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Starwood Property Trust (STWD) Financials

Starwood Property Trust logo
$17.05 -0.10 (-0.55%)
Closing price 05/15/2026 03:59 PM Eastern
Extended Trading
$17.09 +0.04 (+0.26%)
As of 05/15/2026 07:58 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Starwood Property Trust

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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 451 365 401 386 510 332 448 871 339 360 412
Consolidated Net Income / (Loss)		 452 368 413 411 537 366 492 1,059 418 381 443
Net Income / (Loss) Continuing Operations		 452 368 413 411 537 366 492 1,059 418 381 443
Total Pre-Tax Income 		469 376 444 427 550 386 501 998 417 406 480
Total Revenue		 533 554 882 720 665 627 890 2,220 2,342 2,048 1,915
Net Interest Income / (Expense)		 369 -160 -243 -351 -432 -365 -400 821 368 169 81
Total Interest Income		 572 71 53 57 77 54 45 821 368 169 81
Investment Securities Interest Income		 94 71 53 57 77 54 45 821 368 169 81
Total Interest Expense		 203 231 296 408 509 420 445 0.00 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 1,879 1,833
Other Service Charges		 128 561 578 703 782 784 846 1,271 1,846 1,772 1,627
Net Realized & Unrealized Capital Gains on Investments		 - - 297 19 -23 -90 165 -0.18 0.36 -0.93 24
Other Non-Interest Income		 37 153 249 350 338 298 279 128 128 108 182
Total Non-Interest Expense		 334 420 445 535 514 496 544 1,273 2,098 1,982 1,787
Net Occupancy & Equipment Expense		 12 65 94 127 123 118 112 44 45 48 61
Other Operating Expenses		 280 275 254 266 277 286 348 1,180 2,004 1,893 1,647
Depreciation Expense		 29 67 94 133 113 94 83 49 49 41 79
Nonoperating Income / (Expense), net		 270 242 2.24 276 406 299 155 50 174 340 352
Income Tax Expense		 17 8.34 32 15 13 20 8.67 -62 -0.68 25 37
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.49 2.47 12 25 27 34 45 188 79 21 32
Basic Earnings per Share		 $1.92 $1.52 $1.53 $1.44 $1.81 $1.16 $1.54 $2.80 $1.07 $1.10 $1.15
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 370.58M
Diluted Earnings per Share		 $1.91 $1.50 $1.52 $1.42 $1.79 $1.16 $1.52 $2.74 $1.07 $1.10 $1.15
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 370.58M
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 370.58M
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 $1.92

Quarterly Income Statements for Starwood Property Trust

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 47 71 154 78 76 52 112 130 73 97 52
Consolidated Net Income / (Loss)		 51 85 160 78 72 71 116 135 80 112 57
Net Income / (Loss) Continuing Operations		 51 85 160 78 72 71 116 135 80 112 57
Total Pre-Tax Income 		40 103 161 94 83 69 120 135 93 131 53
Total Revenue		 518 881 663 570 572 972 423 524 542 372 524
Net Interest Income / (Expense)		 20 190 18 444 17 -52 16 396 7.36 -334 18
Total Interest Income		 20 -146 18 444 17 -407 16 396 7.36 -334 18
Investment Securities Interest Income		 20 310 18 17 17 20 16 10 7.36 52 18
Total Interest Expense		 0.00 -335 0.00 0.00 0.00 -356 0.00 0.00 0.00 - 0.00
Total Non-Interest Income		 498 692 645 126 554 1,024 407 128 535 705 506
Other Service Charges		 468 929 476 20 436 840 377 21 424 806 427
Net Realized & Unrealized Capital Gains on Investments		 -3.21 -268 140 81 92 156 0.75 80 54 -168 -0.87
Other Non-Interest Income		 33 30 29 25 26 28 29 28 58 67 80
Total Non-Interest Expense		 520 845 509 491 503 835 384 430 489 482 480
Net Occupancy & Equipment Expense		 12 9.93 10 12 12 14 15 15 16 15 23
Other Operating Expenses		 496 823 489 469 480 810 358 406 447 436 423
Depreciation Expense		 12 12 9.82 10 10 11 11 10 26 31 34
Nonoperating Income / (Expense), net		 41 67 7.46 14 14 -68 81 42 40 242 9.73
Income Tax Expense		 -11 18 1.21 16 10 -2.10 3.77 0.67 13 19 -3.95
Net Income / (Loss) Attributable to Noncontrolling Interest		 3.94 14 5.53 -0.17 -3.90 19 3.85 4.88 7.37 15 5.54
Basic Earnings per Share		 $0.15 $0.22 $0.49 $0.24 $0.23 $0.14 $0.33 $0.38 $0.19 $0.25 $0.13
Weighted Average Basic Shares Outstanding		 313.23M 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M
Diluted Earnings per Share		 $0.15 $0.22 $0.48 $0.24 $0.23 $0.15 $0.33 $0.38 $0.19 $0.25 $0.13
Weighted Average Diluted Shares Outstanding		 313.23M 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M
Weighted Average Basic & Diluted Shares Outstanding		 313.23M 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M
Cash Dividends to Common per Share		 $0.48 - $0.48 $0.48 $0.48 - $0.48 $0.48 $0.48 - $0.48

