Starwood Property Trust (STWD) 10-Q6 May 142014 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2014	6-May-14
Document and Entity Information	'	'
Entity Registrant Name	'STARWOOD PROPERTY TRUST, INC.	'
Entity Central Index Key	'0001465128	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	221,385,672
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Assets:	'	'
Cash and cash equivalents	$226,471	$317,627
Restricted cash	43,117	69,052
Loans held-for-investment, net	4,634,923	4,363,718
Loans held-for-sale, at fair value	186,837	206,672
Loans transferred as secured borrowings	143,042	180,414
Investment securities ($553,933 and $566,789 held at fair value)	923,085	935,107
Intangible assets-servicing rights ($144,898 and $150,149 held at fair value)	168,056	177,173
Residential real estate, net	'	749,214
Non-performing residential loans	'	215,371
Investment in unconsolidated entities	104,520	122,954
Goodwill	140,437	140,437
Derivative assets	4,617	7,769
Accrued interest receivable	34,515	37,630
Other assets	111,223	95,813
Variable interest entity ("VIE") assets, at fair value	118,451,518	103,151,624
Total Assets	125,172,361	110,770,575
Liabilities:	'	'
Accounts payable, accrued expenses and other liabilities	137,831	225,374
Related-party payable	29,458	17,793
Dividends payable	95,424	90,171
Derivative liabilities	18,057	24,192
Secured financing agreements, net	2,601,062	2,257,560
Convertible senior notes, net	1,000,839	997,851
Secured borrowings on transferred loans	143,038	181,238
VIE liabilities, at fair value	117,931,005	102,649,263
Total Liabilities	121,956,714	106,443,442
Commitments and contingencies (Note 21)	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'
Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding	'	'
Common stock, $0.01 per share, 500,000,000 shares authorized, 196,711,522 issued and 196,085,672 outstanding as of March 31, 2014 and 196,139,045 issued and 195,513,195 outstanding as of December 31, 2013	1,967	1,961
Additional paid-in capital	3,192,245	4,300,479
Treasury stock (625,850 shares)	-10,642	-10,642
Accumulated other comprehensive income	80,115	75,449
Accumulated deficit	-59,542	-84,719
Total Starwood Property Trust, Inc. Stockholders' Equity	3,204,143	4,282,528
Non-controlling interests in consolidated subsidiaries	11,504	44,605
Total Equity	3,215,647	4,327,133
Total Liabilities and Equity	$125,172,361	$110,770,575

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Condensed Consolidated Balance Sheets	'	'
Investment securities, fair value	$553,933	$566,789
Intangible assets - servicing rights at fair value	$144,898	$150,149
Preferred stock, par value (in dollars per share)	$0.01	$0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	196,711,522	196,139,045
Common stock, shares outstanding	196,085,672	195,513,195

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Interest income from loans	$104,910	$67,690
Interest income from investment securities	29,454	16,240
Servicing fees	34,211	'
Other revenues	3,404	79
Total revenues	171,979	84,009
Costs and expenses:	'	'
Management fees	27,821	15,069
Interest expense	37,831	17,426
General and administrative	46,101	4,038
Business combination costs	'	4,196
Acquisition and investment pursuit costs	394	81
Depreciation and amortization	4,636	'
Loan loss allowance	497	30
Other expense	1,689	33
Total costs and expenses	118,969	40,873
Income before other income, income taxes and non controlling interests	53,010	43,136
Other income:	'	'
Income of consolidated VIEs, net	56,004	'
Change in fair value of servicing rights	-5,251	'
Change in fair value of investment securities, net	8,361	405
Change in fair value of mortgage loans held-for-sale, net	20,893	'
Earnings from unconsolidated entities	64	741
Gain on sale of investments, net	1,555	13,524
(Loss) gain on derivative financial instruments, net	-7,866	16,228
Foreign currency gain (loss), net	1,477	-7,665
Total other-than-temporary impairment ("OTTI")	-1,192	-527
Noncredit portion of OTTI recognized in other comprehensive income (loss)	979	485
Net impairment losses recognized in earnings	-213	-42
Other income, net	18	'
Total other income	75,042	23,191
Income from continuing operations before income taxes	128,052	66,327
Income tax provision	-5,620	-615
Income from continuing operations	122,432	65,712
Loss from discontinued operations, net of tax (Note 3)	-1,551	-2,288
Net income	120,881	63,424
Net income attributable to non-controlling interests	-280	-1,181
Net income attributable to Starwood Property Trust, Inc.	$120,601	$62,243
Basic earnings per share data:	'	'
Income from continuing operations attributable to Starwood Property Trust, Inc. (in dollars per share)	$0.62	$0.47
Loss from discontinued operations attributable to Starwood Property Trust, Inc. (in dollars per share)	($0.01)	($0.01)
Net income attributable to Starwood Property Trust, Inc. (in dollars per share)	$0.61	$0.46
Diluted earnings per share data:	'	'
Income from continuing operations attributable to Starwood Property Trust, Inc. (in dollars per share)	$0.61	$0.47
Loss from discontinued operations attributable to Starwood Property Trust, Inc. (in dollars per share)	($0.01)	($0.01)
Net income attributable to Starwood Property Trust, Inc. (in dollars per share)	$0.60	$0.46
Dividends declared per common share	$0.48	$0.44

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Condensed Consolidated Statements of Comprehensive Income	'	'
Net income	$120,881	$63,424
Other comprehensive income (loss) (net change by component):	'	'
Cash flow hedges	122	279
Available-for-sale securities	3,498	-2,349
Foreign currency remeasurement	1,046	-7,061
Other comprehensive income (loss)	4,666	-9,131
Comprehensive income	125,547	54,293
Less: Comprehensive income attributable to non-controlling interests	-280	-1,181
Comprehensive income attributable to Starwood Property Trust, Inc.	$125,267	$53,112

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Equity (USD $)	Total	Total Starwood Property Trust, Inc. Stockholders' Equity	Common stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
In Thousands, except Share data, unless otherwise specified	Total	Total Starwood Property Trust, Inc. Stockholders' Equity	Common stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
Balance at Dec. 31, 2012	$2,797,205	$2,719,346	$1,361	$2,721,353	($10,642)	($72,401)	$79,675	$77,859
Balance (in shares) at Dec. 31, 2012	'	'	136,125,356	'	625,850	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Convertible senior notes	28,118	28,118	'	28,118	'	'	'	'
Stock-based compensation	4,656	4,656	2	4,654	'	'	'	'
Stock-based compensation (in shares)	'	'	187,501	'	'	'	'	'
Manager incentive fee paid in stock	366	366	'	366	'	'	'	'
Manager incentive fee paid in stock (in shares)	'	'	13,188	'	'	'	'	'
Net income	63,424	62,243	'	'	'	62,243	'	1,181
Dividends declared, $0.48 and $0.44 per share for period ended March 31, 2013 and 2014, respectively	-60,147	-60,147	'	'	'	-60,147	'	'
Other comprehensive income (loss), net	-9,131	-9,131	'	'	'	'	-9,131	'
Contributions from non-controlling interests	6	'	'	'	'	'	'	6
Distribution to non-controlling interests	-44,098	'	'	'	'	'	'	-44,098
Balance at Mar. 31, 2013	2,780,399	2,745,451	1,363	2,754,491	-10,642	-70,305	70,544	34,948
Balance (in shares) at Mar. 31, 2013	'	'	136,326,045	'	625,850	'	'	'
Balance at Dec. 31, 2013	4,327,133	4,282,528	1,961	4,300,479	-10,642	-84,719	75,449	44,605
Balance (in shares) at Dec. 31, 2013	196,139,045	'	196,139,045	'	625,850	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'	'
Stock-based compensation	7,207	7,207	4	7,203	'	'	'	'
Stock-based compensation (in shares)	'	'	434,189	'	'	'	'	'
Manager incentive fee paid in stock	3,308	3,308	2	3,306	'	'	'	'
Manager incentive fee paid in stock (in shares)	'	'	138,288	'	'	'	'	'
Net income	120,881	120,601	'	'	'	120,601	'	280
Dividends declared, $0.48 and $0.44 per share for period ended March 31, 2013 and 2014, respectively	-95,424	-95,424	'	'	'	-95,424	'	'
Spin-off of Starwood Waypoint Residential Trust	-1,120,337	-1,118,743	'	-1,118,743	'	'	'	-1,594
Other comprehensive income (loss), net	4,666	4,666	'	'	'	'	4,666	'
Distribution to non-controlling interests	-31,787	'	'	'	'	'	'	-31,787
Balance at Mar. 31, 2014	$3,215,647	$3,204,143	$1,967	$3,192,245	($10,642)	($59,542)	$80,115	$11,504
Balance (in shares) at Mar. 31, 2014	196,711,522	'	196,711,522	'	625,850	'	'	'

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Equity (Parenthetical) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Condensed Consolidated Statements of Equity	'	'
Dividends declared per share (in dollars per share)	$0.48	$0.44

