85571BAA3

This “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read in conjunction with the information included elsewhere in this Quarterly Report on Form 10-Q and in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (our “Form 10-K”). This discussion contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements. See “Special Note Regarding Forward-Looking Statements” at the beginning of this Quarterly Report on Form 10-Q. Overview Starwood Property Trust, Inc. (“STWD” and, together with its subsidiaries, “we” or the “Company”) is a Maryland corporation that commenced operations in August 2009, upon the completion of our initial public offering. We are focused primarily on originating, acquiring, financing and managing mortgage loans and other real estate investments in the United States (“U.S.”), Europe and Australia. As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and credit spreads as well as economic and credit conditions. We have four reportable business segments as of June 30, 2026 and we refer to the investments within these segments as our target assets: •Real estate commercial and residential lending (the “Commercial and Residential Lending Segment”)—engages primarily in originating, acquiring, financing and managing commercial first mortgages, non-agency residential mortgages (“residential loans”), subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”) and other real estate and real estate-related debt investments in the U.S., Europe and Australia (including distressed or non-performing loans). Our residential loans are secured by a first mortgage lien on residential property and primarily consist of non-agency residential loans that are not guaranteed by any U.S. Government agency or federally chartered corporation. •Infrastructure lending (the “Infrastructure Lending Segment”)—engages primarily in originating, acquiring, financing and managing infrastructure debt investments. •Real estate property (the “Property Segment”)—engages primarily in acquiring and managing equity interests in stabilized and to be stabilized commercial real estate. This includes multifamily properties, multi-tenant medical office net lease properties and diversified single-tenant triple net lease properties, all of which are held for investment. •Real estate investing and servicing (the “Investing and Servicing Segment”)—includes (i) a servicing business in the U.S. that manages and works out problem assets, (ii) an investment business that selectively acquires and manages unrated, investment grade and non-investment grade rated CMBS, including subordinated interests of securitization and resecuritization transactions, (iii) a mortgage loan business which originates conduit loans for the primary purpose of selling these loans into securitization transactions and (iv) an investment business that selectively acquires commercial real estate assets, including properties acquired from CMBS trusts. Our segments exclude the consolidation of securitization variable interest entities (“VIEs”), principally representing CMBS trust vehicles that we consolidate by virtue of our role as special servicer. However, they include securitized financing VIEs such as collateralized loan obligations (“CLOs”), single asset securitizations (“SASBs”) and asset-backed securitizations (“ABSs”). Refer to Note 1 of our condensed consolidated financial statements included herein (the “Condensed Consolidated Financial Statements”) for further discussion of our business and organization. 73 Table of Contents Developments During the Second Quarter of 2026 Commercial and Residential Lending Segment •Originated or acquired $1.4 billion of commercial loans during the quarter, including the following: ◦$598.7 million first mortgage loan, representing a 3% participation in the overall loan, for the construction of a data center pre-leased to an investment grade tenant located in Texas, of which the Company funded $84.2 million. ◦A$625.1 million ($442.1 million) first mortgage loan, representing a 66% participation in the overall loan, secured by a hospitality asset located in Australia, of which the Company funded $366.8 million. ◦$127.5 million first mortgage loan secured by a luxury resort located in Colorado, which the Company fully funded. ◦$120.0 million first mortgage loan secured by a distribution and logistics portfolio located in Tennessee, of which the Company funded $110.7 million. ◦€37.1 million and £11.3 million ($57.6 million) first mortgage loan secured by a cold storage industrial portfolio located across the Netherlands, United Kingdom and Ireland, of which the Company funded $47.5 million. •Funded $250.1 million of previously originated commercial loan commitments and investment securities. •Received gross proceeds of $447.1 million ($379.2 million, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities. •Transferred $229.8 million of residential loans from VIE assets to loans held-for-investment upon redemption of a consolidated RMBS trust. •Sold two units in a residential conversion project in New York for $11.5 million. Infrastructure Lending Segment •Committed $440.8 million for new infrastructure loans and bonds, of which the Company funded $296.1 million, and also funded $24.2 million of pre-existing infrastructure loan commitments. •Received proceeds of $447.3 million from principal repayments on our infrastructure loans and bonds. Property •Acquired 16 additional net lease properties for $179.0 million and sold four properties subject to a single master lease for $2.3 million, resulting in an immaterial gain. •Entered into a new revolving warehouse credit facility in April 2026 to finance Fundamental’s net lease property acquisitions. The facility totals $1.0 billion, of which $500.0 million is committed and $500.0 million is uncommitted. It has a five-year term, an annual interest rate of SOFR + 1.55% and an advance rate of up to 70%. Investing and Servicing •Originated or acquired commercial conduit loans of $290.0 million. •Received proceeds of $341.8 million from sales of previously originated commercial conduit loans. •Acquired CMBS for a purchase price of $46.8 million, of which $1.4 million related to non-controlling interests, and sold CMBS for total gross proceeds of $13.3 million. 74 Table of Contents •Obtained four new special servicing assignments for CMBS trusts with a total unpaid principal balance of $2.8 billion, while $2.8 billion matured and $1.0 billion transferred, bringing our total named special servicing portfolio to $93.6 billion. •Sold a hospitality asset in New York City for gross proceeds of $13.1 million and recognized a gain of $2.3 million. The property had been acquired through foreclosure in June 2024 after the related loan was acquired as nonperforming in October 2021. Corporate •Amended our $696.5 million term loan facility due September 2032 in May 2026, increasing the facility by $275.0 million to $971.5 million, and reducing the spread by 25 bps from SOFR + 2.25% to SOFR + 2.00%. •Issued $600.0 million of 6.125% Senior Notes due 2031 in May 2026 and swapped the notes to a floating rate of SOFR + 2.22%. •Repurchased 581,795 shares of common stock with a weighted average repurchase price of $17.16 per share for a total cost of $10.0 million. Developments During the First Quarter of 2026 Commercial and Residential Lending Segment •Originated or acquired $1.5 billion of commercial loans during the quarter, including the following: ◦$727.2 million first mortgage loan for the construction of a data center pre-leased to an investment grade tenant located in Virginia, of which the Company funded $232.3 million. ◦$245.0 million first mortgage and mezzanine loan secured by a 666-unit high-rise multifamily property located in California, which the Company fully funded. ◦$191.9 million first mortgage and mezzanine loan secured by an industrial portfolio located in California, of which the Company funded $174.0 million. ◦$160.0 million first mortgage loan for the construction of a data center pre-leased to an investment grade tenant located in Virginia, of which the Company funded $30.7 million. Refer to Note 16 to the condensed consolidated financial statements for further discussion. ◦€133.2 million ($159.3 million) first mortgage loan secured by a retail property located in Germany, of which the Company funded $146.3 million. ◦$63.5 million first mortgage loan secured by a 374-unit multifamily property located in Texas, which the Company fully funded. •Funded $278.1 million of previously originated commercial loan commitments and investment securities. •Received gross proceeds of $835.0 million ($251.8 million, net of debt repayments) from maturities and principal repayments on our commercial loans and investment securities. •Sold a multifamily property in Conyers, Georgia, which had been acquired through foreclosure in February 2025, for gross proceeds of $40.0 million and recognized a net gain of $0.3 million. In connection therewith, we provided $32.0 million of three-year senior secured financing to the purchaser. •Acquired the additional remaining $143.8 million senior mortgage loan interest secured by an industrial complex in Long Island City, New York, for which we have an existing $274.3 million first mortgage and mezzanine loan interest, in order to preserve our rights as the mezzanine lender. •Amended several commercial credit facilities resulting in an aggregate net upsize of $250.0 million and extended the weighted average maturity on amended facilities by 1.2 years to 1.9 years. 75 Table of Contents Infrastructure Lending Segment •Committed $596.7 million for new infrastructure loans, of which the Company funded $566.7 million, and also funded $1.6 million of pre-existing infrastructure loan commitments. •Received proceeds of $319.9 million from principal repayments on our infrastructure loans and bonds. •Refinanced a pool of our infrastructure loans held-for-investment in January 2026 through a CLO, Starwood 2026-SIF7. The CLO has a contractual maturity of January 2038 and a weighted average cost of financing of SOFR + 1.91%, inclusive of the amortization of deferred issuance costs. On the closing date, the CLO issued $600.0 million of notes, of which $496.2 million of notes were purchased by third party investors and $103.8 million of subordinated notes were retained by us. In connection therewith, we redeemed at par the third party financing for our STWD 2024-SIF3 CLO for $330.0 million and contributed certain loans previously held in that CLO to Starwood 2026-SIF7. Property •Acquired 32 additional net lease properties for $129.6 million and sold nine properties subject to two master leases for $22.4 million, recognizing a total net gain of $0.5 million. •Refinanced a pool of our Fundamental net lease properties in March 2026 through an ABS, FI Series 2026-1, with $466.4 million of third party financing at a weighted average fixed rate of 5.06% and weighted average maturity of 5.4 years. In connection therewith, we redeemed at par the third party financing for our ABS, FI Series 2023-1, which had a weighted average fixed rate of 6.65%, for $323.6 million plus accrued interest. This reduced the cost of funds on the aggregate ABS financing on the master trust from 5.73% to 5.29%. Investing and Servicing •Originated or acquired commercial conduit loans of $234.7 million. •Received proceeds of $182.1 million from sales of previously originated or acquired commercial conduit loans, and priced $11.0 million of previously originated commercial conduit loans in a securitization that settled subsequent to March 31, 2026. •Acquired CMBS for a purchase price of $6.5 million and sold CMBS for total gross proceeds of $3.9 million. •Obtained one new special servicing assignment for CMBS trusts with a total unpaid principal balance of $250.0 million, while $2.8 billion matured and $351.8 million transferred, bringing our total named special servicing portfolio to $94.6 billion as of March 31. 2026. Corporate •Repurchased 1,126,543 shares of common stock with a weighted average repurchase price of $17.67 per share for a total cost of $19.9 million Subsequent Events Refer to Note 24 to the Consolidated Financial Statements for disclosure regarding significant transactions that occurred subsequent to June 30, 2026. 