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Form 8-K

sec.gov

8-K — STARWOOD PROPERTY TRUST, INC.

Accession: 0001465128-26-000028

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001465128

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Documents

8-K — stwd-20260806.htm (Primary)

EX-99.1 (stwd_pressrelease-q22026.htm)

GRAPHIC (image_0a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: stwd-20260806.htm · Sequence: 1

stwd-20260806

0001465128FALSE00014651282026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026

Starwood Property Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-34436

27-0247747

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

2340 Collins Avenue, Suite 700

Miami Beach, FL

33139

(Address of principal

(Zip Code)

executive offices)

Registrant’s telephone number,

including area code:

(305) 695-5500

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, $0.01 par value per share

STWD

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 6, 2026, Starwood Property Trust, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)    Exhibits

Exhibit

Number

Description

99.1

Press Release, dated August 6, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

EXHIBIT INDEX

Exhibit

Number

Description

99.1

Press Release, dated August 6, 2026

3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: August 6, 2026

STARWOOD PROPERTY TRUST, INC.

By:

/s/ RINA PANIRY

Name:

Rina Paniry

Title:

Chief Financial Officer, Treasurer, Chief Accounting Officer and Principal Financial Officer

4

EX-99.1

EX-99.1

Filename: stwd_pressrelease-q22026.htm · Sequence: 2

Document

Exhibit 99.1

For Immediate Release

Starwood Property Trust Reports Results for

Quarter Ended June 30, 2026

– Quarterly GAAP Earnings of $0.01 and Distributable Earnings (DE) of $0.40 per Diluted Share –

– Invested $2.5 Billion in the Quarter and $6.7 Billion through July –

– Record Total Assets of $31.8 Billion and Commercial Lending Assets of $17.3 Billion –

– Repurchased $30 Million of Common Shares in the Six Months –

– Dividend of $0.48 per Share –

– Awarded Nareit Gold Investor CARE Award for 10th Time in 12 Years –

MIAMI BEACH, FL, August 6, 2026 /PRNewswire/ -- Starwood Property Trust, Inc. (NYSE: STWD) today announced operating results for the fiscal quarter ended June 30, 2026. The Company delivered second quarter GAAP net income of $6.6 million, and Distributable Earnings (a non-GAAP financial measure) was $151.5 million. See reconciliation tables below.

“Real estate fundamentals are improving steadily in almost every asset class, supported by a drop in construction and broad and robust economic growth. This provides a more constructive backdrop to deploy capital and improving credit in our loan portfolio. For us importantly, it provides a solid foundation to support the values of our real estate owned and underperforming loan assets. We expect to resolve nearly $900 million of underperforming assets by year end or shortly thereafter, returning the trapped equity to higher use cases across all our business lines,” said Barry Sternlicht, Chairman and CEO of Starwood Property Trust.

“We have invested $6.7 billion through July, at double digit return on equity, and our $2.1 billion of corporate debt transactions in the quarter extends our weighted average corporate debt maturity to 3.7 years and lowers our cost of funds, solidifying an already strong balance sheet. This positions us well to continue deploying capital and driving growth across all our business lines,” 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.

1

Webcast and Conference Call Information

The Company will host a live webcast and conference call on Thursday, August 6, 2026, 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: 13758023

The playback can be accessed through August 20, 2026.

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 June 30, 2026, the Company has successfully deployed $120 billion of capital since inception and manages a portfolio of $32 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, 2025, as well as other risks and uncertainties set forth from time to time in the Company’s reports filed with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

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.

2

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

3

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the three months ended June 30, 2026

(Amounts in thousands)

Commercial and

Residential

Lending

Segment

Infrastructure

Lending

Segment

Property

Segment

Investing

and Servicing

Segment

Corporate

Subtotal

Securitization

VIEs

Total

Revenues:

Interest income from loans

$

327,151

$

66,991

$

$

4,273

$

$

398,415

$

$

398,415

Interest income from investment securities

15,344

481

22,170

37,995

(33,245)

4,750

Servicing fees

111

20,476

20,587

(3,920)

16,667

Rental income

19,808

63,827

4,219

87,854

87,854

Other revenues

1,800

1,474

362

1,524

822

5,982

5,982

Total revenues

364,214

68,946

64,189

52,662

822

550,833

(37,165)

513,668

Costs and expenses:

Management fees

165

30,392

30,557

30,557

Interest expense

160,750

38,625

28,775

9,117

107,564

344,831

(254)

344,577

General and administrative

14,979

6,015

7,925

23,661

4,114

56,694

56,694

Costs of rental operations

16,161

7,254

2,898

26,313

26,313

Depreciation and amortization

4,780

9

29,137

1,082

252

35,260

35,260

Credit loss provision, net

29,816

348

30,164

30,164

Other expense

88

787

227

101

1,203

1,203

Total costs and expenses

226,739

45,784

73,318

36,859

142,322

525,022

(254)