Annual Cash Flow Statements for Starwood Property Trust

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 92 262 -236 69 88 147 -399 61 -71 245 121
Net Cash From Operating Activities		 606 557 -247 585 -13 1,046 -990 214 529 647 978
Net Cash From Continuing Operating Activities		 606 557 -247 585 -13 1,047 -990 214 529 647 978
Net Income / (Loss) Continuing Operations		 452 368 413 411 537 366 492 1,059 418 381 443
Consolidated Net Income / (Loss)		 452 368 413 411 537 366 492 1,059 418 381 443
Provision For Loan Losses		 -0.00 3.76 -5.46 35 7.13 43 8.34 47 244 197 19
Depreciation Expense		 27 62 91 131 113 94 85 54 54 46 85
Amortization Expense		 11 21 26 24 32 35 37 44 51 54 53
Non-Cash Adjustments to Reconcile Net Income		 244 176 -669 11 -550 686 -1,525 -969 -2.95 16 516
Changes in Operating Assets and Liabilities, net		 -128 -74 -102 -27 -153 -177 -87 -21 -236 -48 -138
Net Cash From Investing Activities		 -420 -801 -1,037 -2,521 -776 -912 -4,282 -2,950 855 2,084 -3,776
Net Cash From Continuing Investing Activities		 -420 -801 -1,037 -2,521 -776 -912 -4,250 -2,950 855 2,084 -3,741
Purchase of Investment Securities		 -3,148 -4,081 -3,998 -7,167 -5,663 -3,259 -8,925 -5,675 -2,799 -3,189 -9,071
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 5,330
Other Investing Activities, net		 - -0.09 - - - 0.00 0.00 0.62 0.82 4.40 0.73
Net Cash From Financing Activities		 -93 506 1,048 2,005 877 13 4,873 2,798 -1,455 -2,486 2,920
Net Cash From Continuing Financing Activities		 -93 506 1,048 2,005 877 13 4,873 2,798 -1,455 -2,486 2,920
Issuance of Debt		 4,865 6,060 6,299 9,515 10,352 7,288 17,506 13,521 6,560 7,217 14,667
Issuance of Common Equity		 326 449 0.70 14 0.77 1.10 394 50 3.00 395 568
Repayment of Debt		 -4,800 -5,549 -4,724 -6,771 -9,044 -6,660 -12,697 -10,178 -7,522 -9,431 -11,596
Payment of Dividends		 -412 -401 -409 -674 -493 -467 -434 -498 -432 -562 -538
Other Financing Activities, Net		 -25 -34 -119 -67 61 -115 103 -97 -64 -106 -182
Effect of Exchange Rate Changes		 - - - - - - -1.72 - - - -0.31
Cash Interest Paid		 160 185 251 338 481 380 387 671 1,352 1,294 1,189
Cash Income Taxes Paid		 29 9.74 21 11 11 11 7.79 -7.86 1.67 4.01 0.70

