Starwood Property Trust, Inc. (STWD): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde complexe de Starwood Property Trust, Inc. (STWD), une puissance d'investissement immobilier dynamique qui transforme les stratégies financières complexes en opportunités lucratives. Cette entreprise innovante navigue dans le paysage sophistiqué des prêts hypothécaires commerciaux et résidentiels, offrant aux investisseurs un mélange unique d'expertise professionnelle, de partenariats stratégiques et de véhicules d'investissement à haut rendement qui le distinguent sur le marché concurrentiel de la fiducie de placement immobilier (REIT). Avec un modèle commercial méticuleusement conçu qui équilibre les risques, la diversification et les rendements cohérents, STWD présente un plan intrigant pour l'investissement immobilier moderne qui promet à la fois la stabilité et la croissance potentielle.

Starwood Property Trust, Inc. (STWD) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les promoteurs immobiliers et les sociétés d'investissement

Starwood Property Trust entretient des partenariats stratégiques avec plusieurs sociétés clés de développement immobilier et d'investissement:

Partenaire	Focus de partenariat	Portée des investissements
Starwood Capital Group	Investissement immobilier	Valeur du portefeuille total de 14,2 milliards de dollars
Entreprises connexes	Développement commercial	7,5 milliards de dollars investissements de coentreprise
Blackstone Real Estate	Acquisitions de biens à grande échelle	Transactions de co-investissement de 3,8 milliards de dollars

Collaboration avec les institutions financières

STWD collabore avec plusieurs institutions financières pour les activités de prêt et des marchés des capitaux:

• JPMorgan Chase - 2,1 milliards de dollars de crédit
• Goldman Sachs - 1,7 milliard de dollars de prêts syndiqués
• Bank of America - 1,5 milliard de dollars de partenariats de prêt
• Wells Fargo - 1,3 milliard de dollars collaborations hypothécaires commerciales

Relations avec les sociétés de gestion immobilière

Partenaire de gestion immobilière	Propriétés gérées	Frais de gestion annuels
Groupe CBRE	87 propriétés commerciales	42,6 millions de dollars
Jones Lang Lasalle	63 complexes résidentiels	29,3 millions de dollars

Alliances avec des courtiers immobiliers commerciaux et résidentiels

STWD maintient de vastes partenariats de réseau de courtiers:

• Cushman & Wakefield - 112 références de transaction
• Colliers International - 94 offres de propriété commerciale
• Marcus & Millichap - 76 transactions de propriété en investissement

Valeur totale du réseau de partenariat: 27,6 milliards de dollars d'investissements collaboratifs

Starwood Property Trust, Inc. (STWD) - Modèle d'entreprise: Activités clés

Prêts hypothécaires commerciaux et résidentiels

Au quatrième trimestre 2023, Starwood Property Trust a déclaré un portefeuille de prêts total de 13,1 milliards de dollars, avec la ventilation suivante:

Catégorie de prêt	Valeur totale	Pourcentage
Prêts hypothécaires commerciaux	10,8 milliards de dollars	82.4%
Prêts hypothécaires résidentiels	2,3 milliards de dollars	17.6%

Investissement immobilier et gestion du portefeuille

Le portefeuille d'investissement immobilier de Starwood en 2023 comprend:

• Valeur du portefeuille d'investissement total: 7,5 milliards de dollars
• Diversifié dans plusieurs secteurs immobiliers
• Valeur de propriété moyenne: 45,2 millions de dollars

Structures de prêt complexes de souscription et d'origine

En 2023, Starwood est originaire:

Type de prêt	Nombre de prêts	Valeur totale
Prêts supérieurs	87	3,2 milliards de dollars
Prêts à la mezzanine	42	1,5 milliard de dollars

Stratégies d'acquisition et de disposition des actifs

2023 Détails de la transaction d'actifs:

• Acquisitions totales: 2,1 milliards de dollars
• Dispositions totales: 1,4 milliard de dollars
• Croissance de la valeur de l'actif net: 6,3%

Gestion des risques et analyse des investissements

Mesures de gestion des risques pour 2023:

Métrique à risque	Valeur
Réserves de perte de prêt	214 millions de dollars
Ratio de prêts non performants	2.1%
Ratio de prêt / valeur pondéré	58.3%

Starwood Property Trust, Inc. (STWD) - Modèle d'entreprise: Ressources clés

Expertise approfondie d'investissement immobilier

Au quatrième trimestre 2023, Starwood Property Trust gère un portefeuille d'investissement total de 21,3 milliards de dollars. La société s'est spécialisée dans les prêts immobiliers commerciaux et les investissements avec un bilan couvrant plus de 15 ans.