524,768

Other income (loss):

Change in net assets related to consolidated VIEs

33,087

33,087

Change in fair value of servicing rights

1,018

1,018

726

1,744

Change in fair value of investment securities, net

(1,587)

(1,717)

(3,304)

3,252

(52)

Change in fair value of mortgage loans, net

(12,711)

12,650

(61)

(61)

Income from affordable housing fund investments

4,929

4,929

4,929

Earnings from unconsolidated entities

2,677

193

2,870

(154)

2,716

Gain on sale of investments and other assets, net

88

27

2,264

2,379

2,379

Gain (loss) on derivative financial instruments, net

21,529

350

8,354

983

(34,240)

(3,024)

(3,024)

Foreign currency (loss) gain, net

(5,719)

13

(5,706)

(5,706)

Other (loss) income, net

(2,597)

(1,092)

6

(3,683)

(3,683)

Total other (loss) income

(997)

3,027

12,231

15,397

(34,240)

(4,582)

36,911

32,329

Income (loss) before income taxes

136,478

26,189

3,102

31,200

(175,740)

21,229

21,229

Income tax (provision) benefit

(2,536)

(95)

8

(3,601)

(6,224)

(6,224)

Net income (loss)

133,942

26,094

3,110

27,599

(175,740)

15,005

15,005

Net income attributable to non-controlling interests

(4)

(5,325)

(3,119)

(8,448)

(8,448)

Net income (loss) attributable to Starwood Property Trust, Inc.

$

133,938

$

26,094

$

(2,215)

$

24,480

$

(175,740)

$

6,557

$

$

6,557

4

Definition of Distributable Earnings

Distributable Earnings, a non-GAAP financial measure, is used to compute the Company’s incentive fees to its external manager and is an appropriate supplemental disclosure for a mortgage REIT. For the Company’s purposes, Distributable Earnings is defined as GAAP net income (loss) excluding non-cash equity compensation expense, the incentive fee due to the Company’s external manager, acquisition costs for successful acquisitions, depreciation and amortization of real estate and associated intangibles, any unrealized gains, losses or other non-cash items recorded in net income (loss) for the period and, to the extent deducted from net income (loss), distributions payable with respect to equity securities of subsidiaries issued in exchange for properties or interests therein. The amount is adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash adjustments as determined by the Company’s external manager and approved by a majority of the Company’s independent directors. Refer to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 for additional information regarding Distributable Earnings.

Reconciliation of Net Income to Distributable Earnings

For the three months ended June 30, 2026

(Amounts in thousands except per share data)

Commercial and

Residential

Lending

Segment

Infrastructure

Lending

Segment

Property

Segment

Investing

and Servicing

Segment

Corporate

Total

Net income (loss) attributable to Starwood Property Trust, Inc.

$

133,938

$

26,094

$

(2,215)

$

24,480

$

(175,740)

$

6,557

Add / (Deduct):

Non-controlling interests attributable to Woodstar II Class A Units

4,629

4,629

Non-controlling interests attributable to unrealized gains/losses

(2,724)

(2,226)

(4,950)

Non-cash equity compensation expense

2,585

788

2,014

1,449

6,477

13,313

Depreciation and amortization

4,817

29,632

1,121

35,570

Straight-line rent adjustment

(1,697)

57

(1,640)

Interest income adjustment for loans and securities

4,675

12,686

17,361

Consolidated income tax provision (benefit) associated with fair value adjustments

2,536

95

(8)

3,601

6,224

Other non-cash items

5

447

(82)

(407)

(37)

Reversal of GAAP unrealized and realized (gains) / losses on:

Loans

12,711

(12,650)

61

Credit loss provision, net

29,816

348

30,164

Securities

1,587

1,717

3,304

Woodstar Fund investments

(4,929)

(4,929)

Derivatives

(21,529)

(350)

(8,354)

(983)

34,240

3,024

Foreign currency

5,719

(13)

5,706

Earnings from unconsolidated entities

(2,677)

(193)

(2,870)

Sales of properties

(32)

(27)

(2,264)

(2,323)

Recognition of Distributable realized gains / (losses) on:

Loans

(454)

12,636

12,182

Securities

(51)

(682)

(733)

Woodstar Fund investments

18,208

18,208

Derivatives

8,570

248

(235)

1,650

(2,907)

7,326

Foreign currency

803

13

816

Earnings from unconsolidated entities

2,146

469

2,615

Sales of properties

32

(35)

1,928

1,925

Distributable Earnings (Loss)

$

185,728

$

27,139

$

34,177

$

42,389

$

(137,930)

