Market Summary
USD19.92-0.83
Market Closed-4.00%
STWD Alerts
STWD Stock Price
STWD RSI Chart
STWD Valuation
STWD Price/Sales (Trailing)
STWD Profitability
STWD Fundamentals
STWD Revenue
STWD Earnings
Price Action
52 Week Range
22.74
(Low)(High)
Last 7 days
-5.1%
Last 30 days
3.6%
Last 90 days
8.1%
Trailing 12 Months
-12.2%
STWD Financial Health
STWD Investor Care
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Net sales
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Latest Insider Trading transactions for STWD
Filter Transactions| Datesorted ascending | Name | Buy/Sell | $ Value | Avg. Price | # Shares | Title |
|---|---|---|---|---|---|---|
2023-08-25 | STERNLICHT BARRY S | sold | - | - | -8,552 | ceo, chairman of board |
2023-08-22 | Dishner Jeffrey G. | acquired | - | - | 4,632 | - |
2023-08-14 | STERNLICHT BARRY S | acquired | - | - | 60,976 | ceo, chairman of board |
2023-08-01 | STERNLICHT BARRY S | sold | - | - | -2,882 | ceo, chairman of board |
2023-06-30 | STERNLICHT BARRY S | acquired | - | - | 275,000 | ceo, chairman of board |
2023-06-05 | Dishner Jeffrey G. | acquired | - | - | 18,860 | - |
2023-05-31 | Dishner Jeffrey G. | gifted | - | - | 609,132 | - |
2023-05-31 | Dishner Jeffrey G. | gifted | - | - | -609,132 | - |
2023-05-15 | STERNLICHT BARRY S | acquired | - | - | 245,525 | ceo, chairman of board |
2023-04-28 | Sossen Andrew Jay | back to issuer | - | - | -138,249 | former coo and general counsel |
Which funds bought or sold STWD recently?
View All Details| Datesorted ascending | Fund Name | Type | % Chg | $ Change | $ Held | % Portfolio |
|---|---|---|---|---|---|---|
2023-09-12 | Farther Finance Advisors, LLC | reduced | -0.34 | 1,472 | 17,305 | -% |
2023-09-08 | TUCKER ASSET MANAGEMENT LLC | unchanged | - | 85.00 | 970 | -% |
2023-08-23 | Stonebridge Capital Advisors LLC | reduced | -14.29 | -3,715 | 58,200 | 0.01% |
2023-08-23 | WOLVERINE TRADING, LLC | added | 32.23 | 391,734 | 1,205,730 | -% |
2023-08-21 | TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY | added | 45.1 | 381,000 | 1,025,000 | 0.01% |
2023-08-21 | OSAIC HOLDINGS, INC. | added | 10.18 | 819,181 | 4,669,150 | 0.01% |
2023-08-21 | CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | reduced | -2.33 | 481,499 | 7,256,420 | 0.01% |
2023-08-17 | Coppell Advisory Solutions LLC | new | - | 3,852 | 3,852 | -% |
2023-08-16 | Nuveen Asset Management, LLC | reduced | -1.17 | 2,294,310 | 29,658,300 | 0.01% |
2023-08-16 | Sunbelt Securities, Inc. | added | 43.43 | 274,029 | 716,889 | 0.10% |
Latest Funds Activity
Calls
Puts
Net Call Options
No. of Funds
STWD Alerts
Schedule 13G FIlings of Starwood Property Trust
| Date Filed | Name of Filer | Percent of Class | No. of Shares | Form Type | |
|---|---|---|---|---|---|
| Jul 07, 2023 | blackrock inc. | 10.0% | 30,694,698 | SC 13G/A | |
