Starwood Property Trust (NYSE: STWD) Q1 2026 earnings and $0.39 DE
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Starwood Property Trust, Inc. reported first quarter 2026 results with GAAP net income of $51.9 million, or $0.13 per diluted share. Distributable Earnings, a non-GAAP measure, were $147.3 million, or $0.39 per diluted share, reflecting adjustments such as non-cash items and fair value changes.
The company highlighted active capital deployment, investing $2.5 billion during the quarter and an additional $1.5 billion after quarter-end. It noted a dividend of $0.48 per share maintained for over a decade and recognition as 2025 Mortgage REIT of the Year by PERE Credit.
As of March 31, 2026, Starwood Property Trust had deployed over $117 billion of capital since inception and managed a portfolio of more than $31 billion across real estate and infrastructure debt and equity investments. Segment data show revenues across commercial and residential lending, infrastructure lending, property, and investing and servicing, along with detailed costs, other income items, and a consolidated balance sheet by segment.
Positive
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Insights
Starwood posts modest GAAP earnings but strong non-GAAP cash metrics.
Starwood Property Trust generated GAAP net income of $51.9 million or $0.13 per diluted share, while Distributable Earnings reached $147.3 million or $0.39 per diluted share for the quarter ended March 31, 2026. Distributable Earnings exclude non-cash and fair value items and are central to mortgage REIT dividend capacity.
The company invested $2.5 billion during the quarter and another $1.5 billion afterward, indicating continued deal flow across its lending and property platforms. Segment data show substantial interest income from loans and investment securities, offset by interest expense and credit and fair value movements across loans, securities, derivatives, and foreign currency.
As of March 31, 2026, Starwood had deployed over $117 billion of capital since inception and managed a portfolio above $31 billion. Total assets were $62,087,328 thousand with significant secured and securitized financing and unsecured senior notes. Future filings may detail how ongoing origination, balance sheet optimization, and legacy asset resolutions affect earnings mix and dividend support.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
GAAP net income: $51.9 million
GAAP diluted EPS: $0.13 per share
Distributable Earnings: $147.3 million
+5 more
8 metrics
GAAP net income
$51.9 million
Quarter ended March 31, 2026
GAAP diluted EPS
$0.13 per share
Quarter ended March 31, 2026
Distributable Earnings
$147.3 million
Quarter ended March 31, 2026
Distributable Earnings per diluted share
$0.39 per share
Quarter ended March 31, 2026
Quarterly investments
$2.5 billion
Capital invested during quarter ended March 31, 2026
Post-quarter investments
$1.5 billion
Capital invested after quarter end
Capital deployed since inception
$117 billion+
As of March 31, 2026
Managed portfolio size
$31 billion+
Debt and equity investments as of March 31, 2026
Key Terms
Distributable Earnings, non-GAAP financial measure, Securitization VIEs, infrastructure CLO, +2 more
6 terms
Distributable Earnings financial
"Distributable Earnings (a non-GAAP financial measure) was $147.3 million."
Distributable earnings are the portion of a company’s reported profits that management determines is safe to pay out to shareholders after accounting for cash needs, required reserves, and non-cash bookkeeping items. Think of it like the money left in your household budget after paying bills and putting aside savings — it shows what can realistically be handed out as dividends or distributions and helps investors judge how sustainable and reliable future payouts may be.
non-GAAP financial measure financial
"Distributable Earnings (a non-GAAP financial measure) is used to compute the Company’s incentive fees."
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
Securitization VIEs financial
"Securitization VIEs | | Total Revenues: … | | (38,227) | | | 512,456"
infrastructure CLO financial
"completed our seventh infrastructure CLO at a record tight credit spread"
affordable housing fund investments financial
"Investments of consolidated affordable housing fund | … | 1,729,433"
forward-looking statements regulatory
"Statements in this press release which are not historical fact may be deemed forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Total revenues: $512,456 thousand
Quarter ended March 31, 2026
Total revenues
$512,456 thousand
GAAP net income attributable to Starwood Property Trust, Inc.
