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Starwood Property Trust (STWD) Financials

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$15.98 -0.14 (-0.86%)
As of 12:12 PM Eastern
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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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 71 154 78 76 52 112 130 73 97 52 6.56
Consolidated Net Income / (Loss)		 85 160 78 72 71 116 135 80 112 57 15
Net Income / (Loss) Continuing Operations		 85 160 78 72 71 116 135 80 112 57 15
Total Pre-Tax Income 		103 161 94 83 69 120 135 93 131 53 21
Total Revenue		 881 663 570 572 972 423 524 542 372 524 517
Net Interest Income / (Expense)		 190 18 444 17 -52 16 396 7.36 -334 18 403
Total Interest Income		 -146 18 444 17 -407 16 396 7.36 -334 18 403
Loans and Leases Interest Income		 - - 427 - - - 385 - - - 398
Investment Securities Interest Income		 310 18 17 17 20 16 10 7.36 52 18 4.75
Total Interest Expense		 -335 0.00 0.00 0.00 -356 0.00 0.00 0.00 - 0.00 0.00
Total Non-Interest Income		 692 645 126 554 1,024 407 128 535 705 506 113
Other Service Charges		 929 476 20 436 840 377 21 424 806 427 23
Net Realized & Unrealized Capital Gains on Investments		 -268 140 81 92 156 0.75 80 54 -168 -0.87 2.93
Other Non-Interest Income		 30 29 25 26 28 29 28 58 67 80 88
Total Non-Interest Expense		 845 509 491 503 835 384 430 489 482 480 525
Net Occupancy & Equipment Expense		 9.93 10 12 12 14 15 15 16 15 23 26
Other Operating Expenses		 823 489 469 480 810 358 406 447 436 423 463
Depreciation Expense		 12 9.82 10 10 11 11 10 26 31 34 35
Nonoperating Income / (Expense), net		 67 7.46 14 14 -68 81 42 40 242 9.73 29
Income Tax Expense		 18 1.21 16 10 -2.10 3.77 0.67 13 19 -3.95 6.22
Net Income / (Loss) Attributable to Noncontrolling Interest		 14 5.53 -0.17 -3.90 19 3.85 4.88 7.37 15 5.54 8.45
Basic Earnings per Share		 $0.22 $0.49 $0.24 $0.23 $0.14 $0.33 $0.38 $0.19 $0.25 $0.13 $0.01
Weighted Average Basic Shares Outstanding		 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M 370.17M
Diluted Earnings per Share		 $0.22 $0.48 $0.24 $0.23 $0.15 $0.33 $0.38 $0.19 $0.25 $0.13 $0.01
Weighted Average Diluted Shares Outstanding		 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M 370.17M
Weighted Average Basic & Diluted Shares Outstanding		 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M 370.17M

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 -120 142 -16 74 45 138 -218 65 136 -8.67 -27
Net Cash From Operating Activities		 12 56 53 242 296 239 -87 338 489 94 171
Net Cash From Continuing Operating Activities		 12 56 53 242 296 239 -87 338 489 94 171
Net Income / (Loss) Continuing Operations		 85 160 78 72 71 116 135 80 112 57 15
Consolidated Net Income / (Loss)		 85 160 78 72 71 116 135 80 112 57 15
Provision For Loan Losses		 26 36 43 66 52 -25 5.67 28 10 -0.38 30
Depreciation Expense		 13 11 11 11 12 13 12 28 33 35 37
Amortization Expense		 13 13 14 14 12 12 13 13 15 15 16
Non-Cash Adjustments to Reconcile Net Income		 98 -99 -136 116 136 102 -74 121 366 19 114
Changes in Operating Assets and Liabilities, net		 -223 -65 44 -38 12 21 -179 67 -48 -33 -41
Net Cash From Investing Activities		 -88 1,166 271 310 338 -906 -952 -1,219 -698 -990 -381
Net Cash From Continuing Investing Activities		 -88 1,166 265 314 334 -906 -952 -1,219 -663 -990 -381
Purchase of Investment Securities		 -1,082 -281 -668 -1,220 -1,021 -1,736 -2,139 -3,210 -1,987 -2,070 -1,520
Sale and/or Maturity of Investments		 993 1,446 932 1,533 1,352 829 1,186 1,991 1,324 1,073 1,139
Net Cash From Financing Activities		 -43 -1,080 -340 -478 -588 806 822 947 346 887 184
Net Cash From Continuing Financing Activities		 -43 -1,080 -340 -478 -588 806 822 947 346 887 184
Issuance of Debt		 1,626 1,238 1,666 1,518 2,796 2,735 3,924 3,335 4,673 2,871 2,629
Issuance of Common Equity		 0.48 1.40 0.60 393 0.62 1.43 32 534 0.55 1.68 0.62
Repayment of Debt		 -1,614 -2,166 -1,834 -2,229 -3,202 -1,817 -2,961 -2,703 -4,115 -1,810 -2,247
Repurchase of Common Equity		 - - - - - 0.00 - - - -20 -10
Payment of Dividends		 -35 -137 -139 -137 -148 -90 -151 -146 -152 -127 -166
Other Financing Activities, Net		 -21 -17 -32 -23 -34 -24 -22 -74 -61 -29 -22
Cash Interest Paid		 335 367 301 326 300 265 297 308 319 288 322
Cash Income Taxes Paid		 -0.22 -0.27 0.22 1.78 2.28 -0.05 0.21 0.05 0.49 0.00 5.20

