Starwood Property Trust (STWD) Financials

$19.50 +0.13 (+0.65%)

Closing price 08/4/2025 03:59 PM Eastern

Extended Trading

$19.60 +0.11 (+0.56%)

As of 04:01 AM Eastern

Annual Income Statements for Starwood Property Trust

This table shows Starwood Property Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	451	365	401	386	510	332	448	871	339	360
Consolidated Net Income / (Loss)	452	368	413	411	537	366	492	1,059	418	381
Net Income / (Loss) Continuing Operations	452	368	413	411	537	366	492	1,059	418	381
Total Pre-Tax Income	469	376	444	427	550	386	501	998	417	406
Total Revenue	533	554	882	720	665	627	890	2,220	2,342	2,323
Net Interest Income / (Expense)	369	-160	-243	-351	-432	-365	-400	821	368	67
Total Interest Income	572	71	53	57	77	54	45	821	368	67
Investment Securities Interest Income	94	71	53	57	77	54	45	821	368	67
Total Interest Expense	203	231	296	408	509	420	445	0.00	0.00	0.00
Total Non-Interest Income	164	714	1,124	1,071	1,097	992	1,290	1,399	1,974	2,256
Other Service Charges	128	561	578	703	782	784	846	1,271	1,846	1,772
Net Realized & Unrealized Capital Gains on Investments	-	-	297	19	-23	-90	165	-0.18	0.36	376
Other Non-Interest Income	37	153	249	350	338	298	279	128	128	108
Total Non-Interest Expense	334	420	445	535	514	496	544	1,273	2,098	1,982
Net Occupancy & Equipment Expense	12	65	94	127	123	118	112	44	45	48
Other Operating Expenses	280	275	254	266	277	286	348	1,180	2,004	1,893
Depreciation Expense	29	67	94	133	113	94	83	49	49	41
Nonoperating Income / (Expense), net	270	242	2.24	276	406	299	155	50	174	65
Income Tax Expense	17	8.34	32	15	13	20	8.67	-62	-0.68	25
Net Income / (Loss) Attributable to Noncontrolling Interest	1.49	2.47	12	25	27	34	45	188	79	21
Basic Earnings per Share	$1.92	$1.52	$1.53	$1.44	$1.81	$1.16	$1.54	$2.80	$1.07	$1.10
Weighted Average Basic Shares Outstanding	237.03M	238.53M	259.62M	265.28M	282.61M	285.45M	304.83M	310.65M	313.38M	337.42M
Diluted Earnings per Share	$1.91	$1.50	$1.52	$1.42	$1.79	$1.16	$1.52	$2.74	$1.07	$1.10
Weighted Average Diluted Shares Outstanding	237.03M	238.53M	259.62M	265.28M	282.61M	285.45M	304.83M	310.65M	313.38M	337.42M
Weighted Average Basic & Diluted Shares Outstanding	237.03M	238.53M	259.62M	265.28M	282.61M	285.45M	304.83M	310.65M	313.38M	337.42M
Cash Dividends to Common per Share	$1.92	$1.92	$1.92	$1.92	$1.92	$1.92	$1.92	$1.92	$1.92	$1.92

This table shows Starwood Property Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	195	140	52	169	47	71	154	78	76	52	112
Consolidated Net Income / (Loss)	224	169	60	222	51	85	160	78	72	71	116
Net Income / (Loss) Continuing Operations	224	169	60	222	51	85	160	78	72	71	116
Total Pre-Tax Income	175	157	51	224	40	103	161	94	83	69	120
Total Revenue	286	1,113	162	780	518	881	307	570	473	972	477
Net Interest Income / (Expense)	-86	661	-317	475	20	190	-338	444	12	-52	12
Total Interest Income	137	160	19	475	20	-146	18	444	12	-407	12
Investment Securities Interest Income	137	421	19	19	20	310	18	17	12	20	12
Total Interest Expense	222	-501	335	0.00	0.00	-335	356	0.00	0.00	-356	0.00
Total Non-Interest Income	372	452	479	305	498	692	645	126	462	1,024	464
Other Service Charges	339	667	439	8.59	468	929	476	20	436	840	377
Net Realized & Unrealized Capital Gains on Investments	0.30	-247	7.30	264	-3.21	-268	140	81	-0.58	156	59
Other Non-Interest Income	33	32	32	32	33	30	29	25	26	28	29
Total Non-Interest Expense	114	928	150	583	520	845	153	491	503	835	384
Net Occupancy & Equipment Expense	12	12	12	11	12	9.93	10	12	12	14	15
Other Operating Expenses	88	905	126	560	496	823	133	469	480	810	358
Depreciation Expense	13	13	12	12	12	12	9.82	10	10	11	11
Nonoperating Income / (Expense), net	3.36	-25	39	27	41	67	7.46	14	112	-68	27
Income Tax Expense	-49	-13	-8.80	1.20	-11	18	1.21	16	10	-2.10	3.77
Net Income / (Loss) Attributable to Noncontrolling Interest	29	29	7.79	54	3.94	14	5.53	-0.17	-3.90	19	3.85
Basic Earnings per Share	$0.62	$0.46	$0.16	$0.54	$0.15	$0.22	$0.49	$0.24	$0.23	$0.14	$0.33
Weighted Average Basic Shares Outstanding	309.58M	310.65M	312.09M	312.78M	313.23M	313.38M	315.96M	316.70M	337.16M	337.42M	339.45M
Diluted Earnings per Share	$0.61	$0.44	$0.16	$0.54	$0.15	$0.22	$0.48	$0.24	$0.23	$0.15	$0.33
Weighted Average Diluted Shares Outstanding	309.58M	310.65M	312.09M	312.78M	313.23M	313.38M	315.96M	316.70M	337.16M	337.42M	339.45M
Weighted Average Basic & Diluted Shares Outstanding	309.58M	310.65M	312.09M	312.78M	313.23M	313.38M	315.96M	316.70M	337.16M	337.42M	339.45M