| Feb 09, 2023 | vanguard group inc | 9.05% | 28,015,810 | SC 13G/A | |
| Feb 01, 2023 | blackrock inc. | 5.5% | 16,911,825 | SC 13G/A | |
| Feb 03, 2022 | blackrock inc. | 6.4% | 19,519,736 | SC 13G/A | |
| Feb 10, 2021 | vanguard group inc | 8.24% | 23,455,132 | SC 13G/A | |
| Feb 01, 2021 | blackrock inc. | 6.5% | 18,537,320 | SC 13G/A | |
| Feb 12, 2020 | vanguard group inc | 9.51% | 26,820,117 | SC 13G/A | |
| Feb 06, 2020 | blackrock inc. | 6.2% | 17,606,586 | SC 13G/A |
Recent SEC filings of Starwood Property Trust
View All Filings| Date Filed | Form Type | Document | |
|---|---|---|---|
| Sep 21, 2023 | 144 | Notice of Insider Sale Intent | |
| Aug 25, 2023 | 4 | Insider Trading | |
| Aug 24, 2023 | 4 | Insider Trading | |
| Aug 15, 2023 | 4 | Insider Trading | |
| Aug 14, 2023 | 4 | Insider Trading | |
| Aug 03, 2023 | 8-K | Current Report | |
| Aug 03, 2023 | 10-Q | Quarterly Report | |
| Aug 01, 2023 | 4 | Insider Trading | |
| Jul 07, 2023 | SC 13G/A | Major Ownership Report | |
| Jul 03, 2023 | 8-K | Current Report |
Peers (Alternatives to Starwood Property Trust)
View All Peers In Detail| Name | Mkt Capsorted ascending | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|
| LARGE-CAP | ||||||||
AXP | 113.9B | 45.6B | -2.75% | 4.43% | 15.3 | 2.49 | 15.43% | -2.20% |
GS | 109.2B | 50.2B | 3.59% | 4.39% | 12.35 | 2.18 | 62.27% | -45.33% |
SCHW | 101.9B | 20.8B | -0.80% | -22.51% | 14.81 | 4.91 | 9.06% | 9.27% |
BLK | 99.9B | 17.4B | 0.45% | 11.55% | 19.26 | 5.76 | -10.46% | -11.12% |
| MID-CAP | ||||||||
NLY | 9.7B | 3.2B | 4.28% | -13.99% | -5.3 | 3.03 | 50.53% | -148.14% |
STWD | 6.2B | 1.9B | 3.59% | -12.25% | 11.22 | 3.37 | 52.80% | -26.62% |
AGNC | 5.9B | 1.5B | 3.38% | -8.78% | 196.68 | 3.86 | 7.23% | 103.33% |
BXMT | 3.8B | 1.8B | 8.06% | -19.86% | 13.9 | 2.09 | 85.45% | -31.23% |
NRZ | 3.7B | 3.5B | - | - | 9.73 | 0.99 | -31.43% | -31.90% |
HASI | 2.5B | 261.9M | 14.04% | -32.23% | 48.01 | 9.57 | 16.99% | -39.64% |
NYMT | 772.0M | 246.5M | -4.94% | -12.60% | -4.86 | 3.13 | 6.65% | -174.04% |
| SMALL-CAP | ||||||||
PMT | 1.1B | 662.5M | -2.53% | -12.74% | 10.48 | 1.61 | -20.69% | 171.40% |
MFA | 1.0B | 543.3M | -1.18% | 0.33% | -706.11 | 1.89 | 31.74% | 78.13% |
BRMK | 635.0M | 103.7M | -1.83% | -30.88% | -4.89 | 6.12 | -14.84% | -262.02% |
IVR | 449.4M | 248.5M | -2.98% | -26.26% | -11.4 | 1.81 | 44.75% | 88.57% |
Starwood Property Trust News
Returns for STWD
Cumulative Returns on STWD
8.5%
10-Year Cumulative Returns
5.8%
7-Year Cumulative Returns
5.7%
5-Year Cumulative Returns
15.1%
3-Year Cumulative Returns
Risks for STWD
What is the probability of a big loss on STWD?
40.8%
Probability that Starwood Property Trust stock will be more than 20% underwater in next one year
29.2%
Probability that Starwood Property Trust stock will be more than 30% underwater in next one year.
