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Starwood Property Trust logo

Starwood Property Trust Cash Flow Statement

Operating, investing, and financing cash movements

Starwood Property Trust generated $919.9M in operating cash flow over the trailing twelve months. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$919.9MNet Cash From Investing (TTM)-$3.9BNet Cash From Financing (TTM)$3.0BCapital Expenditures (TTM)$878.5MDepreciation And Amortization Cf (TTM)$101.2MNet Change In Cash (TTM)-$25.6M
Latest FilingQ1 2026
Report Date2026-05-08
Market Cap$6.3B
P/E Ratio18.03
ROE5.37%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in related party payables—-$2.4M-$10.7M——$2M
Share of Profits (Losses) of Related Party$3.4M$537K$7.9M$2.5M$3.7M$818K
Amortization of debt issuance costs$3M$2.6M$2.8M$2.8M$3.7M$3.8M
Amortization of Investment Discount and Premium$1.8M$2.1M$1.2M$1.2M$1.2M$1.2M
Accretion (amortization) of discounts and premiums on investments$1.8M$2.1M$1.2M$1.2M$1.2M$1.2M
Change in accounts payable$95M$31.6M-$96.8M—-$13.3M$24.1M
Change in accrued investment income$2.9M-$2.9M$48.5M$33M$25.2M$51.5M
Change in other assets$93.9M$10.9M$22.7M-$69.6M—$7.3M
Equity in income of investees$3.4M$537K$7.9M$2.5M$3.7M$818K
Distributions from equity method investments$1.1M$1.2M$6.5M$2.8M$335K$0
Change in Due to Related Parties—-$2.4M-$10.7M——$2M
Accretion (Amortization) of Investment Discounts and Premiums$1.8M$2.1M$1.2M$1.2M$1.2M$1.2M
Loans held for sale activity$484.8M$178.9M$467.7M$182.2M$94.7M$191.3M
Income (Loss) from Equity Method Investments$3.4M$537K$7.9M$2.5M$3.7M$818K
Income (Loss) from Equity Method Investments$3.4M$537K$7.9M$2.5M$3.7M$818K
Income (Loss) from Equity Method Investments$3.4M$537K$7.9M$2.5M$3.7M$818K
Net cash from operating activities$295.6M$238.9M$0$337.6M$488.8M$93.6M
Net income$70.8M$116.1M$134.7M$79.9M$112.4M$57.4M
Accretion (Amortization) of Discounts and Premiums, Investments$1.8M$2.1M$1.2M$1.2M$1.2M$1.2M
Amortization / write off of discounts and deferred financing costs$11.2M$11.4M$11.5M$11.4M$12.4M$12.5M
Non-cash interest expense$3M$2.6M$2.8M$2.8M$3.7M$3.8M
Distributions of earnings from equity method investees$1.1M$1.2M$6.5M$2.8M$335K$0
Equity in earnings (losses) of equity method investees$3.4M$537K$7.9M$2.5M$3.7M$818K
Increase (Decrease) in Accounts Payable and Other Operating Liabilities$95M$31.6M-$96.8M—-$13.3M$24.1M
Increase (Decrease) in Accrued Interest Receivable, Net$2.9M-$2.9M$48.5M$33M$25.2M$51.5M
Increase (Decrease) in Other Operating Assets$93.9M$10.9M$22.7M-$69.6M—$7.3M
Payments For Origination Of Mortgage Loans Held For Sale$484.8M$178.9M$467.7M$182.2M$94.7M$191.3M
Proceeds From Sale Of Loans Held For Sale$666.4M$297.3M$445.8M$169.3M$372.9M$182.1M
Gain (loss) on mark-to-market of Escrowed Shares$127.5M-$50.7M-$107.9M——-$9.1M
Income (Loss) from Equity Method Investments$3.4M$537K$7.9M$2.5M$3.7M$818K
Accretion (Amortization) of Investment Discounts and Premiums$1.8M$2.1M$1.2M$1.2M$1.2M$1.2M
Unrealized Gain (Loss) on Derivatives$127.5M-$50.7M-$107.9M——-$9.1M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from contributions from affiliates$14.4M$72.1M$13.1M$19.1M$26.2M$51.3M
Contributions from noncontrolling interests$5.5M$72.1M——$6M$51.3M
Proceeds from issuance of debt$2.8B$2.7B$3.9B$3.3B$4.7B$2.9B
Repayments of debt$3.1B$1.8B$2.9B$2.7B$4B$1.8B
Distributions to noncontrolling interests$11.2M$9.1M$9.5M$46.2M$35.1M$16.3M
Dividends paid$162.8M$162.3M$163.7M$164.6M$178.2M$178.2M
Payments to Noncontrolling Interests$11.2M$9.1M$9.5M$46.2M$35.1M$16.3M
