Many rural counties in the United States face the dual challenges of lagging economic growth and increasingly severe effects of climate change. While urban areas are not uniformly prosperous and rural areas are not uniformly poor, rural communities on average lag behind their urban counterparts on most key economic indicators from poverty rates to labor force participation. Rural areas represent 86% of persistent poverty counties in the U.S., while over 50% of rural Black residents live in economically distressed counties.
These challenges have been intensified by economic losses from the COVID-19 pandemic, which has exacerbated existing inequalities and highlighted urgent infrastructure needs. At the same time, catastrophic wildfires, record heatwaves, drought and other severe weather events linked to climate change threaten rural communities and livelihoods.
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Operator
Greetings. Welcome to the Starwood Property Trust first-quarter 2021 earnings conference call. [Operator instructions] Please note, this conference is being recorded. I will now turn the call over to your host, Zach Tanenbaum, director of investor relations.
Zach Tanenbaum
Director of Investor Relations
Thank you, operator. Good morning, and welcome to Starwood Property Trust earnings call. This morning, the company released its financial results for the quarter ended March 31, 2021, filed its Form 10-Q with the Securities and Exchange Commission and posted its earnings supplement to its website. These documents are available on the investor relations section of the company s website at www.starwoodpropertytrust.com.