STARWOOD PROPERTY TRUST, INC.

STWD 10-Q · Q2 2026

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Income Statement

Income Statement
Metric Q2 2026 Q2 2025 YoY
Interest And Fee Income Loans Commercial 398,415 385,219 +3.4%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 327,151 313,595 +4.3%
Infrastructure Lending Segment · Operating Segments 66,991 65,949 +1.6%
Investing and Servicing Segment · Operating Segments 4,273 5,675 -24.7%
Show Consolidation Items breakouts
Subtotal 398,415 385,219 +3.4%
Interest Income Securities Mortgage Backed 4,750 10,313 -53.9%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 15,344 21,335 -28.1%
Infrastructure Lending Segment · Operating Segments 481 148 +225.0%
Investing and Servicing Segment · Operating Segments 22,170 21,778 +1.8%
Show Consolidation Items breakouts
Material Reconciling Items -33,245 -32,948 -0.9%
Subtotal 37,995 43,261 -12.2%
Fees And Commissions Mortgage Banking And Servicing 16,667 14,080 +18.4%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 111 111 0.0%
Investing and Servicing Segment · Operating Segments 20,476 18,627 +9.9%
Show Consolidation Items breakouts
Material Reconciling Items -3,920 -4,658 +15.8%
Subtotal 20,587 18,738 +9.9%
Operating Lease Lease Income 87,854 28,243 +211.1%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 19,808 6,532 +203.2%
Investing and Servicing Segment · Operating Segments 4,219 5,474 -22.9%
Property Segment · Operating Segments 63,827 16,237 +293.1%
Show Consolidation Items breakouts
Subtotal 87,854 28,243 +211.1%
Noninterest Income Other Operating Income 5,982 6,428 -6.9%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 1,800 2,334 -22.9%
Infrastructure Lending Segment · Operating Segments 1,474 1,087 +35.6%
Investing and Servicing Segment · Operating Segments 1,524 2,231 -31.7%
Property Segment · Operating Segments 362 240 +50.8%
Show Consolidation Items breakouts
Corporate Non Segment 822 536 +53.4%
Subtotal 5,982 6,428 -6.9%
Revenue 513,668 444,283 +15.6%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 364,214 343,907 +5.9%
Infrastructure Lending Segment · Operating Segments 68,946 67,184 +2.6%
Investing and Servicing Segment · Operating Segments 52,662 53,785 -2.1%
Property Segment · Operating Segments 64,189 16,477 +289.6%
Show Consolidation Items breakouts
Corporate Non Segment 822 536 +53.4%
Material Reconciling Items -37,165 -37,606 +1.2%
Subtotal 550,833 481,889 +14.3%
Management Fees 30,557 30,833 -0.9%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 165 177 -6.8%
Show Consolidation Items breakouts
Corporate Non Segment 30,392 30,656 -0.9%
Subtotal 30,557 30,833 -0.9%
Interest Expense Operating 344,577 316,132 +9.0%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 160,750 180,494 -10.9%
Infrastructure Lending Segment · Operating Segments 38,625 39,106 -1.2%
Investing and Servicing Segment · Operating Segments 9,117 7,794 +17.0%
Property Segment · Operating Segments 28,775 9,067 +217.4%
Show Consolidation Items breakouts
Corporate Non Segment 107,564 79,881 +34.7%
Material Reconciling Items -254 -210 -21.0%
Subtotal 344,831 316,342 +9.0%
General & Administrative 56,694 51,072 +11.0%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 14,979 15,535 -3.6%
Infrastructure Lending Segment · Operating Segments 6,015 5,523 +8.9%
Investing and Servicing Segment · Operating Segments 23,661 24,361 -2.9%
Property Segment · Operating Segments 7,925 1,237 +540.7%
Show Consolidation Items breakouts
Corporate Non Segment 4,114 4,416 -6.8%
Subtotal 56,694 51,072 +11.0%
Direct Costs Of Leased And Rented Property Or Equipment 26,313 14,512 +81.3%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 16,161 4,950 +226.5%
Investing and Servicing Segment · Operating Segments 2,898 3,632 -20.2%
Property Segment · Operating Segments 7,254 5,930 +22.3%
Show Consolidation Items breakouts
Subtotal 26,313 14,512 +81.3%
Depreciation And Amortization 35,260 10,371 +240.0%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 4,780 2,491 +91.9%
Infrastructure Lending Segment · Operating Segments 9 9 0.0%
Investing and Servicing Segment · Operating Segments 1,082 1,744 -38.0%
Property Segment · Operating Segments 29,137 5,875 +395.9%
Show Consolidation Items breakouts
