Name: STARWOOD PROPERTY TRUST, INC. Segments Disclosure
Creator: STARWOOD PROPERTY TRUST, INC.
License: https://creativecommons.org/publicdomain/mark/1.0/

Segment and Geographic Data

In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information to assess the performance of the business segments identified in Note 1, including segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating securitization VIEs under ASC 810. The segment information within this Note is reported on that basis. The financial condition and operating results of Fundamental have been aggregated into the Property Segment, which is characterized by owning and leasing commercial properties, given its similar economic characteristics.

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


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	1,231,288	$	272,282	$	289	$	14,650	$	—	$	1,518,509	$	—	$	1,518,509
Interest income from investment securities	78,961		649		—		97,824		—		177,434		(142,973)		34,461
Servicing fees	369		—		—		106,533		—		106,902		(20,359)		86,543
Rental income	27,266		—		135,255		19,919		—		182,440		—		182,440
Other revenues	9,854		3,855		1,472		5,387		1,768		22,336		—		22,336
Total revenues	1,347,738		276,786		137,016		244,313		1,768		2,007,621		(163,332)		1,844,289
Costs and expenses:
Management fees	701		—		—		—		136,564		137,265		—		137,265
Interest expense	682,813		155,212		71,400		29,341		339,031		1,277,797		(810)		1,276,987
General and administrative	59,545		20,979		17,323		93,152		17,810		208,809		—		208,809
Costs of rental operations	21,017		—		26,225		13,559		—		60,801		—		60,801
Depreciation and amortization	11,779		39		59,479		6,679		1,005		78,981		—		78,981
Credit loss provision, net	15,851		3,519		—		—		—		19,370		—		19,370
Other expense	103		4,104		(61)		203		—		4,349		—		4,349
Total costs and expenses	791,809		183,853		174,366		142,934		494,410		1,787,372		(810)		1,786,562
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		154,758		154,758
Change in fair value of servicing rights	—		—		—		7,398		—		7,398		(1,508)		5,890
Change in fair value of investment securities, net	8,422		—		—		(16,803)		—		(8,381)		10,568		2,187
Change in fair value of mortgage loans, net	122,117		—		—		62,323		—		184,440		—		184,440
Income from affordable housing fund investments	—		—		46,953		—		—		46,953		—		46,953
Earnings from unconsolidated entities	2,708		3,892		—		9,249		—		15,849		(1,296)		14,553
Gain (loss) on sale of investments and other assets, net	32,875		—		(22)		10,060		—		42,913		—		42,913
(Loss) gain on derivative financial instruments, net	(155,014)		38		(4,196)		(1,385)		33,289		(127,268)		—		(127,268)
Foreign currency gain (loss), net	112,778		364		(198)		—		—		112,944		—		112,944
Gain (loss) on extinguishment of debt, net	20,447		(2,676)		—		(90)		—		17,681		—		17,681
Other (loss) income, net	(32,589)		—		(2,805)		2,428		—		(32,966)		—		(32,966)
Total other income	111,744		1,618		39,732		73,180		33,289		259,563		162,522		422,085
Income (loss) before income taxes	667,673		94,551		2,382		174,559		(459,353)		479,812		—		479,812
Income tax provision	(12,297)		(110)		(1,844)		(22,468)		—		(36,719)		—		(36,719)
Net income (loss)	655,376		94,441		538		152,091		(459,353)		443,093		—		443,093
Net income attributable to non-controlling interests	(15)		—		(25,488)		(6,046)		—		(31,549)		—		(31,549)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	655,361	$	94,441	$	(24,950)	$	146,045	$	(459,353)	$	411,544	$	—	$	411,544

The table below presents our results of operations for the year ended December 31, 2024 by business segment (amounts in thousands):


