STWD

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.

On June 30, 2026, SPT Management, LLC, the issuer's external manager (the "Manager"), acquired 276,666 shares of the issuer's common stock in connection with the vesting of (i) 108,333 of the restricted stock units originally granted to the Manager on March 4, 2024 (the "2024 RSUs"), (ii) 112,500 of the restricted stock units originally granted to the Manager on March 6, 2025 (the "2025 RSUs"), and (iii) 55,833 of the restricted stock units originally granted to the Manager on March 10, 2026 (the "2026 RSUs"), each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2024 RSUs, the remaining 2025 RSUs and the remaining 2026 RSUs will vest ratably in quarterly installments through December 31, 2026, December 31, 2027, and December 31, 2028, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates.

Represents the 1,300,000 2024 RSUs, the 1,350,000 2025 RSUs and the 670,000 2026 RSUs granted to the Manager, less those restricted stock units that have already vested and been converted into shares of the issuer's common stock.

Represents securities held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

On June 30, 2026, SPT Management, LLC, the issuer's external manager (the "Manager"), acquired 276,666 shares of the issuer's common stock in connection with the vesting of (i) 108,333 of the restricted stock units originally granted to the Manager on March 4, 2024 (the "2024 RSUs"), (ii) 112,500 of the restricted stock units originally granted to the Manager on March 6, 2025 (the "2025 RSUs"), and (iii) 55,833 of the restricted stock units originally granted to the Manager on March 10, 2026 (the "2026 RSUs"), each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2024 RSUs, the remaining 2025 RSUs and the remaining 2026 RSUs will vest ratably in quarterly installments through December 31, 2026, December 31, 2027, and December 31, 2028, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates.

Represents securities held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Represents shares of the issuer's common stock distributed by SPT Management, LLC, the issuer's external manager (the "Manager"), to certain employees and/or other persons having an affiliation with the Manager.

Represents securities held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Represents shares of the issuer's common stock distributed by SPT Management, LLC, the issuer's external manager (the "Manager"), to certain employees and/or other persons having an affiliation with the Manager.

Reflects the transfer of 111,589 shares of the issuer's common stock that were previously held by the Manager and reported as indirectly beneficially owned by Mr. Sternlicht on May 15, 2026, such that they are now directly beneficially owned by Mr. Sternlicht.

Represents securities held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

2,423 shares of the issuer's common stock were granted to Mr. Dishner through SPT Management, LLC, the issuer's external manager.

9,691 shares of the issuer's common stock were granted to Mr. Pollack through SPT Management, LLC, the issuer's external manager.

Represents restricted shares of the issuer's common stock granted to SPT Management, LLC, the issuer's external manager (the "Manager"), as payment of 50% of the incentive fee as required by the Management Agreement between the issuer and the Manager, net of shares of the issuer's common stock distributed to certain employees and/or other persons having an affiliation with the Manager.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Represents shares of the issuer's common stock distributed by SPT Management, LLC, the issuer's external manager (the "Manager"), to certain employees and/or other persons having an affiliation with the Manager.

Represents securities held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Represents shares of the issuer's common stock distributed by SPT Management, LLC, the issuer's external manager (the "Manager"), to certain employees and/or other persons having an affiliation with the Manager.

Represents securities held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Represents shares of the issuer's common stock distributed by the Manager to certain employees and/or other persons having an affiliation with the Manager.

Represents securities held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Represents shares of the issuer's common stock sold to satisfy tax obligations.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.

On March 31, 2026, SPT Management, LLC, the issuer's external manager (the "Manager"), acquired 276,666 shares of the issuer's common stock in connection with the vesting of (i) 108,333 of the restricted stock units originally granted to the Manager on March 4, 2024 (the "2024 RSUs"), (ii) 112,500 of the restricted stock units originally granted to the Manager on March 6, 2025 (the "2025 RSUs"), and (iii) 55,833 of the restricted stock units originally granted to the Manager on March 10, 2026 (the "2026 RSUs"), each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2024 RSUs, the remaining 2025 RSUs and the remaining 2026 RSUs will vest ratably in quarterly installments through December 31, 2026, December 31, 2027, and December 31, 2028, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates.

Represents the 1,300,000 2024 RSUs, the 1,350,000 2025 RSUs and the 670,000 2026 RSUs granted to the Manager, less those restricted stock units that have already vested and been converted into shares of the issuer's common stock.

