Starwood Property Trust, Inc. Earnings Recaps
Q1 2026
May 9, 2026
Shares declined 1.7% following results that showed ongoing margin dilution and unresolved headwinds from nonperforming assets, offsetting solid capital deployment and portfolio growth. The cautious tone on earnings power amid operating challenges appears to have tempered investor enthusiasm.
Key takeaways
- Reported distributable earnings (DE) of $147 million ($0.39/share), adjusted DE excluding certain impacts would be $0.47/share.
- Deployed $2.5 billion of capital in the quarter, growing total undepreciated assets to a record $31.7 billion.
- Commercial lending portfolio expanded to $16.7 billion funded, highest since inception, despite $835 million repayments.
- Nonperforming asset resolutions impacted earnings, including a $5 million DE loss on a multifamily sale and three foreclosures totaling $347 million in loan balances.
- Net lease business remains dilutive in ramp-up with $128 million acquisitions adding $0.03 of incremental DE if optimized, but margin pressure persists.
Q3 2025
Nov 12, 2025
Starwood Property Trust reported quarterly distributable earnings of $149 million, reflecting a solid investment pace despite temporary drag from recent capital raises and asset acquisitions.
Key takeaways
- Distributable earnings of $0.40 per share, with GAAP net income at $0.19 per share.
- Significant investment commitments of $4.6 billion, including a record $791 million in Infrastructure Lending.
- New net lease acquisition contributed $10 million in distributable earnings, with anticipated future gains as integration progresses.
- Maintained $2.2 billion in liquidity and stable debt to equity ratio of 2.5x, positioning for future growth.
- Active servicing portfolio grew to $99 billion, showcasing strength in special servicing fees, particularly from office loans.