Starwood Property Trust, Inc. (STWD): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no intrincado mundo da Starwood Property Trust, Inc. (STWD), uma potência dinâmica de investimento imobiliário que transforma estratégias financeiras complexas em oportunidades lucrativas. Esta empresa inovadora navega no cenário sofisticado de empréstimos hipotecários comerciais e residenciais, oferecendo aos investidores uma mistura única de experiência profissional, parcerias estratégicas e veículos de investimento de alto rendimento que o diferenciam no mercado competitivo de investimento imobiliário (REIT). Com um modelo de negócios meticulosamente criado que equilibra riscos, diversificação e retornos consistentes, a STWD apresenta um projeto intrigante para investimentos imobiliários modernos que promete estabilidade e crescimento potencial.

Starwood Property Trust, Inc. (STWD) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com promotores imobiliários e empresas de investimento

A Starwood Property Trust mantém parcerias estratégicas com várias empresas importantes de desenvolvimento e investimento imobiliárias:

Parceiro	Foco em parceria	Escopo de investimento
Starwood Capital Group	Investimento imobiliário	US $ 14,2 bilhões no valor da carteira total
Empresas relacionadas	Desenvolvimento Comercial	US $ 7,5 bilhões investimentos em joint venture
Blackstone Real Estate	Aquisições de propriedade em larga escala	Transações de co-investimento de US $ 3,8 bilhões

Colaboração com instituições financeiras

A STWD colabora com várias instituições financeiras para atividades de empréstimos e mercados de capitais:

• JPMorgan Chase - US $ 2,1 bilhões de linhas de crédito
• Goldman Sachs - US $ 1,7 bilhão de acordos de empréstimos sindicalizados
• Bank of America - parcerias de empréstimos de US $ 1,5 bilhão
• Wells Fargo - Colaborações de hipotecas comerciais de US $ 1,3 bilhão

Relacionamento com empresas de gerenciamento de propriedades

Parceiro de gerenciamento de propriedades	Propriedades gerenciadas	Taxas de gerenciamento anuais
Grupo CBRE	87 Propriedades comerciais	US $ 42,6 milhões
Jones Lang Lasalle	63 complexos residenciais	US $ 29,3 milhões

Alianças com corretores imobiliários comerciais e residenciais

A STWD mantém extensas parcerias de rede de corretores:

• Cushman & Wakefield - 112 referências de transações
• Colliers International - 94 acordos de propriedade comercial
• Marcus & Millichap - 76 transações de propriedades de investimento

Valor da Rede de Parceria Total: US $ 27,6 bilhões em investimentos colaborativos

Starwood Property Trust, Inc. (STWD) - Modelo de negócios: Atividades -chave

Empréstimos hipotecários comerciais e residenciais

A partir do quarto trimestre 2023, a Starwood Property Trust reportou uma carteira total de empréstimos de US $ 13,1 bilhões, com a seguinte quebra:

Categoria de empréstimo	Valor total	Percentagem
Empréstimos hipotecários comerciais	US $ 10,8 bilhões	82.4%
Empréstimos hipotecários residenciais	US $ 2,3 bilhões	17.6%

Investimento imobiliário e gerenciamento de portfólio

O portfólio de investimentos imobiliários da Starwood, a partir de 2023, inclui:

• Valor da carteira total de investimentos: US $ 7,5 bilhões
• Diversificado em vários setores imobiliários
• Valor médio da propriedade: US $ 45,2 milhões

Subscrição e origem de estruturas de empréstimos complexos

Em 2023, Starwood se originou:

Tipo de empréstimo	Número de empréstimos	Valor total
Empréstimos sênior	87	US $ 3,2 bilhões
Empréstimos de mezanina	42	US $ 1,5 bilhão

Estratégias de aquisição e disposição de ativos

2023 Detalhes da transação de ativos:

• Aquisições totais: US $ 2,1 bilhões
• Disposições totais: US $ 1,4 bilhão
• Crescimento líquido do valor do ativo: 6,3%

Gerenciamento de riscos e análise de investimento

Métricas de gerenciamento de riscos para 2023:

Métrica de risco	Valor
Reservas de perda de empréstimos	US $ 214 milhões
Razão de empréstimos não-desempenho	2.1%
Proporção média ponderada de empréstimo / valor	58.3%

Starwood Property Trust, Inc. (STWD) - Modelo de negócios: Recursos -chave

Ampla experiência em investimentos imobiliários

No quarto trimestre 2023, a Starwood Property Trust gerencia um portfólio total de investimentos de US $ 21,3 bilhões. A empresa se especializou em empréstimos imobiliários comerciais e investimentos com um histórico que abrange mais de 15 anos.

