STARWOOD PROPERTY TRUST, INC.

Listed Company

STWDCIK 0001465128NYSELarge AcceleratedReal Estate Investment TrustsFY ends Dec 31

Period

FY 2025

Revenue

$1.84B

Net Income

$411.54M

Total Assets

$63.18B

Equity

$6.80B

Shares Out

370.58M

Op. Cash Flow

$977.85M

Business

STARWOOD PROPERTY TRUST, INC. is a real estate investment company that originates, acquires, finances and manages mortgage loans and other real estate investments. It offers commercial and residential whole mortgages, subordinated and mezzanine loans, CMBS and RMBS, infrastructure debt, preferred equity, net‑lease and direct property investments, and loan servicing and asset workout services. The company operates through four reportable segments: Commercial and Residential Lending; Infrastructure Lending; Property; and Investing and Servicing. It conducts business primarily across the United States, Europe and Australia and utilizes securitizations, loan sales, joint ventures and other capital markets distribution channels.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Interest income from loans	1,519	1,698	1,804	1,219	800
Interest income from investment securities	34	67	77	65	45
Servicing fees	87	55	33	40	39
Rental income	182	108	128	128	279
Other revenues	22	19	8	13	7
Total revenues	1,844	1,947	2,050	1,465	1,170
Management fees	137	145	142	156	168
Interest expense	1,277	1,349	1,436	797	—
General and administrative	209	199	180	176	171
Costs of rental operations	61	48	45	44	112
Depreciation and amortization	79	41	49	49	83
Credit loss provision, net	19	197	244	47	8
Other expense	4	2	3	5	708,000
Total costs and expenses	1,787	1,982	2,098	1,273	989
Change in net assets related to consolidated VIEs	155	76	182	124	162
Change in fair value of servicing rights	6	3	2	1	4
Change in fair value of investment securities, net	2	1	767,000	−2	−387,000
Change in fair value of mortgage loans, net	184	76	63	−346	69
Income from affordable housing fund investments	—	102	291	756	6
Earnings from unconsolidated entities	15	13	17	−6	9
Gain on sale of investments and other assets, net	43	101	26	138	39
(Loss) gain on derivative financial instruments, net	−127	158	−39	334	82
Foreign currency gain (loss), net	113	−74	61	−97	−36
Gain (loss) on extinguishment of debt, net	18	−4	−1	−1	−7
Other loss, net	−33	−10	−136	−94	−7
Total other income (loss)	422	441	466	806	320
Income before income taxes	480	406	417	998	501
Income tax (provision) benefit	−37	−25	682,000	62	−9
Net income	443	381	418	1,059	492
Net income attributable to non-controlling interests	−32	−21	−79	−188	−45
Net income attributable to Starwood Property Trust, Inc.	412	360	339	871	448
Basic (in dollars per share)	1.15	1.1	1.07	2.8	1.54
Diluted (in dollars per share)	1.15	1.1	1.07	2.74	1.52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	499	378	195	261	217
Restricted cash	175	176	117	121	105
Loans held-for-investment, net of credit loss allowances of $440,842 and $448,295	18,863	15,437	17,574	18,401	15,537
Loans held-for-sale, at fair value	2,324	2,516	2,646	2,785	2,877
Investment securities, net of credit loss allowances of $37,369 and $24,463 ($121,433 and $126,297 held at fair value)	301	533	736	816	861
Properties, net	3,449	1,374	1,046	1,450	1,166
Investments of consolidated affordable housing fund, at fair value	—	2,074	2,013	1,761	1,040
Investments in unconsolidated entities	85	99	90	92	90
Goodwill	260	260	260	260	260
Intangible assets, net ($28,280 and $22,390 held at fair value)	436	61	65	69	64
Derivative assets	46	176	63	109	48
Accrued interest receivable	163	168	201	169	116
Other assets	363	368	421	297	189
Variable interest entity (VIE) assets, at fair value	34,493	38,938	43,786	52,453	61,281
Total Assets	63,183	62,556	69,504	79,043	83,850
Dividends payable	180	163	153	152	148
Derivative liabilities	84	95	102	91	13
Secured financing agreements, net	12,679	11,152	13,868	14,502	12,577
Securitized financing, net	5,131	3,196	3,491	3,676	2,616
Unsecured senior notes, net	4,284	2,995	2,159	2,329	1,829
VIE liabilities, at fair value	32,804	37,289	42,176	50,754	59,753
Total Liabilities	55,694	55,363	62,481	71,844	77,202
Commitments and contingencies (Note 23)	—	—	—	—	—
Temporary Equity: Redeemable non-controlling interests	364	427	414	363	215
Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding	0	0	0	0	0
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	4	3	3	3	3
Additional paid-in capital	6,957	6,323	5,865	5,807	5,673
Treasury stock (7,448,691 shares)	−138	−138	−138	−138	−138
Retained earnings (accumulated deficit)	−39	235	506	769	493
Accumulated other comprehensive income	12	14	15	21	41
Total Starwood Property Trust, Inc. Stockholders Equity	6,796	6,437	6,251	6,462	6,073
Non-controlling interests in consolidated subsidiaries	330	330	358	373	361
Total Permanent Equity	7,125	6,767	6,609	6,836	6,434
Total Liabilities and Equity	63,183	62,556	69,504	79,043	83,850

