v3.26.1
Segment Data (Tables)
6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Results of Operations by Business Segment
The table below presents our results of operations for the three months ended June 30, 2026 by business segment (amounts in thousands):
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
CorporateSubtotalSecuritization
VIEs
Total
Revenues:
Interest income from loans$327,151 $66,991 $— $4,273 $— $398,415 $— $398,415 
Interest income from investment securities15,344 481 — 22,170 — 37,995 (33,245)4,750 
Servicing fees111 — — 20,476 — 20,587 (3,920)16,667 
Rental income19,808 — 63,827 4,219 — 87,854 — 87,854 
Other revenues1,800 1,474 362 1,524 822 5,982 — 5,982 
Total revenues364,214 68,946 64,189 52,662 822 550,833 (37,165)513,668 
Costs and expenses:
Management fees165 — — — 30,392 30,557 — 30,557 
Interest expense160,750 38,625 28,775 9,117 107,564 344,831 (254)344,577 
General and administrative14,979 6,015 7,925 23,661 4,114 56,694 — 56,694 
Costs of rental operations16,161 — 7,254 2,898 — 26,313 — 26,313 
Depreciation and amortization4,780 9 29,137 1,082 252 35,260 — 35,260 
Credit loss provision, net29,816 348 — — — 30,164 — 30,164 
Other expense88 787 227 101 — 1,203 — 1,203 
Total costs and expenses226,739 45,784 73,318 36,859 142,322 525,022 (254)524,768 
Other income (loss):
Change in net assets related to consolidated VIEs— — — — — — 33,087 33,087 
Change in fair value of servicing rights— — — 1,018 — 1,018 726 1,744 
Change in fair value of investment securities, net(1,587)— — (1,717)— (3,304)3,252 (52)
Change in fair value of mortgage loans, net(12,711)— — 12,650 — (61)— (61)
Income from affordable housing fund investments
— — 4,929 — — 4,929 — 4,929 
Earnings from unconsolidated entities— 2,677 — 193 — 2,870 (154)2,716 
Gain on sale of investments and other assets, net
88 — 27 2,264 — 2,379 — 2,379 
Gain (loss) on derivative financial instruments, net
21,529 350 8,354 983 (34,240)(3,024)— (3,024)
Foreign currency (loss) gain, net
(5,719)— 13 — — (5,706)— (5,706)
Other (loss) income, net
(2,597)— (1,092)6 — (3,683)— (3,683)
Total other (loss) income(997)3,027 12,231 15,397 (34,240)(4,582)36,911 32,329 
Income (loss) before income taxes136,478 26,189 3,102 31,200 (175,740)21,229 — 21,229 
Income tax (provision) benefit(2,536)(95)8 (3,601)— (6,224)— (6,224)
Net income (loss)133,942 26,094 3,110 27,599 (175,740)15,005 — 15,005 
Net income attributable to non-controlling interests(4)— (5,325)(3,119)— (8,448)— (8,448)
Net income (loss) attributable to Starwood Property Trust, Inc.