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash Flows from Operating Activities:	'	'
Net income	$120,881	$63,424
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Amortization of deferred financing costs	2,895	3,193
Amortization of convertible debt discount and deferred fees	2,988	841
Accretion of net discount on investment securities	-7,398	-9,180
Accretion of net deferred loan fees and discounts	-1,806	-7,856
Amortization of premium from secured borrowings on transferred loans	-787	-374
Share-based compensation	7,207	4,656
Share-based component of incentive fees	3,308	366
Change in fair value of fair value option investment securities	-8,361	'
Change in fair value of consolidated VIEs	-21,877	'
Change in fair value of servicing rights	5,251	'
Change in fair value of loans held-for-sale	-20,893	'
Change in fair value of derivatives	7,110	-16,318
Foreign currency (gain) loss, net	-1,492	7,390
Gain on non-performing loans and sale of investments	-2,498	-15,004
Other-than-temporary impairment of investment securities	213	42
Loan loss allowance	497	30
Depreciation and amortization	5,786	713
Earnings from unconsolidated entities	-64	'
Distributions of earnings from unconsolidated entities	956	'
Changes in operating assets and liabilities:	'	'
Related party payable, net	11,665	9,307
Accrued interest receivable, less purchased interest	3,063	1,802
Other assets	-20,474	5,839
Accounts payable, accrued expenses and other liabilities	-22,574	35,984
Originations of loans held-for-sale, net of principal collections	-261,733	'
Proceeds from sale of loans held-for-sale	302,461	'
Net cash provided by operating activities	104,324	84,855
Cash Flows from Investing Activities:	'	'
Spin-off of Starwood Waypoint Residential Trust	-111,960	'
Purchase of investment securities	-9,890	-37,175
Proceeds from sales of investment securities	27,883	19,480
Proceeds from principal collections on investment securities	8,227	21,726
Origination and purchase of loans held-for-investment	-728,594	-129,817
Proceeds from principal collections on loans	316,428	93,651
Proceeds from loans sold	146,400	44,631
Acquisition and improvement of single family homes	-61,901	-114,925
Proceeds from sale of single family homes	1,784	3,360
Purchase of non-performing loans	'	-104,142
Proceeds from sale of non-performing loans	1,153	'
Distribution of capital from unconsolidated entities	17,834	150
Payments for purchase or termination of derivatives	-11,274	'
Proceeds from termination of derivatives	799	'
Return of investment basis in purchased derivative asset	407	518
Deposit on purchase of LNR	'	-40,665
Decrease (increase) in restricted cash, net	234	-38,040
Net cash used in investing activities	-402,470	-281,248
Cash Flows from Financing Activities:	'	'
Borrowings under financing agreements	997,767	347,521
Proceeds from issuance of convertible senior notes	'	587,700
Principal repayments on borrowings	-656,573	-625,513
Payment of deferred financing costs	-7,418	-24
Payment of dividends	-90,171	-73,796
Contributions from non-controlling interests	'	6
Distributions to non-controlling interests	-31,788	-44,098
Issuance of debt of consolidated VIEs	45,761	'
Repayment of debt of consolidated VIEs	-53,385	'
Distributions of cash from consolidated VIEs	2,740	'
Net cash provided by financing activities	206,933	191,796
Net decrease in cash and cash equivalents	-91,213	-4,597
Cash and cash equivalents, beginning of period	317,627	177,671
Effect of exchange rate changes on cash	57	'
Cash and cash equivalents, end of period	226,471	173,074
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest	44,638	10,536
Income taxes paid	2,725	327
Supplemental disclosure of non-cash investing and financing activities:	'	'
Net assets distributed in spin-off of Starwood Waypoint Residential Trust	1,008,377	'
Dividends declared, but not yet paid	95,424	60,147
Unsettled trade receivable	'	206,608
Consolidation of VIEs (VIE asset/liability additions)	20,236,513	'
Deconsolidation of VIEs (VIE asset/liability reductions)	1,289,569	'
Conversion of non-performing residential loans to residential real estate	$3,590	'

Business_and_Organization

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2014
Business and Organization	'
Business and Organization	'
	1. Business and Organization

	Starwood Property Trust, Inc. (“STWD” together with its subsidiaries, “we” or the “Company”) is a Maryland corporation that commenced operations in August 2009, upon the completion of our initial public offering (“IPO”). We are focused primarily on originating, acquiring, financing and managing commercial mortgage loans and other commercial real estate debt investments, commercial mortgage-backed securities (“CMBS”), and other commercial real estate-related debt investments in both the U.S. and Europe. We refer to the following as our target assets:

	· commercial real estate mortgage loans, including preferred equity interests;

	· CMBS; and

	· other commercial real estate-related debt investments.

	We may also invest in residential mortgage-backed securities (“RMBS”), certain residential mortgage loans, distressed or non-performing commercial loans, commercial properties subject to net leases and commercial real estate owned. As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and credit spreads as well as economic and credit conditions.

	We have three reportable business segments which include:

	· Real estate investment lending (the “Lending Segment”)—includes all business activities of the Company, excluding the single family residential and LNR businesses, which generally represents investments in real estate related loans and securities that are held-for-investment.

	· LNR—includes all business activities of the acquired LNR Property LLC (“LNR”) business excluding the consolidation of securitization VIEs.

	· Single family residential (“SFR”)—includes the business activities associated with our investments in single-family residential properties and non-performing single-family residential mortgage loans. This segment was spun off on January 31, 2014 as discussed below and in Note 3 herein.

	On April 19, 2013, we acquired the equity of LNR and certain of its subsidiaries for an initial agreed upon purchase price of approximately $859 million, which was reduced for transaction expenses and distributions occurring after September 30, 2012, resulting in cash consideration of approximately $730 million. Immediately prior to the acquisition, an affiliate of the Company acquired the remaining equity comprising LNR’s commercial property division for a purchase price of $194 million. The portion of the LNR business acquired by us includes the following: (i) servicing businesses in both the U.S. and Europe that manage and work out problem assets, (ii) a finance business that is focused on selectively acquiring and managing real estate finance investments, including unrated, investment grade and non-investment grade rated CMBS, including subordinated interests of securitization and resecuritization transactions, and high yielding real estate loans; and (iii) a mortgage loan business which originates conduit loans for the primary purpose of selling these loans into securitization transactions.

	On January 31, 2014, we completed the spin-off of our SFR segment to our stockholders. The newly-formed real estate investment trust, Starwood Waypoint Residential Trust (“SWAY”), is listed on the New York Stock Exchange (“NYSE”) and trades under the ticker symbol “SWAY.” Our stockholders received one common share of SWAY for every five shares of our common stock held at the close of business on January 24, 2014. As part of the spin-off, we contributed $100 million to the unlevered balance sheet of SWAY to fund its growth and operations. As of January 31, 2014, SWAY held net assets of $1.1 billion. The net assets of SWAY consisted of approximately 7,200 units of single-family homes and residential non-performing mortgage loans as of January 31, 2014. In connection with the spin-off, 40.1 million shares of SWAY were issued. Refer to Note 3 herein for additional information regarding SFR segment financial information.

	We are organized and conduct our operations to qualify as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). As such, we will generally not be subject to U.S. federal corporate income tax on that portion of our net income that is distributed to stockholders if we distribute at least 90% of our taxable income to our stockholders by prescribed dates and comply with various other requirements.

	In connection with the LNR acquisition, we established additional taxable REIT subsidiaries (“TRSs”). TRSs permit us to participate in certain activities from which REITs are generally precluded, as long as these activities meet specific criteria, are conducted within the parameters of certain limitations established by the Code, and are conducted in entities which elect to be treated as taxable subsidiaries under the Code. To the extent these criteria are met, we will continue to maintain our qualification as a REIT.

	These TRSs engage in various real estate related operations, including special servicing of commercial real estate, originating and securitizing commercial mortgage loans, and investing in entities which engage in real estate related operations. As of March 31, 2014, $799.8 million of the LNR assets were owned by TRS entities. Our TRSs are not consolidated for federal income tax purposes, but are instead taxed as corporations. For financial reporting purposes, a provision for current and deferred taxes is established for the portion of earnings recognized by us with respect to our interest in TRSs.

	We are organized as a holding company and conduct our business primarily through our various wholly-owned subsidiaries. We are externally managed and advised by SPT Management, LLC (our “Manager”) pursuant to the terms of a management agreement. Our Manager is controlled by Barry Sternlicht, our Chairman and Chief Executive Officer. Our Manager is an affiliate of Starwood Capital Group, a privately-held private equity firm founded and controlled by Mr. Sternlicht.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2014
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	2. Summary of Significant Accounting Policies

	Balance Sheet Presentation of LNR Variable Interest Entities

	The acquisition of LNR substantially changed the presentation of our financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). As noted above, LNR operates a finance business that acquires unrated, investment grade and non-investment grade rated CMBS. These securities represent interests in securitization structures (commonly referred to as special purpose entities, or “SPEs”). These SPEs are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. Under GAAP, SPEs typically qualify as variable interest entities (“VIEs”). These are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity.

	Because LNR often serves as the special servicer of the trusts in which it invests, consolidation of these structures is required pursuant to GAAP as outlined in detail below. This results in a consolidated balance sheet which presents the gross assets and liabilities of the SPEs. The assets and other instruments held by these SPEs are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the SPEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the consolidator of these SPEs.

	The SPE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, an allocable portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation.

	Please refer to the segment presentation in Note 22 herein for a presentation of the LNR business without consolidation of these VIEs.

	Basis of Accounting and Principles of Consolidation

	The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows have been included.

	These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the operating results for the full year.

	Refer to our Form 10-K for a description of our recurring accounting policies. We have included disclosure in this Note 2 regarding principles of consolidation and other accounting policies that are required either (i) to be disclosed quarterly, (ii) that we view as critical, or (iii) became significant since December 31, 2013 due to a corporate action or increase in the significance of the underlying business activity.

	Variable Interest Entities

	We evaluate all of our interests in VIEs for consolidation. When our interests are determined to be variable interests, we assess whether we are deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. ASC 810, Consolidation, defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. We consider our variable interests as well as any variable interests of our related parties in making this determination. Where both of these factors are present, we are deemed to be the primary beneficiary and we consolidate the VIE. Where either one of these factors is not present, we are not the primary beneficiary and do not consolidate the VIE.

	To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE.

	To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by us.

	Our purchased investment securities include CMBS which are unrated and non-investment grade rated securities issued by CMBS trusts. In certain cases, we may contract to provide special servicing activities for these CMBS trusts, or, as holder of the controlling class, we may have the right to name and remove the special servicer for these trusts. In our role as special servicer, we provide services on defaulted loans within the trusts, such as foreclosure or work-out procedures, as permitted by the underlying contractual agreements. In exchange for these services, we receive a fee. These rights give us the ability to direct activities that could significantly impact the trust’s economic performance. However, in those instances where an unrelated third party has the right to unilaterally remove us as special servicer, we do not have the power to direct activities that most significantly impact the trust’s economic performance. We evaluated all of our positions in such investments for consolidation.

	For VIEs in which we are determined to be the primary beneficiary, all of the underlying assets, liabilities and equity of the structures are recorded on our books, and the initial investment, along with any associated unrealized holding gains and losses, are eliminated in consolidation. Similarly, the interest income earned from these structures, as well as the fees paid by these trusts to us in our capacity as special servicer, are eliminated in consolidation. Further, an allocable portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding allocable amortization or change in fair value of the servicing intangible asset, are also eliminated in consolidation.

	We perform ongoing reassessments of: (1) whether any entities previously evaluated under the majority voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and (2) whether changes in the facts and circumstances regarding our involvement with a VIE causes our consolidation conclusion regarding the VIE to change.

	We have elected the fair value option in measuring the assets and liabilities of any VIEs we consolidate. Fluctuations in the fair values of the VIE assets and liabilities, along with trust interest income and trust interest and administrative expenses, are presented net in income of consolidated VIEs in our consolidated statements of operations.