$

151,503

Distributable Earnings (Loss) per Weighted Average Diluted Share

$

0.49

$

0.07

$

0.09

$

0.11

$

(0.36)

$

0.40

5

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Statement of Operations by Segment

For the six months ended June 30, 2026

(Amounts in thousands)

Commercial and

Residential

Lending

Segment

Infrastructure

Lending

Segment

Property

Segment

Investing

and Servicing

Segment

Corporate

Subtotal

Securitization

VIEs

Total

Revenues:

Interest income from loans

$

637,465

$

128,429

$

$

6,332

$

$

772,226

$

$

772,226

Interest income from investment securities

30,981

865

46,103

77,949

(67,761)

10,188

Servicing fees

223

72,095

72,318

(7,631)

64,687

Rental income

36,113

124,670

7,042

167,825

167,825

Other revenues

4,013

2,947

819

1,927

1,492

11,198

11,198

Total revenues

708,795

132,241

125,489

133,499

1,492

1,101,516

(75,392)

1,026,124

Costs and expenses:

Management fees

197

66,542

66,739

66,739

Interest expense

315,673

75,321

56,726

15,943

210,218

673,881

(398)

673,483

General and administrative

31,771

11,933

16,793

45,589

8,941

115,027

115,027

Costs of rental operations

29,377

14,514

5,556

49,447

49,447

Depreciation and amortization

9,017

19

57,215

2,232

503

68,986

68,986

Credit loss provision (reversal), net

30,402

(615)

29,787

29,787

Other expense

165

899

299

241

1,604

1,604

Total costs and expenses

416,602

87,557

145,547

69,561

286,204

1,005,471

(398)

1,005,073

Other income (loss):

Change in net assets related to consolidated VIEs

65,589

65,589

Change in fair value of servicing rights

2,022

2,022

(815)

1,207

Change in fair value of investment securities, net

(1,136)

(9,638)

(10,774)

10,811

37

Change in fair value of mortgage loans, net

(33,691)

20,962

(12,729)

(12,729)

Income from affordable housing fund investments

17,393

17,393

17,393

Earnings from unconsolidated entities

3,520

605

4,125

(591)

3,534

Gain on sale of investments and other assets, net

298

496

2,264

3,058

3,058

Gain (loss) on derivative financial instruments, net

37,892

439

10,630

1,225

(55,673)

(5,487)

(5,487)

Foreign currency (loss) gain, net

(11,834)

38

(11,796)

(11,796)

Loss on extinguishment of debt

(31)

(304)

(335)

(335)

Other (loss) income, net

(5,472)

51

(1,401)

6

(6,816)

(6,816)

Total other (loss) income

(13,943)

3,979

26,852

17,446

(55,673)

(21,339)

74,994

53,655

Income (loss) before income taxes

278,250

48,663

6,794

81,384

(340,385)

74,706

74,706

Income tax benefit (provision)

9,192

(145)

25

(11,351)

(2,279)

(2,279)

Net income (loss)

287,442

48,518

6,819

70,033

(340,385)

72,427

72,427

Net income attributable to non-controlling interests

(7)

(12,152)

(1,833)

(13,992)

(13,992)

Net income (loss) attributable to Starwood Property Trust, Inc.

$

287,435

$

48,518

$

(5,333)

$

68,200

$

(340,385)

$

58,435

$

$

58,435

6

Reconciliation of Net Income to Distributable Earnings

For the six months ended June 30, 2026

(Amounts in thousands except per share data)

Commercial and

Residential

Lending

Segment

Infrastructure

Lending

Segment

Property

Segment

Investing

and Servicing

Segment

Corporate

Total

Net income (loss) attributable to Starwood Property Trust, Inc.

$

287,435

$

48,518

$

(5,333)

$

68,200

$

(340,385)

$

58,435

Add / (Deduct):

Non-controlling interests attributable to Woodstar II Class A Units

9,258

9,258

Non-controlling interests attributable to unrealized gains/losses

(4,031)

(6,971)

(11,002)

Non-cash equity compensation expense

5,669

1,540

4,009

2,874

13,215

27,307

Management incentive fee

5,567

5,567

Depreciation and amortization

9,090

58,206

2,313

69,609

Straight-line rent adjustment

(3,346)

171

(3,175)

Interest income adjustment for loans and securities

9,749

18,062

27,811

Consolidated income tax (benefit) provision associated with fair value adjustments

(9,192)

145

(25)

11,351

2,279

Other non-cash items

7

447

(164)

(813)

(523)

Reversal of GAAP unrealized and realized (gains) / losses on:

Loans

33,691

(20,962)

12,729

Credit loss provision (reversal), net

30,402

(615)

29,787

Securities

1,136

9,638

10,774

Woodstar Fund investments

(17,393)

(17,393)

