Starwood Property Trust, Inc. (STWD) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Starwood Property Trust published the results on November 6, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Starwood Property Trust reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Distributable Earnings, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Revenue is the line Starwood Property Trust calls total revenues: interest income, servicing fees, rental income and other revenues. Segment figures exclude the securitization VIEs Starwood consolidates as special servicer, so the release shows them as a separate negative column.
• Distributable Earnings (DE) is Starwood's non-GAAP measure, used to compute the incentive fee to its external manager. Year-ago segment revenues are from the Q3 2025 release.
• Starwood's release gives no financial outlook.

Source: Starwood Property Trust Q3 2026 results, November 6, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Starwood Property Trust splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Starwood Property Trust's Commercial and Residential Lending revenue was $378 million in Q3 2026, up 10% from $343 million in Q3 2025, 69% of total revenue.
• Starwood Property Trust's Infrastructure Lending revenue was $70.5 million in Q3 2026, down 9% from $77.7 million in Q3 2025, 13% of total revenue.
• Starwood Property Trust's Property revenue was $68.5 million in Q3 2026, up 48% from $46.2 million in Q3 2025, 13% of total revenue.
• Starwood Property Trust's Investing and Servicing revenue was $66.4 million in Q3 2026, up 9% from $60.9 million in Q3 2025, 12% of total revenue.
• Starwood Property Trust's Corporate revenue was $0.9 million in Q3 2026, up 28% from $0.7 million in Q3 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS, each as first reported in that quarter's release. Distributable Earnings per diluted share for the same quarters, as reported in Starwood's releases: $0.31, $0.40, $0.39, $0.42 and $0.40.

We do not hold a confirmed date for Starwood Property Trust's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 6, 2026

Starwood Property Trust reported total revenues of $545.9 million in Q3 2026, against $488.9 million a year earlier. As a mortgage REIT most of it is interest: interest income from loans was $409.3 million. Rental income added $90.5 million, servicing fees $30.3 million and interest income from investment securities $8.4 million. (Starwood Property Trust Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026; Starwood Property Trust Form 10-Q, Q3 2026, Nov 6, 2026)

The Commercial and Residential Lending segment, which originates commercial first mortgages, non-agency residential loans, mezzanine loans and CMBS and RMBS in the U.S., Europe and Australia, produced $377.5 million of revenue. Infrastructure Lending added $70.5 million, the Property segment, which owns multifamily, medical office and triple net lease properties, $68.5 million, and Investing and Servicing $66.4 million. (Starwood Property Trust Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026; Starwood Property Trust Form 10-K, 2025, Feb 25, 2026)

Lending revenue rose $13.3 million from the previous quarter, mainly a $14.0 million increase in interest income from loans: $11.5 million from commercial loans on higher average loan balances and prepayment related income, and $2.5 million from residential loans after $229.8 million of them moved to held-for-investment when Starwood redeemed a consolidated RMBS trust. (Starwood Property Trust Form 10-Q, Q3 2026, Nov 6, 2026)

Starwood invested $3.2 billion in the quarter, including $2.4 billion in commercial lending, its highest in four years, which brought the commercial lending portfolio to a record $17.8 billion. It has deployed $123 billion since inception and manages a portfolio of $32 billion across debt and equity investments. (Starwood Property Trust Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026)

Starwood Property Trust posted a GAAP net loss of $389.7 million, or $1.08 per diluted share, in Q3 2026, against earnings of $0.19 a year earlier. The loss includes a $336.6 million credit loss provision and $32.2 million of non-cash property impairments, along with a $121.6 million loss from the change in fair value of mortgage loans. (Starwood Property Trust Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026; Starwood Property Trust Form 10-Q, Q3 2026, Nov 6, 2026)

Starwood's 10-Q ties the larger credit loss provision to higher projected interest rates: its loan portfolio is predominantly floating-rate, so higher rates raise borrowers' debt service and push capitalization rates up and property values down. Non-credit deteriorated loans on nonaccrual were $660.7 million at September 30, 2026, down from $967.7 million at the end of 2025. (Starwood Property Trust Form 10-Q, Q3 2026, Nov 6, 2026)

Distributable Earnings, which adds back the unrealized credit loss provision, depreciation and other non-cash items, was $116.8 million, or $0.31 per diluted share, down from $0.40. It includes $38.4 million of realized losses on foreclosed property sales; before those, DE was $155.2 million, or $0.41 per share. Starwood repurchased 6,679,735 shares for $107.8 million in the quarter and declared a $0.48 dividend. (Starwood Property Trust Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026; Starwood Property Trust Form 10-Q, Q3 2026, Nov 6, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Starwood Property Trust does not publish an earnings or dividend outlook in its release. CEO Barry Sternlicht said the company still expects to resolve almost half of the underperforming assets it started the year with. (Starwood Property Trust Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026)

Starwood said it completed approximately $2.1 billion of financing transactions earlier in the year to refinance and extend its corporate debt before the rise in rates. At September 30, 2026 it had $262.5 million of remaining capacity under its repurchase program. (Starwood Property Trust Q3 2026 release (8-K Exhibit 99.1), Nov 6, 2026; Starwood Property Trust Form 10-Q, Q3 2026, Nov 6, 2026)

A consensus figure is the average of the models published by the analysts who cover Starwood Property Trust, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Starwood Property Trust's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning STWD is on is STWD a buy or a sell?, what analysts expect next is on the STWD forecast, and what the company does is on the Starwood Property Trust, Inc. (STWD) stock page.

Every number on this page can be traced to a document Starwood Property Trust published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.