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	1,424,188	$	255,645	$	—	$	18,234	$	—	$	1,698,067	$	—	$	1,698,067
Interest income from investment securities	116,808		506		—		93,641		—		210,955		(144,150)		66,805
Servicing fees	425		—		—		72,579		—		73,004		(17,805)		55,199
Rental income	18,325		—		69,210		20,463		—		107,998		—		107,998
Other revenues	6,804		4,842		772		3,842		2,514		18,774		—		18,774
Total revenues	1,566,550		260,993		69,982		208,759		2,514		2,108,798		(161,955)		1,946,843
Costs and expenses:
Management fees	756		—		—		—		144,421		145,177		—		145,177
Interest expense	845,082		151,120		44,972		36,870		271,483		1,349,527		(834)		1,348,693
General and administrative	60,163		19,980		4,428		99,499		15,166		199,236		—		199,236
Costs of rental operations	13,163		—		23,483		11,591		—		48,237		—		48,237
Depreciation and amortization	9,653		56		23,535		7,057		1,005		41,306		—		41,306
Credit loss provision, net	194,260		3,140		—		—		—		197,400		—		197,400
Other expense	785		516		35		687		—		2,023		—		2,023
Total costs and expenses	1,123,862		174,812		96,453		155,704		432,075		1,982,906		(834)		1,982,072
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		75,706		75,706
Change in fair value of servicing rights	—		—		—		887		—		887		2,119		3,006
Change in fair value of investment securities, net	76		—		—		(83,748)		—		(83,672)		84,686		1,014
Change in fair value of mortgage loans, net	3,597		—		—		72,283		—		75,880		—		75,880
Income from affordable housing fund investments	—		—		102,141		—		—		102,141		—		102,141
Earnings (loss) from unconsolidated entities	11,599		1,414		—		1,473		—		14,486		(1,390)		13,096
Gain on sale of investments and other assets, net	305		—		92,003		8,402		—		100,710		—		100,710
Gain (loss) on derivative financial instruments, net	196,349		152		1,492		3,454		(43,513)		157,934		—		157,934
Foreign currency (loss) gain, net	(73,830)		(187)		89		—		—		(73,928)		—		(73,928)
Gain (loss) on extinguishment of debt	173		(1,466)		(2,254)		(100)		(293)		(3,940)		—		(3,940)
Other (loss) income, net	(10,013)		531		(949)		50		—		(10,381)		—		(10,381)
Total other income (loss)	128,256		444		192,522		2,701		(43,806)		280,117		161,121		441,238
Income (loss) before income taxes	570,944		86,625		166,051		55,756		(473,367)		406,009		—		406,009
Income tax (provision) benefit	(9,116)		259		—		(16,575)		—		(25,432)		—		(25,432)
Net income (loss)	561,828		86,884		166,051		39,181		(473,367)		380,577		—		380,577
Net (income) loss attributable to non-controlling interests	(14)		—		(38,201)		17,571		—		(20,644)		—		(20,644)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	561,814	$	86,884	$	127,850	$	56,752	$	(473,367)	$	359,933	$	—	$	359,933

The table below presents our results of operations for the year ended December 31, 2023 by business segment (amounts in thousands):


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Revenues:
Interest income from loans	$	1,557,631	$	236,884	$	—	$	9,589	$	—	$	1,804,104	$	—	$	1,804,104
Interest income from investment securities	135,130		1,805		—		92,147		—		229,082		(152,558)		76,524
Servicing fees	553		—		—		44,895		—		45,448		(12,327)		33,121
Rental income	8,369		—		93,459		25,838		—		127,666		—		127,666
Other revenues	2,527		1,296		713		2,335		1,622		8,493		—		8,493
Total revenues	1,704,210		239,985		94,172		174,804		1,622		2,214,793		(164,885)		2,049,908
Costs and expenses:
Management fees	496		—		—		—		141,047		141,543		—		141,543
Interest expense	971,028		141,016		54,522		34,611		235,776		1,436,953		(846)		1,436,107
General and administrative	55,782		15,569		4,155		87,619		17,087		180,212		—		180,212
Costs of rental operations	8,777		—		22,806		13,259		—		44,842		—		44,842
Depreciation and amortization	7,206		103		31,960		9,788		84		49,141		—		49,141
Credit loss provision, net	225,720		18,008		—		—		—		243,728		—		243,728
Other expense	2,858		17		18		(148)		—		2,745		—		2,745
Total costs and expenses	1,271,867		174,713		113,461		145,129		393,994		2,099,164		(846)		2,098,318
Other income (loss):
Change in net assets related to consolidated VIEs	—		—		—		—		—		—		181,688		181,688
Change in fair value of servicing rights	—		—		—		401		—		401		1,193		1,594
Change in fair value of investment securities, net	69,259		—		—		(51,889)		—		17,370		(16,603)		767
Change in fair value of mortgage loans, net	25,874		—		—		36,828		—		62,702		—		62,702
Income from affordable housing fund investments	—		—		291,244		—		—		291,244		—		291,244
Earnings (loss) from unconsolidated entities	4,410		5,702		—		8,849		—		18,961		(2,239)		16,722
(Loss) gain on sale of investments and other assets, net	(112)		—		—		25,841		—		25,729		—		25,729
(Loss) gain on derivative financial instruments, net	(25,206)		123		2,111		(4,348)		(11,285)		(38,605)		—		(38,605)
Foreign currency gain (loss), net	60,644		201		(11)		—		—		60,834		—		60,834
Loss on extinguishment of debt	(804)		—		—		(434)		—		(1,238)		—		(1,238)
Other (loss) income, net	(135,576)		—		(5)		29		—		(135,552)		—		(135,552)
Total other income (loss)	(1,511)		6,026		293,339		15,277		(11,285)		301,846		164,039		465,885
Income (loss) before income taxes	430,832		71,298		274,050		44,952		(403,657)		417,475		—		417,475
Income tax benefit (provision)	990		590		—		(898)		—		682		—		682
Net income (loss)	431,822		71,888		274,050		44,054		(403,657)		418,157		—		418,157
Net income attributable to non-controlling interests	(14)		—		(77,156)		(1,774)		—		(78,944)		—		(78,944)
Net income (loss) attributable to Starwood Property Trust, Inc.	$	431,808	$	71,888	$	196,894	$	42,280	$	(403,657)	$	339,213	$	—	$	339,213

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


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

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

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

The table below presents our consolidated balance sheet as of December 31, 2024 by business segment (amounts in thousands):