$51,878 thousand
GAAP diluted EPS
$0.13 per share
Distributable Earnings
$147,274 thousand
Distributable Earnings per diluted share
$0.39 per share
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 8, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal | (Zip Code) | |||||||
executive offices) | ||||||||
Registrant’s telephone number,
including area code:
(305 ) 695-5500
including area code:
(
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 8, 2026, Starwood Property Trust, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number | Description | ||||
99.1 | Press Release, dated May 8, 2026 | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
2
EXHIBIT INDEX
Exhibit Number | Description | ||||
99.1 | Press Release, dated May 8, 2026 | ||||
3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: May 8, 2026 | STARWOOD PROPERTY TRUST, INC. | |||||||
By: | /s/ RINA PANIRY | |||||||
Name: | Rina Paniry | |||||||
Title: | Chief Financial Officer, Treasurer, Chief Accounting Officer and Principal Financial Officer | |||||||
4
Exhibit 99.1
For Immediate Release
Starwood Property Trust Reports Results for
Quarter Ended March 31, 2026
– 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, FL, 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.
1
Webcast and Conference Call Information
The 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: 1-201-689-8470
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode: 13758022
The 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 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, 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.
2
Additional information can be found on the Company’s website at www.starwoodpropertytrust.com.
Contact:
Zachary Tanenbaum
Zachary Tanenbaum
Starwood Property Trust
Phone: 203-422-7788
Email: ztanenbaum@starwood.com
3
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 and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Subtotal | Securitization VIEs | Total | ||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest income from loans | $ | 310,314 | $ | 61,438 | $ | — | $ | 2,059 | $ | — | $ | 373,811 | $ | — | $ | 373,811 | |||||||||||||||||||||||||||||||
Interest income from investment securities | 15,637 | 384 | — | 23,933 | — | 39,954 | (34,516) | 5,438 | |||||||||||||||||||||||||||||||||||||||
Servicing fees | 112 | — | — | 51,619 | — | 51,731 | (3,711) | 48,020 | |||||||||||||||||||||||||||||||||||||||
Rental income | 16,305 | — | 60,843 | 2,823 | — | 79,971 | — | 79,971 | |||||||||||||||||||||||||||||||||||||||
Other revenues | 2,213 | 1,473 | 457 | 403 | 670 | 5,216 | — | 5,216 | |||||||||||||||||||||||||||||||||||||||
Total revenues | 344,581 | 63,295 | 61,300 | 80,837 | 670 | 550,683 | (38,227) | 512,456 | |||||||||||||||||||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Management fees | 32 | — | — | — | 36,150 | 36,182 | — | 36,182 | |||||||||||||||||||||||||||||||||||||||
Interest expense | 154,923 | 36,696 | 27,951 | 6,826 | 102,654 | 329,050 | (144) | 328,906 | |||||||||||||||||||||||||||||||||||||||
General and administrative | 16,792 | 5,918 | 8,868 | 21,928 | 4,827 | 58,333 | — | 58,333 | |||||||||||||||||||||||||||||||||||||||
Costs of rental operations | 13,216 | — | 7,260 | 2,658 | — | 23,134 | — | 23,134 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,237 | 10 | 28,078 | 1,150 | 251 | 33,726 | — | 33,726 | |||||||||||||||||||||||||||||||||||||||
Credit loss provision (reversal), net | 586 | (963) | — | — | — | (377) | — | (377) | |||||||||||||||||||||||||||||||||||||||
Other expense | 77 | 112 | 72 | 140 | — | 401 | — | 401 | |||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 189,863 | 41,773 | 72,229 | 32,702 | 143,882 | 480,449 | (144) | 480,305 | |||||||||||||||||||||||||||||||||||||||
Other income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||
