Starwood Property Trust Inc. (STWD) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Greetings and welcome to the Starwood Property Trust third quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Zach Tannenbaum, Head of Investor Relations. Thank you. You may begin. Thank you, Operator. Good morning and welcome to Starwood Property Trust earnings call. This morning we filed our 10-Q and issued a press release with a presentation of our results, which are both available on our website and have been filed with the SEC. Before the call begins, I would like to remind everyone that certain statements made in the course of this call are forward-looking statements, which do not guarantee future events or performance. Please refer to our 10-Q and press release for cautionary factors related to these statements. Additionally, certain non-GAAP financial measures will be discussed on this call. For reconciliations of these non-GAAP financial measures to the most comparable measures prepared in accordance with GAAP, please refer to our press release filed this morning. Joining me on the call today are Barry Sternlich, the company's chairman and chief executive officer, Jeff DeModica, the company's president, and Reena Paneri, the company's chief financial officer. With that, I'm now going to turn the call over to Reena. Thank you, Zach, and good morning, everyone. This quarter, we reported distributable earnings, or DE, of $149 million, or 40 cents per share. Gap net income was 19 cents per share. Our new net lease acquisition, which I will discus...