# Starwood Property Trust, Inc. (STWD)

> Source: Nexqual · https://nexqual.com/STWD · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Starwood Property Trust, Inc. (STWD), nexqual.com/STWD" · informational, not investment advice.

**Price:** USD 12.58 (+3.71% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.13 · day 12.1–12.7 · 52w 11.84–18.8 · market cap $4.78B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.01B, net income $228M (11.4% margin) (SEC filings).
- Valuation: P/E 21.0x (avg 17.1x at the last 3 fiscal year-ends).
- Analysts: Buy (mean 1.78 on a 1–5 scale) (9 analysts), mean target USD 19.25 (range 16–24).
- Total return with dividends: 1Y -23.8% vs S&P 500 +14.9%; 5Y -19.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 0.31, revenue estimate $530M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.17B | $1.46B | $2.05B | $1.95B | $1.84B | $2.01B |
| Net income | $448M | $871M | $339M | $360M | $412M | $228M |
| EPS (diluted) | $1.52 | $2.74 | $1.07 | $1.10 | $1.15 | — |
| Free cash flow | — | — | $529M | $647M | $99.4M | — |
| Net margin | 38.3% | 59.5% | 16.5% | 18.5% | 22.3% | 11.4% |
| Revenue growth | +3.0% | +25.2% | +40.0% | -5.0% | -5.3% | — |
| Cash + short-term investments | $217M | $261M | $195M | $378M | $499M | — |
| Total debt | $1.83B | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.0x · P/S 2.4x · P/B 0.7x · Earnings yield 4.77% · Dividend yield (paid, TTM) 14.65%
P/E at fiscal year-ends: Dec 2025 15.3x, Dec 2024 16.9x, Dec 2023 19.2x.

## Analysts
Consensus Buy (mean 1.78 on a 1–5 scale), 9 analysts; mean target USD 19.25 (low 16, high 24).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-09 | Keefe, Bruyette & Woods | Target lowered | Outperform | $18.5 → $16 |
| 2026-08-18 | JP Morgan | Target lowered | Overweight | $19 → $18.5 |
| 2026-08-07 | Keefe, Bruyette & Woods | Target lowered | Outperform | $19 → $18.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -23.8% | -19.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -23.9% | -4.3% |
| Volatility (annualized) | 18.5% | 23.8% |
| Max drawdown | -30.6% (Apr 2026→Oct 2026) | -31.3% (Jul 2025→Oct 2026) |

## Peers (REIT - Mortgage)
RITM (Rithm Capital Corp.) USD 8.68 +1.52% · DX (Dynex Capital, Inc.) USD 11.05 -0.00% · AGNC (AGNC Investment Corp.) USD 8.89 +1.25% · ARR (ARMOUR Residential REIT, Inc.) USD 12.69 -0.94% · BXMT (Blackstone Mortgage Trust, Inc.) USD 10.58 +3.73% · NLY (Annaly Capital Management Inc.) USD 18.34 +1.83%

## More
Full page: https://nexqual.com/STWD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in STWD's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1465128/000146512826000009/stwd-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Starwood Capital Group Management | "The terms of our management agreement with our Manager and the investment advisory agreement between our Manager and Starwood Capital Group Management, LLC are automatically renewed on an annual basis; provided, however,…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Commercial and Residential Lending | $364.2M | 70.9% | +5.9% |
| Infrastructure Lending | $68.9M | 13.4% | +2.6% |
| Property | $64.2M | 12.5% | +289.6% |
| Investing and Servicing | $52.7M | 10.3% | -2.1% |
| Total revenue | $513.7M | 100% | — |
The lines above cover 107.1% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.31 | $0.43 | -27.5% | $530.4M | 8 |
| Next quarter (ends 2026-12-31) | $0.43 | $0.45 | -5.8% | $549.9M | 8 |
| Current fiscal year (ends 2026-12-31) | $1.52 | $1.70 | -10.5% | $2.12B | 8 |
| Next fiscal year (ends 2027-12-31) | $1.89 | $1.91 | -1.2% | $2.34B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±6.7%; last 8 reports averaged ±2.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 30.4% | ±6.7% |
| 2026-12-18 | 56 | 27.0% | ±8.9% |
| 2027-01-15 | 84 | 25.8% | ±11.9% |
| 2027-03-19 | 147 | 26.2% | ±14.3% |
| 2027-05-21 | 210 | 25.1% | ±17.1% |
| 2027-06-17 | 237 | 23.6% | ±16.9% |
| 2027-08-20 | 301 | 25.4% | ±18.7% |
| 2027-11-19 | 392 | 25.6% | ±21.2% |