US Market News
4週前
Starwood Property Trust Reports Results for Quarter Ended March 31, 2026May 8, 2026 7:00 AM
PR Newswire (US) – Quarterly GAAP Earnings of $0.13 and Distributable Earnings (DE) of $0.39 per Diluted Share –– Invested $2.5 Billion in the Quarter and $1.5 Billion After Quarter End –– Dividend of $0.48 per Share for Over a Decade –– Awarded 2025 Mortgage REIT of the Year by PERE Credit –MIAMI BEACH, Fla., May 8, 2026 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended March 31, 2026. The Company delivered first quarter GAAP net income of $51.9 million, and Distributable Earnings (a non-GAAP financial measure) was $147.3 million."In a period of broad global volatility, we believe real estate and infrastructure credit is an attractive and relatively stable place to invest capital," said Barry Sternlicht, Chairman and CEO of Starwood Property Trust. "To that point, we remain active with $4.0 billion invested across our diversified portfolio year to date. As we move through 2026, we are focused on growing our earnings through disciplined origination, continued balance sheet optimization, and the best returning resolution of what we refer to as legacy assets.""Starwood Property Trust's access to capital across multiple markets remains a defining advantage of our platform," added Jeffrey DiModica, President of Starwood Property Trust. "During the quarter, we completed our seventh infrastructure CLO at a record tight credit spread, refinanced an existing ABS transaction at meaningfully lower cost, and, subsequent to quarter-end, closed a new net lease warehouse facility at attractive terms. Our proven ability to optimize the right side of our balance sheet has allowed us to continuously invest across cylinders regardless of market environment."Supplemental Schedules The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company's stakeholders. Specifically, these materials can be found on the Company's website in the Investor Relations section under "Quarterly Results" at www.starwoodpropertytrust.com. Webcast and Conference Call InformationThe Company will host a live webcast and conference call on Friday, May 8, 2026, at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. To Participate via Telephone Conference Call:Dial in at least 15 minutes prior to start time.
Domestic: 1-877-407-9039
International: 1-201-689-8470Conference Call Playback:Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 13758022The playback can be accessed through May 22, 2026.About Starwood Property Trust, Inc.Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of March 31, 2026, the Company has successfully deployed over $117 billion of capital since inception and manages a portfolio of over $31 billion across debt and equity investments. Starwood Property Trust's investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com. Forward-Looking StatementsStatements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words "believe," "expect," "anticipate" and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as other risks and uncertainties set forth from time to time in the Company's reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.Additional information can be found on the Company's website at www.starwoodpropertytrust.com. Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Statement of Operations by Segment
For the three months ended March 31, 2026
(Amounts in thousands)
Commercial andResidentialLendingSegment
InfrastructureLendingSegment
PropertySegment
Investingand ServicingSegment
Corporate
Subtotal
SecuritizationVIEs
TotalRevenues:
Interest income from loans$ 310,314
$ 61,438
$ —
$ 2,059
$ —
$ 373,811
$ —
$ 373,811Interest income from investment securities15,637
384
—
23,933
—
39,954
(34,516)
5,438Servicing fees112
—
—
51,619
—
51,731
(3,711)
48,020Rental income16,305
—
60,843
2,823
—
79,971
—
79,971Other revenues2,213
1,473
457
403
670
5,216
—