Categoria de investimento	Valor total do portfólio
Empréstimos imobiliários comerciais	US $ 14,7 bilhões
Propriedades comerciais	US $ 6,6 bilhões

Capital substancial e reservas financeiras

Starwood Property Trust mantém recursos financeiros robustos com as seguintes métricas -chave:

• Total de ativos: US $ 24,1 bilhões (em 31 de dezembro de 2023)
• Equidade dos acionistas: US $ 3,8 bilhões
• Posição de liquidez: US $ 1,2 bilhão em dinheiro e linhas de crédito não fundidas

Equipe de gerenciamento experiente

Executivo	Anos de experiência	Papel
Barry Sternlicht	Mais de 30 anos	Presidente e CEO
Jeff Dimodica	Mais de 20 anos	Presidente

Plataformas de tecnologia e análise de dados

Starwood utiliza Sistemas avançados de gerenciamento de riscos e investimentos avançados Com os seguintes recursos tecnológicos:

• Monitoramento de portfólio em tempo real
• Algoritmos de avaliação de risco preditivos
• Rastreamento abrangente de ativos digitais

Portfólio diversificado de empréstimos e propriedades

Segmento de portfólio	Investimento total	Porcentagem de portfólio
Empréstimos hipotecários comerciais	US $ 14,7 bilhões	61%
Empréstimos hipotecários residenciais	US $ 3,2 bilhões	13%
Imóveis comerciais	US $ 6,6 bilhões	26%

Starwood Property Trust, Inc. (STWD) - Modelo de negócios: proposições de valor

Pagamentos de dividendos consistentes aos acionistas

A partir do quarto trimestre 2023, Starwood Property Trust manteve um dividendo trimestral de US $ 0,48 por ação. O rendimento anual de dividendos da empresa foi aproximadamente 8.5%. Pagamentos totais de dividendos para 2023 alcançados US $ 1,92 por ação.

Métrica de dividendos	Quantia
Dividendo trimestral	US $ 0,48 por ação
Rendimento anual de dividendos	8.5%
Dividendo anual	US $ 1,92 por ação

Oportunidades diversificadas de investimento imobiliário

O portfólio de investimentos da Starwood Property Trust em 31 de dezembro de 2023 incluiu:

• Imóveis comerciais: US $ 8,2 bilhões
• Investimentos de hipotecas residenciais: US $ 3,6 bilhões
• Empréstimo de hipoteca: US $ 5,4 bilhões
• Projetos de desenvolvimento de propriedades: US $ 1,1 bilhão

Soluções comerciais e residenciais especializadas

Breakdown do portfólio de empréstimos hipotecários:

Tipo de hipoteca	Valor total	Porcentagem de portfólio
Hipotecas comerciais	US $ 4,2 bilhões	62%
Hipotecas residenciais	US $ 2,6 bilhões	38%

Veículo de investimento de alto rendimento com gerenciamento profissional

Principais métricas de desempenho financeiro para 2023:

• Total de ativos: US $ 19,3 bilhões
• Resultado líquido: US $ 456 milhões
• Retorno sobre o patrimônio: 10.2%
• Taxa de despesas de gerenciamento: 1.2%

Estratégias de investimento flexíveis e adaptativas em vários setores

Alocação do setor de investimentos a partir de 2023:

Setor de investimentos	Valor de investimento	Porcentagem de portfólio
Hospitalidade	US $ 2,1 bilhões	11%
Multifamiliar	US $ 3,5 bilhões	18%
Escritório	US $ 4,2 bilhões	22%
Industrial	US $ 3,8 bilhões	20%
Varejo	US $ 2,9 bilhões	15%
Outros investimentos	US $ 2,8 bilhões	14%