76 Table of Contents Results of Operations The discussion below is based on accounting principles generally accepted in the United States of America (“GAAP”) and therefore reflects the elimination of certain key financial statement line items related to the consolidation of securitization variable interest entities (“VIEs”), particularly within revenues and other income, as discussed in Note 2 to the Condensed Consolidated Financial Statements. For a discussion of our results of operations excluding the impact of Accounting Standards Codification (“ASC”) Topic 810 as it relates to the consolidation of securitization VIEs, refer to the section captioned “Non-GAAP Financial Measures.” The following table compares our summarized results of operations for the three months ended June 30, 2026 and March 31, 2026 and for the six months ended June 30, 2026 and 2025 by business segment (amounts in thousands): ​ For the Three Months Ended For the Six Months Ended Revenues: June 30, 2026 March 31, 2026 $ Change June 30, 2026 June 30, 2025 $ Change Commercial and Residential Lending Segment $ 364,214 $ 344,581 $ 19,633 $ 708,795 $ 669,373 $ 39,422 Infrastructure Lending Segment 68,946 63,295 5,651 132,241 128,809 3,432 Property Segment 64,189 61,300 2,889 125,489 33,026 92,463 Investing and Servicing Segment 52,662 80,837 (28,175) 133,499 112,660 20,839 Corporate 822 670 152 1,492 631 861 Securitization VIE eliminations (37,165) (38,227) 1,062 (75,392) (82,036) 6,644 513,668 512,456 1,212 1,026,124 862,463 163,661 Costs and expenses: Commercial and Residential Lending Segment 226,739 189,863 36,876 416,602 370,988 45,614 Infrastructure Lending Segment 45,784 41,773 4,011 87,557 91,199 (3,642) Property Segment 73,318 72,229 1,089 145,547 44,307 101,240 Investing and Servicing Segment 36,859 32,702 4,157 69,561 73,429 (3,868) Corporate 142,322 143,882 (1,560) 286,204 235,185 51,019 Securitization VIE eliminations (254) (144) (110) (398) (405) 7 524,768 480,305 44,463 1,005,073 814,703 190,370 Other income (loss): Commercial and Residential Lending Segment (997) (12,946) 11,949 (13,943) 46,150 (60,093) Infrastructure Lending Segment 3,027 952 2,075 3,979 609 3,370 Property Segment 12,231 14,621 (2,390) 26,852 7,263 19,589 Investing and Servicing Segment 15,397 2,049 13,348 17,446 28,321 (10,875) Corporate (34,240) (21,433) (12,807) (55,673) 43,500 (99,173) Securitization VIE eliminations 36,911 38,083 (1,172) 74,994 81,631 (6,637) 32,329 21,326 11,003 53,655 207,474 (153,819) Income (loss) before income taxes: Commercial and Residential Lending Segment 136,478 141,772 (5,294) 278,250 344,535 (66,285) Infrastructure Lending Segment 26,189 22,474 3,715 48,663 38,219 10,444 Property Segment 3,102 3,692 (590) 6,794 (4,018) 10,812 Investing and Servicing Segment 31,200 50,184 (18,984) 81,384 67,552 13,832 Corporate (175,740) (164,645) (11,095) (340,385) (191,054) (149,331) Securitization VIE eliminations — — — — — — 21,229 53,477 (32,248) 74,706 255,234 (180,528) Income tax (provision) benefit (6,224) 3,945 (10,169) (2,279) (4,437) 2,158 Net income attributable to non-controlling interests (8,448) (5,544) (2,904) (13,992) (8,728) (5,264) Net income attributable to Starwood Property Trust, Inc. $ 6,557 $ 51,878 $ (45,321) $ 58,435 $ 242,069 $ (183,634) 77 Table of Contents Three Months Ended June 30, 2026 Compared to the Three Months Ended March 31, 2026 Commercial and Residential Lending Segment Revenues For the three months ended June 30, 2026, revenues of our Commercial and Residential Lending Segment increased $19.6 million to $364.2 million, compared to $344.6 million for the three months ended March 31, 2026. This was primarily due to a $16.8 million increase in interest income from loans and a $3.5 million increase in rental income from foreclosed properties (substantially offset by the increase in rental costs and expenses noted below). The increase in interest income from loans was comprised of a $17.1 million increase from commercial loans, primarily reflecting higher average loan balances, slightly offset by a $0.3 million decrease from residential loans. Costs and Expenses For the three months ended June 30, 2026, costs and expenses of our Commercial and Residential Lending Segment increased $36.8 million to $226.7 million, compared to $189.9 million for the three months ended March 31, 2026. This was primarily due to increases of $29.2 million in credit loss provision, $5.8 million in interest expense and $3.5 million in rental costs and expenses. The increase in the credit loss provision primarily reflects a deterioration in macroeconomic forecasts in the second quarter of 2026. The increase in interest expense associated with the various financing facilities used to fund a portion of this segment’s investment portfolio was primarily due to higher average borrowings outstanding. Net Interest Income (amounts in thousands) For the Three Months Ended June 30, 2026 March 31, 2026 Change Interest income from loans $ 327,151 $ 310,314 $ 16,837 Interest income from investment securities 15,344 15,637 (293) Interest expense (160,750) (154,923) (5,827) Net interest income $ 181,745 $ 171,028 $ 10,717 For the three months ended June 30, 2026, net interest income of our Commercial and Residential Lending Segment increased $10.7 million to $181.7 million, compared to $171.0 million for the three months ended March 31, 2026. This reflects the increase in interest income, partially offset by the increase in interest expense on our secured financing facilities, both as discussed in the sections above. During the three months ended June 30, 2026 and March 31, 2026, the weighted average unlevered yields on the Commercial and Residential Lending Segment’s loans and investment securities, excluding retained RMBS and loans for which interest income is not recognized, were as follows: For the Three Months Ended June 30, 2026 March 31, 2026 Commercial 7.4 % 7.4 % Residential 4.8 % 4.8 % Overall 7.1 % 7.0 % For the three months ended June 30, 2026, the weighted average unlevered yields on our commercial and residential loans and investment securities were relatively unchanged from the previous quarter. During both the three months ended June 30, 2026 and March 31, 2026, the Commercial and Residential Lending Segment’s weighted average secured borrowing rate, inclusive of the amortization of deferred financing fees, was 5.6%. Interest rate hedges had the effect of reducing the weighted average borrowing costs to 5.3% and 5.2% during the three months ended June 30, 2026 and March 31, 2026, respectively. 78 Table of Contents Other Loss For the three months ended June 30, 2026, other loss of our Commercial and Residential Lending Segment decreased $11.9 million to $1.0 million compared to $12.9 million for the three months ended March 31, 2026. This was primarily due to (i) an $8.3 million lesser decrease in fair value of residential loans and (ii) a $5.2 million increased net gain on derivatives, partially offset by (iii) a $2.0 million unfavorable change in fair value of RMBS investments. The increased net gain on derivatives in the second quarter of 2026 reflects (i) a $17.5 million higher gain on interest rate swaps principally related to residential loans, partially offset by (ii) a $12.3 million unfavorable change in gain (loss) on foreign currency hedges. The interest rate swaps are used primarily to hedge our interest rate risk on residential loans held-for-sale and to fix our interest rate payments on certain variable rate borrowings which fund fixed rate investments. The foreign currency hedges are used to fix the U.S. dollar amounts of cash flows (both interest and principal payments) we expect to receive from our foreign currency denominated loans and investments. The unfavorable change in gain (loss) on foreign currency hedges reflects the weakening of the U.S. dollar against the pound sterling (“GBP”) and Australian dollar (“AUD”), partially offset by a strengthening against the Euro (“EUR”), in the second quarter of 2026, compared to a strengthening of the U.S. dollar against the GBP and EUR, partially offset by a weakening against the AUD, in the first quarter of 2026. Infrastructure Lending Segment Revenues For the three months ended June 30, 2026, revenues of our Infrastructure Lending Segment increased $5.6 million to $68.9 million, compared to $63.3 million for the three months ended March 31, 2026. This was primarily due to a $5.6 million increase in interest income from loans, reflecting higher average loan balances and prepayment related income. Costs and Expenses For the three months ended June 30, 2026, costs and expenses of our Infrastructure Lending Segment increased $4.0 million to $45.8 million, compared to $41.8 million for the three months ended March 31, 2026. This was primarily due to (i) a $1.9 million increase in interest expense, primarily reflecting higher average borrowings outstanding, and (ii) a $1.3 million increase in credit loss provision to a provision of $0.3 million in the second quarter compared to a reversal of $1.0 million in the first quarter. Net Interest Income (amounts in thousands) For the Three Months Ended June 30, 2026 March 31, 2026 Change Interest income from loans $ 66,991 $ 61,438 $ 5,553 Interest income from investment securities 481 384 97 Interest expense (38,625) (36,696) (1,929) Net interest income $ 28,847 $ 25,126 $ 3,721 For the three months ended June 30, 2026, net interest income of our Infrastructure Lending Segment increased $3.7 million to $28.8 million, compared to $25.1 million for the three months ended March 31, 2026. The increase reflects the increase in interest income from loans, partially offset by the increase in interest expense on the secured financing facilities used to fund this segment’s investment portfolio, both as discussed in the sections above. During both the three months ended June 30, 2026 and March 31, 2026, the weighted average unlevered yield on the Infrastructure Lending Segment’s loans and investment securities, excluding those for which interest income is not recognized, was 8.4%. During both the three months ended June 30, 2026 and March 31, 2026, the Infrastructure Lending Segment’s weighted average secured borrowing rate, inclusive of the amortization of deferred financing fees, was 6.2%. Other Income For the three months ended June 30, 2026, other income of our Infrastructure Lending Segment increased $2.0 million to $3.0 million, compared $1.0 million for the three months ended March 31, 2026. This was primarily due to a $1.8 million increase in earnings from unconsolidated entities. 79 Table of Contents Property Segment Change in Results by Portfolio (amounts in thousands) $ Change from prior period Revenues Depreciation and amortization Other costs and expenses Gain (loss) on derivative financial instruments Other income (loss) Income (loss) before income taxes Fundamental $ 3,059 $ 1,134 $ 657 $ 6,122 $ (389) $ 7,001 Medical Office Portfolio 70 (75) (283) (43) 304 689 Woodstar Fund (241) — (1) — (7,535) (7,775) D.C. Multifamily Conversion — — — — (841) (841) Other/Corporate 1 — (343) — (8) 336 Total $ 2,889 $ 1,059 $ 30 $ 6,079 $ (8,469) $ (590) See Notes 6 and 7 to the Condensed Consolidated Financial Statements for a description of the above-referenced Property Segment assets. Revenues For the three months ended June 30, 2026, revenues of our Property Segment increased $2.9 million to $64.2 million, compared to $61.3 million for the three months ended March 31, 2026, primarily due to Fundamental’s acquisition of additional net lease properties. Costs and Expenses For the three months ended June 30, 2026, costs and expenses of our Property Segment increased $1.1 million to $73.3 million, compared to $72.2 million for the three months ended March 31, 2026. This was primarily due to an increase in depreciation and amortization of properties acquired by Fundamental. Other Income For the three months ended June 30, 2026, other income of our Property Segment decreased $2.4 million to $12.2 million compared to $14.6 million for the three months ended March 31, 2026. This was primarily due to a $7.5 million decrease in income attributable to investments of the Woodstar Fund, primarily related to unrealized fair value changes, partially offset by a $6.1 million increased gain on interest rate derivatives which primarily hedge the timing of securitizations on Fundamental collateral while on a warehouse line. Investing and Servicing Segment Revenues For the three months ended June 30, 2026, revenues of our Investing and Servicing Segment decreased $28.1 million to $52.7 million, compared to $80.8 million for the three months ended March 31, 2026. This was primarily due to a $31.1 million decrease in servicing fees principally related to default interest. Costs and Expenses For the three months ended June 30, 2026, costs and expenses of our Investing and Servicing Segment increased $4.2 million to $36.9 million, compared to $32.7 million for the three months ended March 31, 2026. This was primarily due to increases of (i) $2.3 million in interest expense, primarily on conduit loan financing, and (ii) $1.7 million in general and administrative expenses, principally related to higher loan securitization activity. Other Income For the three months ended June 30, 2026, other income of our Investing and Servicing Segment increased $13.4 million to $15.4 million, compared to $2.0 million for the three months ended March 31, 2026. This was primarily due to (i) a $6.2 million lesser decrease in fair value of CMBS investments, (ii) a $4.3 million greater increase in fair value of conduit loans and (iii) a $2.3 million gain on sale of a foreclosed property in the second quarter of 2026. 80 Table of Contents Corporate and Other Items Corporate Costs and Expenses For the three months ended June 30, 2026, corporate expenses decreased $1.6 million to $142.3 million, compared to $143.9 million for the three months ended March 31, 2026. This was primarily due to a $5.8 million decrease in management fees (principally incentive fees), partially offset by a $4.9 million increase in interest expense, primarily due to higher average secured and unsecured borrowings outstanding. Corporate Other Loss For the three months ended June 30, 2026, corporate other loss increased $12.8 million to $34.2 million, compared to $21.4 million for the three months ended March 31, 2026. This was due to an increased loss on our fixed-to-floating interest rate swaps which hedge a portion of our unsecured senior notes. Securitization VIE Eliminations Securitization VIE eliminations primarily reclassify interest income and servicing fee revenues to other income (loss) for the CMBS and RMBS VIEs that we consolidate as primary beneficiary. Such eliminations have no overall effect on net income (loss) attributable to Starwood Property Trust. The reclassified revenues, along with applicable changes in fair value of investment securities and servicing rights, comprise the other income (loss) caption “Change in net assets related to consolidated VIEs,” which represents our beneficial interest in those consolidated VIEs. The magnitude of the securitization VIE eliminations is merely a function of the number of CMBS and RMBS trusts consolidated in any given period, and as such, is not a meaningful indicator of operating results. The eliminations primarily relate to CMBS trusts for which the Investing and Servicing Segment is deemed the primary beneficiary and, to a much lesser extent, some CMBS and RMBS trusts for which the Commercial and Residential Lending Segment is deemed the primary beneficiary. Income Tax (Provision) Benefit Our consolidated income taxes principally relate to the taxable nature of our loan servicing and loan securitization businesses which are housed in taxable REIT subsidiaries (“TRSs”). For the three months ended June 30, 2026, our income tax provision increased $10.1 million to a provision of $6.2 million compared to a benefit of $3.9 million for the three months ended March 31, 2026. This was primarily due to a provision on taxable income of our TRSs in the second quarter of 2026 compared to the tax benefit recognition of intra-entity asset transfers in the first quarter of 2026. Net Income Attributable to Non-controlling Interests During the three months ended June 30, 2026, net income attributable to non-controlling interests increased $2.9 million to $8.4 million, compared to $5.5 million during the three months ended March 31, 2026. This was primarily due to non-controlling interests in a favorable change in unrealized gains (losses) of a consolidated CMBS joint venture, partially offset by lower income of the Woodstar Fund in the second quarter of 2026. 