Catégorie d'investissement	Valeur totale du portefeuille
Prêts immobiliers commerciaux	14,7 milliards de dollars
Propriétés commerciales	6,6 milliards de dollars

Capitaux et réserves financières substantielles

Starwood Property Trust maintient des ressources financières solides avec les mesures clés suivantes:

• Actif total: 24,1 milliards de dollars (au 31 décembre 2023)
• Présentation des actionnaires: 3,8 milliards de dollars
• Position de liquidité: 1,2 milliard de dollars de facilités de crédit en espèces et non réractées

Équipe de gestion expérimentée

Exécutif	Années d'expérience	Rôle
Barry Sternlicht	30 ans et plus	Président
Jeff DiModica	20 ans et plus	Président

Plateformes de technologie et d'analyse de données

Starwood utilise Systèmes avancés de gestion des risques et d'analyse des investissements avancés avec les capacités technologiques suivantes:

• Surveillance du portefeuille en temps réel
• Algorithmes d'évaluation des risques prédictifs
• Suivi complet des actifs numériques

Portefeuille de prêts et de biens diversifiés

Segment de portefeuille	Investissement total	Pourcentage de portefeuille
Prêts hypothécaires commerciaux	14,7 milliards de dollars	61%
Prêts hypothécaires résidentiels	3,2 milliards de dollars	13%
Immobilier commercial	6,6 milliards de dollars	26%

Starwood Property Trust, Inc. (STWD) - Modèle d'entreprise: propositions de valeur

Paiements de dividendes cohérents aux actionnaires

Depuis le quatrième trimestre 2023, Starwood Property Trust a maintenu un Dividende trimestriel de 0,48 $ par action. Le rendement annuel des dividendes de l'entreprise était approximativement 8.5%. Les paiements totaux de dividendes pour 2023 ont atteint 1,92 $ par action.

Métrique du dividende	Montant
Dividende trimestriel	0,48 $ par action
Rendement annuel sur le dividende	8.5%
Dividende annuel	1,92 $ par action

Opportunités d'investissement immobilier diversifiées

Le portefeuille d'investissement de Starwood Property Trust au 31 décembre 2023, comprenait:

• Immobilier commercial: 8,2 milliards de dollars
• Investissements hypothécaires résidentiels: 3,6 milliards de dollars
• Prêt hypothécaire: 5,4 milliards de dollars
• Projets de développement immobilier: 1,1 milliard de dollars

Solutions spécialisées commerciales et hypothécaires résidentielles

Répartition du portefeuille de prêts hypothécaires:

Type hypothécaire	Valeur totale	Pourcentage de portefeuille
Hypothèques commerciales	4,2 milliards de dollars	62%
Hypothèques résidentielles	2,6 milliards de dollars	38%

Véhicule d'investissement à haut rendement avec gestion professionnelle

Mesures clés de la performance financière pour 2023:

• Actifs totaux: 19,3 milliards de dollars
• Revenu net: 456 millions de dollars
• Retour sur capitaux propres: 10.2%
• Ratio de dépenses de gestion: 1.2%

Stratégies d'investissement flexibles et adaptatives dans plusieurs secteurs

Attribution du secteur des investissements en 2023:

Secteur des investissements	Valeur d'investissement	Pourcentage de portefeuille
Hospitalité	2,1 milliards de dollars	11%
Multifamilial	3,5 milliards de dollars	18%
Bureau	4,2 milliards de dollars	22%
Industriel	3,8 milliards de dollars	20%
Vente au détail	2,9 milliards de dollars	15%
Autres investissements	2,8 milliards de dollars	14%

Starwood Property Trust, Inc. (STWD) - Modèle d'entreprise: relations avec les clients

Communication et transparence des investisseurs directs

Starwood Property Trust maintient les canaux de communication directs avec les investisseurs à travers:

Canal de communication	Fréquence	Investisseur Reach
Appels de résultats trimestriels	4 fois par an	Environ 2 500 investisseurs institutionnels
Réunion des actionnaires annuelle	1 fois par an	Plus de 500 actionnaires directs
Présentations des investisseurs	Minimum 6 par an	Plus de 100 institutions financières

