STARWOOD PROPERTY TRUST, INC. STWD
The following description of our business should be read in conjunction with the information included elsewhere in this Form 10‑K for the year ended December 31, 2025. This discussion contains forward‑looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward‑looking statements due to the factors set forth in "Risk Factors" and elsewhere in this Form 10‑K. References in this Form 10‑K to "we," "our," "us," or the "Company" refer to Starwood Property Trust, Inc. and its subsidiaries.
Starwood Property Trust, Inc. ("STWD" and, together with its subsidiaries, "we" or the "Company") is a Maryland corporation that commenced operations in August 2009, upon the completion of our initial public offering ("IPO"). We are focused primarily on originating, acquiring, financing and managing mortgage loans and other real estate investments in the United States ("U.S."), Europe and Australia. As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and credit spreads as well as economic and credit conditions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.84B | $1.95B | $2.05B | $1.46B | $1.17B | $1.14B | $1.20B | $1.11B | $879.9M | $784.7M |
| SG&A | $208.8M | $199.2M | $180.2M | $175.5M | $171.3M | $157.9M | $155.1M | $136.1M | $129.6M | $152.9M |
| Total operating expenses | $1.79B | $1.98B | $2.10B | $1.27B | $989.1M | $964.4M | $1.03B | $977.6M | $735.2M | $651.1M |
| Operating income | — | — | — | — | — | — | — | — | $144.6M | $133.5M |
| Interest expense | — | — | $1.44B | $797.1M | $445.1M | $419.8M | $508.7M | $408.2M | $295.7M | $230.8M |
| Pre-tax income | $479.8M | $406.0M | $417.5M | $997.5M | $501.1M | $386.3M | $550.2M | $426.5M | $444.3M | $376.0M |
| Income tax | $36.7M | $25.4M | $682.0K | $61.5M | $8.7M | $20.2M | $13.2M | $15.3M | $31.5M | $8.3M |
| Net income | $411.5M | $359.9M | $339.2M | $871.5M | $447.7M | $331.7M | $509.7M | $385.8M | $400.8M | $365.2M |
| EPS, basic | 1.15 | 1.10 | 1.07 | 2.80 | 1.54 | 1.16 | 1.81 | 1.44 | 1.53 | 1.52 |
| EPS, diluted | 1.15 | 1.10 | 1.07 | 2.74 | 1.52 | 1.16 | 1.79 | 1.42 | 1.52 | 1.50 |
| Shares, diluted (wtd. avg.) | $350.0M | $320.6M | $310.5M | $315.7M | $296.8M | $282.5M | $289.7M | $288.5M | $262.1M | $241.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $499.5M | $377.8M | $312.0M | $382.1M | $321.9M | $722.2M | $574.0M | $487.9M | $418.3M | $650.8M |
| Goodwill | $259.8M | $259.8M | $259.8M | $259.8M | $259.8M | $259.8M | $259.8M | $259.8M | $140.4M | $140.4M |
| Other intangibles | $436.1M | $60.7M | $65.0M | $68.8M | $63.6M | $70.1M | $85.7M | $145.0M | $183.1M | $219.2M |
| Total assets | $63.18B | $62.56B | $69.50B | $79.04B | $83.85B | $80.87B | $78.04B | $68.26B | $62.94B | $77.26B |
| Long-term debt | — | — | — | — | — | $1.73B | $1.93B | $2.00B | $2.13B | $2.01B |
| Total liabilities | $55.69B | $55.36B | $62.48B | $71.84B | $77.20B | $76.01B | $72.91B | $63.36B | $58.36B | $72.70B |
| Retained earnings | -$39.0M | $235.3M | $505.9M | $769.2M | $493.1M | -$629.7M | -$381.7M | -$349.0M | -$217.3M | -$115.6M |
| Total equity | $6.80B | $6.44B | $6.61B | $6.84B | $6.43B | $4.86B | $5.14B | $4.90B | $4.58B | $4.56B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $977.9M | $646.6M | $528.6M | $213.7M | -$990.0M | $1.05B | -$13.2M | $585.5M | -$246.8M | $556.6M |
| Capital expenditure | $878.5M | $0 | $0 | — | — | — | — | — | — | — |
| Investing cash flow | -$3.78B | $2.08B | $855.1M | -$2.95B | -$4.28B | -$911.8M | -$775.9M | -$2.52B | -$1.04B | -$800.5M |
| Financing cash flow | $2.92B | -$2.49B | -$1.45B | $2.80B | $4.87B | $13.3M | $876.7M | $2.00B | $1.05B | $505.5M |
| Dividends paid | $668.9M | $620.0M | $601.2M | $591.5M | $553.9M | $546.9M | $538.4M | $510.0M | $501.7M | $458.4M |
| Buybacks | — | — | — | $0 | $0 | $33.8M | $0 | $12.1M | — | $19.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001465128-26-000009.
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