5,216Total revenues344,581
63,295
61,300
80,837
670
550,683
(38,227)
512,456Costs and expenses:
Management fees32
—
—
—
36,150
36,182
—
36,182Interest expense154,923
36,696
27,951
6,826
102,654
329,050
(144)
328,906General and administrative16,792
5,918
8,868
21,928
4,827
58,333
—
58,333Costs of rental operations13,216
—
7,260
2,658
—
23,134
—
23,134Depreciation and amortization4,237
10
28,078
1,150
251
33,726
—
33,726Credit loss provision (reversal), net586
(963)
—
—
—
(377)
—
(377)Other expense77
112
72
140
—
401
—
401Total costs and expenses189,863
41,773
72,229
32,702
143,882
480,449
(144)
480,305Other income (loss):
Change in net assets related to consolidated VIEs—
—
—
—
—
—
32,502
32,502Change in fair value of servicing rights—
—
—
1,004
—
1,004
(1,541)
(537)Change in fair value of investment securities, net451
—
—
(7,921)
—
(7,470)
7,559
89Change in fair value of mortgage loans, net(20,980)
—
—
8,312
—
(12,668)
—
(12,668)Income from affordable housing fund investments—
—
12,464
—
—
12,464
—
12,464Earnings (loss) from unconsolidated entities—
843
—
412
—
1,255
(437)
818Gain on sale of investments and other assets, net210
—
469
—
—
679
—
679Gain (loss) on derivative financial instruments, net16,363
89
2,276
242
(21,433)
(2,463)
—
(2,463)Foreign currency (loss) gain, net(6,115)
—
25
—
—
(6,090)
—
(6,090)Loss on extinguishment of debt—
(31)
(304)
—
—
(335)
—
(335)Other (loss) income, net(2,875)
51
(309)
—
—
(3,133)
—
(3,133)Total other income (loss)(12,946)
952
14,621
2,049
(21,433)
(16,757)
38,083
21,326Income (loss) before income taxes141,772
22,474
3,692
50,184
(164,645)
53,477
—
53,477Income tax benefit (provision)11,728
(50)
17
(7,750)
—
3,945
—
3,945Net income (loss)153,500
22,424
3,709
42,434
(164,645)
57,422
—
57,422Net (income) loss attributable to non-controlling interests(3)
—
(6,827)
1,286
—
(5,544)
—
(5,544)Net income (loss) attributable to Starwood Property Trust, Inc.$ 153,497
$ 22,424
$ (3,118)
$ 43,720
$ (164,645)
$ 51,878
$ —
$ 51,878Definition of Distributable EarningsDistributable Earnings, a non-GAAP financial measure, is used to compute the Company's incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company's purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company's external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company's external manager and approved by a majority of the Company's independent directors. Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for additional information regarding Distributable Earnings.Reconciliation of Net Income to Distributable Earnings
For the three months ended March 31, 2026
(Amounts in thousands except per share data)
Commercial andResidentialLendingSegment
InfrastructureLendingSegment
PropertySegment
Investingand ServicingSegment
Corporate
TotalNet income (loss) attributable to Starwood Property Trust, Inc.$ 153,497
$ 22,424
$ (3,118)
$ 43,720
$ (164,645)
$ 51,878Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units—
—
4,629
—
—
4,629Non-controlling interests attributable to unrealized gains/losses—
—
(1,307)
(4,745)
—
(6,052)Non-cash equity compensation expense3,084
752
1,995
1,425
6,738
13,994Management incentive fee—
—
—
—
5,567
5,567Depreciation and amortization4,273
—
28,574
1,192
—
34,039Straight-line rent adjustment—
—
(1,649)
114
—
(1,535)Interest income adjustment for loans and securities5,074
—
—
5,376
—
10,450Consolidated income tax (benefit) provision associated with fair value adjustments(11,728)
50
(17)
7,750
—
(3,945)Other non-cash items2
—
(82)
(406)
—
(486)Reversal of GAAP unrealized and realized (gains) / losses on:
Loans20,980
—
—
(8,312)
—
12,668Credit loss provision (reversal), net586
(963)
—
—
—
(377)Securities(451)
—
—
7,921
—
7,470Woodstar Fund investments—
—
(12,464)
—
—
(12,464)Derivatives(16,363)
(89)
(2,276)
(242)
21,433
2,463Foreign currency6,115
—
(25)
—
—
6,090Earnings from unconsolidated entities—
(843)
—
(412)
—
(1,255)Sales of properties(324)
