STARWOOD PROPERTY TRUST, INC. STWD

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived NYSE

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.

Last close 12.58 2026-10-23
Market cap $4.66B 2026-06-30 share count
52-week range 11.84 - 18.72

Valuation FY2025 figures against the last close

P/S2.5x
P/E10.9x
P/FCF46.9x
EV/EBITDA—
Dividend yield14.4%
Diluted EPS1.15

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 1.151.101.072.801.541.161.811.441.531.52
EPS, diluted 1.151.101.072.741.521.161.791.421.521.50
Shares, diluted (wtd. avg.) 350.0M320.6M310.5M315.7M296.8M282.5M289.7M288.5M262.1M241.8M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B Revenue, FY2016: 784.7M Net income, FY2016: 365.2M Revenue, FY2017: 879.9M Net income, FY2017: 400.8M Revenue, FY2018: 1.1B Net income, FY2018: 385.8M Revenue, FY2019: 1.2B Net income, FY2019: 509.7M Revenue, FY2020: 1.1B Net income, FY2020: 331.7M Revenue, FY2021: 1.2B Net income, FY2021: 447.7M Revenue, FY2022: 1.5B Net income, FY2022: 871.5M Revenue, FY2023: 2B Net income, FY2023: 339.2M Revenue, FY2024: 1.9B Net income, FY2024: 359.9M Revenue, FY2025: 1.8B Net income, FY2025: 411.5M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $784.7M $879.9M $1.11B $1.20B $1.14B $1.17B $1.46B $2.05B $1.95B $1.84B
Gross profit — — — — — — — — — —
Net income $365.2M $400.8M $385.8M $509.7M $331.7M $447.7M $871.5M $339.2M $359.9M $411.5M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Other event Item 8.01
  • Other event Item 8.01
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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