Corporate Non Segment 252 252 0.0%
Subtotal 35,260 10,371 +240.0%
Provision For Loan Losses Net 30,164 5,666 +432.4%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 29,816 3,663 +714.0%
Infrastructure Lending Segment · Operating Segments 348 2,003 -82.6%
Show Consolidation Items breakouts
Subtotal 30,164 5,666 +432.4%
Other Operating Income Expense Net 1,203 1,893 -36.5%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 88 — —
Infrastructure Lending Segment · Operating Segments 787 1,693 -53.5%
Investing and Servicing Segment · Operating Segments 101 194 -47.9%
Property Segment · Operating Segments 227 6 +3683.3%
Show Consolidation Items breakouts
Subtotal 1,203 1,893 -36.5%
Total Costs & Expenses 524,768 430,479 +21.9%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 226,739 207,310 +9.4%
Infrastructure Lending Segment · Operating Segments 45,784 48,334 -5.3%
Investing and Servicing Segment · Operating Segments 36,859 37,725 -2.3%
Property Segment · Operating Segments 73,318 22,115 +231.5%
Show Consolidation Items breakouts
Corporate Non Segment 142,322 115,205 +23.5%
Material Reconciling Items -254 -210 -21.0%
Subtotal 525,022 430,689 +21.9%
Variable Interest Entity Activity Between V I E And Entity Income Or Loss Before Tax 33,087 40,280 -17.9%
Show Consolidation Items breakouts
Material Reconciling Items 33,087 40,280 -17.9%
Fair Value Of Service Rights Gain Loss 1,744 2,363 -26.2%
Show Business Segments breakouts
Investing and Servicing Segment · Operating Segments 1,018 3,568 -71.5%
Show Consolidation Items breakouts
Material Reconciling Items 726 -1,205 +160.2%
Subtotal 1,018 3,568 -71.5%
Marketable Securities Unrealized Gain Loss -52 345 -115.1%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments -1,587 -2,058 +22.9%
Investing and Servicing Segment · Operating Segments -1,717 3,728 -146.1%
Show Consolidation Items breakouts
Material Reconciling Items 3,252 -1,325 +345.4%
Subtotal -3,304 1,670 -297.8%
Gain Loss On Mortgage Loans Held For Sale -61 29,867 -100.2%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments -12,711 8,425 -250.9%
Investing and Servicing Segment · Operating Segments 12,650 21,442 -41.0%
Show Consolidation Items breakouts
Subtotal -61 29,867 -100.2%
Investment Income Net (Q) — — —
Show Business Segments breakouts
Property Segment · Variable Interest Entity Primary Beneficiary 4,929 5,115 -3.6%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 4,929 5,115 -3.6%
Variable Interest Entity Primary Beneficiary · Subtotal 4,929 5,115 -3.6%
Income Loss From Equity Method Investments 2,716 7,872 -65.5%
Show Business Segments breakouts
Infrastructure Lending Segment · Operating Segments 2,677 1,167 +129.4%
Investing and Servicing Segment · Operating Segments 193 5,647 -96.6%
Show Consolidation Items breakouts
Material Reconciling Items -154 -354 +56.5%
Subtotal 2,870 8,226 -65.1%
Gain Loss On Sale Of Investments Net 2,379 31,662 -92.5%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 88 31,662 -99.7%
Investing and Servicing Segment · Operating Segments 2,264 — —
Property Segment · Operating Segments 27 — —
Show Consolidation Items breakouts
Subtotal 2,379 31,662 -92.5%
Gain Loss On Derivative Instruments Net Pretax -3,024 -101,296 +97.0%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 21,529 -116,140 +118.5%
Infrastructure Lending Segment · Operating Segments 350 — —
Investing and Servicing Segment · Operating Segments 983 -1,304 +175.4%
Property Segment · Operating Segments 8,354 -13 +64361.5%
Show Derivative Risk breakouts
Credit Index Product -510 -594 +14.1%
Foreign Exchange Forward -5,503 -95,317 +94.2%
Interest Rate Swap 2,989 -5,385 +155.5%
Show Consolidation Items breakouts
Corporate Non Segment -34,240 16,161 -311.9%
Subtotal -3,024 -101,296 +97.0%
Foreign Currency Transaction Gain Loss Before Tax -5,706 83,761 -106.8%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments -5,719 83,257 -106.9%
Property Segment · Operating Segments 13 -126 +110.3%
Show Consolidation Items breakouts
Subtotal -5,706 83,761 -106.8%
Other Non-Operating Income (Expense) -3,683 1,604 -329.6%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments -2,597 -737 -252.4%
Investing and Servicing Segment · Operating Segments 6 2,977 -99.8%
