Open the filing on EDGARStarwood Property Trust Reports Results for
- Quarterly GAAP Earnings of $0.19 and Distributable Earnings (DE) of $0.40 per Diluted Share -
- Invested $4.6 Billion in the Quarter and $10.2 Billion in the 9 Months -
- Investments include $2.2 Billion of Triple Net Lease Investments, $1.4 Billion in Commercial Lending and a Record $0.8 Billion in Infrastructure Lending During the Quarter -
- Raised $2.3 Billion of Capital Across Equity, Term Loan B and High Yield Markets -
- Record Liquidity of $2.2 Billion -
- Paid Quarterly Dividend of $0.48 per Share for Over a Decade -
MIAMI BEACH, FL, November 10, 2025 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended September 30, 2025. The Company’s third quarter 2025 GAAP net income was $72.6 million, inclusive of a $28.4 million credit loss provision and $26.0 million of depreciation, and Distributable Earnings (a non-GAAP financial measure) was $148.6 million.
“At the time of our IPO in 2009, we committed to diversify our company. We once again delivered by acquiring Fundamental, a $2.2 billion portfolio of durable, long-term, high quality net lease assets and a best-in-class team. Leveraging the resources of our manager, Starwood Capital Group, we believe we can meaningfully grow this net lease portfolio accretively in the coming years,” said Barry Sternlicht, Chairman and CEO of Starwood Property Trust. “As interest rates move lower and transaction volumes ramp, our ample liquidity offers us a great opportunity to continue growing all of our cylinders.”
“Starwood Property Trust’s ability to access capital also remains a true differentiator,” added Jeffrey DiModica, President of Starwood Property Trust. “Over the past year, we have been extremely active in the capital markets, raising nearly $3.0 billion across equity, term loans, and unsecured debt, all at record-tight levels. We repriced our existing term loans due 2027 and 2030 to record low spreads of +175 and +200 basis points, respectively, and issued a seven-year term loan at the tightest spread for a new issuance in our sector at +225 basis points. These transactions highlight both the market’s confidence in our credit profile and our disciplined financial management.”
Supplemental Schedules
The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company’s stakeholders. Specifically, these materials can be found on the Company’s website in the Investor Relations section under “Quarterly Results” at www.starwoodpropertytrust.com.
Webcast and Conference Call Information
The Company will host a live webcast and conference call on Monday, November 10, 2025, at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in.
To Participate via Telephone Conference Call:
Dial in at least 15 minutes prior to start time.
Domestic: 1-877-407-9039
International: 1-201-689-8470
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 13753256
The playback can be accessed through November 24, 2025.
About Starwood Property Trust, Inc.
Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of September 30, 2025, the Company has successfully deployed $112 billion of capital since inception and manages a portfolio of $30 billion across debt and equity investments. Starwood Property Trust’s investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.
Forward-Looking Statements
Forward-looking statements notice
Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words “believe,” “expect,” “anticipate” and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC.
In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.
Additional information can be found on the Company’s website at www.starwoodpropertytrust.com.
Contact: Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the three months ended September 30, 2025
(Amounts in thousands)
| Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total |
|---|
| Revenues: | | | | | | | | |
| Interest income from loans | $315,894 | $76,724 | $246 | $2,582 | $ - | $395,446 | $ - | $395,446 |
| Interest income from investment securities | 18,405 | 150 | - | 23,329 | - | 41,884 | (34,523) | 7,361 |
| Servicing fees | 81 | - | - | 28,351 | - | 28,432 | (5,220) | 23,212 |
| Rental income | 6,233 | - | 45,603 | 5,692 | - | 57,528 | - | 57,528 |
| Other revenues | 2,513 | 844 | 347 | 934 | 693 | 5,331 | - | 5,331 |
| Total revenues | 343,126 | 77,718 | 46,196 | 60,888 | 693 | 528,621 | (39,743) | 488,878 |
| Costs and expenses: | | | | | | | | |
| Management fees | 172 | - | - | - | 32,071 | 32,243 | - | 32,243 |
| Interest expense | 181,639 | 41,402 | 24,302 | 6,788 | 80,925 | 335,056 | (207) | 334,849 |
| General and administrative | 14,224 | 4,941 | 6,100 | 21,850 | 4,408 | 51,523 | - | 51,523 |
| Costs of rental operations | 5,688 | - | 6,726 | 3,573 | - | 15,987 | - | 15,987 |
| Depreciation and amortization | 2,840 | 10 | 21,181 | 1,762 | 251 | 26,044 | - | 26,044 |
| Credit loss provision, net | 26,805 | 1,554 | - | - | - | 28,359 | - | 28,359 |
| Other expense | 73 | 430 | - | (64) | - | 439 | - | 439 |
| Total costs and expenses | 231,441 | 48,337 | 58,309 | 33,909 | 117,655 | 489,651 | (207) | 489,444 |
| Other income (loss): | | | | | | | | |
| Change in net assets related to consolidated VIEs | - | - | - | - | - | - | 43,735 | 43,735 |
| Change in fair value of servicing rights | - | - | - | 2,327 | - | 2,327 | (311) | 2,016 |
| Change in fair value of investment securities, net | 1,111 | - | - | 4,531 | - | 5,642 | (3,848) | 1,794 |
| Change in fair value of mortgage loans, net | 40,544 | - | - | 11,823 | - | 52,367 | - | 52,367 |
| Income from affordable housing fund investments | - | - | 324 | - | - | 324 | - | 324 |
| (Loss) earnings from unconsolidated entities | - | (294) | - | 2,797 | - | 2,503 | (40) | 2,463 |
| Gain (loss) on sale of investments and other assets, net | 1,048 | - | (21) | - | - | 1,027 | - | 1,027 |
| Gain (loss) on derivative financial instruments, net | 14,276 | 7 | (7,971) | 1,295 | (1,793) | 5,814 | - | 5,814 |
| Foreign currency loss, net | (11,995) | (210) | (10) | - | - | (12,215) | - | (12,215) |
| Other loss, net | (2,354) | - | (578) | (554) | - | (3,486) | - | (3,486) |
| Total other income (loss) | 42,630 | (497) | (8,256) | 22,219 | (1,793) | 54,303 | 39,536 | 93,839 |
| Income (loss) before income taxes | 154,315 | 28,884 | (20,369) | 49,198 | (118,755) | 93,273 | - | 93,273 |
| Income tax (provision) benefit | (7,432) | 234 | 6 | (6,151) | - | (13,343) | - | (13,343) |
| Net income (loss) | 146,883 | 29,118 | (20,363) | 43,047 | (118,755) | 79,930 | - | 79,930 |
| Net income attributable to non-controlling interests | (3) | - | (4,366) | (3,001) | - | (7,370) | - | (7,370) |
| Net income (loss) attributable to Starwood Property Trust, Inc. | $146,880 | $29,118 | $(24,729) | $40,046 | $(118,755) | $72,560 | $ - | $72,560 |
Definition of Distributable Earnings
Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors. Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 for additional information regarding Distributable Earnings.
Reconciliation of Net Income to Distributable Earnings
For the three months ended September 30, 2025
(Amounts in thousands except per share data)
| Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Total |
|---|
| Net income (loss) attributable to Starwood Property Trust, Inc. | $146,880 | $29,118 | $(24,729) | $40,046 | $(118,755) | $72,560 |
| Add / (Deduct): | | | | | | |
| Non-controlling interests attributable to Woodstar II Class A Units | - | - | 4,629 | - | - | 4,629 |
| Non-controlling interests attributable to unrealized gains/losses | - | - | (4,323) | 824 | - | (3,499) |