—
(469)
—
—
(793)Recognition of Distributable realized gains / (losses) on:
Loans (368)
—
—
8,558
—
8,190Securities (86)
—
—
(5,254)
—
(5,340)Woodstar Fund investments—
—
18,821
—
—
18,821Derivatives12,635
31
(3,089)
276
(2,817)
7,036Foreign currency 139
—
25
—
—
164Earnings from unconsolidated entities—
511
—
436
—
947Sales of properties(4,785)
—
(100)
—
—
(4,885)Distributable Earnings (Loss)$ 172,280
$ 21,873
$ 29,448
$ 57,397
$ (133,724)
$ 147,274Distributable Earnings (Loss) per Weighted Average Diluted Share$ 0.45
$ 0.06
$ 0.08
$ 0.15
$ (0.35)
$ 0.39 Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of March 31, 2026
(Amounts in thousands)
Commercial andResidentialLendingSegment
InfrastructureLendingSegment
PropertySegment
Investingand ServicingSegment
Corporate
Subtotal
SecuritizationVIEs
TotalAssets:
Cash and cash equivalents$ 44,239
$ 125,331
$ 33,521
$ 6,001
$ 81,193
$ 290,285
$ —
$ 290,285Restricted cash322,650
22,909
3,085
412
26,721
375,777
—
375,777Loans held-for-investment, net16,214,754
3,066,806
—
—
—
19,281,560
—
19,281,560Loans held-for-sale2,218,429
—
—
104,511
—
2,322,940
—
2,322,940Investment securities639,401
30,301
—
1,236,128
—
1,905,830
(1,597,627)
308,203Properties, net1,039,257
—
2,778,893
40,984
—
3,859,134
—
3,859,134Investments of consolidated affordable housing fund—
—
1,729,433
—
—
1,729,433
—
1,729,433Investments in unconsolidated entities8,514
58,840
—
33,316
—
100,670
(15,112)
85,558Goodwill—
119,409
—
140,437
—
259,846
—
259,846Intangible assets, net2,670
—
392,643
70,136
—
465,449
(38,794)
426,655Derivative assets24,074
—
—
219
7,958
32,251
—
32,251Accrued interest receivable168,183
8,160
—
218
847
177,408
—
177,408Other assets329,455
42,273
131,023
(15,547)
51,262
538,466
—
538,466VIE assets, at fair value—
—
—
—
—
—
32,399,812
32,399,812Total Assets$ 21,011,626
$ 3,474,029
$ 5,068,598
$ 1,616,815
$ 167,981
$ 31,339,049
$ 30,748,279
$ 62,087,328Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$ 207,080
$ 36,017
$ 117,476
$ 38,940
$ 137,872
$ 537,385
$ —
$ 537,385Related-party payable—
—
—
—
33,708
33,708
—
33,708Dividends payable—
—
—
—
180,900
180,900
—
180,900Derivative liabilities63,970
—
—
—
15,460
79,430
—
79,430Secured financing agreements, net9,846,525
587,374
533,953
596,988
2,224,516
13,789,356
(19,780)
13,769,576Securitized financing, net1,874,602
1,809,126
1,398,169
—
—
5,081,897
—
5,081,897Unsecured senior notes, net—
—
—
—
4,287,646
4,287,646
—
4,287,646VIE liabilities, at fair value—
—
—
—
—
—
30,768,059
30,768,059Total Liabilities11,992,177
2,432,517
2,049,598
635,928
6,880,102
23,990,322
30,748,279
54,738,601Temporary Equity: Redeemable non-controlling interests—
—
357,487
—
—
357,487
—
357,487Permanent Equity:
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock—
—
—
—
3,793
3,793
—
3,793Additional paid-in capital2,122,871
665,085
381,367
(941,857)
4,747,155
6,974,621
—
6,974,621Treasury stock—
—
—
—
(157,958)
(157,958)
—
(157,958)Retained earnings (accumulated deficit)6,885,579
376,427
2,074,321
1,802,916
(11,305,111)
(165,868)
—
(165,868)Accumulated other comprehensive income10,881
—
—
—
—
10,881
—
10,881Total Starwood Property Trust, Inc. Stockholders' Equity9,019,331
1,041,512
2,455,688
861,059
(6,712,121)
6,665,469
—
6,665,469Non-controlling interests in consolidated subsidiaries118
—
205,825
119,828
—
325,771
—
325,771Total Permanent Equity9,019,449
1,041,512
2,661,513
980,887
(6,712,121)
6,991,240
—
6,991,240Total Liabilities and Equity$ 21,011,626
$ 3,474,029
$ 5,068,598
$ 1,616,815
$ 167,981
$ 31,339,049
$ 30,748,279
$ 62,087,328 View original content:https://www.prnewswire.com/news-releases/starwood-property-trust-reports-results-for-quarter-ended-march-31-2026-302766619.htmlSOURCE Starwood Property Trust, Inc. Original: Starwood Property Trust Reports Results for Quarter Ended March 31, 2026
US Market News
3月前
Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2025February 25, 2026 7:00 AM