81 Table of Contents Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Commercial and Residential Lending Segment Revenues For the six months ended June 30, 2026, revenues of our Commercial and Residential Lending Segment increased $39.4 million to $708.8 million, compared to $669.4 million for the six months ended June 30, 2025. This was primarily due to increases in interest income from loans of $33.6 million and rental income from foreclosed properties of $21.4 million, partially offset by a decrease in interest income from investment securities of $14.2 million. The increase in interest income from loans reflects (i) a $39.0 million increase from commercial loans, reflecting higher average balances, partially offset by lower average index rates and spreads and additional loans placed on nonaccrual, and (ii) a $5.4 million decrease from residential loans principally due to lower average balances. The decrease in interest income from investment securities was primarily due to lower average commercial and residential investment balances due to repayments. Costs and Expenses For the six months ended June 30, 2026, costs and expenses of our Commercial and Residential Lending Segment increased $45.6 million to $416.6 million, compared to $371.0 million for the six months ended June 30, 2025. This was primarily due to increases of $52.5 million in credit loss provision and $21.8 million in rental costs and expenses, partially offset by a $30.4 million decrease in interest expense associated with the various secured financing facilities used to fund a portion of this segment’s investment portfolio. The increase in the credit loss provision primarily reflects a deterioration in macroeconomic forecasts in the second half of 2026. The decrease in interest expense was primarily due to lower average index rates and spreads, partially offset by higher average borrowings outstanding. Net Interest Income (amounts in thousands) For the Six Months Ended June 30, 2026 2025 Change Interest income from loans $ 637,465 $ 603,894 $ 33,571 Interest income from investment securities 30,981 45,224 (14,243) Interest expense (315,673) (346,045) 30,372 Net interest income $ 352,773 $ 303,073 $ 49,700 For the six months ended June 30, 2026, net interest income of our Commercial and Residential Lending Segment increased $49.7 million to $352.8 million, compared to $303.1 million for the six months ended June 30, 2025. This reflects the net increase in interest income and the decrease in interest expense on our secured financing facilities, both as discussed in the sections above. During the six months ended June 30, 2026 and 2025, the weighted average unlevered yields on the Commercial and Residential Lending Segment’s loans and investment securities, excluding retained RMBS and loans for which interest income is not recognized, were as follows: For the Six Months Ended June 30, 2026 2025 Commercial 7.4 % 8.3 % Residential 4.8 % 5.1 % Overall 7.1 % 7.8 % The weighted average unlevered yield on our commercial loans decreased primarily due to lower average index rates and spreads. The unlevered yield on our residential loans declined primarily due to an increase in the fair value of those loans. During the six months ended June 30, 2026 and 2025, the Commercial and Residential Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 5.6% and 6.5%, respectively. The decrease in borrowing rates primarily reflects lower average index rates and spreads. Interest rate hedges had the effect of adjusting these weighted average borrowing costs to 5.3% and 5.9% during the six months ended June 30, 2026 and 2025, respectively. 82 Table of Contents Other Income (Loss) For the six months ended June 30, 2026, other income of our Commercial and Residential Lending Segment decreased $60.1 million to a loss of $13.9 million, compared to income of $46.2 million for the six months ended June 30, 2025. This was primarily due to (ii) a $129.7 million unfavorable change in foreign currency gain (loss), (ii) an $84.7 million unfavorable change in fair value of residential loans, (iii) a $31.4 million decrease in gain on sale of investments and other assets, (iv) the nonrecurrence of a $20.8 million gain on extinguishment of debt in the first half of 2025 and (v) a $6.5 million unfavorable change in fair value of RMBS investments, all partially offset by (vi) a $219.8 million favorable change in gain (loss) on derivatives. The favorable change in gain (loss) on derivatives during the six months ended June 30, 2026 reflects (i) a $128.9 million favorable change in gain (loss) on foreign currency hedges and (ii) a $90.9 million favorable change in gain (loss) on interest rate swaps principally related to residential loans. The foreign currency hedges are used to fix the U.S. dollar amounts of cash flows (both interest and principal payments) we expect to receive from our foreign currency denominated loans and investments. The interest rate swaps are used primarily to hedge our interest rate risk on residential loans held-for-sale and to fix our interest rate payments on certain variable rate borrowings which fund fixed rate investments. The unfavorable change in foreign currency gain (loss) and the favorable change in gain (loss) on foreign currency hedges reflect the strengthening of the U.S. dollar against the GBP and EUR, partially offset by a weakening against the AUD, during the first half of 2026, compared to a weakening of the U.S. dollar against each of those currencies in the first half of 2025. Infrastructure Lending Segment Revenues For the six months ended June 30, 2026, revenues of our Infrastructure Lending Segment increased $3.4 million to $132.2 million, compared to $128.8 million for the six months ended June 30, 2025. This was primarily due to increases in interest income of (i) $2.0 million from loans, reflecting higher average balances, partially offset by the effects of lower average index rates and spreads, (ii) $0.9 million from cash balances and (iii) $0.6 million from investment securities. Costs and Expenses For the six months ended June 30, 2026, costs and expenses of our Infrastructure Lending Segment decreased $3.6 million to $87.6 million, compared to $91.2 million for the six months ended June 30, 2025. This was primarily due to (i) a $3.4 million decrease in credit loss provision to a reversal of $0.6 million in the first half of 2026 compared to a provision of $2.8 million in the first half of 2025, reflecting lower net fundings, and (ii) a $1.3 million net decrease in general, administrative and other expenses, partially offset by (iii) a $1.1 million increase in interest expense, reflecting higher average borrowings outstanding, partially offset by the effects of lower average index rates and spreads. Net Interest Income (amounts in thousands) For the Six Months Ended June 30, 2026 2025 Change Interest income from loans $ 128,429 $ 126,405 $ 2,024 Interest income from investment securities 865 302 563 Interest expense (75,321) (74,260) (1,061) Net interest income $ 53,973 $ 52,447 $ 1,526 For the six months ended June 30, 2026, net interest income of our Infrastructure Lending Segment increased $1.5 million to $54.0 million, compared to $52.4 million for the six months ended June 30, 2025. This reflects the increase in interest income from loans and investment securities, partially offset by the increase in interest expense on the secured financing facilities, both as discussed in the sections above. During the six months ended June 30, 2026 and 2025, the weighted average unlevered yields on the Infrastructure Lending Segment’s loans and investment securities, excluding those for which interest income is not recognized, were 8.5% and 9.3%, respectively, reflecting lower average index rates and spreads in the first half of 2026. During the six months ended June 30, 2026 and 2025, the Infrastructure Lending Segment’s weighted average secured borrowing rates, inclusive of the amortization of deferred financing fees, were 6.2% and 7.0%, respectively, reflecting lower average index rates and spreads in the first half of 2026. 83 Table of Contents Other Income For the six months ended June 30, 2026, other income of our Infrastructure Lending Segment increased $3.4 million to $4.0 million, compared to $0.6 million for the six months ended June 30, 2025, primarily due to a $3.0 million increase in earnings from unconsolidated entities. Property Segment Change in Results by Portfolio (amounts in thousands) $ Change from prior period Revenues Depreciation and amortization Other costs and expenses Gain (loss) on derivative financial instruments Other income (loss) Income (loss) before income taxes Fundamental $ 91,058 $ 45,457 $ 58,350 $ 10,674 $ 555 $ (1,520) Medical Office Portfolio 1,171 17 (2,462) 68 (304) 3,380 Woodstar Fund 249 — (24) — 8,368 8,641 D.C. Multifamily Conversion — — — — (1) (1) Other/Corporate (15) — (98) — 229 312 Total $ 92,463 $ 45,474 $ 55,766 $ 10,742 $ 8,847 $ 10,812 Revenues For the six months ended June 30, 2026, revenues of our Property Segment increased $92.5 million to $125.5 million, compared to $33.0 million for the six months ended June 30, 2025. This was primarily due to our acquisition of Fundamental in July 2025, which provided $91.1 million of net lease rental income during the first half of 2026. Costs and Expenses For the six months ended June 30, 2026, costs and expenses of our Property Segment increased $101.2 million to $145.5 million, compared to $44.3 million for the six months ended June 30, 2025. This was primarily due to the acquisition of Fundamental in July 2025, which introduced (i) higher interest expense, general and administrative expenses and costs of rental operations totaling $58.3 million and (ii) higher asset depreciation and amortization of $45.5 million, during the first half of 2026, the effect of which was partially offset by (iii) a $3.1 million decrease in interest expense on variable rate borrowings of the Medical Office Portfolio, primarily due to repayment of its $39.5 million mezzanine debt in February 2026 and lower average index rates. Other Income For the six months ended June 30, 2026, other income of our Property Segment increased $19.6 million to $26.9 million, compared to $7.3 million for the six months ended June 30, 2025. This was primarily due to (i) a $10.7 million gain on derivatives which hedge the timing of securitizations on Fundamental collateral while on a warehouse line and (ii) an $8.4 million increase in income attributable to investments of the Woodstar Fund, primarily related to unrealized fair value changes. Investing and Servicing Segment Revenues For the six months ended June 30, 2026, revenues of our Investing and Servicing Segment increased $20.8 million to $133.5 million, compared to $112.7 million for the six months ended June 30, 2025. This was primarily due to (i) a $31.6 million increase in servicing fees principally related to default interest, partially offset by (ii) a $6.4 million decrease in interest income from CMBS investments and conduit loans primarily due to lower interest recoveries on CMBS investments and lower average loan balances held during the first half of 2026 and (iii) a $3.1 million decrease in rental income on fewer properties held. 84 Table of Contents Costs and Expenses For the six months ended June 30, 2026, costs and expenses of our Investing and Servicing Segment decreased $3.8 million to $69.6 million, compared to $73.4 million for the six months ended June 30, 2025. This was primarily due to decreases of (i) $2.4 million in rental costs and expenses and (ii) $1.3 million in general and administrative expenses, principally related to lower loan securitization activity. Other Income For the six months ended June 30, 2026, other income of our Investing and Servicing Segment decreased $10.9 million to $17.4 million, compared to $28.3 million for the six months ended June 30, 2025. This was primarily due to (i) a $16.3 million lesser increase in fair value of conduit loans and (ii) a $5.3 million decrease in earnings from unconsolidated entities, partially offset by (iii) a $9.3 million lesser decrease in fair value of CMBS investments and (iv) a $3.6 million favorable change in gain (loss) on derivatives which primarily hedge our interest rate risk on conduit loans and CMBS investments. Corporate and Other Items Corporate Costs and Expenses For the six months ended June 30, 2026, corporate expenses increased $51.0 million to $286.2 million, compared to $235.2 million for the six months ended June 30, 2025. This was primarily due to (i) a $55.8 million increase in interest expense reflecting higher average balances of unsecured senior notes and secured term loans outstanding, partially offset by lower spreads and index rates on the secured term loans, and (ii) a $4.7 million decrease in management fees, principally reflecting lower incentive fees and stock compensation expense. Corporate Other Income (Loss) For the six months ended June 30, 2026, corporate other income decreased $99.2 million to a loss of $55.7 million, compared to income of $43.5 million for the six months ended June 30, 2025. This was due to an unfavorable change in gain (loss) on fixed-to-floating interest rate swaps which hedge a portion of our unsecured senior notes. Securitization VIE Eliminations Refer to the preceding comparison of the three months ended June 30, 2026 to the three months ended March 31, 2026 for a discussion of the effect of securitization VIE eliminations. Income Tax Provision Our consolidated income taxes principally relate to the taxable nature of our loan servicing and loan securitization businesses which are housed in TRSs. For the six months ended June 30, 2026, our income tax provision decreased $2.1 million to $2.3 million, compared to $4.4 million for the six months ended June 30, 2025. This was primarily due to higher taxable income of our TRSs during the first half of 2026, partially offset by the tax benefit recognition of intra-entity asset transfers. Net Income Attributable to Non-controlling Interests For the six months ended June 30, 2026, net income attributable to non-controlling interests increased $5.3 million to $14.0 million, compared to $8.7 million for the six months ended June 30, 2025. This was primarily due to non-controlling interests in a favorable change in unrealized gains (losses) of a consolidated CMBS joint venture and higher income of the Woodstar Fund in the first quarter of 2026. 