Starwood Property Trust, Inc. (STWD) 10-Year Financial Performance & Capital Metrics

STWD • • REIT / Real Estate

Real EstateMortgage REITsHybrid Mortgage REITsMulti-Asset Mortgage Investors

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 $2.04B -0.5%
FFO $406M +4.6%
FFO/Share 1.27 +1.3%
FFO Payout 152.64% -1.4%
FFO per Share 1.27 +1.3%
NOI Margin 97.64% +10.5%
FFO Margin 19.9% +5.2%
ROE 5.06% +6.1%
ROA 0.55% +19.4%
Debt/Assets 14.4% +12.9%
Net Debt/EBITDA 1065.24 +535.0%
Book Value/Share 22.44 -0.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High NOI margin of 97.6%
✓Trading at only 0.8x book value

✗Weaknesses

✗Dividend exceeds FFO - may not be sustainable
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.07%

5Y9.13%

3Y19.76%

TTM-13.19%

Profit (Net Income) CAGR

10Y-3.14%

5Y-6.72%

3Y-7.02%

TTM-3.42%

EPS CAGR

10Y-6.7%

5Y-8.95%

3Y-9.68%

TTM-8.55%

ROCE

10Y Avg2.13%

5Y Avg0.63%

3Y Avg0.73%

Latest0.01%

Peer Comparison

Multi-Asset Mortgage Investors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RWTNRedwood Trust, Inc. 9.125% Seni	3.36B	25.34	79.19	52.9%	-0.62%	-0.29%		14.10
MITNAG Mortgage Investment Trust, Inc. 9.500% Senior Notes due 2029	754.34M	25.45	20.69	5.49%	18.45%	8.87%	7.4%	11.65
EFC-PCEllington Financial Inc.	2.49B	25.42	18.97	-13.66%	46.15%	8.39%
RWTRedwood Trust, Inc.	734.76M	5.80	18.13	52.9%	-41.59%	-8.86%		13.80
EFC-PDEllington Financial Inc.	2.37B	24.18	17.65	12.07%	49.64%	8.39%
STWDStarwood Property Trust, Inc.	6.8B	18.35	16.38	-0.53%	19.99%	4.84%	9.1%	1.25
NLYAnnaly Capital Management, Inc.	16.28B	23.83	14.71	189.21%	31.62%	9.97%	15.04%	1.69
IVRInvesco Mortgage Capital Inc.	659.79M	9.30	14.31	17.98%	36.99%	6.93%	27.76%	6.70

