Starwood Property Trust
STWD on NYSE. Starwood Property Trust lends money to real estate owners and investors. Market value $4.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Financial services stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.08 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 73 of 100. Price score: 54 of 100. Our list needs 70 on quality and 60 on price.
$12.93 a share, at its 1-year low
Over the past year the price has ranged from $12.77 to $19.06.
Dividend: 14.0% a year
Paid every year for at least 5 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.2bn | $1.5bn | $2.0bn | $1.9bn | $1.8bn |
| Operating margin | |||||
| Operating margin | 80.9% | 122.5% | 90.4% | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.31bn | 0.31bn | 0.34bn | 0.37bn | 0.37bn |
Health checks
- Free cash flow positive2 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 10.2% a year
- Buying back its own sharesNo, 20% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $514 million last quarter, up 16% on a year ago.
- Profit: $7 million, down 95% on a year ago.
- 9% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $480m |
| December 2024 | $454m |
| March 2025 | $418m |
| June 2025 | $444m |
| September 2025 | $489m |
| December 2025 | $493m |
| March 2026 | $512m |
| June 2026 | $514m |
| Quarter to | Amount |
|---|---|
| September 2024 | $76m |
| December 2024 | $52m |
| March 2025 | $112m |
| June 2025 | $130m |
| September 2025 | $73m |
| December 2025 | $97m |
| March 2026 | $52m |
| June 2026 | $7m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 519 funds in all.
- Boston PartnersBoston Partners team
- Value
- $724,137
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Boston PartnersBoston Partners team | $724,137 | <0.1% |
Largest holders overall
- BlackRock$589mAdded
- Vanguard Capital Management$258m
- Vanguard Portfolio Management$246m
- State Street$201m
- Morgan Stanley$144mAdded
- Geode Capital Management$110m
- Ameriprise Financial$82mCut
- Northern Trust$74mCut
- Advisors Capital Management$70mAdded
- HighTower Advisors$50mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $120,133.
- Dishner Jeffrey G.DirectorSold
- Date
- 1 April 2026
- Shares
- 7,013
- Price
- $17.13
- Value
- $120,133
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 April 2026 | Dishner Jeffrey G. Director | Sold | 7,013 | $17.13 | $120,133 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 10 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
We utilize artificial intelligence tools in a limited and controlled manner, which may expose us to certain risks and could adversely affect our business.
Could happenWe may also be exposed to risks related to AI to the extent our service providers, vendors or counterparties, whether or not known to us, use AI in their business activities, and we may not be able to control or fully assess the use of AI technologies in third-party products or services upon which we rely.
Read moreWe utilize artificial intelligence tools in a limited and controlled manner, which may expose us to certain risks and could adversely affect our business.
Could happenIf our peers utilize AI tools and we do not do so in a comparable manner or at a similar pace, we may be competitively disadvantaged. Conversely, the adoption of AI tools presents opportunities to reduce costs, improve efficiency, and enhance internal processes; however, such tools also present certain risks. AI tools may produce outputs that are inaccurate, incomplete or biased, may rely on insufficient or flawed data sets, and may give rise to intellectual property, data privacy or cybersecurity risks.
Read moreWe utilize artificial intelligence tools in a limited and controlled manner, which may expose us to certain risks and could adversely affect our business.
Could happenThe use of AI tools may introduce errors or inadequacies that are not easily detectable, including deficiencies, inaccuracies or biases in the content, analyses, models or recommendations generated by such tools. To the extent the AI-assisted outputs are used to support internal analysis or workflows and are, or are perceived to be, deficient, inaccurate, biased or otherwise flawed, our reputation, competitive position and business may be materially and adversely affected.
Read moreWe utilize artificial intelligence tools in a limited and controlled manner, which may expose us to certain risks and could adversely affect our business.
Could happenWe utilize artificial intelligence tools, including generative artificial intelligence and machine learning technologies (“AI”), on a limited basis to support certain operational, analytical and process-efficiency functions within our business. Our current use of AI is focused on enhancing internal productivity, automating routine tasks, and supporting internal analysis, and we do not rely on AI to make autonomous investment, underwriting, or credit decisions.
Read moreWe utilize artificial intelligence tools in a limited and controlled manner, which may expose us to certain risks and could adversely affect our business.
Could happenWe use AI tools subject to internal policies, controls and oversight, including the use of enterprise-grade platforms with contractual and security protections. However, the use of AI tools may result in the inadvertent input or disclosure of confidential or proprietary information that contradicts applicable policies, contractual or other obligations or restrictions, which could cause such information to become accessible to unauthorized third-parties.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.