Starwood Property Trust (STWD) posts 2025 earnings and record $4.4B deals

Rhea-AI Filing Summary

Starwood Property Trust, Inc. reported solid results for the quarter and year ended December 31, 2025. Fourth quarter GAAP net income was $96.9 million, or GAAP EPS of $0.26, while Distributable Earnings were $159.5 million, or $0.42 per diluted share. For the full year, GAAP net income was $411.5 million and Distributable Earnings were $615.5 million, or $1.15 and $1.69 per diluted share, respectively.

The company invested $12.7 billion during 2025, including $2.5 billion in the fourth quarter, and executed a record $4.4 billion of equity, unsecured debt and term loan capital transactions. Management highlighted current liquidity of $1.4 billion and emphasized a consistent dividend of $0.48 per share that has been maintained for over a decade.

Segment data show sizable interest income from commercial and residential lending and infrastructure lending, alongside meaningful contributions from property and investing and servicing activities. Leadership framed 2025 as a transition year, pointing to securitizations, net lease expansion and nonaccrual/REO resolution as drivers of future earnings power.

Insights

REIT and credit markets analyst

Starwood posts solid 2025 earnings with active investing and strong liquidity.

Starwood Property Trust generated 2025 GAAP net income of $411.5 million and Distributable Earnings of $615.5 million, with Q4 Distributable EPS of $0.42. The business mix spans commercial and residential lending, infrastructure, property, and servicing, providing multiple income streams.

Management underscored 2025 as a transition year, after investing $12.7 billion and adding a Fundamental net lease business with long lease terms and contractual rent increases. Record capital markets activity of $4.4 billion in equity and debt helped extend duration and lower spreads, supporting balance sheet flexibility.

Liquidity of $1.4 billion and a decade-long $0.48 per-share dividend track record suggest an emphasis on steady payouts. Future results will depend on deploying excess cash, scaling net lease assets, completing securitizations, and resolving nonaccrual and REO assets, as discussed for the period ended December 31, 2025.

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UNITED STATES
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): February 25, 2026

Starwood Property Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-34436

27-0247747

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

2340 Collins Avenue, Suite 700 Miami Beach, FL						33139
(Address of principal						(Zip Code)
executive offices)

Registrant’s telephone number,
including area code:
(305) 695-5500

(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:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, $0.01 par value per share			STWD			New York Stock Exchange

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 February 25, 2026, Starwood Property Trust, Inc. issued a press release announcing its financial results for the quarter and year ended December 31, 2025. 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 February 25, 2026
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

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EXHIBIT INDEX

Exhibit Number			Description
99.1			Press Release, dated February 25, 2026

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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: February 25, 2026			STARWOOD PROPERTY TRUST, INC.
			By:			/s/ RINA PANIRY
			Name:			Rina Paniry
			Title:			Chief Financial Officer, Treasurer, Chief Accounting Officer and Principal Financial Officer

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Exhibit 99.1

For Immediate Release                                 

Starwood Property Trust Reports Results for the

Quarter and Year Ended December 31, 2025

– 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, FL, February 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.”

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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: 1-201-689-8470

Conference Call Playback:

Domestic: 1-844-512-2921

International: 1-412-317-6671

Passcode: 13758021

The 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 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.

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

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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

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Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the three months ended December 31, 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			$	311,500					$	69,153					$	43					$	3,225					$	—					$	383,921					$	—					$	383,921
Interest income from investment securities			15,332						197						—						24,543						—						40,072						(35,506)						4,566
Servicing fees			112						—						—						37,726						—						37,838						(6,047)						31,791
Rental income			6,298						—						57,100						4,088						—						67,486						—						67,486
Other revenues			1,997						909						651						1,183						444						5,184						—						5,184
Total revenues			335,239						70,259						57,794						70,765						444						534,501						(41,553)						492,948
Costs and expenses:
Management fees			172						—						—						—						33,254						33,426						—						33,426
Interest expense			155,129						39,550						29,054						6,626						103,687						334,046						(198)						333,848
General and administrative			15,180						5,497						8,572						24,440						4,378						58,067						—						58,067
Costs of rental operations			4,861						—						7,551						3,070						—						15,482						—						15,482
Depreciation and amortization			2,841						10						26,558						1,422						251						31,082						—						31,082
Credit loss provision (reversal), net			11,142						(798)						—						—						—						10,344						—						10,344
Other expense			55						58						15						38						—						166						—						166
Total costs and expenses			189,380						44,317						71,750						35,596						141,570						482,613						(198)						482,415
Other income (loss):
Change in net assets related to consolidated VIEs			—						—						—						—						—						—						42,052						42,052
Change in fair value of servicing rights			—						—						—						1,617						—						1,617						(859)						758
Change in fair value of investment securities, net			1,972						—						—						(2,433)						—						(461)						682						221
Change in fair value of mortgage loans, net			30,574						—						—						13,228						—						43,802						—						43,802
Income from affordable housing fund investments			—						—						37,604						—						—						37,604						—						37,604
Earnings from unconsolidated entities			—						3,641						—						560						—						4,201						(520)						3,681
Gain (loss) on sale of investments and other assets, net			165						—						(1)						10,060						—						10,224						—						10,224
Gain (loss) on derivative financial instruments, net			12,688						50						3,886						(303)						(8,418)						7,903						—						7,903
Foreign currency gain (loss), net			6,900						(292)						(1)						—						—						6,607						—						6,607
Loss 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						120,772
Income (loss) before income taxes			168,823						27,448						26,769						57,809						(149,544)						131,305						—						131,305
Income 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						—						112,366
Net 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					$	—					$	96,915