Represents securities held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

On March 31, 2026, SPT Management, LLC, the issuer's external manager (the "Manager"), acquired 276,666 shares of the issuer's common stock in connection with the vesting of (i) 108,333 of the restricted stock units originally granted to the Manager on March 4, 2024 (the "2024 RSUs"), (ii) 112,500 of the restricted stock units originally granted to the Manager on March 6, 2025 (the "2025 RSUs"), and (iii) 55,833 of the restricted stock units originally granted to the Manager on March 10, 2026 (the "2026 RSUs"), each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2024 RSUs, the remaining 2025 RSUs and the remaining 2026 RSUs will vest ratably in quarterly installments through December 31, 2026, December 31, 2027, and December 31, 2028, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates.

Reflects the transfer of 68,572 shares of the issuer's common stock that were previously held by the Manager and reported as indirectly beneficially owned by Mr. Sternlicht on February 25, 2026, such that they are now directly beneficially owned by Mr. Sternlicht.

Represents securities held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

Represents shares of the issuer's common stock distributed by SPT Management, LLC, the issuer's external manager (the "Manager"), to certain employees and/or other persons having an affiliation with the Manager.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

5,828 shares of the issuer's common stock were granted to Mr. Pollack through the Manager.

Starwood Property Trust, Inc. (the "Company") granted restricted shares of the Company's common stock to Ms. Paniry pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan. Such restricted shares of the Company's common stock will vest in annual installments over a three-year period that was deemed to begin on March 15, 2026, subject to certain conditions.

Starwood Property Trust, Inc. (the "Company") granted restricted shares of the Company's common stock to Mr. DiModica pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan. Such restricted shares of the Company's common stock will vest in annual installments over a three-year period that was deemed to begin on March 15, 2026, subject to certain conditions.

Represents restricted shares of the issuer's common stock granted to SPT Management, LLC, the issuer's external manager (the "Manager"), as payment of 50% of the incentive fee as required by the Management Agreement between the issuer and the Manager.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP. Mr. Sternlicht disclaims beneficial ownership of these securities except to the extent of his pecuniary interest therein, and the inclusion of these securities in this report shall not be deemed an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.

SPT Management, LLC, the issuer's external manager (the "Manager"), granted to Mr. Pollack rights with respect to 111,000 restricted stock units previously granted from the issuer to the Manager. Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock. Subject to certain conditions, this award vests in equal installments on March 15, 2027, March 15, 2028 and March 15, 2029.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.

On March 10, 2026, the issuer granted to the Manager an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan consisting of 670,000 restricted stock units (the "2026 RSUs"). The 2026 RSUs will vest ratably in quarterly installments through December 31, 2028, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates.

Represents the 1,300,000 restricted stock units originally granted to the Manager on March 4, 2024 as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan (the "2024 RSUs"), the 1,350,000 restricted stock units originally granted to the Manager on March 6, 2025 as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan (the "2025 RSUs") and the 670,000 2026 RSUs granted to the Manager, less those 2024 RSUs and 2025 RSUs that have already vested and been converted into shares of the issuer's common stock.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including SPT Management, LLC, the issuer's external manager (the "Manager"), SFIP, LLC and JAWS Capital, LP.

Represents restricted shares of the issuer's common stock granted to SPT Management, LLC, the issuer's external manager (the "Manager"), as payment of 50% of the incentive fee as required by the Management Agreement between the issuer and the Manager, net of shares of the issuer's common stock distributed to certain employees and/or other persons having an affiliation with the Manager.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.

On December 31, 2025, the Manager acquired 220,833 shares of the issuer's common stock in connection with the vesting of (i) 108,333 of the 2024 RSUs and (ii) 112,500 of the 2025 RSUs, each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2024 RSUs and the remaining 2025 RSUs will vest ratably in quarterly installments through December 31, 2026 and December 31, 2027, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates. There are no remaining unvested 2022 RSUs.

Represents the 1,300,000 2024 RSUs and the 1,350,000 2025 RSUs granted to the Manager, less those restricted stock units that have already vested and been converted into shares of the issuer's common stock.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

On December 31, 2025, the Manager acquired 220,833 shares of the issuer's common stock in connection with the vesting of (i) 108,333 of the 2024 RSUs and (ii) 112,500 of the 2025 RSUs, each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2024 RSUs and the remaining 2025 RSUs will vest ratably in quarterly installments through December 31, 2026 and December 31, 2027, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates. There are no remaining unvested 2022 RSUs.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

This transaction is being reported late due to an inadvertent administrative error.

Represents shares of the issuer's common stock distributed by the Manager to certain employees and/or other persons having an affiliation with the Manager.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

This transaction is being reported late due to an inadvertent administrative error.

Represents shares of the issuer's common stock distributed by the Manager to certain employees and/or other persons having an affiliation with the Manager.

