Starwood Property (STWD)
NYSE:STWD
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Earnings Data
Report Date
Jul 30, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.44Last Year’s EPS
0.43Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The quarter demonstrated substantial operational momentum: record asset scale ($31.7B), heavy capital deployment (~$4B year-to-date including post-quarter activity), infrastructure CLO financing at tight spreads, strong servicing earnings and improved portfolio risk metrics. The company continues to resolve legacy nonaccruals and REO (over $300M resolved to date) and laid out a plan to resolve additional assets ($900M targeted in 2026 and ~$500M in 2027). Short-term headwinds included a lower reported DE ($0.39), higher-than-normal cash balances creating a drag, and near-term dilution from the newly acquired net lease platform (estimated $0.03 drag and a $0.01 one-time hedging loss). Management expects the net lease business to breakeven in 2027 and recurring earnings to reach dividend coverage later next year as cash is deployed and nonperforming assets are resolved. Given the breadth of positive operational metrics, record financing wins, liquidity position and a clear remediation plan for problem assets, the tone of the call is constructive and underscores progress toward targets despite near-term noise and expected short-term dilution.Company Guidance
Distributable Earnings and Adjusted Performance
Reported distributable earnings (DE) of $147 million, or $0.39 per share for Q1 2026; management estimates an adjusted DE of $0.47 per share after normalizing for higher-than-normal cash balances, resolution of nonperforming assets and net lease optimization.
Record Asset Base and Heavy Capital Deployment
Deployed $2.5 billion of capital in the quarter (including $1.5B commercial lending, $597M infrastructure, $128M net lease) and another $1.5B after quarter-end; total undepreciated assets reached a record $31.7 billion at quarter end.
Commercial Lending Growth and Scale
Commercial funded loan portfolio increased to $16.7 billion (highest since inception) after funding $894 million of originations (plus $278M of prior commitments) and recording $835 million of repayments; $2.3 billion of unfunded commitments on previously closed loans to generate future earnings.
Infrastructure Momentum and Durable Financing
Infrastructure commitments of $597 million ( $567M funded) grew the portfolio to a record $3.2 billion; nearly 70% of commitments were self-originated (bringing self-originations to $950M); closed a $600M infrastructure CLO at a record-tight spread (SOFR + 1.68%); CLOs now represent 75% of infrastructure debt (durable, nonrecourse financing).
Owned Property / Woodstar Results
Woodstar (Florida affordable multifamily) benefited from HUD LIHTC rent increases (maximum allowable rents set 8.9% higher YoY); company has recouped 100% of original equity plus an incremental $540 million reinvested across the business; $416M of Woodstar debt maturing in Q4 with anticipated cash-out refinancing.
Net Lease Portfolio Scale and Financing Improvements
Quarter purchases of $128M brought the net lease portfolio to $2.5 billion with weighted average remaining lease term of 17.4 years, acquisition-weighted average lease term 19.5 years, weighted average rent escalations 2.5% and zero defaults; completed a $466M ABS at a weighted fixed rate of 5.06% and a post-quarter new $1B five-year warehouse facility with ~40% lower spread, together reducing master trust cost by ~44 bps (5.73% to 5.29%).
Investing & Servicing Segment Strength
Investing & Servicing contributed robust DE of $57M for the quarter; servicing fees increased to $52M; active servicing portfolio $9.9B and named servicing $95B; LNR maintains highest special servicer rating (CSS1).
Strong Liquidity, Conservative Leverage and Share Repurchases
Reported liquidity of $1.0 billion (excludes potential cash from refinancings/sales), $9.4 billion of bank line availability, and conservative leverage with debt to undepreciated equity ratio of 2.59x; board authorized $400M buyback program and the company repurchased $20M (1.1M shares at $17.67) in Q1.
Recognition and Competitive Positioning
Awarded 2025 Mortgage REIT of the Year by PERE Credit; management highlighted differentiation via a multi-cylinder platform, large equity base, diverse funding channels and the ability to invest opportunistically across cycles.
STWD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
STWD Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 25, 2026 | $17.19 | $17.23 | +0.23% |
Nov 10, 2025 | $17.45 | $16.95 | -2.88% |
Aug 07, 2025 | $17.93 | $18.29 | +1.96% |
May 09, 2025 | $17.19 | $17.30 | +0.68% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Starwood Property (STWD) report earnings?
Starwood Property (STWD) is schdueled to report earning on Jul 30, 2026, Before Open (Confirmed).
What is Starwood Property (STWD) earnings time?
Starwood Property (STWD) earnings time is at Jul 30, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is STWD EPS forecast?
STWD EPS forecast for the fiscal quarter 2026 (Q2) is 0.44.