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 77,354 73,170 70,294 66,170 64,089 64,234 62,163 62,369 62,434 62,087 61,046
Cash and Due from Banks		 396 334 195 327 259 358 441 260 301 290 368
Restricted Cash		 136 120 236 125 176 152 252 215 238 376 273
Trading Account Securities		 2,908 2,853 2,735 2,772 2,891 2,848 2,532 2,567 2,598 2,355 2,242
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		 1,444 1,443 1,406 1,045 1,207 1,195 1,413 1,480 3,334 3,859 3,999
Goodwill		 260 260 260 260 260 260 260 260 260 260 260
Intangible Assets		 67 68 66 63 62 60 60 54 430 427 441
Other Assets		 72,145 68,092 65,396 61,577 59,234 59,361 57,207 57,533 55,272 54,520 53,465
Total Liabilities & Shareholders' Equity		 77,354 73,170 70,294 66,170 64,089 64,234 62,163 62,369 62,434 62,087 61,046
Total Liabilities		 70,237 65,977 63,200 59,129 57,116 56,951 55,007 55,201 54,862 54,739 53,863
Long-Term Debt		 17,178 16,589 16,014 15,308 14,857 14,612 15,186 16,783 17,908 18,057 18,883
Other Long-Term Liabilities		 52,511 48,844 46,515 43,289 41,656 41,637 39,066 37,685 36,954 36,681 34,980
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		 364 408 410 415 414 411 427 425 386 357 356
Total Equity & Noncontrolling Interests		 6,752 6,785 6,684 6,625 6,560 6,872 6,730 6,743 7,186 6,991 6,827
Total Preferred & Common Equity		 6,382 6,414 6,321 6,273 6,218 6,540 6,406 6,422 6,864 6,665 6,499
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		 6,382 6,414 6,321 6,273 6,218 6,540 6,406 6,422 6,864 6,665 6,499
Common Stock		 5,830 5,846 5,859 5,889 5,910 6,315 6,347 6,399 6,948 6,978 6,995
Retained Earnings		 671 689 586 508 433 346 184 149 43 -166 -338
Treasury Stock		 -138 -138 -138 -138 -138 -138 -138 -138 -138 -158 -168
Accumulated Other Comprehensive Income / (Loss)		 20 17 14 14 14 16 13 13 12 11 9.70
Noncontrolling Interest		 370 370 363 352 341 332 324 321 322 326 328