This table details how cash moves in and out of Starwood Property Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	92	262	-236	69	88	147	-399	61	-71	245
Net Cash From Operating Activities	606	557	-247	585	-13	1,046	-990	214	529	647
Net Cash From Continuing Operating Activities	606	557	-247	585	-13	1,047	-990	214	529	647
Net Income / (Loss) Continuing Operations	452	368	413	411	537	366	492	1,059	418	381
Consolidated Net Income / (Loss)	452	368	413	411	537	366	492	1,059	418	381
Provision For Loan Losses	-0.00	3.76	-5.46	35	7.13	43	8.34	47	244	197
Depreciation Expense	27	62	91	131	113	94	85	54	54	46
Amortization Expense	11	21	26	24	32	35	37	44	51	54
Non-Cash Adjustments to Reconcile Net Income	244	176	-669	11	-550	686	-1,525	-969	-2.95	16
Changes in Operating Assets and Liabilities, net	-128	-74	-102	-27	-153	-177	-87	-21	-236	-48
Net Cash From Investing Activities	-420	-801	-1,037	-2,521	-776	-912	-4,282	-2,950	855	2,084
Net Cash From Continuing Investing Activities	-420	-801	-1,037	-2,521	-776	-912	-4,250	-2,950	855	2,084
Purchase of Investment Securities	-3,148	-4,081	-3,998	-7,167	-5,663	-3,259	-8,925	-5,675	-2,799	-3,189
Sale and/or Maturity of Investments	2,728	3,280	2,961	4,646	4,888	2,347	4,675	2,724	3,654	5,268
Other Investing Activities, net	-	-0.09	-	-	-	0.00	0.00	0.62	0.82	4.40
Net Cash From Financing Activities	-93	506	1,048	2,005	877	13	4,873	2,798	-1,455	-2,486
Net Cash From Continuing Financing Activities	-93	506	1,048	2,005	877	13	4,873	2,798	-1,455	-2,486
Issuance of Debt	4,865	6,060	6,299	9,515	10,352	7,288	17,506	13,521	6,560	7,217
Issuance of Common Equity	326	449	0.70	14	0.77	1.10	394	50	3.00	395
Repayment of Debt	-4,800	-5,549	-4,724	-6,771	-9,044	-6,660	-12,697	-10,178	-7,522	-9,431
Payment of Dividends	-412	-401	-409	-674	-493	-467	-434	-498	-432	-562
Other Financing Activities, Net	-25	-34	-119	-67	61	-115	103	-97	-64	-106
Cash Interest Paid	160	185	251	338	481	380	387	671	1,352	1,294
Cash Income Taxes Paid	29	9.74	21	11	11	11	7.79	-7.86	1.67	4.01

This table details how cash moves in and out of Starwood Property Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	125	-80	149	-77	-23	-120	142	-16	74	45	138
Net Cash From Operating Activities	159	-631	-29	189	356	12	56	53	242	296	239
Net Cash From Continuing Operating Activities	159	-630	-29	189	356	12	56	53	242	296	239
Net Income / (Loss) Continuing Operations	224	169	60	222	51	85	160	78	72	71	116
Consolidated Net Income / (Loss)	224	169	60	222	51	85	160	78	72	71	116
Provision For Loan Losses	15	27	43	122	53	26	36	43	66	52	-25
Depreciation Expense	14	14	14	14	14	13	11	11	11	12	13
Amortization Expense	11	13	13	13	12	13	13	14	14	12	12
Non-Cash Adjustments to Reconcile Net Income	-253	-722	4.20	-198	93	98	-99	-136	116	136	102
Changes in Operating Assets and Liabilities, net	147	-130	-163	17	133	-223	-65	44	-38	12	21
Net Cash From Investing Activities	-380	-94	13	539	391	-88	1,166	271	310	338	-906
Net Cash From Continuing Investing Activities	-380	-94	13	539	391	-88	1,171	265	314	334	-906
Purchase of Investment Securities	-1,120	-549	-441	-623	-653	-1,082	-281	-668	-1,220	-1,021	-1,736
Sale and/or Maturity of Investments	740	455	454	1,162	1,044	993	1,452	932	1,533	1,352	829
Other Investing Activities, net	-	-	-	-	-	0.70	-	-	-	3.35	0.73
Net Cash From Financing Activities	345	645	164	-805	-771	-43	-1,080	-340	-478	-588	806
Net Cash From Continuing Financing Activities	345	645	164	-805	-771	-43	-1,080	-340	-478	-588	806
Issuance of Debt	1,568	1,918	1,202	1,140	2,592	1,626	1,238	1,666	1,518	2,796	2,735
Issuance of Common Equity	0.86	16	1.27	0.63	0.63	0.48	1.40	0.60	393	0.62	1.43
Repayment of Debt	-1,068	-1,136	-892	-1,809	-3,208	-1,614	-2,166	-1,834	-2,229	-3,202	-1,817
Payment of Dividends	-127	-120	-134	-125	-137	-35	-137	-139	-137	-148	-90
Other Financing Activities, Net	-29	-32	-12	-12	-19	-21	-17	-32	-23	-34	-24
Cash Interest Paid	196	248	323	339	355	335	367	301	326	300	265
Cash Income Taxes Paid	-0.39	0.75	0.04	1.83	0.02	-0.22	-0.27	0.22	1.78	2.28	-0.05

This table presents Starwood Property Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	85,698	77,256	62,941	68,262	78,042	80,874	83,850	79,043	69,504	62,556
Cash and Due from Banks	369	616	369	240	478	563	217	261	195	378
Restricted Cash	23	35	49	248	96	159	105	121	117	176
Trading Account Securities	974	960	1,498	2,147	913	1,093	2,925	2,893	2,709	2,692
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	919	1,945	2,647	2,785	2,266	2,271	1,166	1,450	1,046	1,374
Goodwill	140	140	140	260	260	260	260	260	260	260
Intangible Assets	202	219	183	145	86	70	64	69	65	61
Other Assets	83,071	73,341	58,054	53,906	360	76,457	79,114	73,989	65,112	57,617
Total Liabilities & Shareholders' Equity	85,698	77,256	62,941	68,262	78,042	80,874	83,850	79,043	69,504	62,556
Total Liabilities	81,527	72,696	58,362	63,362	72,905	76,011	77,202	71,844	62,481	55,363
Short-Term Debt	5.20	3.90	-	15	-	41	13	91	102	95
Other Short-Term Payables	313	361	-	395	-	384	414	152	153	163
Long-Term Debt	5,392	6,201	8,015	10,757	10,876	11,879	14,405	16,831	16,027	14,146
Other Long-Term Liabilities	75,817	66,131	50,347	52,195	62,030	63,707	62,369	54,431	45,667	40,485
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	215	363	414	427
Total Equity & Noncontrolling Interests	4,171	4,560	4,579	4,900	5,137	4,863	6,434	6,836	6,609	6,767
Total Preferred & Common Equity	4,140	4,522	4,478	4,603	4,700	4,489	6,073	6,462	6,251	6,437
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	4,140	4,522	4,478	4,603	4,700	4,489	6,073	6,462	6,251	6,437
Common Stock	4,195	4,694	4,718	4,998	5,135	5,213	5,676	5,810	5,868	6,326
Retained Earnings	-12	-116	-217	-349	-382	-630	493	769	506	235
Treasury Stock	-72	-92	-92	-104	-104	-138	-138	-138	-138	-138
Accumulated Other Comprehensive Income / (Loss)	30	36	70	59	51	44	41	21	15	14
Noncontrolling Interest	31	38	101	297	437	374	361	373	358	330

