Overview
- Starwood reported first-quarter revenue of $512.5 million and net income of $51.9 million, with sales up from the prior quarter but profit down from a year ago.
- The company has deployed $2.5 billion in the quarter and another $1.5 billion since March, focusing on new loans, infrastructure financing, and net-lease deals.
- It resolved $387 million of legacy problem assets in the quarter, including foreclosures on a mixed-use project in Dallas and multifamily properties in Dallas and Phoenix.
- Executives guided to resolve about $900 million of nonaccrual and real-estate-owned assets by year-end 2026 and roughly $500 million more in 2027.
- The net-lease platform is fully occupied with no tenant defaults, and leaders said they may scale the business or consider a spin-out.