Property Segment · Operating Segments -1,092 -636 -71.7%
Show Consolidation Items breakouts
Subtotal -3,683 1,604 -329.6%
Non-Operating Income (Expense) 32,329 121,563 -73.4%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments -997 26,594 -103.7%
Infrastructure Lending Segment · Operating Segments 3,027 1,014 +198.5%
Investing and Servicing Segment · Operating Segments 15,397 36,058 -57.3%
Property Segment · Operating Segments 12,231 4,340 +181.8%
Show Consolidation Items breakouts
Corporate Non Segment -34,240 16,161 -311.9%
Material Reconciling Items 36,911 37,396 -1.3%
Subtotal -4,582 84,167 -105.4%
Income Before Taxes 21,229 135,367 -84.3%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 136,478 163,191 -16.4%
Infrastructure Lending Segment · Operating Segments 26,189 19,864 +31.8%
Investing and Servicing Segment · Operating Segments 31,200 52,118 -40.1%
Property Segment · Operating Segments 3,102 -1,298 +339.0%
Show Consolidation Items breakouts
Corporate Non Segment -175,740 -98,508 -78.4%
Subtotal 21,229 135,367 -84.3%
Income Tax Expense (Benefit) -6,224 -671 -827.6%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments -2,536 5,495 -146.2%
Infrastructure Lending Segment · Operating Segments -95 88 -208.0%
Investing and Servicing Segment · Operating Segments -3,601 -6,254 +42.4%
Property Segment · Operating Segments 8 — —
Show Consolidation Items breakouts
Subtotal -6,224 -671 -827.6%
Net Income 15,005 134,696 -88.9%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 133,942 168,686 -20.6%
Infrastructure Lending Segment · Operating Segments 26,094 19,952 +30.8%
Investing and Servicing Segment · Operating Segments 27,599 45,864 -39.8%
Property Segment · Operating Segments 3,110 -1,298 +339.6%
Show Consolidation Items breakouts
Corporate Non Segment -175,740 -98,508 -78.4%
Subtotal 15,005 134,696 -88.9%
Net Income Loss Attributable To Noncontrolling Interest -8,448 -4,882 -73.0%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments -4 -4 0.0%
Investing and Servicing Segment · Operating Segments -3,119 448 -796.2%
Property Segment · Operating Segments -5,325 -5,326 0.0%
Show Consolidation Items breakouts
Subtotal -8,448 -4,882 -73.0%
Show Schedule Of Equity Method Investment Equity Method Investee Name breakouts
CMBS JV · Woodstar II Portfolio -1.3 1.6 -181.3%
Show Business Acquisition breakouts
Woodstar II Portfolio · Class A Units -4.6 -4.6 0.0%
Net Income 6,557 129,814 -94.9%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 133,938 168,682 -20.6%
Infrastructure Lending Segment · Operating Segments 26,094 19,952 +30.8%
Investing and Servicing Segment · Operating Segments 24,480 46,312 -47.1%
Property Segment · Operating Segments -2,215 -6,624 +66.6%
Show Consolidation Items breakouts
Corporate Non Segment -175,740 -98,508 -78.4%
Subtotal 6,557 129,814 -94.9%
EPS (Basic) 0.01 0.38 -97.4%
EPS (Diluted) 0.01 0.38 -97.4%
Comprehensive Income 5,373 129,872 -95.9%
Wtd Avg Shares (Diluted) 366,731 337,145 +8.8%

Balance Sheet

Balance Sheet
Metric Q2 2026 Q2 2025 YoY
Current Assets
Cash & Cash Equivalents 367,592 259,921 +41.4%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 22,616 20,699 +9.3%
Infrastructure Lending Segment · Operating Segments 206,331 89,036 +131.7%
Investing and Servicing Segment · Operating Segments 9,281 — —
Property Segment · Operating Segments 30,912 31,842 -2.9%
Show Debt Instrument breakouts
Collateralized Loan Obligations · Variable Interest Entity Primary Beneficiary 202,560 86,251 +134.8%
Show Consolidation Items breakouts
Corporate Non Segment 98,452 58,118 +69.4%
Subtotal 367,592 259,921 +41.4%
Non-Current Assets
Goodwill 259,846 259,846 0.0%
Show Business Segments breakouts
Infrastructure Lending Segment 119.4 119.4 0.0%
Infrastructure Lending Segment · Operating Segments 119,409 119,409 0.0%
Investing and Servicing Segment 140.4 — —
Investing and Servicing Segment · Operating Segments 140,437 — —
Show Consolidation Items breakouts
Subtotal 259,846 259,846 0.0%
Total Assets 61,046,276 — —
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 21,331,144 — —
Infrastructure Lending Segment · Operating Segments 3,433,002 — —
Investing and Servicing Segment · Operating Segments 1,595,708 — —
