Starwood Property Trust, Inc. (STWD) Balance Sheet
STWD balance sheet, 2025
December 31, 2025 · U.S. dollars$63.18B assets = $55.69B liabilities + $7.49B equity
Both columns are drawn to the same scale: what STWD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
STWD financial health
Descriptive bands, not a rating. Fiscal 2025.
STWD balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $77.26B2016 | $63.18B2025 | −2.2%/yr | |
| Total liabilities | $72.70B2016 | $55.69B2025 | −2.9%/yr | |
| Shareholders’ equity | $4.56B2016 | $6.80B2025 | +4.5%/yr | |
| Cash & short-term investments | $615.5M2016 | $587.8M2025 | −0.5%/yr | |
| Total debt | $6.20B2016 | $22.09B2025 | +15.2%/yr | |
| Net cash (debt) | −$5.59B2016 | −$21.51B2025 | −$15.9B | |
| Working capital | −$65.08B2016 | −$9.17B2025 | +$55.9B | |
| Book value per share | $18.862016 | $20.162025 | +0.7%/yr | |
| Current ratio | 0.022016 | 0.092025 | +0.07 | |
| Debt / equity | 1.362016 | 3.252025 | +1.89 | |
| Shares outstanding | 241.8M2016 | 337.1M2025 | +3.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
STWD assets
STWD liabilities and equity
STWD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
STWD balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $587.8M | $471.6M | $258.1M | $18.66B | $217.4M | $563.2M | $478.4M | $239.8M | $369.4M | $615.5M |
| Cash & equivalents | $499.5M | $377.8M | $194.7M | $261.1M | $217.4M | $563.2M | $478.4M | $239.8M | $369.4M | $615.5M |
| Short-term investments | $88.3M | $93.8M | $63.4M | $113.4M | $861.0M | $736.7M | $810.2M | $906.5M | $718.2M | $807.6M |
| Receivables | $162.7M | $167.8M | $200.9M | $168.5M | $116.3M | $96.0M | $64.1M | $60.4M | $47.7M | $28.2M |
| Inventory | $0 | $0 | −$63.4M | −$108.6M | −$48.2M | −$40.6M | −$28.9M | −$52.7M | −$33.9M | −$89.4M |
| Other current assets | $175.2M | $439.5M | $63.4M | $108.6M | $48.2M | $40.6M | $28.9M | $959.2M | $752.1M | $897.0M |
| Total current assets | $925.6M | $1.08B | $459.0M | $18.83B | $333.6M | $659.2M | $542.5M | $1.21B | $1.14B | $1.45B |
| Property, plant & equipment (net) | $0 | $0 | $1.05B | $1.45B | $1.17B | $2.27B | $2.27B | $2.78B | $2.65B | $1.94B |
| Goodwill & intangible assets | $695.9M | $320.6M | $324.8M | $328.6M | $323.4M | $330.0M | $345.5M | $404.9M | $323.5M | $359.7M |
| Long-term investments | $2.11B | $2.71B | $2.84B | $2.99B | $3.02B | $12.29B | $11.58B | $9.94B | $7.53B | $6.21B |
| Other non-current assets | $59.45B | $58.45B | $64.84B | $55.45B | $79.01B | $65.32B | $63.30B | $53.92B | $51.31B | $67.30B |
| Total assets | $63.18B | $62.56B | $69.50B | $79.04B | $83.85B | $80.87B | $78.04B | $68.26B | $62.94B | $77.26B |
| Liabilities | ||||||||||
| Accounts payable | — | — | $244.9M | $299.0M | $189.7M | $206.8M | $212.0M | $217.7M | $185.1M | $198.1M |
| Short-term debt | $9.89B | $831.3M | $1.05B | $1.32B | $1.34B | $1.35B | $1.23B | $1.55B | $572.9M | $35.0M |
| Deferred revenue | — | — | $2.20B | — | — | — | — | — | −$6.90B | −$5.07B |
| Total current liabilities | $10.10B | $1.03B | $1.29B | $2.63B | $1.53B | $1.55B | $1.44B | $53.47B | $51.06B | $66.53B |
| Long-term debt | $12.21B | $8.17B | $7.82B | $20.60B | $17.03B | $12.85B | $11.77B | $10.70B | $7.93B | $6.17B |
| Other long-term liabilities | $33.39B | $0 | $54.11B | $48.99B | $0 | $0 | $0 | $0 | $0 | $31.1M |
| Total liabilities | $55.69B | $55.36B | $62.48B | $71.84B | $77.20B | $76.01B | $72.91B | $63.36B | $58.36B | $72.70B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3.8M | $3.4M | $3.2M | $3.2M | $3.1M | $2.9M | $2.9M | $2.8M | $4.72B | $4.69B |
| Retained earnings (deficit) | −$39.0M | $235.3M | $505.9M | $769.2M | $493.1M | −$629.7M | −$381.7M | −$349.0M | −$217.3M | −$115.6M |
| Treasury stock | — | — | — | — | — | — | −$104.2M | −$104.2M | −$92.1M | −$92.1M |
