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Quarterly results / NEWS

Starwood Property Trust posts $389.7 million loss as commercial lending expands

Starwood reported a $336.6 million credit loss provision while investing $2.4 billion in commercial lending during the third quarter of 2026.

Capital MarketsNovember 6, 2026 · 2 min read
Black-and-white portrait of Barry Sternlicht, chairman and CEO of Starwood Property Trust.
Barry Sternlicht, chairman and CEO of Starwood Property Trust, photographed in March 2016. Archival portrait. Photo: Christopher Michel / Wikimedia Commons · CC BY-SA 4.0. Wikimedia thumbnail resized from the original; photograph bytes unchanged. Thumbnail displays may be cropped under CC BY-SA 4.0.

Lending growth alongside credit charges

Starwood Property Trust reported a $389.7 million third-quarter GAAP net loss while expanding its commercial lending portfolio to $17.8 billion, according to the company’s Nov. 6 earnings release. The results for the quarter ended Sept. 30, 2026, included a $336.6 million credit loss provision and $32.2 million in noncash property write-downs. Starwood Property Trust Reports Results for Quarter Ended September 30, 2026 (NYSE:STWD) | 6ix

The company said it invested $2.4 billion in commercial lending during the quarter, its largest quarterly deployment in that business in four years. Total investment across its businesses reached $3.2 billion for the quarter and $8.2 billion for the first nine months of 2026. Starwood Property Trust Reports Results for Quarter Ended September 30, 2026 (NYSE:STWD) | 6ix

The Basis analysis: Commercial lending accounted for 75% of quarterly investment. That concentration shows lending remained the principal destination for new capital even as credit provisions and property write-downs weighed on reported earnings. Starwood Property Trust Reports Results for Quarter Ended September 30, 2026 (NYSE:STWD) | 6ix

Foreclosed-property losses affect earnings

Starwood reported distributable earnings, a non-GAAP measure, of $116.8 million, or $0.31 per diluted share. Excluding realized commercial lending gains and losses, the measure was $155.2 million, or $0.41 per diluted share. Its reconciliation attributed the difference to $38.4 million in realized losses on foreclosed-property sales. Starwood Property Trust Reports Results for Quarter Ended September 30, 2026 (NYSE:STWD) | 6ix

The company also reported a $0.48-per-share dividend and $108 million of common-share repurchases during the quarter. Both disclosed per-share earnings measures were below the dividend. Starwood Property Trust Reports Results for Quarter Ended September 30, 2026 (NYSE:STWD) | 6ix

Chairman and CEO Barry Sternlicht said the company still expected to resolve almost half of the underperforming assets it held at the beginning of the year. President Jeffrey DiModica said Starwood had completed approximately $2.1 billion of corporate financing transactions earlier in 2026, refinancing and extending debt before the interest-rate increase described by management. Starwood Property Trust Reports Results for Quarter Ended September 30, 2026 (NYSE:STWD) | 6ix

Related coverage: simon q3 2026 ffo outlook dividend.

Starwood Property Trustearningscredit lossescommercial lending