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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 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 Earnings

For the three months ended December 31, 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.			$	158,752					$	27,149					$	14,207					$	46,351					$	(149,544)					$	96,915
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units			—						—						4,629						—						—						4,629
Non-controlling interests attributable to unrealized gains/losses			—						—						(1,986)						6,650						—						4,664
Non-cash equity compensation expense			2,842						738						1,999						1,491						5,554						12,624
Management incentive fee			—						—						—						—						3,502						3,502
Depreciation and amortization			2,877						—						27,071						1,523						—						31,471
Straight-line rent adjustment			—						—						(460)						22						—						(438)
Interest income adjustment for loans and securities			5,457						—						—						8,023						—						13,480
Consolidated income tax provision (benefit) associated with fair value adjustments			10,066						299						(34)						6,724						—						17,055
Other non-cash items			5						—						(82)						(542)						—						(619)
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans			(30,574)						—						—						(13,228)						—						(43,802)
Credit loss provision (reversal), net			11,142						(798)						—						—						—						10,344
Securities			(1,972)						—						—						2,433						—						461
Woodstar 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 properties			26,766						—						—						—						—						26,766
Recognition of Distributable realized gains / (losses) on:
Loans			(879)						—						—						13,188						—						12,309
Securities			(594)						—						—						(19,930)						—						(20,524)
Woodstar Fund investments			—						—						47,297						—						—						47,297
Derivatives			12,336						37						(2,012)						(137)						(6,554)						3,670
Foreign currency			(793)						134						(2)						—						—						(661)
Earnings from unconsolidated entities			—						3,128						—						457						—						3,585
Sales of properties			—						—						—						3,192						—						3,192
Distributable Earnings (Loss)			$	175,843					$	27,288					$	49,138					$	45,900					$	(138,624)					$	159,545
Distributable Earnings (Loss) per Weighted Average Diluted Share			$	0.46					$	0.07					$	0.13					$	0.12					$	(0.36)					$	0.42

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Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the year ended December 31, 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			$	1,231,288					$	272,282					$	289					$	14,650					$	—					$	1,518,509					$	—					$	1,518,509
Interest income from investment securities			78,961						649						—						97,824						—						177,434						(142,973)						34,461
Servicing fees			369						—						—						106,533						—						106,902						(20,359)						86,543
Rental income			27,266						—						135,255						19,919						—						182,440						—						182,440
Other revenues			9,854						3,855						1,472						5,387						1,768						22,336						—						22,336
Total revenues			1,347,738						276,786						137,016						244,313						1,768						2,007,621						(163,332)						1,844,289
Costs and expenses:
Management fees			701						—						—						—						136,564						137,265						—						137,265
Interest expense			682,813						155,212						71,400						29,341						339,031						1,277,797						(810)						1,276,987
General and administrative			59,545						20,979						17,323						93,152						17,810						208,809						—						208,809
Costs of rental operations			21,017						—						26,225						13,559						—						60,801						—						60,801
Depreciation and amortization			11,779						39						59,479						6,679						1,005						78,981						—						78,981
Credit loss provision, net			15,851						3,519						—						—						—						19,370						—						19,370
Other expense			103						4,104						(61)						203						—						4,349						—						4,349
Total costs and expenses			791,809						183,853						174,366						142,934						494,410						1,787,372						(810)						1,786,562
Other income (loss):
Change in net assets related to consolidated VIEs			—						—						—						—						—						—						154,758						154,758
Change in fair value of servicing rights			—						—						—						7,398						—						7,398						(1,508)						5,890
Change in fair value of investment securities, net			8,422						—						—						(16,803)						—						(8,381)						10,568						2,187
Change in fair value of mortgage loans, net			122,117						—						—						62,323						—						184,440						—						184,440
Income from affordable housing fund investments			—						—						46,953						—						—						46,953						—						46,953
Earnings from unconsolidated entities			2,708						3,892						—						9,249						—						15,849						(1,296)						14,553
Gain (loss) on sale of investments and other assets, net			32,875						—						(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), net			112,778						364						(198)						—						—						112,944						—						112,944
Gain (loss) on extinguishment of debt, net			20,447						(2,676)						—						(90)						—						17,681						—						17,681
Other (loss) income, net			(32,589)						—						(2,805)						2,428						—						(32,966)						—						(32,966)
Total other income			111,744						1,618						39,732						73,180						33,289						259,563						162,522						422,085
Income (loss) before income taxes			667,673						94,551						2,382						174,559						(459,353)						479,812						—						479,812
Income 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						—						443,093
Net 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