	Discontinued Operations

	On January 31, 2014, we completed the spin-off of our SFR segment to our stockholders as discussed in Note 1. In accordance with Accounting Standards Codification (“ASC”) Topic 205, Presentation of Financial Statements, the results of the SFR segment are presented within discontinued operations in our condensed consolidated statements of operations for the three months ended March 31, 2014 and 2013.

	Fair Value Option

	The guidance in ASC 825, Financial Instruments, provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated balance sheets from those instruments using another accounting method.

	We have elected the fair value option for eligible financial assets and liabilities of our consolidated VIEs, loans held-for-sale originated by LNR’s conduit platform, purchased CMBS issued by VIEs we could consolidate in the future and certain investments in marketable equity securities. The fair value elections for VIE and securitization related items were made in order to mitigate accounting mismatches between the carrying value of the instruments and the related assets and liabilities that we consolidate at fair value. The fair value elections for mortgage loans held-for-sale originated by LNR’s conduit platform were made due to the short-term nature of these instruments. The fair value elections for investments in marketable equity securities were made because the shares are listed on an exchange, which allows us to determine the fair value using a quoted price from an active market.

	Loans Receivable and Provision for Loan Losses

	In our Lending Segment we purchase and originate commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. We are required to periodically evaluate each of these loans for possible impairment. Impairment is indicated when it is deemed probable that we will not be able to collect all amounts due according to the contractual terms of the loan. If a loan is determined to be impaired, we write down the loan through a charge to the provision for loan losses. Actual losses, if any, could ultimately differ from these estimates.

	We perform a quarterly review of our portfolio of loans. In connection with this review, we assess the performance of each loan and assign a risk rating based on several factors including risk of loss, loan-to-value ratio, or LTV, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” through “5”, from less risk to greater risk in connection with this review.

	Use of Estimates

	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our loans, investment securities and intangible assets, which has a significant impact on the amounts of interest income, credit losses (if any), and fair values that we record and/or disclose. In addition, the fair value of financial assets and liabilities that are estimated using a discounted cash flows method is significantly impacted by the rates at which we estimate market participants would discount the expected cash flows.

	Reclassifications

	As a result of the LNR acquisition, certain items in our condensed consolidated statements of operations and cash flows for the three months ended March 31, 2013 have been reclassified or combined to conform to the current period’s presentation. We removed the “Net interest margin” subtotal from our condensed consolidated statements of operations, with interest income now included in a new “Revenues” subtotal, and interest expense now included within the new “Costs and expenses” subtotal. Additionally, the results from our SFR segment have been reclassified as discontinued operations as a result of the spin-off. The reclassifications and combinations related to our condensed consolidated statement of cash flows for the three months ended March 31, 2013 had no effect on previously reported totals or subtotals.

	Recent Accounting Developments

	On April 10, 2014 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which requires only those disposals which represent a strategic shift that has or will have a major impact on an entity’s operations or financial results be presented as discontinued operations. The ASU is effective for annual periods beginning on or after December 15, 2014, and interim periods within those annual periods, and requires prospective application. We do not expect the application of this ASU to materially impact the Company.

Acquisitions_and_Divestitures

Acquisitions and Divestitures	3 Months Ended
Acquisitions and Divestitures	Mar. 31, 2014
Acquisitions and Divestitures	'
Acquisitions and Divestitures	'
	3. Acquisitions and Divestitures

	SFR Spin-off

	As described in Note 1, on January 31, 2014, we completed the spin-off of our SFR segment to our stockholders. The results of operations for the SFR segment are presented within discontinued operations in our condensed consolidated statements of operations for all periods presented. We have no continuing involvement with the SFR segment following the spin-off. Subsequent to the spin-off, SWAY entered into a management agreement with an affiliate of our Manager. The following table presents the summarized consolidated results of operations for the SFR segment prior to the spin-off, excluding segment allocations (in thousands):

		For the Three Months Ended
		March 31,
		2014			2013
	Total revenues	$	3,876		$	1,164
	Total costs and expenses	6,369			3,625
	Loss before other income and income taxes	(2,493		)	(2,461		)
	Total other income	942			335
	Loss before income taxes	(1,551		)	(2,126		)
	Income tax provision	—			(162		)
	Net loss	$	(1,551	)	$	(2,288	)

	The following table presents the summarized consolidated balance sheet of the SFR segment as of January 31, 2014, the date of spin-off (in thousands):

		January 31, 2014
	Assets:
	Cash and cash equivalents	$	111,960
	Restricted cash	189
	Residential real estate, net	812,017
	Non-performing residential loans	211,019
	Other assets	9,498
	Total Assets	$	1,144,683

	Liabilities and Equity
	Liabilities:
	Accounts payable, accrued expenses and other liabilities	$	24,346
	Equity:
	Additional paid-in capital	1,130,405
	Accumulated deficit	(11,662		)
	Total Stockholders’ Equity	1,118,743
	Non-controlling interests in consolidated subsidiaries	1,594
	Total Equity	1,120,337
	Total Liabilities and Equity	$	1,144,683

	LNR Acquisition

	As described in Note 1, on April 19, 2013, we acquired the equity of LNR for an initial agreed upon purchase price of $859 million, which was reduced for transaction expenses and distributions occurring after September 30, 2012, resulting in cash consideration of approximately $730 million. We applied the provisions of ASC 805 in accounting for our acquisition of LNR. Refer to Note 3 of our Form 10-K for further discussion of the LNR acquisition including the final purchase price allocation.

Loans

Loans	3 Months Ended
Loans	Mar. 31, 2014
Loans	'
Loans	'
	4. Loans

	Our loans held-for-investment are accounted for at amortized cost and our loans held-for-sale are accounted for at the lower of cost or fair value, unless we have elected the fair value option. The following tables summarize our investments in mortgages and loans by subordination class as of March 31, 2014 and December 31, 2013 (amounts in thousands):

	March 31, 2014		Carrying			Face			Weighted		Weighted
			Value			Amount			Average		Average Life
									Coupon		(“WAL”)
											(years)(2)
	First mortgages		$	2,810,468		$	2,866,252		5.8	%	4.2
	Subordinated mortgages(1)		501,222			536,714			8.3	%	4
	Mezzanine loans		1,327,714			1,336,832			11.2	%	3.3
	Total loans held-for-investment		4,639,404			4,739,798
	Loans held-for-sale, fair value option elected		186,837			181,450			5.1	%	9.5
	Loans transferred as secured borrowings		143,042			143,069			5.5	%	3
	Total gross loans		4,969,283			5,064,317
	Loan loss allowance (loans held-for-investment)		(4,481		)	—
	Total net loans		$	4,964,802		$	5,064,317

	December 31, 2013		Carrying			Face			Weighted		Weighted
			Value			Amount			Average		Average Life
									Coupon		(“WAL”)
											(years)(2)
	First mortgages		$	2,616,441		$	2,666,875		5.6	%	4.3
	Subordinated mortgages(1)		505,533			541,817			8.7	%	4.2
	Mezzanine loans		1,245,728			1,246,841			12.2	%	3.7
	Total loans held-for-investment		4,367,702			4,455,533
	Loans held-for-sale, fair value option elected		206,672			209,099			5.3	%	9.6
	Loans transferred as secured borrowings		180,414			180,483			5.4	%	2.9
	Total gross loans		4,754,788			4,845,115
	Loan loss allowance (loans held-for-investment)		(3,984		)	—
	Total net loans		$	4,750,804		$	4,845,115


	(1) Subordinated mortgages include (i) subordinated mortgages that we retain after having sold first mortgage positions related to the same collateral and (ii) B-Notes.

	(2) Represents the WAL of each respective group of loans as of the respective balance sheet date. The WAL of each individual loan is calculated as a fraction, the numerator of which is the sum of the timing (in years) of each expected future principal payment multiplied by the balance of the respective payment, and with a denominator equal to the sum of the expected principal payments using the contractually extended maturity dates of the assets. Assumptions for the calculation of the WAL are adjusted as necessary for changes in projected principal repayments and/or maturity dates of the loan.

	As of March 31, 2014, approximately $3.6 billion, or 71.8%, of the loans were variable rate and paid interest principally at LIBOR plus a weighted-average spread of 5.18%. The following table summarizes our investments in floating rate loans (amounts in thousands):

			March 31, 2014					December 31, 2013
	Index		Base Rate		Carrying			Base Rate		Carrying
	Index		Base Rate		Value			Base Rate		Value
	1 Month LIBOR		0.15%		$	630,005		0.17%		$	590,444
	LIBOR Floor		0.19% - 3.00%(1)		2,937,015			0.19% - 3.00%(1)		2,641,162
	U.S. Prime Rate		3.25%		2,197			3.25%		2,226
	Total				$	3,569,217				$	3,233,832


	(1) The weighted-average LIBOR Floor was 0.41% and 0.49% as of March 31, 2014 and December 31, 2013, respectively.

	As of March 31, 2014, the risk ratings for loans subject to our rating system, which is described in our Form 10-K and excludes loans on the cost recovery method and loans for which the fair value option has been elected, by class of loan were as follows (amounts in thousands):

			Balance Sheet Classification
			Loans Held-For-Investment															Loans
	Risk		First			Subordinated			Mezzanine			Cost			Loans Held-			Transferred			Total
	Rating		Mortgages			Mortgages			Loans			Recovery			For-Sale			As Secured
	Category											Loans						Borrowings
	1		$	—		$	—		$	—		$	—		$	—		$	—		$	—
	2		100,691			104,092			226,689			—			—			12,994			444,466
	3		2,552,430			360,398			986,067			—			—			130,048			4,028,943
	4		147,063			36,732			114,958			—			—			—			298,753
	5		—			—			—			—			—			—			—
	N/A		2,219			—			—			8,065			186,837			—			197,121
		$	2,802,403		$	501,222		$	1,327,714		$	8,065		$	186,837		$	143,042		$	4,969,283

As of December 31, 2013, the risk ratings for loans subject to our rating system by class of loan were as follows (amounts in thousands):

		Balance Sheet Classification
		Loans Held-For-Investment															Loans
Risk		First			Subordinated			Mezzanine			Cost			Loans Held-			Transferred			Total
Rating		Mortgages			Mortgages			Loans			Recovery			For-Sale			As Secured
Category											Loans						Borrowings
1		$	—		$	—		$	—		$	—		$	—		$	—		$	—
2		94,981			103,369			153,119			—			—			13,022			364,491
3		2,354,692			370,446			1,012,674			—			—			167,392			3,905,204
4		153,987			31,718			79,935			—			—			—			265,640
5		—			—			—			—			—			—			—
N/A		—			—			—			12,781			206,672			—			219,453
		$	2,603,660		$	505,533		$	1,245,728		$	12,781		$	206,672		$	180,414		$	4,754,788

After completing our impairment evaluation process as described in our Form 10-K, we concluded that no impairment charges were required on any individual loans held-for-investment as of March 31, 2014 or December 31, 2013. As of March 31, 2014, approximately $57.8 million of our loans held-for-investment were in default, approximately $8.0 million of which are within the LNR Segment and were acquired as non-performing loans prior to the April 19, 2013 acquisition. The remaining $49.8 million of the defaulted loan balance is comprised of a single mezzanine loan within the Lending Segment. The senior loan was in technical default as of March 31, 2014 due to a covenant breach, which caused our mezzanine loan to be in default. The loan is in the process of being refinanced, with a substantial equity investment by the borrower. No lender concessions are expected to be granted in connection with the refinancing. Additionally, none of our held-for-sale loans where we have elected the fair value option was 90 days or more past due or on nonaccrual status.