19.6%
Probability that Starwood Property Trust stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.
How does STWD drawdown profile look like?
Y-axis is the maximum loss one would have experienced if Starwood Property Trust was unfortunately bought at previous high price.
Drawdowns
Financials for Starwood Property Trust
Income Statement (Last 12 Months)(In Millions)
| Income Statement (Last 12 Months) | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Revenue | 11.4% | 1,851 | 1,661 | 1,465 | 1,300 | 1,212 | 1,177 | 1,170 | 1,171 | 1,136 | 1,111 | 1,136 | 1,132 | 1,153 | 1,198 | 1,196 | 1,203 | 1,201 | 1,159 | 1,109 | 1,059 | 1,000 |
| Costs and Expenses | 21.2% | 1,836 | 1,514 | 1,273 | 1,142 | 1,036 | 1,000 | 989 | 922 | 899 | 896 | 964 | 1,003 | 1,047 | 1,078 | 1,030 | 1,040 | 1,019 | 1,017 | 978 | 908 | 864 |
| S&GA Expenses | -1.1% | 171 | 173 | 176 | 183 | 177 | 177 | 171 | 170 | 170 | 158 | 158 | 154 | 154 | 159 | 155 | 118 | 109 | 107 | 104 | 133 | 134 |
| EBITDA | -100.0% | - | 1,723 | 1,844 | 1,617 | 1,492 | 1,299 | 1,029 | 1,045 | 1,059 | 1,080 | 900 | 978 | 984 | 1,002 | 1,172 | - | - | - | - | - | - |
| EBITDA Margin | -100.0% | - | 1.04* | 1.26* | 1.24* | 1.23* | 1.10* | 0.88* | 0.89* | 0.93* | 0.97* | 0.79* | 0.86* | 0.85* | 0.84* | 0.98* | - | - | - | - | - | - |
| Interest Expenses | 20.9% | 1,217 | 1,006 | 797 | 618 | 511 | 468 | 445 | 431 | 411 | 403 | 420 | 438 | 465 | 494 | 509 | 409 | 381 | 330 | 266 | - | 337 |
| Earnings Before Taxes | -9.1% | 606 | 667 | 998 | 946 | 919 | 758 | 501 | 524 | 555 | 584 | 386 | 441 | 416 | 400 | 550 | 468 | 411 | 396 | 427 | 433 | 438 |
| EBT Margin | -100.0% | - | 0.40* | 0.68* | 0.73* | 0.76* | 0.64* | 0.43* | 0.45* | 0.49* | 0.53* | 0.34* | 0.39* | 0.36* | 0.33* | 0.46* | - | - | - | - | - | - |
| Net Income | -7.3% | 555 | 599 | 871 | 823 | 757 | 661 | 448 | 463 | 486 | 510 | 332 | 397 | 385 | 373 | 510 | 430 | 374 | 356 | 386 | 386 | 390 |
| Net Income Margin | -100.0% | - | 0.36* | 0.59* | 0.63* | 0.09* | 0.56* | 0.38* | 0.40* | 0.43* | 0.46* | 0.29* | 0.35* | 0.33* | 0.31* | 0.43* | - | - | - | - | - | - |
| Free Cashflow | -100.0% | - | 31.00 | 214 | 317 | -592 | -1,106 | -989 | 58.00 | 564 | 1,126 | 1,046 | 1,083 | 1,239 | 270 | -13.20 | - | - | - | - | - | - |
Balance Sheet(In Millions)
| Balance Sheet | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Assets | -5.4% | 73,170 | 77,354 | 79,043 | 80,003 | 83,099 | 81,188 | 83,850 | 81,981 | 81,309 | 79,702 | 80,874 | 80,618 | 79,556 | 77,577 | 78,042 | 74,434 | 72,947 | 72,166 | 68,262 | 62,921 | 60,601 |
| Cash Equivalents | -15.6% | 334 | 396 | 261 | 340 | 337 | 374 | 322 | 384 | 361 | 470 | 722 | 511 | 524 | 931 | 574 | 395 | 516 | 546 | 488 | 390 | 325 |
| Goodwill | 0% | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 260 | 119 | 119 | 140 |
| Liabilities | -6.1% | 65,977 | 70,237 | 71,844 | 72,837 | 76,002 | 74,278 | 77,202 | 77,134 | 76,458 | 74,848 | 76,011 | 75,732 | 74,691 | 72,760 | 72,905 | 69,521 | 68,044 | 67,249 | 63,362 | 58,039 | 55,901 |
| Long Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,923 | 1,999 | 2,025 | 2,256 |