This table presents Starwood Property Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	80,003	77,354	73,170	70,294	66,170	64,089	64,234	62,163
Cash and Due from Banks	340	396	334	195	327	259	358	441
Restricted Cash	122	136	120	236	125	176	152	252
Trading Account Securities	2,457	2,908	2,853	2,735	2,772	2,891	2,848	2,532
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	1,217	1,444	1,443	1,406	1,045	1,207	1,195	1,413
Goodwill	260	260	260	260	260	260	260	260
Intangible Assets	73	67	68	66	63	62	60	60
Other Assets	75,534	72,145	68,092	65,396	61,577	59,234	59,361	57,207
Total Liabilities & Shareholders' Equity	80,003	77,354	73,170	70,294	66,170	64,089	64,234	62,163
Total Liabilities	72,837	70,237	65,977	63,200	59,129	57,116	56,951	55,007
Short-Term Debt	83	78	97	86	75	76	118	73
Other Short-Term Payables	739	469	152	153	153	153	164	165
Long-Term Debt	15,823	17,178	16,589	16,014	15,308	14,857	14,612	15,186
Other Long-Term Liabilities	56,193	52,511	48,844	46,515	43,289	41,656	41,637	39,066
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	344	364	408	410	415	414	411	427
Total Equity & Noncontrolling Interests	6,821	6,752	6,785	6,684	6,625	6,560	6,872	6,730
Total Preferred & Common Equity	6,447	6,382	6,414	6,321	6,273	6,218	6,540	6,406
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	6,447	6,382	6,414	6,321	6,273	6,218	6,540	6,406
Common Stock	5,783	5,830	5,846	5,859	5,889	5,910	6,315	6,347
Retained Earnings	779	671	689	586	508	433	346	184
Treasury Stock	-138	-138	-138	-138	-138	-138	-138	-138
Accumulated Other Comprehensive Income / (Loss)	23	20	17	14	14	14	16	13
Noncontrolling Interest	374	370	370	363	352	341	332	324