$133,938 $26,094 $(2,215)$24,480 $(175,740)$6,557 $— $6,557 
The table below presents our results of operations for the three months ended June 30, 2025 by business segment (amounts in thousands):
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
CorporateSubtotalSecuritization
VIEs
Total
Revenues:
Interest income from loans$313,595 $65,949 $— $5,675 $— $385,219 $— $385,219 
Interest income from investment securities21,335 148 — 21,778 — 43,261 (32,948)10,313 
Servicing fees111 — — 18,627 — 18,738 (4,658)14,080 
Rental income6,532 — 16,237 5,474 — 28,243 — 28,243 
Other revenues2,334 1,087 240 2,231 536 6,428 — 6,428 
Total revenues343,907 67,184 16,477 53,785 536 481,889 (37,606)444,283 
Costs and expenses:
Management fees177 — — — 30,656 30,833 — 30,833 
Interest expense180,494 39,106 9,067 7,794 79,881 316,342 (210)316,132 
General and administrative15,535 5,523 1,237 24,361 4,416 51,072 — 51,072 
Costs of rental operations4,950 — 5,930 3,632 — 14,512 — 14,512 
Depreciation and amortization2,491 9 5,875 1,744 252 10,371 — 10,371 
Credit loss provision, net3,663 2,003 — — — 5,666 — 5,666 
Other expense— 1,693 6 194 — 1,893 — 1,893 
Total costs and expenses207,310 48,334 22,115 37,725 115,205 430,689 (210)430,479 
Other income (loss):
Change in net assets related to consolidated VIEs— — — — — — 40,280 40,280 
Change in fair value of servicing rights— — — 3,568 — 3,568 (1,205)2,363 
Change in fair value of investment securities, net(2,058)— — 3,728 — 1,670 (1,325)345 
Change in fair value of mortgage loans, net8,425 — — 21,442 — 29,867 — 29,867 
Income from affordable housing fund investments
— — 5,115 — — 5,115 — 5,115 
Earnings from unconsolidated entities1,412 1,167 — 5,647 — 8,226 (354)7,872 
Gain on sale of investments and other assets, net
31,662 — — — — 31,662 — 31,662 
(Loss) gain on derivative financial instruments, net
(116,140)— (13)(1,304)16,161 (101,296)— (101,296)
Foreign currency gain (loss), net
83,257 630 (126)— — 83,761 — 83,761 
Gain (loss) on extinguishment of debt20,773 (783)— — — 19,990 — 19,990 
Other (loss) income, net
(737)— (636)2,977 — 1,604 — 1,604 
Total other income (loss)26,594 1,014 4,340 36,058 16,161 84,167 37,396 121,563 
Income (loss) before income taxes163,191 19,864 (1,298)52,118 (98,508)135,367 — 135,367 
Income tax benefit (provision)5,495 88 — (6,254)— (671)— (671)
Net income (loss)168,686 19,952 (1,298)45,864 (98,508)134,696 — 134,696 
Net (income) loss attributable to non-controlling interests
(4)— (5,326)448 — (4,882)— (4,882)
Net income (loss) attributable to Starwood Property Trust, Inc.
$168,682 $19,952 $(6,624)$46,312 $(98,508)$129,814 $— $129,814 
The table below presents our results of operations for the six months ended June 30, 2026 by business segment (amounts in thousands):
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
CorporateSubtotalSecuritization
VIEs
Total
Revenues:
Interest income from loans$637,465 $128,429 $— $6,332 $— $772,226 $— $772,226 
Interest income from investment securities30,981 865 — 46,103 — 77,949 (67,761)10,188 
Servicing fees223 — — 72,095 — 72,318 (7,631)64,687 
Rental income36,113 — 124,670 7,042 — 167,825 — 167,825 
Other revenues4,013 2,947 819 1,927 1,492 11,198 — 11,198 
Total revenues708,795 132,241 125,489 133,499 1,492 1,101,516 (75,392)1,026,124 
Costs and expenses:
Management fees197 — — — 66,542 66,739 — 66,739 
Interest expense315,673 75,321 56,726 15,943 210,218 673,881 (398)673,483 
General and administrative31,771 11,933 16,793 45,589 8,941 115,027 — 115,027 
Costs of rental operations29,377 — 14,514 5,556 — 49,447 — 49,447 
Depreciation and amortization9,017 19 57,215 2,232 503 68,986 — 68,986 
Credit loss provision (reversal), net30,402 (615)— — — 29,787 — 29,787 
Other expense165 899 299 241 — 1,604 — 1,604 
Total costs and expenses416,602 87,557 145,547 69,561 286,204 1,005,471 (398)1,005,073 
Other income (loss):
Change in net assets related to consolidated VIEs— — — — — — 65,589 65,589 
Change in fair value of servicing rights— — — 2,022 — 2,022 (815)1,207 
Change in fair value of investment securities, net(1,136)— — (9,638)— (10,774)10,811 37 
Change in fair value of mortgage loans, net(33,691)— — 20,962 — (12,729)— (12,729)
Income from affordable housing fund investments— — 17,393 — — 17,393 — 17,393 
Earnings from unconsolidated entities— 3,520 — 605 — 4,125 (591)3,534 
Gain on sale of investments and other assets, net298 — 496 2,264 — 3,058 — 3,058 
Gain (loss) on derivative financial instruments, net37,892 439 10,630 1,225 (55,673)(5,487)— (5,487)
Foreign currency (loss) gain, net(11,834)— 38 — — (11,796)— (11,796)
Loss on extinguishment of debt— (31)(304)— — (335)— (335)
Other (loss) income, net(5,472)51 (1,401)6 — (6,816)— (6,816)
Total other (loss) income (13,943)3,979 26,852 17,446 (55,673)(21,339)74,994 53,655 
Income (loss) before income taxes278,250 48,663 6,794 81,384 (340,385)74,706 — 74,706 
Income tax benefit (provision)9,192 (145)25 (11,351)— (2,279)— (2,279)
Net income (loss)287,442 48,518 6,819 70,033 (340,385)72,427 — 72,427 
Net income attributable to non-controlling interests
(7)— (12,152)(1,833)— (13,992)— (13,992)
Net income (loss) attributable to Starwood Property Trust, Inc.
