<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2026 Workiva-->
<!--r:019e651b-8662-7b6f-9f63-3ed958cd22c8,g:9b8fd605-bea5-474e-aa58-712265613227-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:arcroleRef arcroleURI="https://xbrl.org/2023/arcrole/summation-item" xlink:type="simple" xlink:href="https://www.xbrl.org/2023/calculation-1.1.xsd#summation-item"/>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/CondensedConsolidatedBalanceSheetsUnaudited" xlink:type="simple" xlink:href="stwd-20260630.xsd#CondensedConsolidatedBalanceSheetsUnaudited"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/CondensedConsolidatedBalanceSheetsUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e651b-8ea7-70da-9c9e-7047b844596d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019e651b-8ea7-7ff7-8785-831a4dd67960" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Liabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e651b-8ea7-70da-9c9e-7047b844596d" xlink:to="loc_us-gaap_Liabilities_019e651b-8ea7-7ff7-8785-831a4dd67960" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e651b-8ea7-7aa8-bb62-91d6632e0e69" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e651b-8ea7-70da-9c9e-7047b844596d" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e651b-8ea7-7aa8-bb62-91d6632e0e69" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_019e651b-8ea7-7fe7-af59-a8119b6a857c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e651b-8ea7-70da-9c9e-7047b844596d" xlink:to="loc_us-gaap_RedeemableNoncontrollingInterestEquityCarryingAmount_019e651b-8ea7-7fe7-af59-a8119b6a857c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies_019e651b-8ea7-7cde-b283-b3b3b4dd72cf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommitmentsAndContingencies"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e651b-8ea7-70da-9c9e-7047b844596d" xlink:to="loc_us-gaap_CommitmentsAndContingencies_019e651b-8ea7-7cde-b283-b3b3b4dd72cf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Assets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsFairValueDisclosure_019e651b-8ea7-7abc-b654-3f60c0a59787" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentsFairValueDisclosure"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_InvestmentsFairValueDisclosure_019e651b-8ea7-7abc-b654-3f60c0a59787" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Goodwill_019e651b-8ea7-7a8f-9c21-6877d655b368" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Goodwill"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_Goodwill_019e651b-8ea7-7a8f-9c21-6877d655b368" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets_019e651b-8ea7-7199-a9e9-a1a156369cff" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeAssets"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_DerivativeAssets_019e651b-8ea7-7199-a9e9-a1a156369cff" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_VariableInterestEntityAssets_019e651b-8ea7-7398-801a-760de71692c0" xlink:href="stwd-20260630.xsd#stwd_VariableInterestEntityAssets"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_stwd_VariableInterestEntityAssets_019e651b-8ea7-7398-801a-760de71692c0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_InvestmentsExcludingUnconsolidatedEntities_019e651b-8ea7-7070-9f69-b93163fc9200" xlink:href="stwd-20260630.xsd#stwd_InvestmentsExcludingUnconsolidatedEntities"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_stwd_InvestmentsExcludingUnconsolidatedEntities_019e651b-8ea7-7070-9f69-b93163fc9200" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotesReceivableNet_019e651b-8ea7-758b-b6d6-a838629f3064" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NotesReceivableNet"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_NotesReceivableNet_019e651b-8ea7-758b-b6d6-a838629f3064" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_019e651b-8ea7-7598-a46c-103fa5fcc42e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_019e651b-8ea7-7598-a46c-103fa5fcc42e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_019e651b-8ea7-7bae-863b-0f7276348811" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_019e651b-8ea7-7bae-863b-0f7276348811" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherAssets_019e651b-8ea7-71c8-aa21-9af058d1d630" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherAssets"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_OtherAssets_019e651b-8ea7-71c8-aa21-9af058d1d630" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents_019e651b-8ea7-754b-bc30-109070fcc77b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RestrictedCashAndCashEquivalents"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents_019e651b-8ea7-754b-bc30-109070fcc77b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyNet_019e651b-8ea7-75bd-a30e-cf203253043d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyNet"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_RealEstateInvestmentPropertyNet_019e651b-8ea7-75bd-a30e-cf203253043d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019e651b-8ea7-7dad-9de5-a7c1aaa843c2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="12" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019e651b-8ea7-7dad-9de5-a7c1aaa843c2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestReceivable_019e651b-8ea7-78b2-8f7a-408be90cbd86" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestReceivable"/>
    <link:calculationArc order="13" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_InterestReceivable_019e651b-8ea7-78b2-8f7a-408be90cbd86" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup_019e651b-8ea7-70c8-afe7-0d6a5f411cb4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup"/>
    <link:calculationArc order="14" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e651b-8ea7-7414-ba67-5890fc4457c8" xlink:to="loc_us-gaap_LoansReceivableHeldForSaleNetNotPartOfDisposalGroup_019e651b-8ea7-70c8-afe7-0d6a5f411cb4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e651b-8ea7-75e0-876a-829c3b44ded6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019e651b-8ea7-74e1-8205-0cdb13a7ce6d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquity"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e651b-8ea7-75e0-876a-829c3b44ded6" xlink:to="loc_us-gaap_StockholdersEquity_019e651b-8ea7-74e1-8205-0cdb13a7ce6d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest_019e651b-8ea7-7f0a-a597-4fc17d4a9b88" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MinorityInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e651b-8ea7-75e0-876a-829c3b44ded6" xlink:to="loc_us-gaap_MinorityInterest_019e651b-8ea7-7f0a-a597-4fc17d4a9b88" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019e651b-8ea7-765b-a1ce-de84987ce886" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PreferredStockValue_019e651b-8ea7-7a72-b3de-bba9ba55c542" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PreferredStockValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e651b-8ea7-765b-a1ce-de84987ce886" xlink:to="loc_us-gaap_PreferredStockValue_019e651b-8ea7-7a72-b3de-bba9ba55c542" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue_019e651b-8ea7-72dc-9102-33ed1de94cdf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockValue"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e651b-8ea7-765b-a1ce-de84987ce886" xlink:to="loc_us-gaap_CommonStockValue_019e651b-8ea7-72dc-9102-33ed1de94cdf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock_019e651b-8ea7-7899-a810-714daae02303" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AdditionalPaidInCapitalCommonStock"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e651b-8ea7-765b-a1ce-de84987ce886" xlink:to="loc_us-gaap_AdditionalPaidInCapitalCommonStock_019e651b-8ea7-7899-a810-714daae02303" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_TreasuryStockCommonValue_019e651b-8ea7-7341-8b84-253f1354838e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_TreasuryStockCommonValue"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e651b-8ea7-765b-a1ce-de84987ce886" xlink:to="loc_us-gaap_TreasuryStockCommonValue_019e651b-8ea7-7341-8b84-253f1354838e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_019e651b-8ea7-7bf4-93e9-5c12fb59d48e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e651b-8ea7-765b-a1ce-de84987ce886" xlink:to="loc_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_019e651b-8ea7-7bf4-93e9-5c12fb59d48e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019e651b-8ea7-7054-9a9d-1ad9063ad6a8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e651b-8ea7-765b-a1ce-de84987ce886" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019e651b-8ea7-7054-9a9d-1ad9063ad6a8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019e651b-8ea7-7853-9ae0-a52e5d780931" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Liabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnsecuredDebt_019e651b-8ea7-75cc-acb8-cc9e1c4a210c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UnsecuredDebt"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e651b-8ea7-7853-9ae0-a52e5d780931" xlink:to="loc_us-gaap_UnsecuredDebt_019e651b-8ea7-75cc-acb8-cc9e1c4a210c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CollateralizedFinancings_019e651b-8ea7-77de-b500-bd88734be450" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CollateralizedFinancings"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e651b-8ea7-7853-9ae0-a52e5d780931" xlink:to="loc_us-gaap_CollateralizedFinancings_019e651b-8ea7-77de-b500-bd88734be450" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities_019e651b-8ea7-7dcb-8040-962a85e041f1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e651b-8ea7-7853-9ae0-a52e5d780931" xlink:to="loc_us-gaap_DerivativeLiabilities_019e651b-8ea7-7dcb-8040-962a85e041f1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_019e651b-8ea7-7c92-9c4f-3c11a131e828" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e651b-8ea7-7853-9ae0-a52e5d780931" xlink:to="loc_us-gaap_DividendsPayableCurrentAndNoncurrent_019e651b-8ea7-7c92-9c4f-3c11a131e828" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredDebt_019e651b-8ea7-72ce-b352-dd3af3ba8613" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuredDebt"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e651b-8ea7-7853-9ae0-a52e5d780931" xlink:to="loc_us-gaap_SecuredDebt_019e651b-8ea7-72ce-b352-dd3af3ba8613" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_019e651b-8ea7-7302-bb16-676a21050059" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e651b-8ea7-7853-9ae0-a52e5d780931" xlink:to="loc_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent_019e651b-8ea7-7302-bb16-676a21050059" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_VariableInterestEntityLiabilities_019e651b-8ea7-74b3-87b3-a73f6da47c7a" xlink:href="stwd-20260630.xsd#stwd_VariableInterestEntityLiabilities"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e651b-8ea7-7853-9ae0-a52e5d780931" xlink:to="loc_stwd_VariableInterestEntityLiabilities_019e651b-8ea7-74b3-87b3-a73f6da47c7a" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/CondensedConsolidatedStatementsofOperationsUnaudited" xlink:type="simple" xlink:href="stwd-20260630.xsd#CondensedConsolidatedStatementsofOperationsUnaudited"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/CondensedConsolidatedStatementsofOperationsUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_019e651b-8ea7-720e-90a6-6009af672b61" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019e651b-8ea7-79c9-864a-211fc9f628ee" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019e651b-8ea7-720e-90a6-6009af672b61" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019e651b-8ea7-79c9-864a-211fc9f628ee" