—		—		—		—		—		—		32,399,812		32,399,812
Total Assets	$	21,011,626	$	3,474,029	$	5,068,598	$	1,616,815	$	167,981	$	31,339,049	$	30,748,279	$	62,087,328
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	207,080	$	36,017	$	117,476	$	38,940	$	137,872	$	537,385	$	—	$	537,385
Related-party payable	—		—		—		—		33,708		33,708		—		33,708
Dividends payable	—		—		—		—		180,900		180,900		—		180,900
Derivative liabilities	63,970		—		—		—		15,460		79,430		—		79,430
Secured financing agreements, net	9,846,525		587,374		533,953		596,988		2,224,516		13,789,356		(19,780)		13,769,576
Securitized financing, net	1,874,602		1,809,126		1,398,169		—		—		5,081,897		—		5,081,897
Unsecured senior notes, net	—		—		—		—		4,287,646		4,287,646		—		4,287,646

VIE liabilities, at fair value	—		—		—		—		—		—		30,768,059		30,768,059
Total Liabilities	11,992,177		2,432,517		2,049,598		635,928		6,880,102		23,990,322		30,748,279		54,738,601
Temporary Equity: Redeemable non-controlling interests	—		—		357,487		—		—		357,487		—		357,487
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	—		—		—		—		3,793		3,793		—		3,793
Additional paid-in capital	2,122,871		665,085		381,367		(941,857)		4,747,155		6,974,621		—		6,974,621
Treasury stock	—		—		—		—		(157,958)		(157,958)		—		(157,958)
Retained earnings (accumulated deficit)	6,885,579		376,427		2,074,321		1,802,916		(11,305,111)		(165,868)		—		(165,868)
Accumulated other comprehensive income	10,881		—		—		—		—		10,881		—		10,881
Total Starwood Property Trust, Inc. Stockholders’ Equity	9,019,331		1,041,512		2,455,688		861,059		(6,712,121)		6,665,469		—		6,665,469
Non-controlling interests in consolidated subsidiaries	118		—		205,825		119,828		—		325,771		—		325,771
Total Permanent Equity	9,019,449		1,041,512		2,661,513		980,887		(6,712,121)		6,991,240		—		6,991,240
Total Liabilities and Equity	$	21,011,626	$	3,474,029	$	5,068,598	$	1,616,815	$	167,981	$	31,339,049	$	30,748,279	$	62,087,328

The table below presents our consolidated balance sheet as of December 31, 2025 by business segment (amounts in thousands):


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Assets:
Cash and cash equivalents	$	74,534	$	198,031	$	70,900	$	25,149	$	130,866	$	499,480	$	—	$	499,480
Restricted cash	123,215		33,794		3,236		454		14,468		175,167		—		175,167
Loans held-for-investment, net	16,038,333		2,824,379		—		—		—		18,862,712		—		18,862,712
Loans held-for-sale	2,278,067		—		—		45,476		—		2,323,543		—		2,323,543
Investment securities	641,893		31,273		—		1,284,863		—		1,958,029		(1,657,029)		301,000
Properties, net	732,714		—		2,674,276		41,662		—		3,448,652		—		3,448,652

Investments of consolidated affordable housing fund	—		—		1,727,499		—		—		1,727,499		—		1,727,499
Investments in unconsolidated entities	8,514		57,997		—		33,203		—		99,714		(14,962)		84,752
Goodwill	—		119,409		—		140,437		—		259,846		—		259,846
Intangible assets, net	2,817		—		401,268		69,227		—		473,312		(37,253)		436,059
Derivative assets	27,157		—		—		201		18,455		45,813		—		45,813
Accrued interest receivable	157,116		4,424		442		562		135		162,679		—		162,679
Other assets	193,525		4,623		107,468		5,454		51,921		362,991		—		362,991
VIE assets, at fair value	—		—		—		—		—		—		34,493,164		34,493,164
Total Assets	$	20,277,885	$	3,273,930	$	4,985,089	$	1,646,688	$	215,845	$	30,399,437	$	32,783,920	$	63,183,357
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	165,317	$	32,732	$	113,707	$	60,423	$	127,571	$	499,750	$	—	$	499,750
Related-party payable	—		—		—		—		31,662		31,662		—		31,662
Dividends payable	—		—		—		—		180,413		180,413		—		180,413
Derivative liabilities	72,351		—		—		—		11,632		83,983		—		83,983
Secured financing agreements, net	8,637,246		719,942		596,906		517,897		2,226,843		12,698,834		(19,886)		12,678,948
Securitized financing, net	2,224,239		1,645,536		1,261,678		—		—		5,131,453		—		5,131,453
Unsecured senior notes, net	—		—		—		—		4,283,836		4,283,836		—		4,283,836

VIE liabilities, at fair value	—		—		—		—		—		—		32,803,806		32,803,806
Total Liabilities	11,099,153		2,398,210		1,972,291		578,320		6,861,957		22,909,931		32,783,920		55,693,851
Temporary Equity: Redeemable non-controlling interests	—		—		364,118		—		—		364,118		—		364,118
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	—		—		—		—		3,780		3,780		—		3,780
Additional paid-in capital	2,434,975		521,717		365,416		(814,760)		4,449,868		6,957,216		—		6,957,216
Treasury stock	—		—		—		—		(138,022)		(138,022)		—		(138,022)
Retained earnings (accumulated deficit)	6,732,082		354,003		2,077,439		1,759,196		(10,961,738)		(39,018)		—		(39,018)
Accumulated other comprehensive income	11,560		—		—		—		—		11,560		—		11,560
Total Starwood Property Trust, Inc. Stockholders’ Equity	9,178,617		875,720		2,442,855		944,436		(6,646,112)		6,795,516		—		6,795,516
Non-controlling interests in consolidated subsidiaries	115		—		205,825		123,932		—		329,872		—		329,872
Total Permanent Equity	9,178,732		875,720		2,648,680		1,068,368		(6,646,112)		7,125,388		—		7,125,388
Total Liabilities and Equity	$	20,277,885	$	3,273,930	$	4,985,089	$	1,646,688	$	215,845	$	30,399,437	$	32,783,920	$	63,183,357

The table below presents our additions to long-lived assets by business segment for the three months ended March 31, 2026 and 2025 (amounts in thousands) (1):


	Three Months Ended March 31,
	2026		2025
Commercial and Residential Lending Segment	$	351,205	$	55,088
Property Segment	146,108		2,561
Investing and Servicing Segment	179		476


Total additions to long-lived assets	$	497,492	$	58,125

_____________________________________________________________________________________________________________________

(1)Includes cash and non-cash acquisitions of properties and related lease intangibles (including through loan foreclosure), as discussed in Notes 3, 4 and 6, and property capital improvements.