$287,435 $48,518 $(5,333)$68,200 $(340,385)$58,435 $— $58,435 
The table below presents our results of operations for the six months ended June 30, 2025 by business segment (amounts in thousands):
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
CorporateSubtotalSecuritization
VIEs
Total
Revenues:
Interest income from loans$603,894 $126,405 $— $8,843 $— $739,142 $— $739,142 
Interest income from investment securities45,224 302 — 49,952 — 95,478 (72,944)22,534 
Servicing fees176 — — 40,456 — 40,632 (9,092)31,540 
Rental income14,735 — 32,552 10,139 — 57,426 — 57,426 
Other revenues5,344 2,102 474 3,270 631 11,821 — 11,821 
Total revenues669,373 128,809 33,026 112,660 631 944,499 (82,036)862,463 
Costs and expenses:
Management fees357 — — — 71,239 71,596 — 71,596 
Interest expense346,045 74,260 18,044 15,927 154,419 608,695 (405)608,290 
General and administrative30,141 10,541 2,651 46,862 9,024 99,219 — 99,219 
Costs of rental operations10,468 — 11,948 6,916 — 29,332 — 29,332 
Depreciation and amortization6,098 19 11,740 3,495 503 21,855 — 21,855 
Credit loss (reversal) provision, net(22,096)2,763 — — — (19,333)— (19,333)
Other expense(25)3,616 (76)229 — 3,744 — 3,744 
Total costs and expenses370,988 91,199 44,307 73,429 235,185 815,108 (405)814,703 
Other income (loss):
Change in net assets related to consolidated VIEs— — — — — — 68,971 68,971 
Change in fair value of servicing rights— — — 3,454 — 3,454 (338)3,116 
Change in fair value of investment securities, net5,339 — — (18,901)— (13,562)13,734 172 
Change in fair value of mortgage loans, net50,999 — — 37,272 — 88,271 — 88,271 
Income from affordable housing fund investments— — 9,025 — — 9,025 — 9,025 
Earnings from unconsolidated entities2,708 545 — 5,892 — 9,145 (736)8,409 
Gain on sale of investments and other assets, net31,662 — — — — 31,662 — 31,662 
(Loss) gain on derivative financial instruments, net(181,978)(19)(111)(2,377)43,500 (140,985)— (140,985)
Foreign currency gain (loss), net
117,873 866 (187)— — 118,552 — 118,552 
Gain (loss) on extinguishment of debt
20,773 (783)— — — 19,990 — 19,990 
Other (loss) income, net(1,226)— (1,464)2,981 — 291 — 291 
Total other income (loss)46,150 609 7,263 28,321 43,500 125,843 81,631 207,474 
Income (loss) before income taxes344,535 38,219 (4,018)67,552 (191,054)255,234 — 255,234 
Income tax benefit (provision)5,201 (45)— (9,593)— (4,437)— (4,437)
Net income (loss)349,736 38,174 (4,018)57,959 (191,054)250,797 — 250,797 
Net (income) loss attributable to non-controlling interests
(7)— (10,410)1,689 — (8,728)— (8,728)
Net income (loss) attributable to Starwood Property Trust, Inc.