| Shareholder's Equity | -5.0% | 6,414 | 6,752 | 6,462 | 6,447 | 6,774 | 6,648 | 6,434 | 4,847 | 4,852 | 4,855 | 4,863 | 4,886 | 4,865 | 4,817 | 5,137 | 4,913 | 4,903 | 4,917 | 4,900 | 4,882 | 4,700 |
| Retained Earnings | 2.8% | 689 | 671 | 769 | 779 | 733 | 670 | 493 | -687 | -677 | -654 | -629 | -599 | -614 | -616 | -381 | -417 | -421 | -413 | -349 | -308 | -260 |
| Additional Paid-In Capital | 0.3% | 5,843 | 5,827 | 5,807 | 5,780 | 5,767 | 5,709 | 5,673 | 5,270 | 5,248 | 5,225 | 5,210 | 5,201 | 5,194 | 5,159 | 5,133 | 5,122 | 5,104 | 5,080 | 4,995 | 4,963 | 4,739 |
| Shares Outstanding | 0.2% | 313 | 312 | 311 | 310 | 309 | 307 | 305 | 289 | 288 | 287 | 285 | 285 | 284 | 282 | 282 | 282 | 281 | 280 | 276 | 274 | 262 |
| Minority Interest | 0.1% | 370 | 370 | 373 | 374 | 380 | 368 | 361 | 359 | 374 | 378 | 374 | 372 | 373 | 369 | 437 | 258 | 266 | 296 | 297 | 261 | 255 |
Cashflow (Last 12 Months)(In Millions)
| Cashflow (Last 12 Months) | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Cashflow From Operations | -1109.9% | -311 | 31.00 | 214 | 317 | -592 | -1,106 | -989 | 58.00 | 564 | 1,126 | 1,046 | 1,083 | 1,239 | 270 | -13.20 | -158 | 250 | 400 | 585 | 150 | -49.47 |
| Cashflow From Investing | 103.3% | 78.00 | -2,382 | -2,950 | -5,120 | -5,392 | -3,717 | -4,281 | -2,359 | -2,036 | -1,576 | -911 | -1,743 | -1,217 | -1,000 | -775 | 290 | -2,327 | -3,145 | -2,520 | -2,540 | -775 |
| Cashflow From Financing | -86.0% | 350 | 2,510 | 2,798 | 4,883 | 5,962 | 4,728 | 4,873 | 2,176 | 1,310 | -9.56 | 13.00 | 776 | -13.67 | 1,116 | 877 | -124 | 2,268 | 2,912 | 2,005 | 2,311 | 844 |
| Dividend Payments | 0.4% | 597 | 595 | 591 | 582 | 572 | 563 | 554 | 553 | 551 | 549 | 547 | 545 | 543 | 542 | 538 | 534 | 526 | 517 | 510 | 504 | 503 |
| Buy Backs | - | - | - | - | - | - | - | - | 10.00 | 10.00 | - | 34.00 | 29.00 | 29.00 | 29.00 | - | - | - | - | 12.00 | 16.00 | 24.00 |
STWD Income Statement
2023-06-30Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
| Revenues: | ||||
| Interest income from loans | $ 455,849 | $ 261,150 | $ 886,757 | $ 494,769 |
| Interest income from investment securities | 18,919 | 15,306 | 37,556 | 29,289 |
| Servicing fees | 6,342 | 12,553 | 13,598 | 22,545 |
| Rental income | 32,307 | 31,524 | 64,596 | 63,104 |
| Other revenues | 2,252 | 5,053 | 3,576 | 9,871 |
| Total revenues | 515,669 | 325,586 | 1,006,083 | 619,578 |
| Costs and expenses: | ||||
| Management fees | 30,978 | 31,624 | 70,518 | 86,919 |
| Interest expense | 363,332 | 152,618 | 698,633 | 279,069 |
| General and administrative | 43,156 | 45,005 | 85,264 | 89,326 |
| Acquisition and investment pursuit costs | 145 | 517 | 414 | 939 |
| Costs of rental operations | 11,467 | 10,598 | 23,133 | 19,888 |
| Depreciation and amortization | 12,323 | 12,240 | 24,739 | 23,887 |
| Credit loss provision, net | 121,925 | 8,438 | 165,119 | 4,780 |
| Other expense | 126 | 1,258 | 974 | 1,313 |
| Total costs and expenses | 583,452 | 262,298 | 1,068,794 | 506,121 |
| Other income (loss): | ||||
| Change in net assets related to consolidated VIEs | 54,123 | 8,373 | 95,261 | 35,122 |
