Starwood Property Trust, Inc. is a Maryland corporation that commenced operations in August 2009 after completing its initial public offering. The company focuses on originating acquiring financing and managing mortgage loans and other real estate investments in the United States Europe and Australia. It operates as a real estate investment trust and seeks to deliver risk adjusted returns through a diversified portfolio of debt and equity assets. Starwood Property Trust, Inc. is externally managed and advised by SPT Management LLC which is an affiliate of Starwood Capital Group. The firm’s headquarters are located at 2340 Collins Avenue Suite 700 Miami Beach Florida 33139.

Revenue is generated primarily from interest income on loans and debt securities held across its segments. The Commercial and Residential Lending Segment earns interest on first mortgages mezzanine loans B Notes subordinated mortgages preferred equity CMBS RMBS and residential loans. The Infrastructure Lending Segment receives interest on senior secured project finance loans tied to power generation facilities and midstream downstream and upstream oil and gas assets. The Property Segment derives rental income from owned net lease properties and lease intangibles associated with multifamily medical office and triple net leased assets. The Investing and Servicing Segment earns servicing fees spreads on CMBS investments gains from loan sales and securitization transactions and proceeds from the disposition of acquired commercial real estate. Additionally the company may realize gains from the sale of equity interests and from the disposition of properties obtained through portfolio acquisitions.

The company operates through the following segments: Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment.

• Commercial and Residential Lending Segment originates acquires finances and manages commercial first mortgages non agency residential loans subordinated mortgages mezzanine loans preferred equity CMBS RMBS and other real estate related debt investments in the United States Europe and Australia including distressed or non performing loans. As of December 31 2025 the segment’s portfolio included approximately 16 1 billion in first mortgages 311 million in mezzanine loans 2 3 billion in residential loans held for sale and 88 million in available for sale RMBS. The segment’s collateral was diversified across multifamily office industrial hotel and data center properties with geographic exposure spanning the U. S. South West North East South East West Midwest and international markets such as the United Kingdom other Europe and Australia. The unlevered return on assets for the segment ranged from 4.4 percent for residential loans held for sale to 17.7 percent for RMBS held at fair value option.

• Infrastructure Lending Segment originates acquires finances and manages infrastructure debt investments focusing on senior secured project finance loans tied to power generation facilities and midstream downstream and upstream oil and gas assets. As of December 31 2025 the segment held approximately 2 9 billion in first priority infrastructure loans and HTM securities with a weighted average contractual maturity of 5.1 years. The collateral mix consisted of 56.9 percent power generation assets 27.5 percent midstream oil and gas 12.6 percent downstream oil and gas and the remainder in other infrastructure sectors. Geographic concentration was primarily in the U. S. North East South West Midwest and West regions with smaller exposures to South East Mid Atlantic and international locations such as Canada and Mexico. The segment reported an unlevered return on assets of 8.1 percent as of the same date.

• Property Segment acquires and manages equity interests in stabilized and to be stabilized commercial real estate including multifamily properties multi tenant medical office net lease properties and diversified single tenant triple net lease properties held for investment. Following the acquisition of Fundamental Income Properties LLC on July 23 2025 the segment added 468 properties covering 12.3 million square feet across 44 states 59 industries and 90 tenants with a weighted average lease term of 17.1 years. As of December 31 2025 the segment’s net carrying value of properties and lease intangibles totaled approximately 3 0 billion. The geographic breakdown showed the largest exposure in the U. S. South East followed by the Midwest North East West South West and Mid Atlantic. Occupancy rates across the portfolio were high with the Fundamental portfolio reporting 99.8 percent occupancy and the medical office portfolio reporting 88.1 percent occupancy.

• Investing and Servicing Segment includes a U. S. servicing business that manages and works out problem assets an investment business that acquires and manages unrated investment grade and non investment grade rated CMBS including subordinated interests a mortgage loan business that originates conduit loans for sale into securitization transactions and an investment business that acquires commercial real estate assets including properties obtained from CMBS trusts. As of December 31 2025 the segment held approximately 2 9 billion in CMBS at fair value option 65 million in servicing rights intangibles 45 million in commercial loans held for sale and 41 million in net properties. The CMBS portfolio had a weighted average expected maturity of 5.2 years. The segment also maintains investments in unconsolidated entities and lease intangibles related to its servicing and investment activities.

Starwood Property Trust, Inc. holds a competitive position as a diversified real estate credit and equity investor with scale and expertise derived from its manager Starwood Capital Group. The company competes with other REITs specialty finance companies mortgage banks pension funds opportunity funds hedge funds insurance companies and institutional investors as well as individual investors. Its advantages include access to a broad network of sourcing opportunities the ability to structure financing across the capital structure and a REIT structure that provides tax efficiency for investors. The firm’s long standing relationships with borrowers and tenants and its internal capabilities in loan origination servicing and asset management support its ability to originate and manage investments throughout various market cycles.

The company serves a varied customer base that includes commercial property owners seeking financing residential borrowers looking for non agency mortgage loans infrastructure project sponsors requiring senior secured debt and tenants occupying net leased properties. Specific tenant names are not disclosed in the filing but the Property Segment notes holdings across 44 states 59 industries and 90 tenants following the acquisition of Fundamental Income Properties LLC. The Investing and Servicing Segment works with CMBS issuers investors and servicers while the Infrastructure Lending Segment deals with power generators and oil and gas operators. The Commercial and Residential Lending Segment interacts with developers owners and sponsors of commercial and residential real estate projects. Together these relationships create a diversified base of counterparties that support the company’s revenue generation across its four operating segments.