Starwood Property Trust Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Starwood Property Trust Inc reported revenue of $1.8B (-5.3% year on year) and net income of $443.1M (+16.4% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Interest income from loans | $1.5B | $1.7B | $1.8B | $1.2B |
| Interest income from investment securities | $34.5M | $66.8M | $76.5M | $65.1M |
| Servicing fees | $86.5M | $55.2M | $33.1M | $40.4M |
| Rental income | $182.4M | $108.0M | $127.7M | $128.3M |
| Other revenues | $22.3M | $18.8M | $8.5M | $12.5M |
| Total revenues | $1.8B | $1.9B | $2.0B | $1.5B |
| Management fees | $137.3M | $145.2M | $141.5M | $155.6M |
| Interest expense | $1.3B | $1.3B | $1.4B | $797.1M |
| General and administrative | $208.8M | $199.2M | $180.2M | $175.5M |
| Costs of rental operations | $60.8M | $48.2M | $44.8M | $44.1M |
| Depreciation and amortization | $79.0M | $41.3M | $49.1M | $49.3M |
| Credit loss provision, net | $19.4M | $197.4M | $243.7M | $46.7M |
| Other expense | $4.3M | $2.0M | $1.8M | $1.3M |
| Total costs and expenses | $1.8B | $2.0B | $2.1B | $1.3B |
| Change in net assets related to consolidated VIEs | $154.8M | $75.7M | $181.7M | $124.0M |
| Change in fair value of servicing rights | $5.9M | $3.0M | $1.6M | $1.0M |
| Change in fair value of investment securities, net | $2.2M | $1.0M | $767.0K | ($2.2M) |
| Change in fair value of mortgage loans, net | $184.4M | $75.9M | $62.7M | ($346.2M) |
| Income from affordable housing fund investments | $47.0M | $102.1M | $291.2M | $755.7M |
| Earnings from unconsolidated entities | $14.6M | $13.1M | $16.7M | ($6.3M) |
| Gain on sale of investments and other assets, net | $42.9M | $100.7M | $25.7M | $137.6M |
| (Loss) gain on derivative financial instruments, net | ($127.3M) | $157.9M | ($38.6M) | $334.0M |
| Foreign currency gain (loss), net | $112.9M | ($73.9M) | $60.8M | ($97.0M) |
| Gain (loss) on extinguishment of debt, net | $17.7M | ($3.9M) | ($1.2M) | ($1.2M) |
| Other loss, net | ($33.0M) | ($10.4M) | ($135.6M) | ($93.7M) |
| Total other income (loss) | $422.1M | $441.2M | $465.9M | $805.8M |
| Income before income taxes | $479.8M | $406.0M | $417.5M | $997.5M |
| Income tax (provision) benefit | ($36.7M) | ($25.4M) | $682.0K | $61.5M |
| Net income | $443.1M | $380.6M | $418.2M | $1.1B |
| Net income attributable to non-controlling interests | ($31.5M) | ($20.6M) | ($78.9M) | ($187.6M) |
| Net income attributable to Starwood Property Trust, Inc. | $411.5M | $359.9M | $339.2M | $871.5M |
| Basic (in dollars per share) | $1.15 | $1.10 | $1.07 | $2.80 |
| Diluted (in dollars per share) | $1.15 | $1.10 | $1.07 | $2.74 |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Interest income from loans | $398.4M | $373.8M | $395.4M | $385.2M |
| Interest income from investment securities | $4.8M | $5.4M | $7.4M | $10.3M |
| Servicing fees | $16.7M | $48.0M | $23.2M | $14.1M |
| Rental income | $87.9M | $80.0M | $57.5M | $28.2M |
| Other revenues | $6.0M | $5.2M | $5.3M | $6.4M |
| Total revenues | $513.7M | $512.5M | $488.9M | $444.3M |
| Management fees | $30.6M | $36.2M | $32.2M | $30.8M |