Investing and Servicing Segment · TRS entities 2.9 — —
Property Segment · Fundamental Income Properties, LLC 2.7 — —
Property Segment · Operating Segments 5,215,719 — —
Show Debt Instrument breakouts
Collateralized Loan Obligations · Variable Interest Entity Primary Beneficiary 6,412,229 — —
Show Legal Entity breakouts
SPT Dolphin · Variable Interest Entity Primary Beneficiary 1.7 — —
Woodstar Feeder Fund, L.P. · Variable Interest Entity Primary Beneficiary 0.5 — —
Show Consolidated Entities breakouts
Asset-Backed Securities, Consolidated Collateralized Loan Obligations, And Single Asset Securitization 6.4 — —
Variable Interest Entity Primary Beneficiary 86.9 — —
Variable Interest Entity Primary Beneficiary · Corporate Joint Venture 215.1 — —
Show Consolidation Items breakouts
Corporate Non Segment 196,539 — —
Material Reconciling Items 29,274,164 — —
Subtotal 31,772,112 — —
Intangible Assets 411,487 28,926 +1322.6%
Other Assets
Restricted Cash And Cash Equivalents 272,764 214,944 +26.9%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 177,912 167,090 +6.5%
Infrastructure Lending Segment · Operating Segments 46,173 29,605 +56.0%
Investing and Servicing Segment · Operating Segments 189 — —
Property Segment · Operating Segments 2,802 1,170 +139.5%
Show Consolidation Items breakouts
Corporate Non Segment 45,688 16,723 +173.2%
Subtotal 272,764 214,944 +26.9%
Notes Receivable Net 19,816,968 17,825,386 +11.2%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 16,965,888 14,765,064 +14.9%
Infrastructure Lending Segment · Operating Segments 2,851,080 3,060,322 -6.8%
Show Debt Instrument breakouts
Collateralized Loan Obligations · Variable Interest Entity Primary Beneficiary 4,080,734 3,385,135 +20.5%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary · Newly Formed FREMF 2024-KF163 Trust 949 — —
Variable Interest Entity Primary Beneficiary · Newly Formed FREMF 2024-KF163 Trust 495 — —
Show Consolidation Items breakouts
Subtotal 19,816,968 17,825,386 +11.2%
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 19,589,447 17,825,386 +9.9%
Portion At Other Than Fair Value Fair Value Disclosure 19,696,648 17,999,030 +9.4%
Loans Receivable Held For Sale Net Not Part Of Disposal Group 2,217,481 2,494,838 -11.1%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 2,154,653 2,323,276 -7.3%
Investing and Servicing Segment · Operating Segments 62,828 — —
Show Consolidation Items breakouts
Subtotal 2,217,481 2,494,838 -11.1%
Investments Excluding Unconsolidated Entities 402,829 502,598 -19.9%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 556,876 871,881 -36.1%
Infrastructure Lending Segment · Operating Segments 123,934 17,055 +626.7%
Investing and Servicing Segment · Operating Segments 1,262,903 — —
Show Debt Instrument breakouts
Collateralized Loan Obligations · Variable Interest Entity Primary Beneficiary 97,000 — —
Show Consolidated Entities breakouts
Consolidated Entity Excluding Variable Interest Entities VIE 1,943,713 2,091,374 -7.1%
Show Consolidation Items breakouts
Material Reconciling Items -1,540,884 -1,588,776 +3.0%
Subtotal 1,943,713 2,091,374 -7.1%
Real Estate Investment Property Net 3,998,669 — —
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 1,028,671 — —
Investing and Servicing Segment · Operating Segments 31,743 — —
Property Segment · Operating Segments 2,938,255 — —
Show Debt Instrument breakouts
Collateralized Loan Obligations · Variable Interest Entity Primary Beneficiary 1,665,492 — —
Show Consolidation Items breakouts
Subtotal 3,998,669 — —
Investments Fair Value Disclosure (INSTANT) — — —
Show Business Segments breakouts
Property Segment · Variable Interest Entity Primary Beneficiary 1,725,368 — —
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 1,725,368 — —
Variable Interest Entity Primary Beneficiary · Subtotal 1,725,368 — —
Variable Interest Entity Primary Beneficiary · Woodstar I Portfolio 1.8 — —
Variable Interest Entity Primary Beneficiary · Woodstar II Portfolio 1.4 — —
Investments In Affiliates Subsidiaries Associates And Joint Ventures 88,201 — —
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 8,514 — —
Infrastructure Lending Segment · Operating Segments 61,517 — —
Investing and Servicing Segment · Operating Segments 33,200 — —
