Q1 26 EPS
$0.39
MISS 8.06%
Est. $0.42
Q1 26 Revenue
$512.5M
BEAT +3.27%
Est. $496.3M
vs S&P Since Q1 26
-10.8%
TRAILING MARKET
STWD -8.8% vs S&P +1.9%
Market Reaction
Did STWD Beat Earnings? Q1 2026 Results
Starwood Property Trust delivered a mixed first quarter for 2026, beating revenue expectations while falling short on earnings, as heavy corporate-level costs and a sharp decline in GAAP net income weighed on results. The commercial mortgage REIT pos… Read more Starwood Property Trust delivered a mixed first quarter for 2026, beating revenue expectations while falling short on earnings, as heavy corporate-level costs and a sharp decline in GAAP net income weighed on results. The commercial mortgage REIT posted distributable earnings of $0.39 per diluted share, missing the $0.44 consensus estimate by 10.96%, even as revenue of $512.46 million edged past forecasts by 0.28% and grew 7.7% year over year. The GAAP shortfall was particularly notable, with net income attributable to the company tumbling to $51.88 million from $129.81 million a year ago, pressured by fair value changes on mortgage loans and derivatives alongside $164.65 million in corporate costs. Against that backdrop, investors are closely watching the sustainability of the company's $0.48 quarterly dividend, which now meaningfully exceeds both GAAP and distributable earnings per share. Management struck a confident tone on deployment, noting $4.00 billion invested year to date, and pointed to disciplined origination, balance sheet optimization, and resolution of legacy assets as the pillars of its earnings growth strategy heading into the remainder of 2026.
Key Takeaways
- • $2.5 billion invested during Q1 2026 and $1.5 billion after quarter end
- • Completion of seventh infrastructure CLO at record tight credit spread
- • Refinanced existing ABS transaction at meaningfully lower cost
- • Commercial and Residential Lending segment generated $153.5 million net income, the largest segment contributor
- • Net credit loss reversal of $377 thousand
STWD Forward Guidance & Outlook
Management indicated a focus on growing earnings through disciplined origination, continued balance sheet optimization, and resolution of legacy assets as the company moves through 2026. The company invested $4.0 billion year to date across its diversified portfolio and signaled continued active deployment regardless of market environment, citing its access to capital across multiple markets as a defining advantage.
STWD YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
STWD Revenue by Segment
With YoY comparisons, source: SEC Filings
“In a period of broad global volatility, we believe real estate and infrastructure credit is an attractive and relatively stable place to invest capital. To that point, we remain active with $4.0 billion invested across our diversified portfolio year to date. As we move through 2026, we are focused on growing our earnings through disciplined origination, continued balance sheet optimization, and the best returning resolution of what we refer to as legacy assets.”
— Barry Sternlicht, Q1 2026 Earnings Press Release
STWD Earnings Trends
STWD vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
STWD EPS Trend
Earnings per share: estimate vs actual
STWD Revenue Trend
Quarterly revenue: estimate vs actual
STWD Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.42 | $0.39 | -8.06% | $512.5M | +3.27% |
| Q4 25 BEAT FY | $0.41 | $0.42 | +1.74% | $492.9M | +3.53% |
| FY Full Year | $1.68 | $1.69 | +0.34% | $1.84B | +1.82% |
| Q3 25 MISS | $0.44 | $0.40 | -8.97% | $488.9M | +1.91% |
| Q2 25 MISS | $0.38 | $0.38 | -0.47% | $444.3M | -4.61% |
| Q1 25 BEAT | $0.45 | $0.45 | +0.45% | $418.2M | -15.18% |