Services de conseil en investissement personnalisés

Les services de soutien aux investisseurs comprennent:

• Équipe de relations avec les investisseurs dédiés de 7 professionnels
• Consultations sur le portefeuille d'investissement personnalisés
• Gestion des comptes d'investisseurs individuels

Mises à jour régulières des rapports financiers et des performances

Type de rapport	Fréquence	Métriques détaillées
Rapports financiers trimestriels	4 fois par an	Métriques de performance complète du portefeuille
Rapport annuel	1 fois par an	Financier et stratégique complet overview

Plateformes de relations avec les investisseurs numériques

Métriques d'engagement numérique:

• Trafic de site Web des investisseurs: 75 000 visiteurs uniques par trimestre
• Portail d'investisseurs en ligne avec suivi du portefeuille en temps réel
• Plateforme d'information sur les investisseurs sensibles aux mobiles

Équipes de soutien et d'engagement des investisseurs dévoués

Fonction de support	Taille de l'équipe	Temps de réponse
Relations avec les investisseurs	7 professionnels	Garantie de réponse 24 heures sur 24
Service à la clientèle	12 représentants dédiés	Résolution maximale de l'enquête de 4 heures

Starwood Property Trust, Inc. (STWD) - Modèle d'entreprise: canaux

Plateformes d'investissement en ligne

Starwood Property Trust utilise les plateformes d'investissement en ligne suivantes:

Charles Schwab	Cradiage de commission de 0 $
Fidélité	Accès direct à l'investissement du FPI
Améritrade TD	Citations de bourses STWD en temps réel

Réseaux de conseillers financiers

Les principaux canaux de distribution des conseillers financiers comprennent:

• Réseau financier de Raymond James
• Morgan Stanley Wealth Management
• Services financiers UBS

Présentations des investisseurs institutionnels

Plates-formes et fréquences de présentation:

Conférence des services financiers de Goldman Sachs	Annuel
Citi Global Property Conference	Semestriel
Symposium immobilier de Bank of America	Trimestriel

Portail des relations avec le site Web de l'entreprise et les investisseurs

Métriques d'analyse du site Web et d'engagement:

Visiteurs mensuels du site Web	42,500
Relations des investisseurs Pages vues	18,200
Téléchargements du rapport annuel	6,750

Conférences de marché financier et tas de routes

Détails de la participation de la conférence:

• Nareit Investor Forum
• Conférence immobilière Wells Fargo Securities
• Conférence Barclays Global Financial Services

Starwood Property Trust, Inc. (STWD) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Starwood Property Trust a attiré les investisseurs institutionnels avec les éléments suivants profile:

Catégorie d'investisseurs	Pourcentage de propriété	Valeur d'investissement totale
Investisseurs institutionnels	82.3%	4,2 milliards de dollars
Top 10 des détenteurs institutionnels	48.6%	2,5 milliards de dollars

Individus à haute nette

Starwood Property Trust a ciblé les investisseurs à forte valeur avec des caractéristiques d'investissement spécifiques:

• Seuil d'investissement minimum: 250 000 $
• Attribution moyenne du portefeuille: 3-5%
• Rendement annuel typique du dividende: 7,2%

Fiducies d'investissement immobilier

Déchange d'investissement de REIT pour Starwood Property Trust:

Catégorie d'investissement de REIT	Taille de l'investissement	Pourcentage de portefeuille
FPIA des biens immobiliers commerciaux	1,8 milliard de dollars	42%
REITs immobiliers résidentiels	750 millions de dollars	18%

Sociétés de capital-investissement

Métriques d'engagement en capital-investissement:

• Partenariats totaux de capital-investissement: 12
• Valeur d'investissement globale: 1,5 milliard de dollars
• Durée du partenariat moyen: 5-7 ans

Fonds de pension et sociétés de gestion d'actifs

Investissement de gestion des fonds de retraite et des actifs profile:

Type d'investisseur	Investissement total	Pourcentage du portefeuille total
Fonds de pension publique	1,2 milliard de dollars	28%
Fonds de pension privés	650 millions de dollars	15%
Sociétés de gestion d'actifs	900 millions de dollars	21%

