GREENWICH, CONN. – Starwood Property Trust, Inc. announced operating results for the fiscal quarter ended June 30, 2024. The company’s second quarter 2024 GAAP net income was $77.9 million, inclusive of a $42.7 million credit loss provision, and Distributable Earnings (a non-GAAP financial measure) was $157.8 million.
- Quarterly GAAP Earnings of $0.24 and Distributable Earnings (DE) of $0.48 per Diluted Share
- Paid Dividend of $0.48 per Share and Declared $0.48 Dividend for each of the next Two Quarters
- Received Repayments of $0.9 Billion in the Quarter
- Repriced our $591.0 Million Term Loan B, Reducing Spread by 50 bps to S+275
- Received 8th Nareit Gold Investor CARE (Communications & Reporting Excellence) Award
- LNR’s Commercial Special Servicer Rating of CSS1 (Highest Rating Possible) Reaffirmed by Fitch
“We strategically diversified Starwood Property Trust into investment cylinders other than commercial lending as we saw risk and reward shift. Today, more than 40% of our assets are outside of our commercial lending book. This diversification, along with our low leverage ratios, have allowed us to outperform in what has been a tough correction for real estate. We think the roughest patch for the property sector globally is behind us, and the U.S. and Europe will be moving into an easing cycle.
We have delivered a consistent dividend and a greater than 10% annualized return since our inception 15 years ago. While some businesses slow, others have accelerated. Our special servicing team now has nearly $10 billion of assignments, up 40% from the beginning of the year. Our conduit had a superb first half of the year and our property book, concentrated in affordable housing, continues to exhibit meaningful and continued rental growth,” commented Barry Sternlicht, Chairman and CEO of Starwood Property Trust.
“In addition to the benefits of diversification, we remain well positioned with over $4.00 per share of embedded gains in our owned property portfolio, $1.2 billion of liquidity and $4.5 billion of unencumbered assets. Our liquidity and access to capital has uniquely allowed us to continue to invest across our businesses in every quarter since inception. This consistency and stability of our diversified portfolio provided our Board the confidence to declare our $0.48 per share quarterly dividend for the remainder of 2024,” added Jeffrey DiModica, President of Starwood Property Trust.
“In the quarter, we were awarded our 8th Nareit gold award in the last ten years. The award is granted to the mortgage REIT that exemplifies excellence in investor reporting and communications, further demonstrating our long-term commitment to our stakeholders,” added Zachary Tanenbaum, Head of Investor Relations.
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