Quarterly Cash Flow Statements for Starwood Property Trust

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -23 -120 142 -16 74 45 138 -218 65 136 -8.67
Net Cash From Operating Activities		 356 12 56 53 242 296 239 -87 338 489 94
Net Cash From Continuing Operating Activities		 356 12 56 53 242 296 239 -87 338 489 94
Net Income / (Loss) Continuing Operations		 51 85 160 78 72 71 116 135 80 112 57
Consolidated Net Income / (Loss)		 51 85 160 78 72 71 116 135 80 112 57
Provision For Loan Losses		 53 26 36 43 66 52 -25 5.67 28 10 -0.38
Depreciation Expense		 14 13 11 11 11 12 13 12 28 33 35
Amortization Expense		 12 13 13 14 14 12 12 13 13 15 15
Non-Cash Adjustments to Reconcile Net Income		 93 98 -99 -136 116 136 102 -74 121 366 19
Changes in Operating Assets and Liabilities, net		 133 -223 -65 44 -38 12 21 -179 67 -48 -33
Net Cash From Investing Activities		 391 -88 1,166 271 310 338 -906 -952 -1,219 -698 -990
Net Cash From Continuing Investing Activities		 391 -88 1,166 265 314 334 -906 -952 -1,219 -663 -990
Purchase of Investment Securities		 -653 -1,082 -281 -668 -1,220 -1,021 -1,736 -2,139 -3,210 -1,987 -2,070
Sale and/or Maturity of Investments		 1,044 993 1,446 932 1,533 1,352 829 1,186 1,991 1,324 1,073
Other Investing Activities, net		 - 0.70 0.00 - - 3.35 0.73 0.00 - - 7.71
Net Cash From Financing Activities		 -771 -43 -1,080 -340 -478 -588 806 822 947 346 887
Net Cash From Continuing Financing Activities		 -771 -43 -1,080 -340 -478 -588 806 822 947 346 887
Issuance of Debt		 2,592 1,626 1,238 1,666 1,518 2,796 2,735 3,924 3,335 4,673 2,871
Issuance of Common Equity		 0.63 0.48 1.40 0.60 393 0.62 1.43 32 534 0.55 1.68
Repayment of Debt		 -3,208 -1,614 -2,166 -1,834 -2,229 -3,202 -1,817 -2,961 -2,703 -4,115 -1,810
Repurchase of Common Equity		 - - - - - - 0.00 - - - -20
Payment of Dividends		 -137 -35 -137 -139 -137 -148 -90 -151 -146 -152 -127
Other Financing Activities, Net		 -19 -21 -17 -32 -23 -34 -24 -22 -74 -61 -29
Cash Interest Paid		 355 335 367 301 326 300 265 297 308 319 288
Cash Income Taxes Paid		 0.02 -0.22 -0.27 0.22 1.78 2.28 -0.05 0.21 0.05 0.49 0.00

Annual Balance Sheets for Starwood Property Trust

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 2025
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 12/31/2025
Total Assets		 85,698 77,256 62,941 68,262 78,042 80,874 83,850 79,043 69,504 62,556 63,183
Cash and Due from Banks		 369 616 369 240 478 563 217 261 195 378 499
Restricted Cash		 23 35 49 248 96 159 105 121 117 176 175
Trading Account Securities		 974 960 1,498 2,147 913 1,093 2,925 2,893 2,709 2,692 2,369
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 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 3,449
Goodwill		 140 140 140 260 260 260 260 260 260 260 260
Intangible Assets		 202 219 183 145 86 70 64 69 65 61 436
Other Assets		 83,071 73,341 58,054 53,906 360 76,457 79,114 73,989 65,112 57,617 55,995
Total Liabilities & Shareholders' Equity		 85,698 77,256 62,941 68,262 78,042 80,874 83,850 79,043 69,504 62,556 63,183
Total Liabilities		 81,527 72,696 58,362 63,362 72,905 76,011 77,202 71,844 62,481 55,363 55,694
Short-Term Debt		 5.20 3.90 - 15 - 41 13 91 102 95 84
Other Short-Term Payables		 313 361 - 395 - 384 414 152 153 163 180
Long-Term Debt		 5,392 6,201 8,015 10,757 10,876 11,879 14,405 16,831 16,027 14,146 16,963
Other Long-Term Liabilities		 75,817 66,131 50,347 52,195 62,030 63,707 62,369 54,431 45,667 40,485 37,935
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - 215 363 414 427 364
Total Equity & Noncontrolling Interests		 4,171 4,560 4,579 4,900 5,137 4,863 6,434 6,836 6,609 6,767 7,125
Total Preferred & Common Equity		 4,140 4,522 4,478 4,603 4,700 4,489 6,073 6,462 6,251 6,437 6,796
Preferred Stock		 0.00 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 6,796
Common Stock		 4,195 4,694 4,718 4,998 5,135 5,213 5,676 5,810 5,868 6,326 6,961
Retained Earnings		 -12 -116 -217 -349 -382 -630 493 769 506 235 -39
Treasury Stock		 -72 -92 -92 -104 -104 -138 -138 -138 -138 -138 -138
Accumulated Other Comprehensive Income / (Loss)		 30 36 70 59 51 44 41 21 15 14 12
Noncontrolling Interest		 31 38 101 297 437 374 361 373 358 330 330