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e651b-8ea7-70f9-90c9-68cde75cfa51" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019e651b-8ea7-720e-90a6-6009af672b61" xlink:to="loc_us-gaap_ProfitLoss_019e651b-8ea7-70f9-90c9-68cde75cfa51" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeNet_019e651b-8ea7-75ca-8b01-283835e1699f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentIncomeNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:to="loc_us-gaap_InvestmentIncomeNet_019e651b-8ea7-75ca-8b01-283835e1699f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_GainLossOnMortgageLoansHeldForSale_019e651b-8ea7-7c24-ab17-982f3df2b1a9" xlink:href="stwd-20260630.xsd#stwd_GainLossOnMortgageLoansHeldForSale"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:to="loc_stwd_GainLossOnMortgageLoansHeldForSale_019e651b-8ea7-7c24-ab17-982f3df2b1a9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecuritiesUnrealizedGainLoss_019e651b-8ea7-7103-ba75-e41e0df035e0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MarketableSecuritiesUnrealizedGainLoss"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:to="loc_us-gaap_MarketableSecuritiesUnrealizedGainLoss_019e651b-8ea7-7103-ba75-e41e0df035e0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherNonoperatingIncomeExpense_019e651b-8ea7-7f4a-8467-2f7a7d7707cf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherNonoperatingIncomeExpense"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:to="loc_us-gaap_OtherNonoperatingIncomeExpense_019e651b-8ea7-7f4a-8467-2f7a7d7707cf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019e651b-8ea7-74c7-8979-ae13bcca5441" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019e651b-8ea7-74c7-8979-ae13bcca5441" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_019e651b-8ea7-7131-ae30-67cb6eb5c543" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:to="loc_us-gaap_GainLossOnDerivativeInstrumentsNetPretax_019e651b-8ea7-7131-ae30-67cb6eb5c543" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_019e651b-8ea7-7eb8-a1a3-0ab1b0d43961" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:to="loc_us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_019e651b-8ea7-7eb8-a1a3-0ab1b0d43961" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_019e651b-8ea7-70d6-bd5a-3fa2d55b70b4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:to="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_019e651b-8ea7-70d6-bd5a-3fa2d55b70b4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_FairValueOfServiceRightsGainLoss_019e651b-8ea7-7791-880d-df6ad8036ab4" xlink:href="stwd-20260630.xsd#stwd_FairValueOfServiceRightsGainLoss"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:to="loc_stwd_FairValueOfServiceRightsGainLoss_019e651b-8ea7-7791-880d-df6ad8036ab4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_GainLossOnSaleOfInvestmentsNet_019e651b-8ea7-74e7-82c8-ab9f5deaca09" xlink:href="stwd-20260630.xsd#stwd_GainLossOnSaleOfInvestmentsNet"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:to="loc_stwd_GainLossOnSaleOfInvestmentsNet_019e651b-8ea7-74e7-82c8-ab9f5deaca09" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax_019e651b-8ea7-74f1-8935-4c8f945ceaee" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-72bd-aef4-c4015b74019b" xlink:to="loc_us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityIncomeOrLossBeforeTax_019e651b-8ea7-74f1-8935-4c8f945ceaee" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_019e651b-8ea7-7438-b253-bbeea6c2ac37" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Revenues"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestAndFeeIncomeLoansCommercial_019e651b-8ea7-7362-826d-ad97ff37c04e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestAndFeeIncomeLoansCommercial"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019e651b-8ea7-7438-b253-bbeea6c2ac37" xlink:to="loc_us-gaap_InterestAndFeeIncomeLoansCommercial_019e651b-8ea7-7362-826d-ad97ff37c04e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeSecuritiesMortgageBacked_019e651b-8ea7-7cda-be12-0b7ea0dc1323" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestIncomeSecuritiesMortgageBacked"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019e651b-8ea7-7438-b253-bbeea6c2ac37" xlink:to="loc_us-gaap_InterestIncomeSecuritiesMortgageBacked_019e651b-8ea7-7cda-be12-0b7ea0dc1323" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FeesAndCommissionsMortgageBankingAndServicing_019e651b-8ea7-7370-a4ef-bd36cab263ac" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FeesAndCommissionsMortgageBankingAndServicing"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019e651b-8ea7-7438-b253-bbeea6c2ac37" xlink:to="loc_us-gaap_FeesAndCommissionsMortgageBankingAndServicing_019e651b-8ea7-7370-a4ef-bd36cab263ac" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OperatingLeaseLeaseIncome_019e651b-8ea7-762b-b495-61e8f7e4113c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OperatingLeaseLeaseIncome"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019e651b-8ea7-7438-b253-bbeea6c2ac37" xlink:to="loc_us-gaap_OperatingLeaseLeaseIncome_019e651b-8ea7-762b-b495-61e8f7e4113c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestIncomeOtherOperatingIncome_019e651b-8ea7-70d2-a27a-4917167bd053" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NoninterestIncomeOtherOperatingIncome"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Revenues_019e651b-8ea7-7438-b253-bbeea6c2ac37" xlink:to="loc_us-gaap_NoninterestIncomeOtherOperatingIncome_019e651b-8ea7-70d2-a27a-4917167bd053" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019e651b-8ea7-7a26-88c3-0e36f745578f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Revenues_019e651b-8ea7-7702-8883-09cc683658f9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Revenues"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019e651b-8ea7-7a26-88c3-0e36f745578f" xlink:to="loc_us-gaap_Revenues_019e651b-8ea7-7702-8883-09cc683658f9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_019e651b-8ea7-7df8-9395-53743f513ff7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostsAndExpenses"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019e651b-8ea7-7a26-88c3-0e36f745578f" xlink:to="loc_us-gaap_CostsAndExpenses_019e651b-8ea7-7df8-9395-53743f513ff7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-7f1b-86ef-591aebe98989" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NonoperatingIncomeExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019e651b-8ea7-7a26-88c3-0e36f745578f" xlink:to="loc_us-gaap_NonoperatingIncomeExpense_019e651b-8ea7-7f1b-86ef-591aebe98989" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e651b-8ea8-7219-a978-4c772eebebad" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_019e651b-8ea8-779e-b9ce-d0b855f08da1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e651b-8ea8-7219-a978-4c772eebebad" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_019e651b-8ea8-779e-b9ce-d0b855f08da1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019e651b-8ea8-7898-8fb6-e30e9dfcdb69" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e651b-8ea8-7219-a978-4c772eebebad" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_019e651b-8ea8-7898-8fb6-e30e9dfcdb69" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_019e651b-8ea7-75d0-909a-f3711be0ad6d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostsAndExpenses"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ManagementFees_019e651b-8ea7-76fd-84a2-cbdb9765f799" xlink:href="stwd-20260630.xsd#stwd_ManagementFees"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e651b-8ea7-75d0-909a-f3711be0ad6d" xlink:to="loc_stwd_ManagementFees_019e651b-8ea7-76fd-84a2-cbdb9765f799" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseOperating_019e651b-8ea7-755a-8536-d04ef3fbe6f9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestExpenseOperating"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e651b-8ea7-75d0-909a-f3711be0ad6d" xlink:to="loc_us-gaap_InterestExpenseOperating_019e651b-8ea7-755a-8536-d04ef3fbe6f9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_019e651b-8ea7-727b-b2f1-9b26bc9ba35b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GeneralAndAdministrativeExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e651b-8ea7-75d0-909a-f3711be0ad6d" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_019e651b-8ea7-727b-b2f1-9b26bc9ba35b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_019e651b-8ea7-7c90-9f46-dad1cffcebf1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e651b-8ea7-75d0-909a-f3711be0ad6d" xlink:to="loc_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_019e651b-8ea7-7c90-9f46-dad1cffcebf1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DepreciationAndAmortization_019e651b-8ea7-7ccb-b8c2-b2379c95df6b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DepreciationAndAmortization"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e651b-8ea7-75d0-909a-f3711be0ad6d" xlink:to="loc_us-gaap_DepreciationAndAmortization_019e651b-8ea7-7ccb-b8c2-b2379c95df6b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ProvisionForLoanLossesNet_019e651b-8ea7-7e67-a1b5-2b4f5bf22d53" xlink:href="stwd-20260630.xsd#stwd_ProvisionForLoanLossesNet"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e651b-8ea7-75d0-909a-f3711be0ad6d" xlink:to="loc_stwd_ProvisionForLoanLossesNet_019e651b-8ea7-7e67-a1b5-2b4f5bf22d53" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherOperatingIncomeExpenseNet_019e651b-8ea8-70f3-9e5c-dc2e7db750b3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherOperatingIncomeExpenseNet"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e651b-8ea7-75d0-909a-f3711be0ad6d" xlink:to="loc_us-gaap_OtherOperatingIncomeExpenseNet_019e651b-8ea8-70f3-9e5c-dc2e7db750b3" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/CondensedConsolidatedStatementsofComprehensiveIncomeUnaudited" xlink:type="simple" xlink:href="stwd-20260630.xsd#CondensedConsolidatedStatementsofComprehensiveIncomeUnaudited"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/CondensedConsolidatedStatementsofComprehensiveIncomeUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTax_019e651b-8ea8-7bd3-9a16-b079e9967fe5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019e651b-8ea8-726d-b5e1-1a3b43db2bb8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019e651b-8ea8-7bd3-9a16-b079e9967fe5" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019e651b-8ea8-726d-b5e1-1a3b43db2bb8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_019e651b-8ea8-7b17-b10d-176aea37b2cd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTax_019e651b-8ea8-7bd3-9a16-b079e9967fe5" xlink:to="loc_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_019e651b-8ea8-7b17-b10d-176aea37b2cd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019e651b-8ea8-7f7b-9400-1a4f36ab14e0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e651b-8ea8-7d74-a25d-3f05eb83eb58" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019e651b-8ea8-7f7b-9400-1a4f36ab14e0" xlink:to="loc_us-gaap_ProfitLoss_019e651b-8ea8-7d74-a25d-3f05eb83eb58" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e651b-8ea8-7507-8b83-c0f270b6fb08" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_019e651b-8ea8-7f7b-9400-1a4f36ab14e0" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e651b-8ea8-7507-8b83-c0f270b6fb08" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e651b-8ea8-7c77-83dd-2aff42b6e5ad" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_019e651b-8ea8-7bfa-8d88-12670a5371d1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e651b-8ea8-7c77-83dd-2aff42b6e5ad" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax_019e651b-8ea8-7bfa-8d88-12