Starwood Property Trust Reports Results for the Quarter and Year Ended December 31, 2024

PR Newswire

MIAMI BEACH, Fla., Feb. 27, 2025

-- GAAP EPS of $0.15 for the Quarter and $1.10 for the Year and Distributable EPS for the Quarter of $0.48 and $2.02 for the Year --

-- Invested $1.6 Billion in the Quarter, $5.1 Billion for the Year and $1.5 Billion After Year End --

-- Executed $2.3 Billion of Corporate Debt in the Quarter, Extending Average Maturity to 3.5 Years --

-- Current Liquidity of $1.8 Billion --

-- Paid Dividend of $0.48 per Share for the 62(nd) Straight Quarter --

MIAMI BEACH, Fla., Feb. 27, 2025 /PRNewswire/ -- Starwood Property Trust, Inc. $(STWD)$ today announced operating results for the fiscal quarter and year ended December 31, 2024. The Company's fourth quarter 2024 GAAP net income was $51.6 million, inclusive of a $52.4 million credit loss provision, and Distributable Earnings (a non-GAAP financial measure) was $166.7 million. The Company's full year 2024 GAAP net income was $359.9 million, inclusive of a $197.4 million credit loss provision, and Distributable Earnings was $675.0 million.

"Having a low leverage multi-cylinder platform has allowed us to invest every quarter for 15 years despite volatile and disruptive market conditions, successfully deploying over $100 billion of capital. With capital markets continuing to thaw, we expect to significantly increase our pace of investment in 2025 and have already closed $1.5 billion so far this year," commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

"With significant liquidity and proven access to capital at record low spreads, we are well positioned to grow across our investing cylinders. Our success is not reliant on any one of our many businesses. We have $1.5 billion of harvestable unrealized property gains and high return on equity divisions, including our special servicer (the largest named servicer in the U.S.) and our conduit (the largest non-bank contributor into CMBS in 2024)," added Jeffrey DiModica, President of Starwood Property Trust.

Supplemental Schedules

The Company has published supplemental earnings schedules on its website in order to provide additional disclosure and financial information for the benefit of the Company's stakeholders. Specifically, these materials can be found on the Company's website in the Investor Relations section under "Quarterly Results" at www.starwoodpropertytrust.com.

Webcast and Conference Call Information

The Company will host a live webcast and conference call on Thursday, February 27, 2025, at 10:00 a.m. Eastern Time. To listen to a live broadcast, access the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. The webcast is available at www.starwoodpropertytrust.com in the Investor Relations section of the website. The Company encourages use of the webcast due to potential extended wait times to access the conference call via dial-in.

To Participate via Telephone Conference Call:

Dial in at least 15 minutes prior to start time.

Domestic: 1-877-407-9039

International: 1-201-689-8470

Conference Call Playback:

Domestic: 1-844-512-2921

International: 1-412-317-6671

Passcode: 13750198

The playback can be accessed through March 13, 2025.

About Starwood Property Trust, Inc.

Starwood Property Trust (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, is a leading diversified finance company with a core focus on the real estate and infrastructure sectors. As of December 31, 2024, the Company has successfully deployed over $102 billion of capital since inception and manages a portfolio of over $25 billion across debt and equity investments. Starwood Property Trust's investment objective is to generate attractive and stable returns for shareholders, primarily through dividends, by leveraging a premiere global organization to identify and execute on the best risk adjusted returning investments across its target assets. Additional information can be found at www.starwoodpropertytrust.com.

Forward-Looking Statements

Statements in this press release which are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are developed by combining currently available information with our beliefs and assumptions and are generally identified by the words "believe," "expect," "anticipate" and other similar expressions. Although Starwood Property Trust, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, completion of pending investments and financings, continued ability to acquire additional investments, competition within the finance and real estate industries, availability of financing, and other risks detailed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as well as other risks and uncertainties set forth from time to time in the Company's reports filed with the SEC.

In light of these risks and uncertainties, there can be no assurances that the results referred to in the forward-looking statements contained herein will in fact occur. Except to the extent required by applicable law or regulation, we undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, changes to future results over time or otherwise.

Additional information can be found on the Company's website at www.starwoodpropertytrust.com.

Contact:

Zachary Tanenbaum

Starwood Property Trust

Phone: 203-422-7788

Email: ztanenbaum@starwood.com

 
Starwood Property Trust, Inc. and Subsidiaries 
 Condensed Consolidated Statement of Operations by Segment 
 For the three months ended December 31, 2024 
 (Amounts in thousands) 
                     Commercial and 
                       Residential       Infrastructure                         Investing 
                         Lending             Lending           Property        and Servicing                                       Securitization 
                         Segment             Segment            Segment           Segment         Corporate         Subtotal             VIEs              Total 
                   -------------------  -----------------  ----------------  ----------------  ----------------  --------------  -------------------  ---------------- 
Revenues: 
 Interest income 
  from loans       $           321,378  $          61,119  $             --  $          5,889  $             --   $     388,386  $                --   $       388,386 
 Interest income 
  from investment 
  securities                    26,638                115                --            22,978                --          49,731             (35,359)            14,372 
 Servicing fees                     64                 --                --            24,067                --          24,131              (6,481)            17,650 
 Rental income                   6,506                 --            16,347             4,860                --          27,713                   --            27,713 
 Other revenues                  2,349              2,152               198             1,006               563           6,268                   --             6,268 
                   -------------------  -----------------  ----------------  ----------------  ----------------  --------------  -------------------  ---------------- 
   Total revenues              356,935             63,386            16,545            58,800               563         496,229             (41,840)           454,389 
                   -------------------  -----------------  ----------------  ----------------  ----------------  --------------  -------------------  ---------------- 
Costs and 
expenses: 
 Management fees                   187                 --                --                --            41,020          41,207                   --            41,207 
 Interest expense              182,958             35,891             9,647             9,918            72,283         310,697                (208)           310,489 
 General and 
  administrative                11,160              5,355               727            28,092             4,103          49,437                   --            49,437 
 Costs of rental 
  operations                     4,586                 --             6,174             2,930                --          13,690                   --            13,690 
 Depreciation and 
  amortization                   3,304                 13             5,840             1,768               251          11,176                   --            11,176 
 Credit loss 
  provision, net                51,267              1,158                --                --                --          52,425                   --            52,425 
 Other expense                      14                341                --               234                --             589                   --               589 
                   -------------------  -----------------  ----------------  ----------------  ----------------  --------------  -------------------  ---------------- 
   Total costs 
    and expenses               253,476             42,758            22,388            42,942           117,657         479,221                (208)           479,013 

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