Change in net assets related to consolidated VIEs | — | — | — | — | — | — | 32,502 | 32,502 | |||||||||||||||||||||||||||||||||||||||
Change in fair value of servicing rights | — | — | — | 1,004 | — | 1,004 | (1,541) | (537) | |||||||||||||||||||||||||||||||||||||||
Change in fair value of investment securities, net | 451 | — | — | (7,921) | — | (7,470) | 7,559 | 89 | |||||||||||||||||||||||||||||||||||||||
Change 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 | — | 12,464 | |||||||||||||||||||||||||||||||||||||||
Earnings (loss) from unconsolidated entities | — | 843 | — | 412 | — | 1,255 | (437) | 818 | |||||||||||||||||||||||||||||||||||||||
Gain on sale of investments and other assets, net | 210 | — | 469 | — | — | 679 | — | 679 | |||||||||||||||||||||||||||||||||||||||
Gain (loss) on derivative financial instruments, net | 16,363 | 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 | 21,326 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 141,772 | 22,474 | 3,692 | 50,184 | (164,645) | 53,477 | — | 53,477 | |||||||||||||||||||||||||||||||||||||||
Income tax benefit (provision) | 11,728 | (50) | 17 | (7,750) | — | 3,945 | — | 3,945 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | 153,500 | 22,424 | 3,709 | 42,434 | (164,645) | 57,422 | — | 57,422 | |||||||||||||||||||||||||||||||||||||||
Net (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 | $ | — | $ | 51,878 | |||||||||||||||||||||||||||||||
4
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 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 and Residential Lending Segment | Infrastructure Lending Segment | Property Segment | Investing and Servicing Segment | Corporate | Total | ||||||||||||||||||||||||||||||
Net income (loss) attributable to Starwood Property Trust, Inc. | $ | 153,497 | $ | 22,424 | $ | (3,118) | $ | 43,720 | $ | (164,645) | $ | 51,878 | |||||||||||||||||||||||
Add / (Deduct): | |||||||||||||||||||||||||||||||||||
Non-controlling interests attributable to Woodstar II Class A Units | — | — | 4,629 | — | — | 4,629 | |||||||||||||||||||||||||||||
Non-controlling interests attributable to unrealized gains/losses | — | — | (1,307) | (4,745) | — | (6,052) | |||||||||||||||||||||||||||||
Non-cash equity compensation expense | 3,084 | 752 | 1,995 | 1,425 | 6,738 | 13,994 | |||||||||||||||||||||||||||||
Management incentive fee | — | — | — | — | 5,567 | 5,567 | |||||||||||||||||||||||||||||
Depreciation and amortization | 4,273 | — | 28,574 | 1,192 | — | 34,039 | |||||||||||||||||||||||||||||
Straight-line rent adjustment | — | — | (1,649) | 114 | — | (1,535) | |||||||||||||||||||||||||||||
Interest income adjustment for loans and securities | 5,074 | — | — | 5,376 | — | 10,450 | |||||||||||||||||||||||||||||
Consolidated income tax (benefit) provision associated with fair value adjustments | (11,728) | 50 | (17) | 7,750 | — | (3,945) | |||||||||||||||||||||||||||||
Other non-cash items | 2 | — | (82) | (406) | — | (486) | |||||||||||||||||||||||||||||
Reversal of GAAP unrealized and realized (gains) / losses on: | |||||||||||||||||||||||||||||||||||
Loans | 20,980 | — | — | (8,312) | — | 12,668 | |||||||||||||||||||||||||||||
Credit loss provision (reversal), net | 586 | (963) | — | — | — | (377) | |||||||||||||||||||||||||||||
Securities | (451) | — | — | 7,921 | — | 7,470 | |||||||||||||||||||||||||||||
Woodstar Fund investments | — | — | (12,464) | — | — | (12,464) | |||||||||||||||||||||||||||||
Derivatives | (16,363) | (89) | (2,276) | (242) | 21,433 | 2,463 | |||||||||||||||||||||||||||||
Foreign currency | 6,115 | — | (25) | — | — | 6,090 | |||||||||||||||||||||||||||||
Earnings from unconsolidated entities | — | (843) | — | (412) | — | (1,255) | |||||||||||||||||||||||||||||
Sales of properties | (324) | — | (469) | — | — | (793) | |||||||||||||||||||||||||||||
Recognition of Distributable realized gains / (losses) on: | |||||||||||||||||||||||||||||||||||
Loans | (368) | — | — | 8,558 | — | 8,190 | |||||||||||||||||||||||||||||