Starwood Property Trust, Inc. (STWD) - Modelo de negócios: relacionamentos com o cliente

Comunicação e transparência do investidor direto

A Starwood Property Trust mantém canais de comunicação direta com os investidores por meio de:

Canal de comunicação	Freqüência	Alcance do investidor
Chamadas de ganhos trimestrais	4 vezes por ano	Aproximadamente 2.500 investidores institucionais
Reunião Anual dos Acionistas	1 tempo por ano	Mais de 500 acionistas diretos
Apresentações de investidores	Mínimo 6 por ano	Mais de 100 instituições financeiras

Serviços de consultoria de investimento personalizados

Os serviços de suporte de investidores incluem:

• Equipe dedicada de relações com investidores de 7 profissionais
• Consultas de portfólio de investimentos personalizados
• Gerenciamento de contas de investidores individuais

Relatórios financeiros regulares e atualizações de desempenho

Tipo de relatório	Freqüência	Métricas detalhadas
Relatórios financeiros trimestrais	4 vezes anualmente	Métricas abrangentes de desempenho do portfólio
Relatório anual	1 tempo por ano	Financeiro e estratégico abrangente overview

Plataformas de relações com investidores digitais

Métricas de engajamento digital:

• Site do investidor Tráfego: 75.000 visitantes únicos por trimestre
• Portal de investidores on-line com rastreamento de portfólio em tempo real
• Plataforma de informações sobre investidores responsivos a dispositivos móveis

Equipes dedicados de suporte e engajamento de investidores

Função de suporte	Tamanho da equipe	Tempo de resposta
Relações com investidores	7 profissionais	Garantia de resposta de 24 horas
Atendimento ao cliente	12 representantes dedicados	Resolução máxima de inquérito de 4 horas

Starwood Property Trust, Inc. (STWD) - Modelo de negócios: canais

Plataformas de investimento on -line

A Starwood Property Trust utiliza as seguintes plataformas de investimento on -line:

Charles Schwab	Negociação de comissão de $ 0
Fidelidade	Acesso direto ao investimento REIT
TD Ameritrade	Citações de ações da STWD em tempo real

Redes de consultores financeiros

Os principais canais de distribuição de consultores financeiros incluem:

• Rede Financeira Raymond James
• Morgan Stanley Wealth Management
• Serviços financeiros do UBS

Apresentações de investidores institucionais

Plataformas e frequências de apresentação:

Conferência de Serviços Financeiros de Goldman Sachs	Anual
Conferência de Propriedade Global do Citi	Semestral
Simpósio imobiliário do Bank of America	Trimestral

Site corporativo e portal de relações com investidores

Métricas de análise e engajamento de sites:

Visitantes mensais do site	42,500
Visualizações de página de relações com investidores	18,200
Downloads de relatórios anuais	6,750

Conferências de Mercado Financeiro e Roadshows

Detalhes da participação na conferência:

• Fórum de Investidores Nareit
• Wells Fargo Securities Real Estate Conference
• Conferência de Serviços Financeiros Globais do Barclays

Starwood Property Trust, Inc. (STWD) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A partir do quarto trimestre 2023, a Starwood Property Trust atraiu investidores institucionais com o seguinte profile:

Categoria de investidores	Porcentagem de propriedade	Valor total de investimento
Investidores institucionais	82.3%	US $ 4,2 bilhões
10 principais detentores institucionais	48.6%	US $ 2,5 bilhões

Indivíduos de alta rede

A Starwood Property Trust direcionou investidores de alta rede com características específicas de investimento:

• Limite mínimo de investimento: US $ 250.000
• Alocação média de portfólio: 3-5%
• Rendimento anual de dividendos típicos: 7,2%

Fundos de investimento imobiliário

REIT Breakdown para o Starwood Property Trust:

REIT Categoria de investimento	Tamanho do investimento	Porcentagem de portfólio
REITs imobiliários comerciais	US $ 1,8 bilhão	42%
REITs imobiliários residenciais	US $ 750 milhões	18%

