The company's financial risk has escalated significantly, with the debt-to-equity ratio rising from 1.26x in 2023Q4 to 3.15x in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Total Assets | 62.09B | 63.18B | 62.56B | 69.5B | 79.04B | 83.85B | 80.87B | 78.04B | 68.26B | 62.94B | 77.26B | 85.74B | 116.1B | 110.77B | 4.32B | 3B | 2.1B | 1.11B |
| Asset Growth % | -4.61% | 1% | -10% | -12.07% | -5.73% | 3.68% | 3.63% | 14.33% | 8.45% | -18.53% | -9.89% | -26.15% | 4.81% | 2461.54% | 44.27% | 42.64% | 89.52% | - |
| Real Estate & Other Assets | -6.01B | 38.3B | -3.03B | 44.21B | -3B | -2.31B | -2.27B | -359.57M | -5.47B | -5.01B | -4.77B | 82.4B | 113.33B | 103.78B | 48.58M | 228.71M | -411.86M | -245.9M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 2.27B | 0 | 2.78B | 2.65B | 1.94B | 919.23M | 39.85M | 749.21M | 99.11M | 0 | 0 | 0 |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 775.9M | 925.61M | 0 | 458.96M | 0 | 0 | 659.2M | 0 | 1.21B | 1.14B | 1.45B | 1.13B | 1.29B | 5.62B | 3.09B | 2.38B | 634.1M | 647.31M |
| Cash & Equivalents | 290.29M | 499.48M | 377.83M | 194.66M | 261.06M | 217.36M | 563.22M | 574.03M | 239.82M | 369.45M | 615.52M | 368.81M | 255.19M | 317.63M | 177.67M | 114.03M | 226.85M | 645.13M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 175.17M | -639.4M | 0 | -542.97M | -477.6M | 0 | -638.12M | 0 | 0 | 0 | 0 | 0 | 5.26B | 2.03B | 2.25B | 0 | 0 |
| Intangible Assets | 426.65M | 436.06M | 60.7M | 64.97M | 68.77M | 63.56M | 70.12M | 0 | 145.03M | 183.09M | 219.25M | 201.57M | 144.15M | 177.17M | 0 | 0 | 0 | 0 |
| Total Liabilities | 54.74B | 55.69B | 55.36B | 62.48B | 71.84B | 77.2B | 76.01B | 72.91B | 63.36B | 58.36B | 72.7B | 81.57B | 112.22B | 106.44B | 1.53B | 1.23B | 764.18M | 212.75M |
| Total Debt | 23.14B | 22.09B | 9.01B | 8.87B | 9.71B | 7.48B | 7B | 11.78B | 10.76B | 7.97B | 6.2B | 5.43B | 4.69B | 3.44B | 1.39B | 1.1B | 579.66M | 171.39M |
| Net Debt | 22.85B | 21.59B | 8.63B | 8.67B | 9.45B | 7.26B | 6.44B | 11.21B | 10.52B | 7.6B | 5.59B | 5.06B | 4.43B | 3.12B | 1.22B | 989.49M | 352.81M | -473.74M |
| Long-Term Debt | 20.65B | 12.21B | 8.17B | 7.82B | 8.39B | 6.14B | 5.66B | 10.72B | 4.92B | 4.72B | 5.07B | 5.43B | 4.69B | 3.44B | 1.39B | 1.16B | 0 | 0 |
| Short-Term Borrowings | 2.49B | 9.89B | 831.32M | 1.05B | 1.32B | 1.34B | 1.35B | 1.05B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 32.51M | 0 | 0 | 0 | 13.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.1B | 579.66M | 171.39M |
| Total Current Liabilities | 2.49B | 10.1B | 0 | 1.29B | 0 | 0 | 1.55B | 0 | 53.47B | 51.06B | 66.53B | 76.17B | 107.55B | 103.05B | 211M | 81M | 140M | 50M |
| Accounts Payable | 0 | 0 | 0 | 244.86M | 299M | 189.7M | 200.78M | 0 | 217.66M | 168.28M | 162.89M | 155.9M | 144.52M | 0 | 30.09M | 5.05M | 0 | 3.55M |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63.36B | -6.9B | -5.07B | -88M | -63.55M | -24.19M | 0 | 0 | 0 | 0 |
| Other Liabilities | 31.6B | 33.39B | -8.17B | 54.08B | -8.39B | -6.14B | 0 | -10.73B | -4.92B | -4.72B | -5.07B | -5.43B | -4.69B | -3.44B | -1.39B | -2.26B | -579.66M | -171.39M |
| Total Equity | 7.35B | 7.49B | 7.19B | 7.02B | 7.2B | 6.65B | 4.86B | 5.14B | 4.9B | 4.58B | 4.56B | 4.17B | 3.88B | 4.33B | 2.8B | 1.77B | 1.34B | 896.03M |
| Equity Growth % | 13.57% | 4.12% | 2.43% | -2.44% | 8.27% | 36.73% | -5.34% | 4.83% | 7.01% | 0.42% | 9.33% | 7.42% | -10.27% | 54.69% | 58.47% | 32% | 49.24% | - |
| Shareholders Equity | 6.67B | 6.8B | 6.44B | 6.25B | 6.46B | 6.07B | 4.49B | 4.7B | 4.6B | 4.48B | 4.52B | 4.14B | 3.86B | 4.28B | 2.72B | 1.76B | 1.33B | 887.97M |
| Minority Interest | 683.26M | 693.99M | 756.37M | 771.89M | 736.27M | 576.27M | 373.68M | 436.59M | 296.76M | 100.79M | 37.8M | 30.63M | 22.06M | 44.6M | 77.86M | 5.66M | 9.67M | 8.07M |
| Common Stock | 3.79M | 3.78M | 3.45M | 3.21M | 3.18M | 3.12M | 2.92M | 2.87M | 2.81M | 2.66M | 2.64M | 2.41M | 2.25M | 1.96M | 1.36M | 938K | 706K | 476K |
| Additional Paid-in Capital | 6.97B | 6.96B | 6.32B | 5.86B | 5.81B | 5.67B | 5.21B | 5.13B | 5B | 4.72B | 4.69B | 4.19B | 3.84B | 4.3B | 2.72B | 1.83B | 1.34B | 895.86M |