Securities | (86) | — | — | (5,254) | — | (5,340) | |||||||||||||||||||||||||||||
Woodstar Fund investments | — | — | 18,821 | — | — | 18,821 | |||||||||||||||||||||||||||||
Derivatives | 12,635 | 31 | (3,089) | 276 | (2,817) | 7,036 | |||||||||||||||||||||||||||||
Foreign currency | 139 | — | 25 | — | — | 164 | |||||||||||||||||||||||||||||
Earnings from unconsolidated entities | — | 511 | — | 436 | — | 947 | |||||||||||||||||||||||||||||
Sales of properties | (4,785) | — | (100) | — | — | (4,885) | |||||||||||||||||||||||||||||
Distributable Earnings (Loss) | $ | 172,280 | $ | 21,873 | $ | 29,448 | $ | 57,397 | $ | (133,724) | $ | 147,274 | |||||||||||||||||||||||
Distributable Earnings (Loss) per Weighted Average Diluted Share | $ | 0.45 | $ | 0.06 | $ | 0.08 | $ | 0.15 | $ | (0.35) | $ | 0.39 | |||||||||||||||||||||||
5
Starwood Property Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheet by Segment
As of March 31, 2026
(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 | $ | 44,239 | $ | 125,331 | $ | 33,521 | $ | 6,001 | $ | 81,193 | $ | 290,285 | $ | — | $ | 290,285 | |||||||||||||||||||||||||||||||
Restricted cash | 322,650 | 22,909 | 3,085 | 412 | 26,721 | 375,777 | — | 375,777 | |||||||||||||||||||||||||||||||||||||||
Loans held-for-investment, net | 16,214,754 | 3,066,806 | — | — | — | 19,281,560 | — | 19,281,560 | |||||||||||||||||||||||||||||||||||||||
Loans held-for-sale | 2,218,429 | — | — | 104,511 | — | 2,322,940 | — | 2,322,940 | |||||||||||||||||||||||||||||||||||||||
Investment securities | 639,401 | 30,301 | — | 1,236,128 | — | 1,905,830 | (1,597,627) | 308,203 | |||||||||||||||||||||||||||||||||||||||
Properties, net | 1,039,257 | — | 2,778,893 | 40,984 | — | 3,859,134 | — | 3,859,134 | |||||||||||||||||||||||||||||||||||||||
Investments of consolidated affordable housing fund | — | — | 1,729,433 | — | — | 1,729,433 | — | 1,729,433 | |||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated entities | 8,514 | 58,840 | — | 33,316 | — | 100,670 | (15,112) | 85,558 | |||||||||||||||||||||||||||||||||||||||
Goodwill | — | 119,409 | — | 140,437 | — | 259,846 | — | 259,846 | |||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 2,670 | — | 392,643 | 70,136 | — | 465,449 | (38,794) | 426,655 | |||||||||||||||||||||||||||||||||||||||
Derivative assets | 24,074 | — | — | 219 | 7,958 | 32,251 | — | 32,251 | |||||||||||||||||||||||||||||||||||||||
Accrued interest receivable | 168,183 | 8,160 | — | 218 | 847 | 177,408 | — | 177,408 | |||||||||||||||||||||||||||||||||||||||
Other assets | 329,455 | 42,273 | 131,023 | (15,547) | 51,262 | 538,466 | — | 538,466 | |||||||||||||||||||||||||||||||||||||||
VIE assets, at fair value | — | — | — | — | — | — | 32,399,812 | 32,399,812 | |||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 21,011,626 | $ | 3,474,029 | $ | 5,068,598 | $ | 1,616,815 | $ | 167,981 | $ | 31,339,049 | $ | 30,748,279 | $ | 62,087,328 | |||||||||||||||||||||||||||||||
Liabilities and Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 207,080 | $ | 36,017 | $ | 117,476 | $ | 38,940 | $ | 137,872 | $ | 537,385 | $ | — | $ | 537,385 | |||||||||||||||||||||||||||||||
Related-party payable | — | — | — | — | 33,708 | 33,708 | — | 33,708 | |||||||||||||||||||||||||||||||||||||||
Dividends payable | — | — | — | — | 180,900 | 180,900 | — | 180,900 | |||||||||||||||||||||||||||||||||||||||
Derivative liabilities | 63,970 | — | — | — | 15,460 | 79,430 | — | 79,430 | |||||||||||||||||||||||||||||||||||||||
Secured financing agreements, net | 9,846,525 | 587,374 | 533,953 | 596,988 | 2,224,516 | 13,789,356 | (19,780) | 13,769,576 | |||||||||||||||||||||||||||||||||||||||
Securitized financing, net | 1,874,602 | 1,809,126 | 1,398,169 | — | — | 5,081,897 | — | 5,081,897 | |||||||||||||||||||||||||||||||||||||||
Unsecured senior notes, net | — | — | — | — | 4,287,646 | 4,287,646 | — | 4,287,646 | |||||||||||||||||||||||||||||||||||||||