In accordance with our policies, we record an allowance for loan losses equal to (i) 1.5% of the aggregate carrying amount of loans rated as a “4,” plus (ii) 5% of the aggregate carrying amount of loans rated as a “5.” These groups accounted for 6.0% and 5.6% of our loan portfolio as of March 31, 2014 and December 31, 2013, respectively. The following table presents the activity in our allowance for loan losses (amounts in thousands):

		For the Three Months Ended
		March 31,
		2014			2013
Allowance for loan losses at January 1		$	3,984		$	2,061
Provision for loan losses		497			30
Charge-offs		—			—
Recoveries		—			—
Allowance for loan losses at March 31		$	4,481		$	2,091
Recorded investment in loans related to the allowance for loan loss		$	298,753		$	112,573

The activity in our loan portfolio was as follows (amounts in thousands):

		For the Three Months Ended
		March 31,
		2014			2013
Balance at January 1		$	4,750,804		$	3,000,335
Acquisitions/originations/additional funding		981,762			129,817
Capitalized interest(1)		8,656			1,611
Basis of loans sold(2)		(448,317		)	(44,631		)
Loan maturities/principal repayments		(353,934		)	(93,651		)
Discount accretion/premium amortization		1,806			7,632
Changes in fair value		20,893			—
Unrealized foreign currency remeasurement gain (loss)		3,629			(6,141		)
Loan loss allowance		(497		)	(30		)
Balance at March 31		$	4,964,802		$	2,994,942


(1) Represents accrued interest income on loans whose terms do not require current payment of interest.
(2) See Note 10 for additional disclosure on these transactions.

Investment_Securities

Investment Securities	3 Months Ended
Investment Securities	Mar. 31, 2014
Investment Securities	'
Investment Securities	'
	5. Investment Securities

	Investment securities were comprised of the following as of March 31, 2014 and December 31, 2013 (amounts in thousands):

			Carrying Value as of
			March 31, 2014			December 31, 2013
	RMBS, available-for-sale		$	291,217		$	296,236
	Single-borrower CMBS, available-for-sale		113,477			114,346
	CMBS, fair value option (1)		564,818			550,282
	Held-to-maturity (“HTM”) securities		369,152			368,318
	Equity security, fair value option		15,115			15,247
	Subtotal - Investment securities		1,353,779			1,344,429
	VIE eliminations (1)		(430,694		)	(409,322		)
	Total investment securities		$	923,085		$	935,107


	(1) Certain fair value option CMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810.

	Purchases, sales and principal collections for all investment securities were as follows (amounts in thousands):

			Available-for-sale						CMBS, fair			HTM			Equity
			RMBS			CMBS			value option			Securities			Security		Total
	Three Months ended March 31, 2014
	Purchases		$	—		$	—		$	9,890		$	—		$	—	$	9,890
	Sales		9,309			—			18,574			—			—		27,883
	Principal collections		7,819			408			—			—			—		8,227
	Three Months ended March 31, 2013
	Purchases		—			—			—			37,190			—		37,190
	Sales		12,711			206,608		-1	—			—			6,769		226,088
	Principal collections		16,868			4,858			—			—			—		21,726



	(1) Settlement occurred subsequent to March 31, 2013. We account for all investment securities transactions on a trade date basis.

	RMBS and Single-borrower CMBS, Available-for-Sale

	With the exception of one CMBS classified as HTM, the Company classified all of its RMBS and CMBS investments where the fair value option has not been elected as available-for-sale as of March 31, 2014 and December 31, 2013. These RMBS and CMBS are reported at fair value in the balance sheet with changes in fair value recorded in accumulated other comprehensive income (“AOCI”).

	The tables below summarize various attributes of our investments in available-for-sale RMBS and single-borrower CMBS where the fair value option has not been elected as of March 31, 2014 and December 31, 2013 (amounts in thousands):

												Unrealized Gains or (Losses)
												Recognized in AOCI
			Purchase			Credit			Recorded			Non-Credit			Gross		Gross			Net		Fair Value
			Amortized			OTTI			Amortized			OTTI			Unrealized		Unrealized			Fair Value
			Cost						Cost						Gains		Losses			Adjustment
	March 31, 2014
	RMBS		$	243,354		$	(10,342	)	$	233,012		$	(979	)	$	59,419	$	(235	)	$	58,205	$	291,217
	Single-borrower CMBS		100,980			—			100,980			—			12,497		—			12,497		113,477
	Total		$	344,334		$	(10,342	)	$	333,992		$	(979	)	$	71,916	$	(235	)	$	70,702	$	404,694
	December 31, 2013
	RMBS		$	253,912		$	(11,134	)	$	242,778		$	(55	)	$	55,154	$	(1,641	)	$	53,458	$	296,236
	Single-borrower CMBS		100,687			—			100,687			—			13,659		—			13,659		114,346
	Total		$	354,599		$	(11,134	)	$	343,465		$	(55	)	$	68,813	$	(1,641	)	$	67,117	$	410,582

			Weighted Average		Weighted Average		WAL (Years)(3)
			Coupon(1)		Rating
					(Standard & Poor’s)
	March 31, 2014
	RMBS		1	%	B-		7.8
	Single-borrower CMBS		11.5	%	BB+	-2	4
	December 31, 2013
	RMBS		1	%	B-		6.8
Single-borrower CMBS		11.5	%	BB+	-2	5.9


(1) Calculated using the March 31, 2014 and December 31, 2013 one-month LIBOR rate of 0.152% and 0.168%, respectively, for floating rate securities.

(2) As of March 31, 2014 and December 31, 2013, approximately 99.1% and 98.8%, respectively, of the CMBS securities were rated BB+.

(3) Represents the WAL of each respective group of securities calculated as of the respective balance sheet date. The WAL of each individual security or loan is calculated as a fraction, the numerator of which is the sum of the timing (in years) of each expected future principal payment multiplied by the balance of the respective payment, and with a denominator equal to the sum of the expected principal payments using the contractually extended maturity dates of the assets. Assumptions for the calculation of the WAL are adjusted as necessary for changes in projected principal repayments and/or maturity dates of the security.

As of March 31, 2014, $1.0 million, or 0.9%, of the single-borrower CMBS were variable rate. As of December 31, 2013, $1.3 million, or 1.2%, of the single-borrower CMBS were variable rate. As of March 31, 2014, approximately $252.1 million, or 86.6%, of the RMBS were variable rate and paid interest at LIBOR plus a weighted average spread of 0.38%. As of December 31, 2013, approximately $256.1 million, or 86.5%, of the RMBS were variable rate and paid interest at LIBOR plus a weighted average spread of 0.37%. We purchased all of the RMBS at a discount that will be accreted into income over the expected remaining life of the security. The majority of the income from this strategy is earned from the accretion of these discounts.

The following table contains a reconciliation of aggregate principal balance to amortized cost for our RMBS and single-borrower CMBS as of March 31, 2014 and December 31, 2013, excluding CMBS where we have elected the fair value option (amounts in thousands):

		March 31, 2014						December 31, 2013
		RMBS			CMBS			RMBS			CMBS
Principal balance		$	388,066		$	100,980		$	414,020		$	100,687
Accretable yield		(99,622		)	—			(101,046		)	—
Non-accretable difference		(55,432		)	—			(70,196		)	—
Total discount		(155,054		)	—			(171,242		)	—
Amortized cost		$	233,012		$	100,980		$	242,778		$	100,687

The principal balance of credit deteriorated RMBS was $300.7 million and $320.4 million as of March 31, 2014 and December 31, 2013, respectively. Accretable yield related to these securities totaled $79.3 million and $78.3 million as of March 31, 2014 and December 31, 2013, respectively.

The following table discloses the changes to accretable yield and non-accretable difference for our RMBS and single-borrower CMBS during the three months ended March 31, 2014 and 2013, excluding CMBS where we have elected the fair value option (amounts in thousands):

		Accretable Yield						Non-Accretable
		Accretable Yield						Difference
		RMBS			CMBS			RMBS			CMBS
Balance as of January 1, 2014		$	101,046		$	—		$	70,196		$	—
Accretion of discount		(6,564		)	—			—			—
Principal write-downs		—			—			(366		)	—
Purchases		—			—			—			—
Sales		(1,962		)	—			(7,509		)	—
OTTI		213			—			—			—
Transfer to/from non-accretable difference		6,889			—			(6,889		)	—
Balance as of March 31, 2014		$	99,622		$	—		$	55,432		$	—

Balance as of January 1, 2013		$	108,486		$	21,511		$	97,605		$	—
Accretion of discount		(6,151		)	(3,029		)	—			—
Principal write-downs		—			—			(496		)	—
Purchases		—			—			—			—
Sales		(2,418		)	(9,873		)	(2,038		)	—
OTTI		42			—			—			—
Transfer to/from non-accretable difference		(1,002		)	—			1,002			—
Balance as of March 31, 2013		$	98,957		$	8,609		$	96,073		$	—

Subject to certain limitations on durations, we have allocated an amount to invest in RMBS that cannot exceed 10% of our total assets excluding LNR VIEs. We have engaged a third party manager who specializes in RMBS to execute the trading of RMBS, the cost of which was $0.6 million for each of the three months ended March 31, 2014 and 2013, which has been recorded as management fees in the accompanying condensed consolidated statements of operations.