| Interest expense | $344.6M | $328.9M | $334.8M | $316.1M |
| General and administrative | $56.7M | $58.3M | $51.5M | $51.1M |
| Costs of rental operations | $26.3M | $23.1M | $16.0M | $14.5M |
| Depreciation and amortization | $35.3M | $33.7M | $26.0M | $10.4M |
| Credit loss provision (reversal), net | $30.2M | ($377.0K) | $28.4M | $5.7M |
| Other expense | $1.2M | $401.0K | $439.0K | $1.9M |
| Total costs and expenses | $524.8M | $480.3M | $489.4M | $430.5M |
| Change in net assets related to consolidated VIEs | $33.1M | $32.5M | $43.7M | $40.3M |
| Change in fair value of servicing rights | $1.7M | ($537.0K) | $2.0M | $2.4M |
| Change in fair value of investment securities, net | ($52.0K) | $89.0K | $1.8M | $345.0K |
| Change in fair value of mortgage loans, net | ($61.0K) | ($12.7M) | $52.4M | $29.9M |
| Income from affordable housing fund investments | $4.9M | $12.5M | $324.0K | $5.1M |
| Earnings from unconsolidated entities | $2.7M | $818.0K | $2.5M | $7.9M |
| Gain on sale of investments and other assets, net | $2.4M | $679.0K | $1.0M | $31.7M |
| Loss on derivative financial instruments, net | ($3.0M) | ($2.5M) | $5.8M | ($101.3M) |
| Foreign currency (loss) gain, net | ($5.7M) | ($6.1M) | ($12.2M) | $83.8M |
| Gain (loss) on extinguishment of debt | $0 | ($335.0K) | $0 | $20.0M |
| Other (loss) income, net | ($3.7M) | ($3.1M) | ($3.5M) | $1.6M |
| Total other (loss) income | $32.3M | $21.3M | $93.8M | $121.6M |
| Income (loss) before income taxes | $21.2M | $53.5M | $93.3M | $135.4M |
| Income tax provision | ($6.2M) | $3.9M | ($13.3M) | ($671.0K) |
| Net income (loss) | $15.0M | $57.4M | $79.9M | $134.7M |
| Net income attributable to non-controlling interests | ($8.4M) | ($5.5M) | ($7.4M) | ($4.9M) |
| Net income (loss) attributable to Starwood Property Trust, Inc. | $6.6M | $51.9M | $72.6M | $129.8M |
| Basic (in dollars per share) | $0.01 | $0.13 | $0.19 | $0.38 |
| Diluted (in dollars per share) | $0.01 | $0.13 | $0.19 | $0.38 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $499.5M | $377.8M | $194.7M | $261.1M |
| Restricted cash | $175.2M | $176.2M | $117.3M | $121.1M |
| Loans held-for-investment, net of credit loss allowances of $440,842 and $448,295 | $18.9B | $15.4B | $17.6B | $18.4B |
| Loans held-for-sale, at fair value | $2.3B | $2.5B | $2.6B | $2.8B |
| Investment securities, net of credit loss allowances of $37,369 and $24,463 ($121,433 and $126,297 held at fair value) | $301.0M | $533.3M | $735.6M | $815.8M |
| Properties, net | $3.4B | $1.4B | $1.0B | $1.4B |
| Investments of consolidated affordable housing fund, at fair value | $1.7B | $2.1B | $2.0B | $1.8B |
| Investments in unconsolidated entities | $84.8M | $99.4M | $90.4M | $91.9M |
| Goodwill | $259.8M | $259.8M | $259.8M | $259.8M |
| Intangible assets, net ($28,280 and $22,390 held at fair value) | $436.1M | $60.7M | $65.0M | $68.8M |
| Derivative assets | $45.8M | $175.5M | $63.4M | $108.6M |
| Accrued interest receivable | $162.7M | $167.8M | $200.9M | $168.5M |
| Other assets | $363.0M | $368.2M | $420.8M | $297.5M |
| Variable interest entity (“VIE”) assets, at fair value | $34.5B | $38.9B | $43.8B | $52.5B |
