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STWD logoStarwood Property Trust, Inc.(STWD)Earnings, Financials & Key Ratios

STWD•NYSE•REIT / Real Estate
$18.26
$6.9B mkt cap·15.0× P/E·Price updated May 6, 2026
SectorReal EstateIndustryMortgage REITsSub-IndustryDiversified mortgage and specialty finance REITs
AboutStarwood Property Trust, Inc. operates as a real estate investment trust (REIT) in the United States, Europe, and Australia. It operates through four segments: Commercial and Residential Lending, Infrastructure Lending, Property, and Investing and Servicing segments. The Commercial and Residential Lending segment originates, acquires, finances, and manages commercial first mortgages, non-agency residential mortgages, subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities (CMBS), and residential mortgage-backed securities, as well as other real estate and real estate-related debt investments, including distressed or non-performing loans. The Infrastructure lending segment originates, acquires, finances, and manages infrastructure debt investments. The Property segment engages primarily in acquiring and managing equity interests in stabilized commercial real estate properties, such as multifamily properties and commercial properties subject to net leases, that are held for investment. The Investing and Servicing segment manages and works out problem assets; acquires and manages unrated, investment grade, and non-investment grade rated CMBS comprising subordinated interests of securitization and re-securitization transactions; originates conduit loans for the primary purpose of selling these loans into securitization transactions; and acquires commercial real estate assets that include properties acquired from CMBS trusts. The company qualifies as a REIT for federal income tax purposes and would not be subject to federal corporate income taxes, if it distributes at least 90% of its taxable income to its stockholders. Starwood Property Trust, Inc. was incorporated in 2009 and is headquartered in Greenwich, Connecticut.Show more
  • Revenue$1.88B-7.9%
  • FFO$491M+20.8%
  • FFO/Share1.45+14.8%
  • FFO Payout0%-100.0%
  • FFO per Share1.45+14.8%
  • NOI Margin80.51%-17.5%
  • FFO Margin26.09%+31.1%
  • ROE5.61%+10.7%
  • ROA0.65%+20.1%
  • Debt/Assets35.13%+144.0%
  • Net Debt/EBITDA14.35-98.7%
  • Book Value/Share22.21-1.0%
Technical→

STWD Key Insights

Starwood Property Trust, Inc. (STWD) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FFO growing 22.2% TTM
  • ✓High NOI margin of 80.5%
  • ✓Trading at only 0.8x book value

✗Weaknesses

  • ✗High debt to equity ratio of 3.0x

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

STWD Price & Volume

Starwood Property Trust, Inc. (STWD) stock price & volume — 10-year historical chart

Loading chart...

STWD Growth Metrics

Starwood Property Trust, Inc. (STWD) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.51%
5 Years10.58%
3 Years6.58%
TTM-7.39%

Profit CAGR

10 Years-0.9%
5 Years4.41%
3 Years-22.13%
TTM14.34%

EPS CAGR

10 Years-4.38%
5 Years1.01%
3 Years-26.64%
TTM12.84%

Return on Capital

10 Years1.84%
5 Years0.98%
3 Years0.8%
Last Year2.38%

STWD Recent Earnings

Starwood Property Trust, Inc. (STWD) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 8/12 qtrs (67%)●Beat Revenue 4/12 qtrs (33%)
Q1 2026Latest
Feb 25, 2026
EPS
$0.42
Est $0.41
+2.4%
Revenue
$493M
Est $503M
-2.0%
Q4 2025
Nov 10, 2025
EPS
$0.40
Est $0.45
-11.1%
Revenue
$490M
Est $470M
+4.3%
Q3 2025
Aug 7, 2025
EPS
$0.43
Est $0.39
+10.3%
Revenue
$476M
Est $476M
+0.1%
Q2 2025
May 9, 2025
EPS
$0.45
Est $0.46
-2.2%
Revenue
$418M
Est $477M
-12.3%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 25, 2026
$0.42vs $0.41+2.4%
$493Mvs $503M-2.0%
Q4 2025Nov 10, 2025
$0.40vs $0.45-11.1%
$490Mvs $470M+4.3%
Q3 2025Aug 7, 2025
$0.43vs $0.39+10.3%
$476Mvs $476M+0.1%
Q2 2025May 9, 2025
$0.45vs $0.46-2.2%
$418Mvs $477M-12.3%
Based on last 12 quarters of dataView full earnings history →