The following table presents the gross unrealized losses and estimated fair value of the available-for-sale securities (i) where we have not elected the fair value option, (ii) that were in an unrealized loss position as of March 31, 2014 and December 31, 2013, and (iii) for which OTTIs (full or partial) have not been recognized in earnings (amounts in thousands):

		Estimated Fair Value						Unrealized Losses
		Securities with a			Securities with a			Securities with a			Securities with a
		loss less than			loss greater than			loss less than			loss greater than
		12 months			12 months			12 months			12 months
As of March 31, 2014
RMBS		$	20,799		$	799		$	(1,040	)	$	(174	)
Single-borrower CMBS		—			—			—			—
Total		$	20,799		$	799		$	(1,040	)	$	(174	)
As of December 31, 2013
RMBS		$	26,344		$	1,809		$	(1,444	)	$	(252	)
Single-borrower CMBS		—			—			—			—
Total		$	26,344		$	1,809		$	(1,444	)	$	(252	)

As of March 31, 2014, there were six securities with unrealized losses reflected in the table above. After evaluating each security and recording adjustments, as necessary, for other-than-temporary impairments, the remaining unrealized losses reflected above were not considered to represent other-than-temporary impairments. We considered a number of factors in reaching this conclusion, including that we did not intend to sell any individual security, it was not considered more likely than not that we would be forced to sell any individual security prior to recovering our amortized cost, and there were no material credit events that would have caused us to otherwise conclude that we would not recover our cost. Credit losses, which represent most of the other-than-temporary impairments we record, are calculated by comparing (i) the estimated future cash flows of each security discounted at the yield determined as of the initial acquisition date or, if since revised, as of the last date previously revised, to (ii) our amortized cost basis. Significant judgment is used in projecting cash flows for our non-agency RMBS. As a result, actual income and/or impairments could be materially different from what is currently projected and/or reported.

CMBS, Fair Value Option

As discussed in the “Fair Value Option” section of Note 2 herein, we elect the fair value option for LNR’s CMBS in an effort to eliminate accounting mismatches resulting from the current or potential consolidation of securitization VIEs. As of March 31, 2014, the fair value and unpaid principal balance of CMBS where we have elected the fair value option, before consolidation of securitization VIEs, were $564.8 million and $3.9 billion, respectively. These balances represent our economic interests in these assets. However, as a result of our consolidation of securitization VIEs, the vast majority of this fair value ($430.7 million at March 31, 2014) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option CMBS. During the three months ended March 31, 2014, we purchased $44.7 million of CMBS for which we elected the fair value option. Due to our consolidation of securitization VIEs, $34.8 million of this amount is reflected as repayment of debt of consolidated VIEs in our condensed consolidated statement of cash flows.

As of March 31, 2014 and December 31, 2013, none of our CMBS where we have elected the fair value option were variable rate. The table below summarizes various attributes of our investment in fair value option CMBS as of March 31, 2014 and December 31, 2013 (amounts in thousands):

		Weighted		Weighted		WAL
		Average		Average		(Years)(1)
		Coupon		Rating
				(Standard &
				Poor’s)
March 31, 2014
CMBS, fair value option		5.4	%	C	-2	5.6
December 31, 2013
CMBS, fair value option		5.4	%	D	-2	4.4


(1) The WAL of each security is calculated based on the period of time over which we expect to receive principal cash flows. Expected principal cash flows are based on contractual payments net of expected losses.

(2) As of March 31, 2014 and December 31, 2013, includes $53.8 million and $55.5 million, respectively, in fair value option CMBS that are not rated but assigned a rating weight one level lower than NR for purposes of this calculation. As of March 31, 2014 and December 31, 2013, the remaining $80.3 million and $85.4 million, respectively, in fair value option CMBS had a weighted average rating of CC and C, respectively.

HTM Securities

The table below summarizes various attributes of our investments in HTM securities as of March 31, 2014 and December 31, 2013 (amounts in thousands):

		Net Carrying			Gross			Gross			Fair Value
		Amount			Unrealized			Unrealized
		(Amortized			Holding			Holding
		Cost)			Gains			Losses
March 31, 2014
Preferred interests		$	284,991		$	—		$	(754	)	$	284,237
CMBS		84,161			—			(587		)	83,574
Total		$	369,152		$	—		$	(1,341	)	$	367,811
December 31, 2013
Preferred interests		$	284,087		$	135		$	—		$	284,222
CMBS		84,231			—			—			84,231
Total		$	368,318		$	135		$	—		$	368,453

During 2013, we originated two preferred equity interests of $246.1 million and $37.2 million, respectively, in limited liability companies that own commercial real estate. These preferred equity interests mature in December 2018 and October 2014, respectively. During 2013, we also purchased a CMBS security with a face value and purchase price of $84.1 million, which we expect to hold to maturity. The stated maturity of this security is November 2016.

Equity Security, Fair Value Option

During 2012, we acquired 9,140,000 ordinary shares from a related-party (approximately a 4% interest) in Starwood European Real Estate Finance Limited (“SEREF”), a debt fund that is externally managed by an affiliate of our Manager and is listed on the London Stock Exchange. We have elected to report the investment using the fair value option because the shares are listed on an exchange, which allows us to determine the fair value using a quoted price from an active market, and also due to potential lags in reporting resulting from differences in the respective regulatory requirements. The fair value of the investment remeasured in USD was $15.1 million and $15.2 million as of March 31, 2014 and December 31, 2013, respectively.

Investment_in_Unconsolidated_E

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2014
Investment in Unconsolidated Entities	'
Investment in Unconsolidated Entities	'
	6. Investment in Unconsolidated Entities

	The below table summarizes our investments in unconsolidated entities as of March 31, 2014 and December 31, 2013 (dollar amounts in thousands):

		Participation /	Carrying value as of				Carrying value over (under)
							equity in net assets as of
		Ownership %(1)	March 31, 2014		December 31, 2013		March 31, 2014(2)
	Equity method:
	Investor entity which owns equity interests in two real estate services providers	50%	$	19,449	$	19,371	$	—
	Small balance bridge loan financing venture	50%	25,947		26,121		—
	European investment fund	50%	9,409		23,779		(4,051		)
	Mezzanine loan venture	49%	23,508		23,676		—
	Healthcare bridge loan venture	various	10,365		14,163		—
	Various	25% - 50%	4,577		4,371		—
			93,255		111,481		$	(4,051	)
	Cost method:
	Loan servicing venture	4% - 6%	8,014		8,014
	Various	2% - 10%	3,251		3,459
			11,265		11,473
			$	104,520	$	122,954

	(1) None of these investments are publicly traded and therefore quoted market prices are not available.

	(2) Differences between the carrying value of our investment and the underlying equity in net assets of the investee are accounted for as if the investee were a consolidated entity in accordance with ASC 323, Investments—Equity Method and Joint Ventures.

Goodwill_and_Intangible_Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2014
Goodwill and Intangible Assets	'
Goodwill and Intangible Assets	'
	7. Goodwill and Intangible Assets

	Goodwill

	Goodwill at March 31, 2014 and December 31, 2013 represents the excess of consideration transferred over the fair value of net assets of LNR acquired on April 19, 2013. The goodwill recognized is attributable to value embedded in LNR’s existing platform, which includes an international network of commercial real estate asset managers, work-out specialists, underwriters and administrative support professionals as well as proprietary historical performance data on commercial real estate assets.

	Servicing Rights Intangibles

	In connection with the LNR acquisition, we identified domestic and European servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. All of our servicing fees are specified by these Pooling and Servicing Agreements. At March 31, 2014 and December 31, 2013, the balance of the domestic servicing intangible was net of $77.0 million and $80.6 million, respectively, that was eliminated in consolidation pursuant to ASC 810 against VIE assets in connection with our consolidation of securitization VIEs. Before VIE consolidation, as of March 31, 2014 and December 31, 2013 the domestic servicing intangible had a balance of $221.9 million and $230.7 million, respectively, which represents our economic interest in this asset.

	The table below presents information about our GAAP servicing intangibles for the three months ended March 31, 2014 (in thousands):

	Domestic servicing rights, at fair value
	Fair value at January 1, 2014	$	150,149
	Changes in fair value due to changes in inputs and assumptions	(5,251		)
	Fair value at March 31, 2014	144,898
	European servicing rights
	Net carrying amount at January 1, 2014 (fair value of $29.3 million)	27,024
	Foreign exchange gain	145
	Amortization	(4,011		)
	Net carrying value at March 31, 2014 (fair value of $24.4 million)	23,158
	Total servicing rights at March 31, 2014	$	168,056

Secured_Financing_Agreements

Secured Financing Agreements

3 Months Ended

Mar. 31, 2014

Secured Financing Agreements

8. Secured Financing Agreements

The following table is a summary of our secured financing agreements in place as of March 31, 2014 and December 31, 2013 (dollars in thousands):

Pledged

Maximum

Carrying Value at

Asset

Facility

Revolver

Eligible

Current

Extended

Pricing

Carrying

Facility

March 31, 2014

December 31,

Type

Assets

Maturity

Maturity(a)

Value

Size

2013

Lender 1 Repo 1

Repurchase

Yes

Identified Loans and CMBS

(b)

LIBOR + 1.85% to 5.25%

1,257,467

1,000,000

810,081

449,323

Lender 1 Repo 2

Repurchase

Yes

Identified RMBS

(c)

N/A

LIBOR + 1.90%

267,464

175,000

159,427

127,943

Lender 1 Repo 3

Repurchase

Identified Loans

Dec-14

Dec-16

LIBOR + 2.75%

209,427

153,299

154,133

Lender 2 Repo 1

Repurchase

Yes

Identified Loans

Oct-15

Oct-18

LIBOR + 2.00% to 2.75%

211,684

225,000

136,018

100,886

Lender 3 Repo 1

Repurchase

Identified Loans

Jul-15

Jul-17

LIBOR + 3.00%

76,847

49,862

50,871

Conduit I

Repurchase

Yes

Identified Loans

Sep-14

LIBOR + 2.20%

112,720

250,000

80,633

129,843

Conduit II

Repurchase

Yes

Identified Loans

Nov-14

LIBOR + 2.10%

37,307

150,000

27,900

—

Lender 4 Repo 1

Repurchase

Identified Loans

Oct-15

Oct-17

LIBOR + 2.60%

444,793

349,902

347,697

Lender 5 Repo 1

Repurchase

Identified CMBS

Dec-14

LIBOR + 2.00%

84,161

58,467

Borrowing Base

Bank Credit Facility

Yes

Identified Loans

Sep-15

Sep-17

LIBOR + 3.25%(d)

869,527

250,000

107,769

169,104

Term Loan

Syndicated Facility

Specifically Identified Assets

Apr-20

LIBOR + 2.75%(d)

2,568,446

670,116

667,704

(e)

669,293

(e)

6,139,843

3,331,646

2,601,062

2,257,560

(a) Subject to certain conditions as defined in the respective facility agreement.