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of deferred financing costs, premiums and discounts on secured borrowings	47	49	50	48	43
Amortization of discounts and deferred financing costs on unsecured senior notes	12	11	9	9	7
Accretion of net discount on investment securities	−6	−6	−8	−12	−14
Accretion of net deferred loan fees and discounts	−62	−64	−67	−63	−58
Share-based compensation	54	42	39	40	39
Manager fees paid in stock	11	21	15	43	17
Change in fair value of consolidated VIEs	−6	70	−33	25	−20
Change in fair value of servicing rights	−6	−3	−2	−1	−4
Change in fair value of affordable housing fund investments	346	−61	−252	−721	−402,000
Change in fair value of derivatives	154	−84	128	−329	−90
Foreign currency (gain) loss, net	−113	74	−61	97	36
Gain on sale of investments and other assets	−43	−101	−26	−138	−39
Impairment charges on properties and related intangibles	27	0	125	55,000	0
Depreciation and amortization	85	46	54	54	85
Distributions of earnings from unconsolidated entities	11	5	9	5	5
(Gain) loss on extinguishment of debt	−18	4	1	986,000	7
Origination and purchase of loans held-for-sale, net of principal collections	−923	−1,525	−571	−4,437	−5,173
Proceeds from sale of loans held-for-sale	1,285	1,728	771	4,153	3,832
Related-party payable	−7	−6	4	−35	37
Accrued and capitalized interest receivable, less purchased interest	−104	−70	−156	−202	−137
Other assets	23	−76	−66	44	−28
Accounts payable, accrued expenses and other liabilities	−50	105	−18	171	41
Net cash provided by operating activities	978	647	529	214	−990
Origination, purchase and funding of loans held-for-investment	−7,787	−3,046	−2,718	−5,544	−8,637
Proceeds from principal collections on loans	4,511	4,629	3,337	2,097	4,025
Proceeds from loans sold	230	87	95	102	344
Purchase and funding of investment securities	−82	−89	−12	−87	−198
Proceeds from sales and redemptions of investment securities	9	4	3	0	0
Proceeds from principal collections on investment securities	304	274	90	116	87
Proceeds from sales of real estate	101	217	74	204	—
Net cash paid in merger	−878	0	0	—	—
Purchases and additions to properties and other assets	−269	−28	−25	—	—
Investments in unconsolidated entities	−313,000	−7	−3	−461,000	−1
Proceeds from sale of interest in an unconsolidated entity	70	0	0	0	0
Distribution of capital from unconsolidated entities	250,000	6	11	3	30
Cash acquired through foreclosures	733,000	4	824,000	617,000	—
Payments for purchase or termination of derivatives	−55	−20	−42	−19	−34
Proceeds from origination or termination of derivatives	69	52	43	203	58
Net cash (used in) provided by investing activities	−3,776	2,084	855	−2,950	−4,282
Proceeds from borrowings	14,667	7,204	6,560	13,521	17,437
Principal repayments on and repurchases of borrowings	−11,431	−9,243	−7,474	−9,888	−11,929
Payment of deferred financing costs	−89	−70	−21	−70	−72
Net proceeds from issuances of common stock	568	395	3	50	394
Payment of dividends	−669	−620	−601	−591	−554
Contributions from non-controlling interests	7	9	3	22	220
Distributions to non-controlling interests	−100	−45	−45	−49	−44
Issuance of debt of consolidated VIEs	0	13	0	0	69
Repayment of debt of consolidated VIEs	−165	−188	−48	−290	−767
Distributions of cash from consolidated VIEs	131	58	170	93	120
Net cash provided by (used in) financing activities	2,920	−2,486	−1,455	2,798	4,873
Net increase (decrease) in cash, cash equivalents and restricted cash	121	245	−71	61	−399
Effect of exchange rate changes on cash	−306,000	−3	731,000	−1	−2
Cash paid for interest	1,189	1,294	1,352	671	387
Income taxes paid, net	696,000	4	2	−8	8
Consolidation of VIEs (VIE asset/liability additions)	2,278	2,808	722	4,361	5,333
Deconsolidation of VIEs (VIE asset/liability reductions)	62	891	0	730	936
Assets acquired, less cash	2,205	0	0	—	—
Liabilities assumed	1,326	0	0	—	—
Assets acquired, less cash	202	357	102	407	36
Liabilities assumed	2	7	983,000	96	0
Loan principal collections temporarily held at master servicer	35	47	124	429,000	32
Redemption of Class A Units for common stock	1	0	0	0	18
Debt assumed by purchaser in sale of real estate	0	−195	0	0	—
Reclassification of loans held-for-investment to loans held-for-sale	0	49	41	114	268
Net assets acquired from consolidated VIEs	0	8	0	0	—
Lease liabilities arising from obtaining right-of-use assets	0	0	30	30	1

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