| Total Assets | $63.2B | $62.6B | $69.5B | $79.0B |
| Accounts payable, accrued expenses and other liabilities | $531.4M | $473.5M | $338.3M | $299.0M |
| Dividends payable | $180.4M | $163.4M | $152.9M | $151.5M |
| Derivative liabilities | $84.0M | $94.9M | $102.5M | $91.4M |
| Secured financing agreements, net | $12.7B | $11.2B | $13.9B | $14.5B |
| Securitized financing, net | $5.1B | $3.2B | $3.5B | $3.7B |
| Unsecured senior notes, net | $4.3B | $3.0B | $2.2B | $2.3B |
| VIE liabilities, at fair value | $32.8B | $37.3B | $42.2B | $50.8B |
| Total Liabilities | $55.7B | $55.4B | $62.5B | $71.8B |
| Temporary Equity: Redeemable non-controlling interests | $364.1M | $426.7M | $414.3M | $362.8M |
| Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding | $0.00 | $0.00 | $0.00 | $0.00 |
| Common stock, $0.01 per share, 500,000,000 shares authorized, 378,011,570 issued and 370,562,879 outstanding as of December 31, 2025 and 344,858,379 issued and 337,409,688 outstanding as of December 31, 2024 | $3780000.00 | $3449000.00 | $3208000.00 | $3181000.00 |
| Additional paid-in capital | $7.0B | $6.3B | $5.9B | $5.8B |
| Treasury stock (7,448,691 shares) | -138.0M | -138.0M | -138.0M | -138.0M |
| Retained earnings (accumulated deficit) | ($39.0M) | $235.3M | $505.9M | $769.2M |
| Accumulated other comprehensive income | $11.6M | $13.6M | $15.4M | $21.0M |
| Total Starwood Property Trust, Inc. Stockholders’ Equity | $6.8B | $6.4B | $6.3B | $6.5B |
| Non-controlling interests in consolidated subsidiaries | $329.9M | $329.7M | $357.5M | $373.5M |
| Total Permanent Equity | $7.1B | $6.8B | $6.6B | $6.8B |
| Total Liabilities and Equity | $63.2B | $62.6B | $69.5B | $79.0B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $367.6M | $290.3M | $301.1M | $259.9M |
| Restricted cash | $272.8M | $375.8M | $238.0M | $214.9M |
| Loans held-for-investment, net of credit loss allowances of $419,156 and $440,842 ($227,521 and none held at fair value) | $19.8B | $19.3B | $18.3B | $17.8B |
| Loans held-for-sale, at fair value | $2.2B | $2.3B | $2.6B | $2.5B |
| Investment securities, net of credit loss allowances of $55,258 and $37,369 ($119,780 and $121,433 held at fair value) | $402.8M | $308.2M | $258.8M | $502.6M |
| Properties, net | $4.0B | $3.9B | $3.3B | $1.5B |
| Investments of consolidated affordable housing fund, at fair value | $1.7B | $1.7B | $1.9B | $2.1B |
| Investments in unconsolidated entities | $88.2M | $85.6M | $81.1M | $81.4M |
| Goodwill | $259.8M | $259.8M | $259.8M | $259.8M |
| Intangible assets, net ($29,487 and $28,280 held at fair value) | $441.0M | $426.7M | $429.8M | $54.4M |
| Derivative assets | $24.4M | $32.3M | $37.3M | $72.0M |
| Accrued interest receivable | $200.8M | $177.4M | $167.6M | $164.6M |
| Other assets | $362.2M | $538.5M | $378.3M | $381.6M |
| Variable interest entity (“VIE”) assets, at fair value | $30.9B | $32.4B | $34.2B | $36.5B |
| Total Assets | $61.0B | $62.1B | $62.4B | $62.4B |
| Accounts payable, accrued expenses and other liabilities | $602.6M | $571.1M | $560.0M | $424.1M |
| Dividends payable | $180.7M | $180.9M | $180.1M | $166.2M |