| Non-cash equity compensation expense | 2,840 | 733 | 1,565 | 1,327 | 8,225 | 14,690 |
| Depreciation and amortization | 2,876 | - | 21,587 | 1,865 | - | 26,328 |
| Straight-line rent adjustment | - | - | (467) | 38 | - | (429) |
| Interest income adjustment for loans and securities | 5,795 | - | - | 9,261 | - | 15,056 |
| Consolidated income tax provision (benefit) associated with fair value adjustments | 7,432 | (234) | (6) | 6,151 | - | 13,343 |
| Other non-cash items | 2 | - | (83) | (407) | - | (488) |
| Reversal of GAAP unrealized and realized (gains) / losses on: | | | | | | |
| Loans | (40,544) | - | - | (11,823) | - | (52,367) |
| Credit loss provision, net | 26,805 | 1,554 | - | - | - | 28,359 |
| Securities | (1,111) | - | - | (4,531) | - | (5,642) |
| Woodstar Fund investments | - | - | (324) | - | - | (324) |
| Derivatives | (14,276) | (7) | 7,971 | (1,295) | 1,793 | (5,814) |
| Foreign currency | 11,995 | 210 | 10 | - | - | 12,215 |
| Loss (earnings) from unconsolidated entities | - | 294 | - | (2,797) | - | (2,503) |
| Sales of properties | (1,095) | - | 21 | - | - | (1,074) |
| Recognition of Distributable realized gains / (losses) on: | | | | | | |
| Loans | (674) | - | - | 14,115 | - | 13,441 |
| Securities | (414) | - | - | (8,326) | - | (8,740) |
| Woodstar Fund investments | - | - | 21,351 | - | - | 21,351 |
| Derivatives | 11,072 | 46 | 486 | (1,111) | (7,499) | 2,994 |
| Foreign currency | 290 | 27 | (11) | - | - | 306 |
| (Loss) earnings from unconsolidated entities | - | (110) | - | 3,252 | - | 3,142 |
| Sales of properties | 1,095 | - | (25) | - | - | 1,070 |
| Distributable Earnings (Loss) | $158,968 | $31,631 | $27,652 | $46,589 | $(116,236) | $148,604 |
| Distributable Earnings (Loss) per Weighted Average Diluted Share | $0.43 | $0.08 | $0.08 | $0.12 | $(0.31) | $0.40 |
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the nine months ended September 30, 2025
(Amounts in thousands)
| Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total |
|---|
| Revenues: | | | | | | | | |
| Interest income from loans | $919,788 | $203,129 | $246 | $11,425 | $ - | $1,134,588 | $ - | $1,134,588 |
| Interest income from investment securities | 63,629 | 452 | - | 73,281 | - | 137,362 | (107,467) | 29,895 |
| Servicing fees | 257 | - | - | 68,807 | - | 69,064 | (14,312) | 54,752 |
| Rental income | 20,968 | - | 78,155 | 15,831 | - | 114,954 | - | 114,954 |
| Other revenues | 7,857 | 2,946 | 821 | 4,204 | 1,324 | 17,152 | - | 17,152 |
| Total revenues | 1,012,499 | 206,527 | 79,222 | 173,548 | 1,324 | 1,473,120 | (121,779) | 1,351,341 |
| Costs and expenses: | | | | | | | | |
| Management fees | 529 | - | - | - | 103,310 | 103,839 | - | 103,839 |
| Interest expense | 527,684 | 115,662 | 42,346 | 22,715 | 235,344 | 943,751 | (612) | 943,139 |
| General and administrative | 44,365 | 15,482 | 8,751 | 68,712 | 13,432 | 150,742 | - | 150,742 |
| Costs of rental operations | 16,156 | - | 18,674 | 10,489 | - | 45,319 | - | 45,319 |
| Depreciation and amortization | 8,938 | 29 | 32,921 | 5,257 | 754 | 47,899 | - | 47,899 |
| Credit loss provision, net | 4,709 | 4,317 | - | - | - | 9,026 | - | 9,026 |
| Other expense | 48 | 4,046 | (76) | 165 | - | 4,183 | - | 4,183 |
| Total costs and expenses | 602,429 | 139,536 | 102,616 | 107,338 | 352,840 | 1,304,759 | (612) | 1,304,147 |
| Other income (loss): | | | | | | | | |
| Change in net assets related to consolidated VIEs | - | - | - | - | - | - | 112,706 | 112,706 |
| Change in fair value of servicing rights | - | - | - | 5,781 | - | 5,781 | (649) | 5,132 |
| Change in fair value of investment securities, net | 6,450 | - | - | (14,370) | - | (7,920) | 9,886 | 1,966 |
| Change in fair value of mortgage loans, net | 91,543 | - | - | 49,095 | - | 140,638 | - | 140,638 |
| Income from affordable housing fund investments | - | - | 9,349 | - | - | 9,349 | - | 9,349 |
