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Starwood Property Trust Reports Results for Quarter Ended September 30, 2025

1. STWD reported GAAP earnings of $0.19 and DE of $0.40 per share. 2. Raised $2.3 billion across equity and debt markets, enhancing liquidity. 3. Invested $4.6 billion, including $2.2 billion in net lease assets. 4. CEO anticipates growth as interest rates decrease and capital access improves. 5. Continued dividend payment of $0.48 per share for over a decade.

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Why Bullish?

STWD's strong earnings, capital raise, and sustained dividend support investor confidence. This mirrors previous positive market reactions to increased operational efficiency and steady payouts.

How important is it?

The article outlines significant earnings, liquidity, and strategic investments that directly impact STWD. Market sentiment should shift positively due to these developments, influencing stock performance.

Why Long Term?

STWD's commitment to growth and stability in dividends signifies resilience, aligning with long-term investment strategies.

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– Quarterly GAAP Earnings of $0.19 and Distributable Earnings (DE) of $0.40 per Diluted Share – – Invested $4.6 Billion in the Quarter and $10.2 Billion in the 9 Months – – Investments include $2.2 Billion of Triple Net Lease Investments, $1.4 Billion in Commercial Lending and a Record $0.8 Billion in Infrastructure Lending During the Quarter – – Raised $2.3 Billion of Capital Across Equity, Term Loan B and High Yield Markets – – Record Liquidity of $2.2 Billion – – Paid Quarterly Dividend of $0.48 per Share for Over a Decade – , /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended September 30, 2025. The Company's third quarter 2025 GAAP net income was $72.6 million, inclusive of a $28.4 million credit loss provision and $26.0 million of depreciation, and Distributable Earnings (a non-GAAP financial measure) was $148.6 million. "At the time of our IPO in 2009, we committed to diversify our company. We once again delivered by acquiring Fundamental, a $2.2 billion portfolio of durable, long-term, high quality net lease assets and a best-in-class team. Leveraging the resources of our manager, Starwood Capital Group, we believe we can meaningfully grow this net lease portfolio accretively in the coming years," said Barry Sternlicht, Chairman and CEO of Starwood Property Trust. "As interest rates move lower and transaction volumes ramp, our ample liquidity offers us a great  opportunity to continue growing all of our cylinders."  "Starwood Property Trust's ability to access capital also remains a true differentiator," added Jeffrey DiModica, President of Starwood Property Trust. "Over the past year, we have been extremely active in the capital markets, raising nearly $3.0 billion across equity, term loans, and unsecured debt, all at record-tight levels. We repriced our existing term loans due 2027 and 2030 to record low spreads of +175 and +200 basis points, respectively, and issued a seven-year term loan at the tightest spread for a new issuance in our sector at +225 basis points. These transactions highlight both the market's confidence in our credit profile and our disciplined financial management." 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 Monday, November 10, 2025, 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:  1-201-689-8470 Conference Call Playback:Domestic:  1-844-512-2921International:  1-412-317-6671Passcode:  13753256The playback can be accessed through November 24, 2025. 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 September 30, 2025, the Company has successfully deployed $112 billion of capital since inception and manages a portfolio of $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 Statements Statements 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, 2024 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 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 TanenbaumStarwood Property TrustPhone: 203-422-7788Email: [email protected] Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the three months ended September 30, 2025 (Amounts in thousands) Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Subtotal Securitization VIEs Total Revenues: Interest income from loans $                       315,894 $           76,724 $          246 $           2,582 $             — $   395,446 $                 — $  395,446 Interest income