Net cash from financing activities-$588.2M$805.5M$821.8M$946.5M$345.7M$887.4M
Payment of debt issuance costs$28.6M$15.3M$14.4M$27.6M$31.9M$12.6M
Proceeds from issuance of common stock$618K$1.4M$31.7M$534.1M$548K$1.7M
Repurchases of common stock—$0———$19.9M
Payments of consent fees related to long-term debt$28.6M$15.3M$14.4M$27.6M$31.9M$12.6M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net Change in Cash Excluding Exchange Rate Effect$45M$137.9M-$217.9M$64.8M$136.1M-$8.7M
Effect of exchange rate changes on cash-$1.1M$434K$398K-$594K-$544K$87K
Net Change in Cash Excluding FX Effect$45M$137.9M-$217.9M$64.8M$136.1M-$8.7M
Net increase (decrease) in cash$45M$137.9M-$217.9M$64.8M$136.1M-$8.7M
Net Change in Cash Excluding Exchange Rate Effect$45M$137.9M-$217.9M$64.8M$136.1M-$8.7M
Accretion of Net Deferred Loan Fees and Discounts$14.3M$14M$12.6M$20.1M$15.7M$15.7M
Change In Fair Value Of Affordable Housing Fund Investments$88.7M-$8M-$9.9M-$193.6M-$134.4M$1.9M
Change in Fair Value of Consolidated Variable Interest Entity-$6M-$12.1M$6.2M$7.6M$4.2M-$2.6M
Change In Fair Value Of Servicing Rights$2.2M$753K$2.4M$2M$758K-$537K
Depreciation and amortization$12.5M$12.8M$11.6M$27.7M$32.8M$35.5M
Foreign Currency Transaction Gain (Loss) before Tax Cash Flow Impact-$98.4M$34.8M$83.8M—$6.6M-$6.1M
Gain (Loss) On Extinguishment Of Debt, Including Non-Cash Fees-$1.1M$0$20M——-$335K
Change in fair value of mortgage loans, net—$58.4M$29.9M$52.4M$43.8M-$12.7M
Gain on Sale of Investments Cash Flow$432K$0$31.7M$1M$10.2M$679K
Manager fees paid in stock$0$6.4M$5M$92K$0$1.7M
Loan principal collections temporarily held at master servicer$43.3M$47.7M—$32.7M—$212.4M
Net assets acquired from consolidated VIEs$1.9M$0$0$0$0—
Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1$4M$990K$1.5M——$12M
Payments For Purchase or Termination of Derivatives$7.5M$12.9M$3.2M$27.4M$11M$18.9M
Payments To Acquire Other Productive Assets, Nonmerger$7M$5.7M——$205.7M$149.3M
Cash acquired in foreclosure$3.3M$731K$2K——$7.7M
Issuance of debt of consolidated VIEs$0$0$0$0$0$3.9M
Proceeds from principal collections on loans$1.1B$747.2M$812.3M$1.7B$1.2B$982.8M
Proceeds from principal collections on investment securities$191.8M$53M$2M$245.9M$3.5M$4.8M
Proceeds from sales and redemptions of investment securities—$1.4M$4.2M$2M$1.7M$625K
Proceeds from sales of real estate$0$0$58.9M$1.6M$40.5M$62M
Credit loss reversal, net$52.4M-$25M$5.7M$28.4M$10.3M-$377K
Repayments of Debt of Consolidated Variable Interest Entities$61.3M$4.8M$57.1M$110K$103.1M$110K
Share-based compensation$10.3M$13.4M$13.4M$14.7M$12.6M$14M
Deconsolidation of VIEs (VIE asset/liability reductions)$0$62.5M———$116.6M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from Derivative Instrument Investing Activities$22.8M$27.2M$9M$30M$2.7M$22.3M
Payment for Acquisition, Loan, Held-for-Investment$976M$1.7B$2.1B$2.2B$1.7B$1.9B
Net cash from investing activities$337.5M-$906.4M-$952.4M-$1.2B-$698.4M-$989.7M
Dividend Received from Consumer Healthcare JV$146K$250K———$0
Purchases of investments$24.2M$13.8M$7.7M$8.4M$51.7M$22.7M
Investing Cash Flows from Derivatives$22.8M$27.2M$9M$30M$2.7M$22.3M
Distributions from DIRECTV in Excess of Earnings$146K$250K———$0

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$2.3M-$53K$207K$50K$492K$4K
Interest paid$299.6M$264.9M$297M$308.1M$318.9M$288.1M
Non-cash Acquisition, Assets Acquired$176.5M$52.4M$142.5M$3.5M$3.5M$352M
Non-cash Acquisition, Liabilities Assumed$4M$990K$1.5M——$12M
Income Taxes Paid, Net$2.3M-$53K$207K$50K$492K$4K