Q2 26 EPS Adjusted
$0.40
MISS 0.02%
Est. $0.40
Q2 26 Revenue
$513.7M
MISS 1.53%
Est. $521.7M
vs S&P Since Q2 26
+1.2%
BEATING MARKET
STWD +0.6% vs S&P -0.7%
Market Reaction
Did STWD Beat Earnings? Q2 2026 Results
Starwood Property Trust delivered a narrow miss on both top and bottom lines in the second quarter of 2026, with adjusted earnings of $0.40 per diluted share falling just short of the $0.40 consensus estimate, while revenue of $513.67 million trailed… Read more Starwood Property Trust delivered a narrow miss on both top and bottom lines in the second quarter of 2026, with adjusted earnings of $0.40 per diluted share falling just short of the $0.40 consensus estimate, while revenue of $513.67 million trailed expectations of $521.67 million by 1.53%, even as sales grew 7.9% year over year. The modest shortfall was framed by a stark divergence between GAAP and non-GAAP results; GAAP net income attributable to the company came in at just $6.56 million, weighed down by $107.56 million in corporate interest expense, $30.16 million in credit loss provisions, and $34.24 million in derivative losses. The Commercial and Residential Lending segment carried the quarter, generating $364.21 million in revenue and $133.94 million in GAAP net income, with the commercial loan portfolio reaching $17.30 billion. Looking ahead, management pointed to $6.70 billion deployed through July at double-digit returns on equity and expects to resolve nearly $900 million in underperforming assets by year-end, which would free trapped capital for redeployment across business lines.
Key Takeaways
- • Commercial and Residential Lending segment was the largest revenue and earnings contributor with $364.2 million in revenue and $185.7 million in Distributable Earnings
- • Invested $2.5 billion in Q2 2026 and $6.7 billion through July at double-digit return on equity
- • $2.1 billion of corporate debt transactions extended weighted average corporate debt maturity to 3.7 years
- • Record total assets of $31.8 billion and commercial lending assets of $17.3 billion
- • Improving real estate fundamentals across nearly every asset class
STWD Forward Guidance & Outlook
Management expects to resolve nearly $900 million of underperforming assets by year-end or shortly thereafter, returning trapped equity to higher-use deployment across all business lines. The company has invested $6.7 billion through July at double-digit return on equity. Recent corporate debt transactions extending weighted average maturity to 3.7 years and lowering cost of funds position the company to continue deploying capital and driving growth. CEO Sternlicht noted improving real estate fundamentals across nearly every asset class, supported by declining construction and broad economic growth, providing a more constructive backdrop for capital deployment and improving credit in the loan portfolio.
STWD YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
STWD Revenue by Segment
With YoY comparisons, source: SEC Filings
“Real estate fundamentals are improving steadily in almost every asset class, supported by a drop in construction and broad and robust economic growth. This provides a more constructive backdrop to deploy capital and improving credit in our loan portfolio. For us importantly, it provides a solid foundation to support the values of our real estate owned and underperforming loan assets. We expect to resolve nearly $900 million of underperforming assets by year end or shortly thereafter, returning the trapped equity to higher use cases across all our business lines.”
— Barry Sternlicht, Q2 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 MISS | $0.40 | $0.40 | -0.02% | $513.7M | -1.53% |
| 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% |