85 Table of Contents Non-GAAP Financial Measures Distributable Earnings is a non-GAAP financial measure. We calculate Distributable Earnings as GAAP net income (loss) excluding the following: (i) non-cash equity compensation expense; (ii) the incentive fee due under our management agreement; (iii) acquisition and investment pursuit costs associated with successful acquisitions; (iv) depreciation and amortization of real estate and associated intangibles; (v) unrealized gains (losses), net of realized gains (losses), as described further below; (vi) other non-cash items; and (vii) to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein (i.e. the Woodstar II Class A units), with each of the above adjusted for any related non-controlling interest. Distributable Earnings may be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by our Manager and approved by a majority of our independent directors. As noted in (v) above, we exclude unrealized gains and losses from our calculation of Distributable Earnings and include realized gains and losses. The nature of these adjustments is described more fully in the footnotes to our reconciliation tables. In order to present each of these items within our Distributable Earnings reconciliation tables in a manner which can be agreed more easily to our GAAP financial statements, we reverse the entirety of those items within our GAAP financial statements which contain unrealized and realized components (i.e. those assets and liabilities carried at fair value, including loans or securities for which the fair value option has been elected, investment company assets and liabilities, derivatives, foreign currency conversions, and accumulated depreciation related to sold properties). The realized portion of these items is then separately included in the reconciliation table, along with a description as to how the amount was determined. The CECL reserve and any property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization event. This is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Non-recoverability may also be determined if, in our determination, it is nearly certain the carrying amounts will not be collected or realized upon sale. The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or expected to be received, and the Distributable Earnings basis of the asset, and is reflective of our economic experience as it relates to the ultimate realization of the asset. The timing of any such loss realization in our Distributable Earnings may differ materially from the timing of the corresponding CECL reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP. We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss) and cash flows from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a useful financial metric for existing and potential future holders of our common stock as historically, over time, Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute annually at least 90% of our REIT taxable income, subject to certain adjustments, and therefore we believe our dividends are one of the principal reasons stockholders may invest in our common stock. Further, Distributable Earnings helps us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan portfolio and operations, and is a performance metric we consider when declaring our dividends. We also use Distributable Earnings (previously defined as “Core Earnings”) to compute the incentive fee due under our management agreement. Distributable Earnings does not represent net income (loss) or cash generated from operating activities and should not be considered as an alternative to GAAP net income (loss), or an indication of our GAAP cash flows from operations, a measure of our liquidity, taxable income, or an indication of funds available for our cash needs. In addition, our methodology for calculating Distributable Earnings may differ from the methodologies employed by other companies to calculate the same or similar supplemental performance measures, and accordingly, our reported Distributable Earnings may not be comparable to the Distributable Earnings reported by other companies. As discussed in Note 2 to the Condensed Consolidated Financial Statements, consolidation of securitization variable interest entities (“VIEs”) results in the elimination of certain key financial statement line items, particularly within revenues and other income, including unrealized changes in fair value of loans and investment securities. These line items are essential to understanding the true financial performance of our business segments and the Company as a whole. For this reason, as referenced in Note 2 to our Condensed Consolidated Financial Statements, we present business segment data in Note 23 without consolidation of these VIEs. This is how we manage our business and is the basis for all data reviewed with our board of directors, investors and analysts. This presentation also allows for a more transparent reconciliation of the unrealized gain (loss) adjustments below to the segment data presented in Note 23. 86 Table of Contents The weighted average diluted share count applied to Distributable Earnings for purposes of determining Distributable Earnings per share (“EPS”) is computed using the GAAP diluted share count, adjusted for the following: (i)Unvested stock awards – Currently, unvested stock awards are excluded from the denominator of GAAP EPS. The related compensation expense is also excluded from Distributable Earnings. In order to effectuate dilution from these awards in the Distributable Earnings computation, we adjust the GAAP diluted share count to include these shares. (ii)Convertible Notes – Conversion of our Convertible Notes is an event that is contingent upon numerous factors, none of which are in our control, and is an event that may or may not occur. Consistent with the treatment of other unrealized adjustments to Distributable Earnings, we adjust the GAAP diluted share count to exclude the potential shares issuable upon conversion until a conversion occurs. (iii)Subsidiary equity – The intent of a February 2018 amendment to our management agreement (the “Amendment”) is to treat subsidiary equity in the same manner as if parent equity had been issued. The Class A Units issued in connection with the acquisition of assets in our Woodstar II Portfolio are currently excluded from our GAAP diluted share count, with the subsidiary equity represented as non-controlling interests in consolidated subsidiaries on our GAAP balance sheet. Consistent with the Amendment, we adjust GAAP diluted share count to include these subsidiary units. The following table presents our diluted weighted average shares used in our GAAP EPS calculation reconciled to our diluted weighted average shares used in our Distributable EPS calculation (amounts in thousands): For the Three Months Ended For the Six Months Ended June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025 Diluted weighted average shares - GAAP EPS 366,731 366,947 366,753 336,208 Add: Unvested stock awards 5,565 5,406 5,491 4,702 Add: Woodstar II Class A Units 9,643 9,643 9,643 9,675 Diluted weighted average shares - Distributable EPS 381,939 381,996 381,887 350,585 As noted above, the definition of Distributable Earnings provides flexibility for management to make adjustments, subject to the approval of a majority of our independent directors, when appropriate in order for Distributable Earnings to be calculated in a manner consistent with its definition and objective. No adjustments to the definition of Distributable Earnings became effective during the six months ended June 30, 2026. The following table summarizes our quarterly Distributable Earnings per weighted average diluted share for the six months ended June 30, 2026 and 2025: Distributable Earnings For the Three-Month Periods Ended March 31, June 30, 2026 $ 0.39 $ 0.40 2025 0.45 0.43 Distributable Earnings per weighted average diluted share for the six months ended June 30, 2026 does not equal the sum of the individual quarters due to rounding and other computational factors. 87 Table of Contents The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the three months ended June 30, 2026, by business segment (amounts in thousands, except per share data). Refer to the footnotes following the Distributable Earnings reconciliation table for the six months ended June 30, 2025. Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Total Revenues $ 364,214 $ 68,946 $ 64,189 $ 52,662 $ 822 $ 550,833 Costs and expenses (226,739) (45,784) (73,318) (36,859) (142,322) (525,022) Other income (loss) (997) 3,027 12,231 15,397 (34,240) (4,582) Income (loss) before income taxes 136,478 26,189 3,102 31,200 (175,740) 21,229 Income tax (provision) benefit (2,536) (95) 8 (3,601) — (6,224) Income attributable to non-controlling interests (4) — (5,325) (3,119) — (8,448) Net income (loss) attributable to Starwood Property Trust, Inc. 133,938 26,094 (2,215) 24,480 (175,740) 6,557 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 4,629 — — 4,629 Non-controlling interests attributable to unrealized gains/losses — — (2,724) (2,226) — (4,950) Non-cash equity compensation expense 2,585 788 2,014 1,449 6,477 13,313 Depreciation and amortization 4,817 — 29,632 1,121 — 35,570 Straight-line rent adjustment — — (1,697) 57 — (1,640) Interest income adjustment for loans and securities 4,675 — — 12,686 — 17,361 Consolidated income tax provision (benefit) associated with fair value adjustments 2,536 95 (8) 3,601 — 6,224 Other non-cash items 5 447 (82) (407) — (37) Reversal of GAAP unrealized and realized (gains) / losses on: (1) Loans 12,711 — — (12,650) — 61 Credit loss provision, net 29,816 348 — — — 30,164 Securities 1,587 — — 1,717 — 3,304 Woodstar Fund investments — — (4,929) — — (4,929) Derivatives (21,529) (350) (8,354) (983) 34,240 3,024 Foreign currency 5,719 — (13) — — 5,706 Earnings from unconsolidated entities — (2,677) — (193) — (2,870) Sales of properties (32) — (27) (2,264) — (2,323) Recognition of Distributable realized gains / (losses) on: Loans (2) (454) — — 12,636 — 12,182 Securities (3) (51) — — (682) — (733) Woodstar Fund investments (4) — — 18,208 — — 18,208 Derivatives (5) 8,570 248 (235) 1,650 (2,907) 7,326 Foreign currency (6) 803 — 13 — — 816 Earnings from unconsolidated entities (7) — 2,146 — 469 — 2,615 Sales of properties (8) 32 — (35) 1,928 — 1,925 Distributable Earnings (Loss) $ 185,728 $ 27,139 $ 34,177 $ 42,389 $ (137,930) $ 151,503 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 0.49 $ 0.07 $ 0.09 $ 0.11 $ (0.36) $ 0.40 88 Table of Contents The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the three months ended March 31, 2026, by business segment (amounts in thousands, except per share data). Refer to the footnotes following the Distributable Earnings reconciliation table for the six months ended June 30, 2025. Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Total Revenues $ 344,581 $ 63,295 $ 61,300 $ 80,837 $ 670 $ 550,683 Costs and expenses (189,863) (41,773) (72,229) (32,702) (143,882) (480,449) Other income (loss) (12,946) 952 14,621 2,049 (21,433) (16,757) Income (loss) before income taxes 141,772 22,474 3,692 50,184 (164,645) 53,477 Income tax benefit (provision) 11,728 (50) 17 (7,750) — 3,945 (Income) loss attributable to non-controlling interests (3) — (6,827) 1,286 — (5,544) Net income (loss) attributable to Starwood Property Trust, Inc. 153,497 22,424 (3,118) 43,720 (164,645) 51,878 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 4,629 — — 4,629 Non-controlling interests attributable to unrealized gains/losses — — (1,307) (4,745) — (6,052) Non-cash equity compensation expense 3,084 752 1,995 1,425 6,738 13,994 Management incentive fee — — — — 5,567 5,567 Depreciation and amortization 4,273 — 28,574 1,192 — 34,039 Straight-line rent adjustment — — (1,649) 114 — (1,535) Interest income adjustment for loans and securities 5,074 — — 5,376 — 10,450 Consolidated income tax (benefit) provision associated with fair value adjustments (11,728) 50 (17) 7,750 — (3,945) Other non-cash items 2 — (82) (406) — (486) Reversal of GAAP unrealized and realized (gains) / losses on: (1) Loans 20,980 — — (8,312) — 12,668 Credit loss provision (reversal), net 586 (963) — — — (377) Securities (451) — — 7,921 — 7,470 Woodstar Fund investments — — (12,464) — — (12,464) Derivatives (16,363) (89) (2,276) (242) 21,433 2,463 Foreign currency 6,115 — (25) — — 6,090 Earnings from unconsolidated entities — (843) — (412) — (1,255) Sales of properties (324) — (469) — — (793) Recognition of Distributable realized gains / (losses) on: Loans (2) (368) — — 8,558 — 8,190 Securities (3) (86) — — (5,254) — (5,340) Woodstar Fund investments (4) — — 18,821 — — 18,821 Derivatives (5) 12,635 31 (3,089) 276 (2,817) 7,036 Foreign currency (6) 139 — 25 — — 164 Earnings from unconsolidated entities (7) — 511 — 436 — 947 Sales of properties (8) (4,785) — (100) — — (4,885) Distributable Earnings (Loss) $ 172,280 $ 21,873 $ 29,448 $ 57,397 $ (133,724) $ 147,274 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 0.45 $ 0.06 $ 0.08 $ 0.15 $ (0.35) $ 0.39 89 Table of Contents Three Months Ended June 30, 2026 Compared to the Three Months Ended March 31, 2026 Commercial and Residential Lending Segment The Commercial and Residential Lending Segment’s Distributable Earnings increased by $13.4 million, from $172.3 million during the first quarter of 2026 to $185.7 million in the second quarter of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $369.0 million, costs and expenses were $189.6 million, other income was $6.3 million and there was no income tax provision or benefit. Revenues, consisting principally of interest income on loans, increased by $19.2 million in the second quarter of 2026, primarily due to an increase in interest income from loans of $16.9 million and a $3.5 million increase in rental income from foreclosed properties. The increase in interest income from loans was comprised of a $17.2 million increase from commercial loans, primarily reflecting higher average loan balances, slightly offset by a $0.3 million decrease from residential loans. Costs and expenses increased by $7.6 million in the second quarter of 2026, primarily due to increases of $5.8 million in interest expense and $2.9 million in costs of rental operations, partially offset by a $1.3 million decrease in general and administrative expenses. The increase in interest expense was primarily due to higher average borrowings outstanding. Other income increased by $1.8 million in the second quarter of 2026, primarily due to the nonrecurrence of a $4.8 million realized loss on sale of a foreclosed property in the first quarter of 2026, partially offset by a $3.4 million decrease in realized gains on derivative financial instruments and related foreign currency gains. Infrastructure Lending Segment The Infrastructure Lending Segment’s Distributable Earnings increased by $5.2 million, from $21.9 million during the first quarter of 2026 to $27.1 million in the second quarter of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $68.9 million, costs and expenses were $44.2 million and other income was $2.4 million. Revenues increased by $5.6 million in the second quarter of 2026, primarily due to a $5.6 million increase in interest income from loans, reflecting higher average loan balances and prepayment related income. Costs and expenses increased by $2.2 million in the second quarter of 2026, primarily due to a $1.9 million increase in interest expense, reflecting higher average borrowings outstanding. Other income increased by $1.8 million in the second quarter of 2026, primarily due to a $1.6 million increase in earnings from unconsolidated entities. Property Segment Distributable Earnings by Portfolio (amounts in thousands) For the Three Months Ended June 30, 2026 March 31, 2026 Change Woodstar Fund, net of non-controlling interests $ 14,639 $ 15,343 $ (704) Fundamental 17,885 12,636 5,249 Medical Office Portfolio 3,687 2,933 754 D.C. Multifamily Conversion (1,153) (311) (842) Other/Corporate (881) (1,153) 272 Distributable Earnings $ 34,177 $ 29,448 $ 4,729 The Property Segment’s Distributable Earnings increased by $4.8 million, from $29.4 million during the first quarter of 2026 to $34.2 million in the second quarter of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $62.5 million, costs and expenses were $42.0 million, other income was $17.1 million, there was no income tax provision and the deduction of income attributable to non-controlling interests in the Woodstar Fund was $3.4 million. Revenues increased by $2.8 million in the second quarter of 2026, primarily due to Fundamental’s acquisition of additional net lease properties. Costs and expenses decreased by $0.1 million in the second quarter of 2026. 90 Table of Contents Other income increased by $1.8 million in the second quarter of 2026, primarily due to the nonrecurrence of a $2.8 million realized loss on derivatives in the first quarter of 2026 which hedge the timing of securitizations on Fundamental collateral while on a warehouse line. Income attributable to non-controlling interests in the Woodstar Fund decreased by $0.1 million in the second quarter of 2026. Investing and Servicing Segment The Investing and Servicing Segment’s Distributable Earnings decreased by $15.0 million, from $57.4 million during the first quarter of 2026 to $42.4 million in the second quarter of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $65.4 million, costs and expenses were $34.7 million, other income was $17.0 million, there was no income tax provision or benefit, and the deduction of income attributable to non-controlling interests was $5.3 million. Revenues decreased by $20.9 million in the second quarter of 2026, primarily due to a $31.1 million decrease in servicing fees principally related to default interest, partially offset by a $7.8 million increase in interest income from CMBS investments and conduit loans primarily reflecting improved cash flow expectations for certain CMBS investments and higher average conduit loan balances held. The treatment of CMBS interest income on a GAAP basis is complicated by our application of the ASC 810 consolidation rules. In an attempt to treat these securities similar to our other investment securities, we compute distributable interest income pursuant to an effective yield methodology. In doing so, we segregate the portfolio into various categories based on the components of the bonds’ cash flows and the volatility related to each of these components. We then accrete interest income on an effective yield basis using the components of cash flows that are reliably estimable. Other minor adjustments are made to reflect management’s expectations for other components of the projected cash flow stream. Costs and expenses increased by $4.2 million in the second quarter of 2026, primarily due to increases of (i) $2.3 million in interest expense, primarily on conduit loan financing, and (ii) $1.7 million in general and administrative expenses, principally related to higher loan securitization activity. Other income includes profit realized upon securitization of loans by our conduit business, gains on sales of CMBS and operating properties, gains and losses on derivatives that were either effectively terminated or novated, and earnings from unconsolidated entities. These items are typically offset by a decrease in the fair value of our domestic servicing rights intangible which reflects the expected amortization of this deteriorating asset, net of increases in fair value due to the attainment of new servicing contracts. Derivatives include instruments which hedge interest rate risk and credit risk on our conduit loans and CMBS investments. For GAAP purposes, the loans, CMBS and derivatives are accounted for at fair value, with all changes in fair value (realized or unrealized) recognized in earnings. The adjustments to Distributable Earnings outlined above are also applied to the GAAP earnings of our unconsolidated entities. Other income increased by $12.0 million in the second quarter of 2026, primarily due to increased realized gains of (i) $5.3 million on sales of CMBS investments and a foreclosed property, (ii) $4.1 million on sales of conduit loans, (iii) $1.4 million on interest rate derivatives and (iv) a $1.2 million decrease in recognized credit losses on CMBS investments. Income attributable to non-controlling interests increased $1.9 million in the second quarter of 2026, primarily due to higher distributable earnings of a consolidated CMBS joint venture. Corporate Corporate loss increased by $4.2 million, from $133.7 million during the first quarter of 2026 to $137.9 million in the second quarter of 2026, primarily due to a $4.9 million increase in interest expense reflecting higher average secured and unsecured borrowings outstanding. 91 Table of Contents The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the six months ended June 30, 2026, by business segment (amounts in thousands, except per share data): Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Total Revenues $ 708,795 $ 132,241 $ 125,489 $ 133,499 $ 1,492 $ 1,101,516 Costs and expenses (416,602) (87,557) (145,547) (69,561) (286,204) (1,005,471) Other income (loss) (13,943) 3,979 26,852 17,446 (55,673) (21,339) Income (loss) before income taxes 278,250 48,663 6,794 81,384 (340,385) 74,706 Income tax benefit (provision) 9,192 (145) 25 (11,351) — (2,279) Income attributable to non-controlling interests (7) — (12,152) (1,833) — (13,992) Net income (loss) attributable to Starwood Property Trust, Inc. 287,435 48,518 (5,333) 68,200 (340,385) 58,435 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 9,258 — — 9,258 Non-controlling interests attributable to unrealized gains/losses — — (4,031) (6,971) — (11,002) Non-cash equity compensation expense 5,669 1,540 4,009 2,874 13,215 27,307 Management incentive fee — — — — 5,567 5,567 Depreciation and amortization 9,090 — 58,206 2,313 — 69,609 Straight-line rent adjustment — — (3,346) 171 — (3,175) Interest income adjustment for loans and securities 9,749 — — 18,062 — 27,811 Consolidated income tax (benefit) provision associated with fair value adjustments (9,192) 145 (25) 11,351 — 2,279 Other non-cash items 7 447 (164) (813) — (523) Reversal of GAAP unrealized and realized (gains) / losses on: (1) Loans 33,691 — — (20,962) — 12,729 Credit loss provision (reversal), net 30,402 (615) — — — 29,787 Securities 1,136 — — 9,638 — 10,774 Woodstar Fund investments — — (17,393) — — (17,393) Derivatives (37,892) (439) (10,630) (1,225) 55,673 5,487 Foreign currency 11,834 — (38) — — 11,796 Earnings from unconsolidated entities — (3,520) — (605) — (4,125) Sales of properties (356) — (496) (2,264) — (3,116) Recognition of Distributable realized gains / (losses) on: Loans (2) (822) — — 21,194 — 20,372 Securities (3) (137) — — (5,936) — (6,073) Woodstar Fund investments (4) — — 37,029 — — 37,029 Derivatives (5) 21,205 279 (3,324) 1,926 (5,724) 14,362 Foreign currency (6) 942 — 38 — — 980 Earnings from unconsolidated entities (7) — 2,657 — 905 — 3,562 Sales of properties (8) (4,753) — (135) 1,928 — (2,960) Distributable Earnings (Loss) $ 358,008 $ 49,012 $ 63,625 $ 99,786 $ (271,654) $ 298,777 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 0.94 $ 0.13 $ 0.16 $ 0.26 $ (0.71) $ 0.78 92 Table of Contents The following table presents our summarized results of operations and reconciliation to Distributable Earnings for the six months ended June 30, 2025, by business segment (amounts in thousands, except per share data): Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Total Revenues $ 669,373 $ 128,809 $ 33,026 $ 112,660 $ 631 $ 944,499 Costs and expenses (370,988) (91,199) (44,307) (73,429) (235,185) (815,108) Other income 46,150 609 7,263 28,321 43,500 125,843 Income (loss) before income taxes 344,535 38,219 (4,018) 67,552 (191,054) 255,234 Income tax benefit (provision) 5,201 (45) — (9,593) — (4,437) (Income) loss attributable to non-controlling interests (7) — (10,410) 1,689 — (8,728) Net income (loss) attributable to Starwood Property Trust, Inc. 349,729 38,174 (14,428) 59,648 (191,054) 242,069 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 9,288 — — 9,288 Non-controlling interests attributable to unrealized gains/losses — — (6,757) (7,202) — (13,959) Non-cash equity compensation expense 5,636 1,323 216 2,764 16,841 26,780 Management incentive fee — — — — 10,244 10,244 Depreciation and amortization 6,270 — 11,958 3,697 — 21,925 Interest income adjustment for loans and securities 12,048 — — 22,466 — 34,514 Consolidated income tax (benefit) provision associated with fair value adjustments (5,201) 45 — 9,593 — 4,437 Other non-cash items 8 — 611 (746) — (127) Reversal of GAAP unrealized and realized (gains) / losses on: (1) Loans (50,999) — — (37,272) — (88,271) Credit loss (reversal) provision, net (22,096) 2,763 — — — (19,333) Securities (5,339) — — 18,901 — 13,562 Woodstar Fund investments — — (9,025) — — (9,025) Derivatives 181,978 19 111 2,377 (43,500) 140,985 Foreign currency (117,873) (866) 187 — — (118,552) Earnings from unconsolidated entities (2,708) (545) — (5,892) — (9,145) Sales of properties (4,128) — — — — (4,128) Recognition of Distributable realized gains / (losses) on: Loans (2) (882) — — 33,872 — 32,990 Securities (3) (347) — — (6,756) — (7,103) Woodstar Fund investments(4) — — 41,921 — — 41,921 Derivatives (5) 46,596 103 (196) (677) (13,902) 31,924 Foreign currency (6) 2,057 58 (186) — — 1,929 Earnings (loss) from unconsolidated entities (7) 2,708 (217) — 6,407 — 8,898 Sales of properties (8) (44,438) — — — — (44,438) Distributable Earnings (Loss) $ 353,019 $ 40,857 $ 33,700 $ 101,180 $ (221,371) $ 307,385 Distributable Earnings (Loss) per Weighted Average Diluted Share $ 1.00 $ 0.12 $ 0.10 $ 0.29 $ (0.63) $ 0.88 ______________________________________________________________________________________________________________________ (1)The reconciling items in this section are exactly equivalent to the amounts recognized within GAAP net income (before the consolidation of VIEs), each of which can be agreed back to the respective lines within Note 23 to our Condensed Consolidated Financial Statements. They reflect both unrealized and realized (gains) and losses and, in the case of property sales, include the related gain or loss on extinguishment of debt associated with such sale, if any. For added transparency and consistency of presentation, the entire amount recognized in GAAP income is reversed in this section, and the realized components of these amounts are reflected in the next section entitled “Recognition of Distributable realized gains / (losses).” 