When Greenwich, CT-based Starwood Property Trust Inc. revealed operating results for Q1 2018, company chairman and CEO, Barry Sternlicht, said that 2018 was off to a great start, noting that the REIT put more than $2.5 billion of capital to work year-to-date, including $1.8 billion in its lending segment.
The company’s first quarter 2018 GAAP net income was $99.9 million, or $0.38 per diluted share, and Core Earnings (a non-GAAP financial measure) was $155.8 million, or $0.58 per diluted share.
“Our advantaged access to best-in-class low cost funding options, including our most recent $500 million unsecured debt offering, has enabled us to continue to source and close attractive risk adjusted lending investments in a very competitive market,” he explained. “With a robust investment pipeline generated by our multi-cylinder investment platform, and a very strong liquidity profile, we are well positioned to continue to deliver stable and compelling total returns for our shareholders for the long-term.”
Click here to see earnings from last year, along with Sternlicht’s thoughts at the time on the competitive landscape.