Starwood Property Trust Q1 2025 Summary: Distributable Earnings Beat Dividend, Infrastructure Lending Hits Record

Starwood Property Trust (NYSE: STWD) reported Q1 2025 GAAP net income of $112.3 million ($0.33 per share) and Distributable Earnings (DE) of $156.3 million ($0.45 per share), comfortably covering its quarterly dividend of $0.48 per share, which it has paid for over a decade.

Key Highlights:
• $2.3 billion deployed in Q1, including $1.4 billion in commercial loans and a record $0.7 billion in infrastructure lending
• $1.3 billion in investments closed after quarter end, mostly in commercial lending
• Issued $500 million of corporate debt, extending average maturity to 3.7 years
• Liquidity: $1.5 billion; unencumbered assets: $4.9 billion
• Book value growth supported by $1.5 billion in unrealized property gains

Starwood emphasized its strong financial flexibility and sees opportunity in today’s dislocated securitized markets. Total assets reached $62.2 billion, with equity of $6.7 billion.

Starwood Property Trust Launches $400 Million Green and Social Bond Offering

On March 25, 2025, Starwood Property Trust announced a private offering of $400 million in unsecured senior notes due 2030. The net proceeds are intended to finance or refinance eligible green and/or social projects, aligning with the company’s sustainability and impact goals.

Until fully allocated, the proceeds may also be used for general corporate purposes, including debt repayment. The offering targets qualified institutional buyers and non-U.S. investors under applicable securities exemptions.