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 370,581,767.00 370,748,570.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 370,581,767.00 370,748,570.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.16 0.04
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -20.86% 89.00% -26.83% -8.68% 10.30% -28.09% -8.14% -5.10% - 23.93% -1.41%
EBITDA Growth		 -70.63% 352.52% -52.91% -115.57% 159.79% -34.19% 12.76% -0.68% - 48.94% -62.39%
EBIT Growth		 -80.58% 1,141.90% -59.60% -2,210.76% 280.66% -39.79% 18.01% -23.19% - 13.27% -108.74%
NOPAT Growth		 -84.92% 951.20% -66.27% -1,470.67% 377.18% -41.24% 41.42% -24.65% - 25.57% -106.21%
Net Income Growth		 -49.98% 167.50% -65.05% 40.47% -16.33% -27.37% 73.30% 10.75% - -50.54% -88.86%
EPS Growth		 -50.00% 200.00% -55.56% 53.33% -31.82% -31.25% 58.33% -17.39% - -60.61% -97.37%
Operating Cash Flow Growth		 101.88% 295.91% -71.81% -32.15% 2,393.50% 326.93% -264.02% 39.62% - -60.83% 295.37%
Free Cash Flow Firm Growth		 134.94% 159.13% -23.98% 1,031.97% 86.25% -95.38% -202.74% -375.70% - -6,656.72% 5.51%
Invested Capital Growth		 -4.02% -8.00% -8.26% -5.09% -7.42% -0.03% 9.98% 15.75% - 13.34% 8.19%
Revenue Q/Q Growth		 70.01% 625.91% 85.82% -17.01% 105.35% -50.96% 9.91% 3.53% - 41.00% -1.42%
EBITDA Q/Q Growth		 152.21% -6.51% -41.17% -103.67% 4,308.11% -27.61% 0.79% -20.62% - 249.49% -52.89%
EBIT Q/Q Growth		 2,948.73% -6.42% -48.43% -136.87% 569.28% -32.52% 1.07% -43.28% - 139.50% -118.69%
NOPAT Q/Q Growth		 1,922.35% 12.97% -56.86% -138.79% 653.65% -36.58% 3.84% -51.15% - 149.56% -112.30%
Net Income Q/Q Growth		 64.74% 88.87% -51.38% -7.15% -1.87% 63.93% 16.02% -40.66% - -48.90% -73.87%
EPS Q/Q Growth		 46.67% 118.18% -50.00% -4.17% -34.78% 120.00% 15.15% -50.00% - -48.00% -92.31%
Operating Cash Flow Q/Q Growth		 -96.67% 371.98% -4.81% 354.01% 22.24% -19.19% -136.57% 486.46% - -80.86% 82.41%
Free Cash Flow Firm Q/Q Growth		 905.02% 90.60% -3.12% -43.29% 60.88% -94.78% -2,256.75% -63.47% - 7.91% 32.80%
Invested Capital Q/Q Growth		 -0.18% -3.15% -2.30% 0.48% -2.63% 4.58% 7.49% 5.76% - 3.54% 2.60%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 7.07% 58.01% 18.36% -0.81% 16.65% 24.58% 22.54% 17.28% - 17.99% 8.60%
EBIT Margin		 4.09% 50.04% 13.89% -6.17% 14.10% 19.40% 17.84% 9.77% - 8.35% -1.58%
Profit (Net Income) Margin		 9.60% 52.08% 13.63% 15.25% 7.29% 24.35% 25.71% 14.73% - 10.96% 2.90%
Tax Burden Percent		 82.21% 99.25% 83.04% 87.35% 103.06% 96.86% 99.50% 85.69% - 107.38% 70.68%
Interest Burden Percent		 285.92% 104.85% 118.16% -282.86% 50.14% 129.60% 144.80% 175.91% - 122.25% -259.68%
Effective Tax Rate		 17.79% 0.75% 16.96% 12.65% -3.06% 3.14% 0.50% 14.31% - -7.38% 29.32%
Return on Invested Capital (ROIC)		 0.33% 2.50% 0.49% -0.22% 1.51% 1.79% 1.61% 0.73% - 0.76% -0.09%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.67% 2.55% 0.56% 0.41% 1.05% 1.96% 1.87% 0.94% - 0.82% 0.03%
Return on Net Nonoperating Assets (RNNOA)		 1.55% 5.87% 1.26% 0.89% 2.24% 4.24% 4.22% 2.06% - 1.88% 0.07%
Return on Equity (ROE)		 1.88% 8.37% 1.75% 0.67% 3.76% 6.03% 5.84% 2.79% - 2.64% -0.02%
Cash Return on Invested Capital (CROIC)		 5.13% 10.49% 10.24% 6.68% 9.14% 1.18% -8.27% -13.48% - -11.99% -7.75%
Operating Return on Assets (OROA)		 0.13% 0.82% 0.20% -0.08% 0.50% 0.65% 0.59% 0.32% - 0.27% -0.05%
Return on Assets (ROA)		 0.30% 0.86% 0.19% 0.21% 0.26% 0.81% 0.85% 0.48% - 0.36% 0.09%
