What is the primary revenue source for Starwood Property Trust (STWD)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze STWD's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Starwood Property Trust's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Starwood Property Trust Makes Money: STWD Revenue Breakdown (2026)

Operations

Where did the money come from, and where was it spent?

Insufficient data

Current data explains this period's structure but is insufficient for a year-over-year conclusion.

The largest revenue segment accounts for 69.07% of revenue, indicating concentration.

Revenue: USD 1.03B
Largest revenue segment share (Commercial And Residential Lending): 69.07%
Interest expense: USD 673.48M
Selling, general and administrative: USD 115.03M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Largest revenue segment share (Commercial And Residential Lending)Commercial And Residential Lending · segment_value / revenue * 100
RevenueTotal revenues · Revenues
Interest expenseInterest expense
Selling, general and administrativesum(SellingAndMarketingExpense, GeneralAndAdministrativeExpense)

Assets

Where is the money tied up, and how is the company financed?

Neutral

Liabilities and shareholder equity jointly fund the asset base, with a broadly stable mix.

Cash and cash equivalents: USD 367.59M
Goodwill: USD 259.85M
Total liabilities: USD 53.86B
Shareholder equity: USD 6.83B

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Shareholder equityTotal permanent equity · StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Total liabilitiesVie liabilities · Liabilities
Cash and cash equivalentsCash and cash equivalents · CashAndCashEquivalentsAtCarryingValue
GoodwillGoodwill · Goodwill

Cash

Did accounting profit ultimately turn into cash?

Steady

Operating cash flow covers accounting profit, showing good cash conversion.

Operating cash flow equals 452.17% of net income.

Net income: USD 58.44M
Operating cash flow: USD 264.22M
Cash conversion: 452.17%

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Net incomeNet income (loss) attributable to starwood property trust, inc. · NetIncomeLoss
Cash conversionoperating_cash_flow / net_income * 100
Operating cash flowsum(waterfull.operating)

Capital expenditure data is missing, so free cash flow cannot be calculated.

Shareholders

Did the money earned actually make its way back to shareholders?

Neutral

The company returned cash to shareholders, but free cash flow data is missing, so coverage cannot be assessed.

Cash dividends: USD 357.00M
Share repurchases: USD 29.94M
Stock issuance proceeds: USD 2.30M
Net shareholder return: USD 384.64M

View calculation evidence

YoY periods: H1 2026 compared with H1 2025

Source metrics

Cash dividendsPayments of ordinary dividends, common stock · PaymentsOfDividendsCommonStock · abs(node_value)
Net shareholder returndividends_paid + share_repurchases - stock_issuance_proceeds
Share repurchasesPayments for repurchase of common stock · PaymentsForRepurchaseOfCommonStock · abs(node_value)
Stock issuance proceedsNet proceeds from issuances of common stock · ProceedsFromIssuanceOfCommonStock · abs(node_value)

Diluted share count is missing, so dilution cannot be assessed against buybacks.

Financial Insights

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Where did the money come from, and where was it spent?

Where is the money tied up, and how is the company financed?

Did accounting profit ultimately turn into cash?

Did the money earned actually make its way back to shareholders?