This table displays calculated financial ratios and metrics derived from Starwood Property Trust's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.72%	3.85%	59.16%	-18.36%	-7.63%	-5.71%	41.99%	149.46%	5.46%	-0.80%
EBITDA Growth	-12.66%	-8.95%	158.02%	-45.31%	-5.34%	-24.95%	115.41%	123.67%	-66.64%	26.38%
EBIT Growth	-21.74%	-33.10%	230.94%	-66.00%	-4.36%	-39.04%	295.10%	173.73%	-74.33%	40.09%
NOPAT Growth	-9.01%	-32.07%	214.39%	-64.73%	-3.18%	-40.80%	309.68%	195.73%	-75.78%	31.10%
Net Income Growth	-9.66%	-18.69%	12.27%	-0.38%	30.58%	-31.82%	34.51%	115.07%	-60.52%	-8.99%
EPS Growth	-14.73%	-21.47%	1.33%	-6.58%	26.06%	-35.20%	31.03%	80.26%	-60.95%	2.80%
Operating Cash Flow Growth	174.42%	-8.10%	-144.35%	337.19%	-102.25%	8,021.42%	-194.68%	121.59%	147.31%	22.32%
Free Cash Flow Firm Growth	-24.58%	-38.83%	-33.16%	-106.76%	93.18%	-243.25%	-474.24%	48.10%	159.20%	68.06%
Invested Capital Growth	11.15%	12.50%	16.99%	24.44%	2.17%	4.81%	25.53%	14.49%	-4.02%	-7.42%
Revenue Q/Q Growth	-10.38%	9.06%	87.21%	-34.49%	-7.35%	-2.38%	16.82%	64.22%	30.33%	151.38%
EBITDA Q/Q Growth	-22.91%	19.90%	295.14%	-56.46%	-22.32%	-17.83%	16.45%	13.27%	-32.74%	-6.09%
EBIT Q/Q Growth	-29.44%	34.33%	1,040.48%	-72.80%	-36.70%	-32.12%	26.26%	14.79%	-41.05%	-7.37%
NOPAT Q/Q Growth	-12.30%	15.42%	647.17%	-71.40%	-25.71%	9.94%	27.80%	15.70%	-44.16%	-3.07%
Net Income Q/Q Growth	1.06%	7.63%	-6.53%	1.49%	17.01%	-14.75%	-2.31%	6.66%	-16.82%	-3.50%
EPS Q/Q Growth	1.60%	4.90%	-7.32%	-2.07%	17.76%	-15.33%	-5.59%	5.38%	-17.05%	-5.98%
Operating Cash Flow Q/Q Growth	148.38%	1.73%	-285.55%	289.70%	91.70%	-3.44%	-1,817.34%	-32.47%	562.67%	78.19%
Free Cash Flow Firm Q/Q Growth	45.81%	-413.37%	42.28%	-1.13%	-128.62%	46.39%	1.49%	-38.20%	286.17%	34.86%
Invested Capital Q/Q Growth	2.20%	11.17%	3.26%	0.44%	6.10%	2.02%	1.68%	4.55%	-0.18%	-2.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	44.57%	39.08%	63.35%	42.44%	43.49%	34.62%	52.52%	47.09%	14.90%	18.98%
EBIT Margin	37.43%	24.11%	50.13%	20.88%	21.61%	13.97%	38.88%	42.67%	10.39%	14.67%
Profit (Net Income) Margin	84.79%	66.38%	46.82%	57.14%	80.77%	58.40%	55.33%	47.70%	17.86%	16.38%
Tax Burden Percent	96.33%	97.78%	92.91%	96.41%	97.59%	94.77%	98.27%	106.17%	100.16%	93.74%
Interest Burden Percent	235.17%	281.56%	100.53%	283.90%	382.90%	440.99%	144.79%	105.30%	171.67%	119.17%
Effective Tax Rate	3.67%	2.22%	7.09%	3.59%	2.41%	5.23%	1.73%	-6.17%	-0.16%	6.26%
Return on Invested Capital (ROIC)	2.12%	1.28%	3.52%	1.02%	0.89%	0.51%	1.80%	4.45%	1.03%	1.43%
ROIC Less NNEP Spread (ROIC-NNEP)	7.25%	5.37%	3.55%	3.86%	4.55%	2.99%	2.95%	4.79%	2.09%	1.84%
Return on Net Nonoperating Assets (RNNOA)	9.11%	7.14%	5.52%	7.65%	9.81%	6.82%	6.76%	10.84%	4.85%	3.92%
Return on Equity (ROE)	11.23%	8.42%	9.03%	8.68%	10.70%	7.32%	8.56%	15.30%	5.88%	5.35%
Cash Return on Invested Capital (CROIC)	-8.44%	-10.48%	-12.15%	-20.76%	-1.26%	-4.19%	-20.85%	-9.06%	5.13%	9.14%
Operating Return on Assets (OROA)	0.20%	0.16%	0.63%	0.23%	0.20%	0.11%	0.42%	1.16%	0.33%	0.52%
Return on Assets (ROA)	0.45%	0.45%	0.59%	0.63%	0.73%	0.46%	0.60%	1.30%	0.56%	0.58%
Return on Common Equity (ROCE)	11.16%	8.36%	8.90%	8.31%	9.92%	6.73%	7.85%	13.85%	5.26%	4.78%
Return on Equity Simple (ROE_SIMPLE)	10.92%	8.13%	9.22%	8.93%	11.42%	8.16%	8.11%	16.39%	6.69%	5.91%
Net Operating Profit after Tax (NOPAT)	192	131	411	145	140	83	340	1,006	244	319
NOPAT Margin	36.06%	23.58%	46.59%	20.13%	21.09%	13.24%	38.21%	45.30%	10.40%	13.75%
Net Nonoperating Expense Percent (NNEP)	-5.13%	-4.09%	-0.03%	-2.84%	-3.67%	-2.48%	-1.16%	-0.34%	-1.06%	-0.40%
SG&A Expenses to Revenue	2.16%	11.75%	10.69%	17.66%	18.50%	18.77%	12.55%	1.99%	1.92%	2.08%
Operating Expenses to Revenue	62.58%	75.89%	50.49%	74.29%	77.31%	79.14%	61.12%	57.33%	89.61%	85.33%
Earnings before Interest and Taxes (EBIT)	200	134	442	150	144	88	346	947	243	341
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	238	216	558	305	289	217	467	1,045	349	441
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.53	0.57	0.67	0.70	0.96	0.89	0.91	0.72	0.95	0.99
Price to Tangible Book Value (P/TBV)	0.58	0.62	0.73	0.77	1.03	0.96	0.96	0.76	1.01	1.04
Price to Revenue (P/Rev)	4.14	4.69	3.42	4.47	6.77	6.38	6.19	2.10	2.55	2.75
Price to Earnings (P/E)	4.90	7.11	7.52	8.33	8.84	12.06	12.31	5.34	17.60	17.75
Dividend Yield	20.65%	17.64%	16.62%	16.44%	12.02%	13.66%	10.05%	12.77%	10.08%	10.13%
Earnings Yield	20.39%	14.07%	13.30%	12.00%	11.32%	8.29%	8.12%	18.72%	5.68%	5.63%
Enterprise Value to Invested Capital (EV/IC)	0.76	0.76	0.85	0.88	0.95	0.93	0.96	0.91	0.97	0.97
Enterprise Value to Revenue (EV/Rev)	13.59	14.78	12.15	19.17	22.93	24.84	22.68	9.88	9.63	8.97
Enterprise Value to EBITDA (EV/EBITDA)	30.48	37.83	19.18	45.17	52.72	71.77	43.18	20.98	64.67	47.26
Enterprise Value to EBIT (EV/EBIT)	36.31	61.31	24.24	91.83	106.08	177.79	58.33	23.15	92.76	61.15
Enterprise Value to NOPAT (EV/NOPAT)	37.68	62.68	26.08	95.25	108.69	187.60	59.35	21.81	92.61	65.24