$349,729 $38,174 $(14,428)$59,648 $(191,054)$242,069 $— $242,069 
Schedule of Consolidated Balance Sheet by Business Segment
The table below presents our consolidated balance sheet as of June 30, 2026 by business segment (amounts in thousands):
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
CorporateSubtotalSecuritization
VIEs
Total
Assets:
Cash and cash equivalents$22,616 $206,331 $30,912 $9,281 $98,452 $367,592 $— $367,592 
Restricted cash177,912 46,173 2,802 189 45,688 272,764 — 272,764 
Loans held-for-investment, net16,965,888 2,851,080 — — — 19,816,968 — 19,816,968 
Loans held-for-sale2,154,653 — — 62,828 — 2,217,481 — 2,217,481 
Investment securities556,876 123,934 — 1,262,903 — 1,943,713 (1,540,884)402,829 
Properties, net1,028,671 — 2,938,255 31,743 — 3,998,669 — 3,998,669 
Investments of consolidated affordable housing fund— — 1,725,368 — — 1,725,368 — 1,725,368 
Investments in unconsolidated entities8,514 61,517 — 33,200 — 103,231 (15,030)88,201 
Goodwill— 119,409 — 140,437 — 259,846 — 259,846 
Intangible assets, net2,522 — 405,459 71,062 — 479,043 (38,069)440,974 
Derivative assets23,233 — 931 242 — 24,406 — 24,406 
Accrued interest receivable195,044 3,611 4 493 1,664 200,816 — 200,816 
Other assets195,215 20,947 111,988 (16,670)50,735 362,215 — 362,215 
VIE assets, at fair value— — — — — — 30,868,147 30,868,147 
Total Assets$21,331,144 $3,433,002 $5,215,719 $1,595,708 $196,539 $31,772,112 $29,274,164 $61,046,276 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$232,135 $38,666 $123,067 $37,521 $144,167 $575,556 $— $575,556 
Related-party payable— — — — 27,033 27,033 — 27,033 
Dividends payable— — — — 180,744 180,744 — 180,744 
Derivative liabilities64,972 — — — 26,601 91,573 — 91,573 
Secured financing agreements, net9,496,528 716,722 731,638 583,078 2,491,581 14,019,547 (19,656)13,999,891 
Securitized financing, net
1,603,874 1,810,038 1,397,599 — — 4,811,511 — 4,811,511 
Unsecured senior notes, net— — — — 4,882,722 4,882,722 — 4,882,722 
VIE liabilities, at fair value— — — — — — 29,293,820 29,293,820 
Total Liabilities11,397,509 2,565,426 2,252,304 620,599 7,752,848 24,588,686 29,274,164 53,862,850 
Temporary Equity: Redeemable non-controlling interests
— — 356,377 — — 356,377 — 356,377 
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock— — — — 3,798 3,798 — 3,798 
Additional paid-in capital2,904,306 465,056 329,107 (974,433)4,267,303 6,991,339 — 6,991,339 
Treasury stock— — — — (167,962)(167,962)— (167,962)
Retained earnings (accumulated deficit)7,019,517 402,520 2,072,106 1,827,396 (11,659,448)(337,909)— (337,909)
Accumulated other comprehensive income9,697 — — — — 9,697 — 9,697 
Total Starwood Property Trust, Inc. Stockholders’ Equity9,933,520 867,576 2,401,213 852,963 (7,556,309)6,498,963 — 6,498,963 
Non-controlling interests in consolidated subsidiaries115 — 205,825 122,146 — 328,086 — 328,086 
Total Permanent Equity9,933,635 867,576 2,607,038 975,109 (7,556,309)6,827,049 — 6,827,049 
Total Liabilities and Equity$21,331,144 $3,433,002 $5,215,719 $1,595,708 $196,539 $31,772,112 $29,274,164 $61,046,276 
The table below presents our consolidated balance sheet as of December 31, 2025 by business segment (amounts in thousands):
Commercial and
Residential
Lending
Segment
Infrastructure
Lending
Segment
Property
Segment
Investing
and Servicing
Segment
CorporateSubtotalSecuritization
VIEs
Total
Assets:
Cash and cash equivalents$74,534 $198,031 $70,900 $25,149 $130,866 $499,480 $— $499,480 