| Derivative liabilities | $91.6M | $79.4M | $93.6M | $142.3M |
| Secured financing agreements, net | $14.0B | $13.8B | $14.7B | $13.5B |
| Securitized financing, net | $4.8B | $5.1B | $3.5B | $2.8B |
| Unsecured senior notes, net | $4.9B | $4.3B | $3.2B | $3.2B |
| VIE liabilities, at fair value | $29.3B | $30.8B | $32.6B | $34.9B |
| Total Liabilities | $53.9B | $54.7B | $54.9B | $55.2B |
| Temporary Equity: Redeemable non-controlling interests | $356.4M | $357.5M | $385.9M | $425.5M |
| Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding | $0.00 | $0.00 | $0.00 | $0.00 |
| Common stock, $0.01 per share, 500,000,000 shares authorized, 379,785,339 issued and 370,628,310 outstanding as of June 30, 2026 and 378,011,570 issued and 370,562,879 outstanding as of December 31, 2025 | $3798000.00 | $3793000.00 | $3778000.00 | $3491000.00 |
| Additional paid-in capital | $7.0B | $7.0B | $6.9B | $6.4B |
| Treasury stock (9,157,029 shares and 7,448,691 shares) | -168.0M | -158.0M | -138.0M | -138.0M |
| Accumulated deficit | ($337.9M) | ($165.9M) | $42.6M | $148.5M |
| Accumulated other comprehensive income | $9.7M | $10.9M | $11.9M | $12.8M |
| Total Starwood Property Trust, Inc. Stockholders’ Equity | $6.5B | $6.7B | $6.9B | $6.4B |
| Non-controlling interests in consolidated subsidiaries | $328.1M | $325.8M | $321.9M | $321.1M |
| Total Permanent Equity | $6.8B | $7.0B | $7.2B | $6.7B |
| Total Liabilities and Equity | $61.0B | $62.1B | $62.4B | $62.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $443.1M | $380.6M | $418.2M | $1.1B |
| Amortization of deferred financing costs, premiums and discounts on secured borrowings | $46.6M | $48.9M | $50.5M | $47.7M |
| Amortization of discounts and deferred financing costs on unsecured senior notes | $11.9M | $10.9M | $9.4M | $8.8M |
| Accretion of net discount on investment securities | ($5.7M) | ($5.9M) | ($8.5M) | ($12.2M) |
| Accretion of net deferred loan fees and discounts | ($62.4M) | ($63.8M) | ($67.1M) | ($62.6M) |
| Share-based compensation | $54.1M | $41.8M | $39.2M | $40.2M |
| Manager fees paid in stock | $11.5M | $21.1M | $15.3M | $43.1M |
| Change in fair value of investment securities | ($2.2M) | ($1.0M) | ($767.0K) | $2.2M |
| Change in fair value of consolidated VIEs | ($5.9M) | $69.7M | ($33.2M) | $25.2M |
| Change in fair value of servicing rights | ($5.9M) | ($3.0M) | ($1.6M) | ($1.0M) |
| Change in fair value of loans | ($184.4M) | ($75.9M) | ($62.7M) | $346.2M |
| Change in fair value of affordable housing fund investments | $346.0M | ($60.7M) | ($251.8M) | ($720.7M) |
| Change in fair value of derivatives | $153.6M | ($84.2M) | $128.2M | ($329.2M) |
| Foreign currency (gain) loss, net | ($112.9M) | $73.9M | ($60.8M) | $97.0M |
| Gain on sale of investments and other assets | ($42.9M) | ($100.7M) | ($25.7M) | ($137.6M) |
| Impairment charges on properties and related intangibles | $26.8M | $0 | $124.9M | $55.0K |
| Credit loss provision, net | $19.4M | $197.4M | $243.7M | $46.7M |
| Depreciation and amortization | $84.8M | $46.3M | $54.3M | $53.9M |
| Earnings from unconsolidated entities | ($14.6M) | ($13.1M) | ($16.7M) | $6.3M |