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	757.8M	786.29M	880.59M	1.11B	1.32B	1.14B	1.19B	1.55B	2.05B	2.04B
Revenue Growth %	0.06%	0.04%	0.12%	0.26%	0.18%	-0.14%	0.04%	0.31%	0.32%	-0.01%
Property Operating Expenses	11.54M	65.1M	94.26M	127.07M	122.98M	0	112.85M	44.12M	239.29M	48.24M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	536M	651M	735M	978M	506.71M	822.44M	339.07M	362.35M	1.02B	344.41M
G&A Expenses	279.36M	270.39M	252.29M	265.59M	274.24M	157.87M	339.07M	331.05M	180.21M	344.41M
EBITDA+	479.42M	539.22M	617.9M	1.3B	973.95M	0	265.33M	2.27B	51.69M	8.1M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	27.23M	171.57M	473.26M	494.18M	451.06M	94.15M	0	490.89M	49.14M	0
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	452.18M	367.65M	144.64M	809.35M	522.9M	0	265.33M	1.78B	2.55M	8.1M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	202.55M	230.8M	295.67M	408.19M	508.73M	419.76M	445.09M	797.12M	1.44B	1.35B
Interest Coverage	2.23x	1.59x	0.49x	1.98x	1.03x	-	0.60x	2.24x	0.00x	0.01x
Non-Operating Income	0	0	-262.69M	-487.43M	279.99M	94.15M	265.33M	-870.43M	-2.55M	8.1M
Pretax Income+	469.39M	376M	444.29M	426.53M	550.17M	386.28M	501.1M	997.54M	417.48M	406.01M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	17.21M	8.34M	31.52M	15.33M	13.23M	20.2M	8.67M	-61.52M	-682K	25.43M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	450.7M	365.19M	400.77M	385.83M	509.66M	331.69M	447.74M	871.48M	339.21M	359.93M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.09%	-0.19%	0.1%	-0.04%	0.32%	-0.35%	0.35%	0.95%	-0.61%	0.06%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.07%	0.12%	0.63%	0.01%	0.09%	-0.56%	0.25%	1.56%	-0.71%	0.05%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.91	1.50	1.52	1.40	1.79	1.16	1.52	3.09	1.07	1.12
EPS Growth %	-0.15%	-0.21%	0.01%	-0.08%	0.28%	-0.35%	0.31%	1.03%	-0.65%	0.05%
EPS (Basic)	1.92	1.52	1.53	1.45	1.81	1.16	1.54	3.09	1.07	1.13
Diluted Shares Outstanding	234.14M	241.79M	262.08M	275.66M	284.73M	282.48M	296.83M	282.48M	310.51M	320.57M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	85.74B	77.26B	62.94B	68.26B	78.04B	80.87B	83.85B	79.04B	69.5B	62.56B
Asset Growth %	-0.26%	-0.1%	-0.19%	0.08%	0.14%	0.04%	0.04%	-0.06%	-0.12%	-0.1%
Real Estate & Other Assets+	82.4B	-4.77B	-5.01B	-5.47B	-359.57M	-2.27B	-2.31B	-3B	44.21B	-3.03B
PP&E (Net)	919.23M	1.94B	2.65B	2.78B	0	2.27B	0	0	0	0
Investment Securities	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	1.13B	1.45B	1.14B	1.21B	0	659.2M	0	0	458.96M	0
Cash & Equivalents	368.81M	615.52M	369.45M	239.82M	574.03M	563.22M	217.36M	261.06M	194.66M	377.83M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-638.12M	0	-477.6M	-542.97M	0	-639.4M
Intangible Assets	201.57M	219.25M	183.09M	145.03M	0	70.12M	63.56M	68.77M	64.97M	60.7M
Total Liabilities	81.57B	72.7B	58.36B	63.36B	72.91B	76.01B	77.2B	71.84B	62.48B	55.36B
Total Debt+	5.43B	6.2B	7.97B	10.76B	11.78B	7B	7.48B	9.71B	8.87B	9.01B
Net Debt	5.06B	5.59B	7.6B	10.52B	11.21B	6.44B	7.26B	9.45B	8.67B	8.63B
Long-Term Debt	5.43B	5.07B	4.72B	4.92B	10.72B	5.66B	6.14B	8.39B	7.82B	8.17B
Short-Term Borrowings	0	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	13.24M	7.96M	0	0	32.51M	0
Total Current Liabilities+	76.17B	66.53B	51.06B	53.47B	0	1.55B	0	0	1.29B	0
Accounts Payable	155.9M	162.89M	168.28M	217.66M	0	200.78M	189.7M	299M	244.86M	0
Deferred Revenue	-88M	-5.07B	-6.9B	0	0	0	0	0	0	0
Other Liabilities	-5.43B	-5.07B	-4.72B	-4.92B	-10.73B	-5.66B	-6.14B	-8.39B	54.08B	-8.17B
Total Equity+	4.17B	4.56B	4.58B	4.9B	5.14B	4.86B	6.65B	7.2B	7.02B	7.19B
Equity Growth %	0.07%	0.09%	0%	0.07%	0.05%	-0.05%	0.37%	0.08%	-0.02%	0.02%
Shareholders Equity	4.14B	4.52B	4.48B	4.6B	4.7B	4.49B	6.07B	6.46B	6.25B	6.44B
Minority Interest	30.63M	37.8M	100.79M	296.76M	436.59M	373.68M	576.27M	736.27M	771.89M	756.37M
Common Stock	2.41M	2.64M	2.66M	2.81M	2.87M	2.92M	3.12M	3.18M	3.21M	3.45M
Additional Paid-in Capital	4.19B	4.69B	4.72B	5B	5.13B	5.21B	5.67B	5.81B	5.86B	6.32B
Retained Earnings	-12.29M	-115.58M	-217.31M	-349M	-381.72M	-629.73M	493.11M	769.24M	505.88M	235.32M
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0%	0%	0.01%	0.01%	0.01%	0%	0.01%	0.01%	0%	0.01%
Return on Equity (ROE)	0.11%	0.08%	0.09%	0.08%	0.1%	0.07%	0.08%	0.13%	0.05%	0.05%
Debt / Assets	0.06%	0.08%	0.13%	0.16%	0.15%	0.09%	0.09%	0.12%	0.13%	0.14%
Debt / Equity	1.30x	1.36x	1.74x	2.20x	2.29x	1.44x	1.12x	1.35x	1.26x	1.25x
Net Debt / EBITDA	10.56x	10.36x	12.30x	8.07x	11.51x	-	27.37x	4.16x	167.75x	1065.24x
Book Value per Share	17.81	18.86	17.47	17.78	18.04	17.21	22.40	25.48	22.62	22.44