Show Consolidated Entities breakouts
Variable Interest Entity Not Primary Beneficiary · Scenario Adjustment 6.2 — —
Show Consolidation Items breakouts
Material Reconciling Items -15,030 — —
Subtotal 103,231 — —
Intangible Assets Net Excluding Goodwill 440,974 — —
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 2,522 — —
Investing and Servicing Segment · Operating Segments 71,062 — —
Property Segment · Operating Segments 405,459 — —
Show Debt Instrument breakouts
Collateralized Loan Obligations · Variable Interest Entity Primary Beneficiary 318,893 — —
Show Consolidation Items breakouts
Material Reconciling Items -38,069 — —
Subtotal 479,043 — —
Show Finite Lived Intangible Assets By Major Class breakouts
Leases Acquired In Place 331,841 — —
Off Market Favorable Lease 79,646 — —
Show Indefinite Lived Intangible Assets By Major Class breakouts
Domestic servicing rights, at fair value 29,487 — —
Derivative Assets 24,406 71,954 -66.1%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 23,233 64,565 -64.0%
Investing and Servicing Segment · Operating Segments 242 — —
Property Segment · Operating Segments 931 4 +23175.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 24,406 — —
Show Derivative Risk breakouts
Credit Index Product 442 — —
Foreign Exchange Forward 22,791 60,709 -62.5%
Interest Rate Swap 1,173 11,245 -89.6%
Show Consolidation Items breakouts
Subtotal 24,406 71,954 -66.1%
Interest Receivable 200,816 164,641 +22.0%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 195,044 147,344 +32.4%
Infrastructure Lending Segment · Operating Segments 3,611 16,241 -77.8%
Investing and Servicing Segment · Operating Segments 493 — —
Property Segment · Operating Segments 4 — —
Show Debt Instrument breakouts
Collateralized Loan Obligations · Variable Interest Entity Primary Beneficiary 11,866 16,101 -26.3%
Show Consolidation Items breakouts
Corporate Non Segment 1,664 240 +593.3%
Subtotal 200,816 164,641 +22.0%
Other Assets 362,215 — —
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 195,215 — —
Infrastructure Lending Segment · Operating Segments 20,947 — —
Investing and Servicing Segment · Operating Segments -16,670 — —
Property Segment · Operating Segments 111,988 — —
Show Debt Instrument breakouts
Collateralized Loan Obligations · Variable Interest Entity Primary Beneficiary 35,684 — —
Show Consolidation Items breakouts
Corporate Non Segment 50,735 — —
Subtotal 362,215 — —
Show Related Party Transaction breakouts
Shared Services Agreement · Affiliated Entity 2.6 — —
Variable Interest Entity Assets 30,868,147 — —
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level3 30,868,147 — —
Show Consolidation Items breakouts
Material Reconciling Items 30,868,147 — —
Non-Current Liabilities
Accounts Payable And Accrued Liabilities Current And Noncurrent (INSTANT) — — —
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 232,135 197,050 +17.8%
Infrastructure Lending Segment · Operating Segments 38,666 31,651 +22.2%
Investing and Servicing Segment · Operating Segments 37,521 — —
Property Segment · Operating Segments 123,067 13,658 +801.1%
Show Debt Instrument breakouts
Collateralized Loan Obligations · Variable Interest Entity Primary Beneficiary 114,294 20,750 +450.8%
Show Consolidation Items breakouts
Corporate Non Segment · Nonrelated Party 144,167 117,265 +22.9%
Corporate Non Segment · Related Party 27,033 25,846 +4.6%
Subtotal · Nonrelated Party 575,556 398,274 +44.5%
Subtotal · Related Party 27,033 25,846 +4.6%
Show Related Party Transactions By Related Party breakouts
Nonrelated Party 575,556 398,274 +44.5%
Related Party 27,033 25,846 +4.6%
Dividends Payable Current And Noncurrent 180,744 166,227 +8.7%
Show Consolidation Items breakouts
Corporate Non Segment 180,744 166,227 +8.7%
Subtotal 180,744 166,227 +8.7%
Total Liabilities 53,862,850 — —
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 11,397,509 — —
Infrastructure Lending Segment · Operating Segments 2,565,426 — —
Investing and Servicing Segment · Operating Segments 620,599 — —
Property Segment · Fundamental Income Properties, LLC 1.7 — —
Property Segment · Operating Segments 2,252,304 — —
Show Debt Instrument breakouts
Collateralized Loan Obligations · Variable Interest Entity Primary Beneficiary 4,925,805 — —