| Change in fair value of servicing rights | 162 | (365) | 466 | 719 |
| Change in fair value of investment securities, net | (12) | (1,245) | 70 | (1,600) |
| Change in fair value of mortgage loans, net | (53,342) | (113,480) | (44,441) | (239,263) |
| Earnings from unconsolidated entities | 9,962 | 3,865 | 12,687 | 2,955 |
| Gain on sale of investments and other assets, net | 4,680 | 138 | 4,870 | 98,606 |
| Gain on derivative financial instruments, net | 56,376 | 128,583 | 23,548 | 255,851 |
| Foreign currency gain (loss), net | 23,334 | (78,602) | 38,353 | (105,883) |
| Loss on extinguishment of debt | (1,123) | 0 | (1,184) | (823) |
| Other loss, net | (26,624) | (33,809) | (29,165) | (34,572) |
| Total other income | 291,359 | 220,623 | 337,253 | 552,318 |
| Income before income taxes | 223,576 | 283,911 | 274,542 | 665,775 |
| Income tax (provision) benefit | (1,197) | (2,206) | 7,598 | 244 |
| Net income | 222,379 | 281,705 | 282,140 | 666,019 |
| Net income attributable to non-controlling interests | (53,536) | (69,418) | (61,323) | (129,133) |
| Net income attributable to Starwood Property Trust, Inc. | $ 168,843 | $ 212,287 | $ 220,817 | $ 536,886 |
| Earnings per share data attributable to Starwood Property Trust, Inc.: | ||||
| Basic (in dollars per share) | $ 0.54 | $ 0.68 | $ 0.70 | $ 1.72 |
| Diluted (in dollars per share) | $ 0.54 | $ 0.67 | $ 0.70 | $ 1.69 |
| Primary Beneficiary | ||||
| Other income (loss): | ||||
| Income from affordable housing fund investments | $ 223,823 | $ 307,165 | $ 236,788 | $ 541,206 |
STWD Balance Sheet
2023-06-30Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
|---|---|---|
| Assets: | ||
| Cash and cash equivalents | $ 333,929 | $ 261,061 |
| Restricted cash | 120,283 | 121,072 |
| Loans held-for-investment, net of credit loss allowances of $236,804 and $99,413 | 17,713,146 | 18,401,439 |
| Loans held-for-sale ($2,732,996 and $2,784,594 held at fair value) | 2,774,388 | 2,784,594 |
| Investment securities, net of credit loss allowances of $10,620 and $3,182 ($135,856 and $142,334 held at fair value) | 764,117 | 815,804 |
| Properties, net | 1,442,763 | 1,449,986 |
| Investments in unconsolidated entities | 93,651 | 91,892 |
| Goodwill | 259,846 | 259,846 |
| Intangible assets ($18,256 and $17,790 held at fair value) | 68,232 | 68,773 |
| Derivative assets | 79,009 | 108,621 |
| Accrued interest receivable | 189,622 | 168,521 |
| Other assets | 489,526 | 297,477 |
| Variable interest entity (“VIE”) assets, at fair value | 46,864,870 | 52,453,041 |
| Total Assets | 73,170,367 | 79,043,129 |
| Liabilities: | ||
| Dividends payable | 152,418 | 151,511 |
| Derivative liabilities | 97,483 | 91,404 |
| Secured financing agreements, net | 14,505,047 | 14,501,532 |
| Collateralized loan obligations and single asset securitization, net | 3,659,793 | 3,676,224 |
| Unsecured senior notes, net | 2,083,517 | 2,329,211 |
| VIE liabilities, at fair value | 45,183,730 | 50,754,355 |
| Total Liabilities | 65,977,390 | 71,844,422 |
| Commitments and contingencies (Note 22) | ||