| Accumulated other comprehensive income | $11.6M | $13.6M | $15.4M | $21.0M | $41.0M | $44.0M | $50.9M | $58.7M | $69.9M | $36.1M |
| Minority interest | $694.0M | $756.4M | $771.9M | $373.5M | $361.4M | $373.7M | $436.6M | $296.8M | $100.8M | $37.8M |
| Total shareholders' equity | $6.80B | $6.44B | $6.25B | $7.20B | $6.65B | $4.86B | $5.14B | $4.90B | $4.58B | $4.56B |
| Key figures | ||||||||||
| Total debt | $22.09B | $9.01B | $8.87B | $21.92B | $18.37B | $14.20B | $13.00B | $12.25B | $8.51B | $6.20B |
| Net cash (debt) | −$21.51B | −$8.53B | −$8.61B | −$3.26B | −$18.16B | −$13.63B | −$12.52B | −$12.01B | −$8.14B | −$5.59B |
| Working capital | −$9.17B | $45.2M | −$832.5M | $16.20B | −$1.19B | −$893.0M | −$900.3M | −$52.26B | −$49.93B | −$65.08B |
| Tangible book value | $6.10B | $6.12B | $5.93B | $6.87B | $6.33B | $4.53B | $4.79B | $4.50B | $4.26B | $4.20B |
| Book value per share | $20.16 | $20.08 | $20.13 | $25.48 | $22.40 | $17.21 | $18.04 | $17.78 | $17.47 | $18.86 |
| Shares outstanding | 337.1M | 320.6M | 310.5M | 282.5M | 296.8M | 282.5M | 284.7M | 275.7M | 262.1M | 241.8M |
| Current ratio | 0.09 | 1.04 | 0.36 | 7.16 | 0.22 | 0.42 | 0.38 | 0.02 | 0.02 | 0.02 |
| Quick ratio | 0.07 | 0.62 | 0.36 | 7.16 | 0.22 | 0.42 | 0.38 | 0.01 | 0.01 | 0.01 |
| Debt / equity | 3.25 | 1.40 | 1.42 | 3.04 | 2.76 | 2.92 | 2.53 | 2.50 | 1.86 | 1.36 |
| Equity / assets | 10.8% | 10.3% | 9.0% | 9.1% | 7.9% | 6.0% | 6.6% | 7.2% | 7.3% | 5.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $452.4M | $377.0M | $587.8M | $390.6M | $351.3M | $532.5M | $471.6M | $455.3M | $357.7M | $427.7M | $258.1M | $297.4M |
| Cash & equivalents | $367.6M | $290.3M | $499.5M | $301.1M | $259.9M | $440.6M | $377.8M | $357.9M | $259.3M | $327.4M | $194.7M | $195.3M |
| Short-term investments | $84.8M | $86.7M | $88.3M | $89.5M | $91.4M | $91.9M | $93.8M | $97.5M | $98.4M | $100.3M | $63.4M | $102.1M |
| Receivables | $200.8M | $177.4M | $162.7M | $167.6M | $164.6M | $142.7M | $167.8M | $197.1M | $197.1M | $194.5M | $200.9M | $173.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $707.3M | −$70.5M | −$82.9M | −$63.4M | −$133.0M |
| Other current assets | $0 | $375.8M | $175.2M | $169.4M | $411.2M | $405.5M | $0 | $0 | $19.33B | $19.49B | $63.4M | $133.0M |
| Total current assets | $653.2M | $930.2M | $925.6M | $727.5M | $927.2M | $1.08B | $471.6M | $707.3M | $19.82B | $20.03B | $459.0M | $470.7M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.21B | $1.04B | $1.05B | $1.41B |
| Goodwill & intangible assets | $700.8M | $686.5M | $695.9M | $689.7M | $314.3M | $319.6M | $320.6M | $320.0M | $322.1M | $323.1M | $324.8M | $325.8M |
| Long-term investments | $2.22B | $2.12B | $2.11B | $2.20B | $2.64B | $2.66B | $2.71B | $2.79B | $2.77B | $2.82B | $2.84B | $2.79B |
| Other non-current assets | $57.48B | $58.35B | $59.45B | $58.81B | $58.49B | $58.10B | $59.06B | $60.41B | $39.97B | $41.95B | $64.84B | $65.30B |
| Total assets | $61.05B | $62.09B | $63.18B | $62.43B | $62.37B | $62.16B | $62.56B | $64.23B | $64.09B | $66.17B | $69.50B | $70.29B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | $373.4M | — | — | — | $137.3M | $194.5M | $244.9M | $407.7M |
| Short-term debt | $10.80B | $11.04B | $9.89B | $1.26B | $1.24B | $954.4M | $831.3M | $790.5M | $861.9M | $1.01B | $1.05B | $968.7M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$259.0M | −$2.14B | $2.20B | — |
| Total current liabilities | $11.01B | $11.25B | $10.10B | — | — | — | — | — | $1.48B | $487.8M | $1.29B | $584.7M |
| Long-term debt | $12.89B | $12.10B | $12.21B | $9.88B | $8.05B | $8.02B | $8.17B | $7.95B | $8.19B | $8.01B | $7.82B | $8.33B |
| Other long-term liabilities | $29.96B | $31.38B | $33.39B | — | $45.60B | — | — | — | $47.45B | $50.64B | $54.11B | $11.20B |