Show Consolidated Entities breakouts
Asset-Backed Securities, Consolidated Collateralized Loan Obligations, And Single Asset Securitization 4.9 — —
Variable Interest Entity Primary Beneficiary · Corporate Joint Venture 50.7 — —
Show Consolidation Items breakouts
Corporate Non Segment 7,752,848 — —
Material Reconciling Items 29,274,164 — —
Subtotal 24,588,686 — —
Long-Term Debt (INSTANT) — — —
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 4,882,722 3,242,251 +50.6%
Portion At Other Than Fair Value Fair Value Disclosure 4,979,002 3,357,504 +48.3%
Show Long-Term Debt Type breakouts
Unsecured Debt 4,882,722 3,242,251 +50.6%
Other Liabilities
Derivative Liabilities 91,573 142,341 -35.7%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 64,972 125,447 -48.2%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 91,573 — —
Show Derivative Risk breakouts
Credit Index Product 878 2,292 -61.7%
Foreign Exchange Forward 64,972 125,447 -48.2%
Interest Rate Swap 25,723 14,602 +76.2%
Show Consolidation Items breakouts
Corporate Non Segment 26,601 16,894 +57.5%
Subtotal 91,573 142,341 -35.7%
Secured Debt 13,999,891 13,540,389 +3.4%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 9,496,528 9,820,014 -3.3%
Infrastructure Lending Segment · Operating Segments 716,722 1,195,546 -40.1%
Investing and Servicing Segment · Operating Segments 583,078 — —
Property Segment · Operating Segments 731,638 480,912 +52.1%
Show Consolidation Items breakouts
Corporate Non Segment 2,491,581 1,545,949 +61.2%
Material Reconciling Items -19,656 -20,110 +2.3%
Subtotal 14,019,547 13,560,499 +3.4%
Show Long-Term Debt Type breakouts
Secured Debt 13,999,891 13,540,389 +3.4%
Collateralized Financings 4,811,511 — —
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 1,603,874 — —
Infrastructure Lending Segment · Operating Segments 1,810,038 — —
Property Segment · Operating Segments 1,397,599 — —
Show Debt Instrument breakouts
ABS Financing · Collateral Pledged 2,010,583 — —
ABS Financing · Finance Receivables 1,397,599 — —
CLOs and SASB · Collateral Pledged 4,401,646 — —
CLOs and SASB · Finance Receivables 3,413,912 — —
Collateralized Loan Obligations · Variable Interest Entity Primary Beneficiary 4,811,511 — —
Starwood 2024-SIF4 · Collateral Pledged 611,134 — —
Starwood 2024-SIF4 · Finance Receivables 494,232 — —
Starwood 2025-SIF5 · Collateral Pledged 509,239 — —
Starwood 2025-SIF5 · Finance Receivables 411,368 — —
Starwood 2025-SIF6 · Collateral Pledged 509,053 — —
Starwood 2025-SIF6 · Finance Receivables 411,182 — —
Starwood 2026-SIF7 · Collateral Pledged 619,563 — —
Starwood 2026-SIF7 · Finance Receivables 493,257 — —
STWD 2021-FL2 · Collateral Pledged 501,172 — —
STWD 2021-FL2 · Finance Receivables 279,896 — —
STWD 2021-HTS · Collateral Pledged 82,982 — —
STWD 2021-HTS · Finance Receivables 62,694 — —
STWD 2022-FL3 · Collateral Pledged 460,493 — —
STWD 2022-FL3 · Finance Receivables 299,196 — —
STWD 2025-FL4 · Collateral Pledged 1,108,010 — —
STWD 2025-FL4 · Finance Receivables 962,087 — —
Show Consolidation Items breakouts
Subtotal 4,811,511 — —
Show Collateral breakouts
Collateral Pledged 6,412,229 — —
Finance Receivables 4,811,511 — —
Show Fair Value By Measurement Basis breakouts
Carrying Reported Amount Fair Value Disclosure 4,811,511 — —
Portion At Other Than Fair Value Fair Value Disclosure 4,824,687 — —
Unsecured Debt 4,882,722 3,242,251 +50.6%
Show Consolidation Items breakouts
Corporate Non Segment 4,882,722 3,242,251 +50.6%
Subtotal 4,882,722 3,242,251 +50.6%
Variable Interest Entity Liabilities 29,293,820 — —
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level2 25,848,563 — —
Fair Value Inputs Level3 3,445,257 — —
Show Consolidation Items breakouts
Material Reconciling Items 29,293,820 — —
Redeemable Noncontrolling Interest Equity Carrying Amount 356,377 425,453 -16.2%
Show Business Segments breakouts
Property Segment · Operating Segments 356,377 425,453 -16.2%
Show Consolidation Items breakouts
Subtotal 356,377 425,453 -16.2%
Stockholders' Equity
Common Stock 3,798 3,491 +8.8%
Show Consolidation Items breakouts
Corporate Non Segment 3,798 3,491 +8.8%
Subtotal 3,798 3,491 +8.8%
