News about Starwood Property Trust

Starwood Property Trust (STWD) closed at $12.48 on October 13, down 30.0% over the past six months, while the State Street SPDR S&P 500 ETF Trust gained 14.0%. The company mainly lends against commercial properties and infrastructure, and its price-to-book ratio of 0.84 means the stock trades below the stated value of its loans. Earnings fell to $0.01 a share from $0.38 a year earlier, mainly because the prior year's one-off gains did not repeat and the company set aside about $30 million for credit loss provisions. Excluding the provision and other non-cash charges, distributable earnings were $0.40 a share. Management expects to resolve nearly $900 million of underperforming assets by year-end or shortly after.