Quarterly Balance Sheets for Starwood Property Trust

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 Q2 2025 Q3 2025 Q1 2026
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 6/30/2025 9/30/2025 3/31/2026
Total Assets		 80,003 77,354 73,170 70,294 66,170 64,089 64,234 62,163 62,369 62,434 62,087
Cash and Due from Banks		 340 396 334 195 327 259 358 441 260 301 290
Restricted Cash		 122 136 120 236 125 176 152 252 215 238 376
Trading Account Securities		 2,457 2,908 2,853 2,735 2,772 2,891 2,848 2,532 2,567 2,598 2,355
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 0.00
Premises and Equipment, Net		 1,217 1,444 1,443 1,406 1,045 1,207 1,195 1,413 1,480 3,334 3,859
Goodwill		 260 260 260 260 260 260 260 260 260 260 260
Intangible Assets		 73 67 68 66 63 62 60 60 54 430 427
Other Assets		 75,534 72,145 68,092 65,396 61,577 59,234 59,361 57,207 57,533 55,272 54,520
Total Liabilities & Shareholders' Equity		 80,003 77,354 73,170 70,294 66,170 64,089 64,234 62,163 62,369 62,434 62,087
Total Liabilities		 72,837 70,237 65,977 63,200 59,129 57,116 56,951 55,007 55,201 54,862 54,739
Long-Term Debt		 15,823 17,178 16,589 16,014 15,308 14,857 14,612 15,186 16,783 17,908 18,057
Other Long-Term Liabilities		 56,193 52,511 48,844 46,515 43,289 41,656 41,637 39,066 37,685 36,954 36,681
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 344 364 408 410 415 414 411 427 425 386 357
Total Equity & Noncontrolling Interests		 6,821 6,752 6,785 6,684 6,625 6,560 6,872 6,730 6,743 7,186 6,991
Total Preferred & Common Equity		 6,447 6,382 6,414 6,321 6,273 6,218 6,540 6,406 6,422 6,864 6,665
Preferred Stock		 0.00 0.00 0.00 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 6,422 6,864 6,665
Common Stock		 5,783 5,830 5,846 5,859 5,889 5,910 6,315 6,347 6,399 6,948 6,978
Retained Earnings		 779 671 689 586 508 433 346 184 149 43 -166
Treasury Stock		 -138 -138 -138 -138 -138 -138 -138 -138 -138 -138 -158
Accumulated Other Comprehensive Income / (Loss)		 23 20 17 14 14 14 16 13 13 12 11
Noncontrolling Interest		 374 370 370 363 352 341 332 324 321 322 326

Annual Metrics And Ratios for Starwood Property Trust

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 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
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 $1.15
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 370.58M
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 $1.15
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 370.58M
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		 237.03M 259.28M 261.38M 279.28M 282.61M 285.45M 304.83M 310.65M 313.38M 337.42M 370.58M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Starwood Property Trust