93 Table of Contents (2)Represents the realized portion of GAAP gains (losses) on residential and commercial conduit loans carried under the fair value option that were sold during the period or expected to be sold in the near term subject to a binding agreement. The amount is calculated as the difference between (i) the net proceeds received or expected to be received in connection with a securitization or sale of loans and (ii) such loans’ historical cost basis. (3)Represents the realized portion of GAAP gains (losses) on CMBS and RMBS carried under the fair value option that are sold or impaired during the period. Upon sale, the difference between the cash proceeds received and the historical cost basis of the security is treated as a realized gain or loss for Distributable Earnings purposes. We consider a CMBS or an RMBS credit loss to be realized when such amounts are deemed nonrecoverable. Non-recoverability is generally at the time the underlying assets within the securitization are liquidated, but non-recoverability may also be determined if, in our determination, it is nearly certain that all amounts due will not be collected. The amount is calculated as the difference between the cash received and the historical cost basis of the security. (4)Represents GAAP income from the Woodstar Fund investments excluding unrealized changes in the fair value of its underlying assets and liabilities. The amount is calculated as the difference between the Woodstar Fund’s GAAP net income and its unrealized gains (losses), which represents changes in working capital and actual cash distributions received. (5)Represents the realized portion of GAAP gains or losses on the termination or settlement of derivatives that are accounted for at fair value. Derivatives are only treated as realized for Distributable Earnings when they are terminated or settled, and cash is exchanged. The amount of cash received or paid to terminate or settle the derivative is the amount treated as realized for Distributable Earnings purposes at the time of such termination or settlement. (6)Represents the realized portion of foreign currency gains (losses) related to assets and liabilities denominated in a foreign currency. Realization occurs when the foreign currency is converted back to USD. The amount is calculated as the difference between the foreign exchange rate at the time the asset was placed on the balance sheet and the foreign exchange rate at the time cash is received and is offset by any gains or losses on the related foreign currency derivative at settlement. (7)Represents GAAP earnings (loss) from unconsolidated entities excluding non-cash items and unrealized changes in fair value recorded on the books and records of the unconsolidated entities. The difference between GAAP and Distributable Earnings for these entities principally relates to depreciation and unrealized changes in the fair value of mortgage loans and securities. (8)Represents the realized gain (loss) on sales of properties held at depreciated cost. Because depreciation is a non-cash expense that is excluded from Distributable Earnings, GAAP gains upon sale of a property are higher, and GAAP losses are lower, than the respective realized amounts reflected in Distributable Earnings. The amount is calculated as net sales proceeds less undepreciated cost, adjusted for any noncontrolling interest and any realized gain or loss on extinguishment of debt. 94 Table of Contents Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025 Commercial and Residential Lending Segment The Commercial and Residential Lending Segment’s Distributable Earnings increased by $5.0 million, from $353.0 million during the first half of 2025 to $358.0 million in the first half of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $718.7 million, costs and expenses were $371.6 million, other income was $10.9 million and there was no income tax provision or benefit. Revenues, consisting principally of interest income on loans, increased by $37.0 million in the first half of 2026, primarily due to increases in interest income from loans of $33.6 million and rental income from foreclosed properties of $21.3 million, partially offset by a decrease in interest income from investment securities of $16.6 million. The increase in interest income from loans reflects (i) a $39.0 million increase from commercial loans, reflecting higher average balances, partially offset by lower average index rates and spreads and additional loans placed on nonaccrual, and (ii) a $5.4 million decrease from residential loans principally due to lower average balances. The decrease in interest income from investment securities was primarily due to lower average commercial and residential investment balances due to repayments. Costs and expenses decreased by $9.8 million in the first half of 2026, primarily due to (i) a $30.4 million decrease in interest expense, partially offset by (ii) an $18.9 million increase in costs of rental operations and (iii) a $1.6 million increase in general and administrative expenses. The decrease in interest expense was primarily due to lower average index rates and spreads, partially offset by higher average borrowings outstanding. Other income decreased by $41.8 million in the first half of 2026, primarily due to (i) a $26.5 million decrease in realized gains on derivative financial instruments and related foreign currency gains, (ii) the nonrecurrence of a $20.8 million gain on extinguishment of debt in the first half of 2025 and (iii) a $4.2 million increase in other loss, partially offset by (iv) a $12.0 million decreased loss on sale of investments and other assets. Infrastructure Lending Segment The Infrastructure Lending Segment’s Distributable Earnings increased by $8.1 million, from $40.9 million during the first half of 2025 to $49.0 million in the first half of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $132.2 million, costs and expenses were $86.2 million and other income was $3.0 million. Revenues increased by $3.4 million in the first half of 2026, primarily due to increases in interest income of (i) $2.0 million from loans, reflecting higher average balances, partially offset by the effects of lower average index rates and spreads, (ii) $0.9 million from cash balances and (iii) $0.6 million from investment securities. Costs and expenses decreased by $0.9 million in the first half of 2026, primarily due to (i) a $2.0 million net decrease in general, administrative and other expenses, partially offset by (ii) a $1.1 million increase in interest expense, reflecting higher average borrowings outstanding, partially offset by the effects of lower average index rates and spreads. Other income increased by $3.8 million in the first half of 2026, primarily due to a $2.9 million favorable change in earnings (loss) from unconsolidated entities and a $0.8 million decreased loss on extinguishment of debt. Property Segment Distributable Earnings by Portfolio (amounts in thousands) For the Six Months Ended June 30, 2026 2025 Change Woodstar Fund, net of non-controlling interests $ 29,982 $ 33,986 $ (4,004) Fundamental 30,521 — 30,521 Medical Office Portfolio 6,620 3,480 3,140 D.C. Multifamily Conversion (1,464) (1,463) (1) Other/Corporate (2,034) (2,303) 269 Distributable Earnings $ 63,625 $ 33,700 $ 29,925 95 Table of Contents The Property Segment’s Distributable Earnings increased by $29.9 million, from $33.7 million during the first half of 2025 to $63.6 million in the first half of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $122.2 million, costs and expenses were $84.1 million, other income was $32.4 million, there was no income tax provision and the deduction of income attributable to non-controlling interests in the Woodstar Fund was $6.9 million. Revenues increased by $88.2 million in the first half of 2026, primarily due to our acquisition of Fundamental in July 2025, which provided $87.1 million of net lease rental income during the first half of 2026. Costs and expenses increased by $51.4 million in the first half of 2026, primarily due to (i) the acquisition of Fundamental in July 2025, which introduced $53.7 million of costs and expenses in the first half of 2026, the effect of which was partially offset by (ii) a $3.1 million decrease in interest expense on variable rate borrowings of the Medical Office Portfolio, primarily due to repayment of its $39.5 million mezzanine debt in February 2026 and lower average index rates. Other income decreased by $7.8 million in the first half of 2026, primarily due to (i) a $4.9 million decrease in distributable income from the Woodstar Fund and (ii) a $2.8 million realized loss on derivatives which hedge the timing of securitizations on Fundamental collateral while on a warehouse line. Income attributable to non-controlling interests in the Woodstar Fund decreased $0.9 million in the first half of 2026, reflecting the decrease in distributable income referred to above. Investing and Servicing Segment The Investing and Servicing Segment’s Distributable Earnings decreased by $1.4 million from $101.2 million during the first half of 2025 to $99.8 million in the first half of 2026. After making adjustments for the calculation of Distributable Earnings, revenues were $151.7 million, costs and expenses were $65.2 million, other income was $22.1 million, there was no income tax provision or benefit, and the deduction of income attributable to non-controlling interests was $8.8 million. Revenues increased by $16.4 million in the first half of 2026, primarily due to (i) a $31.6 million increase in servicing fees principally related to default interest, partially offset by (ii) a $10.8 million decrease in interest income from CMBS investments and conduit loans, primarily due to payoffs of certain CMBS investments in 2025 and lower average conduit loan balances held, and (iii) a $3.1 million decrease in rental income on fewer properties held. Costs and expenses decreased by $2.7 million in the first half of 2026, primarily due to decreases of (i) $1.4 million in general and administrative expenses, principally related to lower loan securitization activity, and (ii) $1.4 million in costs of rental operations. Other income decreased by $17.2 million in the first half of 2026, primarily due to (i) a $12.7 million lesser realized gain on sales of conduit loans, (ii) a $5.5 million decrease in earnings from unconsolidated entities and (iii) a $3.2 million increase in recognized credit losses on CMBS, partially offset by (iv) a $6.0 million increase in realized gains on sales of CMBS and a foreclosed property. Income attributable to non-controlling interests increased $3.3 million in the first half of 2026, primarily do to higher distributable earnings of a consolidated CMBS joint venture. Corporate Corporate loss increased by $50.3 million, from $221.4 million during the first half of 2025 to $271.7 million in the first half of 2026, primarily due to (i) a $55.8 million increase in interest expense reflecting higher average balances of unsecured senior notes and secured term loans outstanding, partially offset by lower spreads and index rates on the secured term loans, and (ii) a $3.3 million increase in base management fees, partially offset by (iii) an $8.2 million lower realized loss on fixed-to-floating interest rate swaps which hedge a portion of our unsecured senior notes. Liquidity and Capital Resources Liquidity is a measure of our ability to meet our cash requirements, including ongoing commitments to repay borrowings, fund and maintain our assets and operations, make new investments where appropriate, pay dividends to our stockholders, and other general business needs. We closely monitor our liquidity position and believe that we have sufficient current liquidity and access to additional liquidity to meet our financial obligations for at least the next 12 months. Our strategy 96 Table of Contents for managing liquidity and capital resources has not changed since December 31, 2025. Refer to our Form 10-K for a description of these strategies. Sources of Liquidity Our primary sources of liquidity are as follows: Cash Flows for the Six Months Ended June 30, 2026 (amounts in thousands) GAAP VIE Adjustments Excluding Securitization VIEs Net cash provided by operating activities $ 264,224 $ (2,895) $ 261,329 Cash Flows from Investing Activities: Origination, purchase and funding of loans held-for-investment (3,070,282) (229,828) (3,300,110) Proceeds from principal collections and sale of loans 2,074,083 — 2,074,083 Purchase and funding of investment securities (135,309) (44,454) (179,763) Proceeds from sales, redemptions and collections of investment securities 17,388 153,972 171,360 Proceeds from sales of real estate 86,985 — 86,985 Purchases and additions to properties and other assets (355,182) — (355,182) Net cash flows from other investments and assets 11,762 (5) 11,757 Net cash used in investing activities (1,370,555) (120,315) (1,490,870) Cash Flows from Financing Activities: Proceeds from borrowings 5,492,128 — 5,492,128 Principal repayments on and repurchases of borrowings (3,861,896) (230) (3,862,126) Payment of deferred financing costs (27,578) — (27,578) Net proceeds from issuances of common stock 2,299 — 2,299 Payment of dividends (356,995) — (356,995) Contributions from non-controlling interests 1,426 — 1,426 Distributions to non-controlling interests (24,945) — (24,945) Purchase of treasury stock (29,940) — (29,940) Issuance of debt of consolidated VIEs 8,065 (8,065) — Repayment of debt of consolidated VIEs (195,331) 195,330 (1) Distributions of cash from consolidated VIEs 63,825 (63,825) — Net cash provided by financing activities 1,071,058 123,210 1,194,268 Net decrease in cash, cash equivalents and restricted cash (35,273) — (35,273) Cash, cash equivalents and restricted cash, beginning of period 674,647 — 674,647 Effect of exchange rate changes on cash 982 — 982 Cash, cash equivalents and restricted cash, end of period $ 640,356 $ — $ 640,356 The