from investment securities 18,405 150 — 23,329 — 41,884 (34,523) 7,361 Servicing fees 81 — — 28,351 — 28,432 (5,220) 23,212 Rental income 6,233 — 45,603 5,692 — 57,528 — 57,528 Other revenues 2,513 844 347 934 693 5,331 — 5,331 Total revenues 343,126 77,718 46,196 60,888 693 528,621 (39,743) 488,878 Costs and expenses: Management fees 172 — — — 32,071 32,243 — 32,243 Interest expense 181,639 41,402 24,302 6,788 80,925 335,056 (207) 334,849 General and administrative 14,224 4,941 6,100 21,850 4,408 51,523 — 51,523 Costs of rental operations 5,688 — 6,726 3,573 — 15,987 — 15,987 Depreciation and amortization 2,840 10 21,181 1,762 251 26,044 — 26,044 Credit loss provision, net 26,805 1,554 — — — 28,359 — 28,359 Other expense 73 430 — (64) — 439 — 439 Total costs and expenses 231,441 48,337 58,309 33,909 117,655 489,651 (207) 489,444 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 43,735 43,735 Change in fair value of servicing rights — — — 2,327 — 2,327 (311) 2,016 Change in fair value of investment securities, net 1,111 — — 4,531 — 5,642 (3,848) 1,794 Change in fair value of mortgage loans, net 40,544 — — 11,823 — 52,367 — 52,367 Income from affordable housing fund investments — — 324 — — 324 — 324 (Loss) earnings from unconsolidated entities — (294) — 2,797 — 2,503 (40) 2,463 Gain (loss) on sale of investments and other assets, net 1,048 — (21) — — 1,027 — 1,027 Gain (loss) on derivative financial instruments, net 14,276 7 (7,971) 1,295 (1,793) 5,814 — 5,814 Foreign currency loss, net (11,995) (210) (10) — — (12,215) — (12,215) Other loss, net (2,354) — (578) (554) — (3,486) — (3,486) Total other income (loss) 42,630 (497) (8,256) 22,219 (1,793) 54,303 39,536 93,839 Income (loss) before income taxes 154,315 28,884 (20,369) 49,198 (118,755) 93,273 — 93,273 Income tax (provision) benefit (7,432) 234 6 (6,151) — (13,343) — (13,343) Net income (loss) 146,883 29,118 (20,363) 43,047 (118,755) 79,930 — 79,930 Net income attributable to non-controlling interests (3) — (4,366) (3,001) — (7,370) — (7,370) Net income (loss) attributable to Starwood Property Trust, Inc. $                       146,880 $           29,118 $    (24,729) $          40,046 $   (118,755) $     72,560 $                 — $    72,560 Definition of Distributable Earnings Distributable 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 September 30, 2025 for additional information regarding Distributable Earnings. Reconciliation of Net Income to Distributable Earnings For the three months ended September 30, 2025 (Amounts in thousands except per share data) Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Total Net income (loss) attributable to Starwood Property Trust, Inc. $                           146,880 $                              29,118 $                         (24,729) $                             40,046 $                        (118,755) $                              72,560 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 4,629 — — 4,629 Non-controlling interests attributable to unrealized gains/losses — — (4,323) 824 — (3,499) Non-cash equity compensation expense 2,840 733 1,565 1,327 8,225 14,690 Depreciation and amortization 2,876 — 21,587 1,865 — 26,328 Straight-line rent adjustment — — (467) 38 — (429) Interest income adjustment for loans and securities 5,795 — — 9,261 — 15,056 Consolidated income tax provision (benefit) associated with fair value adjustments 7,432 (234) (6) 6,151 — 13,343 Other non-cash items 2 — (83) (407) — (488) Reversal of GAAP unrealized and realized (gains) / losses on: Loans (40,544) — — (11,823) — (52,367) Credit loss provision, net 26,805 1,554 — — — 28,359 Securities (1,111) — — (4,531) — (5,642) Woodstar Fund investments — — (324) — — (324) Derivatives (14,276) (7) 7,971 (1,295) 1,793 (5,814) Foreign currency 11,995 210 10 — — 12,215 Loss (earnings) from unconsolidated entities — 294 — (2,797) — (2,503) Sales of properties (1,095) — 21 — — (1,074) Recognition of Distributable realized gains / (losses) on: Loans (674) — — 14,115 — 13,441 Securities (414) — — (8,326) — (8,740) Woodstar Fund investments — — 21,351 — — 21,351 Derivatives 11,072 46 486 (1,111) (7,499) 2,994 Foreign currency 290 27 (11) — — 306 (Loss) earnings from unconsolidated entities — (110) — 3,252 — 3,142 Sales of properties 1,095 — (25) — — 1,070 Distributable Earnings (Loss) $                           158,968 $                              31,631 $                            27,652 $                             46,589 $                        (116,236) $                           148,604 Distributable Earnings (Loss) per Weighted Average Diluted Share $                                  0.43 $                                  0.08 $                                0.08 $                                  0.12 $                               (0.31) $                                  0.40 Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Statement of Operations by Segment For the nine months ended September 30, 2025 (Amounts in thousands) Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Subtotal Securitization VIEs Total Revenues: Interest income from loans $            919,788 $         203,129 $            246 $           11,425 $              — $   1,134,588 $                 — $      1,134,588 Interest income from investment securities 63,629 452 — 73,281 — 137,362 (107,467) 29,895 Servicing fees 257 — — 68,807 — 69,064 (14,312) 54,752 Rental income 20,968 — 78,155 15,831 — 114,954 — 114,954 Other revenues 7,857 2,946 821 4,204 1,324 17,152 — 17,152 Total revenues 1,012,499 206,527 79,222 173,548 1,324 1,473,120 (121,779) 1,351,341 Costs and expenses: Management fees 529 — — — 103,310 103,839 — 103,839 Interest expense 527,684 115,662 42,346 22,715 235,344 943,751 (612) 943,139 General and administrative 44,365 15,482 8,751 68,712 13,432 150,742 — 150,742 Costs of rental operations 16,156 — 18,674 10,489 — 45,319 — 45,319 Depreciation and amortization 8,938 29 32,921 5,257 754 47,899 — 47,899 Credit loss provision, net 4,709 4,317 — — — 9,026 — 9,026 Other expense 48 4,046 (76) 165 — 4,183 — 4,183 Total costs and expenses 602,429 139,536 102,616 107,338 352,840 1,304,759 (612) 1,304,147 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 112,706 112,706 Change in fair value of servicing rights — — — 5,781 — 5,781 (649) 5,132 Change in fair value of investment securities, net 6,450 — — (14,370) — (7,920) 9,886 1,966 Change in fair value of mortgage loans, net 91,543 — — 49,095 — 140,638 — 140,638 Income from affordable housing fund investments — — 9,349 — — 9,349 — 9,349 Earnings (loss) from unconsolidated entities 2,708 251 — 8,689 — 11,648 (776) 10,872 Gain (loss) on sale of investments and other assets, net 32,710 — (21) — — 32,689 — 32,689 (Loss) gain on derivative financial instruments, net (167,702) (12) (8,082) (1,082) 41,707 (135,171) — (135,171) Foreign currency gain (loss), net 105,878 656 (197) — — 106,337 — 106,337 Gain (loss) on extinguishment of debt 20,773 (783) — — — 19,990 — 19,990 Other (loss) income, net (3,580) — (2,042) 2,427 — (3,195) — (3,195) Total other income (loss) 88,780 112 (993) 50,540 41,707 180,146 121,167 301,313 Income (loss) before income taxes 498,850 67,103 (24,387) 116,750 (309,809) 348,507 — 348,507 Income tax (provision) benefit (2,231) 189 6 (15,744) — (17,780) — (17,780) Net income (loss) 496,619 67,292 (24,381) 101,006 (309,809) 330,727 — 330,727 Net income attributable to non-controlling interests (10) — (14,776) (1,312) — (16,098) — (16,098) Net income (loss) attributable to Starwood Property Trust, Inc. $            496,609 $           67,292 $      (39,157) $           99,694 $    (309,809) $      314,629 $                 — $         314,629 Reconciliation of Net Income to Distributable Earnings For the nine months ended September 30, 2025 (Amounts in thousands except per share data) Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Total Net income (loss) attributable to Starwood Property Trust, Inc. $         496,609 $           67,292 $         (39,157) $           99,694 $       (309,809) $         314,629 Add / (Deduct): Non-controlling interests attributable to Woodstar II Class A Units — — 13,917 — — 13,917 Non-controlling interests attributable to unrealized gains/losses — — (11,080) (6,378) — (17,458) Non-cash equity compensation expense 8,476 2,056 1,781 4,091 25,066 41,470 Management incentive fee — — — — 10,244 10,244 Depreciation and amortization 9,146 — 33,545 5,562 — 48,253 Straight-line rent adjustment — — 307 104 — 411 Interest income adjustment for loans and securities 17,843 — — 31,727 — 49,570 Consolidated income tax provision (benefit) associated with fair value adjustments 2,231 (189) (6) 15,744 — 17,780 Other non-cash items 10 — (246) (1,219) — (1,455) Reversal of GAAP unrealized and realized (gains) / losses on: Loans (91,543) — — (49,095) — (140,638) Credit loss provision, net 4,709 4,317 — — — 9,026 Securities (6,450) — — 14,370 — 7,920 Woodstar Fund investments — — (9,349) — — (9,349) Derivatives 167,702 12 