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

10.11.25 13:00 Uhr

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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 –

MIAMI BEACH, Fla., Nov. 10, 2025 /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:  1-844-512-2921
International:  1-412-317-6671
Passcode:  13753256
The 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 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 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

 

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Ausgewählte Hebelprodukte auf Starwood Property Trust

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Nachrichten zu Starwood Property Trust Inc Shs of Benef Interest

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Analysen zu Starwood Property Trust Inc Shs of Benef Interest

DatumRatingAnalyst
28.06.2016Starwood Property Trust OutperformFBR Capital
07.04.2016Starwood Property Trust BuyCompass Point
26.02.2016Starwood Property Trust OutperformFBR Capital
03.12.2015Starwood Property Trust BuyCompass Point
07.08.2015Starwood Property Trust BuyDeutsche Bank AG
DatumRatingAnalyst
28.06.2016Starwood Property Trust OutperformFBR Capital
07.04.2016Starwood Property Trust BuyCompass Point
26.02.2016Starwood Property Trust OutperformFBR Capital
03.12.2015Starwood Property Trust BuyCompass Point
07.08.2015Starwood Property Trust BuyDeutsche Bank AG
DatumRatingAnalyst

Keine Analysen im Zeitraum eines Jahres in dieser Kategorie verfügbar.

Eventuell finden Sie Nachrichten die älter als ein Jahr sind im Archiv
DatumRatingAnalyst

Keine Analysen im Zeitraum eines Jahres in dieser Kategorie verfügbar.

Eventuell finden Sie Nachrichten die älter als ein Jahr sind im Archiv

Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Starwood Property Trust Inc Shs of Benef Interest nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen

Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"
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