VIE liabilities, at fair value | — | — | — | — | — | — | 30,768,059 | 30,768,059 | |||||||||||||||||||||||||||||||||||||||
Total Liabilities | 11,992,177 | 2,432,517 | 2,049,598 | 635,928 | 6,880,102 | 23,990,322 | 30,748,279 | 54,738,601 | |||||||||||||||||||||||||||||||||||||||
Temporary Equity: Redeemable non-controlling interests | — | — | 357,487 | — | — | 357,487 | — | 357,487 | |||||||||||||||||||||||||||||||||||||||
Permanent Equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Starwood Property Trust, Inc. Stockholders’ Equity: | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock | — | — | — | — | 3,793 | 3,793 | — | 3,793 | |||||||||||||||||||||||||||||||||||||||
Additional paid-in capital | 2,122,871 | 665,085 | 381,367 | (941,857) | 4,747,155 | 6,974,621 | — | 6,974,621 | |||||||||||||||||||||||||||||||||||||||
Treasury 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 income | 10,881 | — | — | — | — | 10,881 | — | 10,881 | |||||||||||||||||||||||||||||||||||||||
Total Starwood Property Trust, Inc. Stockholders’ Equity | 9,019,331 | 1,041,512 | 2,455,688 | 861,059 | (6,712,121) | 6,665,469 | — | 6,665,469 | |||||||||||||||||||||||||||||||||||||||
Non-controlling interests in consolidated subsidiaries | 118 | — | 205,825 | 119,828 | — | 325,771 | — | 325,771 | |||||||||||||||||||||||||||||||||||||||
Total Permanent Equity | 9,019,449 | 1,041,512 | 2,661,513 | 980,887 | (6,712,121) | 6,991,240 | — | 6,991,240 | |||||||||||||||||||||||||||||||||||||||
Total 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 | |||||||||||||||||||||||||||||||
6
FAQ
What were Starwood Property Trust (STWD) Q1 2026 earnings?
Starwood Property Trust reported GAAP net income of $51.9 million, or $0.13 per diluted share, for the quarter ended March 31, 2026. Distributable Earnings were higher at $147.3 million, or $0.39 per diluted share, reflecting adjustments for non-cash and fair value items.
How much Distributable Earnings did Starwood Property Trust (STWD) generate in Q1 2026?
Starwood Property Trust generated $147.3 million of Distributable Earnings in Q1 2026, equal to $0.39 per diluted share. This non-GAAP metric starts from GAAP net income and excludes non-cash equity compensation, certain fair value changes, depreciation and amortization, and other specified adjustments approved by independent directors.
How much did Starwood Property Trust (STWD) invest around Q1 2026?
During the quarter ended March 31, 2026, Starwood Property Trust invested $2.5 billion, with an additional $1.5 billion invested after quarter-end. These amounts reflect deployment across the company’s diversified real estate and infrastructure credit and equity portfolio, supporting earnings generation and portfolio growth.
What dividend did Starwood Property Trust (STWD) highlight in its Q1 2026 update?
Starwood Property Trust highlighted a $0.48 per share dividend that has been maintained for over a decade. The company positions its Distributable Earnings, which were $0.39 per diluted share in Q1 2026, as an important measure for assessing its ability to support ongoing dividend payments.
How large is Starwood Property Trust’s (STWD) investment portfolio as of March 31, 2026?
As of March 31, 2026, Starwood Property Trust managed a portfolio of over $31 billion across real estate and infrastructure debt and equity. Since inception, the company has deployed more than $117 billion of capital, reflecting its scale as a diversified finance platform.
What were Starwood Property Trust’s (STWD) total assets and liabilities at March 31, 2026?
Starwood Property Trust reported total assets of $62,087,328 thousand and total liabilities of $54,738,601 thousand as of March 31, 2026. The balance sheet includes secured and securitized financing, unsecured senior notes, and segment-level assets such as loans, properties, investment securities, and affordable housing fund investments.