Jun 2026 (Q2 FY26) — Aug 6, 2026
Starwood Property Trust Q2 FY26 — Diversified Platform Drives Record Investments Amidst Macro Headwinds
Read the full callStarwood Property Trust (STWD) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Starwood Property Trust earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 514 | +15.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | Operating profit / revenue | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. | ||
| Net profit | 6.6 | −94.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
3 of 5 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CRE (commercial real estate) loan portfolio balance vs. prior record | Reach a record $17 billion CRE loan portfolio balance in Q1 FY26 | Dec 2025 | our funded loan portfolio grew to a record $17.3 billion. | Achieved |
| Distributable earnings (DE) recovery to a run-rate that covers the dividend | One more rough quarter after Q3 FY25 (i.e. Q4 FY25), then 'clear sailing' back to the company's real earnings power | Sep 2025 | we're confident in our ability to restore the earnings power of the company. in the near term, although that could take a little longer than we would like. | Diluted |
| 1200 K Street (Washington, D.C.) office-to-multifamily conversion completion | Complete the office-to-multifamily conversion of the 1200 K Street asset in 2028 | Jun 2026 | our 1,200 K Street Office to multifamily conversion received residential conversion permits in June and we have completed demolition and started construction in a market where we have seen Class A rents rise significantly since beginning this conversion process, which we expect to complete in 2028. | New |
2 of STARWOOD PROPERTY TRUST, INC.'s 14 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 11 more targets are in the full ledger.
Claimed
- Funded loan portfolio grew to a record $17.3 billion in Q2 FY26.
- Near-record capital deployment of $2.5 billion in Q2 FY26, with $1.7 billion in July, totaling $6.7 billion year-to-date.
- Net lease portfolio expanded to $2.7 billion with 100% occupancy and 2.3% average annual rent escalations.
- Infrastructure Lending portfolio maintained strong credit quality with 92% rated 1 or 2, and no downgrades in 10 quarters.
- Weighted average corporate debt maturity extended to 3.7 years, and the weighted average spread of debt was reduced.
Qualified
- Distributable earnings (DE) were $0.40 per share in Q2 FY26, below the current dividend.
- Reserves against nonaccrual and REO assets increased by $30 million due to macroeconomic conditions.
- 4-rated loans increased by $212 million to $2 billion, reflecting downgrades of three multifamily assets.
- A $6.3 million loss on early extinguishment of debt was incurred due to unwinding an interest rate hedge.
Price
$11.98 −3.85% · −$0.48
Performance −35.4% 1Y
1Y: $18.55 on 17 Oct 2025 → $11.98. High $18.69 (22 Oct 2025), low $11.98 (19 Oct 2026).
- Previous close
- $12.46
- 52-week range
- $11.98 – $18.69
- One year
- −35.87%
Overview
- Symbol
- STWD
- Sector
- Real Estate
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
3 of 5 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| CRE (commercial real estate) loan portfolio balance vs. prior record | Reach a record $17 billion CRE loan portfolio balance in Q1 FY26 | Dec 2025 | our funded loan portfolio grew to a record $17.3 billion. | Achieved |
| Distributable earnings (DE) recovery to a run-rate that covers the dividend | One more rough quarter after Q3 FY25 (i.e. Q4 FY25), then 'clear sailing' back to the company's real earnings power | Sep 2025 | we're confident in our ability to restore the earnings power of the company. in the near term, although that could take a little longer than we would like. | Diluted |
| 1200 K Street (Washington, D.C.) office-to-multifamily conversion completion | Complete the office-to-multifamily conversion of the 1200 K Street asset in 2028 | Jun 2026 | our 1,200 K Street Office to multifamily conversion received residential conversion permits in June and we have completed demolition and started construction in a market where we have seen Class A rents rise significantly since beginning this conversion process, which we expect to complete in 2028. | New |
Claimed
- Funded loan portfolio grew to a record $17.3 billion in Q2 FY26.
- Near-record capital deployment of $2.5 billion in Q2 FY26, with $1.7 billion in July, totaling $6.7 billion year-to-date.
- Net lease portfolio expanded to $2.7 billion with 100% occupancy and 2.3% average annual rent escalations.
- Infrastructure Lending portfolio maintained strong credit quality with 92% rated 1 or 2, and no downgrades in 10 quarters.