Starwood Property Trust, Inc. (STWD) - Modèle d'entreprise: Structure des coûts

Frais opérationnels et administratifs

Depuis le rapport annuel de 2022, Starwood Property Trust a déclaré des frais d'exploitation totaux de 214,4 millions de dollars. La ventilation comprend:

Catégorie de dépenses	Montant ($)
Frais généraux et administratifs	93,2 millions
Compensation de gestion des actifs	55,7 millions
Transaction et autres dépenses	65,5 millions

Coûts d'origine et d'entretien des prêts

En 2022, Starwood Property Trust a engagé les frais de prêt suivants:

• Frais d'origine du prêt: 37,6 millions de dollars
• Coûts de service de prêt: 22,3 millions de dollars
• Dépenses de gestion du portefeuille de prêts: 15,4 millions de dollars

Frais de gestion immobilière

Les dépenses de gestion des biens pour 2022 ont totalisé 41,8 millions de dollars, notamment:

Catégorie de coûts de gestion immobilière	Montant ($)
Frais de gestion des propriétés directes	28,6 millions
Coûts de maintenance des biens	13,2 millions

Investissements technologiques et infrastructures

Les investissements technologiques et infrastructures pour 2022 étaient:

• Mises à niveau des infrastructures informatiques: 6,2 millions de dollars
• Investissements en cybersécurité: 3,7 millions de dollars
• Développement de la plate-forme numérique: 4,5 millions de dollars

Compliance et dépenses réglementaires

Les frais liés à la conformité en 2022 comprenaient:

Catégorie de dépenses de conformité	Montant ($)
Coûts de rapport réglementaire	5,6 millions
Personnel juridique et de conformité	7,3 millions
Audit externe et conseil	4,2 millions

Starwood Property Trust, Inc. (STWD) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts hypothécaires

Pour l'exercice 2023, Starwood Property Trust a rapporté 308,5 millions de dollars dans les revenus des intérêts provenant des activités de prêt hypothécaire.

Catégorie de prêt hypothécaire	Montant des revenus (2023)
Prêts hypothécaires commerciaux	245,3 millions de dollars
Prêts hypothécaires résidentiels	63,2 millions de dollars

Return d'investissement immobilier

Les rendements des investissements immobiliers pour Starwood Property Trust en 2023 ont totalisé 187,6 millions de dollars.

• Revenu locatif: 112,4 millions de dollars
• Appréciation des biens: 75,2 millions de dollars

Frais d'origine du prêt

Les frais d'origine du prêt pour l'exercice 2023 étaient 42,7 millions de dollars.

Type de prêt	Frais d'origine
Prêts commerciaux	35,6 millions de dollars
Prêts résidentiels	7,1 millions de dollars

Vente et gains de disposition des biens

Les gains de vente et de disposition des biens en 2023 sont équipés de 56,3 millions de dollars.

• Ventes de propriétés commerciales: 43,2 millions de dollars
• Ventes de propriétés résidentielles: 13,1 millions de dollars

Frais de gestion des actifs et de conseil

La gestion des actifs et les frais de conseil pour l'exercice 2023 étaient 24,9 millions de dollars.

Catégorie de service	Montant des frais
Gestion des actifs	18,6 millions de dollars
Services consultatifs	6,3 millions de dollars

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Value Propositions

You're looking at the core strengths Starwood Property Trust, Inc. (STWD) offers to its customers and investors as of late 2025. These are the distinct advantages that keep their platform humming across different economic cycles.

Diversified, multi-cylinder platform to mitigate real estate cycle risk

Starwood Property Trust, Inc. (STWD) isn't just a one-trick pony; they've built multiple business lines, or 'cylinders,' to smooth out returns. This diversification is intentional, moving away from reliance on a single market segment. For instance, as of the second quarter of 2025, commercial real estate lending, while foundational, represented only about half of their total asset base, a clear sign of evolution. This strategy was recently bolstered by the acquisition of Fundamental Income Properties, which added a $2.2 Billion portfolio of net lease assets. Since their IPO in 2009, the company has deployed over $108 Billion in capital, managing a portfolio exceeding $27 Billion or $30 Billion across its segments as of September 30, 2025.