670a5371d1" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/CondensedConsolidatedStatementsofCashFlowsUnaudited" xlink:type="simple" xlink:href="stwd-20260630.xsd#CondensedConsolidatedStatementsofCashFlowsUnaudited"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/CondensedConsolidatedStatementsofCashFlowsUnaudited" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e651b-8ea8-766e-b26d-ee5a67cef744" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_ProfitLoss_019e651b-8ea8-766e-b26d-ee5a67cef744" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfDeferredCharges_019e651b-8ea8-7ecf-8dc1-c47c83e53cee" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AmortizationOfDeferredCharges"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_AmortizationOfDeferredCharges_019e651b-8ea8-7ecf-8dc1-c47c83e53cee" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AmortizationOfFinancingCostsAndDiscounts_019e651b-8ea8-7c25-b988-7718a0c7e528" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_AmortizationOfFinancingCostsAndDiscounts_019e651b-8ea8-7c25-b988-7718a0c7e528" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_019e651b-8ea8-783f-8d00-7ac2a4adf915" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments_019e651b-8ea8-783f-8d00-7ac2a4adf915" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_AccretionOfNetDeferredLoanFeesAndDiscounts_019e651b-8ea8-76eb-be6e-af900c41e024" xlink:href="stwd-20260630.xsd#stwd_AccretionOfNetDeferredLoanFeesAndDiscounts"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_AccretionOfNetDeferredLoanFeesAndDiscounts_019e651b-8ea8-76eb-be6e-af900c41e024" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ShareBasedCompensationAndNonemployeeServicesTransactionExpense_019e651b-8ea8-734e-af82-e6bb892a61cd" xlink:href="stwd-20260630.xsd#stwd_ShareBasedCompensationAndNonemployeeServicesTransactionExpense"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_ShareBasedCompensationAndNonemployeeServicesTransactionExpense_019e651b-8ea8-734e-af82-e6bb892a61cd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_IncentiveFeeCompensation_019e651b-8ea8-7649-a77d-f08ee6ef3f04" xlink:href="stwd-20260630.xsd#stwd_IncentiveFeeCompensation"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_IncentiveFeeCompensation_019e651b-8ea8-7649-a77d-f08ee6ef3f04" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecuritiesUnrealizedGainLoss_019e651b-8ea8-7b82-a019-4131fa27156d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MarketableSecuritiesUnrealizedGainLoss"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_MarketableSecuritiesUnrealizedGainLoss_019e651b-8ea8-7b82-a019-4131fa27156d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ChangeInFairValueOfConsolidatedVariableInterestEntity_019e651b-8ea8-70a3-b064-b50755ece79f" xlink:href="stwd-20260630.xsd#stwd_ChangeInFairValueOfConsolidatedVariableInterestEntity"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_ChangeInFairValueOfConsolidatedVariableInterestEntity_019e651b-8ea8-70a3-b064-b50755ece79f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ChangeInFairValueOfServicingRights_019e651b-8ea8-761f-8fdb-326270875e93" xlink:href="stwd-20260630.xsd#stwd_ChangeInFairValueOfServicingRights"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_ChangeInFairValueOfServicingRights_019e651b-8ea8-761f-8fdb-326270875e93" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_GainLossOnMortgageLoansHeldForSale_019e651b-8ea8-7a4d-abe5-66b18f6d1ef9" xlink:href="stwd-20260630.xsd#stwd_GainLossOnMortgageLoansHeldForSale"/>
    <link:calculationArc order="11" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_GainLossOnMortgageLoansHeldForSale_019e651b-8ea8-7a4d-abe5-66b18f6d1ef9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ChangeInFairValueOfAffordableHousingFundInvestments_019e651b-8ea8-7d3d-b572-86fe5dfc8203" xlink:href="stwd-20260630.xsd#stwd_ChangeInFairValueOfAffordableHousingFundInvestments"/>
    <link:calculationArc order="12" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_ChangeInFairValueOfAffordableHousingFundInvestments_019e651b-8ea8-7d3d-b572-86fe5dfc8203" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UnrealizedGainLossOnDerivatives_019e651b-8ea8-705c-9da0-6d4ff921a6eb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UnrealizedGainLossOnDerivatives"/>
    <link:calculationArc order="13" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_UnrealizedGainLossOnDerivatives_019e651b-8ea8-705c-9da0-6d4ff921a6eb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ForeignCurrencyTransactionGainLossBeforeTaxCashFlowImpact_019e651b-8ea8-7c08-83f7-d57d002b2e3e" xlink:href="stwd-20260630.xsd#stwd_ForeignCurrencyTransactionGainLossBeforeTaxCashFlowImpact"/>
    <link:calculationArc order="14" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_ForeignCurrencyTransactionGainLossBeforeTaxCashFlowImpact_019e651b-8ea8-7c08-83f7-d57d002b2e3e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_GainOnSaleOfInvestmentsCashFlow_019e651b-8ea8-7c09-a017-e1ed402045ac" xlink:href="stwd-20260630.xsd#stwd_GainOnSaleOfInvestmentsCashFlow"/>
    <link:calculationArc order="15" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_GainOnSaleOfInvestmentsCashFlow_019e651b-8ea8-7c09-a017-e1ed402045ac" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ProvisionForLoanLossesNet_019e651b-8ea8-7526-87a9-a26085c88cfa" xlink:href="stwd-20260630.xsd#stwd_ProvisionForLoanLossesNet"/>
    <link:calculationArc order="16" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_ProvisionForLoanLossesNet_019e651b-8ea8-7526-87a9-a26085c88cfa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_DepreciationAndAmortizationExcludingAmortizationOfAboveBelowMarketLeases_019e651b-8ea8-7a53-a697-cabc9e8796c3" xlink:href="stwd-20260630.xsd#stwd_DepreciationAndAmortizationExcludingAmortizationOfAboveBelowMarketLeases"/>
    <link:calculationArc order="17" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_DepreciationAndAmortizationExcludingAmortizationOfAboveBelowMarketLeases_019e651b-8ea8-7a53-a697-cabc9e8796c3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019e651b-8ea8-73b8-bd59-67b58428e24e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromEquityMethodInvestments"/>
    <link:calculationArc order="18" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_IncomeLossFromEquityMethodInvestments_019e651b-8ea8-73b8-bd59-67b58428e24e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestmentDividendsOrDistributions_019e651b-8ea8-7ada-b6f8-3c46f37ba493" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquityMethodInvestmentDividendsOrDistributions"/>
    <link:calculationArc order="19" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_EquityMethodInvestmentDividendsOrDistributions_019e651b-8ea8-7ada-b6f8-3c46f37ba493" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_GainLossOnExtinguishmentOfDebtIncludingNonCashFees_019e651b-8ea8-738c-8680-2ce881b0fe81" xlink:href="stwd-20260630.xsd#stwd_GainLossOnExtinguishmentOfDebtIncludingNonCashFees"/>
    <link:calculationArc order="20" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_stwd_GainLossOnExtinguishmentOfDebtIncludingNonCashFees_019e651b-8ea8-738c-8680-2ce881b0fe81" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale_019e651b-8ea8-7d5f-9e6d-55db304aa63d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale"/>
    <link:calculationArc order="21" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale_019e651b-8ea8-7d5f-9e6d-55db304aa63d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfLoansHeldForSale_019e651b-8ea8-70cd-8a02-3887c4d47050" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromSaleOfLoansHeldForSale"/>
    <link:calculationArc order="22" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_ProceedsFromSaleOfLoansHeldForSale_019e651b-8ea8-70cd-8a02-3887c4d47050" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties_019e651b-8ea8-7f42-a478-7d85995e4871" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties"/>
    <link:calculationArc order="23" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToRelatedParties_019e651b-8ea8-7f42-a478-7d85995e4871" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_019e651b-8ea8-7274-a0dc-76607082134f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet"/>
    <link:calculationArc order="24" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_019e651b-8ea8-7274-a0dc-76607082134f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_019e651b-8ea8-7f4a-9f3b-4b262edeb92f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets"/>
    <link:calculationArc order="25" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherOperatingAssets_019e651b-8ea8-7f4a-9f3b-4b262edeb92f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities_019e651b-8ea8-7109-8771-9dfb957dc956" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities"/>
    <link:calculationArc order="26" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-77b2-9963-4d22188ee57b" xlink:to="loc_us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities_019e651b-8ea8-7109-8771-9dfb957dc956" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_019e651b-8ea8-7e62-bace-dd9e4402eb35" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfLongTermDebt_019e651b-8ea8-7e62-bace-dd9e4402eb35" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RepaymentsOfLongTermDebt_019e651b-8ea8-78d4-8f11-fa8cc3fdd601" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RepaymentsOfLongTermDebt"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:to="loc_us-gaap_RepaymentsOfLongTermDebt_019e651b-8ea8-78d4-8f11-fa8cc3fdd601" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfFinancingCosts_019e651b-8ea8-79d3-9f7a-800147a48360" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfFinancingCosts"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:to="loc_us-gaap_PaymentsOfFinancingCosts_019e651b-8ea8-79d3-9f7a-800147a48360" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_019e651b-8ea8-7f3e-9f47-e587adff52f8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_019e651b-8ea8-7f3e-9f47-e587adff52f8" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock_019e651b-8ea8-7912-bdd1-d4bf0afc5cca" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:to="loc_us-gaap_PaymentsOfDividendsCommonStock_019e651b-8ea8-7912-bdd1-d4bf0afc5cca" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToMinorityShareholders_019e651b-8ea8-7650-8adb-ad6652191d27" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToMinorityShareholders"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:to="loc_us-gaap_PaymentsToMinorityShareholders_019e651b-8ea8-7650-8adb-ad6652191d27" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ProceedsFromIssuanceOfDebtOfConsolidatedVariableInterestEntities_019e651b-8ea8-7548-ad01-b00e7b3b229f" xlink:href="stwd-20260630.xsd#stwd_ProceedsFromIssuanceOfDebtOfConsolidatedVariableInterestEntities"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:to="loc_stwd_ProceedsFromIssuanceOfDebtOfConsolidatedVariableInterestEntities_019e651b-8ea8-7548-ad01-b00e7b3b229f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_RepaymentsOfDebtOfConsolidatedVariableInterestEntities_019e651b-8ea8-7360-a796-605d28b429e9" xlink:href="stwd-20260630.xsd#stwd_RepaymentsOfDebtOfConsolidatedVariableInterestEntities"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:to="loc_stwd_RepaymentsOfDebtOfConsolidatedVariableInterestEntities_019e651b-8ea8-7360-a796-605d28b429e9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromContributionsFromAffiliates_019e651b-8ea8-75d1-8715-7e26d5022207" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromContributionsFromAffiliates