Q2 25 EPS
$0.38
MISS 0.47%
Est. $0.38
Q2 25 Revenue
$444.3M
MISS 4.61%
Est. $465.8M
vs S&P Since Q2 25
-27.4%
TRAILING MARKET
STWD -8.4% vs S&P +19.1%
Market Reaction
Did STWD Beat Earnings? Q2 2025 Results
Starwood Property Trust delivered a mixed second quarter, falling short on both the top and bottom lines as revenue slid 9.3% year over year to $444.28 million, missing the $465.77 million consensus by 4.61%, while earnings of $0.38 per diluted share… Read more Starwood Property Trust delivered a mixed second quarter, falling short on both the top and bottom lines as revenue slid 9.3% year over year to $444.28 million, missing the $465.77 million consensus by 4.61%, while earnings of $0.38 per diluted share came in just below the $0.38 estimate. The headline softness, however, was offset by a strategically consequential quarter defined by the $2.20 billion acquisition of Fundamental Income Properties, a fully integrated net lease platform that CEO Barry Sternlicht described as a pivotal diversification move, reducing commercial real estate lending from its historically dominant share to roughly half of the asset base. Capital deployment reached $3.20 billion in Q2 alone, bringing the first-half 2025 total to $5.50 billion, already ahead of the full-year 2024 figure. Looking ahead, management pointed to $5.00 billion in unencumbered assets, over $1.40 billion in unrealized property gains, and no near-term debt maturities as foundations for continued growth, with the net lease vertical expected to generate stable recurring cash flows and meaningful earnings contribution.
Key Takeaways
- • $3.2 billion in capital deployed during Q2 2025, $5.5 billion in the first half surpassing full-year 2024 levels
- • Commercial and Residential Lending segment generated $168.7 million net income, the largest segment contributor
- • Investing and Servicing segment contributed $46.3 million in net income
- • Distributable Earnings of $0.43 per diluted share exceeded GAAP EPS of $0.38
- • Interest income from loans of $385.2 million was the largest revenue component
STWD YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
STWD Revenue by Segment
With YoY comparisons, source: SEC Filings
“We have continued to demonstrate the strength and flexibility of our multi-cylinder platform. While commercial real estate lending remains a foundational part of our business, it now represents about half of our asset base—a reflection of how far we've diversified and evolved. Our capital deployment has already surpassed full-year 2024 levels, and we're seeing robust investment opportunities across sectors. We are exceptionally well-positioned to capitalize on today's environment.”
— Barry Sternlicht, Q2 2025 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% |