Reflects the transfer of 3,018 shares of the issuer's common stock that were previously held by the Manager and reported as indirectly beneficially owned by Mr. Sternlicht on October 1, 2025, such that they are now directly beneficially owned by Mr. Sternlicht.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

Represents restricted shares of the issuer's common stock vesting on September 30, 2026.

The issuer granted these shares to Mr. Zelnick pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan.

Represents restricted shares of the issuer's common stock vesting on September 30, 2026.

The issuer granted these shares to Mr. Perpall pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan.

Represents restricted shares of the issuer's common stock vesting on September 30, 2026.

The issuer granted these shares to Ms. Harmon pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan.

Represents restricted shares of the issuer's common stock vesting on September 30, 2026.

The issuer granted these shares to Mr. Bronson pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.

This transaction is being reported late due to an inadvertent administrative error.

On September 30, 2025, SPT Management, LLC, the issuer's external manager (the "Manager"), acquired 345,833 shares of the issuer's common stock in connection with the vesting of (i) 125,000 of the restricted stock units originally granted to the Manager on November 23, 2022 (the "2022 RSUs"), (ii) 108,333 of the restricted stock units originally granted to the Manager on March 4, 2024 (the "2024 RSUs"), and (iii) 112,500 of the restricted stock units originally granted to the Manager on March 6, 2025 (the "2025 RSUs"), each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2024 RSUs and the remaining 2025 RSUs will vest ratably in quarterly installments through December 31, 2026 and December 31, 2027, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates. There are no remaining unvested 2022 RSUs.

Represents the 1,300,000 2024 RSUs and the 1,350,000 2025 RSUs granted to the Manager, less those restricted stock units that have already vested and been converted into shares of the issuer's common stock.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

Represents restricted shares of the issuer's common stock vesting on September 30, 2026.

The issuer granted these shares to Mr. Kumin pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan.

This transaction is being reported late due to an inadvertent administrative error.

On September 30, 2025, SPT Management, LLC, the issuer's external manager (the "Manager"), acquired 345,833 shares of the issuer's common stock in connection with the vesting of (i) 125,000 of the restricted stock units originally granted to the Manager on November 23, 2022 (the "2022 RSUs"), (ii) 108,333 of the restricted stock units originally granted to the Manager on March 4, 2024 (the "2024 RSUs"), and (iii) 112,500 of the restricted stock units originally granted to the Manager on March 6, 2025 (the "2025 RSUs"), each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2024 RSUs and the remaining 2025 RSUs will vest ratably in quarterly installments through December 31, 2026 and December 31, 2027, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates. There are no remaining unvested 2022 RSUs.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

Represents restricted shares of the issuer's common stock vesting on September 30, 2026.

The issuer granted these shares to Mr. Ridley pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan.

Represents restricted shares of the issuer's common stock vesting on September 30, 2026.

The issuer granted these shares to Ms. Douglas pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan.

230 shares of the issuer's common stock were granted to Mr. Dishner through SPT Management, LLC, the issuer's external manager. This transaction is being reported late due to an inadvertent administrative error.

276 shares of the issuer's common stock were granted to Mr. Pollack through SPT Management, LLC, the issuer's external manager. This transaction is being reported late due to an inadvertent administrative error.

Represents restricted shares of the issuer's common stock granted to SPT Management, LLC, the issuer's external manager (the "Manager"), as payment of 50% of the incentive fee as required by the Management Agreement between the issuer and the Manager, net of shares of the issuer's common stock distributed to certain employees and/or other persons having an affiliation with the Manager.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

On June 30, 2025, SPT Management, LLC, the issuer's external manager (the "Manager"), acquired 345,833 shares of the issuer's common stock in connection with the vesting of (i) 125,000 of the restricted stock units originally granted to the Manager on November 23, 2022 (the "2022 RSUs"), (ii) 108,333 of the restricted stock units originally granted to the Manager on March 4, 2024 (the "2024 RSUs"), and (iii) 112,500 of the restricted stock units originally granted to the Manager on March 6, 2025 (the "2025 RSUs"), each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2022 RSUs, the remaining 2024 RSUs and the remaining 2025 RSUs will vest ratably in quarterly installments through September 30, 2025, December 31, 2026 and December 31, 2027, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates.

Reflects the transfer of 183,939 shares of the issuer's common stock that were previously held by the Manager and reported as indirectly beneficially owned by Mr. Sternlicht on June 6, 2025, such that they are now directly beneficially owned by Mr. Sternlicht.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.