Return on Common Equity (ROCE)		 1.68% 7.48% 1.56% 0.60% 3.35% 5.38% 5.22% 2.52% - 2.37% -0.02%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 8.26% 6.01% 6.03% 0.00% 5.26% 6.13% 5.85% - 5.77% 4.07%
Net Operating Profit after Tax (NOPAT)		 30 152 66 -26 141 90 93 45 - 47 -5.78
NOPAT Margin		 3.36% 49.67% 11.53% -5.39% 14.53% 18.79% 17.75% 8.38% - 8.96% -1.12%
Net Nonoperating Expense Percent (NNEP)		 -0.33% -0.05% -0.08% -0.63% 0.46% -0.17% -0.26% -0.21% - -0.06% -0.12%
SG&A Expenses to Revenue		 1.13% 3.37% 2.12% 2.56% 1.41% 3.11% 2.77% 2.95% - 4.41% 5.09%
Operating Expenses to Revenue		 95.91% 49.96% 86.11% 106.17% 85.90% 80.60% 82.16% 90.23% - 91.65% 101.58%
Earnings before Interest and Taxes (EBIT)		 36 154 79 -29 137 92 93 53 - 44 -8.18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 62 178 105 -3.85 162 117 118 94 - 94 44
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.95 0.99 0.96 0.99 0.99 1.04 1.06 1.04 - 0.96 0.93
Price to Tangible Book Value (P/TBV)		 1.01 1.04 1.01 1.04 1.04 1.10 1.12 1.15 - 1.07 1.05
Price to Revenue (P/Rev)		 2.55 5.27 6.18 6.99 2.75 3.12 3.26 3.45 - 3.17 3.02
Price to Earnings (P/E)		 17.60 14.06 17.07 17.02 17.75 20.99 18.42 19.42 - 18.17 26.65
Dividend Yield		 10.08% 9.69% 10.14% 9.42% 10.13% 9.71% 9.57% 9.91% - 11.15% 11.72%
Earnings Yield		 5.68% 7.11% 5.86% 5.88% 5.63% 4.76% 5.43% 5.15% - 5.50% 3.75%
Enterprise Value to Invested Capital (EV/IC)		 0.97 0.98 0.97 0.97 0.97 0.98 1.00 0.99 - 0.96 0.96
Enterprise Value to Revenue (EV/Rev)		 9.63 18.59 21.92 23.18 8.97 10.29 11.49 12.22 - 12.13 12.45
Enterprise Value to EBITDA (EV/EBITDA)		 64.67 35.58 42.65 45.62 47.26 57.87 61.04 64.14 - 82.36 111.97
Enterprise Value to EBIT (EV/EBIT)		 92.76 42.74 53.67 58.23 61.15 78.65 81.71 90.66 - 183.36 788.21
Enterprise Value to NOPAT (EV/NOPAT)		 92.61 43.50 57.12 65.00 65.24 85.19 84.36 94.20 - 197.20 891.11
Enterprise Value to Operating Cash Flow (EV/OCF)		 42.68 35.73 44.48 59.02 32.22 26.51 34.85 32.10 - 29.37 22.92
Enterprise Value to Free Cash Flow (EV/FCFF)		 18.61 8.93 9.06 14.18 10.23 82.79 0.00 0.00 - 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.30 2.19 2.14 2.02 1.98 2.13 2.36 2.37 - 2.46 2.63
Long-Term Debt to Equity		 2.28 2.17 2.13 2.01 1.97 2.12 2.34 2.37 - 2.46 2.63
Financial Leverage		 2.32 2.31 2.23 2.14 2.14 2.16 2.25 2.20 - 2.30 2.49
Leverage Ratio		 10.45 10.14 9.69 9.36 9.29 9.04 8.94 8.53 - 8.57 8.60
Compound Leverage Factor		 29.87 10.63 11.45 -26.47 4.66 11.72 12.95 15.00 - 10.47 -22.33
Debt to Total Capital		 69.67% 68.60% 68.17% 66.92% 66.44% 68.07% 70.25% 70.28% - 71.07% 72.44%
Short-Term Debt to Total Capital		 0.44% 0.33% 0.35% 0.54% 0.44% 0.33% 0.59% 0.00% - 0.00% 0.00%
Long-Term Debt to Total Capital		 69.22% 68.27% 67.82% 66.38% 66.00% 67.75% 69.66% 70.28% - 71.07% 72.44%
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% 3.42% 3.45% 3.37% 3.53% 3.35% 3.10% 2.78% - 2.69% 2.63%
Common Equity to Total Capital		 27.00% 27.97% 28.39% 29.71% 30.03% 28.58% 26.66% 26.94% - 26.24% 24.93%
Debt to EBITDA		 46.24 24.99 29.99 31.38 32.30 40.16 43.03 45.60 - 60.81 84.57
Net Debt to EBITDA		 45.35 24.25 29.11 30.29 31.05 38.34 41.82 44.23 - 58.57 81.71
Long-Term Debt to EBITDA		 45.95 24.86 29.84 31.13 32.09 39.97 42.67 45.60 - 60.81 84.57
Debt to NOPAT		 66.22 30.55 40.16 44.71 44.60 59.12 59.47 66.98 - 145.60 673.07
Net Debt to NOPAT		 64.94 29.65 38.99 43.16 42.86 56.43 57.80 64.96 - 140.23 650.25
