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Starwood Property Trust
Starwood Property Trust (STWD) investor relations material
Starwood Property Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Q4 2025 distributable earnings were $160 million ($0.42/share), with full-year DE at $616 million ($1.69/share); adjusted DE was $1.95/share, exceeding the $1.92/share dividend.
Reported Q4 GAAP EPS of $0.26 and full-year GAAP EPS of $1.15; GAAP net income was $96.9M in Q4 and $411.5M for the year.
Record $12.7 billion deployed in 2025, including $2.5 billion in Q4, marking the second largest investment year.
Executed a record $4.4 billion in capital transactions in 2025, enhancing balance sheet duration and lowering spreads.
Ended the year with $1.4 billion in liquidity and an adjusted debt-to-equity ratio of 2.38x.
Financial highlights
Q4 distributable earnings impacted by $0.06 dilution from net lease ramp-up and $0.04 from higher cash balances.
Q4 GAAP net income was $96.9M; full-year GAAP net income was $411.5M.
Three securitizations in Q4 generated $290 million in proceeds; $1.1 billion of high-yield unsecured debt issued in Q4.
Total undepreciated assets reached a record $30.7 billion at year-end; GAAP book value per share was $18.34; undepreciated book value per share was $19.25.
Commercial lending originations of $1.7 billion in Q4; funded loan portfolio grew to $16.6 billion.
Outlook and guidance
Enhanced liquidity and embedded earnings from 2025 investments and unfunded commitments are expected to drive improved dividend coverage in 2026.
Management expects long-term accretion from the Fundamental net lease acquisition, with reliable cash flows and annual rent increases of 2.3%.
Anticipate another robust origination year in 2026, with commercial loan portfolio projected to exceed $17 billion in Q1.
Net lease business expected to become accretive in 2026 as scale increases.
Continued focus on resolving non-accrual and REO assets, with goal to resolve most of $1 billion in non-accrual loans in 2026.
Current earnings contribution from net lease business?
How will the $1.4B liquidity be deployed?
Quantify interest expense savings from balance sheet repositioning
Impact of REO strategy on future earnings?
What drives dividend coverage improvement in 2026?
Discuss potential spin-out of net lease business.
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Next Starwood Property Trust earnings date
Q1 20268 May, 2026
Starwood Property Trust
Next Starwood Property Trust earnings date
Q1 20268 May, 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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