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	612.51M	556.63M	-246.84M	585.47M	-13.2M	1.05B	-989.98M	213.74M	528.6M	646.59M
Operating CF Growth %	1.78%	-0.09%	-1.44%	3.37%	-1.02%	80.21%	-1.95%	1.22%	1.47%	0.22%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	452.18M	367.65M	412.77M	411.2M	536.93M	366.08M	492.43M	1.06B	418.16M	380.58M
Depreciation & Amortization	27.23M	61.57M	90.9M	130.84M	113.39M	94.15M	84.59M	53.94M	54.3M	46.26M
Stock-Based Compensation	49.52M	50.47M	37.75M	43.55M	48.07M	31.24M	39.29M	40.19M	39.25M	41.79M
Other Non-Cash Items	260.62M	208.03M	-729.49M	94.03M	-501.62M	692.24M	-1.42B	-918.25M	252.87M	225.51M
Working Capital Changes	-121.61M	-73.57M	-102.12M	-27.23M	-152.52M	-177.13M	-87.31M	-21.2M	-235.97M	-47.54M
Cash from Investing+	-400.8M	-812.82M	-1.04B	-2.52B	-775.87M	-911.8M	-4.28B	-2.95B	855.07M	2.08B
Acquisitions (Net)	-555.05M	-849.95M	-17.64M	-2.16B	30.86M	25.16M	26.27M	617K	824K	4.4M
Purchase of Investments	-241.51M	-399.31M	-171.1M	-525.08M	-159.15M	-100.34M	-261.67M	-106.05M	-56.59M	-115.09M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	28.15M	-9.49M	-549.87M	-202.28M	-868.46M	-929.92M	-4.17B	-3.14B	799.5M	1.89B
Cash from Financing+	-93.58M	505.49M	1.05B	2B	876.72M	13.28M	4.87B	2.8B	-1.45B	-2.49B
Dividends Paid	-446.85M	-458.35M	-501.66M	-509.97M	-538.42M	-546.88M	-553.93M	-591.46M	-601.19M	-620M
Common Dividends	-446.85M	-458.35M	-501.66M	-509.97M	-538.42M	-546.88M	-553.93M	-591.46M	-601.19M	-620M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	-1000K
Share Repurchases	-48.75M	-19.72M	0	-12.09M	0	-33.83M	0	0	0	0
Other Financing	10.03M	23.7M	-26.84M	-217.35M	106.74M	-33.94M	223.29M	-3.94M	106.01M	-47.82M
Net Change in Cash+	113.63M	246.71M	-232.48M	69.59M	86.17M	148.13M	-400.25M	60.22M	-70.16M	242.02M
Exchange Rate Effect	-1000K	-1000K	1000K	207K	-1000K	1000K	-1000K	-1000K	731K	-1000K
Cash at Beginning	255.19M	368.81M	650.75M	418.27M	487.87M	574.03M	722.16M	321.91M	382.13M	311.97M
Cash at End	368.81M	615.52M	418.27M	487.87M	574.03M	722.16M	321.91M	382.13M	311.97M	554M
Free Cash Flow+	508.26M	789.16M	-820.77M	530.7M	-44.06M	1.02B	-1.02B	188.52M	503.51M	618.65M
FCF Growth %	1.78%	0.55%	-2.04%	1.65%	-1.08%	24.16%	-2%	1.19%	1.67%	0.23%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	2.04	2.22	3.33	3.19	3.37	1.51	1.79	4.82	1.25	1.27
FFO Payout Ratio	93.5%	85.39%	57.4%	57.95%	56.04%	128.42%	104.06%	43.41%	154.81%	152.64%
NOI Margin	98.48%	91.72%	89.3%	88.59%	90.67%	100%	90.5%	97.16%	88.34%	97.64%