STWD Peer Comparison

Starwood Property Trust, Inc. (STWD) competitors in Diversified mortgage and specialty finance REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
BXMT logoBXMTBlackstone Mortgage Trust, Inc.Direct Competitor3.23B19.1229.88-13.96%6.75%2.93%8.55%4.61
RC logoRCReady Capital CorporationDirect Competitor323.67M2.00-0.76-92.98%-15.93%-16.58%3.12
ARI logoARIApollo Commercial Real Estate Finance, Inc.Direct Competitor1.46B11.0213.601.28%17.9%6.88%2.89%4.27
KREF logoKREFKKR Real Estate Finance Trust Inc.Direct Competitor419.24M6.52-6.21-22.72%-23.56%-8.4%15.91%3.83
TRTX logoTRTXTPG RE Finance Trust, Inc.Direct Competitor660.99M8.5515123.25%23.2%5.7%13.67%3.08
GPMT logoGPMTGranite Point Mortgage Trust Inc.Direct Competitor66.11M1.39-1.20187.77%-30.37%-7.14%4.03%2.12
BRSP logoBRSPBrightSpire Capital, Inc.Direct Competitor768.64M5.90-22.69-4.5%-9.47%-3.34%9.5%2.68
LADR logoLADRLadder Capital CorpProduct Competitor1.31B10.2620.12-23.26%16.52%4.29%6.67%2.37

Compare STWD vs Peers

Starwood Property Trust, Inc. (STWD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs BXMT

Most directly comparable listed peer for STWD.

Scale Benchmark

vs MS

Larger-name benchmark to compare STWD against a more recognizable public peer.