Long-Term Debt to NOPAT		 65.80 30.40 39.96 44.35 44.30 58.83 58.97 66.98 - 145.60 673.07
Noncontrolling Interest Sharing Ratio		 10.60% 10.61% 10.83% 10.54% 10.75% 10.70% 10.62% 9.77% - 9.89% 9.97%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 998 2,103 2,038 1,156 1,859 97 -2,094 -3,422 - -2,943 -1,978
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 5.91 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.16 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.16 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.02 0.01 0.01 0.04 0.03 0.03 0.03 - 0.03 0.03
Fixed Asset Turnover		 1.88 0.95 0.73 0.71 1.92 1.74 1.56 0.91 - 0.76 0.73
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 23,152 22,423 21,907 22,013 21,435 22,415 24,094 25,480 - 25,406 26,066
Invested Capital Turnover		 0.10 0.05 0.04 0.04 0.10 0.10 0.09 0.09 - 0.08 0.08
Increase / (Decrease) in Invested Capital		 -969 -1,951 -1,972 -1,181 -1,718 -7.49 2,187 3,468 - 2,990 1,972
Enterprise Value (EV)		 22,558 21,906 21,237 21,417 20,833 21,988 24,009 25,188 - 24,456 25,000
Market Capitalization		 5,969 6,208 5,984 6,454 6,389 6,671 6,813 7,111 - 6,381 6,073
Book Value per Share		 $19.96 $19.85 $19.68 $20.65 $19.09 $18.98 $18.92 $18.70 - $17.99 $17.53
Tangible Book Value per Share		 $18.92 $18.83 $18.66 $19.64 $18.14 $18.04 $17.99 $16.82 - $16.13 $15.64
Total Capital		 23,152 22,423 21,907 22,013 21,435 22,415 24,094 25,480 - 25,406 26,066
Total Debt		 16,129 15,383 14,933 14,730 14,241 15,259 16,925 17,908 - 18,057 18,883
Total Long-Term Debt		 16,027 15,308 14,857 14,612 14,146 15,186 16,783 17,908 - 18,057 18,883
Net Debt		 15,817 14,930 14,498 14,220 13,687 14,566 16,450 17,369 - 17,391 18,242
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)		 -55 -7.40 -12 -98 70 -27 -42 -34 - -10 -21
Net Nonoperating Obligations (NNO)		 16,129 15,383 14,933 14,730 14,241 15,259 16,925 17,908 - 18,057 18,883
Total Depreciation and Amortization (D&A)		 26 24 26 25 25 25 25 41 - 51 53
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.22 $0.49 $0.24 $0.23 $0.14 $0.33 $0.38 $0.19 $0.25 $0.13 $0.01
Adjusted Weighted Average Basic Shares Outstanding		 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M 370.17M
Adjusted Diluted Earnings per Share		 $0.22 $0.48 $0.24 $0.23 $0.15 $0.33 $0.38 $0.19 $0.25 $0.13 $0.01
Adjusted Weighted Average Diluted Shares Outstanding		 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M 370.17M
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		 313.38M 315.96M 316.70M 337.16M 337.42M 339.45M 367.14M 370.33M 370.58M 370.75M 370.17M
Normalized Net Operating Profit after Tax (NOPAT)		 30 152 66 -26 96 90 93 45 - 31 -5.78
Normalized NOPAT Margin		 3.36% 49.67% 11.53% -5.39% 9.87% 18.79% 17.75% 8.38% - 5.84% -1.12%
Pre Tax Income Margin		 11.68% 52.47% 16.41% 17.45% 7.07% 25.14% 25.84% 17.19% - 10.20% 4.11%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.43 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT to Interest Expense		 0.00 0.43 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.43 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.43 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 103.20% 83.82% 120.10% 113.68% 147.57% 152.76% 133.50% 133.15% - 149.59% 223.12%
Augmented Payout Ratio		 103.20% 83.82% 120.10% 113.68% 147.57% 152.76% 133.50% 133.15% - 149.59% 223.12%