| Temporary Equity: Redeemable non-controlling interests | 408,034 | 362,790 |
| Starwood Property Trust, Inc. Stockholders’ Equity: | ||
| Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
| Common stock, $0.01 per share, 500,000,000 shares authorized, 320,217,189 issued and 312,768,498 outstanding as of June 30, 2023 and 318,123,861 issued and 310,675,170 outstanding as of December 31, 2022 | 3,202 | 3,181 |
| Additional paid-in capital | 5,842,813 | 5,807,087 |
| Treasury stock (7,448,691 shares) | (138,022) | (138,022) |
| Retained earnings | 689,146 | 769,237 |
| Accumulated other comprehensive income | 17,355 | 20,955 |
| Total Starwood Property Trust, Inc. Stockholders’ Equity | 6,414,494 | 6,462,438 |
| Non-controlling interests in consolidated subsidiaries | 370,449 | 373,479 |
| Total Permanent Equity | 6,784,943 | 6,835,917 |
| Total Liabilities and Equity | 73,170,367 | 79,043,129 |
| Nonrelated Party | ||
| Liabilities: | ||
| Accounts payable, accrued expenses and other liabilities | 268,077 | 298,999 |
| Related Party | ||
| Liabilities: | ||
| Accounts payable, accrued expenses and other liabilities | 27,325 | 41,186 |
| Primary Beneficiary | ||
| Assets: | ||
| Investments of consolidated affordable housing fund, at fair value | 1,976,985 | $ 1,761,002 |
| Total Assets | 74,700 | |
| Liabilities: | ||
| Total Liabilities | $ 35,000 |
Starwood Property Trust, Inc. operates as a real estate investment trust (REIT) in the United States, Europe, and Australia. It operates through four segments: Commercial and Residential Lending, Infrastructure Lending, Property, and Investing and Servicing segments. The Commercial and Residential Lending segment originates, acquires, finances, and manages commercial first mortgages, non-agency residential mortgages, subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities (CMBS), and residential mortgage-backed securities, as well as other real estate and real estate-related debt investments, including distressed or non-performing loans. The Infrastructure lending segment originates, acquires, finances, and manages infrastructure debt investments. The Property segment engages primarily in acquiring and managing equity interests in stabilized commercial real estate properties, such as multifamily properties and commercial properties subject to net leases, that are held for investment. The Investing and Servicing segment manages and works out problem assets; acquires and manages unrated, investment grade, and non-investment grade rated CMBS comprising subordinated interests of securitization and re-securitization transactions; originates conduit loans for the primary purpose of selling these loans into securitization transactions; and acquires commercial real estate assets that include properties acquired from CMBS trusts. The company qualifies as a REIT for federal income tax purposes and would not be subject to federal corporate income taxes, if it distributes at least 90% of its taxable income to its stockholders. Starwood Property Trust, Inc. was incorporated in 2009 and is headquartered in Greenwich, Connecticut.