NYSE : STWD
Starwood Property Trust, Inc. — Financial statements
Real Estate · REIT - Mortgage · United States
Last price 12.2 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 4.52B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest and Dividend Income | 1.57B | 1.55B | 1.76B | 1.88B | 1.28B | 845.46M |
| Total Interest Expense | 1.34B | 1.28B | 1.35B | 1.44B | 796.86M | 444.50M |
| Net Interest Income | 231.53M | 275.98M | 416.18M | 444.52M | 486.72M | 400.96M |
| Commissions and Fees | 119.69M | 86.54M | 55.20M | 33.12M | 40.36M | 38.74M |
| Other Revenue | 314.55M | 204.78M | 126.77M | 136.16M | 140.78M | 285.89M |
| Revenue Before Loan Losses | 665.77M | 567.30M | 598.15M | 613.80M | 667.86M | 725.59M |
| Provision for Loan Losses | 68.49M | 19.37M | 197.40M | 243.73M | 46.66M | 8.34M |
| Revenue | 597.28M | 547.93M | 400.75M | 370.07M | 621.20M | 717.25M |
| Salaries & Employee Benefits | 57.17M | 60.97M | 59.45M | 52.95M | 65.09M | 74.42M |
| Cost of Services Provided | 380.77M | 345.91M | 333.20M | 313.65M | 310.08M | 377.50M |
| Other Operating Expenses | -3.98M | -5.89M | -3.01M | -1.59M | -1.01M | -3.58M |
| Total Operating Expenses | 560.07M | 479.97M | 430.95M | 414.14M | 423.45M | 531.35M |
| Operating Income | 37.21M | 67.97M | -30.20M | -44.07M | 197.75M | 185.91M |
| Earnings From Equity Investments | 161.05M | 169.31M | 88.80M | 198.41M | 117.68M | 171.09M |
| Currency Exchange Gain (Loss) | -17.40M | 112.94M | -73.93M | 60.83M | -96.96M | -36.29M |
| EBT Excluding Unusual Items | 228.89M | 259.36M | 232.34M | 454.42M | 1.21B | 400.88M |
| Gain (Loss) on Sale of Investments | 16.36M | 45.10M | 101.72M | 26.50M | 135.41M | 38.60M |
| Other Unusual Items | -2.64M | 17.68M | -3.94M | -1.24M | -1.19M | -7.43M |
| Pretax Income | 299.28M | 479.81M | 406.01M | 417.48M | 997.54M | 501.10M |
| Income Tax Expense | 34.56M | 36.72M | 25.43M | -682.00K | -61.52M | 8.67M |
| Earnings From Continuing Ops. | 264.72M | 443.09M | 380.58M | 418.16M | 1.06B | 492.43M |
| Minority Interest in Earnings | -36.81M | -31.55M | -20.64M | -78.94M | -187.59M | -44.69M |
| Net Income | 227.91M | 411.54M | 359.93M | 339.21M | 871.48M | 447.74M |
| Preferred Dividends & Other Adjustments | 9.84M | 9.19M | 7.20M | 6.41M | 17.11M | 6.81M |
| Net Income to Common | 218.07M | 402.36M | 352.73M | 332.80M | 854.36M | 440.93M |
| Shares Outstanding (Basic) | 364.90M | 349.69M | 319.92M | 309.77M | 305.52M | 285.94M |
| Shares Outstanding (Diluted) | 365.26M | 349.99M | 320.57M | 310.51M | 315.73M | 296.83M |
| EPS (Basic) | 0.60 | 1.15 | 1.10 | 1.07 | 2.80 | 1.54 |
| EPS (Diluted) | 0.60 | 1.15 | 1.10 | 1.07 | 2.74 | 1.52 |
| Free Cash Flow | 481.10M | 708.81M | 618.65M | 503.51M | 188.52M | -1.02B |