- Weighted average corporate debt maturity extended to 3.7 years, and the weighted average spread of debt was reduced.
Qualified
- Distributable earnings (DE) were $0.40 per share in Q2 FY26, below the current dividend.
- Reserves against nonaccrual and REO assets increased by $30 million due to macroeconomic conditions.
- 4-rated loans increased by $212 million to $2 billion, reflecting downgrades of three multifamily assets.
- A $6.3 million loss on early extinguishment of debt was incurred due to unwinding an interest rate hedge.
The full ledger
Open STARWOOD PROPERTY TRUST, INC.’s full ledger
A free account opens 5 company ledgers a month. All 14 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 8, 2026
Starwood Property Trust Q1 FY26 — Diversified Platform Navigates Volatility with Strategic Asset Management
Read the full callDec 2025 (Q4 FY25) — Feb 25, 2026
Starwood Property Trust Q4 FY25 — Enhanced Liquidity and Strategic Diversification
Read the full callEvery analysed call
Starwood Property Trust earnings calls (STWD)
Financials
What the filings say
Net profit, year on year: −95% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 480 | 454 | 418 | 444 | 489 | 493 | 512 | 514 |
| Expenses | 503 | 479 | 384 | 430 | 489 | 482 | 480 | 525 |
| Other income | 106 | 93 | 86 | 122 | 94 | 121 | 21 | 32 |
| Interest | 338 | — | — | — | — | — | — | — |
| Profit before tax | 83 | 69 | 120 | 135 | 93 | 131 | 53 | 21 |
| Tax rate | 12.7% | −3.1% | 3.1% | 0.5% | 14.3% | 14.4% | −7.4% | 29.3% |
| Net profit | 76 | 52 | 112 | 130 | 73 | 97 | 52 | 7 |
| EPS ($ per share) | 0.23 | — | 0.33 | 0.38 | 0.19 | — | 0.13 | 0.01 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 4 |
| Reserves | -349 | -382 | -630 | 493 | 769 | 506 | 235 | -39 |
| Total liabilities | 63,362 | 72,905 | 76,011 | 77,202 | 71,844 | 62,481 | 55,363 | 55,694 |
| Total assets | 68,262 | 78,042 | 80,874 | 83,850 | 79,043 | 69,504 | 62,556 | 63,183 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 585 | -13 | 1,046 | -990 | 214 | 529 | 647 | 978 |
| Cash from investing | -2,521 | -776 | -912 | -4,282 | -2,950 | 855 | 2,084 | -3,776 |
| Cash from financing | 2,005 | 877 | 13 | 4,873 | 2,798 | -1,455 | -2,486 | 2,920 |
| Capital expenditure | — | — | — | — | — | 0 | 0 | -878 |
| Free cash flow | — | — | — | — | — | 529 | 647 | 99 |
STWD revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Commercial and Residential Lending | 80% | 79% | 78% | 77% | 70% | 68% | 67% | 71% | +5.9% |
| Infrastructure Lending | 14% | 14% | 15% | 15% | 16% | 14% | 12% | 13% | +2.6% |
| Property | 3% | 4% | 4% | 4% | 9% | 12% | 12% | 13% | +289.6% |
| Investing and Servicing Segment Property Portfolio | — | — | — | — | 12% | — | 16% | 10% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
STWD operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Occupancy rate Net Lease | 100%As a reminder, the weighted average lease term of this portfolio is 17.3 years with occupancy of 100% and 2.3% annual rent escalations.Source: earnings call transcript | 100%The portfolio now stands at $2.7 billion, comprising 527 properties across 44 states, a weighted average lease term of 16.8 years, average annual rent escalations of 2.3% and 100% occupancy with 0 defaults.Source: earnings call transcript | 0 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
29 filings between Nov 1, 2025 and Sep 30, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$120.1K
1 sale by 1 insider
Compensation
not trading decisions- 15
- Award — granted as compensation
- 4
- Option exercise — converted options into shares
Also filed: 9 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Dishner Jeffrey G. | — | $120.1K | Apr 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 30, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Option exercise | 276,666 | — |
