Starwood Property Trust Earnings Call Transcripts
Fiscal Year 2026
-
Q1 distributable earnings were $147 million ($0.39/share), with adjusted DE at $0.47/share after accounting for non-recurring items. Management expects to resolve $900 million in non-accrual/REO assets in 2026 and targets dividend coverage above $0.48/share by late 2026 or early 2027.
Fiscal Year 2025
-
Q4 2025 distributable earnings were $160M, with full-year adjusted DE of $1.95/share, exceeding the dividend. Record capital deployment and diversification, strong liquidity, and a focus on resolving non-accrual assets position the company for improved earnings and dividend coverage in 2026.
-
Distributable earnings were $1.49 per share, with GAAP net income at $0.19 per share, impacted by a major net lease acquisition and elevated cash drag. Management expects earnings to ramp up in 2026 as new investments are deployed and the net lease platform scales.
-
Q2 2025 saw strong earnings, record investment activity, and the acquisition of a major net lease platform. Loan portfolio and infrastructure lending hit new highs, while credit quality and liquidity remain robust. The company expects continued growth and stable dividends.
-
Distributable earnings reached $1.56 per share, with record new investments and strong portfolio growth. Liquidity and capital access remain robust, supporting continued dividend payments and expansion across lending, property, and infrastructure segments.
Fiscal Year 2024
-
Q4 distributable earnings reached $167M, with strong growth in infrastructure and property segments, a record year for securitizations, and a robust liquidity position. The company plans aggressive loan origination in 2025, targeting further asset diversification and accelerated resolution of legacy assets.
-
Q3 2024 saw $159M in distributable earnings and $2.1B in new investments, with a strong loan pipeline and increased liquidity. CRE lending is expected to rebound as market conditions improve, while the company focuses on growing unsecured debt and maintaining a low leverage ratio.
-
Q2 2024 saw $158M in distributable earnings and $925M in new investments, with strong performance in infrastructure and servicing, and a diversified asset base. Liquidity and leverage remain strong, while office loans continue to pose risks. CRE lending and refinancing activity are expected to accelerate.