| Free Cash Flow Per Share | 1.32 | 2.02 | 1.93 | 1.62 | 0.60 | -3.42 |
| Dividend Per Share | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 | 1.92 |
| Operating Margin | 6.23% | 12.40% | -7.54% | -11.91% | 31.83% | 25.92% |
| Profit Margin | 36.51% | 73.43% | 88.02% | 89.93% | 137.53% | 61.48% |
| Free Cash Flow Margin | 80.55% | 129.36% | 154.37% | 136.06% | 30.35% | -141.69% |
| Effective Tax Rate | 11.55% | 7.65% | 6.26% | 1.73% | ||
| Revenue as Reported | 2.01B | 1.84B | 1.95B | 2.05B | 1.46B | 1.17B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 367.59M | 499.48M | 377.83M | 194.66M | 261.06M | 217.36M |
| Long-Term Investments | 2.22B | 2.11B | 2.71B | 2.84B | 2.67B | 1.99B |
| Trading Asset Securities | 24.41M | 45.81M | 175.52M | 63.44M | 108.62M | 48.22M |
| Loans & Lease Receivables | 19.82B | 18.86B | 15.44B | 17.57B | 18.40B | 15.54B |
| Other Receivables | 203.42M | 164.48M | 167.77M | 200.87M | 168.52M | 116.26M |
| Property, Plant & Equipment | 4.00B | 3.52B | 1.37B | 1.05B | 1.45B | 1.17B |
| Goodwill | 259.85M | 259.85M | 259.85M | 259.85M | 259.85M | 259.85M |
| Other Intangible Assets | 440.97M | 436.06M | 60.70M | 64.97M | 68.77M | 63.56M |
| Restricted Cash | 272.76M | 175.17M | 176.16M | 117.31M | 121.07M | 104.55M |
| Other Current Assets | 290.94M | |||||
| Long-Term Deferred Tax Assets | 5.52M | 37.05M | 58.79M | 57.58M | ||
| Other Long-Term Assets | 31.23B | 34.78B | 39.27B | 44.15B | 52.69B | 61.47B |
| Total Assets | 61.05B | 63.18B | 62.56B | 69.50B | 79.04B | 83.85B |
| Accounts Payable | 496.26M | 353.22M | 401.98M | 282.51M | 289.13M | 176.77M |
| Accrued Expenses | 27.03M | 31.66M | 38.96M | 44.82M | 41.19M | 76.37M |
| Short-Term Debt | 91.57M | 83.98M | 94.89M | 102.47M | 91.40M | 13.42M |
| Current Portion of Long-Term Debt | 984.15M | 1.40B | 250.00M | 400.00M | 550.00M | |
| Current Portion of Leases | 6.61M | |||||
| Long-Term Debt | 22.71B | 20.69B | 17.09B | 19.12B | 19.96B | 17.02B |
| Long-Term Leases | 62.40M | |||||
| Other Current Liabilities | 180.74M | 183.11M | 163.38M | 346.58M | 151.51M | 147.62M |
| Long-Term Deferred Tax Liabilities | 6.09M | |||||
| Other Long-Term Liabilities | 29.37B | 32.88B | 37.32B | 42.19B | 50.76B | 59.76B |
| Total Liabilities | 53.86B | 55.69B | 55.36B | 62.48B | 71.84B | 77.20B |
| Common Stock | 3.80M | 3.78M | 3.45M | 3.21M | 3.18M | 3.12M |
| Additional Paid-In Capital | 6.99B | 6.96B | 6.32B | 5.86B | 5.81B | 5.67B |
| Retained Earnings | -337.91M | -39.02M | 235.32M | 505.88M | 769.24M | 493.11M |
| Comprehensive Income & Other | 9.70M | 11.56M | 13.59M | 15.35M | 20.95M | 40.95M |
| Total Common Equity | 6.50B | 6.80B | 6.44B | 6.25B | 6.46B | 6.07B |