Peer Set

Compare Top 5

vs BXMT, RC, ARI, KREF

STWD Income Statement

Starwood Property Trust, Inc. (STWD) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue880.59M1.11B1.32B1.14B1.19B1.55B2.05B2.04B1.88B
Revenue Growth %11.99%26.42%18.43%-13.75%4.49%30.7%32.12%-0.53%-7.88%
Property Operating Expenses94.26M127.07M122.98M0112.85M44.12M239.29M48.24M366.53M
Net Operating Income (NOI)
786.33M▲ 0%
986.19M▲ 25.4%
1.2B▲ 21.2%
1.14B▼ 4.9%
1.08B▼ 5.4%
1.51B▲ 40.3%
1.81B▲ 20.1%
1.99B▲ 9.9%
1.51B▼ 24.0%
NOI Margin %89.3%88.59%90.67%100%90.5%97.16%88.34%97.64%80.51%
Operating Expenses735M978M506.71M822.44M339.07M362.35M1.02B344.41M80.87M
G&A Expenses252.29M265.59M274.24M157.87M339.07M331.05M180.21M344.41M208.81M
EBITDA617.9M1.3B973.95M0265.33M2.27B51.69M8.1M1.51B
EBITDA Margin %70.17%117.09%73.87%0%22.33%146.37%2.52%0.4%80.41%
Depreciation & Amortization473.26M494.18M451.06M94.15M0490.89M49.14M078.98M
D&A / Revenue %53.74%44.39%34.21%8.28%0%31.61%2.39%0%4.2%
Operating Income
144.64M▲ 0%
809.35M▲ 459.6%
522.9M▼ 35.4%
0▼ 100.0%
265.33M▲ 0%
1.78B▲ 571.8%
2.55M▼ 99.9%
8.1M▲ 217.5%
1.43B▲ 17588.6%
Operating Margin %16.43%72.7%39.66%0%22.33%114.77%0.12%0.4%76.2%
Interest Expense295.67M408.19M508.73M419.76M445.09M797.12M1.44B1.35B1.28B
Interest Coverage0.49x1.98x1.03x-0.60x2.24x0.00x0.01x1.12x
Non-Operating Income-262.69M-487.43M279.99M94.15M265.33M-870.43M-2.55M8.1M-324.02M
Pretax Income
444.29M▲ 0%
426.53M▼ 4.0%
550.17M▲ 29.0%
386.28M▼ 29.8%
501.1M▲ 29.7%
997.54M▲ 99.1%
417.48M▼ 58.1%
406.01M▼ 2.7%
479.81M▲ 18.2%
Pretax Margin %50.45%38.31%41.73%33.97%42.17%64.23%20.34%19.89%25.52%
Income Tax31.52M15.33M13.23M20.2M8.67M-61.52M-682K25.43M36.72M
Effective Tax Rate %7.09%3.59%2.41%5.23%1.73%-6.17%-0.16%6.26%7.65%
Net Income
400.77M▲ 0%
385.83M▼ 3.7%
509.66M▲ 32.1%
331.69M▼ 34.9%
447.74M▲ 35.0%
871.48M▲ 94.6%
339.21M▼ 61.1%
359.93M▲ 6.1%
411.54M▲ 14.3%
Net Margin %45.51%34.66%38.66%29.17%37.68%56.11%16.53%17.63%21.89%
Net Income Growth %9.74%-3.73%32.1%-34.92%34.99%94.64%-61.08%6.11%14.34%
Funds From Operations (FFO)
874.03M▲ 0%
880.01M▲ 0.7%
960.72M▲ 9.2%
425.84M▼ 55.7%
532.33M▲ 25.0%
1.36B▲ 155.9%
388.35M▼ 71.5%
406.19M▲ 4.6%
490.52M▲ 20.8%
FFO Margin %99.26%79.05%72.87%37.45%44.8%87.72%18.93%19.9%26.09%
FFO Growth %62.84%0.68%9.17%-55.67%25.01%155.93%-71.49%4.59%20.76%
FFO per Share3.333.193.371.511.794.821.251.271.45
FFO Payout Ratio %57.4%57.95%56.04%128.42%104.06%43.41%154.81%152.64%0%
EPS (Diluted)
1.52▲ 0%
1.40▼ 7.9%
1.79▲ 27.9%
1.16▼ 35.2%
1.52▲ 31.0%
3.09▲ 103.3%
1.07▼ 65.4%
1.12▲ 4.7%
1.22▲ 8.9%
EPS Growth %1.33%-7.89%27.86%-35.2%31.03%103.29%-65.37%4.67%8.93%
EPS (Basic)1.531.451.811.161.543.091.071.131.22
Diluted Shares Outstanding262.08M275.66M284.73M282.48M296.83M282.48M310.51M320.57M337.14M