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 370,581,767.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 370,581,767.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.16
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 81.27% -20.86% 89.00% -26.83% -8.68% 10.30% -28.09% -8.14% -5.10% - 23.93%
EBITDA Growth		 -87.43% -70.63% 352.52% -52.91% -115.57% 159.79% -34.19% 12.76% -0.68% - 48.94%
EBIT Growth		 -100.74% -80.58% 1,141.90% -59.60% -2,210.76% 280.66% -39.79% 18.01% -23.19% - 13.27%
NOPAT Growth		 -100.74% -84.92% 951.20% -66.27% -1,470.67% 377.18% -41.24% 41.42% -24.65% - 25.57%
Net Income Growth		 -77.05% -49.98% 167.50% -65.05% 40.47% -16.33% -27.37% 73.30% 10.75% - -50.54%
EPS Growth		 -75.41% -50.00% 200.00% -55.56% 53.33% -31.82% -31.25% 58.33% -17.39% - -60.61%
Operating Cash Flow Growth		 123.45% 101.88% 295.91% -71.81% -32.15% 2,393.50% 326.93% -264.02% 39.62% - -60.83%
Free Cash Flow Firm Growth		 94.18% 134.94% 159.13% -23.98% 1,031.97% 86.25% -95.38% -202.74% -375.70% - -6,656.72%
Invested Capital Growth		 0.53% -4.02% -8.00% -8.26% -5.09% -7.42% -0.03% 9.98% 15.75% - 13.34%
Revenue Q/Q Growth		 -33.51% 70.01% 625.91% 85.82% -17.01% 105.35% -50.96% 9.91% 3.53% - 41.00%
EBITDA Q/Q Growth		 -88.89% 152.21% -6.51% -41.17% -103.67% 4,308.11% -27.61% 0.79% -20.62% - 249.49%
EBIT Q/Q Growth		 -100.64% 2,948.73% -6.42% -48.43% -136.87% 569.28% -32.52% 1.07% -43.28% - 139.50%
NOPAT Q/Q Growth		 -100.83% 1,922.35% 12.97% -56.86% -138.79% 653.65% -36.58% 3.84% -51.15% - 149.56%
Net Income Q/Q Growth		 -76.90% 64.74% 88.87% -51.38% -7.15% -1.87% 63.93% 16.02% -40.66% - -48.90%
EPS Q/Q Growth		 -72.22% 46.67% 118.18% -50.00% -4.17% -34.78% 120.00% 15.15% -50.00% - -48.00%
Operating Cash Flow Q/Q Growth		 88.65% -96.67% 371.98% -4.81% 354.01% 22.24% -19.19% -136.57% 486.46% - -80.86%
Free Cash Flow Firm Q/Q Growth		 -104.63% 905.02% 90.60% -3.12% -43.29% 60.88% -94.78% -2,256.75% -63.47% - 7.91%
Invested Capital Q/Q Growth		 -2.87% -0.18% -3.15% -2.30% 0.48% -2.63% 4.58% 7.49% 5.76% - 3.54%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 4.77% 7.07% 58.01% 18.36% -0.81% 16.65% 24.58% 22.54% 17.28% - 17.99%
EBIT Margin		 -0.24% 4.09% 50.04% 13.89% -6.17% 14.10% 19.40% 17.84% 9.77% - 8.35%
Profit (Net Income) Margin		 9.91% 9.60% 52.08% 13.63% 15.25% 7.29% 24.35% 25.71% 14.73% - 10.96%
Tax Burden Percent		 128.51% 82.21% 99.25% 83.04% 87.35% 103.06% 96.86% 99.50% 85.69% - 107.38%
Interest Burden Percent		 -3,162.82% 285.92% 104.85% 118.16% -282.86% 50.14% 129.60% 144.80% 175.91% - 122.25%
Effective Tax Rate		 -28.51% 17.79% 0.75% 16.96% 12.65% -3.06% 3.14% 0.50% 14.31% - -7.38%
Return on Invested Capital (ROIC)		 -0.02% 0.33% 2.50% 0.49% -0.22% 1.51% 1.79% 1.61% 0.73% - 0.76%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.31% 0.67% 2.55% 0.56% 0.41% 1.05% 1.96% 1.87% 0.94% - 0.82%
Return on Net Nonoperating Assets (RNNOA)		 0.69% 1.55% 5.87% 1.26% 0.89% 2.24% 4.24% 4.22% 2.06% - 1.88%
Return on Equity (ROE)		 0.66% 1.88% 8.37% 1.75% 0.67% 3.76% 6.03% 5.84% 2.79% - 2.64%
Cash Return on Invested Capital (CROIC)		 1.36% 5.13% 10.49% 10.24% 6.68% 9.14% 1.18% -8.27% -13.48% - -11.99%
Operating Return on Assets (OROA)		 -0.01% 0.13% 0.82% 0.20% -0.08% 0.50% 0.65% 0.59% 0.32% - 0.27%
Return on Assets (ROA)		 0.24% 0.30% 0.86% 0.19% 0.21% 0.26% 0.81% 0.85% 0.48% - 0.36%
Return on Common Equity (ROCE)		 0.60% 1.68% 7.48% 1.56% 0.60% 3.35% 5.38% 5.22% 2.52% - 2.37%