On June 30, 2025, SPT Management, LLC, the issuer's external manager (the "Manager"), acquired 345,833 shares of the issuer's common stock in connection with the vesting of (i) 125,000 of the restricted stock units originally granted to the Manager on November 23, 2022 (the "2022 RSUs"), (ii) 108,333 of the restricted stock units originally granted to the Manager on March 4, 2024 (the "2024 RSUs"), and (iii) 112,500 of the restricted stock units originally granted to the Manager on March 6, 2025 (the "2025 RSUs"), each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2022 RSUs, the remaining 2024 RSUs and the remaining 2025 RSUs will vest ratably in quarterly installments through September 30, 2025, December 31, 2026 and December 31, 2027, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates.

Represents the 1,500,000 2022 RSUs, the 1,300,000 2024 RSUs and the 1,350,000 2025 RSUs granted to the Manager, less those restricted stock units that have already vested and been converted into shares of the issuer's common stock.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

12,846 shares of the issuer's common stock were granted to Mr. Dishner through SPT Management, LLC, the issuer's external manager.

Represents restricted shares of the issuer's common stock granted to SPT Management, LLC, the issuer's external manager (the "Manager"), as payment of 50% of the incentive fee as required by the Management Agreement between the issuer and the Manager, net of shares of the issuer's common stock distributed to certain employees and/or other persons having an affiliation with the Manager.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

Represents shares of the issuer's common stock distributed by the Manager to certain employees and/or other persons having an affiliation with the Manager.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

Represents shares of the issuer's common stock distributed by the Manager to certain employees and/or other persons having an affiliation with the Manager.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

On March 31, 2025, SPT Management, LLC, the issuer's external manager (the "Manager"), acquired 345,833 shares of the issuer's common stock in connection with the vesting of (i) 125,000 of the restricted stock units originally granted to the Manager on November 23, 2022 (the "2022 RSUs"), (ii) 108,333 of the restricted stock units originally granted to the Manager on March 4, 2024 (the "2024 RSUs"), and (iii) 112,500 of the restricted stock units originally granted to the Manager on March 6, 2025 (the "2025 RSUs"), each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2022 RSUs, the remaining 2024 RSUs and the remaining 2025 RSUs will vest ratably in quarterly installments through September 30, 2025, December 31, 2026 and December 31, 2027, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.

On March 31, 2025, SPT Management, LLC, the issuer's external manager (the "Manager"), acquired 345,833 shares of the issuer's common stock in connection with the vesting of (i) 125,000 of the restricted stock units originally granted to the Manager on November 23, 2022 (the "2022 RSUs"), (ii) 108,333 of the restricted stock units originally granted to the Manager on March 4, 2024 (the "2024 RSUs"), and (iii) 112,500 of the restricted stock units originally granted to the Manager on March 6, 2025 (the "2025 RSUs"), each as an award under the Starwood Property Trust, Inc. 2022 Manager Equity Plan.

The remaining 2022 RSUs, the remaining 2024 RSUs and the remaining 2025 RSUs will vest ratably in quarterly installments through September 30, 2025, December 31, 2026 and December 31, 2027, respectively, in each case subject to the Manager's continued service as the issuer's external manager. As such restricted stock units vest, the awards will be settled in shares of the issuer's common stock promptly, but in no event later than 30 days, following the applicable quarterly vesting dates.

Represents the 1,500,000 2022 RSUs, the 1,300,000 2024 RSUs and the 1,350,000 2025 RSUs granted to the Manager, less those restricted stock units that have already vested and been converted into shares of the issuer's common stock.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.

The Company granted restricted shares of the Company's common stock to Mr. DiModica pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan. Such restricted shares of the Company's common stock will vest in full on March 15, 2028, subject to certain conditions.

Starwood Property Trust, Inc. (the "Company") granted restricted shares of the Company's common stock to Mr. DiModica pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan. Such restricted shares of the Company's common stock will vest in annual installments over a three-year period that was deemed to begin on March 15, 2025, subject to certain conditions.

This amount reflects the transfer of 100,000 shares of the Company's common stock in an exempt transaction pursuant to Rule 16a-12.

Starwood Property Trust, Inc. (the "Company") granted restricted shares of the Company's common stock to Ms. Paniry pursuant to the Starwood Property Trust, Inc. 2022 Equity Plan. Such restricted shares of the Company's common stock will vest in annual installments over a three-year period that was deemed to begin on March 15, 2025, subject to certain conditions.

Represents shares of the issuer's common stock distributed by SPT Management, LLC, the issuer's external manager (the "Manager"), to certain employees and/or other persons having an affiliation with the Manager.

Represents shares of the issuer's common stock held by entities directly or indirectly controlled by Mr. Sternlicht, including the Manager, SFIP, LLC and JAWS Capital, LP.