NYSE$STWD
Starwood Property Trust Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported GAAP earnings of $0.54 and Distributable Earnings (DE) of $0.49 per diluted share for the quarter ended June 30, 2023.
Starwood Property Trust reported a GAAP net income of $168.8 million and Distributable Earnings of $157.5 million for Q2 2023. The company received repayments of $1.3 billion during the quarter and $0.5 billion subsequent to quarter end. They also issued $381 million of 2027 Sustainable Convertible Notes subsequent to quarter end and paid a dividend of $0.48 per share.
- GAAP net income was $168.8 million.
- Distributable Earnings (DE) was $157.5 million.
- Received repayments of $1.3 billion in the quarter.
- Issued $381 million of 2027 Sustainable Convertible Notes subsequent to quarter end.
Headline financials
Revenue & EPS history
Starwood Property Trust · Revenue · Quarterly
$516M
Revenue by segment
Starwood Property Trust · $555M total across 4 segments · Q2 2023
- Commercial & Residential Lending$431M+71.4%77.6%
- Infrastructure Lending$60.1M+91.5%10.8%
- Investing & Servicing$40.7M-22.9%7.3%
- Property$23.5M+3.7%4.2%
Forward guidance
The company expects lending opportunities due to the current market environment with declining transaction volumes and lenders cutting lending.
Tailwinds
- Exceptional lending opportunities for STWD.
- Underlying real estate markets remain in fundamentally good condition.
- Inflation is subsiding, and rate increases are expected to stop or reverse in the near term.
- Company positioned conservatively to take advantage of future opportunities.
- Company has near record liquidity and access to significant incremental liquidity.
Headwinds
- Federal Reserve's rapid increase in interest rates has created some collateral damage.
- Transaction volumes in real estate across the globe have declined precipitously.
- Owners are waiting for more accommodating financial markets.
- Lenders have cut lending, particularly in the regional banking system.
- Market conditions are opaque.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2023
+0.0%
Avg return
Earnings day
+1.2%
Avg return
5 days after
+1.4%
Avg return
30 days after
53%
35 / 66 earnings
Positive
+6.0%
Q4 2012
Best reaction
-9.1%
Q2 2010
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.6% | -5.2% | -5.5% | |
| Q4 2025 | +0.1% | +1.8% | -3.6% | |
| Q3 2025 | -2.8% | -3.2% | +0.7% | |
| Q1 2025 | +0.7% | +5.1% | +6.1% | |
| Q4 2024 | +0.9% | -0.6% | -0.7% | |
| Q3 2024 | -1.1% | -0.6% | +2.1% | |
| Q2 2024 | +2.6% | +3.7% | +5.7% | |
| Q1 2024 | +2.6% | +3.6% | -3.1% | |
| Q4 2023 | +2.2% | +2.3% | +4.6% | |
| Q3 2023 | +2.0% | +2.6% | +8.4% | |
| Q2 2023 | +3.0% | +2.9% | +1.9% | |
| Q1 2023 | -1.8% | -3.2% | +7.8% | |
| Q4 2022 | +0.1% | +7.3% | -7.7% | |
| Q3 2022 | +3.5% | +2.7% | -3.0% | |
| Q2 2022 | +0.3% | +1.4% | -4.2% | |
| Q1 2022 | +1.4% | -3.6% | +0.1% | |
| Q4 2021 | +1.5% | +1.7% | +2.9% | |
| Q3 2021 | +0.5% | +0.6% | -4.4% | |
| Q2 2021 | -0.5% | -0.1% | -0.5% | |
| Q1 2021 | -0.7% | -2.3% | +1.3% | |
| Q4 2020 | -1.7% | +0.5% | +8.7% | |
| Q3 2020 | -0.7% | +18.4% | +32.9% | |
| Q2 2020 | +4.6% | +7.1% | +4.6% | |
| Q1 2020 | +6.0% | +9.7% | +22.9% | |
| Q4 2019 | -5.3% | -13.4% | -49.6% | |
| Q3 2019 | -0.2% | -0.9% | +2.5% | |
| Q2 2019 | +3.2% | +2.4% | +3.5% | |
| Q1 2019 | -2.6% | -3.0% | -1.2% | |
| Q4 2018 | +1.0% | +2.0% | +1.4% | |
| Q3 2018 | +1.1% | +1.1% | +2.9% | |
| Q2 2018 | -3.0% | -3.7% | -0.5% | |
| Q1 2018 | +2.1% | +2.1% | +3.9% | |
| Q4 2017 | +0.5% | +3.0% | +4.8% | |
| Q3 2017 | +1.9% | +0.9% | +1.2% | |
| Q2 2017 | +2.1% | +1.6% | +0.9% | |
| Q1 2017 | -1.1% | -2.0% | -0.2% | |
| Q4 2016 | +0.2% | -0.0% | -0.7% | |
| Q3 2016 | +0.3% | +1.4% | +2.9% | |
| Q2 2016 | +2.9% | +3.1% | +6.4% | |
| Q1 2016 | +2.7% | — | — | |
| Q4 2015 | +0.9% | — | — | |
| Q3 2015 | +1.4% | — | — | |
| Q2 2015 | +1.0% | — | — | |
| Q1 2015 | -1.3% | — | — | |
| Q4 2014 | +0.2% | — | — | |
| Q3 2014 | +1.2% | — | — | |
| Q2 2014 | -1.3% | — | — | |
| Q1 2014 | -0.5% | — | — | |
| Q4 2013 | -0.5% | — | — | |
| Q3 2013 | -0.6% | — | — | |
| Q2 2013 | -0.4% | — | — | |
| Q1 2013 | +2.1% | — | — | |
| Q4 2012 | +6.0% | — | — | |
| Q3 2012 | -2.6% | — | — | |
| Q2 2012 | +0.6% | — | — | |
| Q1 2012 | -0.1% | — | — | |
| Q4 2009 | -0.6% | — | — | |
| Q4 2011 | -0.6% | — | — | |
| Q3 2009 | -0.6% | — | — | |
| Q3 2011 | -0.2% | — | — | |
| Q3 2010 | -0.2% | — | — | |
| Q2 2011 | -9.1% | — | — | |
| Q2 2010 | -9.1% | — | — | |
| Q1 2010 | -4.0% | — | — | |
| Q4 2010 | -4.0% | — | — | |
| Q1 2011 | -4.0% | — | — |
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