Enterprise Value to Operating Cash Flow (EV/OCF)	11.96	14.71	0.00	23.56	0.00	14.89	0.00	102.61	42.68	32.22
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.61	10.23
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.29	1.36	1.75	2.20	2.12	2.45	2.17	2.35	2.30	1.98
Long-Term Debt to Equity	1.29	1.36	1.75	2.20	2.12	2.44	2.17	2.34	2.28	1.97
Financial Leverage	1.26	1.33	1.56	1.98	2.16	2.28	2.29	2.26	2.32	2.14
Leverage Ratio	25.06	18.66	15.34	13.84	14.58	15.89	14.31	11.76	10.45	9.29
Compound Leverage Factor	58.92	52.55	15.42	39.29	55.81	70.08	20.72	12.39	17.93	11.07
Debt to Total Capital	56.41%	57.64%	63.64%	68.73%	67.92%	71.03%	68.44%	70.16%	69.67%	66.44%
Short-Term Debt to Total Capital	0.05%	0.04%	0.00%	0.10%	0.00%	0.25%	0.06%	0.38%	0.44%	0.44%
Long-Term Debt to Total Capital	56.36%	57.60%	63.64%	68.64%	67.92%	70.78%	68.38%	69.78%	69.22%	66.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.32%	0.35%	0.80%	1.89%	2.73%	2.23%	2.74%	3.05%	3.33%	3.53%
Common Equity to Total Capital	43.27%	42.01%	35.56%	29.37%	29.35%	26.75%	28.82%	26.79%	27.00%	30.03%
Debt to EBITDA	22.71	28.67	14.35	35.27	37.61	54.93	30.85	16.19	46.24	32.30
Net Debt to EBITDA	21.06	25.66	13.60	33.67	35.63	51.60	30.16	15.82	45.35	31.05
Long-Term Debt to EBITDA	22.68	28.65	14.35	35.22	37.61	54.74	30.82	16.10	45.95	32.09
Debt to NOPAT	28.07	47.50	19.52	74.37	77.56	143.59	42.40	16.83	66.22	44.60
Net Debt to NOPAT	26.03	42.52	18.50	71.00	73.46	134.89	41.45	16.45	64.94	42.86
Long-Term Debt to NOPAT	28.04	47.47	19.52	74.27	77.56	143.09	42.36	16.73	65.80	44.30
Noncontrolling Interest Sharing Ratio	0.65%	0.78%	1.52%	4.19%	7.31%	8.10%	8.25%	9.48%	10.60%	10.75%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-767	-1,065	-1,419	-2,933	-200	-687	-3,945	-2,047	1,212	2,037
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-3.79	-4.62	-4.80	-7.19	-0.39	-1.64	-8.86	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	2.99	2.41	-0.83	1.43	-0.03	2.49	-2.22	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	2.99	2.41	-0.83	1.43	-0.03	2.49	-2.22	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.03	0.03	0.04
Fixed Asset Turnover	1.11	0.39	0.38	0.27	0.26	0.28	0.52	1.70	1.88	1.92
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,569	10,765	12,594	15,672	16,013	16,783	21,068	24,121	23,152	21,435
Invested Capital Turnover	0.06	0.05	0.08	0.05	0.04	0.04	0.05	0.10	0.10	0.10
Increase / (Decrease) in Invested Capital	960	1,196	1,829	3,078	340	770	4,285	3,053	-969	-1,718
Enterprise Value (EV)	7,246	8,187	10,712	13,797	15,242	15,573	20,185	21,933	22,558	20,833
Market Capitalization	2,210	2,596	3,014	3,216	4,504	4,002	5,512	4,656	5,969	6,389
Book Value per Share	$17.42	$18.97	$17.16	$16.72	$16.67	$15.77	$21.04	$20.87	$19.96	$19.09
Tangible Book Value per Share	$15.98	$17.46	$15.92	$15.25	$15.45	$14.61	$19.92	$19.81	$18.92	$18.14
Total Capital	9,569	10,765	12,594	15,672	16,013	16,783	21,068	24,121	23,152	21,435
Total Debt	5,398	6,205	8,015	10,772	10,876	11,920	14,419	16,922	16,129	14,241
Total Long-Term Debt	5,392	6,201	8,015	10,757	10,876	11,879	14,405	16,831	16,027	14,146
Net Debt	5,006	5,554	7,597	10,284	10,302	11,198	14,097	16,540	15,817	13,687
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	-260	-237	-2.08	-266	-397	-283	-152	-53	-175	-61
Net Nonoperating Obligations (NNO)	5,398	6,205	8,015	10,772	10,876	11,920	14,419	16,922	16,129	14,241
Total Depreciation and Amortization (D&A)	38	83	117	155	145	129	121	98	106	100
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.92	$1.52	$1.53	$1.44	$1.81	$1.16	$1.54	$2.80	$1.07	$1.10
Adjusted Weighted Average Basic Shares Outstanding	237.03M	259.28M	261.38M	279.28M	282.61M	285.45M	304.83M	310.65M	313.38M	337.42M
Adjusted Diluted Earnings per Share	$1.91	$1.50	$1.52	$1.42	$1.79	$1.16	$1.52	$2.74	$1.07	$1.10
Adjusted Weighted Average Diluted Shares Outstanding	237.03M	259.28M	261.38M	279.28M	282.61M	285.45M	304.83M	310.65M	313.38M	337.42M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	237.03M	259.28M	261.38M	279.28M	282.61M	285.45M	304.83M	310.65M	313.38M	337.42M
Normalized Net Operating Profit after Tax (NOPAT)	205	144	414	153	141	81	341	663	170	319
Normalized NOPAT Margin	38.48%	25.96%	46.95%	21.28%	21.25%	12.97%	38.34%	29.87%	7.27%	13.75%
Pre Tax Income Margin	88.01%	67.89%	50.40%	59.27%	82.76%	61.62%	56.30%	44.93%	17.83%	17.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.99	0.58	1.49	0.37	0.28	0.21	0.78	0.00	0.00	0.00
NOPAT to Interest Expense	0.95	0.57	1.39	0.35	0.28	0.20	0.76	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.99	0.58	1.49	0.37	0.28	0.21	0.78	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.95	0.57	1.39	0.35	0.28	0.20	0.76	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	91.14%	109.09%	99.15%	163.93%	91.78%	127.56%	88.11%	47.03%	103.20%	147.57%
Augmented Payout Ratio	101.92%	114.45%	99.15%	166.88%	91.78%	136.80%	88.11%	47.03%	103.20%	147.57%

