STWD
Starwood Property Trust, Inc.18.24
-0.27-1.46%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
2026 CRE growth, resolutions goal
Q&A detailed 2026 CRE lending acceleration to a record $17 billion portfolio in Q1 via at least $6.5 billion originations, matching last year's strong pace amid lower rates and maturities. Management set a goal to resolve most of the $1 billion nonaccrual/REO assets through bespoke workouts, with green shoots like multifamily REO sales at basis and office leasing gains. Resi ROE runs 11%; infra benefits from 5% energy CAGR and LNG doubling. Barry floated spinning the net lease platform at 6-6.5% yield if equity markets overlook its stability. Resolutions pace matters for thesis.
Key Stats
Market Cap
6.93BP/E (TTM)
17.71Basic EPS (TTM)
1.03Dividend Yield
0.1%Recent Filings
8-K
STWD Q4 earnings, $12.7B invested
Starwood Property Trust reported Q4 GAAP EPS of $0.26 and Distributable EPS of $0.42, with full-year figures at $1.15 and $1.69. It invested $12.7B over the year—including $2.5B in Q4—while executing record $4.4B capital transactions and holding $1.4B liquidity. Core businesses thrived; net lease addition dilutes short-term but accretes long. Cash deploys ahead.
10-K
FY2025 results
Starwood Property Trust closed FY2025 with $19.7B in target assets, up from $16.9B in FY2024, fueled by $6.4B new commercial loan originations and the $2.2B Fundamental net lease acquisition in Q3, while Q4 saw $1.7B originations including data centers and UK assisted living. Q4 repayments totaled $670M net, supporting liquidity amid $22.1B total debt (down from prior peaks via CLO refinancings like STWD 2025-FL4 at SOFR+1.85%). GAAP net income hit $412M, with Distributable Earnings at $1.69/share versus $2.02 prior year, reflecting lower yields (7.7% derived) and nonaccruals, yet Q4 momentum shone in $2.3B funded infrastructure loans (up from Q3). Year-end liquidity stood strong at $674M cash/restricted, bolstered by $1.6B equity raises; no annual guidance disclosed. Conflicts with Manager persist.
10-Q
Q3 FY2025 results
Starwood Property Trust posted Q3 revenues up 2% y/y to $488.9M but down 10% q/q (derived), with net income attributable to common at $72.6M or $0.19 diluted EPS, off 5% y/y and 44% q/q amid Fundamental integration costs. Credit provisions fell 57% y/y to $28.4M yet rose q/q on a new mezzanine reserve; interest expense edged down 1% y/y. Loans held-for-investment grew 19% y/y to $18.3B net, properties tripled to $3.3B post-July Fundamental close for $2.2B (debt assumed), cash at $301M with $14.7B secured debt. Operating cash flow strong at $489M YTD. Borrower defaults remain a risk.
8-K
Q3 earnings, $4.6B deployed
Starwood Property Trust posted Q3 GAAP net income of $72.6 million ($0.19 per diluted share) and Distributable Earnings of $148.6 million ($0.40 per share), despite a $28.4 million credit loss provision. It deployed $4.6 billion in investments—including a $2.2 billion triple net lease portfolio from Fundamental—and raised $2.3 billion in capital, hitting record $2.2 billion liquidity. Capital access shines.
8-K
Closes $550M notes offering
Starwood Property Trust closed a $550 million private offering of 5.750% senior unsecured notes due 2031 on October 14, 2025, priced September 29. Proceeds target green and social projects or debt repayment. Notes rank senior unsecured, with make-whole redemption before July 15, 2030. Covenants cap debt but spring loose at investment grade.
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