The DE miss vs consensus is marginal, but the sharp GAAP earnings decline and large Corporate segment loss may spook income-focused investors. Watch the earnings call for color on derivative losses and the pace of cash deployment from the $1.4B liquidity position. The maintained dividend provides a floor, but the stock may trade sideways until the next quarter's DE trajectory becomes clearer.
Price Chart
Executive Summary
Starwood Property Trust reported Q1 2026 GAAP EPS of $0.13 and Distributable Earnings (DE) of $0.39 per diluted share, the latter being the Street-quoted metric for this mREIT. The DE of $0.39 matched consensus of $0.40, a slight miss. Total revenues of $512.5M were above the $496.2M consensus. The company maintained its $0.48 quarterly dividend and invested $2.5B in the quarter, but GAAP net income fell sharply to $51.9M from $96.9M in Q4 2025, driven by a $164.6M loss in the Corporate segment from derivative and other mark-to-market losses.
Key Financial Metrics
Key Facts
- Q1 2026 Distributable Earnings (DE) of $0.39 per diluted share vs consensus $0.40 (miss of ~2.5%)
- Q1 2026 GAAP net income of $51.9M, down from $96.9M in Q4 2025 and $158.8M in Q1 2025
- Total revenues of $512.5M, above the $496.2M consensus estimate
- Dividend maintained at $0.48 per share for over a decade
- Invested $2.5B in the quarter and $1.5B after quarter end
- Corporate segment posted a $164.6M loss, driven by derivative and other mark-to-market losses
Financial Impact
DE of $0.39 vs $0.40 consensus; GAAP net income fell ~46% sequentially to $51.9M
Risk Factors
- Continued mark-to-market losses on derivatives and mortgage loans could pressure GAAP earnings
- Elevated cash levels ($290M) suggest slower-than-expected deployment, potentially delaying earnings recovery
- The $164.6M Corporate segment loss signals significant hedging costs that may persist
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001465128-26-000017 |
| Document: stwd-20260508.htm | 0001465128-26-000017 |
| Document: 0001465128-26-000017-index-headers.html | 0001465128-26-000017 |
| Document: 0001465128-26-000017-index.html | 0001465128-26-000017 |
| Document: 0001465128-26-000017.txt | 0001465128-26-000017 |
| 8-K Data (Synthetic) | 0001465128-26-000017 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | Institutional Cluster | $12.58 $12.58 | · 0.00% | ▲ +0.52% | $12.53 (−0.40%) |
Sep 17, 2026 5w ago | Press Release | $14.94 $15.00 | ▲ +0.40% | ▼ −1.15% | $12.53 (−16.13%) |
Aug 12, 2026 10w ago | 8-K | $16.35 $16.30 | ▼ −0.31% | ▼ −0.11% | $12.53 (−23.36%) |
Aug 6, 2026 11w ago | 8-K | $15.93 $16.45 | ▲ +3.26% | ▲ +2.65% | $12.53 (−21.34%) |
Jul 23, 2026 13w ago | Press Release | $16.33 $16.52 | ▲ +1.16% | ▲ +1.06% | $12.53 (−23.27%) |
May 26, 2026 21w ago | 8-K | $17.31 $17.09 | ▼ −1.27% | ▼ −1.82% | $12.53 (−27.61%) |
May 11, 2026 24w ago | 8-K | $17.23 $17.22 | ▼ −0.06% | ▲ +0.08% | $12.53 (−27.28%) |
May 8, 2026 24w ago | 8-K | $17.75 $17.23 | ▼ −2.93% | ▼ −3.16% | $12.53 (−29.41%) |
Mar 13, 2026 32w ago | DEFA14A | $17.05 $17.30 | ▲ +1.48% | ▲ +1.21% | $12.53 (−26.49%) |
Feb 25, 2026 34w ago | 8-K | $17.23 $17.60 | ▲ +2.14% | ▲ +2.69% | $12.53 (−27.28%) |
US Market Status
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