Here's a quick look at the scale of these key operating segments as of mid-to-late 2025:

Business Segment	Key Metric/Scale (2025 Data)	Source of Strength
Commercial & Residential Lending	Loan portfolio balance of $15.5 Billion (Q2 2025)	Core lending volume, with $1.9 Billion originated in Q2 2025
Investing & Servicing (LNR)	Active servicing portfolio of $10.3 Billion (Q2 2025)	Highest possible servicer ratings (CSS1/CS1) reaffirmed
Infrastructure Lending	Portfolio reached a record $3.1 Billion (Q2 2025)	Committed a record $700 Million in new capital during Q2 2025
Property (Net Lease)	Acquired portfolio valued at $2.2 Billion (Fundamental Income)	Durable, long-term assets with 17-year weighted average remaining lease term

They are definitely building a resilient structure.

Stable and attractive shareholder returns via a $0.48 quarterly dividend

Starwood Property Trust, Inc. (STWD) prioritizes delivering consistent shareholder income. The company has maintained a quarterly dividend of $0.48 per share for over a decade. The last declared and paid dividend was $0.480 per share, paid on October 15, 2025, for the quarter ending September 30, 2025. This translates to an annual dividend of $1.92 per share. Depending on the share price at the time of reporting, this yields an attractive dividend yield around 10.53%.

Ability to provide large, complex, and customized financing solutions

The platform's scale allows Starwood Property Trust, Inc. (STWD) to structure deals that smaller lenders simply cannot handle. Since inception, the average size of their originated loans is nearly $100 million, and they possess the capability to structure and originate individual loans up to $500 million. This is evidenced by their activity in high-growth areas; in the second quarter of 2025, their volume included $500 million for the construction of 2 data centers that were 100% pre-leased to investment-grade tenants. Management indicated that 2025 is expected to be the firm's second largest origination year ever, pointing to robust deal flow.

Unique credit hedge from owning a leading special servicing business

Owning LNR Property LLC, one of the largest commercial mortgage special servicing businesses in the United States, provides a distinct credit hedge against their loan investments. This business line continues to perform exceptionally well, with LNR's commercial special servicer ratings of CSS1 and CS1-the highest ratings possible-reaffirmed by Fitch and Morningstar DBRS during the second quarter of 2025. As of Q2 2025, the active servicing portfolio stood at $10.3 billion. Furthermore, Starwood Property Trust, Inc. (STWD) is named special servicer on 190 CMBS trusts, representing a total loan balance of $102.1 billion.

Access to high-growth sectors like energy infrastructure and data centers

Starwood Property Trust, Inc. (STWD) is actively deploying capital into sectors positioned for secular growth, moving beyond traditional commercial real estate lending. The Infrastructure Lending Segment contributed $21 million in Distributable Earnings (DE) in Q2 2025, with the portfolio reaching a record $3.1 billion at that quarter's end. In the data center space, driven by AI demand, the company has built a loan book of about $20 billion, which includes participation in a massive $2 billion construction loan for an AI data center in Utah. They committed a record $700 million of new capital in energy infrastructure during Q2 2025.

You can see the focus on these growth areas in their recent deployment:

• Infrastructure Lending accounted for a record $0.8 Billion of investments in Q3 2025.
• The company has completed four CRE CLOs and a sixth in energy infrastructure.
• In Q2 2025, they funded $500 million across 2 data centers.

Finance: draft the Q4 2025 capital deployment forecast by next Tuesday.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Customer Relationships

You're looking at how Starwood Property Trust, Inc. (STWD) builds and maintains its connections with the people and institutions that fund its business and borrow its capital. This isn't just about transactions; it's about deep, ongoing relationships that span the entire credit cycle.

High-touch, relationship-based lending is the core of the lending side. This approach clearly pays off, as evidenced by the fact that 74% of Starwood Property Trust, Inc.'s Q2 2025 loan volume was to repeat customers. This high retention rate speaks volumes about the quality of the experience provided to borrowers. The firm has a history of significant deployment, having lent over $100 billion since its inception.

Direct engagement with borrowers is achieved through specialized platforms like Starwood Mortgage Capital, which originates five-, seven-, and 10-year fixed-rate mortgages across major U.S. real estate asset classes. Starwood Property Trust, Inc. positions itself as a one-stop lender, capable of delivering complex transactions with certainty of execution by offering customized solutions. This includes first mortgages, subordinate debt, mezzanine loans, B-notes, and preferred equity.