| Minority Interest | 684.46M | 693.99M | 756.37M | 771.89M | 736.27M | 576.27M |
| Shareholders' Equity | 7.18B | 7.49B | 7.19B | 7.02B | 7.20B | 6.65B |
| Total Liabilities & Equity | 61.05B | 63.18B | 62.56B | 69.50B | 79.04B | 83.85B |
| Total Debt | 23.79B | 22.25B | 17.44B | 19.62B | 20.60B | 17.03B |
| Net Cash (Debt) | -23.39B | -21.70B | -16.88B | -19.36B | -20.23B | -16.77B |
| Net Cash Per Share | -64.05 | -62.01 | -52.67 | -62.36 | -64.07 | -56.50 |
| Filing Date Shares Outstanding | 370.17M | 370.58M | 337.42M | 313.38M | 310.65M | 304.83M |
| Total Common Shares Outstanding | 370.63M | 370.56M | 337.41M | 313.37M | 310.68M | 304.82M |
| Working Capital | 21.12B | 20.01B | 17.90B | 19.91B | 20.72B | 18.49B |
| Book Value Per Share | 17.53 | 18.34 | 19.08 | 19.95 | 20.80 | 19.92 |
| Tangible Book Value | 5.83B | 6.13B | 6.14B | 5.95B | 6.15B | 5.77B |
| Tangible Book Value Per Share | 15.72 | 16.54 | 18.19 | 18.97 | 19.80 | 18.92 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 227.91M | 411.54M | 359.93M | 339.21M | 871.48M | 447.74M |
| Depreciation & Amortization | 132.92M | 84.83M | 46.26M | 54.30M | 53.94M | 84.59M |
| Other Amortization | 63.30M | 58.57M | 59.78M | 59.83M | 56.44M | 50.27M |
| Loss (Gain) From Sale of Investments | 311.55M | 442.98M | -182.76M | -191.76M | -1.17B | -162.71M |
| Asset Writedown & Restructuring Costs | 26.77M | 26.77M | 124.90M | 55.00K | ||
| Provision for Credit Losses | -14.95M | -165.07M | 121.52M | 181.03M | 392.88M | -60.72M |
| Loss (Gain) on Equity Investments | -6.47M | -3.69M | -8.06M | -7.88M | 11.68M | -4.04M |
| Stock-Based Compensation | 59.25M | 65.58M | 62.85M | 54.57M | 83.33M | 56.33M |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | 361.92M | 361.81M | 202.88M | 199.73M | -284.44M | -1.34B |
| Change in Accounts Payable | 88.92M | -50.16M | 104.99M | -17.99M | 171.37M | 40.70M |
| Change in Other Net Operating Assets | 25.65M | 15.85M | -82.11M | -62.15M | 8.93M | 8.76M |
| Other Operating Activities | -17.39M | -167.32M | 31.73M | -49.36M | 221.96M | 26.88M |
| Operating Cash Flow | 1.09B | 977.85M | 646.59M | 528.60M | 213.74M | -989.98M |
| Capital Expenditures | -609.47M | -269.04M | -27.94M | -25.09M | -25.23M | -26.27M |
| Cash Acquisitions | 733.00K | 733.00K | 4.40M | 824.00K | 617.00K | |
| Investment in Securities | 74.83M | 301.74M | 188.22M | 90.19M | 32.35M | -109.87M |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -2.01B | -3.05B | 1.67B | 714.95M | -3.35B | -4.27B |
| Other Investing Activities | -873.19M | -864.12M | 32.20M | 627.00K | 183.80M | 24.31M |
| Investing Cash Flow | -3.29B | -3.78B | 2.08B | 855.07M | -2.95B | -4.28B |