"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:to="loc_us-gaap_ProceedsFromContributionsFromAffiliates_019e651b-8ea8-75d1-8715-7e26d5022207" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_019e651b-8ea8-7455-9771-fb57b46fd0a7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_019e651b-8ea8-7455-9771-fb57b46fd0a7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromMinorityShareholders_019f3856-56f3-7509-82a4-b79e47d23c2d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromMinorityShareholders"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a16-bffe-72bdf5ec44e4" xlink:to="loc_us-gaap_ProceedsFromMinorityShareholders_019f3856-56f3-7509-82a4-b79e47d23c2d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_019e651b-8ea8-754a-831e-dc1ac8a109a7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-71f4-be23-0434afa37b1c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_019e651b-8ea8-754a-831e-dc1ac8a109a7" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e651b-8ea8-71f4-be23-0434afa37b1c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-794c-a0dc-13cfd37e9b3b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_019e651b-8ea8-754a-831e-dc1ac8a109a7" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-794c-a0dc-13cfd37e9b3b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a89-b1bf-2d56860721b0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_019e651b-8ea8-754a-831e-dc1ac8a109a7" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e651b-8ea8-7a89-b1bf-2d56860721b0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireLoansHeldForInvestment_019e651b-8ea8-7d89-aba1-da2639aa9990" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToAcquireLoansHeldForInvestment"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_us-gaap_PaymentsToAcquireLoansHeldForInvestment_019e651b-8ea8-7d89-aba1-da2639aa9990" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1_019e651b-8ea8-7f36-9fad-e21df9ba1e27" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1_019e651b-8ea8-7f36-9fad-e21df9ba1e27" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireInvestments_019e651b-8ea8-7ee3-85e5-d7fc2e9459ac" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToAcquireInvestments"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_us-gaap_PaymentsToAcquireInvestments_019e651b-8ea8-7ee3-85e5-d7fc2e9459ac" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ProceedsFromSalesAndRedemptionsOfInvestmentSecurities_019e651b-8ea8-7f75-b613-cf6cb64447ce" xlink:href="stwd-20260630.xsd#stwd_ProceedsFromSalesAndRedemptionsOfInvestmentSecurities"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_stwd_ProceedsFromSalesAndRedemptionsOfInvestmentSecurities_019e651b-8ea8-7f75-b613-cf6cb64447ce" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ProceedsFromPrincipalCollectionsOnInvestmentSecurities_019e651b-8ea8-7356-9eb6-fe6172b73255" xlink:href="stwd-20260630.xsd#stwd_ProceedsFromPrincipalCollectionsOnInvestmentSecurities"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_stwd_ProceedsFromPrincipalCollectionsOnInvestmentSecurities_019e651b-8ea8-7356-9eb6-fe6172b73255" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ProceedsFromSalesOfRealEstateNetOfDebtAssumedByPurchaser_019e651b-8ea8-7ec0-9f55-6e631eb5a3bc" xlink:href="stwd-20260630.xsd#stwd_ProceedsFromSalesOfRealEstateNetOfDebtAssumedByPurchaser"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_stwd_ProceedsFromSalesOfRealEstateNetOfDebtAssumedByPurchaser_019e651b-8ea8-7ec0-9f55-6e631eb5a3bc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_PaymentsToAcquireOtherProductiveAssetsNonmerger_019e651b-8ea8-70a6-88e4-87b1a2da514d" xlink:href="stwd-20260630.xsd#stwd_PaymentsToAcquireOtherProductiveAssetsNonmerger"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_stwd_PaymentsToAcquireOtherProductiveAssetsNonmerger_019e651b-8ea8-70a6-88e4-87b1a2da514d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_019e651b-8ea8-7541-bb33-1a5747d44a57" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_us-gaap_ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital_019e651b-8ea8-7541-bb33-1a5747d44a57" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ProceedsFromForeclosuresAndInitialConsolidationOfEntities_019e651b-8ea8-755d-8ae5-72c667b4feb7" xlink:href="stwd-20260630.xsd#stwd_ProceedsFromForeclosuresAndInitialConsolidationOfEntities"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_stwd_ProceedsFromForeclosuresAndInitialConsolidationOfEntities_019e651b-8ea8-755d-8ae5-72c667b4feb7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_PaymentsForPurchaseOrTerminationOfDerivatives_019e651b-8ea8-760b-92fc-1566402ea6ba" xlink:href="stwd-20260630.xsd#stwd_PaymentsForPurchaseOrTerminationOfDerivatives"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_stwd_PaymentsForPurchaseOrTerminationOfDerivatives_019e651b-8ea8-760b-92fc-1566402ea6ba" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromDerivativeInstrumentInvestingActivities_019e651b-8ea8-7b75-a1a0-ff8430074f93" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromDerivativeInstrumentInvestingActivities"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_us-gaap_ProceedsFromDerivativeInstrumentInvestingActivities_019e651b-8ea8-7b75-a1a0-ff8430074f93" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromSaleOfLoansHeldForInvestment_019f3853-c031-7e52-8425-5c48df417a2a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromSaleOfLoansHeldForInvestment"/>
    <link:calculationArc order="12" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_us-gaap_ProceedsFromSaleOfLoansHeldForInvestment_019f3853-c031-7e52-8425-5c48df417a2a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_ProceedsFromSaleOfInterestInUnconsolidatedEntities_019f3854-4fef-7bb1-b7f3-9dc987359979" xlink:href="stwd-20260630.xsd#stwd_ProceedsFromSaleOfInterestInUnconsolidatedEntities"/>
    <link:calculationArc order="13" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e651b-8ea8-762f-ba1b-e9d26821a79b" xlink:to="loc_stwd_ProceedsFromSaleOfInterestInUnconsolidatedEntities_019f3854-4fef-7bb1-b7f3-9dc987359979" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/LoansInvestmentsinMortgagesandLoansDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#LoansInvestmentsinMortgagesandLoansDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/LoansInvestmentsinMortgagesandLoansDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_019e651b-8ea8-73b8-82ec-9044c283f0cf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MortgageLoansOnRealEstate"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages_019e651b-8ea8-7754-86e5-f4f5f908a5a1" xlink:href="stwd-20260630.xsd#stwd_MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_MortgageLoansOnRealEstate_019e651b-8ea8-73b8-82ec-9044c283f0cf" xlink:to="loc_stwd_MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages_019e651b-8ea8-7754-86e5-f4f5f908a5a1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableAllowanceForCreditLosses_019e651b-8ea8-7bb6-946d-0e5ffb9adf81" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinancingReceivableAllowanceForCreditLosses"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_MortgageLoansOnRealEstate_019e651b-8ea8-73b8-82ec-9044c283f0cf" xlink:to="loc_us-gaap_FinancingReceivableAllowanceForCreditLosses_019e651b-8ea8-7bb6-946d-0e5ffb9adf81" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/LoansRiskRatingsbyClassofLoanDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#LoansRiskRatingsbyClassofLoanDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/LoansRiskRatingsbyClassofLoanDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_stwd_MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages_019e651b-8ea8-705d-b92d-f9330e526bc6" xlink:href="stwd-20260630.xsd#stwd_MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear_019e651b-8ea8-7694-955d-17fc35e32ba7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages_019e651b-8ea8-705d-b92d-f9330e526bc6" xlink:to="loc_us-gaap_FinancingReceivableOriginatedFourYearsBeforeLatestFiscalYear_019e651b-8ea8-7694-955d-17fc35e32ba7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear_019e651b-8ea8-77d7-bff2-ce37285424ac" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages_019e651b-8ea8-705d-b92d-f9330e526bc6" xlink:to="loc_us-gaap_FinancingReceivableOriginatedThreeYearsBeforeLatestFiscalYear_019e651b-8ea8-77d7-bff2-ce37285424ac" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear_019e651b-8ea8-79b9-8f6b-8dcb6440a4b5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages_019e651b-8ea8-705d-b92d-f9330e526bc6" xlink:to="loc_us-gaap_FinancingReceivableOriginatedInFiscalYearBeforeLatestFiscalYear_019e651b-8ea8-79b9-8f6b-8dcb6440a4b5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear_019e651b-8ea8-7649-877a-c87219c7dac6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages_019e651b-8ea8-705d-b92d-f9330e526bc6" xlink:to="loc_us-gaap_FinancingReceivableOriginatedFiveOrMoreYearsBeforeLatestFiscalYear_019e651b-8ea8-7649-877a-c87219c7dac6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear_019e651b-8ea8-7f8b-82c0-803eba9fc779" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages_019e651b-8ea8-705d-b92d-f9330e526bc6" xlink:to="loc_us-gaap_FinancingReceivableOriginatedTwoYearsBeforeLatestFiscalYear_019e651b-8ea8-7f8b-82c0-803eba9fc779" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear_019e651b-8ea8-7c99-b6ce-ab96abb040b6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_MortgageLoansOnRealEstateGrossCarryingAmountOfMortgages_019e651b-8ea8-705d-b92d-f9330e526bc6" xlink:to="loc_us-gaap_FinancingReceivableOriginatedInCurrentFiscalYear_019e651b-8ea8-7c99-b6ce-ab96abb040b6" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/InvestmentSecuritiesInvestmentSecuritiesDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#InvestmentSecuritiesInvestmentSecuritiesDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/InvestmentSecuritiesInvestmentSecuritiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_stwd_InvestmentsExcludingUnconsolidatedEntities_019e651b-8ea8-722c-bae8-31ee89984ee7" xlink:href="stwd-20260630.xsd#stwd_InvestmentsExcludingUnconsolidatedEntities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecurities_019e651b-8ea8-7333-be7e-59c0a3376139" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_HeldToMaturitySecurities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_InvestmentsExcludingUnconsolidatedEntities_019e651b-8ea8-722c-bae8-31ee89984ee7" xlink:to="loc_us-gaap_HeldToMaturitySecurities_019e651b-8ea8-7333-be7e-59c0a3376139" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019e651b-8ea8-7e78-9e43-b5614aaad093" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_InvestmentsExcludingUnconsolidatedEntities_019e651b-8ea8-722c-bae8-31ee89984ee7" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019e651b-8ea8-7e78-9e43-b5614aaad093" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNi_019e651b-8ea8-7614-9a05-114e8ceadbf5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquitySecuritiesFvNi"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_InvestmentsExcludingUnconsolidatedEntities_019e651b-8ea8-722c-bae8-31ee89984ee7" xlink:to="loc_us-gaap_EquitySecuritiesFvNi_019e651b-8ea8-7614-9a05-114e8ceadbf5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MarketableSecurities_019e651b-8ea8-7575-b76a-007c2fb10de8" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MarketableSecurities"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_InvestmentsExcludingUnconsolidatedEntities_019e651b-8ea8-722c-bae8-31ee89984ee7" xlink:to="loc_us-gaap_MarketableSecurities_019e651b-8ea8-7575-b76a-007c2fb10de8" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/InvestmentSecuritiesAvailableforSaleRMBSDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#InvestmentSecuritiesAvailableforSaleRMBSDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/InvestmentSecuritiesAvailableforSaleRMBSDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_stwd_AvailableForSaleSecuritiesAmortizedCostBeforeOtherThanTemporaryImpairment_019e651b-8ea8-72d1-9dd0-f4d10206740e" xlink:href="stwd-20260630.xsd#stwd_AvailableForSaleSecuritiesAmortizedCostBeforeOtherThanTemporaryImpairment"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_019e651b-8ea8-775e-beaa-aba863a46b88" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLoss"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_AvailableForSaleSecuritiesAmortizedCostBeforeOtherThanTemporaryImpairment_019e651b-8ea8-72d1-9dd0-f4d10206740e" xlink:to="loc_us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_019e651b-8ea8-775e-beaa-aba863a46b88" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_019e651b-8ea8-7719-a985-1bae1c2465d6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_AvailableForSaleSecuritiesAmortizedCostBeforeOtherThanTemporaryImpairment_019e651b-8ea8-72d1-9dd0-f4d10206740e" xlink:to="loc_us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis_019e651b-8ea8-7719-a985-1bae1c2465d6" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/InvestmentSecuritiesHTMDebtSecuritiesAmortizedCostDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#InvestmentSecuritiesHTMDebtSecuritiesAmortizedCostDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/InvestmentSecuritiesHTMDebtSecuritiesAmortizedCostDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_stwd_DebtSecuritiesHeldToMaturityNet_019e651b-8f68-7d9b-989f-6fd3da6b3141" xlink:href="stwd-20260630.xsd#stwd_DebtSecuritiesHeldToMaturityNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss_019e651b-8f68-7ceb-892f-ffdc4e50a266" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_DebtSecuritiesHeldToMaturityNet_019e651b-8f68-7d9b-989f-6fd3da6b3141" xlink:to="loc_us-gaap_DebtSecuritiesHeldToMaturityAllowanceForCreditLoss_019e651b-8f68-7ceb-892f-ffdc4e50a266" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecurities_019e651b-8f68-7d57-ac88-baf3671684f6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_HeldToMaturitySecurities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_DebtSecuritiesHeldToMaturityNet_019e651b-8f68-7d9b-989f-6fd3da6b3141" xlink:to="loc_us-gaap_HeldToMaturitySecurities_019e651b-8f68-7d57-ac88-baf3671684f6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis_019e651b-8ea8-7ba0-8281-c029cb1a17fd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount_019e651b-8ea8-7734-b108-c0fc6ebbed35" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis_019e651b-8ea8-7ba0-8281-c029cb1a17fd" xlink:to="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount_019e651b-8ea8-7734-b108-c0fc6ebbed35" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughThreeYearsNetCarryingAmount_019e651b-8ea8-7081-9f05-2219ad576b67" xlink:href="stwd-20260630.xsd#stwd_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughThreeYearsNetCarryingAmount"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis_019e651b-8ea8-7ba0-8281-c029cb1a17fd" xlink:to="loc_stwd_HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughThreeYearsNetCarryingAmount_019e651b-8ea8-7081-9f05-2219ad576b67" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_DebtSecuritiesHeldToMaturityAmortizedCostMaturityAllocatedAndSingleMaturityDateAfterYearThreeThroughYearFive_019e651b-8ea8-74fa-a4d0-c9077f7a7d8e" xlink:href="stwd-20260630.xsd#stwd_DebtSecuritiesHeldToMaturityAmortizedCostMaturityAllocatedAndSingleMaturityDateAfterYearThreeThroughYearFive"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis_019e651b-8ea8-7ba0-8281-c029cb1a17fd" xlink:to="loc_stwd_DebtSecuritiesHeldToMaturityAmortizedCostMaturityAllocatedAndSingleMaturityDateAfterYearThreeThroughYearFive_019e651b-8ea8-74fa-a4d0-c9077f7a7d8e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveYearsNetCarryingAmount_019e651b-8ea8-7a49-807c-57bed3d384fe" xlink:href="stwd-20260630.xsd#stwd_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveYearsNetCarryingAmount"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis_019e651b-8ea8-7ba0-8281-c029cb1a17fd" xlink:to="loc_stwd_HeldToMaturitySecuritiesDebtMaturitiesAfterFiveYearsNetCarryingAmount_019e651b-8ea8-7a49-807c-57bed3d384fe" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/InvestmentSecuritiesHTMDebtSecuritiesAmortizedCostDetails_1" xlink:type="simple" xlink:href="stwd-20260630.xsd#InvestmentSecuritiesHTMDebtSecuritiesAmortizedCostDetails_1"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/InvestmentSecuritiesHTMDebtSecuritiesAmortizedCostDetails_1" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_stwd_DebtSecuritiesHeldToMaturityNet_019e651b-8ea8-7091-a4ee-94a7aa330407" xlink:href="stwd-20260630.xsd#stwd_DebtSecuritiesHeldToMaturityNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesFairValue_019e651b-8ea8-78b6-963e-b2ae72fa88c0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_HeldToMaturitySecuritiesFairValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_DebtSecuritiesHeldToMaturityNet_019e651b-8ea8-7091-a4ee-94a7aa330407" xlink:to="loc_us-gaap_HeldToMaturitySecuritiesFairValue_019e651b-8ea8-78b6-963e-b2ae72fa88c0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_019e651b-8ea8-77f4-a994-9b20bd64e6f2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_DebtSecuritiesHeldToMaturityNet_019e651b-8ea8-7091-a4ee-94a7aa330407" xlink:to="loc_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_019e651b-8ea8-77f4-a994-9b20bd64e6f2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_019e651b-8f68-734a-8465-72880ffed931" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_DebtSecuritiesHeldToMaturityNet_019e651b-8ea8-7091-a4ee-94a7aa330407" xlink:to="loc_us-gaap_HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_019e651b-8f68-734a-8465-72880ffed931" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/PropertiesPropertiesHeldDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#PropertiesPropertiesHeldDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/PropertiesPropertiesHeldDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyNet_019e651b-8f68-739d-8b54-66c9e01a5a76" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_019e651b-8f68-7e9a-bc69-34063e890383" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyNet_019e651b-8f68-739d-8b54-66c9e01a5a76" xlink:to="loc_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_019e651b-8f68-7e9a-bc69-34063e890383" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e651b-8f68-73bf-9669-3f6f3f404478" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyAtCost"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyNet_019e651b-8f68-739d-8b54-66c9e01a5a76" xlink:to="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e651b-8f68-73bf-9669-3f6f3f404478" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e651b-8f68-7eb4-a887-4ba8c77703dd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RealEstateInvestmentPropertyAtCost"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LandAndLandImprovements_019e651b-8f68-7a6e-bec2-64effb2ea642" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LandAndLandImprovements"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e651b-8f68-7eb4-a887-4ba8c77703dd" xlink:to="loc_us-gaap_LandAndLandImprovements_019e651b-8f68-7a6e-bec2-64effb2ea642" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_BuildingsAndImprovementsGross_019e651b-8f68-7049-adbf-6d54e5ae6306" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_BuildingsAndImprovementsGross"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e651b-8f68-7eb4-a887-4ba8c77703dd" xlink:to="loc_us-gaap_BuildingsAndImprovementsGross_019e651b-8f68-7049-adbf-6d54e5ae6306" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FurnitureAndFixturesGross_019e651b-8f68-7e7b-8502-328979fcebc9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FurnitureAndFixturesGross"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e651b-8f68-7eb4-a887-4ba8c77703dd" xlink:to="loc_us-gaap_FurnitureAndFixturesGross_019e651b-8f68-7e7b-8502-328979fcebc9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ConstructionInProgressGross_019e651b-8f68-75e8-8e04-f91278654677" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ConstructionInProgressGross"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_RealEstateInvestmentPropertyAtCost_019e651b-8f68-7eb4-a887-4ba8c77703dd" xlink:to="loc_us-gaap_ConstructionInProgressGross_019e651b-8f68-75e8-8e04-f91278654677" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/InvestmentsofConsolidatedAffordableHousingFundInvestmentIncomeDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#InvestmentsofConsolidatedAffordableHousingFundInvestmentIncomeDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/InvestmentsofConsolidatedAffordableHousingFundInvestmentIncomeDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentIncomeNet_019e651b-8f68-72f9-9d6b-ca4ca2e44586" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentIncomeNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_OperatingDistributionsFromInvestment_019e651b-8f68-7a21-a702-e09a3aa8fdf6" xlink:href="stwd-20260630.xsd#stwd_OperatingDistributionsFromInvestment"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InvestmentIncomeNet_019e651b-8f68-72f9-9d6b-ca4ca2e44586" xlink:to="loc_stwd_OperatingDistributionsFromInvestment_019e651b-8f68-7a21-a702-e09a3aa8fdf6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_UnrealizedGainLossOnChangeInFairValueOfInvestmentsOther_019e651b-8f68-7449-aaa1-7caf43279ac8" xlink:href="stwd-20260630.xsd#stwd_UnrealizedGainLossOnChangeInFairValueOfInvestmentsOther"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InvestmentIncomeNet_019e651b-8f68-72f9-9d6b-ca4ca2e44586" xlink:to="loc_stwd_UnrealizedGainLossOnChangeInFairValueOfInvestmentsOther_019e651b-8f68-7449-aaa1-7caf43279ac8" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/InvestmentsinUnconsolidatedEntitiesInvestmentsinUnconsolidatedEntitiesDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#InvestmentsinUnconsolidatedEntitiesInvestmentsinUnconsolidatedEntitiesDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/InvestmentsinUnconsolidatedEntitiesInvestmentsinUnconsolidatedEntitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_019e651b-8f68-70d1-802e-a3d9c7a1f4d9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_019e651b-8f68-748f-a8b8-32ff299825b9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_019e651b-8f68-70d1-802e-a3d9c7a1f4d9" xlink:to="loc_us-gaap_EquitySecuritiesWithoutReadilyDeterminableFairValueAmount_019e651b-8f68-748f-a8b8-32ff299825b9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquityMethodInvestments_019e651b-8f68-7542-bac1-ce9bf3d0b6ff" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquityMethodInvestments"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_019e651b-8f68-70d1-802e-a3d9c7a1f4d9" xlink:to="loc_us-gaap_EquityMethodInvestments_019e651b-8f68-7542-bac1-ce9bf3d0b6ff" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/GoodwillandIntangiblesIntangiblesAssetsAndIntangibleLiabilitiesDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#GoodwillandIntangiblesIntangiblesAssetsAndIntangibleLiabilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/GoodwillandIntangiblesIntangiblesAssetsAndIntangibleLiabilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_019e651b-8f68-7469-afdb-c4a1690a4ca3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