Return on Equity Simple (ROE_SIMPLE)		 7.95% 0.00% 8.26% 6.01% 6.03% 0.00% 5.26% 6.13% 5.85% - 5.77%
Net Operating Profit after Tax (NOPAT)		 -1.62 30 152 66 -26 141 90 93 45 - 47
NOPAT Margin		 -0.31% 3.36% 49.67% 11.53% -5.39% 14.53% 18.79% 17.75% 8.38% - 8.96%
Net Nonoperating Expense Percent (NNEP)		 -0.33% -0.33% -0.05% -0.08% -0.63% 0.46% -0.17% -0.26% -0.21% - -0.06%
SG&A Expenses to Revenue		 2.27% 1.13% 3.37% 2.12% 2.56% 1.41% 3.11% 2.77% 2.95% - 4.41%
Operating Expenses to Revenue		 100.24% 95.91% 49.96% 86.11% 106.17% 85.90% 80.60% 82.16% 90.23% - 91.65%
Earnings before Interest and Taxes (EBIT)		 -1.26 36 154 79 -29 137 92 93 53 - 44
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 25 62 178 105 -3.85 162 117 118 94 - 94
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.87 0.95 0.99 0.96 0.99 0.99 1.04 1.06 1.04 - 0.96
Price to Tangible Book Value (P/TBV)		 0.92 1.01 1.04 1.01 1.04 1.04 1.10 1.12 1.15 - 1.07
Price to Revenue (P/Rev)		 3.06 2.55 5.27 6.18 6.99 2.75 3.12 3.26 3.45 - 3.17
Price to Earnings (P/E)		 13.48 17.60 14.06 17.07 17.02 17.75 20.99 18.42 19.42 - 18.17
Dividend Yield		 10.91% 10.08% 9.69% 10.14% 9.42% 10.13% 9.71% 9.57% 9.91% - 11.15%
Earnings Yield		 7.42% 5.68% 7.11% 5.86% 5.88% 5.63% 4.76% 5.43% 5.15% - 5.50%
Enterprise Value to Invested Capital (EV/IC)		 0.95 0.97 0.98 0.97 0.97 0.97 0.98 1.00 0.99 - 0.96
Enterprise Value to Revenue (EV/Rev)		 12.22 9.63 18.59 21.92 23.18 8.97 10.29 11.49 12.22 - 12.13
Enterprise Value to EBITDA (EV/EBITDA)		 42.32 64.67 35.58 42.65 45.62 47.26 57.87 61.04 64.14 - 82.36
Enterprise Value to EBIT (EV/EBIT)		 53.20 92.76 42.74 53.67 58.23 61.15 78.65 81.71 90.66 - 183.36
Enterprise Value to NOPAT (EV/NOPAT)		 50.31 92.61 43.50 57.12 65.00 65.24 85.19 84.36 94.20 - 197.20
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 42.68 35.73 44.48 59.02 32.22 26.51 34.85 32.10 - 29.37
Enterprise Value to Free Cash Flow (EV/FCFF)		 69.92 18.61 8.93 9.06 14.18 10.23 82.79 0.00 0.00 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.27 2.30 2.19 2.14 2.02 1.98 2.13 2.36 2.37 - 2.46
Long-Term Debt to Equity		 2.26 2.28 2.17 2.13 2.01 1.97 2.12 2.34 2.37 - 2.46
Financial Leverage		 2.24 2.32 2.31 2.23 2.14 2.14 2.16 2.25 2.20 - 2.30
Leverage Ratio		 10.54 10.45 10.14 9.69 9.36 9.29 9.04 8.94 8.53 - 8.57
Compound Leverage Factor		 -333.38 29.87 10.63 11.45 -26.47 4.66 11.72 12.95 15.00 - 10.47
Debt to Total Capital		 69.42% 69.67% 68.60% 68.17% 66.92% 66.44% 68.07% 70.25% 70.28% - 71.07%
Short-Term Debt to Total Capital		 0.37% 0.44% 0.33% 0.35% 0.54% 0.44% 0.33% 0.59% 0.00% - 0.00%
Long-Term Debt to Total Capital		 69.05% 69.22% 68.27% 67.82% 66.38% 66.00% 67.75% 69.66% 70.28% - 71.07%
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		 3.33% 3.33% 3.42% 3.45% 3.37% 3.53% 3.35% 3.10% 2.78% - 2.69%
Common Equity to Total Capital		 27.25% 27.00% 27.97% 28.39% 29.71% 30.03% 28.58% 26.66% 26.94% - 26.24%
Debt to EBITDA		 31.05 46.24 24.99 29.99 31.38 32.30 40.16 43.03 45.60 - 60.81
Net Debt to EBITDA		 30.22 45.35 24.25 29.11 30.29 31.05 38.34 41.82 44.23 - 58.57
Long-Term Debt to EBITDA		 30.88 45.95 24.86 29.84 31.13 32.09 39.97 42.67 45.60 - 60.81
Debt to NOPAT		 36.91 66.22 30.55 40.16 44.71 44.60 59.12 59.47 66.98 - 145.60
Net Debt to NOPAT		 35.92 64.94 29.65 38.99 43.16 42.86 56.43 57.80 64.96 - 140.23
Long-Term Debt to NOPAT		 36.71 65.80 30.40 39.96 44.35 44.30 58.83 58.97 66.98 - 145.60