(b) Maturity date for borrowings collateralized by loans of January 2017 before extension options and January 2019 assuming initial extension options. Maturity date for borrowings collateralized by CMBS of January 2015 before extension options and January 2016 assuming initial extension options.

(d) Subject to borrower’s option to choose alternative benchmark based rates pursuant to the terms of the credit agreement. The Term Loan is also subject to a 75 basis point floor.

(e) Term loan outstanding balance is net of $2.4 million and $2.5 million of unamortized discount as of March 31, 2014 and December 31, 2013.

In January 2014, we amended the Lender 1 Repo 1 facility to (i) upsize available borrowings to $1.0 billion from $550 million; (ii) extend the maturity date for loan collateral to January 2019 and for CMBS collateral to January 2016, each from August 2014, and each assuming initial extension options; (iii) allow for up to four additional one-year extension options with respect to any loan collateral that remains financed at maturity, in an effort to match the term of the maturity dates of these assets; (iv) reduce pricing and debt-yield thresholds for purchased assets; and (v) amend certain financial covenants to contemplate the spin-off of the SFR segment. STWD guarantees certain of the obligations of the consolidated subsidiary, which is the borrower under the repurchase agreement, up to a maximum liability of either 25% or 100% of the then-currently outstanding repurchase price of purchased assets, depending upon the type of asset being financed.

Our secured financing agreements contain certain financial tests and covenants. As of March 31, 2014, we were in compliance with all such covenants.

The following table sets forth our five-year principal repayments schedule for the secured financings, assuming no defaults or expected extensions and excluding the loans transferred as secured borrowings. Our credit facilities generally require principal to be paid down prior to the facilities’ respective maturities if and when we receive principal payments on, or sell, the investment collateral that we have pledged. The amount reflected in each period includes principal repayments on our credit facilities that would be required if (i) we received the repayments that we expect to receive on the investments that have been pledged as collateral under the credit facilities, as applicable, and (ii) the credit facilities that are expected to have amounts outstanding at their current maturity dates are extended where extension options are available to us (amounts in thousands):

2014 (remainder of)

211,941

2015

194,927

2016

373,884

2017

627,863

2018

186,817

Thereafter(1)

1,008,041

Total

2,603,473

(1) Principal paydown of the Term Loan through 2020 excludes $2.4 million of discount amortization.

Secured financing maturities for 2014 primarily relate to $80.6 million on the Conduit I facility, $58.5 million on the Lender 5 Repo 1 facility, $27.9 million on the Conduit II facility, and $25.7 million on the Lender 1 Repo 3 facility.

As of March 31, 2014 and December 31, 2013, we had approximately $27.1 million and $22.5 million, respectively, of deferred financing costs from secured financing agreements, net of amortization, which is included in other assets on our condensed consolidated balance sheets. For the three months ended March 31, 2014 and 2013, approximately $2.9 million, and $3.2 million, respectively, of amortization was included in interest expense on our condensed consolidated statements of operations.

Convertible_Senior_Notes

Convertible Senior Notes

3 Months Ended

Mar. 31, 2014

Convertible Senior Notes

9. Convertible Senior Notes

On February 15, 2013, we issued $600.0 million of 4.55% Convertible Senior Notes due 2018 (the “2018 Notes”). On July 3, 2013, we issued $460.0 million of 4.00% Convertible Senior Notes due 2019 (the “2019 Notes”). The following summarizes the unsecured convertible senior notes (collectively, the “Convertible Notes”) outstanding as of March 31, 2014 (amounts in thousands, except rates):

Principal

Coupon

Effective

Conversion

Maturity

Remaining

Amount

Rate

Rate(1)

Rate(2)

Date

Period of

Amortization

2018 Notes

600,000

4.55

6.08

44.4112

3/1/18

3.9 years

2019 Notes

460,000

5.37

47.3282

1/15/19

4.8 years

As of

March 31, 2014

December 31, 2013

Total principal

1,060,000

Net unamortized discount

(59,161

)

(62,149

)

Carrying amount of debt components

1,000,839

997,851

Carrying amount of conversion option equity components recorded in additional paid-in capital

48,502

(1) Effective rate includes the effects of underwriter purchase discount and the adjustment for the conversion option, the value of which reduced the initial liability and was recorded in additional paid-in-capital.

(2) The conversion rate represents the number of common shares issuable per $1,000 principal amount of Convertible Notes converted, as adjusted in accordance with the applicable indentures as a result of the spin-off of the SFR segment. The if-converted value of the 2018 Notes exceeded their principal amount by $28.6 million at March 31, 2014 since the closing market price of the Company’s common stock of $23.59 per share exceeded the implicit conversion price of $22.52 per share. The if-converted value of the 2019 Notes exceeded their principal amount by $53.6 million at March 31, 2014 since the closing market price of $23.59 per share exceeded the implicit conversion price of $21.13 per share for the 2019 Notes. The Company has asserted its intent and ability to settle the principal amount of the Convertible Notes in cash. As a result, conversion of this principal amount, totaling 45.2 million shares, was not included in the computation of diluted earnings per share (“EPS”). However, the conversion spread value, representing 3.2 million shares, was included in the computation of diluted EPS. See further discussion at Note 16.

As of March 31, 2014 and December 31, 2013, we had approximately $1.5 million and $1.6 million, respectively, of deferred financing costs from our Convertible Senior Notes, net of amortization, which is included in other assets on our condensed consolidated balance sheets.

Conditions for Conversion

Prior to September 1, 2017 for the 2018 Notes and July 15, 2018 for the 2019 Notes, the Convertible Notes will be convertible only upon satisfaction of one or more of the following conditions: (1) the closing market price of the Company’s common stock is at least 130% of the conversion price of the respective Convertible Notes for at least 20 out of 30 trading days prior to the end of the preceding fiscal quarter, (2) the trading price of the Convertible Notes is less than 98% of the product of (i) the conversion rate and (ii) the closing price of the Company’s common stock during any five consecutive trading day period, (3) the Company issues certain equity instruments at less than the 10-day average closing market price of its common stock or the per-share value of certain distributions exceeds the market price of the Company’s common stock by more than 10% or (4) other specified corporate events (significant consolidation, sale, merger, share exchange, fundamental change, etc.) occur.

On or after September 1, 2017 for the 2018 Notes and July 15, 2018 for the 2019 Notes, holders may convert each of their notes at the applicable conversion rate at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

Impact of Spin-off on Convertible Senior Notes

As described in Note 1, on January 31, 2014, the Company distributed all of its interest in the SFR segment to the Company’s stockholders of record as of January 24, 2014. As the per-share value of the of the distribution was expected to exceed 10% of the last reported market price of the Company’s common stock on the trading day prior to the announcement for such distribution, holders of the Convertible Notes were eligible to surrender their notes for conversion at any time during the period beginning November 26, 2013 (the 45th trading day immediately prior to the scheduled ex-dividend date for the distribution) and ending on the close of the business day immediately preceding February 3, 2014, the ex-dividend date for such distribution. During this period, the Company received notices of conversion totaling $19 thousand and $3 thousand in principal for the 2018 Notes and 2019 Notes, respectively. The cash settlement of these conversions occurred in April 2014.

Due to the distribution, the quarterly dividend threshold amounts for the Convertible Notes were adjusted to $0.3548 and $0.3710 (from $0.44 and $0.46) per common share for the 2018 Notes and 2019 Notes, respectively, effective February 3, 2014.

Refer to Note 11 to the consolidated financial statements included in our Form 10-K for further discussion regarding our accounting for the convertible senior notes.

Loan_SecuritizationSale_Activi

Loan Securitization/Sale Activities	3 Months Ended
	Mar. 31, 2014
Loan Securitization/Sale Activities	'
Loan Securitization/Sale Activities	'
	10. Loan Securitization/Sale Activities

	As described below, we regularly sell loans and notes under various strategies. We evaluate such sales as to whether they meet the criteria for treatment as a sale—legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint, and transfer of control.

	Within LNR, we originate commercial mortgage loans with the intent to sell these mortgage loans to SPEs for the purposes of securitization. These SPEs then issue CMBS that are collateralized in part by these assets, as well as other assets transferred to the SPE. In certain instances, we retain a subordinated interest in the SPE and serve as special servicer for the SPE. During the three months ended March 31, 2014, we sold $289.4 million par value of loans held-for-sale from our conduit platform for their fair values of $302.5 million. During the three months ended March 31, 2014, the sale proceeds were used in part to repay $217.0 million of the outstanding balance of the repurchase agreements associated with these loans.

	Within the Lending Segment (refer to Note 22), we originate or acquire loans and then subsequently sell a senior portion, which can be represented in various forms including first mortgages, A-Notes and senior participations. Typically, our motivation for entering into these transactions is to effectively create leverage on the subordinated position that we will retain and hold for investment. The following table summarizes our loans sold and loans transferred as secured borrowings by the Lending Segment net of expenses (in thousands):

		Loan Transfers Accounted				Loan Transfers
		for as Sales				Accounted for as Secured
						Borrowings
		Face Amount		Proceeds		Face Amount		Proceeds
	For the three months ended March 31,
	2014	$	147,884	$	146,400	$	—	$	—
	2013	44,531		44,631		—		—

Derivatives_and_Hedging_Activi

Derivatives and Hedging Activity	3 Months Ended
	Mar. 31, 2014
Derivatives and Hedging Activity	'
Derivatives and Hedging Activity	'
	11. Derivatives and Hedging Activity

	Risk Management Objective of Using Derivatives

	We are exposed to certain risks arising from both our business operations and economic conditions. Refer to Note 13 to the consolidated financial statements included in our Form 10-K for further discussion of our risk management objectives and policies.

	Designated Hedges

	Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

	In connection with our repurchase agreements, we have entered into eight outstanding interest rate swaps that have been designated as cash flow hedges of the interest rate risk associated with forecasted interest payments. As of March 31, 2014, the aggregate notional of our interest rate swaps designated as cash flow hedges of interest rate risk totaled $198.9 million. Under these agreements, we will pay fixed monthly coupons at fixed rates ranging from 0.56% to 2.23% of the notional amount to the counterparty and receive floating rate LIBOR. Our interest rate swaps designated as cash flow hedges of interest rate risk have maturities ranging from May 2014 to May 2021.