Additional Paid In Capital Common Stock 6,991,339 6,395,441 +9.3%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 2,904,306 1,177,279 +146.7%
Infrastructure Lending Segment · Operating Segments 465,056 635,080 -26.8%
Investing and Servicing Segment · Operating Segments -974,433 — —
Property Segment · Operating Segments 329,107 -395,728 +183.2%
Show Consolidation Items breakouts
Corporate Non Segment 4,267,303 5,575,101 -23.5%
Subtotal 6,991,339 6,395,441 +9.3%
Treasury Stock Common Value -167,962 -138,022 -21.7%
Show Consolidation Items breakouts
Corporate Non Segment -167,962 -138,022 -21.7%
Subtotal -167,962 -138,022 -21.7%
Retained Earnings -337,909 148,515 -327.5%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 7,019,517 6,426,450 +9.2%
Infrastructure Lending Segment · Operating Segments 402,520 297,735 +35.2%
Investing and Servicing Segment · Operating Segments 1,827,396 — —
Property Segment · Operating Segments 2,072,106 2,087,961 -0.8%
Show Consolidation Items breakouts
Corporate Non Segment -11,659,448 -10,336,431 -12.8%
Subtotal -337,909 148,515 -327.5%
Accumulated Other Comprehensive Income 9,697 12,785 -24.2%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 9,697 12,785 -24.2%
Show Consolidation Items breakouts
Subtotal 9,697 12,785 -24.2%
Total Stockholders' Equity 6,498,963 6,422,210 +1.2%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 9,933,520 7,616,514 +30.4%
Infrastructure Lending Segment · Operating Segments 867,576 932,815 -7.0%
Investing and Servicing Segment · Operating Segments 852,963 — —
Property Segment · Operating Segments 2,401,213 1,692,233 +41.9%
Show Consolidation Items breakouts
Corporate Non Segment -7,556,309 -4,895,861 -54.3%
Subtotal 6,498,963 6,422,210 +1.2%
Minority Interest 328,086 321,067 +2.2%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 115 115 0.0%
Investing and Servicing Segment · Operating Segments 122,146 — —
Property Segment · Operating Segments 205,825 205,825 0.0%
Show Consolidation Items breakouts
Subtotal 328,086 321,067 +2.2%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 6,827,049 6,743,277 +1.2%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 9,933,635 7,616,629 +30.4%
Infrastructure Lending Segment · Operating Segments 867,576 932,815 -7.0%
Investing and Servicing Segment · Operating Segments 975,109 — —
Property Segment · Operating Segments 2,607,038 1,898,058 +37.4%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss 9,697 12,785 -24.2%
Accumulated Other Comprehensive Income 9,697 12,785 -24.2%
Additional Paid In Capital 6,991,339 6,395,441 +9.3%
Common Stock 3,798 3,491 +8.8%
Noncontrolling Interest 328,086 321,067 +2.2%
Parent 6,498,963 6,422,210 +1.2%
Retained Earnings -337,909 148,515 -327.5%
Treasury Stock Common -167,962 -138,022 -21.7%
Show Consolidation Items breakouts
Corporate Non Segment -7,556,309 -4,895,861 -54.3%
Subtotal 6,827,049 6,743,277 +1.2%
Total Liabilities & Equity 61,046,276 62,369,363 -2.1%
Show Business Segments breakouts
Commercial and Residential Lending Segment · Operating Segments 21,331,144 19,310,106 +10.5%
Infrastructure Lending Segment · Operating Segments 3,433,002 3,391,821 +1.2%
Investing and Servicing Segment · Operating Segments 1,595,708 — —
Property Segment · Operating Segments 5,215,719 2,818,081 +85.1%
Show Consolidation Items breakouts
Corporate Non Segment 196,539 218,571 -10.1%
Material Reconciling Items 29,274,164 34,882,420 -16.1%
Subtotal 31,772,112 27,486,943 +15.6%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q2 2026 YTD Q2 2025 YoY
Operating Activities
Amortization Of Deferred Charges 25,199 22,861 +10.2%
Amortization Of Financing Costs And Discounts 7,816 5,426 +44.0%
Accretion Amortization Of Discounts And Premiums Investments -2,274 -3,287 +30.8%
Accretion Of Net Deferred Loan Fees And Discounts -34,503 -26,589 -29.8%
Share Based Compensation And Nonemployee Services Transaction Expense 27,307 26,780 +2.0%
Incentive Fee Compensation 4,535 11,396 -60.2%
Change In Fair Value Of Consolidated Variable Interest Entity 2,544 5,941 -57.2%
Change In Fair Value Of Servicing Rights -1,207 -3,116 +61.3%
Change In Fair Value Of Affordable Housing Fund Investments 2,131 17,978 -88.1%
Unrealized Gain Loss On Derivatives 16,679 158,614 -89.5%
