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Starwood Property's (NYSE: STWD ) third-quarter earnings were slightly better than expected , with distributable earnings beating consensus expectations by $0.01 per-share, but the commercial REIT did not succeed in improving its dividend coverage profile which continues to reflect no safety margin. Starwood PropertyAnalyst’s Disclosure: I/we have a beneficial long position in the shares of STWD, LADR, BXMT either through stock ownership, options, or other derivatives. I wrote this article myself, and it ex ...

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Starwood Property Trust, Inc. (STWD) reported third-quarter 2024 adjusted distributable earnings of 48 cents per share, which beat the Zacks Consensus Estimate of 46 cents. The reported figure compares unfavorably to 49 cents per share reported in the year-ago quarter.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.Results benefited from a rise in revenues and a decline in expenses. Also, a strong balance sheet position was another positive. However, STWD recorded a year-over-year d ...

财务数据和关键指标变化 - 本季度可分配收益为1.59亿美元，每股0.48美元，GAAP净收入为7600万美元，每股0.23美元，差异主要由于CECL准备金的增加 [8] - 贷款组合总额为146亿美元，风险评级的加权平均值为3.0，与前一季度一致 [10][11] - 当前流动性为18亿美元，不包括通过资产销售、无担保资产杠杆或债务能力可产生的流动性 [20] 各条业务线数据和关键指标变化 - 商业和住宅贷款贡献可分配收益为1.90亿美元，每股0.57美元，商业贷款方面，本季度发放贷款8.48亿美元，资金6350万美元 [9][12] - 住宅贷款组合总额为25亿美元，提前还款速度略有下降，导致本季度产生5800万美元的还款 [12] - 投资和服务部门贡献可分配收益为3800万美元，每股0.12美元，完成了四笔证券化，总额为3.98亿美元 [15] 各个市场数据和关键指标变化 - 在基础设施贷款方面，本季度新贷款承诺为5.27亿美元，资金4.4亿美元，提前还款4.1亿美元，组合总额增加至25亿美元 [18] - CMBS投资组合本季度购买总额为1.22亿美元，首次购买Freddie Mac BP为7700万美元，未杠杆收益率为10.3% [17] 公司战略和发展方向和行业竞争 - 公司计划在未来几年显著增加投资步伐，尤其是在非抵押贷款和基础设施贷款领域 [26][39] - 由于银行在直接贷款方面的收缩，公司预计其担保和无担保借款成本将继续改善，市场竞争将扩大 [26][52] - 公司致力于成为私募信贷市场的领导者，计划在未来实现投资级评级 [52][53] 管理层对经营环境和未来前景的评论 - 管理层对美国经济的前景持乐观态度，认为随着通货膨胀的下降，利率将继续下行 [44] - 尽管面临选举不确定性，管理层认为美国的经济增长仍然独特，尤其是在基础设施和AI支出方面 [46][49] - 管理层对商业房地产市场的复苏持积极态度，预计将看到更多的租赁活动和更高的租金 [74] 其他重要信息 - 公司在流动性和资本化方面显著增强，发行了3.92亿美元的普通股和4亿美元的高级无担保可持续债券 [19] - 公司的调整后债务与未折旧股本比率为2.14倍，较上季度的2.29倍有所下降，为两年来的最低水平 [20] 问答环节所有提问和回答 问题: 关于投资能力和收益增长的看法 - 公司表示，投资能力取决于将资产从非应计或REO中转出，预计每增加10亿美元的投资将增加5000万美元的可分配收益 [60] 问题: 关于无担保债务的影响 - 公司指出，增加无担保债务的比例将有助于实现评级升级，当前的现金流动性使得公司能够在未来实现正收益 [66] 问题: 关于商业房地产市场的前景 - 公司认为，尽管长期国债市场存在风险，但经济乐观情绪将推动商业房地产市场的复苏 [68][74] 问题: 关于资本配置的平衡 - 公司表示，当前的资本配置将根据市场机会进行调整，商业房地产贷款的比例可能会回升至70% [78][98]

业绩总结 - 2024年第三季度GAAP净收入为7610万美元，每股分配收益为0.48美元[2] - 2024年前九个月的净收入为309,755千美元，较上年同期略有上升[15] - 2024年第三季度的净收入为131,705千美元，较上年同期有所变化[14] 资产与负债 - 截至2024年9月30日，公司总资产为259亿美元，调整后的债务与股本比率为2.14倍[19] - 公司当前的总债务为24.56亿美元，其中包括14.71亿美元的有抵押债务和9.85亿美元的无抵押债务[66] - 公司在2024年第三季度的资产负债率为2.14倍，显示出较高的财务杠杆水平[57] 现金流与流动性 - 公司筹集了8亿美元资本，使流动性达到创纪录的18亿美元[2] - 截至2024年10月30日，公司拥有18亿美元的现金和批准的未提取债务能力[22] - 公司在2024年第三季度的现金及现金等价物为1.52亿美元，显示出良好的短期流动性[68] 投资与资产管理 - 本季度公司发起或收购资产总额为21亿美元，年初至今为35亿美元[2] - 公司在第三季度的商业贷款组合总额为146亿美元[24] - 公司在基础设施贷款领域新增承诺为5.27亿美元，其中4.4亿美元已融资[38] 收入与费用 - 2024年前九个月的总收入为1,612,569千美元，其中贷款利息收入为1,102,810千美元[15] - 2024年前九个月的总费用为1,503,685千美元，主要包括662,124千美元的利息支出[15] - 2024年前九个月的管理费用为103,970千美元，较上年同期有所增加[15] 股息与分配 - 公司已支付或宣布的总股息达到77亿美元，连续十多年每季度支付0.48美元的股息[20] - 2024年第三季度每股可分配收益为0.57美元，较上年同期的0.48美元有所增长[14] - 可分配收益被认为是评估公司表现的重要财务指标，历史上与每股分红有强相关性[84] 风险因素 - 公司面临的风险因素包括借款人违约、房地产价值减损及经济和商业条件变化等[91] - 贷款的抵押物现金流质量和稳定性良好，且租户组合多样化[86] - 贷款与抵押物价值比率（LTV）不超过65%被视为信用状况良好[86]

Starwood Property Trust (STWD) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.46 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.35%. A quarter ago, it was expected that this commercial real estate investment trust would post earnings of $0.48 per share when it actually produced earnings of $0.48, delivering no surprise.Over the la ...

– Quarterly GAAP Earnings of $0.23 and Distributable Earnings (DE) of $0.48 per Diluted Share –– Originated or Acquired $2.1 Billion of Assets in the Quarter and $3.5 Billion Year-To-Date –– Received Repayments of $1.6 Billion in the Quarter and $3.7 Billion Year-To-Date –– Raised $800 Million of Capital Bringing Liquidity to a Record $1.8 Billion –– Undepreciated Book Value Per Share of $20.22 –– Paid Dividend of $0.48 per Share –GREENWICH, Conn., Nov. 6, 2024 /PRNewswire/ -- Starwood Property Trust, Inc. ...

Table of Contents 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-34 ...