	The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2014 and 2013 we did not recognize any hedge ineffectiveness in earnings.

	Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments are made on the associated variable-rate debt. Over the next twelve months, we estimate that an additional $1.2 million will be reclassified as an increase to interest expense. We are hedging our exposure to the variability in future cash flows for forecasted transactions over a maximum period of 86 months.

	Non-designated Hedges

	Derivatives not designated as hedges are derivatives that do not meet the criteria for hedge accounting under GAAP or for which we have not elected to designate as hedges. We do not use these derivatives for speculative purposes but instead they are used to manage our exposure to foreign exchange rates, interest rate changes, and certain credit spreads. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in gain (loss) on derivative financial instruments in our condensed consolidated statements of operations. The LNR conduit platform uses interest rate and credit index instruments to manage exposures related to commercial mortgage loans held-for-sale.

	We have entered into a series of forward contracts whereby we agreed to sell an amount of GBP or EUR for an agreed upon amount of USD at various dates through March 2016. These forward contracts were executed to economically fix the USD amounts of foreign denominated cash flows expected to be received by us related to foreign denominated loan investments.

	As of March 31, 2014, we had 69 foreign exchange forward derivatives to sell GBP with a total notional amount of £228.8 million and 25 foreign exchange forward derivatives to sell EUR with a total notional amount of €138.9 million that were not designated as hedges in qualifying hedging relationships. Also as of March 31, 2014, there were 23 interest rate swaps where the Company is paying fixed rates, with maturities ranging from 2 to 10 years and a total notional amount of $97.6 million, four interest rate swaps where the Company is receiving fixed rates with maturities ranging from 1 to 4 years and a total notional of $64.2 million and eight credit index instruments with a total notional amount of $50.0 million. The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013 (amounts in thousands):

		Fair Value of Derivatives in an						Fair Value of Derivatives in a
		Asset Position(1) As of						Liability Position(2) As of
		March 31, 2014			December 31, 2013			March 31, 2014		December 31, 2013
	Derivatives designated as hedging instruments:
	Interest rate swaps	$	112		$	125		$	594	$	729
	Total derivatives designated as hedging instruments	112			125			594		729
	Derivatives not designated as hedging instruments:
	Interest rate swaps	2,361			5,102			989		983
	Foreign exchange contracts	266			269			16,474		22,480
	Credit index instruments	1,878			2,273			—		—
	Total derivatives not designated as hedging instruments	4,505			7,644			17,463		23,463
	Total derivatives	$	4,617		$	7,769		$	18,057	$	24,192

	(1) Classified as derivative assets in our condensed consolidated balance sheets.

	(2) Classified as derivative liabilities in our condensed consolidated balance sheets.

	The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of operations and of comprehensive income for the three months ended March 31, 2014 and 2013:

	Derivatives Designated as	Gain (Loss)			Gain (Loss)			Gain (Loss)		Location of Gain (Loss)
	Hedging Instruments	Recognized			Reclassified			Recognized		Recognized in Income
	for the Three Months Ended March 31,	in OCI			from AOCI			in Income
		(effective portion)			into Income			(ineffective portion)
					(effective portion)
	2014	$	(251	)	$	(373	)	$	—	Interest expense
	2013	$	(167	)	$	(447	)	$	—	Interest expense

	Derivatives Not Designated			Amount of Gain (Loss)
				Recognized in Income for the
				Three Months Ended March 31,
	as Hedging Instruments	Location of Gain (Loss) Recognized in Income		2014			2013
	Interest rate swaps	Loss (gain) on derivative financial instruments		$	(4,197	)	$	150
	Foreign exchange contracts	Loss (gain) on derivative financial instruments		(3,047		)	16,078
	Credit index instruments	Loss on derivative financial instruments		(622		)	—
				$	(7,866	)	$	16,228

	Credit-risk-related Contingent Features

	We have entered into agreements with certain of our derivative counterparties that contain provisions providing that if we were to default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, we may also be declared in default on our derivative obligations. We also have certain agreements that contain provisions providing that if our ratio of principal amount of indebtedness to total assets at any time exceeds 75%, then we could be declared in default of our derivative obligations.

As of March 31, 2014, we had posted collateral of $17.1 million related to our derivative financial instruments.

Offsetting_Assets_and_Liabilit

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2014
Offsetting Assets and Liabilities	'
Offsetting Assets and Liabilities	'
	12. Offsetting Assets and Liabilities

	The following tables present the potential effects of netting arrangements on our financial position for financial assets and liabilities within the scope of ASC 210-20, Balance Sheet—Offsetting, which for us are derivative assets and liabilities as well as repurchase agreement liabilities (amounts in thousands):

				(ii)		(iii) =160;(i) - (ii)		(iv)
								Gross Amounts Not
								Offset in the Statement
								of Financial Position
		(i)		Gross Amounts		Net Amounts		Financial		Cash		(v) =160;(iii) - (iv)
		Gross Amounts		Offset in the		Presented in		Instruments		Collateral		Net Amount
		Recognized		Statement of		the Statement of				Received /
				Financial Position		Financial Position				Pledged
	As of March 31, 2014
	Derivative assets	$	4,617	$	—	$	4,617	$	493	$	1,731	$	2,393
	Derivative liabilities	$	18,057	$	—	$	18,057	$	493	$	12,065	$	5,499
	Repurchase agreements	1,825,589		—		1,825,589		1,825,589		—		—
		$	1,843,646	$	—	$	1,843,646	$	1,826,082	$	12,065	$	5,499
	As of December 31, 2013
	Derivative assets	$	7,769	$	—	$	7,769	$	692	$	1,916	$	5,161
	Derivative liabilities	$	24,192	$	—	$	24,192	$	692	$	7,150	$	16,350
	Repurchase agreements	1,419,163		—		1,419,163		1,419,163		—		—
		$	1,443,355	$	—	$	1,443,355	$	1,419,855	$	7,150	$	16,350

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2014
Variable Interest Entities	'
Variable Interest Entities	'
	13. Variable Interest Entities

	Investment Securities

	As discussed in Note 2, we evaluate all of our investments and other interests in entities for consolidation, including our investments in CMBS and our retained interests in securitization transactions we initiated, all of which are generally considered to be variable interests in VIEs.

	The VIEs consolidated in accordance with ASC 810 are structured as pass through entities that receive principal and interest on the underlying collateral and distribute those payments to the certificate holders. The assets and other instruments held by these securitization entities are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the securitization entities do not have any recourse to the general credit of any other consolidated entities, nor to us as the primary beneficiary. The SPE liabilities initially represent investment securities on our balance sheet (pre-consolidation). Upon consolidation of these VIEs, our associated investment securities are eliminated, as is the interest income related to those securities. Similarly, the fees we earn in our roles as special servicer of the bonds issued by the consolidated VIEs or as collateral administrator of the consolidated VIEs are also eliminated. Finally, an allocable portion of the identified servicing intangible associated with the eliminated fee streams is eliminated in consolidation.

	VIEs in which we are the Primary Beneficiary

	The inclusion of the assets and liabilities of VIEs in which we are deemed the primary beneficiary has no economic effect on us. Our exposure to the obligations of VIEs is generally limited to our investment in these entities. We are not obligated to provide, nor have we provided, any financial support for any of these consolidated structures.

	VIEs in which we are not the Primary Beneficiary

	In certain instances, we hold a variable interest in a VIE in the form of CMBS, but either (i) we are not appointed, or do not serve as, special servicer or (ii) an unrelated third party has the rights to unilaterally remove us as special servicer. In these instances, we do not have the power to direct activities that most significantly impact the VIE’s economic performance. In other cases, the variable interest we hold does not obligate us to absorb losses or provide us with the right to receive benefits from the VIE which could potentially be significant. For these structures, we are not deemed to be the primary beneficiary of the VIE, and we do not consolidate these VIEs.

	As of March 31, 2014, one of our collateralized debt obligation (“CDO”) structures was in default, which pursuant to the underlying indentures, changes the rights of the variable interest holders. Upon default of a CDO, the trustee or senior note holders are allowed to exercise certain rights, including liquidation of the collateral, which at that time, is the activity which would most significantly impact the CDO’s economic performance. Further, when the CDO is in default, the collateral administrator no longer has the option to purchase securities from the CDO. In cases where the CDO is in default and we do not have the ability to exercise rights which would most significantly impact the CDO’s economic performance, we do not consolidate the VIE. As of March 31, 2014, this CDO structure was not consolidated. During the three months ended March 31, 2014, one of our CDOs, which was previously in default as of December 31, 2013, ceased to be in default. As such, we consolidated the CDO and its underlying assets during the three months ended March 31, 2014.

	As noted above, we are not obligated to provide, nor have we provided, any financial support for any of our securitization SPEs, whether or not we are deemed to be the primary beneficiary. As such, the risk associated with our involvement in these VIEs is limited to the carrying value of our investment in the entity. As of March 31, 2014, our maximum risk of loss related to VIEs in which we were not the primary beneficiary was $134.1 million on a fair value basis.

	As of March 31, 2014, the securitization SPEs which we do not consolidate had debt obligations to beneficial interest holders with unpaid principal balances of $108.4 billion. The corresponding assets are comprised primarily of commercial mortgage loans with unpaid principal balances corresponding to the amounts of the outstanding debt obligations.

RelatedParty_Transactions

Related-Party Transactions	3 Months Ended
Related-Party Transactions	Mar. 31, 2014
Related-Party Transactions	'
Related-Party Transactions	'
	14. Related-Party Transactions

	Management Agreement

	We are subject to a management agreement (the “Management Agreement”) with our Manager, which provides for an initial term of three years with automatic one-year extensions thereafter unless terminated as described below. Under the Management Agreement, our Manager, subject to the oversight of our board of directors, is required to manage our day-to-day activities, for which our Manager receives a base management fee and is eligible for an incentive fee and stock awards. Our Manager’s personnel perform certain due diligence, legal, management and other services that outside professionals or consultants would otherwise perform. As such, in accordance with the terms of our Management Agreement, our Manager is paid or reimbursed for the documented costs of performing such tasks, provided that such costs and reimbursements are in amounts no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. Refer to Note 16 to the consolidated financial statements included in our Form 10-K for further discussion of this agreement.

