Operating

Starwood Property Trust·Cash Flow Statement·32 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Loans held for sale activity	$253.8M	$543.2M	$484.8M	$178.9M	$467.7M	$182.2M	$94.7M	$191.3M
Payments For Origination Of Mortgage Loans Held For Sale	$253.8M	$543.2M	$484.8M	$178.9M	$467.7M	$182.2M	$94.7M	$191.3M
Proceeds From Sale Of Loans Held For Sale	$139.8M	$703.2M	$666.4M	$297.3M	$445.8M	$169.3M	$372.9M	$182.1M
Net cash from operating activities	$53.3M	$241.8M	$295.6M	$238.9M	$0	$337.6M	$488.8M	$93.6M
Net income	$77.7M	$72.2M	$70.8M	$116.1M	$134.7M	$79.9M	$112.4M	$57.4M
Change in accrued investment income	$28.1M	$24M	$2.9M	-$2.9M	$48.5M	$33M	$25.2M	$51.5M
Increase (Decrease) in Accrued Interest Receivable, Net	$28.1M	$24M	$2.9M	-$2.9M	$48.5M	$33M	$25.2M	$51.5M
Change in accounts payable	$55.4M	$0	$95M	$31.6M	-$96.8M	—	-$13.3M	$24.1M
Increase (Decrease) in Accounts Payable and Other Operating Liabilities	$55.4M	$0	$95M	$31.6M	-$96.8M	—	-$13.3M	$24.1M
Amortization / write off of discounts and deferred financing costs	$12.8M	$12.5M	$11.2M	$11.4M	$11.5M	$11.4M	$12.4M	$12.5M
Gain (loss) on mark-to-market of Escrowed Shares	—	-$99.6M	$127.5M	-$50.7M	-$107.9M	—	—	-$9.1M
Unrealized Gain (Loss) on Derivatives	—	-$99.6M	$127.5M	-$50.7M	-$107.9M	—	—	-$9.1M
Change in other assets	-$32.7M	$5.2M	$93.9M	$10.9M	$22.7M	-$69.6M	—	$7.3M
Increase (Decrease) in Other Operating Assets	-$32.7M	$5.2M	$93.9M	$10.9M	$22.7M	-$69.6M	—	$7.3M
Amortization of debt issuance costs	$2.7M	$2.8M	$3M	$2.6M	$2.8M	$2.8M	$3.7M	$3.8M
Non-cash interest expense	$2.7M	$2.8M	$3M	$2.6M	$2.8M	$2.8M	$3.7M	$3.8M
Change in related party payables	-$16.4M	-$2.3M	—	-$2.4M	-$10.7M	—	—	$2M
Change in Due to Related Parties	-$16.4M	-$2.3M	—	-$2.4M	-$10.7M	—	—	$2M
Amortization of Investment Discount and Premium	$1.4M	$1.3M	$1.8M	$2.1M	$1.2M	$1.2M	$1.2M	$1.2M
Accretion (amortization) of discounts and premiums on investments	$1.4M	$1.3M	$1.8M	$2.1M	$1.2M	$1.2M	$1.2M	$1.2M
Accretion (Amortization) of Investment Discounts and Premiums	$1.4M	$1.3M	$1.8M	$2.1M	$1.2M	$1.2M	$1.2M	$1.2M
Accretion (Amortization) of Discounts and Premiums, Investments	$1.4M	$1.3M	$1.8M	$2.1M	$1.2M	$1.2M	$1.2M	$1.2M
Accretion (Amortization) of Investment Discounts and Premiums	$1.4M	$1.3M	$1.8M	$2.1M	$1.2M	$1.2M	$1.2M	$1.2M
Share of Profits (Losses) of Related Party	$1.7M	$349K	$3.4M	$537K	$7.9M	$2.5M	$3.7M	$818K
Equity in income of investees	$1.7M	$349K	$3.4M	$537K	$7.9M	$2.5M	$3.7M	$818K
Income (Loss) from Equity Method Investments	$1.7M	$349K	$3.4M	$537K	$7.9M	$2.5M	$3.7M	$818K
Income (Loss) from Equity Method Investments	$1.7M	$349K	$3.4M	$537K	$7.9M	$2.5M	$3.7M	$818K
Income (Loss) from Equity Method Investments	$1.7M	$349K	$3.4M	$537K	$7.9M	$2.5M	$3.7M	$818K
Equity in earnings (losses) of equity method investees	$1.7M	$349K	$3.4M	$537K	$7.9M	$2.5M	$3.7M	$818K
Income (Loss) from Equity Method Investments	$1.7M	$349K	$3.4M	$537K	$7.9M	$2.5M	$3.7M	$818K
Distributions from equity method investments	$1.2M	$1.6M	$1.1M	$1.2M	$6.5M	$2.8M	$335K	$0
Distributions of earnings from equity method investees	$1.2M	$1.6M	$1.1M	$1.2M	$6.5M	$2.8M	$335K	$0

Metrics

Operating

Breakdown

Metrics

Change in related party payables

Share of Profits (Losses) of Related Party

Amortization of debt issuance costs

Amortization of Investment Discount and Premium

Accretion (amortization) of discounts and premiums on investments

Change in accounts payable

Change in accrued investment income

Change in other assets

Equity in income of investees

Distributions from equity method investments

Change in Due to Related Parties

Accretion (Amortization) of Investment Discounts and Premiums

Loans held for sale activity

Income (Loss) from Equity Method Investments

Income (Loss) from Equity Method Investments

Income (Loss) from Equity Method Investments

Net cash from operating activities

Net income

Accretion (Amortization) of Discounts and Premiums, Investments

Amortization / write off of discounts and deferred financing costs

Non-cash interest expense

Distributions of earnings from equity method investees

Equity in earnings (losses) of equity method investees

Increase (Decrease) in Accounts Payable and Other Operating Liabilities

Increase (Decrease) in Accrued Interest Receivable, Net

Increase (Decrease) in Other Operating Assets

Payments For Origination Of Mortgage Loans Held For Sale

Proceeds From Sale Of Loans Held For Sale

Gain (loss) on mark-to-market of Escrowed Shares

Income (Loss) from Equity Method Investments

Accretion (Amortization) of Investment Discounts and Premiums

Unrealized Gain (Loss) on Derivatives