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Commercial mortgage REIT that originates and invests in commercial real estate loans, CMBS and property equity.
Commercial mortgage REIT that originates and invests in commercial real estate loans, CMBS and property equity.
Earns mostly interest on the commercial property loans it holds, funded by bonds and bank borrowings, so profit is the gap between loan yields and funding cost, plus fees on new loans. A servicing arm manages troubled commercial mortgages for bond investors. As a REIT it pays out most taxable income, and it pays a management fee to Starwood Capital.
Moat: narrow (scale, process know-how). Externally managed by Starwood Capital with deep sourcing/underwriting scale, though CRE lending is competitive.
Headquarters: Miami Beach, Florida, United States · Founded: 2009 · Employees: 324
Size Starwood Property Trust (STWD) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $4.46B, the 1271st largest of 3,117 United States companies the cockpit tracks. Shares closed at $12.05 on 6 Nov 2026.
Performance Over six months the shares fell 32.1%, against -1.0% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 10.7% over the last twelve months (peer median -0.2%); the operating margin is 73.3% (peer median 39.7%).
Valuation It trades at 0.69× book value against a peer median of 1.21× (3rd cheapest of 21).
Price implies The share price implies a return on equity of about 8.0%; Starwood Property Trust delivers 3.4%, so the price asks more than the business earns today.
Credit Starwood Property Trust has 3 bonds outstanding ($1.28B), rated BB- by the agencies and trading like BB- at a weighted spread of 227 bp.
Short interest Short interest is 6.0% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.03B | $1.88B | $2.04B | $2.05B | $1.55B |
| Revenue growth | — | -8% | -1% | +32% | — |
| Gross profit | $1.68B | $1.60B | $1.80B | $1.81B | $1.30B |
| EBITDA | $1.68B | $1.53B | $1.88B | $1.71B | $1.16B |
| Net income | $218M | $402M | $353M | $333M | $854M |
| Free cash flow | $729M | $616M | $449M | $340M | $502M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $23.7B | $22.1B | $17.4B | $19.6B | $20.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Starwood Property Trust STWD | $4.46B | -32% | +11% | 3% | 0.69× | 8.0% |
| Blackstone Mortgage Trust BXMT | $1.85B | -42% | -2% | -12% | 0.65× | 7.3% |
| Ladder Capital LADR | $1.12B | -13% | +2% | 7% | 0.77× | 8.3% |
| KKR Real Estate Finance Trust KREF | $327M | -14% | -21% | -19% | 0.56× | 6.7% |
| Rithm Capital RITM | $5.15B | -6% | +19% | 6% | 0.74× | 8.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | STWD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.5% | +3.9% | 2nd lowest of 21 |
| 6-month return | -32.1% | -1.0% | lowest of 21 |
| Return on equity | 3.4% | 6.3% | 7th lowest of 21 |
| Price / book | 0.69× | 1.21× | 3rd cheapest of 21 |
| Trailing P/E | 20.2× | 22.1× | 8th cheapest of 19 |
| ROE the price implies | 8.0% | 8.7% | 10th least demanding of 21 |
| ROE delivered | 3.4% | 6.0% | 7th lowest of 20 |
| Bond spread | 227 bp | 126 bp | widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Starwood Property Trust STWD | United States | $4.46B | -32% | +11% | 3% | 0.69× | 8.0% | 3.4% |
| Apple Hospitality REIT APLE | United States | $4.46B | +34% | +1% | 6% | 1.42× | 12.2% | 5.5% |
| Mapletree Logistics Trust M44U.SI | Singapore | $4.47B | -6% | -1% | 3% | 0.87× | 5.7% | 3.3% |
| Tanger SKT | United States | $4.45B | +6% | +11% | 19% | 6.60× | 51.9% | 19.3% |
| Dexus DXS.AX | Australia | $4.44B | 0% | -28% | 5% | 0.65× | 8.0% | 4.9% |
| RioCan Real Estate Investment Trust REI-UN.TO | Canada | $4.41B | -3% | -13% | 7% | 0.86× | 7.7% | 6.9% |
| Nippon Prologis REIT 3283.T | Japan | $4.37B | -8% | +9% | 6% | 1.39× | 6.6% | 6.0% |
| EPR Properties EPR | United States | $4.56B | +2% | +7% | 13% | 1.95× | 16.8% | 12.7% |
| Americold Realty Trust COLD | United States | $4.57B | +8% | 0% | -16% | 1.89× | 15.5% | -16.5% |
| Keppel DC REIT AJBU.SI | Singapore | $4.67B | -6% | +30% | 11% | 1.26× | 6.8% | 11.4% |
| General de Galerias Comerciales GGC.MC | Spain | $4.70B | 0% | +3% | 18% | 3.99× | 13.5% | n/a |
| Kilroy Realty KRC | United States | $4.21B | +3% | -4% | 1% | 0.80× | 9.3% | 0.5% |
| Cousins Properties CUZ | United States | $4.87B | +11% | +8% | 0% | 1.10× | 11.4% | 0.3% |
| Japan Metropolitan Fund Investment 8953.T | Japan | $4.87B | -8% | 0% | 7% | 1.17× | 4.8% | 7.1% |
| Mapletree Pan Asia Commercial Trust N2IU.SI | Singapore | $4.89B | -7% | -5% | 3% | 0.68× | 5.0% | 2.8% |
| Glp J-reit 3281.T | Japan | $4.00B | -2% | -6% | 7% | 1.43× | 5.4% | 6.8% |
| Japan Real Estate Investment 8952.T | Japan | $4.98B | -10% | -1% | 7% | 1.41× | 6.1% | 6.7% |
| Kite Realty Group Trust KRG | United States | $5.04B | -4% | -7% | 12% | 1.84× | 14.6% | 11.5% |
| Shaftesbury Capital SHC.L | United Kingdom | $3.91B | +16% | +9% | 10% | 0.71× | 10.2% | 9.7% |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 4% | 1.07× | 5.0% | 4.1% |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | -3% | 1.12× | 14.6% | -3.1% |
Starwood Property Trust has 3 bonds outstanding with $1.28B face value. The agencies rate it BB-; its bonds trade like BB-. Weighted yield 6.94%, a spread of 227 bp over government bonds.