J P M O R G A N North America Equity Research 18 August 2026 Starwood Property Trust Still Finding Ways to Deploy Capital Despite Volatile Markets STWD reported 2Q26 distributable EPS of $0.40, above JPMe of $0.39 but in line with consensus of $0.40. Undepreciated book value per share was $18.62, below our forecast of $18.80 (vs $18.97 Q/Q). We are revising our Dec 2027 price target to $18.50 from $19.00 and reiterate our Overweight rating. Our Dec 2027 PT assumes a 1.025x multiple applied to our 2027 TBVPS ...