Derivatives

(37,892)

(439)

(10,630)

(1,225)

55,673

5,487

Foreign currency

11,834

(38)

11,796

Earnings from unconsolidated entities

(3,520)

(605)

(4,125)

Sales of properties

(356)

(496)

(2,264)

(3,116)

Recognition of Distributable realized gains / (losses) on:

Loans

(822)

21,194

20,372

Securities

(137)

(5,936)

(6,073)

Woodstar Fund investments

37,029

37,029

Derivatives

21,205

279

(3,324)

1,926

(5,724)

14,362

Foreign currency

942

38

980

Earnings from unconsolidated entities

2,657

905

3,562

Sales of properties

(4,753)

(135)

1,928

(2,960)

Distributable Earnings (Loss)

$

358,008

$

49,012

$

63,625

$

99,786

$

(271,654)

$

298,777

Distributable Earnings (Loss) per Weighted Average Diluted Share

$

0.94

$

0.13

$

0.16

$

0.26

$

(0.71)

$

0.78

7

Starwood Property Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet by Segment

As of June 30, 2026

(Amounts in thousands)

Commercial and

Residential

Lending

Segment

Infrastructure

Lending

Segment

Property

Segment

Investing

and Servicing

Segment

Corporate

Subtotal

Securitization

VIEs

Total

Assets:

Cash and cash equivalents

$

22,616

$

206,331

$

30,912

$

9,281

$

98,452

$

367,592

$

$

367,592

Restricted cash

177,912

46,173

2,802

189

45,688

272,764

272,764

Loans held-for-investment, net

16,965,888

2,851,080

19,816,968

19,816,968

Loans held-for-sale

2,154,653

62,828

2,217,481

2,217,481

Investment securities

556,876

123,934

1,262,903

1,943,713

(1,540,884)

402,829

Properties, net

1,028,671

2,938,255

31,743

3,998,669

3,998,669

Investments of consolidated affordable housing fund

1,725,368

1,725,368

1,725,368

Investments in unconsolidated entities

8,514

61,517

33,200

103,231

(15,030)

88,201

Goodwill

119,409

140,437

259,846

259,846

Intangible assets, net

2,522

405,459

71,062

479,043

(38,069)

440,974

Derivative assets

23,233

931

242

24,406

24,406

Accrued interest receivable

195,044

3,611

4

493

1,664

200,816

200,816

Other assets

195,215

20,947

111,988

(16,670)

50,735

362,215

362,215

VIE assets, at fair value

30,868,147

30,868,147

Total Assets

$

21,331,144

$

3,433,002

$

5,215,719

$

1,595,708

$

196,539

$

31,772,112

$

29,274,164

$

61,046,276

Liabilities and Equity

Liabilities:

Accounts payable, accrued expenses and other liabilities

$

232,135

$

38,666

$

123,067

$

37,521

$

144,167

$

575,556

$

$

575,556

Related-party payable

27,033

27,033

27,033

Dividends payable

180,744

180,744

180,744

Derivative liabilities

64,972

26,601

91,573

91,573

Secured financing agreements, net

9,496,528

716,722

731,638

583,078

2,491,581

14,019,547

(19,656)

13,999,891

Securitized financing, net

1,603,874

1,810,038

1,397,599

4,811,511

4,811,511

Unsecured senior notes, net

4,882,722

4,882,722

4,882,722

VIE liabilities, at fair value

29,293,820

29,293,820

Total Liabilities

11,397,509

2,565,426

2,252,304

620,599

7,752,848

24,588,686

29,274,164

53,862,850

Temporary Equity: Redeemable non-controlling interests

356,377

356,377

356,377

Permanent Equity:

Starwood Property Trust, Inc. Stockholders’ Equity:

Common stock

3,798

3,798

3,798

Additional paid-in capital

2,904,306

465,056

329,107

(974,433)

4,267,303

6,991,339

6,991,339

Treasury stock

(167,962)

(167,962)

(167,962)

Retained earnings (accumulated deficit)

7,019,517

402,520

2,072,106

1,827,396

(11,659,448)

(337,909)

(337,909)

Accumulated other comprehensive income

9,697

9,697

9,697

Total Starwood Property Trust, Inc. Stockholders’ Equity

9,933,520

867,576

2,401,213

852,963

(7,556,309)

6,498,963

6,498,963

Non-controlling interests in consolidated subsidiaries

115

205,825

122,146

328,086

328,086

Total Permanent Equity

9,933,635

867,576

2,607,038

975,109

(7,556,309)

6,827,049

6,827,049

Total Liabilities and Equity

$

21,331,144

$

3,433,002

$

5,215,719

$

1,595,708

$

196,539

$

31,772,112

$

29,274,164

$

61,046,276

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Aug. 06, 2026

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