Financials Breakdown Chart

Key Financial Trends

Starwood Property Trust (NYSE:STWD) entered 2026 with a mixed but still resilient financial profile. The company continues to generate meaningful earnings and operating cash flow, but the latest quarter also shows the challenges of a highly levered, asset-heavy business model: large balance-sheet liabilities, volatile non-interest income, and cash flow that can swing quarter to quarter.

Q1 2026 snapshot: revenue came in at $524.0 million, net income attributable to common shareholders was $51.9 million, and diluted EPS was $0.13. Operating cash flow was $93.6 million, but investing activity used nearly $989.7 million of cash, while financing activity provided $887.4 million. The quarter ended with a small net cash decline of $8.7 million.

Compared with prior periods, STWD’s earnings power has softened. In Q1 2025, common EPS was $0.33, and in Q1 2024 it was $0.49; the latest quarter’s $0.13 reflects a clear step down. That said, dividends remain covered in the sense that the quarterly dividend of $0.48 per share is supported by the company’s broad earnings base and recurring fee income, though the margin of safety appears tighter than it did a year ago.

Balance-sheet trends were also notable. Total assets in Q1 2026 were $62.1 billion, down slightly from $62.4 billion in Q3 2025 and well below the $80.0 billion level seen in Q3 2023. Equity has held relatively steady around the $6.7 billion to $7.2 billion range, but liabilities remain very large at $54.7 billion, highlighting the company’s reliance on debt and other long-term obligations.

Here are the most important takeaways for investors:

  • Operating cash flow remains positive in Q1 2026 at $93.6 million, showing the business is still generating cash from core operations.
  • Net income stayed profitable in Q1 2026 at $57.4 million, or $0.13 per share attributable to common shareholders.
  • Non-interest income is a major strength, contributing $506.1 million in Q1 2026 and helping offset weak interest income.
  • Liquidity appears adequate with $665.7 million in cash and restricted cash combined at the end of Q1 2026.
  • Financing access remains intact; STWD raised $2.87 billion of debt in Q1 2026, indicating continued market access.
  • Asset levels have been broadly stable over the last year, with total assets holding near $62 billion to $64 billion since late 2024.
  • Dividend policy appears steady, with quarterly cash dividends to common shareholders consistently at $0.48 per share.
  • Quarterly cash flow is volatile, swinging from +$488.8 million in Q4 2025 operating cash flow to +$93.6 million in Q1 2026.
  • EPS has declined sharply from $0.33 in Q1 2025 and $0.49 in Q1 2024 to $0.13 in Q1 2026.
  • Leverage remains elevated with $18.1 billion of long-term debt and $54.7 billion of total liabilities in Q1 2026.

Overall, STWD still looks like a company with the ability to generate cash and pay dividends, but the trend in recent quarters is not uniformly positive. Investors should watch whether Q1 2026 was a temporary slowdown or the start of a more durable earnings reset. The key risk is that the company’s large liability base and uneven cash generation could pressure future growth if earnings do not stabilize.

08/26/26 12:12 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. View Starwood Property Trust's forecast to see where analysts expect Starwood Property Trust to go next.

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 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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