PR Newswire (US)
– GAAP EPS of $0.26 for the Quarter and $1.15 for the Year and Distributable EPS for the Quarter of $0.42 and $1.69 for the Year –– Invested $12.7 Billion for the Year, Including $2.5 Billion in the Quarter; Second Largest Investment Year –– Executed a Record $4.4 Billion of Capital Transactions in 2025 –– Current Liquidity of $1.4 Billion –– Consistent Dividend of $0.48 per Share for Over a Decade –MIAMI BEACH, Fla., Feb. 25, 2026 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter and year ended December 31, 2025. The Company delivered fourth quarter GAAP net income of $96.9 million, and Distributable Earnings (a non-GAAP financial measure) was $159.5 million. The Company's full year GAAP net income was $411.5 million, and Distributable Earnings was $615.5 million."2025 was a transition year for Starwood Property Trust. The good news is that the pieces remain in place to outperform for our shareholders in the long run. Our core businesses are positioned and are performing exceptionally well with notable progress across global commercial lending, infrastructure lending, conduit and special servicing, each delivering incredibly strong results for the year. Additionally, our residential lending portfolio increased in value over the year with the decline in rates," said Barry Sternlicht, Chairman and CEO of Starwood Property Trust."As major STWD shareholders ourselves, we have chosen to take the long view of how best to earn stable and attractive long-term returns for our shareholders. In this vein, despite the dilution we knew we would experience when we acquired the Fundamental net lease business, we were excited to add an earnings generator with reliable cash flows, driven by more than 17 years of lease duration and 2.3% contractual rent increases each year, which will be accretive long-term. We also increased our securitization pace across businesses and completed takeout refinancings, which led to higher than normal cash levels during the year. As we deploy this cash across our business lines, invest the committed but unfunded loan capital, scale our net lease business, and bring back the earnings power embedded in the nonaccrual and REO assets, we are confident in our ability to raise earnings in the future. We are real estate investors first and have proven our ability to add value to assets once they are in our control. We therefore are confident we have substantial earnings power built into our diversified company that will move us forward into a bright future," Mr. Sternlicht continued. "Starwood Property Trust's proven and consistent access to the capital markets continues to differentiate our platform," added Jeffrey DiModica, President of Starwood Property Trust. "We repositioned our balance sheet this year with extended duration and lower spreads, executing a record $4.4 billion of equity, unsecured debt and term loan debt, further strengthening our best-in-class balance sheet while maintaining our conservative leverage profile. We also completed or priced four securitizations, including our fourth commercial lending CLO, our sixth and seventh infrastructure CLOs, and our first Fundamental ABS transaction at record-tight spreads for that platform, positioning each of these businesses for further growth and positioning us to act quickly on compelling opportunities globally."Supplemental Schedules The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company's stakeholders. Specifically, these materials can be found on the Company's website in the Investor Relations section under "Quarterly Results" at www.starwoodpropertytrust.com.Webcast and Conference Call Information The Company will host a live webcast and conference call on Wednesday, February 25, 2026, at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in. To Participate via Telephone Conference Call:Dial in at least 15 minutes prior to start time.