| Earnings (loss) from unconsolidated entities | 2,708 | 251 | - | 8,689 | - | 11,648 | (776) | 10,872 |
| Gain (loss) on sale of investments and other assets, net | 32,710 | - | (21) | - | - | 32,689 | - | 32,689 |
| (Loss) gain on derivative financial instruments, net | (167,702) | (12) | (8,082) | (1,082) | 41,707 | (135,171) | - | (135,171) |
| Foreign currency gain (loss), net | 105,878 | 656 | (197) | - | - | 106,337 | - | 106,337 |
| Gain (loss) on extinguishment of debt | 20,773 | (783) | - | - | - | 19,990 | - | 19,990 |
| Other (loss) income, net | (3,580) | - | (2,042) | 2,427 | - | (3,195) | - | (3,195) |
| Total other income (loss) | 88,780 | 112 | (993) | 50,540 | 41,707 | 180,146 | 121,167 | 301,313 |
| Income (loss) before income taxes | 498,850 | 67,103 | (24,387) | 116,750 | (309,809) | 348,507 | - | 348,507 |
| Income tax (provision) benefit | (2,231) | 189 | 6 | (15,744) | - | (17,780) | - | (17,780) |
| Net income (loss) | 496,619 | 67,292 | (24,381) | 101,006 | (309,809) | 330,727 | - | 330,727 |
| Net income attributable to non-controlling interests | (10) | - | (14,776) | (1,312) | - | (16,098) | - | (16,098) |
| Net income (loss) attributable to Starwood Property Trust, Inc. | $496,609 | $67,292 | $(39,157) | $99,694 | $(309,809) | $314,629 | $ - | $314,629 |
Reconciliation of Net Income to Distributable Earnings
For the nine months ended September 30, 2025
(Amounts in thousands except per share data)
| Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Total |
|---|
| Net income (loss) attributable to Starwood Property Trust, Inc. | $496,609 | $67,292 | $(39,157) | $99,694 | $(309,809) | $314,629 |
| Add / (Deduct): | | | | | | |
| Non-controlling interests attributable to Woodstar II Class A Units | - | - | 13,917 | - | - | 13,917 |
| Non-controlling interests attributable to unrealized gains/losses | - | - | (11,080) | (6,378) | - | (17,458) |
| Non-cash equity compensation expense | 8,476 | 2,056 | 1,781 | 4,091 | 25,066 | 41,470 |
| Management incentive fee | - | - | - | - | 10,244 | 10,244 |
| Depreciation and amortization | 9,146 | - | 33,545 | 5,562 | - | 48,253 |
| Straight-line rent adjustment | - | - | 307 | 104 | - | 411 |
| Interest income adjustment for loans and securities | 17,843 | - | - | 31,727 | - | 49,570 |
| Consolidated income tax provision (benefit) associated with fair value adjustments | 2,231 | (189) | (6) | 15,744 | - | 17,780 |
| Other non-cash items | 10 | - | (246) | (1,219) | - | (1,455) |
| Reversal of GAAP unrealized and realized (gains) / losses on: | | | | | | |
| Loans | (91,543) | - | - | (49,095) | - | (140,638) |
| Credit loss provision, net | 4,709 | 4,317 | - | - | - | 9,026 |
| Securities | (6,450) | - | - | 14,370 | - | 7,920 |
| Woodstar Fund investments | - | - | (9,349) | - | - | (9,349) |
| Derivatives | 167,702 | 12 | 8,082 | 1,082 | (41,707) | 135,171 |
| Foreign currency | (105,878) | (656) | 197 | - | - | (106,337) |
| Earnings from unconsolidated entities | (2,708) | (251) | - | (8,689) | - | (11,648) |
| Sales of properties | (5,223) | - | 21 | - | - | (5,202) |
| Recognition of Distributable realized gains / (losses) on: | | | | | | |
| Loans | (1,556) | - | - | 47,987 | - | 46,431 |
| Securities | (761) | - | - | (15,082) | - | (15,843) |
| Woodstar Fund investments | - | - | 63,272 | - | - | 63,272 |
| Derivatives | 57,668 | 149 | 290 | (1,788) | (21,401) | 34,918 |
| Foreign currency | 2,347 | 85 | (197) | - | - | 2,235 |
| Earnings (loss) from unconsolidated entities | 2,708 | (327) | - | 9,659 | - | 12,040 |
| Sales of properties | (43,343) | - | (25) | - | - | (43,368) |
| Distributable Earnings (Loss) | $511,987 | $72,488 | $61,352 | $147,769 | $(337,607) | $455,989 |
| Distributable Earnings (Loss) per Weighted Average Diluted Share | $1.43 | $0.20 | $0.17 | $0.41 | $(0.94) | $1.27 |