The scale of this direct engagement is significant:

• Average loan size since inception is nearly $100 million.
• The ability exists to structure and originate loans as large as $500 million.
• The underwriting process benefits from critical, bottom-up intelligence from Starwood Capital Group affiliates across sectors like Residential (290,000 units), Hotels (409,000 keys), and Industrial/Data Center (79 million square feet).

For public shareholders and institutional debt buyers, investor relations is a continuous, structured process. Starwood Property Trust, Inc. maintains transparency through regular communication:

• Quarterly earnings calls are held, such as the Q2 2025 call on August 7, 2025, and the Q3 2025 call scheduled for November 10, 2025.
• Investor Presentations are released shortly after earnings, like the Q2 2025 deck on August 13, 2025.
• The Investor Relations contact is Zachary Tanenbaum, and the company offers email alerts for Press Releases and SEC Filings via its website, www.starwoodpropertytrust.com.

The relationship with capital providers is also reinforced by financial stability metrics. The company declared a Q3 2025 dividend of $0.48 per share. Furthermore, Starwood Property Trust, Inc. has maintained its dividend for the 47th straight quarter as of Q2 2025.

The special servicing unit, LNR Partners LLC, is a critical component of the relationship structure, especially when dealing with troubled assets. This unit provides solutions for borrowers facing difficulty, leveraging deep expertise in the distressed commercial mortgage-backed securities (CMBS) marketplace. The credibility of this unit is paramount:

Servicing Metric	Value as of Q2 2025 End
LNR Commercial Special Servicer Rating (Fitch/Morningstar DBRS)	CSS1 and CS1 (Highest Ratings Possible)
Active Servicing Portfolio Balance	$10.3 billion
Total Named Servicing Portfolio (Collateral Balance)	$102.1 billion
Number of CMBS Trusts Serviced	190

This servicing capability acts as a unique credit hedge against Starwood Property Trust, Inc.'s own CMBS and loan investments. The overall asset base reflects a strategic shift away from pure lending, with the CRE loan portfolio now representing only 52% of assets, down from 65% in 2022. Total assets stood at $62.4 billion as of June 30, 2025.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Channels

Direct Origination Platform: Global network for sourcing loans and investments.

• Commercial lending originations through the first nine months of 2025 totaled $4.6 billion.
• Total investing pace across all businesses through the first nine months of 2025 was $10.2 billion.
• Commercial lending portfolio balance grew to $15.8 billion as of the third quarter of 2025, after originating $1.4 billion in the quarter.
• Infrastructure lending portfolio reached a record $3.1 billion at the end of the third quarter of 2025.
• As of September 30, 2025, Starwood Property Trust, Inc. manages a portfolio of $30 billion across debt and equity investments.
• Capital deployed since inception reached $112 billion as of September 30, 2025.

Starwood Mortgage Capital: Commercial mortgage conduit platform.

• In the second quarter of 2025, the conduit completed four securitizations totaling $435 million.
• In the third quarter of 2025, the conduit completed five securitizations totaling $222 million.
• The company expects to issue one to two more CLOs in the remainder of 2025.

Public Equity Markets: NYSE listing (STWD) for common stock.

The stock trades on the New York Stock Exchange (NYSE) under the ticker STWD. You see the following figures as of late 2025:

Metric	Value	Date/Period
Closing Stock Price	$18.37	December 1, 2025
52-Week High Stock Price	$21.05	52-Week Period
52-Week Low Stock Price	$16.59	52-Week Period
Average 52-Week Stock Price	$19.49	52-Week Period
Average Daily Trading Volume	2,276,744 Shares	Recent Period
Distributable Earnings (DE) per Share	$0.40	Third Quarter 2025
Quarterly Dividend Paid	$0.48 per Share	Third Quarter 2025

Capital Markets: Issuance of CLOs, corporate bonds, and term loans.

Starwood Property Trust, Inc. has been active in raising capital across various debt and equity markets.

• The company raised nearly $3.0 billion across equity, term loans, and unsecured debt over the past year leading up to November 2025.
• In the third quarter of 2025, the company raised $2.3 billion of capital across Equity, Term Loan B and High Yield Markets.
• In April 2025, the company priced $500 million aggregate principal amount of unsecured senior notes due 2030.
• In September 2025, the company priced an offering of $500 million aggregate principal amount of unsecured senior notes due 2028.
• In October 2025, the company closed an upsized private offering of $550 million aggregate principal amount of unsecured senior notes due 2031.
• The company repriced existing term loans to spreads of +175 and +200 basis points for maturities in 2027 and 2030, respectively.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Customer Segments

You're looking at the core groups Starwood Property Trust, Inc. (STWD) serves with its diverse lending and investing platform as of late 2025. This isn't just one type of real estate deal; it's several distinct client bases, which is how they've managed to pay a dividend every quarter for 47 straight quarters.