| Sep 30, 2026 | ZELNICK STRAUSS Director | Award | 11,112 | — |
| Sep 30, 2026 | Ridley Fred S. Director | Award | 11,112 | — |
| Sep 30, 2026 | Perpall Frederick Director | Award | 11,112 | — |
| Sep 30, 2026 | Kumin Solomon J. Director | Award | 11,112 | — |
| Sep 30, 2026 | HARMON DEBORAH L Director | Award | 11,112 | — |
| Sep 30, 2026 | Douglas Camille J. Director | Award | 11,112 | — |
| Sep 30, 2026 | Bronson Richard D. Director | Award | 11,112 | — |
| Jun 30, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Option exercise | 276,666 | — |
| Jun 22, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Other | 4,182 | $0 |
| Jun 2, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Other | 5,063 | $0 |
| May 26, 2026 | Pollack Jonathan Lee Director | Award | 9,691 | — |
| May 26, 2026 | Dishner Jeffrey G. Director | Award | 2,423 | — |
| May 15, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Award | 111,589 | — |
| Apr 22, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Other | 3,661 | $0 |
| Apr 14, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Other | 3,741 | $0 |
| Apr 1, 2026 | Dishner Jeffrey G. Director | Sale | 7,013 | $120.1K |
| Apr 1, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Other | 16,684 | $0 |
| Mar 31, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Option exercise | 276,666 | — |
| Mar 18, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Other | 661,342 | $0 |
| Mar 16, 2026 | Paniry Rina Chief Financial Officer | Award | 34,274 | — |
| Mar 16, 2026 | Pollack Jonathan Lee Director | Award | 5,828 | — |
| Mar 16, 2026 | Pollack Jonathan Lee Director | Other | 111,000 | — |
| Mar 16, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Award | 3,565 | — |
| Mar 16, 2026 | DiModica Jeffrey F. President | Award | 11,086 | — |
| Feb 25, 2026 | STERNLICHT BARRY S CEO, Chairman of the Board | Award | 65,007 | — |
| Dec 31, 2025 | STERNLICHT BARRY S CEO, Chairman of the Board | Option exercise | 220,833 | — |
| Dec 15, 2025 | STERNLICHT BARRY S CEO, Chairman of the Board | Other | 6,848 | $0 |
| Nov 1, 2025 | STERNLICHT BARRY S CEO, Chairman of the Board | Other | 6,667 | $0 |
| Sep 30, 2025 | STERNLICHT BARRY S CEO, Chairman of the Board | Option exercise | 345,833 | — |
| Sep 30, 2025 | Ridley Fred S. Director | Award | 7,744 | — |
| Sep 30, 2025 | HARMON DEBORAH L Director | Award | 7,744 | — |
| Sep 30, 2025 | Bronson Richard D. Director | Award | 7,744 | — |
| Sep 30, 2025 | Kumin Solomon J. Director | Award | 7,744 | — |
| Sep 30, 2025 | ZELNICK STRAUSS Director | Award | 7,744 | — |
| Sep 30, 2025 | Douglas Camille J. Director | Award | 7,744 | — |
| Sep 30, 2025 | Perpall Frederick Director | Award | 7,744 | — |
| Sep 5, 2025 | Pollack Jonathan Lee Director | Award | 276 | — |
| Sep 5, 2025 | Dishner Jeffrey G. Director | Award | 230 | — |
| Aug 14, 2025 | STERNLICHT BARRY S CEO, Chairman of the Board | Award | 3,018 | — |
| Jun 30, 2025 | STERNLICHT BARRY S CEO, Chairman of the Board | Option exercise | 345,833 | — |
| May 16, 2025 | Dishner Jeffrey G. Director | Award | 12,846 | — |
| Apr 1, 2025 | STERNLICHT BARRY S CEO, Chairman of the Board | Other | 16,683 | $0 |
| Mar 31, 2025 | STERNLICHT BARRY S CEO, Chairman of the Board | Other | 59,676 | $0 |
| Mar 31, 2025 | STERNLICHT BARRY S CEO, Chairman of the Board | Option exercise | 345,833 | — |
| Mar 17, 2025 | Paniry Rina Chief Financial Officer | Award | 40,793 | — |
| Mar 17, 2025 | DiModica Jeffrey F. President | Award | 124,626 | — |
| Mar 17, 2025 | DiModica Jeffrey F. President | Award | 39,880 | — |
| Mar 15, 2025 | STERNLICHT BARRY S CEO, Chairman of the Board | Other | 91,990 | $0 |
| Mar 3, 2025 | Dishner Jeffrey G. Director | Other | 50,051 | — |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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