IntangibleAssetsGrossExcludingGoodwill_019e651b-8f68-7355-b40e-d517161d3154" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IntangibleAssetsGrossExcludingGoodwill"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_019e651b-8f68-7469-afdb-c4a1690a4ca3" xlink:to="loc_us-gaap_IntangibleAssetsGrossExcludingGoodwill_019e651b-8f68-7355-b40e-d517161d3154" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_019e651b-8f68-7f9a-9355-c17874bd3921" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IntangibleAssetsNetExcludingGoodwill_019e651b-8f68-7469-afdb-c4a1690a4ca3" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_019e651b-8f68-7f9a-9355-c17874bd3921" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffMarketLeaseUnfavorable_019e651b-8f68-7ea9-b4c1-a76d6bd4fb26" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OffMarketLeaseUnfavorable"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_OffMarketLeaseUnfavorableGross_019e651b-8f68-713b-bcae-e0b480221622" xlink:href="stwd-20260630.xsd#stwd_OffMarketLeaseUnfavorableGross"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OffMarketLeaseUnfavorable_019e651b-8f68-7ea9-b4c1-a76d6bd4fb26" xlink:to="loc_stwd_OffMarketLeaseUnfavorableGross_019e651b-8f68-713b-bcae-e0b480221622" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_OffMarketLeaseUnfavorableAccumulatedAmortization_019e651b-8f68-799a-a8a2-cc479c05b652" xlink:href="stwd-20260630.xsd#stwd_OffMarketLeaseUnfavorableAccumulatedAmortization"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OffMarketLeaseUnfavorable_019e651b-8f68-7ea9-b4c1-a76d6bd4fb26" xlink:to="loc_stwd_OffMarketLeaseUnfavorableAccumulatedAmortization_019e651b-8f68-799a-a8a2-cc479c05b652" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/GoodwillandIntangiblesFutureExpectedAmortizationDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#GoodwillandIntangiblesFutureExpectedAmortizationDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/GoodwillandIntangiblesFutureExpectedAmortizationDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e651b-8f68-7fd8-aba8-5ae91fdedd3f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_019e651b-8f68-7a77-a7e2-1f57e3272bb3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e651b-8f68-7fd8-aba8-5ae91fdedd3f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_019e651b-8f68-7a77-a7e2-1f57e3272bb3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_019e651b-8f68-7447-9786-3af949efe500" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e651b-8f68-7fd8-aba8-5ae91fdedd3f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_019e651b-8f68-7447-9786-3af949efe500" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_019e651b-8f68-7dff-a317-79d61498007f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e651b-8f68-7fd8-aba8-5ae91fdedd3f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_019e651b-8f68-7dff-a317-79d61498007f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour_019e651b-8f68-717f-9615-5f363675d698" xlink:href="stwd-20260630.xsd#stwd_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e651b-8f68-7fd8-aba8-5ae91fdedd3f" xlink:to="loc_stwd_FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour_019e651b-8f68-717f-9615-5f363675d698" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_019e651b-8f68-79c9-8dea-b14adc883864" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e651b-8f68-7fd8-aba8-5ae91fdedd3f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_019e651b-8f68-79c9-8dea-b14adc883864" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_019e651b-8f68-73ce-9172-7bc71255a3f7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_FiniteLivedIntangibleAssetsNet_019e651b-8f68-7fd8-aba8-5ae91fdedd3f" xlink:to="loc_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_019e651b-8f68-73ce-9172-7bc71255a3f7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OffMarketLeaseUnfavorable_019e651b-8f68-7333-8eb1-dbadf441f177" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OffMarketLeaseUnfavorable"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationRemainderOfFiscalYear_019e651b-8f68-784f-8601-4166cbec0222" xlink:href="stwd-20260630.xsd#stwd_OffMarketLeaseUnfavorableExpectedAmortizationRemainderOfFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OffMarketLeaseUnfavorable_019e651b-8f68-7333-8eb1-dbadf441f177" xlink:to="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationRemainderOfFiscalYear_019e651b-8f68-784f-8601-4166cbec0222" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearOne_019e651b-8f68-74ec-9a4b-06332641325b" xlink:href="stwd-20260630.xsd#stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearOne"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OffMarketLeaseUnfavorable_019e651b-8f68-7333-8eb1-dbadf441f177" xlink:to="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearOne_019e651b-8f68-74ec-9a4b-06332641325b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearTwo_019e651b-8f68-76b7-89f3-9e5b3563e249" xlink:href="stwd-20260630.xsd#stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OffMarketLeaseUnfavorable_019e651b-8f68-7333-8eb1-dbadf441f177" xlink:to="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearTwo_019e651b-8f68-76b7-89f3-9e5b3563e249" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearThree_019e651b-8f68-7923-87a6-c7d4ec04346b" xlink:href="stwd-20260630.xsd#stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OffMarketLeaseUnfavorable_019e651b-8f68-7333-8eb1-dbadf441f177" xlink:to="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearThree_019e651b-8f68-7923-87a6-c7d4ec04346b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearFour_019e651b-8f68-7ac7-8ddd-3e2d207f06a3" xlink:href="stwd-20260630.xsd#stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OffMarketLeaseUnfavorable_019e651b-8f68-7333-8eb1-dbadf441f177" xlink:to="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationYearFour_019e651b-8f68-7ac7-8ddd-3e2d207f06a3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationAfterYearFour_019e651b-8f68-7d30-936c-581aeb61de1c" xlink:href="stwd-20260630.xsd#stwd_OffMarketLeaseUnfavorableExpectedAmortizationAfterYearFour"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OffMarketLeaseUnfavorable_019e651b-8f68-7333-8eb1-dbadf441f177" xlink:to="loc_stwd_OffMarketLeaseUnfavorableExpectedAmortizationAfterYearFour_019e651b-8f68-7d30-936c-581aeb61de1c" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/SecuredBorrowingsSecuredFinancingAgreementsDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#SecuredBorrowingsSecuredFinancingAgreementsDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/SecuredBorrowingsSecuredFinancingAgreementsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuredDebt_019e651b-8f68-7577-a4f6-12e102f0c8d4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuredDebt"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_019e651b-8f69-70a4-8ba4-c0a7852aeed4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentCarryingAmount"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_SecuredDebt_019e651b-8f68-7577-a4f6-12e102f0c8d4" xlink:to="loc_us-gaap_DebtInstrumentCarryingAmount_019e651b-8f69-70a4-8ba4-c0a7852aeed4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFinanceCostsNoncurrentGross_019e651b-8f69-7c1a-a4ef-cf7805ad45d6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredFinanceCostsNoncurrentGross"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_SecuredDebt_019e651b-8f68-7577-a4f6-12e102f0c8d4" xlink:to="loc_us-gaap_DeferredFinanceCostsNoncurrentGross_019e651b-8f69-7c1a-a4ef-cf7805ad45d6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_019e651b-8f69-76d6-87c6-286adc570416" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_SecuredDebt_019e651b-8f68-7577-a4f6-12e102f0c8d4" xlink:to="loc_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_019e651b-8f69-76d6-87c6-286adc570416" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/SecuredBorrowingsPrincipalRepaymentsDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#SecuredBorrowingsPrincipalRepaymentsDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/SecuredBorrowingsPrincipalRepaymentsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_stwd_DebtInstrumentCarryingAmountIncludingCollateralizedLoanObligations_019e651b-8f69-78ae-a497-1296e0049d0d" xlink:href="stwd-20260630.xsd#stwd_DebtInstrumentCarryingAmountIncludingCollateralizedLoanObligations"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_019e651b-8f69-7f3c-9e80-06e8edb3fd5e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_DebtInstrumentCarryingAmountIncludingCollateralizedLoanObligations_019e651b-8f69-78ae-a497-1296e0049d0d" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_019e651b-8f69-7f3c-9e80-06e8edb3fd5e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_019e651b-8f69-77f0-a2e8-94d42f7a49ce" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_DebtInstrumentCarryingAmountIncludingCollateralizedLoanObligations_019e651b-8f69-78ae-a497-1296e0049d0d" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_019e651b-8f69-77f0-a2e8-94d42f7a49ce" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_019e651b-8f69-719c-9035-30afffd0fc61" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_DebtInstrumentCarryingAmountIncludingCollateralizedLoanObligations_019e651b-8f69-78ae-a497-1296e0049d0d" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_019e651b-8f69-719c-9035-30afffd0fc61" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_019e651b-8f69-7721-a645-039f0752afbd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_DebtInstrumentCarryingAmountIncludingCollateralizedLoanObligations_019e651b-8f69-78ae-a497-1296e0049d0d" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_019e651b-8f69-7721-a645-039f0752afbd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_LongTermDebtMaturityAfterYearFour_019e651b-8f69-7b76-9017-dd972a7864cf" xlink:href="stwd-20260630.xsd#stwd_LongTermDebtMaturityAfterYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_DebtInstrumentCarryingAmountIncludingCollateralizedLoanObligations_019e651b-8f69-78ae-a497-1296e0049d0d" xlink:to="loc_stwd_LongTermDebtMaturityAfterYearFour_019e651b-8f69-7b76-9017-dd972a7864cf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_019e651b-8f69-70c3-ae70-1c617f2cc594" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_DebtInstrumentCarryingAmountIncludingCollateralizedLoanObligations_019e651b-8f69-78ae-a497-1296e0049d0d" xlink:to="loc_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear_019e651b-8f69-70c3-ae70-1c617f2cc594" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/UnsecuredSeniorNotesUnsecuredConvertibleSeniorNotesOutstandingDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#UnsecuredSeniorNotesUnsecuredConvertibleSeniorNotesOutstandingDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/UnsecuredSeniorNotesUnsecuredConvertibleSeniorNotesOutstandingDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LongTermDebt_019e651b-8f69-7492-a769-90f25a487afc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LongTermDebt"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentUnamortizedDiscount_019e651b-8f69-7a29-9749-cc493ff8de22" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentUnamortizedDiscount"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_019e651b-8f69-7492-a769-90f25a487afc" xlink:to="loc_us-gaap_DebtInstrumentUnamortizedDiscount_019e651b-8f69-7a29-9749-cc493ff8de22" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_019e651b-8f69-76b8-8db3-06a57d9d598f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtInstrumentCarryingAmount"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