This table displays calculated financial ratios and metrics derived from Starwood Property Trust's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	24.32%	354.07%	-59.58%	86.03%	81.27%	-20.86%	89.00%	-26.83%	-8.68%	10.30%	-28.09%
EBITDA Growth	34.45%	136.67%	-87.06%	-33.14%	-87.43%	-70.63%	352.52%	-52.91%	-115.57%	159.79%	-34.19%
EBIT Growth	50.39%	192.60%	-95.60%	-36.62%	-100.74%	-80.58%	1,141.90%	-59.60%	-2,210.76%	280.66%	-39.79%
NOPAT Growth	102.54%	219.26%	-94.93%	-36.46%	-100.74%	-84.92%	951.20%	-66.27%	-1,470.67%	377.18%	-41.24%
Net Income Growth	59.33%	64.23%	-84.45%	-21.06%	-77.05%	-49.98%	167.50%	-65.05%	40.47%	-16.33%	-27.37%
EPS Growth	38.64%	46.67%	-84.31%	-19.40%	-75.41%	-50.00%	200.00%	-55.56%	53.33%	-31.82%	-31.25%
Operating Cash Flow Growth	121.27%	-19.46%	-118.50%	-64.41%	123.45%	101.88%	295.91%	-71.81%	-32.15%	2,393.50%	326.93%
Free Cash Flow Firm Growth	48.80%	32.36%	-18.80%	128.19%	94.18%	134.94%	159.13%	-23.98%	1,031.97%	86.25%	-95.38%
Invested Capital Growth	11.35%	14.49%	17.17%	-9.43%	0.53%	-4.02%	-8.00%	-8.26%	-5.09%	-7.42%	-0.03%
Revenue Q/Q Growth	-31.76%	289.39%	-51.70%	379.98%	-33.51%	70.01%	625.91%	85.82%	-17.01%	105.35%	-50.96%
EBITDA Q/Q Growth	-40.92%	7.93%	-83.04%	465.33%	-88.89%	152.21%	-6.51%	-41.17%	-103.67%	4,308.11%	-27.61%
EBIT Q/Q Growth	-44.49%	7.99%	-93.98%	1,485.23%	-100.64%	2,948.73%	-6.42%	-48.43%	-136.87%	569.28%	-32.52%
NOPAT Q/Q Growth	-28.47%	-10.58%	-93.34%	1,244.69%	-100.83%	1,922.35%	12.97%	-56.86%	-138.79%	653.65%	-36.58%
Net Income Q/Q Growth	-20.54%	-24.41%	-64.68%	272.11%	-76.90%	64.74%	88.87%	-51.38%	-7.15%	-1.87%	63.93%
EPS Q/Q Growth	-8.96%	-27.87%	-63.64%	237.50%	-72.22%	46.67%	118.18%	-50.00%	-4.17%	-34.78%	120.00%
Operating Cash Flow Q/Q Growth	-69.96%	-495.63%	95.47%	761.51%	88.65%	-96.67%	371.98%	-4.81%	354.01%	22.24%	-19.19%
Free Cash Flow Firm Q/Q Growth	77.59%	-34.05%	-25.44%	175.36%	-104.63%	905.02%	90.60%	-3.12%	-43.29%	60.88%	-94.78%
Invested Capital Q/Q Growth	-12.49%	4.55%	1.05%	-2.03%	-2.87%	-0.18%	-3.15%	-2.30%	0.48%	-2.63%	4.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	68.74%	19.05%	24.23%	28.54%	4.77%	7.07%	58.01%	18.36%	-0.81%	16.65%	24.58%
EBIT Margin	60.05%	16.65%	7.62%	25.15%	-0.24%	4.09%	50.04%	13.89%	-6.17%	14.10%	19.40%
Profit (Net Income) Margin	78.28%	15.20%	36.80%	28.53%	9.91%	9.60%	52.08%	13.63%	15.25%	7.29%	24.35%
Tax Burden Percent	127.85%	107.99%	117.26%	99.46%	128.51%	82.21%	99.25%	83.04%	87.35%	103.06%	96.86%
Interest Burden Percent	101.96%	84.49%	412.05%	114.02%	-3,162.82%	285.92%	104.85%	118.16%	-282.86%	50.14%	129.60%
Effective Tax Rate	-27.85%	-7.99%	-17.26%	0.54%	-28.51%	17.79%	0.75%	16.96%	12.65%	-3.06%	3.14%
Return on Invested Capital (ROIC)	4.74%	1.73%	0.48%	1.56%	-0.02%	0.33%	2.50%	0.49%	-0.22%	1.51%	1.79%
ROIC Less NNEP Spread (ROIC-NNEP)	4.77%	1.56%	0.77%	1.71%	0.31%	0.67%	2.55%	0.56%	0.41%	1.05%	1.96%
Return on Net Nonoperating Assets (RNNOA)	12.61%	3.53%	1.70%	4.30%	0.69%	1.55%	5.87%	1.26%	0.89%	2.24%	4.24%
Return on Equity (ROE)	17.35%	5.26%	2.18%	5.86%	0.66%	1.88%	8.37%	1.75%	0.67%	3.76%	6.03%
Cash Return on Invested Capital (CROIC)	-6.77%	-9.06%	-12.42%	12.47%	1.36%	5.13%	10.49%	10.24%	6.68%	9.14%	1.18%
Operating Return on Assets (OROA)	1.00%	0.45%	0.12%	0.50%	-0.01%	0.13%	0.82%	0.20%	-0.08%	0.50%	0.65%
Return on Assets (ROA)	1.31%	0.41%	0.56%	0.57%	0.24%	0.30%	0.86%	0.19%	0.21%	0.26%	0.81%
Return on Common Equity (ROCE)	15.80%	4.76%	1.97%	5.25%	0.60%	1.68%	7.48%	1.56%	0.60%	3.35%	5.38%
Return on Equity Simple (ROE_SIMPLE)	15.40%	0.00%	11.51%	10.53%	7.95%	0.00%	8.26%	6.01%	6.03%	0.00%	5.26%
Net Operating Profit after Tax (NOPAT)	220	196	15	195	-1.62	30	152	66	-26	141	90
NOPAT Margin	76.78%	17.63%	8.93%	25.02%	-0.31%	3.36%	49.67%	11.53%	-5.39%	14.53%	18.79%
Net Nonoperating Expense Percent (NNEP)	-0.03%	0.17%	-0.29%	-0.15%	-0.33%	-0.33%	-0.05%	-0.08%	-0.63%	0.46%	-0.17%
SG&A Expenses to Revenue	4.27%	1.08%	7.18%	1.47%	2.27%	1.13%	3.37%	2.12%	2.56%	1.41%	3.11%
Operating Expenses to Revenue	39.95%	83.35%	92.38%	74.85%	100.24%	95.91%	49.96%	86.11%	106.17%	85.90%	80.60%
Earnings before Interest and Taxes (EBIT)	172	185	12	196	-1.26	36	154	79	-29	137	92
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	197	212	39	222	25	62	178	105	-3.85	162	117
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.73	0.72	0.76	0.86	0.87	0.95	0.99	0.96	0.99	0.99	1.04
Price to Tangible Book Value (P/TBV)	0.77	0.76	0.80	0.90	0.92	1.01	1.04	1.01	1.04	1.04	1.10
Price to Revenue (P/Rev)	3.50	2.10	4.04	3.52	3.06	2.55	5.27	6.18	6.99	2.75	3.12
Price to Earnings (P/E)	5.75	5.34	8.13	9.90	13.48	17.60	14.06	17.07	17.02	17.75	20.99
Dividend Yield	12.56%	12.77%	12.25%	10.90%	10.91%	10.08%	9.69%	10.14%	9.42%	10.13%	9.71%
Earnings Yield	17.40%	18.72%	12.30%	10.10%	7.42%	5.68%	7.11%	5.86%	5.88%	5.63%	4.76%
Enterprise Value to Invested Capital (EV/IC)	0.91	0.91	0.92	0.94	0.95	0.97	0.98	0.97	0.97	0.97	0.98
Enterprise Value to Revenue (EV/Rev)	15.45	9.88	18.55	14.39	12.22	9.63	18.59	21.92	23.18	8.97	10.29
Enterprise Value to EBITDA (EV/EBITDA)	22.64	20.98	27.89	32.60	42.32	64.67	35.58	42.65	45.62	47.26	57.87
Enterprise Value to EBIT (EV/EBIT)	25.32	23.15	31.95	38.44	53.20	92.76	42.74	53.67	58.23	61.15	78.65
Enterprise Value to NOPAT (EV/NOPAT)	24.03	21.81	29.15	34.74	50.31	92.61	43.50	57.12	65.00	65.24	85.19
