STWD on NYSE

Starwood Property Trust

Commercial mortgage REIT.1

Price unavailable

Last updated Oct 19, 2026.

Overview

Compare with Outfront Media, Vornado Realty Trust or American Healthcare REIT, Inc., or pick any stock.

  • TickerSTWD on NYSE1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersBaltimore, United States1
  • Business address2340 Collins Avenue, Suite 700, Miami Beach, Fl 331394
  • Filer categoryLarge accelerated filer4
  • Legal formStock Corporation3
  • LEIBUGSFQZERKRBFWIG52673
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States3
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D130659583

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The following description of our business should be read in conjunction with the information included elsewhere in this Form 10‑K for the year ended December 31, 2025. This discussion contains forward‑looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward‑looking statements due to the factors set forth in “Risk Factors” and elsewhere in this Form 10‑K. References in this Form 10‑K to “we,” “our,” “us,” or the “Company” refer to Starwood Property Trust, Inc. and its subsidiaries.42 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

22.3%Net margin43
-5.3%Revenue growth, 202543
6.1%Return on equity43

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Commercial And Residential Lending brought in 67% of the revenue Starwood Property Trust broke down this way in fiscal 2025.

  1. Commercial And Residential Lending$1.3B4367%down 14% from 2024
  2. Infrastructure Lending$276.8M4314%up 6% from 2024
  3. Investing And Servicing Segment Property Portfolio$244.3M4312%up 17% from 2024
  4. Property$137.0M437%up 96% from 2024
Business segments by year
Business segments202320242025
Commercial And Residential Lending$1.7B$1.6B$1.3B
Infrastructure Lending$240.0M$261.0M$276.8M
Investing And Servicing Segment Property Portfolio$174.8M$208.8M$244.3M
Property$94.2M$70.0M$137.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs76¢$1.4B
  • Income tax2¢$36.7M
  • Profit22¢$411.5M

Out of $1.8B in revenue.43

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid68¢$668.9M
  • Kept or used elsewhere32¢$309.0M

Out of $977.9M of cash from operations.43

Financial statements

Revenue4445464743$1.8B in 2025+54% since 2019
0$1.0B$2.0B$3.0B2019: $1.2B$1.2B20192020: $1.1B$1.1B2020−5%2021: $1.2B$1.2B2021+3%2022: $1.5B$1.5B2022+25%2023: $2.0B$2.0B2023+40%2024: $1.9B$1.9B2024−5%2025: $1.8B$1.8B2025−5%
Net income4445464743$411.5M in 2025−19% since 2019
0$250.0M$500.0M$750.0M$1.0B2019: $509.7M$509.7M20192020: $331.7M$331.7M2020−35%2021: $447.7M$447.7M2021+35%2022: $871.5M$871.5M2022+95%2023: $339.2M$339.2M2023−61%2024: $359.9M$359.9M2024+6%2025: $411.5M$411.5M2025+14%

Every line of the income statement as filed: the last 3 fiscal years, latest first.43

Period ending2025-12-312024-12-312023-12-31
Interest income from loans$1.5B$1.7B$1.8B
Interest income from investment securities$34.5M$66.8M$76.5M
Servicing fees$86.5M$55.2M$33.1M
Rental income$182.4M$108.0M$127.7M
Other revenues$22.3M$18.8M$8.5M
Total revenues$1.8B$1.9B$2.0B
Management fees$137.3M$145.2M$141.5M
Interest expense$1.3B$1.3B$1.4B
General and administrative$208.8M$199.2M$180.2M
Costs of rental operations$60.8M$48.2M$44.8M
Depreciation and amortization$79.0M$41.3M$49.1M
Credit loss provision, net$19.4M$197.4M$243.7M
Other expense$4.3M$2.0M$2.7M
Total costs and expenses$1.8B$2.0B$2.1B
Change in net assets related to consolidated VIEs$154.8M$75.7M$181.7M
Change in fair value of servicing rights$5.9M$3.0M$1.6M
Change in fair value of investment securities, net$2.2M$1.0M$767.0K
Change in fair value of mortgage loans, net$184.4M$75.9M$62.7M
Income from affordable housing fund investments$102.1M
Earnings from unconsolidated entities$14.6M$13.1M$16.7M
Gain on sale of investments and other assets, net$42.9M$100.7M$25.7M
(Loss) gain on derivative financial instruments, net-$127.3M$157.9M-$38.6M
Foreign currency gain (loss), net$112.9M-$73.9M$60.8M
Gain (loss) on extinguishment of debt, net$17.7M-$3.9M-$1.2M
Other loss, net-$33.0M-$10.4M-$135.6M
Total other income (loss)$422.1M$441.2M$465.9M
Income before income taxes$479.8M$406.0M$417.5M
Income tax (provision) benefit-$36.7M-$25.4M$682.0K
Net income$443.1M$380.6M$418.2M
Net income attributable to non-controlling interests-$31.5M-$20.6M-$78.9M
Net income attributable to Starwood Property Trust, Inc.$411.5M$359.9M$339.2M
Basic (in dollars per share)$1.15$1.10$1.07
Diluted (in dollars per share)$1.15$1.10$1.07

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Leadership

Who has led Starwood Property Trust, and when. Pick a name to see everywhere that person has worked.

