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STWD

Starwood Property Trust, Inc.

STWD

Starwood Property Trust, Inc. • NYSE
$18.32 ▲ 0.08% (+0.01)
Market Cap $6.79 B
52w High $21.05
52w Low $16.59
Dividend Yield 1.92%
P/E 17.79
Volume 1.75M
Outstanding Shares 370.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $489.905M ▲ $83.766M ▲ $72.56M ▼ 14.811% ▼ $0.22 ▼ $0
Q2-2025 $475.945M ▲ $81.905M ▲ $129.814M ▲ 27.275% ▲ $0.38 ▲ $0 ▼
Q1-2025 $418.18M ▼ $51.303M ▼ $112.255M ▲ 26.844% ▲ $0.33 ▲ $423.509M ▲
Q4-2024 $448.309M ▼ $90.644M ▼ $51.643M ▼ 11.52% ▼ $0.14 ▼ $0 ▲
Q3-2024 $487.856M $490.442M $76.068M 15.592% $0.23 $-1.23M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $390.609M ▲ $62.434B ▲ $54.862B ▼ $6.864B ▲
Q2-2025 $351.284M ▼ $62.369B ▲ $55.201B ▲ $6.422B ▲
Q1-2025 $532.521M ▲ $62.163B ▼ $55.007B ▼ $6.406B ▼
Q4-2024 $471.637M ▲ $62.556B ▼ $55.363B ▼ $6.437B ▼
Q3-2024 $455.339M $64.234B $56.951B $6.54B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $79.93M ▼ $337.591M ▲ $-1.219B ▼ $946.521M ▲ $64.242M ▲ $352.347M ▲
Q2-2025 $134.696M ▲ $-87.354M ▼ $-952.376M ▼ $821.846M ▲ $-217.486M ▼ $-96.371M ▼
Q1-2025 $116.101M ▲ $238.865M ▼ $-906.449M ▼ $805.506M ▲ $138.356M ▲ $233.126M ▼
Q4-2024 $70.822M ▼ $295.58M ▲ $337.541M ▲ $-588.164M ▼ $43.859M ▼ $288.582M ▲
Q3-2024 $72.17M $241.799M $310.238M $-478.393M $74.434M $235.042M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Commercial And Residential Lending Segment
Commercial And Residential Lending Segment
 $750.00M ▲$330.00M ▼$340.00M ▲$340.00M ▲
Infrastructure Lending Segment
Infrastructure Lending Segment
 $130.00M ▲$60.00M ▼$70.00M ▲$80.00M ▲
Property Segment
Property Segment
 $30.00M ▲$20.00M ▼$20.00M ▲$50.00M ▲
L N R Business Segments
L N R Business Segments
 $110.00M ▲$60.00M ▼$50.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Starwood Property Trust shows a business that can grow revenue but with earnings that move around depending on the credit cycle and deal activity. Revenue has climbed meaningfully over the last few years, especially most recently, reflecting active lending, servicing, and broader real estate exposure. Profitability is positive, but net income has been choppier, with one standout year earlier in the period and more moderate results since then. Overall, the income statement tells a story of a scaled, fee- and interest-earning platform that can generate solid profits, but one that is naturally exposed to swings in real estate and interest-rate conditions.

Balance Sheet

Balance Sheet The balance sheet is large and complex, as you would expect from a major commercial mortgage REIT. Total assets have edged down from their prior peak but remain substantial, reflecting a wide portfolio of loans and real estate-related investments. Debt rose sharply a few years ago and has since been brought down, which points to some deliberate de‑risking, although the business still relies heavily on borrowing as part of its model. Equity has been trending upward over time, which is a plus for financial resilience. Cash on hand is relatively modest compared with total assets, which is typical for this type of company but underscores the importance of continued access to funding markets and credit facilities.

Cash Flow

Cash Flow Cash generation has improved over the five‑year span. After a period where operating cash flow dipped into negative territory, the company has more recently produced consistently positive operating and free cash flow. Spending on physical assets is quite low and predictable, so most cash movements are driven by loans, repayments, and financing activity rather than big capital projects. The cash-flow profile indicates that the business model can throw off cash in normal conditions, but it can become pressured during more stressful real estate or credit environments, as seen earlier in the period.

Competitive Edge

Competitive Edge Starwood Property Trust holds a strong competitive position as one of the largest commercial mortgage REITs, with meaningful diversification across lending, property investments, servicing, and now net-lease assets. Its close relationship with Starwood Capital Group gives it a powerful ecosystem: access to deals, information, and operating know‑how that many rivals do not have. The in‑house special servicing arm (LNR) is a major differentiator, providing fee income, deep insight into distressed assets, and an information edge in underwriting. Scale, diversification across asset types, and an experienced leadership team together create a broad and durable moat, though the business still faces the usual risks tied to real estate cycles, interest rates, and credit quality.

Innovation and R&D

Innovation and R&D Although not a tech company in the traditional sense, Starwood Property Trust leans heavily on data and analytics as its main form of “R&D.” It has proprietary databases and asset management systems that track a huge universe of commercial properties and loans, giving it an information advantage when assessing risk and pricing deals. The integration of LNR’s technology platform and historical data further strengthens this edge. The firm is also leaning into newer themes: expanding into data centers tied to AI growth, using technology to improve sustainability tracking, and offering advisory services that monetize its expertise. Future innovation will likely center on better use of data and AI in underwriting and asset management, and on extending its model into adjacent real estate sectors where this information advantage matters.

Summary

Overall, Starwood Property Trust looks like a scaled, data‑driven real estate finance platform with diversified income streams and a clear competitive edge in information and servicing. The income statement reflects solid but cyclical profitability, the balance sheet shows a large and still‑leveraged yet gradually strengthening capital base, and cash flow has normalized after past volatility. Its strategic ties to Starwood Capital, ownership of a major special servicer, and push into newer areas such as data centers and advisory services all reinforce its positioning. The main watchpoints are the usual ones for a mortgage REIT—real estate values, credit quality, and funding conditions—balanced against the company’s structural advantages, diversification, and management experience.

NEWS

November 10, 2025 · 7:00 AM UTC

Starwood Property Trust Reports Results for Quarter Ended September 30, 2025

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October 17, 2025 · 4:15 PM UTC

Starwood Property Trust Announces Date for Third Quarter 2025 Earnings Release and Conference Call

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September 29, 2025 · 9:07 PM UTC

Starwood Property Trust Announces Upsizing and Pricing of Private Offering of Sustainability Bonds

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September 29, 2025 · 7:45 AM UTC

Starwood Property Trust Announces Private Offering of Sustainability Bonds

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September 22, 2025 · 9:57 PM UTC

Starwood Property Trust Announces Pricing of Private Offering of Sustainability Bonds

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