| Distributions of earnings from unconsolidated entities | $10.9M | $5.0M | $8.8M | $5.4M |
| (Gain) loss on extinguishment of debt | ($17.7M) | $3.9M | $1.2M | $986.0K |
| Origination and purchase of loans held-for-sale, net of principal collections | ($923.5M) | ($1.5B) | ($571.0M) | ($4.4B) |
| Proceeds from sale of loans held-for-sale | $1.3B | $1.7B | $770.7M | $4.2B |
| Related-party payable | ($7.3M) | ($5.9M) | $3.6M | ($35.2M) |
| Accrued and capitalized interest receivable, less purchased interest | ($103.8M) | ($70.4M) | ($155.8M) | ($201.5M) |
| Other assets | $23.1M | ($76.3M) | ($65.8M) | $44.1M |
| Accounts payable, accrued expenses and other liabilities | ($50.2M) | $105.0M | ($18.0M) | $171.4M |
| Net cash provided by operating activities | $977.9M | $646.6M | $528.6M | $213.7M |
| Origination, purchase and funding of loans held-for-investment | ($7.8B) | ($3.0B) | ($2.7B) | ($5.5B) |
| Proceeds from principal collections on loans | $4.5B | $4.6B | $3.3B | $2.1B |
| Proceeds from loans sold | $229.9M | $87.3M | $95.3M | $101.7M |
| Purchase and funding of investment securities | ($81.6M) | ($88.7M) | ($11.6M) | ($86.5M) |
| Proceeds from sales and redemptions of investment securities | $9.3M | $3.7M | $3.0M | — |
| Proceeds from principal collections on investment securities | $304.4M | $274.2M | $90.3M | $115.9M |
| Proceeds from sales of real estate | $100.9M | $216.8M | $73.6M | $203.7M |
| Net cash paid in merger | ($878.5M) | — | — | — |
| Purchases and additions to properties and other assets | ($269.0M) | ($27.9M) | ($25.1M) | ($25.2M) |
| Investments in unconsolidated entities | ($313.0K) | ($6.6M) | ($2.6M) | ($461.0K) |
| Proceeds from sale of interest in an unconsolidated entity | $69.8M | — | — | $0 |
| Distribution of capital from unconsolidated entities | $250.0K | $5.6M | $11.0M | $3.4M |
| Cash acquired through foreclosures | $733.0K | $4.4M | — | — |
| Payments for purchase or termination of derivatives | ($54.5M) | ($19.8M) | ($42.4M) | ($19.1M) |
| Proceeds from origination or termination of derivatives | $68.9M | $52.0M | $43.0M | $202.9M |
| Net cash (used in) provided by investing activities | ($3.8B) | $2.1B | $855.1M | ($3.0B) |
| Proceeds from borrowings | $14.7B | $7.2B | $6.6B | $13.5B |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income | $72.4M | $57.4M | $330.7M | $250.8M |
| Amortization of deferred financing costs, premiums and discounts on secured borrowings | $25.2M | $12.5M | $34.2M | $22.9M |
| Amortization of discounts and deferred financing costs on unsecured senior notes | $7.8M | $3.8M | $8.3M | $5.4M |
| Accretion of net discount on investment securities | ($2.3M) | ($1.2M) | ($4.5M) | ($3.3M) |
| Accretion of net deferred loan fees and discounts | ($34.5M) | ($15.7M) | ($46.6M) | ($26.6M) |
| Share-based compensation | $27.3M | $14.0M | $41.5M | $26.8M |
| Manager fees paid in stock | $4.5M | $1.7M | $11.5M | $11.4M |
| Change in fair value of investment securities | ($37.0K) | ($89.0K) | ($2.0M) | ($172.0K) |
| Change in fair value of consolidated VIEs | $2.5M | $2.6M | ($1.7M) | $5.9M |
| Change in fair value of servicing rights | ($1.2M) | $537.0K | ($5.1M) | ($3.1M) |