discussion below is on a non-GAAP basis, after removing adjustments principally resulting from the consolidation of the securitization VIEs under ASC 810. These adjustments principally relate to (i) the purchase of CMBS, RMBS, loans and real estate from consolidated VIEs, which are reflected as repayments of VIE debt on a GAAP basis and (ii) sales, principal collections and redemptions of CMBS and RMBS related to consolidated VIEs, which are reflected as VIE distributions on a GAAP basis. There is no net impact to overall cash resulting from these consolidations. Refer to Note 2 to the Condensed Consolidated Financial Statements for further discussion. Cash and cash equivalents decreased by $35.3 million during the six months ended June 30, 2026, reflecting net cash used in investing activities of $1.5 billion, offset by net cash provided by financing activities of $1.2 billion and net cash provided by operating activities of $261.3 million. Net cash provided by operating activities of $261.3 million during the six months ended June 30, 2026 related primarily to cash interest income of $625.0 million from our loans and $68.3 million from our investment securities. Other cash inflows included net rental income of $111.8 million, sales and principal collections, net of originations and purchases of loans 97 Table of Contents held-for-sale of $96.7 million, servicing fees of $70.3 million, a net change in operating assets and liabilities of $39.1 million, distributions from our affordable housing fund investments of $19.5 million and receipts from our interest rate derivatives of $11.2 million. Offsetting these cash inflows was cash interest expense of $610.2 million and general and administrative expenses of $170.7 million. Net cash used in investing activities of $1.5 billion for the six months ended June 30, 2026 related primarily to the origination and acquisition of loans held-for-investment of $3.3 billion, purchases and additions to properties and other assets of $355.2 million and purchase and funding of investment securities of $179.8 million. Offsetting these cash outflows was proceeds received from principal collections and sale of loans held-for-investment of $2.1 billion and investment securities of $171.4 million and proceeds from the sale of real estate of $87.0 million. Net cash provided by financing activities of $1.2 billion for the six months ended June 30, 2026 related primarily to borrowings on our debt, net of repayments and deferred loan costs, of $1.6 billion. Offsetting these cash inflows were dividend distributions of $357.0 million and repurchases of common stock of $29.9 million. Our Investment Portfolio The following is a review of our investment portfolio by segment. Commercial and Residential Lending Segment The following table sets forth the amount of each category of investments we owned across various property types within our Commercial and Residential Lending Segment as of June 30, 2026 and December 31, 2025 (dollars in thousands): Face Amount Carrying Value Asset Specific Financing Net Investment Unlevered Return on Asset (6) June 30, 2026 First mortgages (1) $ 16,877,748 $ 16,799,181 $ 8,859,131 $ 7,940,050 7.2 % Subordinated mortgages (2) 4,925 4,925 — 4,925 — % Mezzanine loans (1) 291,722 289,855 — 289,855 11.2 % Residential loans, fair value option 235,976 227,521 207,058 20,463 5.5 % (5) Other loans 50,738 50,630 — 50,630 9.4 % Loans held-for-sale, fair value option, residential 2,364,897 2,154,653 1,842,796 311,857 4.4 % (5) RMBS, available-for-sale 168,814 84,800 54,064 30,736 10.1 % RMBS, fair value option 238,003 312,961 (3) 56,082 256,879 20.5 % HTM debt securities (4) 204,159 203,708 51,520 152,188 6.0 % Credit loss allowance N/A (450,818) — (450,818) Investments in unconsolidated entities N/A 8,514 — 8,514 Properties, net N/A 1,028,671 29,751 998,920 $ 20,436,982 $ 20,714,601 $ 11,100,402 $ 9,614,199 December 31, 2025 First mortgages (1) $ 16,148,916 $ 16,086,585 $ 8,640,667 $ 7,445,918 7.4 % Subordinated mortgages (2) 15,290 15,683 — 15,683 13.4 % Mezzanine loans (1) 313,619 311,175 — 311,175 11.5 % Other loans 51,688 51,255 — 51,255 9.1 % Loans held-for-sale, fair value option, residential 2,455,552 2,278,067 1,929,086 348,981 4.4 % (5) RMBS, available-for-sale 172,554 88,283 55,467 32,816 10.4 % RMBS, fair value option 326,274 404,688 (3) 152,312 252,376 17.7 % HTM debt securities (4) 176,067 175,473 54,202 121,271 6.1 % Credit loss allowance N/A (453,544) — (453,544) Equity security 722 628 — 628 Investments in unconsolidated entities N/A 8,514 — 8,514 Properties, net N/A 732,714 29,751 702,963 $ 19,660,682 $ 19,699,521 $ 10,861,485 $ 8,838,036 98 Table of Contents __________________________________________ (1)First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan. The application of this methodology resulted in mezzanine loans with carrying values of $1.4 billion and $1.3 billion being classified as first mortgages as of June 30, 2026 and December 31, 2025, respectively. (2)Subordinated mortgages include B-Notes and junior participation in first mortgages where we do not own the senior A-Note or senior participation. If we own both the A-Note and B-Note, we categorize the loan as a first mortgage loan. (3)Eliminated in consolidation against VIE liabilities pursuant to ASC 810. (4)CMBS held-to-maturity (“HTM”) and mandatorily redeemable preferred equity interests in commercial real estate entities. (5)Represents the weighted average coupon of residential mortgage loans. Loans held-for-investment represent residential loans transferred from VIE assets upon redemption of a consolidated RMBS trust. (6)Calculated using applicable index rates for variable rate investments as of the respective period end and excludes loans for which interest income is not recognized. In addition to cash coupon, unlevered return includes the amortization of deferred origination and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. As of June 30, 2026 and December 31, 2025, our Commercial and Residential Lending Segment’s investment portfolio, excluding residential loans, RMBS, properties and other investments, had the following characteristics based on carrying values: Collateral Property Type June 30, 2026 December 31, 2025 Multifamily 35.6 % 39.3 % Office 17.6 % 18.1 % Industrial 15.4 % 14.8 % Hotel 10.4 % 8.2 % Data Center 6.8 % 3.8 % Retail 2.8 % 2.0 % Mixed Use 2.5 % 4.9 % Other 8.9 % 8.9 % 100.0 % 100.0 % Geographic Location June 30, 2026 December 31, 2025 U.S. Regions: North East 17.1 % 18.9 % South West 16.8 % 19.0 % West 14.3 % 12.4 % South East 11.8 % 12.7 % Mid Atlantic 8.0 % 6.4 % Midwest 3.4 % 3.2 % International: United Kingdom 9.1 % 9.3 % Australia 7.6 % 6.5 % Germany 4.4 % 3.8 % Ireland 3.7 % 3.9 % Other Europe 3.1 % 3.4 % Bermuda 0.7 % 0.5 % 100.0 % 100.0 % 99 Table of Contents Infrastructure Lending Segment The following table sets forth the amount of each category of investments we owned within our Infrastructure Lending Segment as of June 30, 2026 and December 31, 2025 (dollars in thousands): Face Amount Carrying Value Asset Specific Financing Net Investment Unlevered Return on Asset (1) June 30, 2026 First priority infrastructure loans and HTM securities $ 3,063,499 $ 2,998,610 $ 2,526,760 $ 471,850 8.0 % Credit loss allowance N/A (23,596) — (23,596) Investments in unconsolidated entities N/A 61,517 — 61,517 $ 3,063,499 $ 3,036,531 $ 2,526,760 $ 509,771 December 31, 2025 First priority infrastructure loans and HTM securities $ 2,942,115 $ 2,880,319 $ 2,365,478 $ 514,841 8.1 % Credit loss allowance N/A (24,667) — (24,667) Investments in unconsolidated entities N/A 57,997 — 57,997 $ 2,942,115 $ 2,913,649 $ 2,365,478 $ 548,171 __________________________________________ (1)Calculated using applicable index rates for variable rate investments as of the respective period end and excludes loans for which interest income is not recognized. In addition to cash coupon, unlevered return includes the amortization of deferred purchase discounts. As of June 30, 2026 and December 31, 2025, our Infrastructure Lending Segment’s investment portfolio had the following characteristics based on carrying values: Collateral Type June 30, 2026 December 31, 2025 Power 61.9 % 56.9 % Oil & gas - midstream 25.9 % 27.5 % Oil & gas - downstream 7.4 % 12.6 % Oil & gas - upstream 1.6 % — % Other 3.2 % 3.0 % 100.0 % 100.0 % Geographic Location June 30, 2026 December 31, 2025 U.S. Regions: Midwest 26.1 % 21.7 % North East 26.0 % 27.2 % South West 25.0 % 25.2 % West 11.3 % 12.4 % South East 8.5 % 10.3 % Mid-Atlantic 1.0 % 1.1 % Other 1.3 % 1.1 % International: Canada 0.7 % 0.8 % Mexico 0.1 % 0.2 % 100.0 % 100.0 % 100 Table of Contents Property Segment The following table sets forth the amount of each category of investments held within our Property Segment as of June 30, 2026 and December 31, 2025 (amounts in thousands): June 30, 2026 December 31, 2025 Properties, net $ 2,938,255 $ 2,674,276 Lease intangibles, net 372,411 368,589 Woodstar Fund 1,725,368 1,727,499 $ 5,036,034 $ 4,770,364 The following table sets forth our net investment and other information regarding the Property Segment’s properties and lease intangibles as of June 30, 2026 (dollars in thousands): Carrying Value Asset Specific Financing Net Investment OccupancyRate (1) Weighted Average Remaining Lease Term Fundamental $ 2,732,443 $ 1,685,182 $ 1,047,261 100.0% 16.8 years Office—Medical Office Portfolio 795,026 444,055 350,971 89.9% 5.3 years D.C. Multifamily Conversion 123,119 — 123,119 N/A N/A Subtotal—undepreciated carrying value 3,650,588 2,129,237 1,521,351 Accumulated depreciation and amortization (339,922) — (339,922) Net carrying value $ 3,310,666 $ 2,129,237 $ 1,181,429 __________________________________________ (1)Occupancy calculated based on number of properties for our single-tenant net lease properties and square footage for multi-tenant net lease properties. As of June 30, 2026 and December 31, 2025, our Property Segment’s investment portfolio had the following geographic characteristics based on carrying values: Geographic Location June 30, 2026 December 31, 2025 U.S. Regions: South East 55.8 % 57.9 % Midwest 16.9 % 14.3 % North East 8.6 % 8.4 % West 7.4 % 8.0 % South West 6.4 % 6.4 % Mid-Atlantic 4.7 % 4.8 % International: Canada 0.2 % 0.2 % 100.0 % 100.0 % 101 Table of Contents Investing and Servicing Segment The following table sets forth the amount of each category of investments we owned within our Investing and Servicing Segment as of June 30, 2026 and December 31, 2025 (amounts in thousands): Face Amount Carrying Value Asset Specific Financing Net Investment June 30, 2026 CMBS, fair value option $ 2,793,603 $ 1,262,903 (1) $ 530,408 (2) $ 732,495 Intangible assets - servicing rights N/A 67,556 (3) — 67,556 Lease intangibles, net N/A 3,505 — 3,505 Loans held-for-sale, fair value option, commercial 65,038 62,828 15,381 47,447 Investments in unconsolidated entities N/A 33,200 (4) — 33,200 Properties, net N/A 31,743 37,289 (5,546) $ 2,858,641 $ 1,461,735 $ 583,078 $ 878,657 December 31, 2025 CMBS, fair value option $ 2,871,255 $ 1,284,863 (1) $ 480,378 (2) $ 804,485 Intangible assets - servicing rights N/A 65,533 (3) — 65,533 Lease intangibles, net N/A 3,691 — 3,691 Loans held-for-sale, fair value option, commercial 47,300 45,476 — 45,476 Investments in unconsolidated entities N/A 33,203 (4) — 33,203 Properties, net N/A 41,662 37,519 4,143 $ 2,918,555 $ 1,474,428 $ 517,897 $ 956,531 ______________________________________________ (1)Includes $1.23 billion and $1.25 billion of CMBS eliminated in consolidation against VIE liabilities pursuant to ASC 810 as of June 30, 2026 and December 31, 2025, respectively. Also includes $144.6 million and $146.5 million of non-controlling interests in the consolidated entities which hold certain of these CMBS as of June 30, 2026 and December 31, 2025, respectively. (2)Includes $24.5 million and $25.8 million of non-controlling interests in the consolidated entities which hold certain debt balances as of June 30, 2026 and December 31, 2025, respectively. (3)Includes $38.1 million and $37.3 million of servicing rights intangibles eliminated in consolidation against VIE assets pursuant to ASC 810 as of June 30, 2026 and December 31, 2025, respectively. (4)Includes $15.0 million of investments in unconsolidated entities eliminated in consolidation against VIE assets pursuant to ASC 810 as of both June 30, 2026 and December 31, 2025. 