Starwood Property Trust (NYSE: STWD) is the diversified giant of commercial mortgage REITs: Barry Sternlicht’s platform spanning CRE lending, infrastructure lending, owned property, and loan servicing, with the sector’s proudest streak, a $0.48 quarterly dividend unchanged for over a decade through every cycle that broke its peers.
| Starwood Property Trust (STWD) Snapshot | |
|---|---|
| Share Price (delayed) | $16.55 +0.52% |
| Market Cap | $6.1B |
| Annualized Dividend | $1.92 (Quarterly) |
| Dividend Yield | 11.66% |
| Sector | Mortgage ยท Commercial Lending |
Market data updates automatically several times daily. Last price refresh: Jul 14, 2026.
Business Model and Current State
Four engines: commercial real estate first mortgages, an energy-infrastructure lending book, owned real estate (including a master-lease portfolio), and Trepp-scale special servicing that earns most when markets hurt. Q1 2026: $2.5 billion invested in the quarter (another $1.5 billion after), $1.4 billion of liquidity, a $400 million buyback authorized, and the PERE Credit 2025 Mortgage REIT of the Year nod. Diversification is the strategy and the shield.
Dividend Reality, Read Carefully
Ten-plus years at $0.48 is the sector’s best record, and the honest print: Q1 2026 distributable earnings were $0.39, below the dividend for the quarter, as repayments outpaced deployment and legacy office positions season. Full-year 2025 covered; a quarter under is a yellow flag to watch, not a verdict, and the buyback plus deployment pace is management’s answer. We grade the streak and flag the gap.
The Honest Risk Section
CRE credit is the book: office loans still season through the workout pipeline, floating-rate borrowers feel every Fed decision, and DE coverage needs deployment to stay ahead of repayments. External management by Starwood Capital aligns deal flow and costs fees. The record is elite; the asset class is unforgiving.
Frequently Asked Questions
Has Starwood ever cut its dividend?
Not in over a decade: $0.48 quarterly maintained through COVID and the rate shock, the strongest payout record among major mortgage REITs.
Is STWD’s dividend covered right now?
Q1 2026 distributable earnings of $0.39 ran below the $0.48 dividend; 2025 covered in full. Deployment pace and credit resolution are the watch items.
Analysis based on Q1 2026 results (May 8, 2026, SEC filings). Live market data updates automatically. Independent research, not investment advice.
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