| Retained Earnings | -165.87M | -39.02M | 235.32M | 505.88M | 769.24M | 493.11M | -629.73M | -381.72M | -349M | -217.31M | -115.58M | -12.29M | -9.38M | -84.72M | -72.4M | -55.13M | -19.3M | -8.37M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 0.56% | 0.65% | 0.55% | 0.46% | 1.07% | 0.54% | 0.42% | 0.7% | 0.59% | 0.57% | 0.45% | 0.45% | 0.44% | 0.53% | 5.5% | 4.68% | 3.55% | -0.27% |
| Return on Equity (ROE) | 4.75% | 5.61% | 5.06% | 4.77% | 12.59% | 7.78% | 6.63% | 10.16% | 8.14% | 8.77% | 8.37% | 11.19% | 12.06% | 8.56% | 8.82% | 7.7% | 5.11% | -0.34% |
| Debt / Assets | 37.27% | 34.97% | 14.4% | 12.76% | 12.28% | 8.92% | 8.66% | 15.1% | 15.76% | 12.67% | 8.03% | 6.34% | 4.04% | 3.1% | 32.23% | 36.82% | 27.58% | 15.46% |
| Debt / Equity | 3.15x | 2.95x | 1.25x | 1.26x | 1.35x | 1.12x | 1.44x | 2.29x | 2.20x | 1.74x | 1.36x | 1.30x | 1.21x | 0.79x | 0.50x | 0.63x | 0.43x | 0.19x |
| Net Debt / EBITDA | 14.76x | 14.26x | 5.12x | 5.92x | 8.49x | 8.23x | 8.70x | 11.43x | 13.99x | 15.18x | 8.20x | 7.08x | 8.91x | 9.14x | 6.39x | 5.53x | 3.88x | -385.78x |
| Book Value per Share | 21.80 | 22.21 | 22.44 | 22.62 | 25.48 | 22.40 | 17.21 | 18.04 | 17.78 | 17.47 | 18.86 | 17.81 | 17.75 | 26.01 | 24.59 | 20.43 | 26.73 | 18.83 |
Elevated leverage and liquidity
According to recent financial statements, STWD's total debt surged from $8.9 billion in 2023Q4 to $23.1 billion by 2026Q1, representing a significant expansion in leverage that warrants close monitoring as the company navigates a challenging commercial real estate credit environment with limited equity cushion.
The sharp increase in debt-to-equity ratios, peaking at 3.15x in 2026Q1, suggests a aggressive reliance on external financing to maintain portfolio scale. This rapid accumulation of liabilities may constrain future financial flexibility and increase sensitivity to interest rate volatility.
Based on reported figures, the company's cash position of $598.5 million in 2026Q1 appears insufficient relative to the massive $23.1 billion debt load, suggesting that liquidity management is becoming increasingly reliant on revolving credit facilities and potential asset sales to meet ongoing capital requirements.
The lack of significant cash accumulation despite high debt levels implies that the company is operating with minimal margin for error. Investors should monitor whether current liquidity levels are adequate to cover potential margin calls or debt maturities in the near term.
As indicated by quarterly filings, total equity has remained largely stagnant, hovering around $6.7 billion in 2026Q1 compared to $6.3 billion in 2023Q4, which suggests that the company is struggling to generate sufficient retained earnings to organically expand its capital base without diluting existing shareholders.
The minimal growth in equity relative to the substantial increase in debt indicates that the company's capital structure is becoming increasingly levered. This trend may limit the firm's ability to absorb potential credit losses within its lending portfolio without impacting book value.
Analysis of the balance sheet suggests that the rapid rise in total liabilities may mask underlying credit deterioration, as the company's debt-to-equity ratio jumped from 1.26x in 2023Q4 to 3.15x in 2026Q1, potentially indicating a reliance on debt to support non-performing assets.
The disconnect between stagnant equity and ballooning debt warrants further investigation into the quality of the underlying loan book. It appears possible that the company is utilizing leverage to bridge gaps in cash flow, which could exacerbate risks if asset values continue to face downward pressure.
Quick answers to the most common questions about buying STWD stock.
As of 2025, Starwood Property Trust, Inc. (STWD) had total assets of $63.18B including $925.6M in current assets.
Starwood Property Trust, Inc. (STWD) carries total debt of $22.09B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Starwood Property Trust, Inc. (STWD) has total shareholders' equity (book value) of $6.80B ($22.21 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Starwood Property Trust, Inc. (STWD) reported a current ratio of 0.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.