Domestic: 1-877-407-9039
International: 1-201-689-8470Conference Call Playback:Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 13758021The playback can be accessed through March 11, 2026.About Starwood Property Trust, Inc.Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of December 31, 2025, the Company has successfully deployed $115 billion of capital since inception and manages a portfolio of over $30 billion across debt and equity investments. Starwood Property Trust's investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.Forward-Looking StatementsStatements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words "believe," "expect," "anticipate" and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as other risks and uncertainties set forth from time to time in the Company's reports filed with the SEC.In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.Additional information can be found on the Company's website at www.starwoodpropertytrust.com.Contact:
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com Starwood Property Trust, Inc. and SubsidiariesCondensed Consolidated Statement of Operations by SegmentFor the three months ended December 31, 2025(Amounts in thousands)
Commercial andResidentialLendingSegment
InfrastructureLendingSegment
PropertySegment
Investingand ServicingSegment
Corporate
Subtotal
SecuritizationVIEs
TotalRevenues:
Interest income from loans$ 311,500
$ 69,153
$ 43
$ 3,225
$ —
$ 383,921
$ —
$ 383,921Interest income from investment securities15,332
197
—
24,543
—
40,072
(35,506)
4,566Servicing fees112
—
—
37,726
—
37,838
(6,047)
31,791Rental income6,298
—
57,100
4,088
—
67,486
—
67,486Other revenues1,997
909
651
1,183
444
5,184
—
5,184Total revenues335,239
70,259
57,794
70,765
444
534,501
(41,553)
492,948Costs and expenses:
Management fees172
—
—
—
33,254
33,426
—
33,426Interest expense155,129
39,550
29,054
6,626
103,687
334,046
(198)
333,848General and administrative15,180
5,497
8,572
24,440
4,378
58,067
—
58,067Costs of rental operations4,861
—
7,551
3,070
—
15,482
—
15,482Depreciation and amortization2,841
10
26,558
1,422
251
31,082
—
31,082Credit loss provision (reversal), net11,142
(798)
—
—
—
10,344
—
10,344Other expense55
58
15
38
—
166
—
166Total costs and expenses189,380
44,317
71,750
35,596
141,570
482,613
(198)
482,415Other income (loss):
Change in net assets related to consolidated VIEs—
—
—
—
—
—
42,052
42,052Change in fair value of servicing rights—
—
—
1,617
—
1,617
(859)
758Change in fair value of investment securities, net1,972
—
—
(2,433)
—
(461)
682
221Change in fair value of mortgage loans, net30,574
—
—
13,228
—
43,802
—
43,802Income from affordable housing fund investments—
—
37,604
—
—
37,604
—
37,604Earnings from unconsolidated entities—
3,641
—
560
—
4,201
(520)
3,681Gain (loss) on sale of investments and other assets, net165
—
(1)
10,060
—
10,224
—
10,224Gain (loss) on derivative financial instruments, net12,688
50
3,886
(303)
(8,418)
7,903
—
7,903Foreign currency gain (loss), net6,900
(292)
(1)
—
—
6,607
—
6,607Loss on extinguishment of debt(326)
(1,893)
—
(90)
—
(2,309)
—
(2,309)Other (loss) income, net(29,009)
—
(763)
1
—
(29,771)
—
(29,771)Total other income (loss)22,964
1,506
40,725
22,640
(8,418)
79,417
41,355
120,772Income (loss) before income taxes168,823
27,448
26,769
57,809
(149,544)
131,305
—
131,305Income tax provision(10,066)
(299)
(1,850)
(6,724)
—
(18,939)
—
(18,939)Net income (loss)158,757
27,149
24,919
51,085
(149,544)
112,366
—
112,366Net income attributable to non-controlling interests(5)
—
(10,712)
(4,734)
—
(15,451)
—
(15,451)Net income (loss) attributable to Starwood Property Trust, Inc.$ 158,752