Empresas de private equity

Métricas de engajamento de private equity:

• Total de parcerias de private equity: 12
• Valor agregado de investimento: US $ 1,5 bilhão
• Duração média da parceria: 5-7 anos

Fundos de pensão e empresas de gerenciamento de ativos

Investimento de Fundo de Pensões e Gerenciamento de Ativos profile:

Tipo de investidor	Investimento total	Porcentagem de portfólio total
Fundos de pensão pública	US $ 1,2 bilhão	28%
Fundos de pensão privados	US $ 650 milhões	15%
Empresas de gerenciamento de ativos	US $ 900 milhões	21%

Starwood Property Trust, Inc. (STWD) - Modelo de negócios: estrutura de custos

Despesas operacionais e administrativas

Até o relatório anual de 2022, a Starwood Property Trust registrou despesas operacionais totais de US $ 214,4 milhões. O colapso inclui:

Categoria de despesa	Valor ($)
Despesas gerais e administrativas	93,2 milhões
Compensação de gerenciamento de ativos	55,7 milhões
Transação e outras despesas	65,5 milhões

Custos de origem e manutenção de empréstimos

Em 2022, a Starwood Property Trust incorreu nos seguintes custos relacionados ao empréstimo:

• Despesas de originação de empréstimos: US $ 37,6 milhões
• Custos de serviço de empréstimo: US $ 22,3 milhões
• Despesas de gerenciamento de portfólio de empréstimos: US $ 15,4 milhões

Taxas de gerenciamento de propriedades

As despesas de gerenciamento de propriedades para 2022 totalizaram US $ 41,8 milhões, que incluíram:

Categoria de custo de gerenciamento de propriedades	Valor ($)
Taxas diretas de gerenciamento de propriedades	28,6 milhões
Custos de manutenção de propriedades	13,2 milhões

Investimentos de tecnologia e infraestrutura

Os investimentos em tecnologia e infraestrutura para 2022 foram:

• Atualizações de infraestrutura de TI: US $ 6,2 milhões
• Investimentos de segurança cibernética: US $ 3,7 milhões
• Desenvolvimento da plataforma digital: US $ 4,5 milhões

Conformidade e despesas regulatórias

Custos relacionados à conformidade em 2022 incluíram:

Categoria de despesa de conformidade	Valor ($)
Custos de relatórios regulatórios	5,6 milhões
Equipe legal e de conformidade	7,3 milhões
Auditoria e consultoria externa	4,2 milhões

Starwood Property Trust, Inc. (STWD) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos hipotecários

Para o ano fiscal de 2023, relatou Starwood Property Trust US $ 308,5 milhões na receita de juros das atividades de empréstimos hipotecários.

Categoria de empréstimos hipotecários	Valor da receita (2023)
Empréstimos hipotecários comerciais	US $ 245,3 milhões
Empréstimos hipotecários residenciais	US $ 63,2 milhões

Retornos de investimento imobiliário

Retornos de investimento imobiliário para Starwood Property Trust em 2023 totalizou US $ 187,6 milhões.

• Renda de aluguel: US $ 112,4 milhões
• Apreciação da propriedade: US $ 75,2 milhões

Taxas de originação de empréstimos

Taxas de originação de empréstimos para o ano fiscal de 2023 foram US $ 42,7 milhões.

Tipo de empréstimo	Taxas de originação
Empréstimos comerciais	US $ 35,6 milhões
Empréstimos residenciais	US $ 7,1 milhões

Venda de propriedades e ganhos de disposição

Os ganhos de venda e disposição de propriedades em 2023 totalizaram US $ 56,3 milhões.

• Vendas de propriedades comerciais: US $ 43,2 milhões
• Vendas de propriedades residenciais: US $ 13,1 milhões

Gerenciamento de ativos e taxas de consultoria

As taxas de gerenciamento de ativos e consultoria para o ano fiscal de 2023 foram US $ 24,9 milhões.

Categoria de serviço	Valor da taxa
Gestão de ativos	US $ 18,6 milhões
Serviços de consultoria	US $ 6,3 milhões

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.