President

  1. Jeffrey G. Dishner2009
  2. Boyd Fellows2010–2014
  3. Jeffrey F. Dimodica2014–now

Chief financial officer

  1. Barbara J. Anderson2009
  2. Perry Stewart Ward2011–2014
  3. Rina Paniry2014–now

Chief operating officer

  1. Andrew Jay Sossen2011–2023
2010201520202025
Board members and other officers (15)

Subsidiaries and ownership

Subsidiaries (GLEIF)

Also consolidated

All 36 also consolidated

Ownership links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); each one cites its LEI record.

Timeline

  1. May 26, 2009Founded Starwood Property Trust is founded3

Filings

287 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 68 major events, 145 insider forms, 8 large holders, 46 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Oct 2, 20264 EDGAR
  3. Oct 2, 20264 EDGAR
  4. Oct 2, 20264 EDGAR
  5. Oct 2, 20264 EDGAR
  6. Oct 2, 20264 EDGAR
  7. Oct 2, 20264 EDGAR
  8. Oct 2, 20264 EDGAR
  9. Aug 13, 20268-K EDGAR
  10. Aug 6, 202610-Q EDGAR
  11. Aug 6, 20268-K EDGAR
  12. Jul 10, 20268-K EDGAR
  13. Jul 2, 20264 EDGAR
  14. Jun 26, 20268-K EDGAR
  15. Jun 25, 20268-K EDGAR
  16. Jun 24, 20264 EDGAR
  17. Jun 4, 20264 EDGAR
  18. May 28, 20264 EDGAR
  19. May 28, 20264 EDGAR
  20. May 26, 20268-K EDGAR

The 287 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 2 buys and 8 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 1, 2026Dishner Jeffrey G.DirectorSale7,013$17.13$120.1KForm 4
Mar 28, 2024DiModica Jeffrey F.PresidentSale100,000$20.28$2.0MForm 4
Feb 1, 2024DiModica Jeffrey F.PresidentSale25,000$20.33$508.2KForm 4
Dec 27, 2023DiModica Jeffrey F.PresidentSale75,000$22.06$1.7MForm 4
Sep 22, 2023DiModica Jeffrey F.PresidentSale10,000$20.10$201.0KForm 4
Sep 21, 2023DiModica Jeffrey F.PresidentSale20,111$20.48$411.9KForm 4
Nov 15, 2022Sossen Andrew JayFormer COO and General CounselSale18,155$21.11$383.3KForm 4
Mar 31, 2022Sossen Andrew JayFormer COO and General CounselSale33,750$24.25$818.4KForm 4
Dec 20, 2021STERNLICHT BARRY SCEO, Chairman of the BoardBuy217,500$22.66$4.9MForm 4
Dec 20, 2021DiModica Jeffrey F.PresidentBuy6,500$22.86$148.6KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.35,980,845$589.4M0.0%+726,986
Vanguard Capital Management LLC15,779,112$258.5M0.0%+186,565
Vanguard Portfolio Management LLC15,026,029$246.1M0.0%−70,076
State Street Corp11,903,686$200.6M0.0%+99,347
Morgan Stanley8,787,711$143.9M0.0%+1,362,460
Geode Capital Management, LLC6,699,499$109.8M0.0%+107,973
Ameriprise Financial Inc4,977,504$81.6M0.0%−733,280
Northern Trust Corp4,516,098$74.0M0.0%−915,897
Advisors Capital Management, LLC4,280,864$70.1M0.7%+276,706
HighTower Advisors, LLC3,046,542$49.9M0.0%+246,741
Raymond James Financial Inc2,931,036$48.0M0.0%+302,325
Wells Fargo & Company/mn2,707,449$44.3M0.0%−14,057
Charles Schwab Investment Management Inc2,648,402$43.4M0.0%+80,025
Jpmorgan Chase & Co2,337,908$39.9M0.0%+89,444
Bank of New York Mellon Corp2,350,328$38.5M0.0%−97,275
Vanguard Fiduciary Trust Co2,217,308$36.3M0.0%+49,991
Two Sigma Investments, LP2,211,543$36.2M0.0%−1,386,819
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.1,829,099$30.0M0.0%+61,571
Norges Bank1,742,303$28.5M0.0%New
Van Eck Associates Corp1,598,413$26.2M0.0%+174,156
Goldman Sachs Group Inc1,512,203$24.8M0.0%−436,049
Invesco Ltd.1,396,969$22.9M0.0%−209,928
UBS Group AG1,389,366$22.8M0.0%+87,045
Franklin Resources Inc1,271,168$20.8M0.0%+14,151
Leeward Investments, LLC - MA1,238,588$20.3M0.9%+60,633

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Jun 17, 2025Lisa C. McClainRepublican, HouseSale$1,001 - $15,000+65.6%Report
Jun 11, 2025Lisa C. McClainRepublican, HouseBuy$1,001 - $15,000−66.2%Report
Jun 15, 2020Alan S. Lowenthal, HouseSale$1,001 - $15,000+167.5%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

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