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Starwood Property Trust, Inc. operates as a real estate investment trust and diversified finance company focused on real estate and infrastructure credit. Its business includes commercial and residential lending, infrastructure lending, property investments, and investing and servicing activities tied to mortgage loans, CMBS, RMBS, securitizations, and related debt and equity investments.
Company news commonly covers quarterly operating results, distributable earnings, portfolio investment activity, balance sheet management, dividends, tax reporting for common-stock distributions, share repurchase authorizations, and capital markets transactions. Updates also address commercial lending, infrastructure CLO activity, residential lending exposure, conduit and special servicing, and the company’s affiliation with Starwood Capital Group.
Starwood Property Trust (NYSE: STWD) announced that underwriters have fully exercised their option to purchase an additional 2,625,000 shares of common stock, following the company's recent public offering of 17,500,000 shares. The total offering now comprises 20,125,000 shares, with estimated net proceeds of $391.7 million after expenses.
Settlement for the additional shares is expected on September 6, 2024, with the initial shares settled on September 5, 2024. The company plans to use the proceeds to originate and purchase commercial mortgage loans and other target assets, as well as for general corporate purposes, including potential repayment of outstanding indebtedness under repurchase facilities.
Starwood Property Trust (NYSE: STWD) has priced an underwritten public offering of 17,500,000 shares of its common stock, expecting to raise approximately $345.1 million in gross proceeds. The underwriters have a 30-day option to purchase up to an additional 2,625,000 shares, potentially increasing the total to $396.9 million. The offering is set to close on September 5, 2024.
The company plans to use the net proceeds to originate and purchase additional commercial mortgage loans and other target assets. It may also allocate funds for general corporate purposes, including repaying outstanding indebtedness under its repurchase facilities. Citigroup, Goldman Sachs & Co. , and Morgan Stanley are serving as joint book-running managers for the offering.
Starwood Property Trust (NYSE: STWD) has announced a public offering of 17,500,000 shares of its common stock, with an additional 30-day option for underwriters to purchase up to 2,625,000 more shares. The offering will be conducted under the company's current shelf registration statement. Net proceeds will be used to originate and purchase additional commercial mortgage loans and other target assets, as well as for general corporate purposes, including potential repayment of outstanding indebtedness under the company's repurchase facilities. Citigroup, Goldman Sachs & Co. , and Morgan Stanley will serve as joint book-running managers for the offering.
Starwood Capital Group, a global private investment firm focused on real estate, has announced the appointment of Andrew J. Sossen as Senior Managing Director and Chief Operating Officer, effective September 2024. Sossen, who previously worked at Starwood for 14 years, will rejoin the firm as a member of the executive committee, overseeing day-to-day operations and reporting directly to Barry Sternlicht, Starwood Capital's Chairman and CEO.
Sossen's extensive experience includes serving as COO of Starwood Property Trust (NYSE: STWD) and holding various executive positions within the Starwood family. His background also encompasses roles at KKR & Co.'s asset management business and Simpson Thacher & Bartlett LLP. Sternlicht expressed confidence in Sossen's ability to integrate seamlessly, citing his familiarity with the team, culture, and company objectives.
Starwood Property Trust (NYSE: STWD) reported Q2 2024 results with GAAP earnings of $0.24 and Distributable Earnings of $0.48 per diluted share. The company paid and declared a $0.48 dividend for the next two quarters. Key highlights include:
- Received $0.9 billion in repayments
- Repriced $591.0 million Term Loan B, reducing spread by 50 bps to S+275
- Won 8th Nareit Gold Investor CARE Award
- LNR's Commercial Special Servicer Rating reaffirmed at CSS1
STWD's diversification strategy, with over 40% of assets outside commercial lending, has helped it navigate the real estate correction. The company maintains $1.2 billion in liquidity and $4.5 billion in unencumbered assets. Special servicing assignments increased by 40% to nearly $10 billion since the start of the year.
Starwood Property Trust (NYSE: STWD) has announced a $0.48 per share dividend for both the third and fourth quarters of 2024. The third quarter dividend will be paid on October 15, 2024, to stockholders of record as of September 30, 2024, while the fourth quarter dividend will be paid on January 15, 2025, to stockholders of record as of December 31, 2024.
Chairman and CEO Barry Sternlicht expressed confidence in maintaining the dividend, citing the company's differentiated multi-cylinder structure and low leverage balance sheet. The company also has the potential to monetize over $4.00 per share of distributable earnings gains from owned property. President Jeffrey DiModica highlighted the company's strong financial position, with $4.5 billion in unencumbered assets and the capacity to issue over $2.0 billion of incremental debt without amending covenants.
Starwood Property Trust (NYSE: STWD) has announced the release date for its second quarter 2024 financial results. The company will disclose its earnings on Tuesday, August 6, 2024, before the New York Stock Exchange opens for trading. A conference call is scheduled for the same day at 10:00 a.m. Eastern Time, during which company officers will review the quarter's performance, discuss recent events, and conduct a Q&A session.
Investors can access the conference call via webcast in the Investor Relations section of Starwood's website. A replay will be available on the site for 90 days. For telephone participation, domestic callers should dial 1-877-407-9039, while international callers can use 1-201-689-8470. A playback option will be accessible until August 20, 2024.
Starwood Property Trust has announced a dividend of $0.48 per share for the second quarter of 2024. The dividend will be payable on July 15, 2024, to shareholders who are on record by June 28, 2024. This announcement comes from the company's Board of Directors and pertains to the quarter ending June 30, 2024.
Starwood Capital Group has appointed Matt Smith as Managing Director, Head of U.S. Residential Asset Management, effective June 2024. Smith will oversee Starwood's 107,000-unit market rate and affordable housing portfolio, including Highmark Residential. Smith brings extensive experience, having managed a $21 billion multifamily portfolio at Brookfield and held senior roles at Related Companies, AvalonBay, and Archstone. He was most recently a Managing Principal at FrontRange Capital. Smith holds an MBA from NYU's Stern School of Business and a BA in Economics from the University of Pennsylvania.
Starwood Property Trust reported strong results for the quarter ended March 31, 2024, with GAAP earnings of $0.48 and Distributable Earnings of $0.59 per diluted share. The company issued $600 million of senior unsecured sustainability notes due 2029, sold a master lease portfolio for $387 million, and recorded over $1.0 billion in loan repayments. Liquidity reached a record $1.5 billion, and undepreciated book value per share stood at $20.69. The company paid a dividend of $0.48 per share. Starwood Property Trust continues to navigate the market successfully, focusing on low leverage multi-cylinder business strategies to create value and deploy capital into the best risk-adjusted investments across all business lines.