STARWOOD PROPERTY TRUST, INC.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Consolidated Balance Sheets as of December 31, 202 and
Consolidated Balance Sheets
(Amounts in thousands, except share data)
| As of December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Assets: | ||
| Cash and cash equivalents | $499,480 | $377,831 |
| Restricted cash | 175,167 | 176,164 |
| Loans held-for-investment, net of credit loss allowances of $440,842 and $448,295 | 18,862,712 | 15,437,013 |
| Loans held-for-sale, at fair value | 2,323,543 | 2,516,008 |
| Investment securities, net of credit loss allowances of $37,369 and $24,463 ($121,433 and $126,297 held at fair value) | 301,000 | 533,258 |
| Properties, net | 3,448,652 | 1,373,678 |
| Investments of consolidated affordable housing fund, at fair value | 1,727,499 | 2,073,533 |
| Investments in unconsolidated entities | 84,752 | 99,370 |
| Goodwill | 259,846 | 259,846 |
| Intangible assets, net ($28,280 and $22,390 held at fair value) | 436,059 | 60,704 |
| Derivative assets | 45,813 | 175,520 |
| Accrued interest receivable | 162,679 | 167,767 |
| Other assets | 362,991 | 368,229 |
| Variable interest entity (“VIE”) assets, at fair value | 34,493,164 | 38,937,576 |
| Total Assets | $63,183,357 | $62,556,497 |
| Liabilities and Equity | ||
| Liabilities: | ||
| Accounts payable, accrued expenses and other liabilities | $499,750 | $434,584 |
| Related-party payable | 31,662 | 38,958 |
| Dividends payable | 180,413 | 163,383 |
| Derivative liabilities | 83,983 | 94,890 |
| Secured financing agreements, net | 12,678,948 | 11,151,557 |
| Securitized financing, net | 5,131,453 | 3,196,426 |
| Unsecured senior notes, net | 4,283,836 | 2,994,682 |
| VIE liabilities, at fair value | 32,803,806 | 37,288,545 |
| Total Liabilities | 55,693,851 | 55,363,025 |
| Commitments and contingencies (Note 23) | ||
| Temporary Equity: Redeemable non-controlling interests | 364,118 | 426,695 |
| Permanent Equity: | ||
| Starwood Property Trust, Inc. Stockholders’ Equity: | ||
| Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding | — | — |
| Common stock, $0.01 per share, 500,000,000 shares authorized, 378,011,570 issued and 370,562,879 outstanding as of December 31, 2025 and 344,858,379 issued and 337,409,688 outstanding as of December 31, 2024 | 3,780 | 3,449 |
| Additional paid-in capital | 6,957,216 | 6,322,763 |
| Treasury stock (7,448,691 shares) | (138,022) | (138,022) |
| Retained earnings (accumulated deficit) | (39,018) | 235,323 |
| Accumulated other comprehensive income | 11,560 | 13,594 |
| Total Starwood Property Trust, Inc. Stockholders’ Equity | 6,795,516 | 6,437,107 |
| Non-controlling interests in consolidated subsidiaries | 329,872 | 329,670 |
| Total Permanent Equity | 7,125,388 | 6,766,777 |
| Total Liabilities and Equity | $63,183,357 | $62,556,497 |
Note: In addition to the VIE assets and liabilities which are separately presented, our consolidated balance sheets as of December 31, 2025 and 2024 include assets of $6.7 billion and $4.1 billion, respectively, and liabilities of $5.2 billion and $3.2 billion, respectively, related to securitized financing issued by VIEs. These assets can only be used to settle obligations of the securitized financing VIEs, and the related liabilities do not have recourse to Starwood Property Trust, Inc. Refer to Note 16 for additional discussion of VIEs.
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