Noncontrolling Interest Sharing Ratio		 10.46% 10.60% 10.61% 10.83% 10.54% 10.75% 10.70% 10.62% 9.77% - 9.89%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -124 998 2,103 2,038 1,156 1,859 97 -2,094 -3,422 - -2,943
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		 0.00 0.00 5.91 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.16 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.16 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.02 0.03 0.02 0.01 0.01 0.04 0.03 0.03 0.03 - 0.03
Fixed Asset Turnover		 1.37 1.88 0.95 0.73 0.71 1.92 1.74 1.56 0.91 - 0.76
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 23,194 23,152 22,423 21,907 22,013 21,435 22,415 24,094 25,480 - 25,406
Invested Capital Turnover		 0.08 0.10 0.05 0.04 0.04 0.10 0.10 0.09 0.09 - 0.08
Increase / (Decrease) in Invested Capital		 122 -969 -1,951 -1,972 -1,181 -1,718 -7.49 2,187 3,468 - 2,990
Enterprise Value (EV)		 21,946 22,558 21,906 21,237 21,417 20,833 21,988 24,009 25,188 - 24,456
Market Capitalization		 5,505 5,969 6,208 5,984 6,454 6,389 6,671 6,813 7,111 - 6,381
Book Value per Share		 $20.21 $19.96 $19.85 $19.68 $20.65 $19.09 $18.98 $18.92 $18.70 - $17.99
Tangible Book Value per Share		 $19.17 $18.92 $18.83 $18.66 $19.64 $18.14 $18.04 $17.99 $16.82 - $16.13
Total Capital		 23,194 23,152 22,423 21,907 22,013 21,435 22,415 24,094 25,480 - 25,406
Total Debt		 16,100 16,129 15,383 14,933 14,730 14,241 15,259 16,925 17,908 - 18,057
Total Long-Term Debt		 16,014 16,027 15,308 14,857 14,612 14,146 15,186 16,783 17,908 - 18,057
Net Debt		 15,669 15,817 14,930 14,498 14,220 13,687 14,566 16,450 17,369 - 17,391
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)		 -53 -55 -7.40 -12 -98 70 -27 -42 -34 - -10
Net Nonoperating Obligations (NNO)		 16,100 16,129 15,383 14,933 14,730 14,241 15,259 16,925 17,908 - 18,057
Total Depreciation and Amortization (D&A)		 26 26 24 26 25 25 25 25 41 - 51
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.15 $0.22 $0.49 $0.24 $0.23 $0.14 $0.33 $0.38 $0.19 $0.25 $0.13
Adjusted Weighted Average Basic Shares Outstanding		 313.23M 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M
Adjusted Diluted Earnings per Share		 $0.15 $0.22 $0.48 $0.24 $0.23 $0.15 $0.33 $0.38 $0.19 $0.25 $0.13
Adjusted Weighted Average Diluted Shares Outstanding		 313.23M 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M
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		 313.23M 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.88 30 152 66 -26 96 90 93 45 - 31
Normalized NOPAT Margin		 -0.17% 3.36% 49.67% 11.53% -5.39% 9.87% 18.79% 17.75% 8.38% - 5.84%
Pre Tax Income Margin		 7.71% 11.68% 52.47% 16.41% 17.45% 7.07% 25.14% 25.84% 17.19% - 10.20%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.43 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT to Interest Expense		 0.00 0.00 0.43 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.43 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.43 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 102.69% 103.20% 83.82% 120.10% 113.68% 147.57% 152.76% 133.50% 133.15% - 149.59%
Augmented Payout Ratio		 102.69% 103.20% 83.82% 120.10% 113.68% 147.57% 152.76% 133.50% 133.15% - 149.59%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused read on Starwood Property Trust (NYSE: STWD) using the quarterly statements provided. It highlights notable trends in the income statement, cash flow, and balance sheet from the last four years, with items grouped by their potential impact on the stock.