| Change in fair value of loans | $12.7M | $12.7M | ($140.6M) | ($88.3M) |
| Change in fair value of affordable housing fund investments | $2.1M | ($1.9M) | $211.6M | $18.0M |
| Change in fair value of derivatives | $16.7M | $9.1M | $157.0M | $158.6M |
| Foreign currency loss (gain), net | $11.8M | $6.1M | ($106.3M) | ($118.6M) |
| Gain on sale of investments and other assets, net | ($3.1M) | ($679.0K) | ($32.7M) | ($31.7M) |
| Credit loss provision (reversal), net | $29.8M | ($377.0K) | $9.0M | ($19.3M) |
| Depreciation and amortization | $72.4M | $35.5M | $52.0M | $24.3M |
| Earnings from unconsolidated entities | ($3.5M) | ($818.0K) | ($10.9M) | ($8.4M) |
| Distributions of earnings from unconsolidated entities | $80.0K | $0 | $10.5M | $7.7M |
| Loss (gain) on extinguishment of debt, net | $335.0K | $335.0K | ($20.0M) | ($20.0M) |
| Origination and purchase of loans held-for-sale, net of principal collections | ($427.2M) | ($191.3M) | ($828.8M) | ($646.6M) |
| Proceeds from sale of loans held-for-sale | $523.9M | $182.1M | $912.4M | $743.2M |
| Related-party payable | ($4.6M) | $2.0M | ($11.0M) | ($13.1M) |
| Accrued and capitalized interest receivable, less purchased interest | ($110.7M) | ($51.5M) | ($78.7M) | ($45.7M) |
| Other assets | ($32.2M) | ($7.3M) | $36.1M | ($33.5M) |
| Accounts payable, accrued expenses and other liabilities | $73.8M | $24.1M | ($36.9M) | ($65.2M) |
| Net cash provided by operating activities | $264.2M | $93.6M | $489.1M | $151.5M |
| Origination, purchase and funding of loans held-for-investment | ($3.1B) | ($1.9B) | ($6.1B) | ($3.8B) |
| Proceeds from principal collections on loans | $2.1B | $982.8M | $3.3B | $1.6B |
| Proceeds from loans sold | $0 | — | $229.9M | $229.9M |
| Purchase and funding of investment securities | ($135.3M) | ($22.7M) | ($29.9M) | ($21.6M) |
| Proceeds from sales and redemptions of investment securities | $9.7M | $625.0K | $7.6M | $5.5M |
| Proceeds from principal collections on investment securities | $7.7M | $4.8M | $300.9M | $55.0M |
| Proceeds from sales of real estate | $87.0M | $62.0M | $60.5M | $58.9M |
| Purchases and additions to properties and other assets | ($355.2M) | ($149.3M) | ($63.4M) | ($14.8M) |
| Proceeds from sale of interest in an unconsolidated entity | $0 | — | $69.8M | $69.8M |
| Distribution of capital from unconsolidated entities | $0 | $0 | $250.0K | $250.0K |
| Cash acquired in foreclosure | $7.7M | $7.7M | $733.0K | $733.0K |
| Payments for purchase or termination of derivatives | ($29.5M) | ($18.9M) | ($43.5M) | ($16.1M) |
| Proceeds from termination of derivatives | $33.5M | $22.3M | $66.2M | $36.2M |
| Net cash used in investing activities | ($1.4B) | ($989.7M) | ($3.1B) | ($1.9B) |
| Proceeds from borrowings | $5.5B | $2.9B | $10.0B | $6.7B |
| Principal repayments on and repurchases of borrowings | ($3.9B) | ($1.8B) | ($7.4B) | ($4.7B) |
| Payment of deferred financing costs | ($27.6M) | ($12.6M) | ($57.3M) | ($29.7M) |
| Net proceeds from issuances of common stock | $2.3M | $1.7M | $567.3M | $33.2M |
Starwood Property Trust Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.