$ 27,149
$ 14,207
$ 46,351
$ (149,544)
$ 96,915
$ —
$ 96,915Definition of Distributable EarningsDistributable Earnings, a non-GAAP financial measure, is used to compute the Company's incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company's purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company's external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company's external manager and approved by a majority of the Company's independent directors. Refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for additional information regarding Distributable Earnings.Reconciliation of Net Income to Distributable EarningsFor the three months ended December 31, 2025(Amounts in thousands except per share data)
Commercial andResidentialLendingSegment
InfrastructureLendingSegment
PropertySegment
Investingand ServicingSegment
Corporate
TotalNet income (loss) attributable to Starwood Property Trust, Inc.$ 158,752
$ 27,149
$ 14,207
$ 46,351
$ (149,544)
$ 96,915Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units—
—
4,629
—
—
4,629Non-controlling interests attributable to unrealized gains/losses—
—
(1,986)
6,650
—
4,664Non-cash equity compensation expense2,842
738
1,999
1,491
5,554
12,624Management incentive fee—
—
—
—
3,502
3,502Depreciation and amortization2,877
—
27,071
1,523
—
31,471Straight-line rent adjustment—
—
(460)
22
—
(438)Interest income adjustment for loans and securities5,457
—
—
8,023
—
13,480Consolidated income tax provision (benefit) associated with fair value adjustments10,066
299
(34)
6,724
—
17,055Other non-cash items5
—
(82)
(542)
—
(619)Reversal of GAAP unrealized and realized (gains) / losses on:
Loans(30,574)
—
—
(13,228)
—
(43,802)Credit loss provision (reversal), net11,142
(798)
—
—
—
10,344Securities(1,972)
—
—
2,433
—
461Woodstar Fund investments—
—
(37,604)
—
—
(37,604)Derivatives(12,688)
(50)
(3,886)
303
8,418
(7,903)Foreign currency(6,900)
292
1
—
—
(6,607)Earnings from unconsolidated entities—
(3,641)
—
(560)
—
(4,201)Sales of properties—
—
—
(10,060)
—
(10,060)Impairment of properties26,766
—
—
—
—
26,766Recognition of Distributable realized gains / (losses) on:
Loans(879)
—
—
13,188
—
12,309Securities(594)
—
—
(19,930)
—
(20,524)Woodstar Fund investments—
—
47,297
—
—
47,297Derivatives12,336
37
(2,012)
(137)
(6,554)
3,670Foreign currency(793)
134
(2)
—
—
(661)Earnings from unconsolidated entities—
3,128
—
457
—
3,585Sales of properties—
—
—
3,192
—
3,192Distributable Earnings (Loss)$ 175,843
$ 27,288
$ 49,138
$ 45,900
$ (138,624)
$ 159,545Distributable Earnings (Loss) per Weighted Average Diluted Share$ 0.46
$ 0.07
$ 0.13
$ 0.12
$ (0.36)
$ 0.42 Starwood Property Trust, Inc. and SubsidiariesCondensed Consolidated Statement of Operations by SegmentFor the year ended December 31, 2025(Amounts in thousands)
Commercial andResidentialLendingSegment
InfrastructureLendingSegment
PropertySegment
Investingand ServicingSegment
Corporate
Subtotal
SecuritizationVIEs
TotalRevenues:
Interest income from loans$ 1,231,288
$ 272,282
$ 289
$ 14,650
$ —
$ 1,518,509
$ —
$ 1,518,509Interest income from investment securities78,961
649
—
97,824
—
177,434
(142,973)
34,461Servicing fees369
—
—
106,533
—
106,902
(20,359)
86,543Rental income27,266
—
135,255
19,919
—
182,440
—
182,440Other revenues9,854
3,855
1,472
5,387
1,768
22,336
—
22,336Total revenues1,347,738
276,786
137,016
244,313
1,768
2,007,621
(163,332)
1,844,289Costs and expenses:
Management fees701
—
—
—
136,564
137,265
—
137,265Interest expense682,813
155,212
71,400
29,341
339,031
1,277,797
(810)
1,276,987General and administrative59,545
