Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

Starwood Property Trust, Inc. and Subsidiaries

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2025

(Dollars in thousands)


							Costs
			Initial Cost				Capitalized		Gross Amounts Carried at
Property Type /			to Company				Subsequent to		December 31, 2025							Accumulated		Acquisition
Geographic Location	Encumbrances		Land		Property		Acquisition(1)		Land		Property		Total			Depreciation(3)		Date
Aggregated Properties


Hotel - U.S., Midwest (1 property)	$	—	$	—	$	5,565	$	1,819	$	—	$	7,384	$	7,384		$	(5,952)	Feb-18

Hotel - U.S., South East (1 property)	—		2,149		5,571		2,417		2,149		7,988		10,137			(452)		Nov-24


Industrial - International (1 property)	8,005		1,439		10,847		—		1,439		10,847		12,286			(184)		Jul-25
Industrial - U.S., Mid Atlantic (6 properties)	66,205		15,467		91,960		696		15,467		92,656		108,123			(1,250)		Jul-25 to Dec-25
Industrial - U.S., Midwest (47 properties)	246,969		43,803		355,647		300		43,803		355,947		399,750			(5,377)		Jul-25 to Dec-25
Industrial - U.S., North East (19 properties)	135,787		28,923		151,185		327		28,923		151,512		180,435			(2,720)		Jul-25 to Dec-25
Industrial - U.S., South East (11 properties)	34,056		13,170		56,855		323		13,170		57,178		70,348			(796)		Mar-19 to Dec-25
Industrial - U.S., South West (18 properties)	48,811		14,252		64,247		226		14,252		64,473		78,725			(1,054)		Jul-25 to Dec-25
Industrial - U.S., West (8 properties)	117,102		28,100		148,848		—		28,100		148,848		176,948			(2,142)		Jul-25 to Aug-25
Medical office - U.S., Midwest (7 properties)	59,938		2,764		97,760		16,193		2,764		113,953		116,717			(29,095)		Dec-16
Medical office - U.S., North East (7 properties)	174,864		11,283		176,996		295		11,283		177,291		188,574			(48,397)		Dec-16
Medical office - U.S., South East (6 properties)	71,823		7,930		117,678		3,831		7,930		121,509		129,439			(34,117)		Dec-16
Medical office - U.S., South West (8 properties)	99,805		15,921		126,842		8,351		15,921		135,193		151,114			(38,531)		Dec-16
Medical office - U.S., West (6 properties)	83,570		13,415		107,845		6,849		13,415		114,694		128,109			(35,556)		Dec-16



Mixed Use - U.S., North East (1 property)	—		4,651		5,476		—		4,651		5,476		10,127			(268)		Jun-24







Multifamily - U.S., South East (3 properties)	—		19,005		161,181		1,583		19,005		147,047		166,052			(4,432)		May-24 to May-25
Multifamily - US., South West (3 properties)	29,751		34,202		140,185		—		34,202		133,442		167,644			(5,085)		Oct-24 to Nov-24
Multifamily - U.S., West (1 property)	—		12,402		48,454		—		12,402		48,454		60,856			(2,855)		Dec-23
Multifamily Conversion - Mid Atlantic (1 property)	—		26,056		88,644		3,886		26,056		92,530		118,586			—		May-24



Office - U.S., North East (2 properties)	17,633		40,950		32,614		9,006		40,950		41,620		82,570			(10,869)		May-18 to Jun-25


Office - U.S., West (2 properties)	—		65,363		183,731		9,836		40,045		124,051		164,096			(9,411)		Oct-17 to Dec-22


Residential - U.S., North East (1 property)	—		—		77,721		36,118		—		113,839		113,839			—		Oct-20 to Apr-21
Retail - U.S., Midwest (3 properties)	34,504		15,379		63,307		—		15,379		59,001		74,380			(2,591)		May-23 to Jul-25

Retail - U.S., South East (2 properties)	12,409		5,735		10,818		—		5,735		10,818		16,553			(138)		Jul-25

Retail - U.S., West (12 properties)	38,052		5,935		41,176		—		5,935		41,176		47,111			(783)		Jul-25


Service - U.S., Mid Atlantic (5 properties)	30,127		9,637		37,820		—		9,637		37,820		47,457			(658)		Jul-25
Service - U.S., Midwest (142 properties)	205,392		80,612		185,450		649		80,612		186,099		266,711			(4,385)		Jul-25
Service - U.S., North East (42 properties)	83,345		19,503		94,934		15,997		19,503		110,931		130,434			(1,665)		Jul-25
Service - U.S., South East (62 properties)	116,816		76,163		104,983		—		76,163		104,983		181,146			(1,980)		Jul-25 to Nov-25
Service - U.S., South West (35 properties)	106,217		64,324		102,725		7,264		64,324		109,989		174,313			(2,004)		Jul-25 to Dec-25
Service - U.S., West (81 properties)	99,802		42,020		81,293		—		42,020		81,293		123,313			(1,878)		Jul-25






	$	1,920,983	$	720,553	$	2,978,358	$	125,966	$	695,235	$	3,008,042	$	3,703,277	(2)	$	(254,625)

__________________________________________

Notes to Schedule III:

(1)No material costs subsequent to acquisition were capitalized to land.

(2)The aggregate cost for federal income tax purposes is $4.3 billion.

(3)Depreciation is computed based upon estimated useful lives as described in Note 7 to the Consolidated Financial Statements.

The following schedule presents our real estate activity during the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024		2023
Beginning balance, January 1	$	1,584,219	$	1,570,501	$	1,659,495
Additions during the year:
Acquisition of Fundamental properties	1,803,077		—		—
Acquisitions through foreclosure and other transfers	184,586		350,514		97,585
Other acquisitions	226,347		7,720		—
Improvements	51,999		22,990		22,669


Total additions	2,266,009		381,224		120,254
Deductions during the year:
Costs of real estate sold	(120,155)		(367,506)		(84,309)


Impairments	(26,766)		—		(124,902)
Other	(30)		—		(37)
Total deductions	(146,951)		(367,506)		(209,248)
Ending balance, December 31	$	3,703,277	$	1,584,219	$	1,570,501

The following schedule presents activity within accumulated depreciation during the years ended December 31, 2025, 2024 and 2023 (in thousands):


	2025		2024		2023
Beginning balance, January 1	$	210,541	$	233,180	$	209,509
Depreciation expense	64,378		33,175		40,858

Disposition/write-offs	(20,294)		(55,814)		(17,187)

Ending balance, December 31	$	254,625	$	210,541	$	233,180