| Total liabilities | $53.86B | $54.74B | $55.69B | $54.86B | $55.20B | $55.01B | $55.36B | $56.95B | $57.12B | $59.13B | $62.48B | $63.20B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3.8M | $3.8M | $3.8M | $3.8M | $3.5M | $3.5M | $3.4M | $3.4M | $3.2M | $3.2M | $3.2M | $3.2M |
| Retained earnings (deficit) | −$337.9M | −$165.9M | −$39.0M | $42.6M | $148.5M | $183.6M | $235.3M | $346.2M | $432.7M | $507.6M | $505.9M | $585.8M |
| Accumulated other comprehensive income | $9.7M | $10.9M | $11.6M | $11.9M | $12.8M | $12.7M | $13.6M | $16.3M | $13.9M | $14.1M | $15.4M | $14.1M |
| Minority interest | $684.5M | $683.3M | $694.0M | $707.7M | $746.5M | — | — | — | — | — | — | — |
| Total shareholders' equity | $6.50B | $6.67B | $6.80B | $6.86B | $6.42B | $6.41B | $6.44B | $6.54B | $6.22B | $6.27B | $6.25B | $6.32B |
| Key figures | ||||||||||||
| Total debt | $23.69B | $23.14B | $22.09B | $11.14B | $9.28B | $8.97B | $9.01B | $8.74B | $9.05B | $9.01B | $8.87B | $19.53B |
| Net cash (debt) | −$23.24B | −$22.76B | −$21.51B | −$10.75B | −$8.93B | −$8.44B | −$8.53B | −$8.29B | −$8.69B | −$8.59B | −$8.61B | −$19.24B |
| Working capital | −$10.36B | −$10.32B | −$9.17B | — | — | — | — | — | $18.34B | $19.54B | −$832.5M | −$114.1M |
| Tangible book value | $5.80B | $5.98B | $6.10B | $6.17B | $6.11B | $6.09B | $6.12B | $6.22B | $5.90B | $5.95B | $5.93B | $6.00B |
| Book value per share | $17.72 | $19.77 | $20.16 | $20.36 | $19.05 | $18.98 | $19.08 | $20.45 | $19.83 | $18.96 | $19.95 | $20.35 |
| Shares outstanding | 366.7M | 337.1M | 337.1M | 337.1M | 337.1M | 337.4M | 337.4M | 319.8M | 313.6M | 330.8M | 313.4M | 310.6M |
| Current ratio | 0.06 | 0.08 | 0.09 | — | — | — | — | — | 13.43 | 41.05 | 0.36 | 0.80 |
| Quick ratio | 0.06 | 0.05 | 0.07 | — | — | — | — | — | 0.38 | 1.28 | 0.36 | 0.80 |
| Debt / equity | 3.65 | 3.47 | 3.25 | 1.62 | 1.45 | 1.40 | 1.40 | 1.34 | 1.46 | 1.44 | 1.42 | 3.09 |
| Equity / assets | 10.6% | 10.7% | 10.8% | 11.0% | 10.3% | 10.3% | 10.3% | 10.2% | 9.7% | 9.5% | 9.0% | 9.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
STWD financial position
At the end of fiscal 2025 (December 31, 2025), Starwood Property had total assets of $63.2 billion (up 1.0% from a year earlier), total liabilities of $55.7 billion and shareholders' equity of $6.8 billion. It held $587.8 million in cash and short-term investments against $22.1 billion of debt, net debt of $21.5 billion. Its current ratio was 0.09. In the latest quarter (ended June 30, 2026) total assets were $61.0 billion and equity $6.5 billion.
Related: STWD income statement, STWD cash flow statement, STWD key metrics. See the STWD stock overview for the latest quote and news.
STWD balance sheet FAQ
What are Starwood Property's total assets?
Starwood Property reported total assets of $63.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $62.6 billion a year earlier.
How much debt does Starwood Property have?
Starwood Property had $22.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 3.25.
How much cash does Starwood Property have?
Starwood Property held $587.8 million in cash and short-term investments at the end of fiscal 2025; with $22.1 billion of debt that is net debt of $21.5 billion.
What is Starwood Property's book value?
Starwood Property's shareholders' equity (book value) was $6.8 billion at the end of fiscal 2025, or $20.16 per share.
What is Starwood Property's current ratio?
Starwood Property had current assets of $925.6 million and current liabilities of $10.1 billion, a current ratio of 0.09 (current liabilities exceed current assets).
How much goodwill does Starwood Property have?
Starwood Property carried $695.9 million of goodwill and intangible assets, 1.1% of total assets, at the end of fiscal 2025.