20,979
17,323
93,152
17,810
208,809
—
208,809Costs of rental operations21,017
—
26,225
13,559
—
60,801
—
60,801Depreciation and amortization11,779
39
59,479
6,679
1,005
78,981
—
78,981Credit loss provision, net15,851
3,519
—
—
—
19,370
—
19,370Other expense103
4,104
(61)
203
—
4,349
—
4,349Total costs and expenses791,809
183,853
174,366
142,934
494,410
1,787,372
(810)
1,786,562Other income (loss):
Change in net assets related to consolidated VIEs—
—
—
—
—
—
154,758
154,758Change in fair value of servicing rights—
—
—
7,398
—
7,398
(1,508)
5,890Change in fair value of investment securities, net8,422
—
—
(16,803)
—
(8,381)
10,568
2,187Change in fair value of mortgage loans, net122,117
—
—
62,323
—
184,440
—
184,440Income from affordable housing fund investments—
—
46,953
—
—
46,953
—
46,953Earnings from unconsolidated entities2,708
3,892
—
9,249
—
15,849
(1,296)
14,553Gain (loss) on sale of investments and other assets, net32,875
—
(22)
10,060
—
42,913
—
42,913(Loss) gain on derivative financial instruments, net(155,014)
38
(4,196)
(1,385)
33,289
(127,268)
—
(127,268)Foreign currency gain (loss), net112,778
364
(198)
—
—
112,944
—
112,944Gain (loss) on extinguishment of debt, net20,447
(2,676)
—
(90)
—
17,681
—
17,681Other (loss) income, net(32,589)
—
(2,805)
2,428
—
(32,966)
—
(32,966)Total other income111,744
1,618
39,732
73,180
33,289
259,563
162,522
422,085Income (loss) before income taxes667,673
94,551
2,382
174,559
(459,353)
479,812
—
479,812Income tax provision(12,297)
(110)
(1,844)
(22,468)
—
(36,719)
—
(36,719)Net income (loss)655,376
94,441
538
152,091
(459,353)
443,093
—
443,093Net income attributable to non-controlling interests(15)
—
(25,488)
(6,046)
—
(31,549)
—
(31,549)Net income (loss) attributable to Starwood Property Trust, Inc.$ 655,361
$ 94,441
$ (24,950)
$ 146,045
$ (459,353)
$ 411,544
$ —
$ 411,544 Reconciliation of Net Income to Distributable EarningsFor the year ended December 31, 2025(Amounts in thousands except per share data)
Commercial andResidentialLendingSegment
InfrastructureLendingSegment
PropertySegment
Investingand ServicingSegment
Corporate
TotalNet income (loss) attributable to Starwood Property Trust, Inc.$ 655,361
$ 94,441
$ (24,950)
$ 146,045
$ (459,353)
$ 411,544Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units—
—
18,546
—
—
18,546Non-controlling interests attributable to unrealized gains/losses—
—
(13,066)
272
—
(12,794)Non-cash equity compensation expense11,318
2,794
3,780
5,582
30,620
54,094Management incentive fee—
—
—
—
13,746
13,746Depreciation and amortization12,023
—
60,616
7,085
—
79,724Straight-line rent adjustment—
—
(153)
126
—
(27)Interest income adjustment for loans and securities23,300
—
—
39,750
—
63,050Consolidated income tax provision (benefit) associated with fair value adjustments12,297
110
(40)
22,468
—
34,835Other non-cash items15
—
(328)
(1,761)
—
(2,074)Reversal of GAAP unrealized and realized (gains) / losses on:
Loans(122,117)
—
—
(62,323)
—
(184,440)Credit loss provision, net15,851
3,519
—
—
—
19,370Securities(8,422)
—
—
16,803
—
8,381Woodstar Fund investments—
—
(46,953)
—
—
(46,953)Derivatives155,014
(38)
4,196
1,385
(33,289)
127,268Foreign currency(112,778)
(364)
198
—
—
(112,944)Earnings from unconsolidated entities(2,708)
(3,892)
—
(9,249)
—
(15,849)Sales of properties(5,223)
—
21
(10,060)
—
(15,262)Impairment of properties26,766
—
—
—
—
26,766Recognition of Distributable realized gains / (losses) on:
Loans(2,435)
—
—
61,175
—
58,740Securities(1,355)
—
—
(35,012)
—
(36,367)Woodstar Fund investments—
—
110,569
—
—
110,569Derivatives70,004
186
(1,722)
(1,925)
(27,955)
38,588Foreign currency1,554