  • Dividend stability: The company maintained a consistent cash dividend per common share of 0.48 USD across recent quarters (Q1 2025 and onward), supporting steady income for investors.
  • Operating cash flow remains solid: Net cash from continuing operating activities was positive in most 2024–2025 quarters, including 2025 Q4 at about 488.8 million USD and 2024 Q4 at about 295.6 million USD, signaling strong underlying cash generation.
  • Financing activity provides liquidity: Positive net cash from financing activities in several quarters (e.g., 2025 Q3 at about 946.5 million USD and 2025 Q4 at about 345.7 million USD) indicates ongoing liquidity support from debt and equity activities.
  • Asset mix and scale: Trading account securities remained a sizable asset (around 2.3–2.6 billion USD in 2025), and total assets hovered in the low-to-mid 60s billions (e.g., about 62.4 billion USD in 2025 Q3), reflecting a sizable and steady asset base.
  • Per-share profitability persists: Diluted earnings per share (EPS) stayed positive across early-2025 quarters (Q1 2025: 0.38 USD; Q2 2025: 0.38 USD; Q3 2025: 0.19 USD; Q4 2025: 0.25 USD), indicating ongoing profitability on a per-share basis despite quarterly fluctuations.
  • Non-interest income supports revenue mix: Non-interest income remained a meaningful portion of total revenue, with Total Non-Interest Income around 535–705 million USD in 2024–2025, contributing to overall revenue resilience.
  • Revenue mix and item granularity: The company’s revenue includes a substantial non-interest component and fluctuating total revenue, reflecting a diversified but variable revenue mix that can be sensitive to market conditions (e.g., Total Revenue in 2025 Q4 was about 371.7 million USD versus 972.0 million USD in 2024 Q4).
  • Balance-sheet scale and leverage: Total assets have been in the 62–66 billion USD range in mid-2025, with total liabilities around the mid-50s to mid-60s billions and total equity around 6–7 billion USD, indicating a high but typical REIT leverage profile given asset size.
  • Q4 2025 revenue decline: Total Revenue dropped sharply in 2025 Q4 to about 371.7 million USD from 2024 Q4’s roughly 972.0 million USD, signaling a meaningful quarterly revenue weakness that could warrant closer monitoring of rate, spread, or portfolio factors.
  • Interest income/expense environment: Net interest income remained negative in certain quarters (e.g., 2025 Q4 Total Interest Income at about -333.7 million USD and Net Interest Income negative in that period), underscoring sensitivity to interest-rate dynamics and the cost of funding in the current environment.
05/16/26 05:45 PM ETAI Generated. May Contain Errors.

Starwood Property Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Starwood Property Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Starwood Property Trust's net income appears to be on an upward trend, with a most recent value of $443.09 million in 2025, falling from $452.18 million in 2015. The previous period was $380.58 million in 2024. Find out what analysts predict for Starwood Property Trust in the coming months.

Over the last 10 years, Starwood Property Trust's total revenue changed from $533.33 million in 2015 to $1.91 billion in 2025, a change of 259.0%.

Starwood Property Trust's total liabilities were at $55.69 billion at the end of 2025, a 0.6% increase from 2024, and a 31.7% decrease since 2015.

In the past 10 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 $499.48 million as of their latest financial filing in 2025.


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Financial statements for NYSE:STWD last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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