102 Table of Contents Secured Borrowings The following table is a summary of our secured borrowings as of June 30, 2026 (dollars in thousands): Current Maturity ExtendedMaturity (a) WeightedAverageCoupon Pledged Asset Carrying Value Maximum Facility Size Outstanding Balance ApprovedbutUndrawnCapacity (b) UnallocatedFinancingAmount (c) Repurchase Agreements: Commercial Loans Aug 2026 to May 2031 (d) Jun 2029 to Feb 2035 (d) Index + 1.81% (e) $ 11,135,932 $ 12,336,490 (f) $ 6,884,783 $ 1,075,489 $ 4,376,218 Residential Loans Feb 2027 to Oct 2027 Mar 2027 to Sep 2028 SOFR + 1.61% 2,380,163 2,950,000 2,050,076 64,843 835,081 Infrastructure Loans Sep 2027 Sep 2029 SOFR + 2.00% 238,641 650,000 157,074 — 492,926 Conduit Loans Dec 2026 to Jun 2028 Dec 2027 to Jun 2029 SOFR + 2.00% 21,006 375,000 16,125 — 358,875 CMBS/RMBS Nov 2026 to Apr 2032 (g) Nov 2026 to Oct 2032 (g) (h) 1,040,989 846,563 651,371 (i) 8,071 187,121 Total Repurchase Agreements 14,816,731 17,158,053 9,759,429 1,148,403 6,250,221 Other Secured Financing: Borrowing Base Facility Oct 2027 Oct 2029 SOFR + 2.00% 27,811 1,250,000 (j) 3,000 15,321 1,231,679 Commercial Financing Facilities Jan 2027 to Apr 2030 Jan 2027 to Feb 2035 Index + 1.9% 703,416 1,098,350 (k) 474,955 — 623,395 Infrastructure Financing Facilities Jul 2028 to Oct 2028 Aug 2030 to Jul 2033 SOFR + 1.97% 696,154 1,175,000 564,909 35,322 574,769 Property Financing Jul 2026 to Apr 2031 Jul 2026 to Apr 2031 SOFR + 2.10% 1,018,646 2,070,691 757,821 (l) — 1,312,870 Term Loans and Revolver Nov 2027 to Sep 2032 N/A SOFR + 1.93% N/A (m) 2,733,102 2,533,102 200,000 — STWD 2025-FL4 CLO Dec 2042 N/A SOFR + 1.65% 1,108,010 968,628 968,628 — — STWD 2022-FL3 CLO Nov 2038 N/A SOFR + 2.13% 460,493 299,196 299,196 — — STWD 2021-HTS SASB N/A N/A SOFR + 3.92% 82,982 62,694 62,694 — — STWD 2021-FL2 CLO Apr 2038 N/A SOFR + 2.31% 501,172 279,896 279,896 — — Starwood 2026-SIF7 CLO Jan 2038 N/A SOFR + 1.68% 619,563 496,200 496,200 — — Starwood 2025-SIF6 CLO Oct 2037 N/A SOFR + 1.72% 509,053 413,500 413,500 — — Starwood 2025-SIF5 CLO Apr 2037 N/A SOFR + 1.73% 509,239 413,500 413,500 — — Starwood 2024-SIF4 CLO Oct 2036 N/A SOFR + 1.93% 611,134 496,200 496,200 — — ABS Master Series Oct 2028 to Mar 2033 Oct 2053 to Mar 2056 5.29% (n) 2,010,583 1,409,331 1,409,331 — — Total Other Secured Financing 8,858,256 13,166,288 9,172,932 250,643 3,742,713 $ 23,674,987 $ 30,324,341 $ 18,932,361 $ 1,399,046 $ 9,992,934 Unamortized net discount (16,230) Unamortized deferred financing costs (104,729) $ 18,811,402 ___________________________________________ (a)Subject to certain conditions as defined in the respective facility agreement. (b)Approved but undrawn capacity represents the total draw amount that has been approved by the lenders related to those assets that have been pledged as collateral, less the drawn amount. (c)Unallocated financing amount represents the maximum facility size less the total draw capacity that has been approved by the lenders. (d)For certain facilities, borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (e)Certain facilities with an outstanding balance of $3.0 billion as of June 30, 2026 are indexed to EURIBOR, BBSY, SARON, SONIA and STIBOR. The remainder are indexed to SOFR. (f)Certain facilities with an aggregate initial maximum facility size of $11.9 billion may be increased to $12.3 billion, subject to certain conditions. The $12.3 billion amount includes such upsizes. (g)Certain facilities with an outstanding balance of $215.4 million as of June 30, 2026 carry a rolling 6 or 12-month term which may reset monthly or quarterly with the lender’s consent. These facilities carry no maximum facility size. (h)Certain facilities with an outstanding balance of $333.9 million as of June 30, 2026 have weighted average fixed annual interest rate of 4.06%. All other facilities are variable rate with a weighted average rate of SOFR + 1.55%. 103 Table of Contents (i)Includes: (i) $312.9 million outstanding on a repurchase facility that is not subject to margin calls; and (ii) $24.5 million outstanding on one of our repurchase facilities that represents the 49% pro rata share owed by a non-controlling partner in a consolidated joint venture (see Note 15 to the Condensed Consolidated Financial Statements). (j)The maximum facility size as of June 30, 2026 of $615.0 million may be increased to $1.3 billion, subject to certain conditions. The $1.3 billion amount includes such upsize. (k)Certain facilities with an aggregate initial maximum facility size of $998.4 million may be increased to $1.1 billion, subject to certain conditions. The $1.1 billion amount includes such upsizes. (l)Of the total balance, $289.7 million relates to Fundamental. (m)These facilities are secured by the equity interests in certain of our subsidiaries which totaled $8.0 billion as of June 30, 2026. (n)Includes: (i) $466.1 million outstanding under ABS Series 2026-1 with a weighted average fixed rate of 5.06%; (ii) $390.4 million outstanding under ABS Series 2025-1 with a weighted average fixed rate of 5.25%; (iii) $240.0 million outstanding under ABS Series 2024-1 with a weighted average fixed rate of 5.03% and (iv) $312.8 million outstanding under ABS Series 2023-2 with a weighted average fixed rate of 5.89%. Refer to Note 10 to the Condensed Consolidated Financial Statements for further disclosure regarding the terms of our secured financing arrangements, including a detailed discussion of new credit facilities and amendments to existing credit facilities executed since December 31, 2025. Variance between Average and Quarter-End Credit Facility Borrowings Outstanding The following table compares the average amount outstanding under our secured financing agreements during each quarter and the amount outstanding as of the end of each quarter, together with an explanation of significant variances (amounts in thousands): Quarter Ended Quarter-End Balance Weighted-Average Balance During Quarter Variance December 31, 2025 17,934,109 17,281,610 652,499 (a) March 31, 2026 18,974,419 18,352,109 622,310 (a) June 30, 2026 18,932,361 19,201,008 (268,647) __________________________________________________ (a)Variance primarily due to borrowings on secured debt needed to fund commercial loans that were newly originated close to the end of the quarter. Borrowings under Unsecured Senior Notes During the three and six months ended June 30, 2026, the weighted average effective borrowing rate on our unsecured senior notes was 6.2%. During the three and six months ended June 30, 2025, the weighted average effective borrowing rate on our unsecured senior notes was 6.3% and 6.2%, respectively. The effective borrowing rate includes the effects of underwriter purchase discount. Refer to Note 11 to the Condensed Consolidated Financial Statements for further disclosure regarding the terms of our unsecured senior notes. 104 Table of Contents Scheduled Principal Repayments on Investments and Overhang on Financing Facilities The following scheduled and/or projected principal repayments on our investments were based on amounts outstanding and extended contractual maturities of those investments as of June 30, 2026. The column entitled “Projected/Required Repayments of Financing” generally represents the extended contractual maturity of each credit facility. However, in the case of commercial loans, if management expects the underlying collateral to repay earlier than its fully extended maturity, this earlier date was utilized. If management expects the underlying collateral to repay later than its fully extended maturity, we assume the facility is not extended, even though some form of extension is often granted by the lender (amounts in thousands): Scheduled/Projected PrincipalRepayments on Loansand HTM Securities Scheduled/Projected Principal Repayments on RMBS and CMBS Projected/Required Repayments of Financing (a) Total PrincipalInflows Net ofFinancing Outflows Third Quarter 2026 $ 1,371,910 $ 14,854 $ (1,187,209) $ 199,555 Fourth Quarter 2026 1,249,316 37,248 (1,024,674) 261,890 First Quarter 2027 1,387,562 33,101 (1,099,752) 320,911 Second Quarter 2027 928,767 40,978 (967,034) 2,711 Total $ 4,937,555 $ 126,181 $ (4,278,669) $ 785,067 __________________________________________________ (a)Excludes the $500.0 million unsecured senior notes due January 2027 that were early repaid in July 2026 with proceeds received from the $500.0 million unsecured senior notes that settled in July 2026 (see Note 24 to the Condensed Consolidated Financial Statements). In the normal course of business, the Company is in discussions with its lenders to extend, amend or replace any financing facilities which contain near term expirations. Issuances of Equity Securities We may raise funds through capital market transactions by issuing capital stock. There can be no assurance, however, that we will be able to access the capital markets at any particular time or on any particular terms. We have authorized 100,000,000 shares of preferred stock and 500,000,000 shares of common stock. At June 30, 2026, we had 100,000,000 shares of preferred stock available for issuance and 129,371,690 shares of common stock available for issuance. Other Potential Sources of Financing In the future, we may also use other sources of financing to fund the acquisition of our target assets and maturities of our unsecured senior notes, including other secured as well as unsecured forms of borrowing and sale of senior loan interests and other assets. Repurchases of Equity Securities and Convertible Senior Notes In February 2026, our board of directors authorized the repurchase of up to $400.0 million of our outstanding common shares and convertible senior notes over a period of one year. Purchases made pursuant to the program will be made either in the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases are discretionary and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. During the three and six months ended June 30, 2026, we repurchased 581,795 and 1,708,338 shares of common stock for $10.0 million and $29.9 million, respectively, under the repurchase program. There were no repurchases of our outstanding Convertible Notes during the three and six months ended June 30, 2026. As of June 30, 2026, we had $370.1 million of remaining capacity to repurchase common stock and/or convertible senior notes under the repurchase program. Leverage Policies Our strategies with regards to use of leverage have not changed significantly since December 31, 2025. Refer to our Form 10-K for a description of our strategies regarding use of leverage. 105 Table of Contents Cash Requirements Dividends U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. We generally intend to distribute substantially all of our taxable income (which does not necessarily equal our GAAP net income) to our stockholders each year, if and to the extent authorized by our board of directors. Before we pay any dividend, whether for U.S. federal income tax purposes or otherwise, we must first meet both our operating and debt service requirements. If our cash available for distribution is less than our net taxable income, we could be required to sell assets or borrow funds to make cash distributions or we may make a portion of the required distribution in the form of a taxable stock distribution or distribution of debt securities. Refer to Note 17 to the Condensed Consolidated Financial Statements and our Form 10-K for a detailed dividend history. Contractual Obligations and Commitments Our material contractual obligations and commitments as of June 30, 2026 are as follows (amounts in thousands): Total Less than 1 year 1 to 3 years 3 to 5 years More than 5 years Secured financings (a) $ 14,093,216 $ 1,740,378 $ 5,861,926 $ 5,355,336 $ 1,135,576 Securitized financing (b) 4,839,145 590,384 633,177 979,875 2,635,709 Unsecured senior notes 4,930,750 900,000 (c) 1,480,750 2,550,000 — Future funding commitments: Commercial Lending (d) 2,292,663 1,554,213 738,450 — — Infrastructure Lending (e) 1,411,425 1,318,174 93,251 — — Property Segment (f) 68,620 65,965 2,655 — — __________________________________________________ (a)Represents the earlier of (i) the fully extended contractual maturity of each credit facility or (ii) the contractual maturity, on a fully extended basis as applicable, of each of the investments that have been pledged as collateral under the respective credit facility. Refer to Note 10 to the Condensed Consolidated Financial Statements for the expected maturities by year. (b)Represents the fully extended maturity of the underlying collateral. (c)Represents (i) $500.0 million of unsecured senior notes due January 2027 that were early repaid in July 2026 with proceeds received from the $500.0 million unsecured senior notes that settled in July 2026 and (ii) $400.0 million of unsecured senior notes due July 2026 that were repaid at maturity with proceeds received from the senior note issuance that occurred during the three months ended June 30, 2026 (see Note 24 to the Condensed Consolidated Financial Statements). (d)Excludes $222.4 million of loan funding commitments in which management projects the Company will not be obligated to fund in the future due to repayments made by the borrower earlier than, or in excess of, expectations. (e)Represents contractual commitments of $291.7 million under revolvers and letters of credit, $270.7 million under delayed draw term loans and $849.0 million of outstanding infrastructure loan purchase commitments. (f)Represents future construction funding commitments in our Property Segment related to development projects which have estimated rental revenue commencement dates between July 2026 and September 2027. The table above does not include interest payable, amounts due under our management agreement, amounts due under our derivative agreements or amounts due under guarantees as those contracts do not have fixed and determinable payments. Our secured financings and the CLO and SASB portions of our securitized financing consist primarily of matched-term funding for our loans and investment securities and long-term mortgages on our owned properties. Repayments of such facilities are generally made from proceeds from maturities, prepayments or sales of such investments and operating cash flows from owned properties. In the normal course of business, we are in discussions with our lenders to extend, amend or replace any financing facilities which contain near term expirations. The ABS securitized financing of Fundamental’s properties is expected to be refinanced with similar ABS financing at or prior to its respective maturity. 106 Table of Contents Our unsecured senior notes are expected to be repaid from a combination of available cash on hand, approved but undrawn capacity under our secured financing agreements, and/or equity issuances or other potential sources of financing, as discussed above, including issuances of new unsecured senior notes. Our future funding commitments are expected to be primarily matched-term funded with secured or securitized financing, with any difference funded from available cash on hand or other potential sources of financing discussed above. Critical Accounting Estimates Refer to the section of our Form 10-K entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates” for a full discussion of our critical accounting estimates. Our critical accounting estimates have not materially changed since December 31, 2025. Recent Accounting Developments Refer to Note 2 to the Condensed Consolidated Financial Statements for a discussion of recent accounting developments and the expected impact to the Company.