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Starwood Property Trust cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$231M in Q3 2026 · $984M over twelve months

Operating cash flow$231M
Free cash flow+$231M

Analysis

In Q3 2026, Starwood Property Trust generated $231M of operating cash flow. That is $106M less than in Q3 2025 ($338M).

Over the twelve months to Sep 30, 2026, operating cash flow was $984M; the largest uses were other investing ($2.6B), dividends ($714M), other financing ($396M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.9B), shares issued ($3.5M); the cash balance rose by $174M.

Operating cash flow was $231M against net income of −$381M. The largest differences: depreciation & amortization +$36.6M, prepaid and other assets +$20.4M, payables +$2.0M.

Free cash flow

Starwood Property Trust: free cash flow by quarterStarwood Property Trust: free cash flow by quarter$296MQ4 2024$239MQ1 2025−$87.4MQ2 2025$338MQ3 2025$489MQ4 2025$93.6MQ1 2026$171MQ2 2026$231MQ3 2026
Operating cash flow less capital spending.
Starwood Property Trust: operating cash flow against capital spendingStarwood Property Trust: operating cash flow against capital spendingOperating cash flowCapital spending$296M$0Q4 2024$239M$0Q1 2025−$87.4M$0Q2 2025$338M$0Q3 2025$489M$0Q4 2025$93.6M$0Q1 2026$171M$0Q2 2026$231M$0Q3 2026
Latest (Q3 2026): Operating cash flow $231M, Capital spending $0.

Capital allocation, year by year

Starwood Property Trust: where the cash came from (up) and went (down), by fiscal yearStarwood Property Trust: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow −$990MFY2021: Net borrowing $5.5BFY2021: Shares issued $394MFY2021: Dividends −$554M$5.9BFY2021FY2022: Operating cash flow $214MFY2022: Net borrowing $3.6BFY2022: Shares issued $50.4MFY2022: Dividends −$591M$3.9BFY2022FY2023: Operating cash flow $529MFY2023: Net borrowing −$914MFY2023: Shares issued $3.0MFY2023: Dividends −$601M$532MFY2023FY2024: Operating cash flow $647MFY2024: Net borrowing −$2.0BFY2024: Shares issued $395MFY2024: Dividends −$620M$1.0BFY2024FY2025: Operating cash flow $978MFY2025: Net borrowing $3.2BFY2025: Shares issued $568MFY2025: Capital spending −$878MFY2025: Dividends −$669M$4.8BFY2025
Over these 5 years operating cash flow totalled $1.4B; the largest uses were dividends ($3.0B) and net borrowing ($3.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$392M
Debtnone
Net cash$392M

Starwood Property Trust funds itself: free cash flow was $984M over the last twelve months, with $392M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Starwood Property Trust: sources (+) and uses (−) of cash, Q3 2026Starwood Property Trust: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$647MOther investing−$517MOperating cash flow$231MDividends−$178MBuybacks−$108MCash drawn (+) / kept (−)−$72.4MPartners−$8.0MExchange rates$2.4MOther financing$1.9MShares issued$671K
Starwood Property Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Starwood Property Trust: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$2.9BOther investing−$2.6BOperating cash flow$984MDividends−$714MOther financing−$396MCash drawn (+) / kept (−)−$174MPartners−$60.7MShares issued$3.5MExchange rates$2.8M

From profit to cash

Starwood Property Trust: net income to operating cash flow, Q3 2026Starwood Property Trust: net income to operating cash flow, Q3 2026Net income−$381MDepreciation & amortization$36.6MPayables$2.0MPrepaid and other assets$20.4MOperating cash flow$231M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$231M−$108M−$178M$647M$671K−$72.4M$231M
Q2 2026$171M−$10.0M−$179M$572M$617K$25.7M$171M
Q1 2026$93.6M−$19.9M−$178M$1.1B$1.7M$8.6M$93.6M
Q4 2025$489M—−$178M$661M$548K−$136M$489M
Q3 2025$338M—−$165M$632M$534M−$64.2M$338M
Q2 2025−$87.4M—−$164M$1.0B$31.7M$217M−$87.4M
Q1 2025$239M—−$162M$923M$1.4M−$138M$239M
Q4 2024$296M—−$163M−$345M$618K−$43.9M$296M

Starwood Property Trust: income statement and cash flow

Starwood Property Trust, Q3 2026: revenue $546M (+12% year over year), operating margin -53.8%. The chart follows the revenue to costs, profit and cash.

Starwood Property Trust: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.