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Starwood Property Trust (STWD) investor relations material
Starwood Property Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 GAAP net income was $129.8M ($0.38/share) and distributable earnings were $151.1M ($0.43/share).
$3.2B invested in Q2 and $5.5B in the first half, surpassing 2024's full-year capital deployment.
Acquisition of Fundamental Income Properties for $2.2B expands into net lease real estate and diversifies the asset base.
Board declared a $0.48/share dividend for Q2 and Q3, marking the 47th consecutive quarter.
LNR's special servicer ratings reaffirmed at the highest levels by Fitch and Morningstar DBRS.
Financial highlights
Book value per share was $18.80; undepreciated book value per share was $19.65.
Adjusted debt-to-equity ratio was 2.5x; $1.1B in liquidity and $2B corporate debt capacity.
Total assets reached $27.5B; total capitalization was $27.6B.
$5B in unencumbered assets and $1.4B in unrealized property gains.
82% of outstanding debt has no mark-to-market provisions.
Outlook and guidance
Management expects robust investment opportunities as property markets recover and interest rates are projected to decline.
Integration of Fundamental Income expected to drive stable recurring cash flows and future earnings growth.
Diversified business model and no near-term debt maturities position the company for disciplined growth.
CRE loan originations are expected to approach record $10B for 2025, matching 2021 levels.
Net lease business is expected to be accretive to earnings as it scales.
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