Foreign Currency Transaction Gain Loss Before Tax Cash Flow Impact 11,796 -118,552 +110.0%
Gain On Sale Of Investments Cash Flow -3,058 -31,662 +90.3%
Depreciation And Amortization Excluding Amortization Of Above Below Market Leases 72,415 24,325 +197.7%
Equity Method Investment Dividends Or Distributions 80 7,738 -99.0%
Gain Loss On Extinguishment Of Debt Including Non Cash Fees 335 -19,990 +101.7%
Payments For Origination Of Mortgage Loans Held For Sale -427,197 -646,561 +33.9%
Proceeds From Sale Of Loans Held For Sale 523,911 743,164 -29.5%
Increase Decrease In Due To Related Parties -4,629 -13,112 +64.7%
Increase Decrease In Accrued Interest Receivable Net -110,657 -45,690 -142.2%
Increase Decrease In Other Operating Assets -32,208 -33,523 +3.9%
Increase Decrease In Accounts Payable And Other Operating Liabilities 73,837 -65,242 +213.2%
Net Cash from Operations 264,224 151,511 +74.4%
Investing Activities
Payments To Acquire Loans Held For Investment -3,070,282 -3,822,158 +19.7%
Proceeds From Loan And Lease Originations And Principal Collections1 2,074,083 1,559,497 +33.0%
Payments To Acquire Investments -135,309 -21,573 -527.2%
Proceeds From Sales And Redemptions Of Investment Securities 9,736 5,543 +75.6%
Proceeds From Principal Collections On Investment Securities 7,652 54,952 -86.1%
Show Financial Instrument breakouts
Commercial Mortgage Backed Securities · Fair Value Option 48,465 65,157 -25.6%
Residential Mortgage Backed Securities · Availableforsale Securities 3,710 3,898 -4.8%
Residential Mortgage Backed Securities · Fair Value Option 15,885 20,158 -21.2%
Show Consolidation Items breakouts
Consolidation Eliminations -63,825 -85,229 +25.1%
Show Investment Type breakouts
Heldtomaturity Securities 3,417 50,968 -93.3%
Proceeds From Sales Of Real Estate Net Of Debt Assumed By Purchaser 86,985 58,903 +47.7%
Payments To Acquire Other Productive Assets Nonmerger -355,182 -14,756 -2307.0%
Proceeds From Foreclosures And Initial Consolidation Of Entities 7,713 733 +952.3%
Payments For Purchase Or Termination Of Derivatives -29,492 -16,090 -83.3%
Proceeds From Derivative Instrument Investing Activities 33,541 36,183 -7.3%
Net Cash from Investing -1,370,555 -1,858,825 +26.3%
Dividends Payable Current 178,598 164,898 +8.3%
Variable Interest Entity Consolidation In Non Cash Investing And Financing Activities 654,186 717,180 -8.8%
Variable Interest Entity Deconsolidation In Non Cash Investing And Financing Activities 254,536 62,461 +307.5%
Transfer Of Loans From Variable Interest Entity Assets To Loans Held For Sale Upon Redemption Of Securities 229,828 — —
Loan Principal Collections Temporarily Held At Master Servicer 15,803 6,406 +146.7%
Financing Activities
Proceeds From Issuance Of Long Term Debt 5,492,128 6,659,763 -17.5%
Repayments Of Long Term Debt -3,861,896 -4,716,024 +18.1%
Payments Of Financing Costs -27,578 -29,684 +7.1%
Proceeds From Issuance Of Common Stock 2,299 33,155 -93.1%
Payments Of Dividends Common Stock -356,995 -326,033 -9.5%
Proceeds From Minority Shareholders 1,426 1,489 -4.2%
Payments To Minority Shareholders -24,945 -18,673 -33.6%
Share Repurchases -29,940 — —
Proceeds From Issuance Of Debt Of Consolidated Variable Interest Entities 8,065 — —
Repayments Of Debt Of Consolidated Variable Interest Entities -195,331 -61,870 -215.7%
Proceeds From Contributions From Affiliates 63,825 85,229 -25.1%
Net Cash from Financing 1,071,058 1,627,352 -34.2%
Amortization of Financing Costs (YTD) — — —
Show Debt Instrument breakouts
Collateralized Loan Obligations 3.6 2.3 +56.5%
Show Long-Term Debt Type breakouts
Secured Debt 18.4 17.7 +4.0%
Supplemental
Interest Paid 609,792 561,948 +8.5%
Income Taxes Paid 5,202 154 +3277.9%
Other Cash Flow
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect -35,273 -79,962 +55.9%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 640,356 474,865 +34.9%
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 982 832 +18.0%
Noncash Or Part Noncash Acquisition Value Of Assets Acquired1 352,654 194,881 +81.0%
Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1 12,047 2,489 +384.0%

Values in thousands USD. Source: SEC EDGAR 10-Q filing.

This table is rendered from the same JSON returned by /api/financials.

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