STWD Balance Sheet

Starwood Property Trust, Inc. (STWD) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets62.94B68.26B78.04B80.87B83.85B79.04B69.5B62.56B63.18B
Asset Growth %-18.53%8.45%14.33%3.63%3.68%-5.73%-12.07%-10%1%
Real Estate & Other Assets-5.01B-5.47B-359.57M-2.27B-2.31B-3B44.21B-3.03B-5.61B
PP&E (Net)2.65B2.78B02.27B00000
Investment Securities1000K1000K01000K1000K1000K1000K1000K1000K
Total Current Assets1.14B1.21B0659.2M00458.96M0963.16M
Cash & Equivalents369.45M239.82M574.03M563.22M217.36M261.06M194.66M377.83M499.48M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets00-638.12M0-477.6M-542.97M0-639.4M0
Intangible Assets183.09M145.03M070.12M63.56M68.77M64.97M60.7M436.06M
Total Liabilities58.36B63.36B72.91B76.01B77.2B71.84B62.48B55.36B55.69B
Total Debt7.97B10.76B11.78B7B7.48B9.71B8.87B9.01B22.2B
Net Debt7.6B10.52B11.21B6.44B7.26B9.45B8.67B8.63B21.7B
Long-Term Debt4.72B4.92B10.72B5.66B6.14B8.39B7.82B8.17B19.46B
Short-Term Borrowings001.05B1.35B1.34B1.32B1.05B831.32M2.69B
Capital Lease Obligations0013.24M00032.51M049.16M
Total Current Liabilities51.06B53.47B01.55B001.29B02.69B
Accounts Payable168.28M217.66M0200.78M189.7M299M244.86M00
Deferred Revenue-6.9B63.36B0000000
Other Liabilities-4.72B-4.92B-10.73B0-6.14B-8.39B54.08B-8.17B33.5B
Total Equity
4.58B▲ 0%
4.9B▲ 7.0%
5.14B▲ 4.8%
4.86B▼ 5.3%
6.65B▲ 36.7%
7.2B▲ 8.3%
7.02B▼ 2.4%
7.19B▲ 2.4%
7.49B▲ 4.1%
Equity Growth %0.42%7.01%4.83%-5.34%36.73%8.27%-2.44%2.43%4.12%
Shareholders Equity4.48B4.6B4.7B4.49B6.07B6.46B6.25B6.44B6.8B
Minority Interest100.79M296.76M436.59M373.68M576.27M736.27M771.89M756.37M364.12M
Common Stock2.66M2.81M2.87M2.92M3.12M3.18M3.21M3.45M3.78M
Additional Paid-in Capital4.72B5B5.13B5.21B5.67B5.81B5.86B6.32B6.96B
Retained Earnings-217.31M-349M-381.72M-629.73M493.11M769.24M505.88M235.32M-39.02M
Preferred Stock000000000
Return on Assets (ROA)0.57%0.59%0.7%0.42%0.54%1.07%0.46%0.55%0.65%
Return on Equity (ROE)8.77%8.14%10.16%6.63%7.78%12.59%4.77%5.06%5.61%
Debt / Assets12.67%15.76%15.1%8.66%8.92%12.28%12.76%14.4%35.13%
Debt / Equity1.74x2.20x2.29x1.44x1.12x1.35x1.26x1.25x2.96x
Net Debt / EBITDA12.30x8.07x11.51x-27.37x4.16x167.75x1065.24x14.35x
Book Value per Share17.4717.7818.0417.2122.4025.4822.6222.4422.21