Restricted cash123,215 33,794 3,236 454 14,468 175,167 — 175,167 
Loans held-for-investment, net16,038,333 2,824,379 — — — 18,862,712 — 18,862,712 
Loans held-for-sale2,278,067 — — 45,476 — 2,323,543 — 2,323,543 
Investment securities641,893 31,273 — 1,284,863 — 1,958,029 (1,657,029)301,000 
Properties, net732,714 — 2,674,276 41,662 — 3,448,652 — 3,448,652 
Investments of consolidated affordable housing fund— — 1,727,499 — — 1,727,499 — 1,727,499 
Investments in unconsolidated entities8,514 57,997 — 33,203 — 99,714 (14,962)84,752 
Goodwill— 119,409 — 140,437 — 259,846 — 259,846 
Intangible assets, net
2,817 — 401,268 69,227 — 473,312 (37,253)436,059 
Derivative assets27,157 — — 201 18,455 45,813 — 45,813 
Accrued interest receivable157,116 4,424 442 562 135 162,679 — 162,679 
Other assets193,525 4,623 107,468 5,454 51,921 362,991 — 362,991 
VIE assets, at fair value— — — — — — 34,493,164 34,493,164 
Total Assets$20,277,885 $3,273,930 $4,985,089 $1,646,688 $215,845 $30,399,437 $32,783,920 $63,183,357 
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$165,317 $32,732 $113,707 $60,423 $127,571 $499,750 $— $499,750 
Related-party payable— — — — 31,662 31,662 — 31,662 
Dividends payable— — — — 180,413 180,413 — 180,413 
Derivative liabilities72,351 — — — 11,632 83,983 — 83,983 
Secured financing agreements, net8,637,246 719,942 596,906 517,897 2,226,843 12,698,834 (19,886)12,678,948 
Securitized financing, net
2,224,239 1,645,536 1,261,678 — — 5,131,453 — 5,131,453 
Unsecured senior notes, net— — — — 4,283,836 4,283,836 — 4,283,836 
VIE liabilities, at fair value— — — — — — 32,803,806 32,803,806 
Total Liabilities11,099,153 2,398,210 1,972,291 578,320 6,861,957 22,909,931 32,783,920 55,693,851 
Temporary Equity: Redeemable non-controlling interests
— — 364,118 — — 364,118 — 364,118 
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock— — — — 3,780 3,780 — 3,780 
Additional paid-in capital2,434,975 521,717 365,416 (814,760)4,449,868 6,957,216 — 6,957,216 
Treasury stock— — — — (138,022)(138,022)— (138,022)
Retained earnings (accumulated deficit)6,732,082 354,003 2,077,439 1,759,196 (10,961,738)(39,018)— (39,018)
Accumulated other comprehensive income11,560 — — — — 11,560 — 11,560 
Total Starwood Property Trust, Inc. Stockholders’ Equity9,178,617 875,720 2,442,855 944,436 (6,646,112)6,795,516 — 6,795,516 
Non-controlling interests in consolidated subsidiaries115 — 205,825 123,932 — 329,872 — 329,872 
Total Permanent Equity9,178,732 875,720 2,648,680 1,068,368 (6,646,112)7,125,388 — 7,125,388 
Total Liabilities and Equity$20,277,885 $3,273,930 $4,985,089 $1,646,688 $215,845 $30,399,437 $32,783,920 $63,183,357 
Schedule of Additions to Long-lived Assets By Business Segment
The table below presents our additions to long-lived assets by business segment for the three and six months ended June 30, 2026 and 2025 (amounts in thousands) (1):
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Property Segment
$199,853 $4,979 $345,961 $7,540 
Commercial and Residential Lending Segment
5,248 145,215 356,453 200,303 
Investing and Servicing Segment
1,356 1,318 1,535 1,794 
Total additions to long-lived assets
$206,457 $151,512 $703,949 $209,637 
_____________________________________________________________________________________________________________________
(1)Includes cash and non-cash acquisitions of properties and related lease intangibles (including through loan foreclosure), as discussed in Notes 3, 4 and 6, and property capital improvements.