Enterprise Value to Operating Cash Flow (EV/OCF)	66.01	102.61	724.72	0.00	0.00	42.68	35.73	44.48	59.02	32.22	26.51
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	7.18	69.92	18.61	8.93	9.06	14.18	10.23	82.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.22	2.35	2.42	2.32	2.27	2.30	2.19	2.14	2.02	1.98	2.13
Long-Term Debt to Equity	2.21	2.34	2.41	2.31	2.26	2.28	2.17	2.13	2.01	1.97	2.12
Financial Leverage	2.65	2.26	2.22	2.52	2.24	2.32	2.31	2.23	2.14	2.14	2.16
Leverage Ratio	13.48	11.76	11.30	10.94	10.54	10.45	10.14	9.69	9.36	9.29	9.04
Compound Leverage Factor	13.75	9.94	46.57	12.47	-333.38	29.87	10.63	11.45	-26.47	4.66	11.72
Debt to Total Capital	68.94%	70.16%	70.80%	69.88%	69.42%	69.67%	68.60%	68.17%	66.92%	66.44%	68.07%
Short-Term Debt to Total Capital	0.36%	0.38%	0.32%	0.41%	0.37%	0.44%	0.33%	0.35%	0.54%	0.44%	0.33%
Long-Term Debt to Total Capital	68.58%	69.78%	70.48%	69.47%	69.05%	69.22%	68.27%	67.82%	66.38%	66.00%	67.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.12%	3.05%	3.01%	3.26%	3.33%	3.33%	3.42%	3.45%	3.37%	3.53%	3.35%
Common Equity to Total Capital	27.94%	26.79%	26.18%	26.86%	27.25%	27.00%	27.97%	28.39%	29.71%	30.03%	28.58%
Debt to EBITDA	17.23	16.19	21.55	24.17	31.05	46.24	24.99	29.99	31.38	32.30	40.16
Net Debt to EBITDA	16.73	15.82	20.89	23.51	30.22	45.35	24.25	29.11	30.29	31.05	38.34
Long-Term Debt to EBITDA	17.14	16.10	21.45	24.03	30.88	45.95	24.86	29.84	31.13	32.09	39.97
Debt to NOPAT	18.30	16.83	22.53	25.75	36.91	66.22	30.55	40.16	44.71	44.60	59.12
Net Debt to NOPAT	17.77	16.45	21.84	25.05	35.92	64.94	29.65	38.99	43.16	42.86	56.43
Long-Term Debt to NOPAT	18.20	16.73	22.43	25.60	36.71	65.80	30.40	39.96	44.35	44.30	58.83
Noncontrolling Interest Sharing Ratio	8.98%	9.48%	9.73%	10.37%	10.46%	10.60%	10.61%	10.83%	10.54%	10.75%	10.70%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,131	-2,857	-3,557	2,680	-124	998	2,103	2,038	1,156	1,859	97
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-9.58	0.00	-10.61	0.00	0.00	0.00	5.91	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.72	0.00	-0.09	0.00	0.00	0.00	0.16	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.72	0.00	-0.09	0.00	0.00	0.00	0.16	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.02	0.03	0.02	0.02	0.02	0.03	0.02	0.01	0.01	0.04	0.03
Fixed Asset Turnover	0.78	1.70	0.94	1.17	1.37	1.88	0.95	0.73	0.71	1.92	1.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,071	24,121	24,374	23,879	23,194	23,152	22,423	21,907	22,013	21,435	22,415
Invested Capital Turnover	0.06	0.10	0.05	0.06	0.08	0.10	0.05	0.04	0.04	0.10	0.10
Increase / (Decrease) in Invested Capital	2,351	3,053	3,571	-2,485	122	-969	-1,951	-1,972	-1,181	-1,718	-7.49
Enterprise Value (EV)	20,892	21,933	22,328	22,509	21,946	22,558	21,906	21,237	21,417	20,833	21,988
Market Capitalization	4,729	4,656	4,868	5,499	5,505	5,969	6,208	5,984	6,454	6,389	6,671
Book Value per Share	$20.85	$20.87	$20.54	$20.55	$20.21	$19.96	$19.85	$19.68	$20.65	$19.09	$18.98
Tangible Book Value per Share	$19.77	$19.81	$19.49	$19.50	$19.17	$18.92	$18.83	$18.66	$19.64	$18.14	$18.04
Total Capital	23,071	24,121	24,374	23,879	23,194	23,152	22,423	21,907	22,013	21,435	22,415
Total Debt	15,906	16,922	17,257	16,686	16,100	16,129	15,383	14,933	14,730	14,241	15,259
Total Long-Term Debt	15,823	16,831	17,178	16,589	16,014	16,027	15,308	14,857	14,612	14,146	15,186
Net Debt	15,444	16,540	16,725	16,232	15,669	15,817	14,930	14,498	14,220	13,687	14,566
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Expense (NNE)	-4.29	27	-45	-27	-53	-55	-7.40	-12	-98	70	-27
Net Nonoperating Obligations (NNO)	15,906	16,922	17,257	16,686	16,100	16,129	15,383	14,933	14,730	14,241	15,259
Total Depreciation and Amortization (D&A)	25	27	27	26	26	26	24	26	25	25	25
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.62	$0.46	$0.16	$0.54	$0.15	$0.22	$0.49	$0.24	$0.23	$0.14	$0.33
Adjusted Weighted Average Basic Shares Outstanding	309.58M	310.65M	312.09M	312.78M	313.23M	313.38M	315.96M	316.70M	337.16M	337.42M	339.45M
Adjusted Diluted Earnings per Share	$0.61	$0.44	$0.16	$0.54	$0.15	$0.22	$0.48	$0.24	$0.23	$0.15	$0.33
Adjusted Weighted Average Diluted Shares Outstanding	309.58M	310.65M	312.09M	312.78M	313.23M	313.38M	315.96M	316.70M	337.16M	337.42M	339.45M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	309.58M	310.65M	312.09M	312.78M	313.23M	313.38M	315.96M	316.70M	337.16M	337.42M	339.45M
Normalized Net Operating Profit after Tax (NOPAT)	121	127	8.66	195	-0.88	30	152	66	-26	96	90
Normalized NOPAT Margin	42.33%	11.43%	5.33%	25.02%	-0.17%	3.36%	49.67%	11.53%	-5.39%	9.87%	18.79%
Pre Tax Income Margin	61.23%	14.07%	31.38%	28.68%	7.71%	11.68%	52.47%	16.41%	17.45%	7.07%	25.14%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.77	0.00	0.04	0.00	0.00	0.00	0.43	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.99	0.00	0.04	0.00	0.00	0.00	0.43	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.77	0.00	0.04	0.00	0.00	0.00	0.43	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.99	0.00	0.04	0.00	0.00	0.00	0.43	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	48.44%	47.03%	69.13%	74.95%	102.69%	103.20%	83.82%	120.10%	113.68%	147.57%	152.76%
Augmented Payout Ratio	48.44%	47.03%	69.13%	74.95%	102.69%	103.20%	83.82%	120.10%	113.68%	147.57%	152.76%

