STARWOOD PROPERTY TRUST, INC.
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
STWD$11.89-1.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
| For the Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash Flows from Operating Activities: | ||
| Net (loss) income | $(308,738) | $330,727 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
| Amortization of deferred financing costs, premiums and discounts on secured borrowings | 38,296 | 34,243 |
| Amortization of discounts and deferred financing costs on unsecured senior notes | 11,959 | 8,263 |
| Accretion of net discount on investment securities | (3,396) | (4,482) |
| Accretion of net deferred loan fees and discounts | (51,860) | (46,642) |
| Share-based compensation | 38,387 | 41,470 |
| Manager fees paid in stock | 4,535 | 11,488 |
| Change in fair value of investment securities | 93 | (1,966) |
| Change in fair value of consolidated VIEs | 3,686 | (1,697) |
| Change in fair value of servicing rights | (3,891) | (5,132) |
| Change in fair value of loans | 134,367 | (140,638) |
| Change in fair value of affordable housing fund investments | 50,170 | 211,602 |
| Change in fair value of derivatives | 3,347 | 157,002 |
| Foreign currency loss (gain), net | 12,265 | (106,337) |
| Loss (gain) on sale of investments and other assets, net | 8,377 | (32,689) |
| Impairment charges on properties | 32,163 | — |
| Credit loss provision, net | 366,399 | 9,026 |
| Depreciation and amortization | 110,701 | 52,030 |
| Earnings from unconsolidated entities | (6,036) | (10,872) |
| Distributions of earnings from unconsolidated entities | 935 | 10,528 |
| Loss (gain) on extinguishment of debt, net | 1,202 | (19,990) |
| Origination and purchase of loans held-for-sale, net of principal collections | (586,558) | (828,802) |
| Proceeds from sale of loans held-for-sale | 734,956 | 912,415 |
| Changes in operating assets and liabilities: | ||
| Related-party payable | (4,226) | (11,019) |
| Accrued and capitalized interest receivable, less purchased interest | (155,737) | (78,679) |
| Other assets | (11,758) | 36,124 |
| Accounts payable, accrued expenses and other liabilities | 75,804 | (36,871) |
| Net cash provided by operating activities | 495,442 | 489,102 |
| Cash Flows from Investing Activities: | ||
| Origination, purchase and funding of loans held-for-investment | (5,108,835) | (6,069,288) |
| Proceeds from principal collections on loans | 3,573,133 | 3,270,694 |
| Proceeds from loans sold | 93,661 | 229,867 |
| Purchase and funding of investment securities | (257,018) | (29,933) |
| Proceeds from sales and redemptions of investment securities | 9,736 | 7,561 |
| Proceeds from principal collections on investment securities | 12,787 | 300,883 |
| Proceeds from sales of real estate | 199,841 | 60,480 |
| Purchases and additions to properties and other assets | (411,291) | (63,372) |
| Net cash paid in merger | — | (878,493) |
| Proceeds from sale of interest in an unconsolidated entity | — | 69,819 |
| Distribution of capital from unconsolidated entities | — | 250 |
| Cash acquired in foreclosure | 7,713 | 733 |
| Payments for purchase or termination of derivatives | (53,986) | (43,486) |
| Proceeds from termination of derivatives | 47,025 | 66,184 |
| Net cash used in investing activities | (1,887,234) | (3,078,101) |
Condensed Consolidated Statements of Cash Flows (Continued)
| For the Nine Months EndedSeptember 30,, | ||
|---|---|---|
| 2026 | 2025 | |
| Cash Flows from Financing Activities: | ||
| Proceeds from borrowings | $9,988,051 | $9,994,652 |
| Principal repayments on and repurchases of borrowings | (7,710,830) | (7,419,083) |
| Payment of deferred financing costs | (43,975) | (57,326) |
| Net proceeds from issuances of common stock | 2,970 | 567,265 |
| Payment of dividends | (535,332) | (490,645) |
| Contributions from non-controlling interests | 1,426 | 1,489 |
| Distributions to non-controlling interests | (32,957) | (64,837) |
| Purchase of treasury stock | (137,708) | — |
| Issuance of debt of consolidated VIEs | 12,815 | — |
| Repayment of debt of consolidated VIEs | (195,445) | (61,980) |
| Distributions of cash from consolidated VIEs | 77,517 | 104,338 |
| Net cash provided by financing activities | 1,426,532 | 2,573,873 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 34,740 | (15,126) |
| Cash, cash equivalents and restricted cash, beginning of period | 674,647 | 553,995 |
| Effect of exchange rate changes on cash | 3,362 | 238 |
| Cash, cash equivalents and restricted cash, end of period | $712,749 | $539,107 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $960,036 | $870,025 |
| Income taxes paid | 5,654 | 204 |
| Supplemental disclosure of non-cash investing and financing activities: | ||
| Dividends declared with respect to the third quarter, but not yet paid | $175,310 | $178,498 |
| Consolidation of VIEs (VIE asset/liability additions) | 654,186 | 717,180 |
| Deconsolidation of VIEs (VIE asset/liability reductions) | 1,533,241 | 62,461 |
| Net assets acquired through foreclosure: | ||
| Assets acquired, less cash | 352,998 | 198,372 |
| Liabilities assumed | 12,047 | 2,489 |
| Net assets acquired in merger: | ||
| Assets acquired, less cash | — | 2,204,987 |
| Liabilities assumed | — | 1,326,494 |
| Transfer of residential loans from VIE assets to loans held-for-investment upon redemption of a consolidated RMBS trust | 229,828 | — |
| Loan principal collections temporarily held at master servicer | 45,768 | 39,082 |
| Redemption of Class A Units for common stock | — | 1,389 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.