| Long-Term Debt Issued | 14.67B | 7.22B | 6.56B | 13.52B | 17.51B | |
| Long-Term Debt Repaid | -11.60B | -9.43B | -7.52B | -10.18B | -12.70B | |
| Net Debt Issued (Repaid) | 2.63B | 3.07B | -2.21B | -962.38M | 3.34B | 4.81B |
| Issuance of Common Stock | 536.96M | 567.81M | 395.49M | 3.00M | 50.44M | 394.09M |
| Repurchase of Common Stock | -29.94M | |||||
| Common Dividends Paid | -699.82M | -668.86M | -620.00M | -601.19M | -591.46M | -553.93M |
| Other Financing Activities | -76.79M | -51.16M | -47.82M | 106.01M | -3.94M | 223.29M |
| Financing Cash Flow | 2.36B | 2.92B | -2.49B | -1.45B | 2.80B | 4.87B |
| Foreign Exchange Rate Adjustments | -156.00K | -306.00K | -2.62M | 731.00K | -1.09M | -1.72M |
| Net Cash Flow | 165.49M | 120.65M | 242.02M | -70.16M | 60.22M | -400.25M |
| Free Cash Flow | 481.10M | 708.81M | 618.65M | 503.51M | 188.52M | -1.02B |
| Free Cash Flow Margin | 80.55% | 129.36% | 154.37% | 136.06% | 30.35% | -141.69% |
| Free Cash Flow Per Share | 1.32 | 2.02 | 1.93 | 1.62 | 0.60 | -3.42 |
| Cash Interest Paid | 1.24B | 1.19B | 1.29B | 1.35B | 671.19M | 386.92M |
| Cash Income Tax Paid | 5.74M | 696.00K | 4.01M | 1.67M | -7.86M | 7.79M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 4.67B | 6.67B | 6.39B | 6.58B | 5.67B | 7.46B |
| PE Ratio | 21.10 | 16.58 | 18.11 | 19.78 | 6.64 | 16.92 |
| PS Ratio | 7.81 | 12.17 | 15.94 | 17.79 | 9.13 | 10.40 |
| PB Ratio | 0.70 | 0.89 | 0.89 | 0.94 | 0.79 | 1.12 |
| P/FCF Ratio | 9.69 | 9.41 | 10.33 | 13.08 | 30.10 | |
| P/OCF Ratio | 4.28 | 6.82 | 9.88 | 12.46 | 26.55 | |
| Debt / Equity Ratio | 3.31 | 2.97 | 2.42 | 2.79 | 2.86 | 2.56 |
| Debt / FCF Ratio | 49.44 | 31.39 | 28.19 | 38.97 | 109.27 | |
| Net Debt / Equity Ratio | 3.26 | 2.90 | 2.35 | 2.76 | 2.81 | 2.52 |
| Net Debt / FCF Ratio | 48.63 | 30.62 | 27.29 | 38.45 | 107.31 | -16.50 |
| Quick Ratio | 11.47 | 9.51 | 17.02 | 15.33 | 16.86 | 38.43 |
| Current Ratio | 12.87 | 10.72 | 19.86 | 17.93 | 19.45 | 45.63 |
| Asset Turnover | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Return on Equity (ROE) | 3.69% | 6.04% | 5.35% | 5.88% | 15.30% | 8.55% |
| Return on Assets (ROA) | 0.43% | 0.70% | 0.58% | 0.56% | 1.30% | 0.60% |
| Return on Invested Capital (ROIC) | 0.11% | 0.23% | -0.11% | -0.16% | 0.77% | 0.88% |
| Earnings Yield | 4.74% | 6.17% | 5.63% | 5.15% | 15.36% | 6.00% |
| FCF Yield | 10.31% | 10.63% | 9.68% | 7.65% | 3.32% | -13.62% |
| Dividend Yield | 15.23% | 10.67% | 10.14% | 9.14% | 10.51% | 7.85% |
| Payout Ratio | 321.27% | 162.52% | 172.25% | 177.23% | 67.87% | 123.72% |
| Buyback Yield / Dilution | -9.96% | -9.18% | -3.24% | 1.65% | -6.37% | -5.08% |
| Total Shareholder Return | 5.28% | 1.49% | 6.90% | 10.79% | 4.14% | 2.77% |