Key Financial Trends

Starwood Property Trust (NYSE: STWD) has exhibited notable financial fluctuations over the past four years, reflecting changes in its business environment and strategic operations. Below is an analysis of key financial trends and developments based on the latest quarterly data extending back through 2022.

Positive Financial Trends & Metrics:

In Q1 2025, the company reported a consolidated net income of approximately $116.1 million, showing improvement compared to prior quarters like Q4 2024's $70.8 million.
Net interest income remained positive at $12.2 million in Q1 2025, reversing prior quarters of negative net interest income, indicative of better interest income management or portfolio composition.
Total non-interest income remains strong, with $464.5 million earned in Q1 2025, supported by robust service charges ($377 million) and realized/unrealized capital gains ($58.5 million), highlighting healthy revenue diversification.
Operating expenses are substantial but stable relative to revenues, with total non-interest expenses at $384.2 million in Q1 2025 versus total revenue of $476.7 million.
Strong cash flow from operating activities at $238.9 million in Q1 2025 supports the company's capacity to generate operational liquidity.
The balance sheet shows liquidity with cash and equivalents at $441 million and restricted cash at $252 million as of Q1 2025.
Long-term debt remains sizable ($15.2 billion) but has been relatively stable compared to prior quarters, suggesting manageable leverage levels given the company's asset size.
The company continues to generate net income attributable to common shareholders (Q1 2025: $112.3 million), supporting ongoing dividend payments ($0.48 per share consistently over the last several quarters).

Neutral Financial Points to Monitor:

There is considerable volatility in net realized and unrealized capital gains/losses across quarters, notably large negative figures in certain past quarters like Q4 2023 (-$267.6 million), reflecting market and investment risks.
Provision for loan losses fluctuates quarter to quarter; Q1 2025 recorded a negative provision (-$25 million), which may indicate reversals or lower expected losses, but warrants monitoring.
The company has large "Other Assets" on its balance sheet totaling approximately $57.2 billion as of Q1 2025, which may include various investment and receivable categories - further details could clarify risk exposures.
Non-cash adjustments to reconcile net income are significant each quarter (e.g., $101.9 million in Q1 2025), reflecting complex accounting entries related to the company’s investment activities.
Changes in operating assets and liabilities (working capital) have shown both positive and negative impacts on cash flows, indicating variability in operational cash management.
Earnings per share have shown growth from approximately $0.16 in Q1 2023 to $0.33 in Q1 2025, but continues to be sensitive to market conditions impacting investment results.

Negative Financial Considerations:

Net interest income has been highly volatile, with significant negative values in past quarters such as Q4 2024 with -$51.5 million, which is a concern as net interest income is fundamental to a mortgage REIT’s stability.
Total interest expense remains high, with cash interest paid around $265 million in Q1 2025, exerting pressure on net income margins.
Large non-interest operating expenses, including other operating expenses exceeding $350 million in Q1 2025, can constrain profitability if revenue growth slows.
The balance sheet indicates high levels of long-term liabilities (over $55 billion total liabilities as of Q1 2025), which implies considerable debt servicing obligations and refinancing risk.
Negative cash flow from investing activities (-$906 million in Q1 2025) reflects heavy investment purchases which may pressure liquidity if asset performance slows.
Repayment of debt ($1.8 billion in Q1 2025) indicates a sizeable outflow of cash, exposing the company to refinancing and interest rate risk.

Summary: Starwood Property Trust demonstrates resilience with improved profitability and strong operational cash flow in recent quarters alongside consistent dividend payments. Nonetheless, the company faces challenges from volatile investment gains, significant interest expenses, and a leveraged balance sheet. Retail investors should watch for stability in net interest income, management of operating expenses, and market conditions impacting investment income as key factors affecting future financial performance.

08/05/25 03:03 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Starwood Property Trust's Financials

When does Starwood Property Trust's fiscal year end?

According to the most recent income statement we have on file, Starwood Property Trust's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Starwood Property Trust's net income changed over the last 9 years?

Starwood Property Trust's net income appears to be on an upward trend, with a most recent value of $380.58 million in 2024, falling from $452.18 million in 2015. The previous period was $418.16 million in 2023. See Starwood Property Trust's forecast for analyst expectations on what’s next for the company.

How has Starwood Property Trust's revenue changed over the last 9 years?

Over the last 9 years, Starwood Property Trust's total revenue changed from $533.33 million in 2015 to $2.32 billion in 2024, a change of 335.5%.

How much debt does Starwood Property Trust have?

Starwood Property Trust's total liabilities were at $55.36 billion at the end of 2024, a 11.4% decrease from 2023, and a 32.1% decrease since 2015.

How much cash does Starwood Property Trust have?

In the past 9 years, Starwood Property Trust's cash and equivalents has ranged from $194.66 million in 2023 to $615.52 million in 2016, and is currently $377.83 million as of their latest financial filing in 2024.

How has Starwood Property Trust's book value per share changed over the last 9 years?

Over the last 9 years, Starwood Property Trust's book value per share changed from 17.42 in 2015 to 19.09 in 2024, a change of 9.6%.

Related Companies

This page (NYSE:STWD) was last updated on 8/5/2025 by MarketBeat.com Staff

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Starwood Property Trust (STWD) Financials

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Starwood Property Trust (STWD) Financials

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