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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $508.92M | $501.80M | $466.05M | $481.52M | $433.97M | $400.57M | $421.24M | $462.31M |
| Cost of revenue | $26.31M | $23.13M | $15.48M | $15.99M | $14.51M | $14.82M | $13.69M | $12.13M |
| Gross profit | $482.61M | $478.67M | $450.56M | $465.53M | $419.46M | $385.75M | $407.55M | $450.18M |
| Gross margin | 94.8% | 95.4% | 96.7% | 96.7% | 96.7% | 96.3% | 96.8% | 97.4% |
| Selling, general and administrative | $87.25M | $94.52M | $91.49M | $83.77M | $81.91M | $88.91M | $90.64M | $75.49M |
| Operating expenses | $153.88M | $127.86M | $128.74M | $138.61M | $99.84M | $75.40M | $152.81M | $152.58M |
| Operating income | $328.73M | $350.80M | $321.83M | $326.92M | $319.62M | $310.35M | $254.74M | $297.60M |
| Operating margin | 64.6% | 69.9% | 69.1% | 67.9% | 73.7% | 77.5% | 60.5% | 64.4% |
| EBITDA | $378.44M | $398.71M | $367.04M | $388.87M | $342.69M | $334.47M | $278.35M | $346.78M |
| Interest income | $4.75M | $5.44M | $51.52M | $7.36M | $10.31M | $12.22M | $116.51M | $17.23M |
| Interest expense | −$344.58M | −$328.91M | −$333.85M | −$334.85M | −$316.13M | −$292.16M | −$310.49M | −$337.86M |
| Income before taxes | $21.23M | $53.48M | $131.31M | $93.27M | $135.37M | $119.87M | $68.72M | $82.62M |
| Income taxes | $6.22M | −$3.95M | $18.94M | $13.34M | $671.00K | $3.77M | −$2.10M | $10.45M |
| Net income | $15.01M | $57.42M | $112.37M | $79.93M | $134.70M | $116.10M | $70.82M | $72.17M |
| Net margin | 2.9% | 11.4% | 24.1% | 16.6% | 31.0% | 29.0% | 16.8% | 15.6% |
| EPS, basic | $0.01 | $0.13 | $0.24 | $0.19 | $0.38 | $0.33 | $0.13 | $0.23 |
| EPS, diluted | $0.01 | $0.13 | $0.24 | $0.19 | $0.38 | $0.33 | $0.14 | $0.23 |
| Diluted shares | 366.73M | 366.95M | 366.97M | 360.39M | 337.15M | 335.46M | 318.04M | 319.78M |
Figures describe Starwood Property Trust shares, not any token. As of Aug 6, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.