_019e651b-8f69-7492-a769-90f25a487afc" xlink:to="loc_us-gaap_DebtInstrumentCarryingAmount_019e651b-8f69-76b8-8db3-06a57d9d598f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredFinanceCostsNet_019e651b-8f69-72ad-9194-66557e4118a9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredFinanceCostsNet"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LongTermDebt_019e651b-8f69-7492-a769-90f25a487afc" xlink:to="loc_us-gaap_DeferredFinanceCostsNet_019e651b-8f69-72ad-9194-66557e4118a9" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/OffsettingAssetsandLiabilitiesDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#OffsettingAssetsandLiabilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/OffsettingAssetsandLiabilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_019e651b-8f69-7de5-970a-cec91b510356" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralRightToReclaimCash_019e651b-8f69-7c0f-ab63-b8f23713f30c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeCollateralRightToReclaimCash"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_019e651b-8f69-7de5-970a-cec91b510356" xlink:to="loc_us-gaap_DerivativeCollateralRightToReclaimCash_019e651b-8f69-7c0f-ab63-b8f23713f30c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities_019e651b-8f69-7306-88bc-2cbe3802624b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_019e651b-8f69-7de5-970a-cec91b510356" xlink:to="loc_us-gaap_DerivativeLiabilities_019e651b-8f69-7306-88bc-2cbe3802624b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralRightToReclaimSecurities_019e651b-8f69-70da-afb7-5771d200a63c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeCollateralRightToReclaimSecurities"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_019e651b-8f69-7de5-970a-cec91b510356" xlink:to="loc_us-gaap_DerivativeCollateralRightToReclaimSecurities_019e651b-8f69-70da-afb7-5771d200a63c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash_019e651b-8f69-7041-94c5-19ee600956e5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash_019e651b-8f69-71d6-bb7b-49f3f02db434" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash_019e651b-8f69-7041-94c5-19ee600956e5" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash_019e651b-8f69-71d6-bb7b-49f3f02db434" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralRightToReclaimCash_019e651b-8f69-7e86-a6b9-51ec882592a2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeCollateralRightToReclaimCash"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimCash_019e651b-8f69-7041-94c5-19ee600956e5" xlink:to="loc_us-gaap_DerivativeCollateralRightToReclaimCash_019e651b-8f69-7e86-a6b9-51ec882592a2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_019e651b-8f69-7328-bfcc-fc04b1243a38" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets_019e651b-8f69-7e8b-99d4-83971b93fcfd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeAssets"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_019e651b-8f69-7328-bfcc-fc04b1243a38" xlink:to="loc_us-gaap_DerivativeAssets_019e651b-8f69-7e8b-99d4-83971b93fcfd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralObligationToReturnCash_019e651b-8f69-7361-9bbf-99a8396393f7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeCollateralObligationToReturnCash"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_019e651b-8f69-7328-bfcc-fc04b1243a38" xlink:to="loc_us-gaap_DerivativeCollateralObligationToReturnCash_019e651b-8f69-7361-9bbf-99a8396393f7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralObligationToReturnSecurities_019e651b-8f69-7678-98a3-37aa7858d3cb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeCollateralObligationToReturnSecurities"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral_019e651b-8f69-7328-bfcc-fc04b1243a38" xlink:to="loc_us-gaap_DerivativeCollateralObligationToReturnSecurities_019e651b-8f69-7678-98a3-37aa7858d3cb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets_019e651b-8f69-7d1d-8fe5-ea9f2061ec1d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeAssets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeAsset_019e651b-8f69-7359-88de-ea2f88ec0b40" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeFairValueOfDerivativeAsset"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeAssets_019e651b-8f69-7d1d-8fe5-ea9f2061ec1d" xlink:to="loc_us-gaap_DerivativeFairValueOfDerivativeAsset_019e651b-8f69-7359-88de-ea2f88ec0b40" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossLiability_019e651b-8f69-7a83-b571-3118d3ea23cb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeAssetFairValueGrossLiability"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeAssets_019e651b-8f69-7d1d-8fe5-ea9f2061ec1d" xlink:to="loc_us-gaap_DerivativeAssetFairValueGrossLiability_019e651b-8f69-7a83-b571-3118d3ea23cb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities_019e651b-8f69-7e20-9a0f-cc0758f457ab" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiability_019e651b-8f69-70a7-bfa4-a4f5852835d1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilities_019e651b-8f69-7e20-9a0f-cc0758f457ab" xlink:to="loc_us-gaap_DerivativeFairValueOfDerivativeLiability_019e651b-8f69-70a7-bfa4-a4f5852835d1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset_019e651b-8f69-7914-9825-b19ca203a037" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilityFairValueGrossAsset"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilities_019e651b-8f69-7e20-9a0f-cc0758f457ab" xlink:to="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset_019e651b-8f69-7914-9825-b19ca203a037" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities_019e651b-8f69-7951-bc0e-799932d99091" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities_019e651b-8f69-7b97-bb00-d6ea1a9a16a3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities_019e651b-8f69-7951-bc0e-799932d99091" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities_019e651b-8f69-7b97-bb00-d6ea1a9a16a3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeCollateralRightToReclaimSecurities_019e651b-8f69-717a-abf9-320eb2f59c92" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeCollateralRightToReclaimSecurities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedCollateralRightToReclaimSecurities_019e651b-8f69-7951-bc0e-799932d99091" xlink:to="loc_us-gaap_DerivativeCollateralRightToReclaimSecurities_019e651b-8f69-717a-abf9-320eb2f59c92" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_019e651b-8f69-7d1f-9ccf-5be0dddaf23f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_019e651b-8f69-7516-adf4-26e3de5c6f46" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_019e651b-8f69-7d1f-9ccf-5be0dddaf23f" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_019e651b-8f69-7516-adf4-26e3de5c6f46" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross_019e651b-8f69-7781-95f2-445582823185" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_019e651b-8f69-7d1f-9ccf-5be0dddaf23f" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross_019e651b-8f69-7781-95f2-445582823185" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_019e651b-8f69-70f9-848e-368548b51b6a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash_019e651b-8f69-7c8f-be2d-93a4af06f6b4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_019e651b-8f69-70f9-848e-368548b51b6a" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimCash_019e651b-8f69-7c8f-be2d-93a4af06f6b4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities_019e651b-8f69-7b8c-805b-5677c0fa0fd6" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_019e651b-8f69-70f9-848e-368548b51b6a" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseCollateralRightToReclaimSecurities_019e651b-8f69-7b8c-805b-5677c0fa0fd6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_019e651b-8f69-7c4f-a6ea-a7b7688e18f4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_019e651b-8f69-70f9-848e-368548b51b6a" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_019e651b-8f69-7c4f-a6ea-a7b7688e18f4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned_019e651b-8f69-770c-8543-28a8cf8c053d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_019e651b-8f69-7b6d-8d82-3640ab33fa7d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchase"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned_019e651b-8f69-770c-8543-28a8cf8c053d" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchase_019e651b-8f69-7b6d-8d82-3640ab33fa7d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities_019e651b-8f69-73f0-a348-fe660aa21f71" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoaned_019e651b-8f69-770c-8543-28a8cf8c053d" xlink:to="loc_us-gaap_DerivativeLiabilities_019e651b-8f69-73f0-a348-fe660aa21f71" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral_019e651b-8f69-728b-8435-f3133a0b2685" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_019e651b-8f69-7d33-9eff-44ff02f48358" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral_019e651b-8f69-728b-8435-f3133a0b2685" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAmountOffsetAgainstCollateral_019e651b-8f69-7d33-9eff-44ff02f48358" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_019e651b-8f69-7ff9-80e6-03bff571fda9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAmountOffsetAgainstCollateral_019e651b-8f69-728b-8435-f3133a0b2685" xlink:to="loc_us-gaap_DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral_019e651b-8f69-7ff9-80e6-03bff571fda9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset_019e651b-8f69-7d33-9192-e45c51a120bc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_019e651b-8f69-71de-97d3-e0ded5464d81" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset_019e651b-8f69-7d33-9192-e45c51a120bc" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseAsset_019e651b-8f69-71de-97d3-e0ded5464d81" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset_019e651b-8f69-72b3-b124-5a0219bd6c54" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilityFairValueGrossAsset"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedAsset_019e651b-8f69-7d33-9192-e45c51a120bc" xlink:to="loc_us-gaap_DerivativeLiabilityFairValueGrossAsset_019e651b-8f69-72b3-b124-5a0219bd6c54" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross_019e651b-8f69-7495-b597-6601ca7e7239" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiability_019e651b-8f69-7b52-abef-4cee88a23c65" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross_019e651b-8f69-7495-b597-6601ca7e7239" xlink:to="loc_us-gaap_DerivativeFairValueOfDerivativeLiability_019e651b-8f69-7b52-abef-4cee88a23c65" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross_019e651b-8f69-722b-965e-34ed7c7b9bac" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross_019e651b-8f69-7495-b597-6601ca7e7239" xlink:to="loc_us-gaap_SecuritiesSoldUnderAgreementsToRepurchaseGross_019e651b-8f69-722b-965e-34ed7c7b9bac" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/EarningsperShareReconciliationofNetIncomeandNumberofSharesusedinComputationofEarningsPerShareDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#EarningsperShareReconciliationofNetIncomeandNumberofSharesusedinComputationofEarningsPerShareDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/EarningsperShareReconciliationofNetIncomeandNumberofSharesusedinComputationofEarningsPerShareDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_019e651b-9028-7be2-a321-154b071d4809" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesIssuedBasic_019e651b-9028-7423-b059-9b7a4dc18452" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_WeightedAverageNumberOfSharesIssuedBasic"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_019e651b-9028-7be2-a321-154b071d4809" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesIssuedBasic_019e651b-9028-7423-b059-9b7a4dc18452" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToContingentlyIssuableShares_019e651b-9028-7dbb-8a95-8de23bea14f2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncrementalCommonSharesAttributableToContingentlyIssuableShares"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_019e651b-9028-7be2-a321-154b071d4809" xlink:to="loc_us-gaap_IncrementalCommonSharesAttributableToContingentlyIssuableShares_019e651b-9028-7dbb-8a95-8de23bea14f2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_IncrementalCommonSharesAttributableToNonParticipatingNonvestedShares_019e651b-9028-78fe-8ec1-2ffb579d4e93" xlink:href="stwd-20260630.xsd#stwd_IncrementalCommonSharesAttributableToNonParticipatingNonvestedShares"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_019e651b-9028-7be2-a321-154b071d4809" xlink:to="loc_stwd_IncrementalCommonSharesAttributableToNonParticipatingNonvestedShares_019e651b-9028-78fe-8ec1-2ffb579d4e93" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_IncomeLossFromContinuingOperationsDiluted_019e651b-9028-79ee-9afb-6df9c89bc2d8" xlink:href="stwd-20260630.xsd#stwd_IncomeLossFromContinuingOperationsDiluted"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperations_019e651b-9028-7b2b-9510-2f8af79debd4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromContinuingOperations"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_IncomeLossFromContinuingOperationsDiluted_019e651b-9028-79ee-9afb-6df9c89bc2d8" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperations_019e651b-9028-7b2b-9510-2f8af79debd4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_019e651b-9028-70db-8d02-f3ea722ae73a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_IncomeLossFromContinuingOperationsDiluted_019e651b-9028-79ee-9afb-6df9c89bc2d8" xlink:to="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_019e651b-9028-70db-8d02-f3ea722ae73a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_IncomeLossFromContinuingOperationsBasic_019e651b-9028-7e6c-9453-539e40ae48e1" xlink:href="stwd-20260630.xsd#stwd_IncomeLossFromContinuingOperationsBasic"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperations_019e651b-9028-7116-9830-1e9aa73be91d" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeLossFromContinuingOperations"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_IncomeLossFromContinuingOperationsBasic_019e651b-9028-7e6c-9453-539e40ae48e1" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperations_019e651b-9028-7116-9830-1e9aa73be91d" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_019e651b-9028-70fc-83a4-79f7a6f63bd3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_stwd_IncomeLossFromContinuingOperationsBasic_019e651b-9028-7e6c-9453-539e40ae48e1" xlink:to="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_019e651b-9028-70fc-83a4-79f7a6f63bd3" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/AccumulatedOtherComprehensiveIncomeDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#AccumulatedOtherComprehensiveIncomeDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/AccumulatedOtherComprehensiveIncomeDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e651b-9028-741c-9f60-cd7c66de8072" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_019e651b-9028-7267-bfa3-8fe46c12f2bc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e651b-9028-741c-9f60-cd7c66de8072" xlink:to="loc_us-gaap_OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax_019e651b-9028-7267-bfa3-8fe46c12f2bc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_019e651b-9028-7335-96b1-019c06db194b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_OtherComprehensiveIncomeLossNetOfTax_019e651b-9028-741c-9f60-cd7c66de8072" xlink:to="loc_us-gaap_ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax_019e651b-9028-7335-96b1-019c06db194b" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/FairValueFinancialAssetsandLiabilitiesDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#FairValueFinancialAssetsandLiabilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/FairValueFinancialAssetsandLiabilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosure_019e651b-9028-7313-a580-c52001900edc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansHeldForSaleFairValueDisclosure_019e651b-9028-76e2-88b4-c4097d6c6874" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LoansHeldForSaleFairValueDisclosure"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e651b-9028-7313-a580-c52001900edc" xlink:to="loc_us-gaap_LoansHeldForSaleFairValueDisclosure_019e651b-9028-76e2-88b4-c4097d6c6874" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019e651b-9028-78d6-a187-6da50e9190c5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AvailableForSaleSecuritiesDebtSecurities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e651b-9028-7313-a580-c52001900edc" xlink:to="loc_us-gaap_AvailableForSaleSecuritiesDebtSecurities_019e651b-9028-78d6-a187-6da50e9190c5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EquitySecuritiesFvNi_019e651b-9028-7597-b8f8-c502563b07cf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EquitySecuritiesFvNi"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e651b-9028-7313-a580-c52001900edc" xlink:to="loc_us-gaap_EquitySecuritiesFvNi_019e651b-9028-7597-b8f8-c502563b07cf" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ServicingAssetAtFairValueAmount_019e651b-9028-7ae9-949e-31208ecf25d4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ServicingAssetAtFairValueAmount"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e651b-9028-7313-a580-c52001900edc" xlink:to="loc_us-gaap_ServicingAssetAtFairValueAmount_019e651b-9028-7ae9-949e-31208ecf25d4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeAssets_019e651b-9028-791f-b1ef-31ea22d96be7" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeAssets"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e651b-9028-7313-a580-c52001900edc" xlink:to="loc_us-gaap_DerivativeAssets_019e651b-9028-791f-b1ef-31ea22d96be7" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_VariableInterestEntityAssets_019e651b-9028-772c-9550-7bb028e3fe95" xlink:href="stwd-20260630.xsd#stwd_VariableInterestEntityAssets"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e651b-9028-7313-a580-c52001900edc" xlink:to="loc_stwd_VariableInterestEntityAssets_019e651b-9028-772c-9550-7bb028e3fe95" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_HousingFundInvestmentFairValueDisclosure_019e651b-9028-7d7e-b02b-68af2fb6f132" xlink:href="stwd-20260630.xsd#stwd_HousingFundInvestmentFairValueDisclosure"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e651b-9028-7313-a580-c52001900edc" xlink:to="loc_stwd_HousingFundInvestmentFairValueDisclosure_019e651b-9028-7d7e-b02b-68af2fb6f132" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosure_019e651b-9028-7076-8d37-b1d9f47f0b00" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_VariableInterestEntityLiabilities_019e651b-9028-7a26-adc2-034eec44fed3" xlink:href="stwd-20260630.xsd#stwd_VariableInterestEntityLiabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_019e651b-9028-7076-8d37-b1d9f47f0b00" xlink:to="loc_stwd_VariableInterestEntityLiabilities_019e651b-9028-7a26-adc2-034eec44fed3" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DerivativeLiabilities_019e651b-9028-7ef9-924b-aaec1f6f377f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DerivativeLiabilities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_019e651b-9028-7076-8d37-b1d9f47f0b00" xlink:to="loc_us-gaap_DerivativeLiabilities_019e651b-9028-7ef9-924b-aaec1f6f377f" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.starwoodpropertytrust.com/role/IncomeTaxesReconciliationofTaxRateDetails" xlink:type="simple" xlink:href="stwd-20260630.xsd#IncomeTaxesReconciliationofTaxRateDetails"/>
  <link:calculationLink xlink:role="http://www.starwoodpropertytrust.com/role/IncomeTaxesReconciliationofTaxRateDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_019e651b-9028-7e24-981b-45d6b18acd88" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_019e651b-9028-7e3a-bb86-2904641f4c37" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_019e651b-9028-7e24-981b-45d6b18acd88" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_019e651b-9028-7e3a-bb86-2904641f4c37" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome_019e651b-9028-7f42-bbea-0036741ce094" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_019e651b-9028-7e24-981b-45d6b18acd88" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationTaxExemptIncome_019e651b-9028-7f42-bbea-0036741ce094" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_019e651b-9028-7980-b45d-b80725795f94" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_019e651b-9028-7e24-981b-45d6b18acd88" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_019e651b-9028-7980-b45d-b80725795f94" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_EffectiveIncomeTaxRateReconciliationIntraEntityTransfer_019e651b-9028-7118-90f9-c78f0f68c25e" xlink:href="stwd-20260630.xsd#stwd_EffectiveIncomeTaxRateReconciliationIntraEntityTransfer"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_019e651b-9028-7e24-981b-45d6b18acd88" xlink:to="loc_stwd_EffectiveIncomeTaxRateReconciliationIntraEntityTransfer_019e651b-9028-7118-90f9-c78f0f68c25e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_019e651b-9028-7189-bf0e-7e4f590439b0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_EffectiveIncomeTaxRateContinuingOperations_019e651b-9028-7e24-981b-45d6b18acd88" xlink:to="loc_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_019e651b-9028-7189-bf0e-7e4f590439b0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_019e651b-9028-7900-a1bd-3fd96a454171" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeTaxExpenseBenefit"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_019e651b-9028-7245-8c1d-d9b89aafc51a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_019e651b-9028-7900-a1bd-3fd96a454171" xlink:to="loc_us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_019e651b-9028-7245-8c1d-d9b89aafc51a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationTaxExemptIncome_019e651b-9028-7774-b226-0c684061e3f1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeTaxReconciliationTaxExemptIncome"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_019e651b-9028-7900-a1bd-3fd96a454171" xlink:to="loc_us-gaap_IncomeTaxReconciliationTaxExemptIncome_019e651b-9028-7774-b226-0c684061e3f1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_019e651b-9028-7d27-bb75-4756cab7e40c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_019e651b-9028-7900-a1bd-3fd96a454171" xlink:to="loc_us-gaap_IncomeTaxReconciliationStateAndLocalIncomeTaxes_019e651b-9028-7d27-bb75-4756cab7e40c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_stwd_IncomeTaxReconciliationIntraEntityTransfer_019e651b-9028-75a2-90ae-41a5de66ff42" xlink:href="stwd-20260630.xsd#stwd_IncomeTaxReconciliationIntraEntityTransfer"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_019e651b-9028-7900-a1bd-3fd96a454171" xlink:to="loc_stwd_IncomeTaxReconciliationIntraEntityTransfer_019e651b-9028-75a2-90ae-41a5de66ff42" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncomeTaxReconciliationOtherAdjustments_019e651b-9028-7da3-876b-2e00976b112f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncomeTaxReconciliationOtherAdjustments"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeTaxExpenseBenefit_019e651b-9028-7900-a1bd-3fd96a454171" xlink:to="loc_us-gaap_IncomeTaxReconciliationOtherAdjustments_019e651b-9028-7da3-876b-2e00976b112f" xlink:type="arc"/>
  </link:calculationLink>
</link:linkbase>