STWD Cash Flow Statement

Starwood Property Trust, Inc. (STWD) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-246.84M585.47M-13.2M1.05B-989.98M213.74M528.6M646.59M977.85M
Operating CF Growth %-144.35%337.19%-102.25%8021.42%-194.68%121.59%147.31%22.32%51.23%
Operating CF / Revenue %-28.03%52.59%-1%91.94%-83.31%13.76%25.76%31.68%52.01%
Net Income412.77M411.2M536.93M366.08M492.43M1.06B418.16M380.58M443.09M
Depreciation & Amortization90.9M130.84M113.39M94.15M84.59M53.94M54.3M46.26M58.57M
Stock-Based Compensation37.75M43.55M48.07M31.24M39.29M40.19M39.25M41.79M54.09M
Other Non-Cash Items-729.49M94.03M-501.62M692.24M-1.42B-918.25M252.87M225.51M422.09M
Working Capital Changes-102.12M-27.23M-152.52M-177.13M-87.31M-21.2M-235.97M-47.54M0
Cash from Investing-1.04B-2.52B-775.87M-911.8M-4.28B-2.95B855.07M2.08B-3.78B
Acquisitions (Net)-17.64M-2.16B30.86M25.16M26.27M617K824K4.4M0
Purchase of Investments-171.1M-525.08M-159.15M-100.34M-261.67M-106.05M-56.59M-115.09M-7.87B
Sale of Investments1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Investing-549.87M-202.28M-868.46M-929.92M-4.17B-3.14B799.5M1.89B4.08B
Cash from Financing1.05B2B876.72M13.28M4.87B2.8B-1.45B-2.49B0
Dividends Paid-501.66M-509.97M-538.42M-546.88M-553.93M-591.46M-601.19M-620M0
Common Dividends-501.66M-509.97M-538.42M-546.88M-553.93M-591.46M-601.19M-620M0
Debt Issuance (Net)1000K1000K1000K1000K1000K1000K-1000K-1000K0
Share Repurchases0-12.09M0-33.83M00000
Other Financing-26.84M-217.35M106.74M-33.94M223.29M-3.94M106.01M-47.82M0
Net Change in Cash
-232.48M▲ 0%
69.59M▲ 129.9%
86.17M▲ 23.8%
148.13M▲ 71.9%
-400.25M▼ 370.2%
60.22M▲ 115.0%
-70.16M▼ 216.5%
242.02M▲ 445.0%
0▼ 100.0%
Exchange Rate Effect1000K207K-1000K1000K-1000K-1000K731K-1000K0
Cash at Beginning650.75M418.27M487.87M574.03M722.16M321.91M382.13M311.97M0
Cash at End418.27M487.87M574.03M722.16M321.91M382.13M311.97M554M0
Free Cash Flow
-820.77M▲ 0%
530.7M▲ 164.7%
-44.06M▼ 108.3%
1.02B▲ 2415.7%
-1.02B▼ 199.6%
188.52M▲ 118.6%
503.51M▲ 167.1%
618.65M▲ 22.9%
977.85M▲ 58.1%
FCF Growth %-204.01%164.66%-108.3%2415.69%-199.59%118.55%167.09%22.87%58.06%
FCF / Revenue %-93.21%47.67%-3.34%89.73%-85.52%12.14%24.54%30.31%52.01%

STWD Key Ratios

Starwood Property Trust, Inc. (STWD) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
FFO per Share2.223.333.193.371.511.794.821.251.271.45
FFO Payout Ratio85.39%57.4%57.95%56.04%128.42%104.06%43.41%154.81%152.64%0%
NOI Margin91.72%89.3%88.59%90.67%100%90.5%97.16%88.34%97.64%80.51%
Net Debt / EBITDA10.36x12.30x8.07x11.51x-27.37x4.16x167.75x1065.24x14.35x
Debt / Assets8.03%12.67%15.76%15.1%8.66%8.92%12.28%12.76%14.4%35.13%
Interest Coverage1.59x0.49x1.98x1.03x-0.60x2.24x0.00x0.01x1.12x
Book Value / Share18.8617.4717.7818.0417.2122.425.4822.6222.4422.21
Revenue Growth3.76%11.99%26.42%18.43%-13.75%4.49%30.7%32.12%-0.53%-7.88%

STWD SEC Filings & Documents

Starwood Property Trust, Inc. (STWD) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 25, 2026·SEC

Material company update

Nov 10, 2025·SEC

Material company update

Oct 14, 2025·SEC

10-K Annual Reports

3
FY 2026

Feb 25, 2026·SEC

FY 2025

Feb 27, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 10, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 9, 2025·SEC

STWD Frequently Asked Questions

Starwood Property Trust, Inc. (STWD) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Starwood Property Trust, Inc. (STWD) reported $1.89B in revenue for fiscal year 2025. This represents a 27189% increase from $6.9M in 2009.

Starwood Property Trust, Inc. (STWD) saw revenue decline by 7.9% over the past year.

Yes, Starwood Property Trust, Inc. (STWD) is profitable, generating $411.5M in net income for fiscal year 2025 (21.9% net margin).

Dividend & Returns

Starwood Property Trust, Inc. (STWD) has a return on equity (ROE) of 5.6%. This is below average, suggesting room for improvement.

Industry Metrics

Starwood Property Trust, Inc. (STWD) generated Funds From Operations (FFO) of $491.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Explore More STWD

Starwood Property Trust, Inc. (STWD) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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