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of September 30, 2025
(Amounts in thousands)
| Commercial and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total |
|---|
| Assets: | | | | | | | | |
| Cash and cash equivalents | $21,189 | $135,689 | $36,478 | $6,288 | $101,491 | $301,135 | $ - | $301,135 |
| Restricted cash | 164,241 | 49,872 | 10,499 | 347 | 13,013 | 237,972 | - | 237,972 |
| Loans held-for-investment, net | 15,254,794 | 3,063,963 | - | - | - | 18,318,757 | - | 18,318,757 |
| Loans held-for-sale | 2,308,388 | - | - | 252,767 | - | 2,561,155 | - | 2,561,155 |
| Investment securities | 622,469 | 16,416 | - | 1,197,170 | - | 1,836,055 | (1,577,220) | 258,835 |
| Properties, net | 764,063 | - | 2,505,635 | 64,785 | - | 3,334,483 | - | 3,334,483 |
| Investments of consolidated affordable housing fund | - | - | 1,861,931 | - | - | 1,861,931 | - | 1,861,931 |
| Investments in unconsolidated entities | 8,514 | 54,356 | - | 32,964 | - | 95,834 | (14,744) | 81,090 |
| Goodwill | - | 119,409 | - | 140,437 | - | 259,846 | - | 259,846 |
| Intangible assets, net | 2,965 | - | 394,574 | 68,673 | - | 466,212 | (36,394) | 429,818 |
| Derivative assets | 28,478 | - | - | 304 | 8,532 | 37,314 | - | 37,314 |
| Accrued interest receivable | 156,005 | 10,242 | 504 | 635 | 186 | 167,572 | - | 167,572 |
| Other assets | 205,970 | 9,937 | 108,722 | (9,333) | 62,959 | 378,255 | - | 378,255 |
| VIE assets, at fair value | - | - | - | - | - | - | 34,205,812 | 34,205,812 |
| Total Assets | $19,537,076 | $3,459,884 | $4,918,343 | $1,755,037 | $186,181 | $29,856,521 | $32,577,454 | $62,433,975 |
| Liabilities and Equity | | | | | | | | |
| Liabilities: | | | | | | | | |
| Accounts payable, accrued expenses and other liabilities | $219,001 | $39,187 | $105,907 | $44,584 | $123,351 | $532,030 | $ - | $532,030 |
| Related-party payable | - | - | - | - | 27,939 | 27,939 | - | 27,939 |
| Dividends payable | - | - | - | - | 180,113 | 180,113 | - | 180,113 |
| Derivative liabilities | 79,121 | - | - | - | 14,450 | 93,571 | - | 93,571 |
| Secured financing agreements, net | 9,958,349 | 1,100,722 | 896,034 | 498,660 | 2,229,453 | 14,683,218 | (20,000) | 14,663,218 |
| Securitized financing, net | 1,412,126 | 1,232,420 | 877,942 | - | - | 3,522,488 | - | 3,522,488 |
| Unsecured senior notes, net | - | - | - | - | 3,245,122 | 3,245,122 | - | 3,245,122 |
| VIE liabilities, at fair value | - | - | - | - | - | - | 32,597,454 | 32,597,454 |
| Total Liabilities | 11,668,597 | 2,372,329 | 1,879,883 | 543,244 | 5,820,428 | 22,284,481 | 32,577,454 | 54,861,935 |
| Temporary Equity: Redeemable non-controlling interests | - | - | 385,853 | - | - | 385,853 | - | 385,853 |
| Permanent Equity: | | | | | | | | |
| Starwood Property Trust, Inc. Stockholders’ Equity: | | | | | | | | |
| Common stock | - | - | - | - | 3,778 | 3,778 | - | 3,778 |
| Additional paid-in capital | 1,283,096 | 760,702 | 383,549 | (616,981) | 5,133,680 | 6,944,046 | - | 6,944,046 |
| Treasury stock | - | - | - | - | (138,022) | (138,022) | - | (138,022) |
| Retained earnings (accumulated deficit) | 6,573,329 | 326,853 | 2,063,233 | 1,712,845 | (10,633,683) | 42,577 | - | 42,577 |
| Accumulated other comprehensive income | 11,935 | - | - | - | - | 11,935 | - | 11,935 |
| Total Starwood Property Trust, Inc. Stockholders’ Equity | 7,868,360 | 1,087,555 | 2,446,782 | 1,095,864 | (5,634,247) | 6,864,314 | - | 6,864,314 |
| Non-controlling interests in consolidated subsidiaries | 119 | - | 205,825 | 115,929 | - | 321,873 | - | 321,873 |
| Total Permanent Equity | 7,868,479 | 1,087,555 | 2,652,607 | 1,211,793 | (5,634,247) | 7,186,187 | - | 7,186,187 |
| Total Liabilities and Equity | $19,537,076 | $3,459,884 | $4,918,343 | $1,755,037 | $186,181 | $29,856,521 | $32,577,454 | $62,433,975 |