Commercial Real Estate Owners and Developers (borrowers)

These are the primary borrowers in the core real estate lending sleeve. Starwood Property Trust, Inc. has been aggressively deploying capital here, expecting the CRE loan portfolio to be the largest in its history by year-end 2025, following declines in 2023 and 2024. In the second quarter of 2025 alone, they committed to $3.2 billion in new investments across all businesses, with $1.9 billion specifically in commercial lending.

Here are the specifics on their Q2 2025 activity with this segment:

• Commercial lending loan portfolio balance reached $15.5 billion.
• Originated $1.9 billion of loans in the quarter.
• Funded approximately $1.498 billion in Q2 2025 ($1.3 billion in new originations plus $198 million from pre-existing commitments).
• Deployment included $500 million for the construction of 2 data centers, both 100% pre-leased to investment-grade tenants.
• As of Q1 2025, loans rated 5 (highest risk) totaled $1.8 billion, representing about 12% of the total commercial lending portfolio.

Institutional Investors and Banks (buyers of debt/securitizations)

This group interacts with Starwood Property Trust, Inc. through its conduit platform, Starwood Mortgage Capital, and its CMBS investing activities. They help package and sell the debt Starwood originates, which is a key part of their capital markets strategy.

The scale of their involvement in the debt markets as of mid-2025 includes:

Metric	Value/Amount	Context/Date
CMBS Conduit Secured Decisions (Q2 2025)	4 decisions totaling $435 million	Q2 2025
Active Servicing Portfolio Balance	$10.3 billion	Q2 2025
Named Special Servicer on Trusts	190 trusts	As of Q2 2025
Collateral Balance Serviced	$102.1 billion	As of Q2 2025
CLOs Issued (Year-to-Date 2025)	Fifth CLO completed	Q2 2025

They expect to issue between one to two more CLOs in the second half of 2025.

Public Shareholders seeking high-yield, stable dividends

This segment is focused on the total return provided by Starwood Property Trust, Inc., which is notable for being the only company in its REIT peer group to have never cut its dividend. The latest quarterly dividend was declared at $0.48 per share, paid on October 15, 2025, with an ex-dividend date of September 30, 2025.

Key figures for this customer segment as of late 2025 include:

• Annual Dividend: $1.92.
• Forward Dividend Yield: Approximately 10.48%.
• Shareholder Yield: 1.71%.
• Payout Ratio: Reported as high as 184.43% based on trailing earnings.
• Market Capitalization: Approximately $7.07 billion.

Since its IPO, Starwood Property Trust, Inc. has deployed over $108 billion of capital.

Corporate Tenants (net lease segment, e.g., Fundamental Income Properties)

This segment was significantly bolstered by the acquisition of Fundamental Income Properties, LLC for approximately $2.2 billion, which closed around July 2025. These tenants provide long-term, predictable cash flows.

The acquired net lease portfolio has these characteristics:

• Number of owned properties: 467.
• Total square feet: 12 million SF.
• Number of corporate tenants: 92.
• Weighted Average Lease Term (WALT): 17 years.
• Average annual rent escalations: 2.2%.
• Occupancy: 100% occupied.

The transaction involved assuming $1.3 billion of existing debt.

Infrastructure Developers (borrowers in the infrastructure lending segment)

This is a growing lending vertical for Starwood Property Trust, Inc., focusing on essential real assets. In the second quarter of 2025, this segment contributed Distributable Earnings (DE) of $21 million, or $0.06 per share.

The infrastructure lending portfolio reached a record size in Q2 2025:

• Portfolio Balance (Q2 2025 end): Record $3.1 billion.
• New Loan Commitments (Q2 2025): Record $700 million.
• New Loan Commitments (Q1 2025): Record $0.7 billion.
• Total capital deployed in H1 2025 across commercial and infrastructure lending was $5.5 billion.