219
(199)
—
—
1,574Earnings from unconsolidated entities2,708
2,801
—
10,116
—
15,625Sales of properties(43,343)
—
(25)
3,192
—
(40,176)Distributable Earnings (Loss)$ 687,830
$ 99,776
$ 110,490
$ 193,669
$ (476,231)
$ 615,534Distributable Earnings (Loss) per Weighted Average Diluted Share$ 1.89
$ 0.27
$ 0.30
$ 0.53
$ (1.30)
$ 1.69 Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of December 31, 2025
(Amounts in thousands)
Commercial andResidential
LendingSegment
InfrastructureLendingSegment
PropertySegment
Investingand ServicingSegment
Corporate
Subtotal
SecuritizationVIEs
TotalAssets:
Cash and cash equivalents$ 74,534
$ 198,031
$ 70,900
$ 25,149
$ 130,866
$ 499,480
$ —
$ 499,480Restricted cash123,215
33,794
3,236
454
14,468
175,167
—
175,167Loans held-for-investment, net16,038,333
2,824,379
—
—
—
18,862,712
—
18,862,712Loans held-for-sale2,278,067
—
—
45,476
—
2,323,543
—
2,323,543Investment securities641,893
31,273
—
1,284,863
—
1,958,029
(1,657,029)
301,000Properties, net732,714
—
2,674,276
41,662
—
3,448,652
—
3,448,652Investments of consolidated affordable housing fund—
—
1,727,499
—
—
1,727,499
—
1,727,499Investments in unconsolidated entities8,514
57,997
—
33,203
—
99,714
(14,962)
84,752Goodwill—
119,409
—
140,437
—
259,846
—
259,846Intangible assets, net2,817
—
401,268
69,227
—
473,312
(37,253)
436,059Derivative assets27,157
—
—
201
18,455
45,813
—
45,813Accrued interest receivable157,116
4,424
442
562
135
162,679
—
162,679Other assets193,525
4,623
107,468
5,454
51,921
362,991
—
362,991VIE assets, at fair value—
—
—
—
—
—
34,493,164
34,493,164Total Assets$ 20,277,885
$ 3,273,930
$ 4,985,089
$ 1,646,688
$ 215,845
$ 30,399,437
$ 32,783,920
$ 63,183,357Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities$ 165,317
$ 32,732
$ 113,707
$ 60,423
$ 127,571
$ 499,750
$ —
$ 499,750Related-party payable—
—
—
—
31,662
31,662
—
31,662Dividends payable—
—
—
—
180,413
180,413
—
180,413Derivative liabilities72,351
—
—
—
11,632
83,983
—
83,983Secured financing agreements, net8,637,246
719,942
596,906
517,897
2,226,843
12,698,834
(19,886)
12,678,948Securitized financing, net2,224,239
1,645,536
1,261,678
—
—
5,131,453
—
5,131,453Unsecured senior notes, net—
—
—
—
4,283,836
4,283,836
—
4,283,836VIE liabilities, at fair value—
—
—
—
—
—
32,803,806
32,803,806Total Liabilities11,099,153
2,398,210
1,972,291
578,320
6,861,957
22,909,931
32,783,920
55,693,851Temporary Equity: Redeemable non-controlling interests —
—
364,118
—
—
364,118
—
364,118Permanent Equity:
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock—
—
—
—
3,780
3,780
—
3,780Additional paid-in capital2,434,975
521,717
365,416
(814,760)
4,449,868
6,957,216
—
6,957,216Treasury stock—
—
—
—
(138,022)
(138,022)
—
(138,022)Retained earnings (accumulated deficit)6,732,082
354,003
2,077,439
1,759,196
(10,961,738)
(39,018)
—
(39,018)Accumulated other comprehensive income11,560
—
—
—
—
11,560
—
11,560Total Starwood Property Trust, Inc. Stockholders' Equity9,178,617
875,720
2,442,855
944,436
(6,646,112)
6,795,516
—
6,795,516Non-controlling interests in consolidated subsidiaries115
—
205,825
123,932
—
329,872
—
329,872Total Permanent Equity9,178,732
875,720
2,648,680
1,068,368
(6,646,112)
7,125,388
—
7,125,388Total Liabilities and Equity$ 20,277,885
$ 3,273,930
$ 4,985,089
$ 1,646,688
$ 215,845
$ 30,399,437
$ 32,783,920
$ 63,183,357
View original content:https://www.prnewswire.com/news-releases/starwood-property-trust-reports-results-for-the-quarter-and-year-ended-december-31-2025-302696765.htmlSOURCE Starwood Property Trust, Inc.
Original: Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2025