8,082 1,082 (41,707) 135,171 Foreign currency (105,878) (656) 197 — — (106,337) Earnings from unconsolidated entities (2,708) (251) — (8,689) — (11,648) Sales of properties (5,223) — 21 — — (5,202) Recognition of Distributable realized gains / (losses) on: Loans (1,556) — — 47,987 — 46,431 Securities (761) — — (15,082) — (15,843) Woodstar Fund investments — — 63,272 — — 63,272 Derivatives 57,668 149 290 (1,788) (21,401) 34,918 Foreign currency 2,347 85 (197) — — 2,235 Earnings (loss) from unconsolidated entities 2,708 (327) — 9,659 — 12,040 Sales of properties (43,343) — (25) — — (43,368) Distributable Earnings (Loss) $         511,987 $           72,488 $           61,352 $         147,769 $       (337,607) $         455,989 Distributable Earnings (Loss) per Weighted Average Diluted Share $               1.43 $               0.20 $               0.17 $               0.41 $             (0.94) $               1.27 Starwood Property Trust, Inc. and Subsidiaries Condensed Consolidated Balance Sheet by Segment As of September 30, 2025 (Amounts in thousands) Commercial and Residential Lending Segment Infrastructure Lending Segment Property Segment Investing and Servicing Segment Corporate Subtotal Securitization VIEs Total Assets: Cash and cash equivalents $                   21,189 $             135,689 $                36,478 $                  6,288 $             101,491 $             301,135 $                        — $             301,135 Restricted cash 164,241 49,872 10,499 347 13,013 237,972 — 237,972 Loans held-for-investment, net 15,254,794 3,063,963 — — — 18,318,757 — 18,318,757 Loans held-for-sale 2,308,388 — — 252,767 — 2,561,155 — 2,561,155 Investment securities 622,469 16,416 — 1,197,170 — 1,836,055 (1,577,220) 258,835 Properties, net 764,063 — 2,505,635 64,785 — 3,334,483 — 3,334,483 Investments of consolidated affordable housing fund — — 1,861,931 — — 1,861,931 — 1,861,931 Investments in unconsolidated entities 8,514 54,356 — 32,964 — 95,834 (14,744) 81,090 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Intangible assets, net 2,965 — 394,574 68,673 — 466,212 (36,394) 429,818 Derivative assets 28,478 — — 304 8,532 37,314 — 37,314 Accrued interest receivable 156,005 10,242 504 635 186 167,572 — 167,572 Other assets 205,970 9,937 108,722 (9,333) 62,959 378,255 — 378,255 VIE assets, at fair value — — — — — — 34,205,812 34,205,812 Total Assets $          19,537,076 $          3,459,884 $          4,918,343 $          1,755,037 $             186,181 $       29,856,521 $       32,577,454 $       62,433,975 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $                219,001 $                39,187 $             105,907 $                44,584 $             123,351 $             532,030 $                        — $             532,030 Related-party payable — — — — 27,939 27,939 — 27,939 Dividends payable — — — — 180,113 180,113 — 180,113 Derivative liabilities 79,121 — — — 14,450 93,571 — 93,571 Secured financing agreements, net 9,958,349 1,100,722 896,034 498,660 2,229,453 14,683,218 (20,000) 14,663,218 Securitized financing, net 1,412,126 1,232,420 877,942 — — 3,522,488 — 3,522,488 Unsecured senior notes, net — — — — 3,245,122 3,245,122 — 3,245,122 VIE liabilities, at fair value — — — — — — 32,597,454 32,597,454 Total Liabilities 11,668,597 2,372,329 1,879,883 543,244 5,820,428 22,284,481 32,577,454 54,861,935 Temporary Equity: Redeemable non-controlling interests — — 385,853 — — 385,853 — 385,853 Permanent Equity: Starwood Property Trust, Inc. Stockholders' Equity: Common stock — — — — 3,778 3,778 — 3,778 Additional paid-in capital 1,283,096 760,702 383,549 (616,981) 5,133,680 6,944,046 — 6,944,046 Treasury stock — — — — (138,022) (138,022) — (138,022) Retained earnings (accumulated deficit) 6,573,329 326,853 2,063,233 1,712,845 (10,633,683) 42,577 — 42,577 Accumulated other comprehensive income 11,935 — — — — 11,935 — 11,935 Total Starwood Property Trust, Inc. Stockholders' Equity 7,868,360 1,087,555 2,446,782 1,095,864 (5,634,247) 6,864,314 — 6,864,314 Non-controlling interests in consolidated subsidiaries 119 — 205,825 115,929 — 321,873 — 321,873 Total Permanent Equity 7,868,479 1,087,555 2,652,607 1,211,793 (5,634,247) 7,186,187 — 7,186,187 Total Liabilities and Equity $          19,537,076 $          3,459,884 $          4,918,343 $          1,755,037 $             186,181 $       29,856,521 $       32,577,454 $       62,433,975 SOURCE Starwood Property Trust, Inc.

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