Net Debt / EBITDA	10.56x	10.36x	12.30x	8.07x	11.51x	-	27.37x	4.16x	167.75x	1065.24x
Debt / Assets	6.34%	8.03%	12.67%	15.76%	15.1%	8.66%	8.92%	12.28%	12.76%	14.4%
Interest Coverage	2.23x	1.59x	0.49x	1.98x	1.03x	-	0.60x	2.24x	0.00x	0.01x
Book Value / Share	17.81	18.86	17.47	17.78	18.04	17.21	22.4	25.48	22.62	22.44
Revenue Growth	6.08%	3.76%	11.99%	26.42%	18.43%	-13.75%	4.49%	30.7%	32.12%	-0.53%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Commercial And Residential Lending	-	-	-	627.95M	693.03M	749.66M	779.32M	1.17B	1.7B	1.57B
Commercial And Residential Lending Growth	-	-	-	-	10.36%	8.17%	3.96%	49.87%	45.91%	-8.08%
Infrastructure Lending	-	-	-	30.71M	106.65M	80.99M	87.54M	154.36M	239.99M	260.99M
Infrastructure Lending Growth	-	-	-	-	247.29%	-24.06%	8.09%	76.33%	55.47%	8.75%
L N R Businesss	411.81M	352.84M	312.24M	-	253.93M	183.03M	210.19M	205.31M	174.8M	208.76M
L N R Businesss Growth	-	-14.32%	-11.51%	-	-	-27.92%	14.84%	-2.32%	-14.86%	19.42%
Property	25.45M	114.6M	199.11M	292.9M	287.5M	255.75M	235.04M	91.83M	94.17M	69.98M
Property Growth	-	350.38%	73.75%	47.10%	-1.84%	-11.05%	-8.10%	-60.93%	2.55%	-25.69%
Investing And Servicing	-	-	-	304.48M	-	-	-	-	-	-
Investing And Servicing Growth	-	-	-	-	-	-	-	-	-	-
Real Estate Investment Lending	529.45M	497.74M	547.91M	-	-	-	-	-	-	-
Real Estate Investment Lending Growth	-	-5.99%	10.08%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Starwood Property Trust, Inc. (STWD) has a price-to-earnings (P/E) ratio of 16.4x. This is roughly in line with market averages.

Growth & Financials

Starwood Property Trust, Inc. (STWD) reported $1.83B in revenue for fiscal year 2024. This represents a 711% increase from $226.0M in 2011.

Starwood Property Trust, Inc. (STWD) saw revenue decline by 0.5% over the past year.

Yes, Starwood Property Trust, Inc. (STWD) is profitable, generating $366.3M in net income for fiscal year 2024 (17.6% net margin).

Dividend & Returns

Yes, Starwood Property Trust, Inc. (STWD) pays a dividend with a yield of 10.54%. This makes it attractive for income-focused investors.

Starwood Property Trust, Inc. (STWD) has a return on equity (ROE) of 5.1%. This is below average, suggesting room for improvement.

Industry Metrics

Starwood Property Trust, Inc. (STWD) generated Funds From Operations (FFO) of $420.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Starwood Property Trust, Inc. (STWD) offers a 10.54% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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