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Reconciliation of Net Income to Distributable Earnings

For the year ended December 31, 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.			$	655,361					$	94,441					$	(24,950)					$	146,045					$	(459,353)					$	411,544
Add / (Deduct):
Non-controlling interests attributable to Woodstar II Class A Units			—						—						18,546						—						—						18,546
Non-controlling interests attributable to unrealized gains/losses			—						—						(13,066)						272						—						(12,794)
Non-cash equity compensation expense			11,318						2,794						3,780						5,582						30,620						54,094
Management incentive fee			—						—						—						—						13,746						13,746
Depreciation and amortization			12,023						—						60,616						7,085						—						79,724
Straight-line rent adjustment			—						—						(153)						126						—						(27)
Interest income adjustment for loans and securities			23,300						—						—						39,750						—						63,050
Consolidated income tax provision (benefit) associated with fair value adjustments			12,297						110						(40)						22,468						—						34,835
Other non-cash items			15						—						(328)						(1,761)						—						(2,074)
Reversal of GAAP unrealized and realized (gains) / losses on:
Loans			(122,117)						—						—						(62,323)						—						(184,440)
Credit loss provision, net			15,851						3,519						—						—						—						19,370
Securities			(8,422)						—						—						16,803						—						8,381
Woodstar Fund investments			—						—						(46,953)						—						—						(46,953)
Derivatives			155,014						(38)						4,196						1,385						(33,289)						127,268
Foreign 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 properties			26,766						—						—						—						—						26,766
Recognition of Distributable realized gains / (losses) on:
Loans			(2,435)						—						—						61,175						—						58,740
Securities			(1,355)						—						—						(35,012)						—						(36,367)
Woodstar Fund investments			—						—						110,569						—						—						110,569
Derivatives			70,004						186						(1,722)						(1,925)						(27,955)						38,588
Foreign currency			1,554						219						(199)						—						—						1,574
Earnings from unconsolidated entities			2,708						2,801						—						10,116						—						15,625
Sales of properties			(43,343)						—						(25)						3,192						—						(40,176)
Distributable Earnings (Loss)			$	687,830					$	99,776					$	110,490					$	193,669					$	(476,231)					$	615,534
Distributable Earnings (Loss) per Weighted Average Diluted Share			$	1.89					$	0.27					$	0.30					$	0.53					$	(1.30)					$	1.69