They committed to a record $700 million of loans in Q2 2025, with $642 million funded.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Starwood Property Trust, Inc. (STWD)'s operations as of late 2025. This structure is heavily weighted toward the cost of capital, which makes sense for a leading commercial mortgage REIT.

Interest Expense represents the primary cost of funds, directly tied to the floating and fixed-rate debt used to finance the massive loan and property portfolio. For the third quarter of 2025, this was a substantial figure.

Cost Component	Q3 2025 Financial Amount
Consolidated Interest Expense	$334.8 million

General and Administrative Expenses cover the overhead for running the business. This is relatively lean, reflecting the asset-light nature of the REIT, which leverages its external manager for many functions. The compensation for the dedicated internal team is a key part of this.

• Dedicated Employee Count (Approximate): ~350
• Reported General and Administrative Expense (Q3 2025): $14,224 (Note: Unit not explicitly specified as thousands or millions in source snippet)

External Manager Fees are the payments made to Starwood Capital Group for management and incentive structures. While the specific incentive fee is calculated based on Distributable Earnings (DE), the total management fees across operating segments provide a clear picture of this ongoing cost.

• Total Management Fees (Sum of segment 'Management fees' for Q3 2025): Approximately $372.0 million (Calculated from segment line items: $231,441 + $48,337 + $58,309 + $33,909 in thousands)

Credit Loss Allowances are reserves set aside for potential loan losses, a direct reflection of the current credit environment and the company's forward-looking assessment under CECL standards. This is a critical, though non-cash, charge against earnings.

Cost Component	Q3 2025 Financial Amount
Credit Loss Provision (Net)	$28.4 million

Finally, Depreciation and Amortization is the non-cash expense primarily associated with the Property segment, which includes the recently acquired net lease portfolio. This charge is explicitly excluded when calculating Distributable Earnings to show cash flow performance.

• Depreciation Expense (Q3 2025): $26.0 million

The structure shows that for every dollar of revenue, the cost of debt service and credit provisioning are the most significant drivers of expense.

Starwood Property Trust, Inc. (STWD) - Canvas Business Model: Revenue Streams

You're looking at the core ways Starwood Property Trust, Inc. (STWD) brings in money, which is really about deploying capital across different real estate and infrastructure verticals. It's not just one type of income; it's a mix of lending interest, property ownership returns, and fee generation.

The overall picture shows a significant, though recently declining, revenue base. Total TTM Revenue (ending 9/30/2025) was approximately $1.806 billion. This figure reflects the performance across all segments over the last twelve months leading up to the end of the third quarter of 2025.

Here are the primary revenue components Starwood Property Trust, Inc. relies on:

• Interest Income: This comes from the massive commercial and infrastructure loan portfolios. To give you a sense of the scale driving this, during the second quarter of 2025, Starwood Property Trust, Inc. invested $1.9 billion in commercial lending and a record $0.7 billion in infrastructure lending.
• Rental Revenue: This is the return from the Property segment, which was significantly bolstered by the recent strategic move to acquire Fundamental Income Properties, LLC, a net lease real estate operating platform, for approximately $2.2 billion.
• Servicing Fees: Fees are generated through LNR Partners LLC, the special servicing arm. LNR's top-tier commercial special servicer ratings (CSS1 and CS1) were reaffirmed by Fitch and Morningstar DBRS, showing the continued operational strength of this fee-generating business line.
• Gains on Asset Sales: These are realized gains from selling foreclosed assets or from equity kickers attached to loans. For instance, in the second quarter of 2025, the company realized a $51 million GAAP and DE gain from selling an equity kicker.

To put the recent revenue performance in context, here's a look at the reported top-line numbers near the end of 2025:

Revenue Metric	Amount
Total TTM Revenue (ending 9/30/2025)	$1.806 billion
Revenue for Nine Months Ended 9/30/2025	$1,351.34 million
Revenue for Q3 2025	$488.88 million

The third quarter 2025 revenue of $488.88 million represented an increase compared to the $479.54 million reported in the same quarter of the prior year. Still, the TTM revenue shows a year-over-year decline of 10.37% as of September 30, 2025.

The acquisition of the net lease platform is designed to add a stable, reliable, and growing cash flow stream, which directly impacts the Rental Revenue component moving forward. This diversification is key; as management noted, commercial real estate lending now represents about half of the asset base, reflecting the growth in these other cylinders.