	Commercial and Residential Lending Segment		Infrastructure Lending Segment		Property Segment		Investing and Servicing Segment		Corporate		Subtotal		Securitization VIEs		Total
Assets:
Cash and cash equivalents	$	19,743	$	122,134	$	24,717	$	11,946	$	199,291	$	377,831	$	—	$	377,831
Restricted cash	147,502		21,986		1,133		5,543		—		176,164		—		176,164
Loans held-for-investment, net	12,895,064		2,541,949		—		—		—		15,437,013		—		15,437,013
Loans held-for-sale	2,394,624		—		—		121,384		—		2,516,008		—		2,516,008
Investment securities	909,762		17,273		—		1,225,024		—		2,152,059		(1,618,801)		533,258
Properties, net	650,966		—		657,246		65,466		—		1,373,678		—		1,373,678

Investments of consolidated affordable housing fund	—		—		2,073,533		—		—		2,073,533		—		2,073,533
Investments in unconsolidated entities	26,441		54,105		—		33,640		—		114,186		(14,816)		99,370
Goodwill	—		119,409		—		140,437		—		259,846		—		259,846
Intangible assets, net	10,637		—		22,101		63,711		—		96,449		(35,745)		60,704
Derivative assets	174,507		—		115		898		—		175,520		—		175,520
Accrued interest receivable	150,474		13,961		—		684		2,648		167,767		—		167,767
Other assets	206,103		8,190		52,243		8,700		92,993		368,229		—		368,229
VIE assets, at fair value	—		—		—		—		—		—		38,937,576		38,937,576
Total Assets	$	17,585,823	$	2,899,007	$	2,831,088	$	1,677,433	$	294,932	$	25,288,283	$	37,268,214	$	62,556,497
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	185,303	$	30,157	$	13,232	$	57,624	$	148,268	$	434,584	$	—	$	434,584
Related-party payable	—		—		—		—		38,958		38,958		—		38,958
Dividends payable	—		—		—		—		163,383		163,383		—		163,383
Derivative liabilities	67,452		—		—		—		27,438		94,890		—		94,890
Secured financing agreements, net	7,912,536		760,299		479,732		591,094		1,428,227		11,171,888		(20,331)		11,151,557
Securitized financing, net	1,966,865		1,229,561		—		—		—		3,196,426		—		3,196,426
Unsecured senior notes, net	—		—		—		—		2,994,682		2,994,682		—		2,994,682

VIE liabilities, at fair value	—		—		—		—		—		—		37,288,545		37,288,545
Total Liabilities	10,132,156		2,020,017		492,964		648,718		4,800,956		18,094,811		37,268,214		55,363,025
Temporary Equity: Redeemable non-controlling interests	—		—		426,695		—		—		426,695		—		426,695
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	—		—		—		—		3,449		3,449		—		3,449
Additional paid-in capital	1,363,238		619,428		(398,205)		(706,746)		5,445,048		6,322,763		—		6,322,763
Treasury stock	—		—		—		—		(138,022)		(138,022)		—		(138,022)
Retained earnings (accumulated deficit)	6,076,720		259,562		2,102,389		1,613,151		(9,816,499)		235,323		—		235,323
Accumulated other comprehensive income	13,594		—		—		—		—		13,594		—		13,594
Total Starwood Property Trust, Inc. Stockholders’ Equity	7,453,552		878,990		1,704,184		906,405		(4,506,024)		6,437,107		—		6,437,107
Non-controlling interests in consolidated subsidiaries	115		—		207,245		122,310		—		329,670		—		329,670
Total Permanent Equity	7,453,667		878,990		1,911,429		1,028,715		(4,506,024)		6,766,777		—		6,766,777
Total Liabilities and Equity	$	17,585,823	$	2,899,007	$	2,831,088	$	1,677,433	$	294,932	$	25,288,283	$	37,268,214	$	62,556,497

Revenues generated from foreign sources were $367.3 million, $438.8 million and $455.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. The majority of our revenues generated from foreign sources are derived from the United Kingdom and Australia. Refer to Schedules III and IV for a detailed listing of the properties and loans held by the Company, including their respective geographic locations.

The table below presents our additions to long-lived assets by business segment (in thousands) (1):


	For the Year Ended December 31,
	2025		2024		2023
Property Segment	$	2,451,803	$	125,406	$	12,900
Commercial and Residential Lending Segment	210,517		243,394		111,985
Investing and Servicing Segment	4,874		20,384		2,127


Total additions to long-lived assets	$	2,667,194	$	389,184	$	127,012

_____________________________________________________________________________________________________________________

(1)Includes cash and non-cash acquisitions of properties and related lease intangibles (including through loan foreclosure), as discussed in Notes 3, 5 and 7, and property capital improvements.

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Historical Timeline

Fiscal Year	Filed
2025	Feb 25, 2026	Showing above
2024	Feb 27, 2025

2023	Feb 22, 2024

2022	Mar 1, 2023

2021	Feb 25, 2022

2020	Feb 25, 2021

2017	Feb 28, 2018

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

STARWOOD PROPERTY TRUST, INC. Segments Disclosure

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About Segments Disclosures

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