7

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet by Segment

As of December 31, 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			$	74,534					$	198,031					$	70,900					$	25,149					$	130,866					$	499,480					$	—					$	499,480
Restricted cash			123,215						33,794						3,236						454						14,468						175,167						—						175,167
Loans held-for-investment, net			16,038,333						2,824,379						—						—						—						18,862,712						—						18,862,712
Loans held-for-sale			2,278,067						—						—						45,476						—						2,323,543						—						2,323,543
Investment securities			641,893						31,273						—						1,284,863						—						1,958,029						(1,657,029)						301,000
Properties, net			732,714						—						2,674,276						41,662						—						3,448,652						—						3,448,652
Investments of consolidated affordable housing fund			—						—						1,727,499						—						—						1,727,499						—						1,727,499
Investments in unconsolidated entities			8,514						57,997						—						33,203						—						99,714						(14,962)						84,752
Goodwill			—						119,409						—						140,437						—						259,846						—						259,846
Intangible assets, net			2,817						—						401,268						69,227						—						473,312						(37,253)						436,059
Derivative assets			27,157						—						—						201						18,455						45,813						—						45,813
Accrued interest receivable			157,116						4,424						442						562						135						162,679						—						162,679
Other assets			193,525						4,623						107,468						5,454						51,921						362,991						—						362,991
VIE assets, at fair value			—						—						—						—						—						—						34,493,164						34,493,164
Total Assets			$	20,277,885					$	3,273,930					$	4,985,089					$	1,646,688					$	215,845					$	30,399,437					$	32,783,920					$	63,183,357
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities			$	165,317					$	32,732					$	113,707					$	60,423					$	127,571					$	499,750					$	—					$	499,750
Related-party payable			—						—						—						—						31,662						31,662						—						31,662
Dividends payable			—						—						—						—						180,413						180,413						—						180,413
Derivative liabilities			72,351						—						—						—						11,632						83,983						—						83,983
Secured financing agreements, net			8,637,246						719,942						596,906						517,897						2,226,843						12,698,834						(19,886)						12,678,948
Securitized financing, net			2,224,239						1,645,536						1,261,678						—						—						5,131,453						—						5,131,453
Unsecured senior notes, net			—						—						—						—						4,283,836						4,283,836						—						4,283,836
VIE liabilities, at fair value			—						—						—						—						—						—						32,803,806						32,803,806
Total Liabilities			11,099,153						2,398,210						1,972,291						578,320						6,861,957						22,909,931						32,783,920						55,693,851
Temporary Equity: Redeemable non-controlling interests			—						—						364,118						—						—						364,118						—						364,118
Permanent Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock			—						—						—						—						3,780						3,780						—						3,780
Additional paid-in capital			2,434,975						521,717						365,416						(814,760)						4,449,868						6,957,216						—						6,957,216
Treasury 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 income			11,560						—						—						—						—						11,560						—						11,560
Total Starwood Property Trust, Inc. Stockholders’ Equity			9,178,617						875,720						2,442,855						944,436						(6,646,112)						6,795,516						—						6,795,516
Non-controlling interests in consolidated subsidiaries			115						—						205,825						123,932						—						329,872						—						329,872
Total Permanent Equity			9,178,732						875,720						2,648,680						1,068,368						(6,646,112)						7,125,388						—						7,125,388
Total 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

8

FAQ

What were Starwood Property Trust (STWD)’s earnings for Q4 2025?

Starwood Property Trust reported Q4 2025 GAAP net income of $96.9 million and GAAP EPS of $0.26. Distributable Earnings were $159.5 million, or $0.42 per diluted share, reflecting non-GAAP adjustments such as non-cash items, depreciation, and fair value changes across its diversified real estate finance platform.

How did Starwood Property Trust (STWD) perform for full-year 2025?

For 2025, Starwood Property Trust generated GAAP net income of $411.5 million and Distributable Earnings of $615.5 million. On a per-share basis, GAAP EPS was $1.15 and Distributable EPS was $1.69, supported by contributions from lending, property, and investing and servicing segments.

How much did Starwood Property Trust (STWD) invest and raise in 2025?

The company invested $12.7 billion in 2025, including $2.5 billion in the fourth quarter, and executed $4.4 billion of capital transactions. These transactions included equity, unsecured debt and term loan financings, which management says repositioned the balance sheet with extended duration and lower spreads.

What liquidity and dividend did Starwood Property Trust (STWD) report?

Starwood Property Trust reported current liquidity of $1.4 billion and highlighted a consistent $0.48 per-share dividend. Management noted this dividend level has been maintained for over a decade, emphasizing the company’s objective of generating attractive and stable shareholder returns primarily through regular cash distributions.

How does Starwood Property Trust (STWD) define Distributable Earnings?

Distributable Earnings starts from GAAP net income and excludes non-cash equity compensation, certain incentive fees, depreciation and amortization of real estate, and unrealized gains or losses. It also adjusts for selected non-cash and one-time items, as approved by independent directors, to better reflect recurring earnings for this mortgage REIT.

Which business segments drove Starwood Property Trust (STWD)’s 2025 results?

Key 2025 contributors included commercial and residential lending, infrastructure lending, property, and investing and servicing segments. Segment tables show substantial interest income from loans, rental income from properties, servicing fees, and gains on mortgage loans and other assets, partially offset by interest expense and credit loss provisions.

What strategic themes did Starwood Property Trust (STWD) highlight for 2025?

Management characterized 2025 as a transition year focused on balance sheet repositioning and platform expansion. They emphasized acquiring the Fundamental net lease business, increasing securitization activity, completing refinancings, and building earnings potential in nonaccrual and REO assets across global real estate and infrastructure markets.

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