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Starwood Property Trust (STWD) investor relations material
Starwood Property Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Reported Q3 2025 GAAP net income of $72.6 million ($0.19 per share) and Distributable Earnings (DE) of $148.6 million ($0.40 per share), impacted by the $2.2 billion Fundamental Income Properties (FIP) acquisition and higher cash drag from $2.3 billion in capital raises.
Invested $4.6 billion in Q3 and $10.2 billion year-to-date, including $2.2 billion in net lease assets via the FIP acquisition, $1.4 billion in commercial lending, and a record $0.8 billion in infrastructure lending.
The FIP acquisition added 475 properties with 100% occupancy and a weighted average lease term of 17.1 years, but was dilutive in the quarter due to partial period contribution and elevated depreciation.
Raised $2.3 billion in capital through equity, term loans, and high-yield markets, achieving record liquidity of $2.2 billion.
Paid a quarterly dividend of $0.48 per share, maintaining an uninterrupted dividend record for over a decade.
Financial highlights
Total assets of $29.9 billion as of September 30, 2025, with an adjusted debt-to-equity ratio of 2.51x and undepreciated book value per share of $19.39.
Q3 2025 total revenues were $488.9 million, up from $479.5 million in Q3 2024; nine-month revenues were $1.35 billion.
Commercial and residential lending contributed $159 million of DE ($0.43 per share); commercial lending portfolio grew to $15.8 billion after $1.4 billion in originations and $1.3 billion in repayments.
Property segment, including the new net lease platform, reported $28 million of DE ($0.08 per share); FIP contributed $10 million of DE for the partial quarter.
Record liquidity of $2.2 billion as of September 30, 2025.
Outlook and guidance
Management expects one more quarter of below-trend earnings before a steady ramp-up, with distributable earnings expected to cover the dividend as new investments are fully deployed.
Full earnings power from recent investments is expected in 2026, with a strong pipeline and record origination pace projected to continue.
Management expects to leverage ample liquidity to pursue further growth as interest rates decline and transaction volumes increase.
Focus remains on stable dividends and accretive portfolio growth across all business lines.
The company remains cautious on office and retail sectors due to macroeconomic headwinds and is monitoring credit quality closely.
Q3 credit loss provision vs. 9-month total
Impact of recent term loan repricing
Growth strategy for net lease portfolio
Net lease accretion timeline and drivers
Credit migration and reserve build outlook
Leverage Woodstar portfolio's embedded value
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Next Starwood Property Trust earnings date
Q4 202526 Feb, 2026
Next Starwood Property Trust earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Starwood Property Trust, Inc. operates as a real estate investment trust (REIT). The company acquires, finances, and manages commercial mortgage loans and other commercial real estate debt investments, commercial mortgage-backed securities (CMBS), and other commercial real estate-related debt investments. It conducts its businesses through three segments: Commercial Real Estate Lending and Investment, Residential Securities and Loans Investing, and Corporate.
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