	Base Management Fee. For the three months ended March 31, 2014 and 2013, approximately $13.2 million and $9.7 million, respectively, was incurred for base management fees. As of March 31, 2014 and December 31, 2013, there were $13.2 million and $0 of unpaid base management fees, respectively, in our condensed consolidated balance sheets.

	Incentive Fee. For the three months ended March 31, 2014 and 2013, approximately $7.2 million and $0, respectively, was incurred for the incentive fee. As of March 31, 2014 and December 31, 2013, approximately $7.2 million and $6.8 million, respectively, of unpaid incentive fees were included in related-party payable in our condensed consolidated balance sheets.

	Expense Reimbursement. For the three months ended March 31, 2014 and 2013, approximately $1.9 million and $2.5 million was incurred, respectively, for executive compensation and other reimbursable expenses. As of both March 31, 2014 and December 31, 2013, approximately $4.4 million of unpaid reimbursable executive compensation and other expenses were included in related-party payable in our condensed consolidated balance sheets.

	Manager Equity Plan

	In January 2014, we granted 2,489,281 restricted stock units to our Manager under the Starwood Property Trust, Inc. Manager Equity Plan (“Manager Equity Plan”). In connection with these grants and prior similar grants, we recognized share-based compensation expense of $6.7 million within management fees in our condensed consolidated statement of operations for the three months ended March 31, 2014. Refer to Note 15 herein for further discussion of these grants.

	Investment in Loan

	On October 2012, we co-originated $475.0 million in financing for the acquisition and redevelopment of a 10-story retail building located at 701 Seventh Avenue in the Times Square area of Manhattan through a joint venture with Starwood Distressed Opportunity Fund IX (“Fund IX”), an affiliate of our Manager. In January 2014, we refinanced the initial financing with an $815.0 million first mortgage and mezzanine financing to facilitate the further development of the property. Fund IX did not participate in the refinancing. As such, the joint venture distributed $31.6 million to Fund IX for the liquidation of their interest in the joint venture.

	LNR Related-Party Arrangement

	In connection with the LNR acquisition, we were required to cash collateralize certain obligations of LNR, including letters of credit and performance obligations. Fund IX funded $6.2 million of this obligation, but the account is within our name and is thus reflected within our restricted cash balance. We have recognized a corresponding payable to Fund IX of $4.4 million and $6.2 million within related-party payable in our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013, respectively.

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2014
Stockholders' Equity	'
Stockholders' Equity	'
	15. Stockholders’ Equity

	On February 24, 2014, our board of directors declared a dividend of $0.48 per share for the first quarter of 2014, which was paid on April 15, 2014 to common stockholders of record as of March 31, 2014.

	Subsequent to March 31, 2014, we issued additional common stock under our currently effective shelf registration. Refer to Note 23 herein for further details.

	Equity Incentive Plans

	The Company currently maintains the Manager Equity Plan, the Starwood Property Trust, Inc. Equity Plan (the “Equity Plan”), and the Starwood Property Trust, Inc. Non-Executive Director Stock Plan (“Non-Executive Director Stock Plan”). Refer to Note 17 to the consolidated financial statements included in our Form 10-K for further information regarding these plans.

	On January 2, 2014, the Company granted 2,000,000 restricted stock units to our Manager under the Manager Equity Plan. These awards vest ratably on a quarterly basis over a three-year period beginning on March 31, 2014 and had a grant date fair value of $55.4 million. On January 31, 2014, in connection with the spin-off of the SFR segment, the Company granted our Manager 489,281 restricted stock units of the Company in consideration of the Company’s currently unvested restricted stock units. Of these restricted stock units, 99,480 vest ratably on a quarterly basis over a 21-month period beginning on March 31, 2014 and 389,801 vest ratably on a quarterly basis over a three-year period beginning on March 31, 2014. These restricted stock units had a grant date fair value of $14.8 million.

	As of March 31, 2014, there were 3.4 million shares available for future grants under the Manager Equity Plan and the Equity Plan.

	Schedule of Non-Vested Shares and Share Equivalents

		Non-Executive	Equity Plan		Manager		Total		Weighted
		Director			Equity Plan				Average
		Stock Plan							Grant Date
									Fair Value
									(per share)
	Balance as of December 31, 2013	11,228	22,502		510,415		544,145		$	22.88
	Granted	—	147,911		2,489,281		2,637,192		27.96
	Vested	—	(14,981	)	(286,278	)	(301,259	)	26.71
	Forfeited	—	—		—		—		—
	Balance as of March 31, 2014	11,228	155,432		2,713,418		2,880,078		$	27.13

Earnings_per_Share

Earnings per Share	3 Months Ended
Earnings per Share	Mar. 31, 2014
Earnings per Share	'
Earnings per Share	'
	16. Earnings per Share

	We present both basic and diluted EPS amounts in our financial statements. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from (i) our share-based compensation, consisting of unvested restricted stock units and awards, (ii) contingently issuable shares to our Manager; and (iii) the “in-the-money” conversion options associated with our outstanding Convertible Notes (see further discussion below). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period.

	The Company’s unvested restricted share units and awards contain rights to receive non-forfeitable dividends and thus are participating securities. Due to the existence of these participating securities, the two-class method of computing EPS is required, unless another method is determined to be more dilutive. Under the two-class method, undistributed earnings are reallocated between common shares and participating securities. For the three months ended March 31, 2014 and 2013, the two-class method resulted in the most dilutive EPS calculation.

	The following table provides a reconciliation of net income from continuing operations and the number of common shares used in the computations of basic EPS and diluted EPS (in thousands, except per share amounts):

		For the Three Month Ended
		March 31,
		2014			2013
	Basic Earnings
	Continuing Operations:
	Income from continuing operations attributable to STWD common shareholders	$	122,152		$	64,531
	Less: Income attributable to unvested shares	(1,748		)	(454		)
	Basic — Income from continuing operations	$	120,404		$	64,077

	Discontinued Operations:
	Loss from discontinued operations	$	(1,551	)	$	(2,288	)
	Basic — Net income attributable to STWD common shareholders after allocation to participating securities	$	118,853		$	61,789

	Diluted Earnings
	Continuing Operations:
	Basic — Income from continuing operations attributable to STWD common shareholders	$	122,152		$	64,531
	Less: Income attributable to unvested shares	(1,748		)	(454		)
	Add: Undistributed earnings to unvested shares	366			18
	Less: Undistributed earnings reallocated to unvested shares	(361		)	(18		)
	Diluted — Income from continuing operations	$	120,409		$	64,077

	Discontinued Operations:
	Basic — Loss from discontinued operations	$	(1,551	)	$	(2,288	)
	Diluted — Net income attributable to STWD common shareholders after allocation to participating securities	$	118,858		$	61,789

	Number of Shares:
	Basic — Average shares outstanding	195,524			135,480
	Effect of dilutive securities — Convertible Notes	3,196			—
	Effect of dilutive securities — Contingently Issuable Shares	156			—
	Diluted — Average shares outstanding	198,876			135,480

	Basic Earnings Per Share:
	Income from continuing operations attributable to STWD common shareholders	$	0.62		$	0.47
	Loss from discontinued operations attributable to STWD common shareholders	(0.01		)	(0.01		)
	Net income attributable to STWD common shareholders	$	0.61		$	0.46

	Diluted Earnings Per Share:
	Income from continuing operations attributable to STWD common shareholders	$	0.61		$	0.47
	Loss from discontinued operations attributable to STWD common shareholders	(0.01		)	(0.01		)
	Net income attributable to STWD common shareholders	$	0.6		$	0.46

	As of March 31, 2014 and 2013, unvested restricted shares of 2.9 million and 1.0 million, respectively, were excluded from the computation of diluted EPS as their effect was determined to be anti-dilutive.

	Also as of March 31, 2014, there were 48.4 million potential shares of common stock contingently issuable upon the conversion of the Convertible Notes. The Company has asserted its intent and ability to settle the principal amount of the Convertible Notes in cash. As a result, this principal amount, representing 45.2 million shares at March 31, 2014, was not included in the computation of diluted EPS. However, as discussed in Note 9, the conversion options associated with both Convertible Notes are “in-the-money.” The if-converted value of the 2018 Notes and the 2019 Notes exceeded their respective principal amounts by $28.6 million and $53.6 million, respectively, at March 31, 2014. The dilutive effect to EPS is determined by dividing this “conversion spread value” by the average share price. The “conversion spread value” is the value that would be delivered to investors in shares based on the terms of the Convertible Notes, upon an assumed conversion. In calculating the dilutive effect of these shares, the treasury stock method was used and resulted in a dilution of 3.2 million shares.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	3 Months Ended
Accumulated Other Comprehensive Income	Mar. 31, 2014
Accumulated Other Comprehensive Income	'
Accumulated Other Comprehensive Income	'
	17. Accumulated Other Comprehensive Income

	The changes in AOCI by component are as follows (in thousands):

		Effective Portion of			Cumulative			Foreign			Total
		Cumulative Loss on			Unrealized Gain			Currency
		Cash Flow Hedges			(Loss) on			Translation
					Available-for-
					Sale Securities
	Balance at January 1, 2014	$	(604	)	$	66,566		$	9,487		$	75,449
	OCI before reclassifications	(251		)	3,983			1,046			4,778
	Amounts reclassified from AOCI	373			(485		)	—			(112		)
	Net period OCI	122			3,498			1,046			4,666
	Balance at March 31, 2014	$	(482	)	$	70,064		$	10,533		$	80,115

	Balance at January 1, 2013	$	(2,571	)	$	82,246		$	—		$	79,675
	OCI before reclassifications	(168		)	11,956			(7,061		)	4,727
	Amounts reclassified from AOCI	447			(14,305		)	—			(13,858		)
	Net period OCI	279			(2,349		)	(7,061		)	(9,131		)
	Balance at March 31, 2013	$	(2,292	)	$	79,897		$	(7,061	)	$	70,544

	The reclassifications out of AOCI impacted the condensed consolidated statements of operations for the three months ended March 31, 2014 and 2013 as follows:

		Amounts Reclassified from						Affected Line Item
		AOCI during the Three Months						in the Statements
		Ended March 31,
	Details about AOCI Components	2014			2013			of Operations
	Gains (losses) on cash flow hedges:
	Interest rate contracts	$	(373	)	$	(447	)	Interest expense
	Unrealized gains (losses) on available for sale securities:
	Net realized gain (loss) on sale of investments	698			14,347			Gain on sale of investments, net
	OTTI	(213		)	(42		)	OTTI
	Total	485			14,305
	Total reclassifications for the year	$	112		$	13,858

Benefit_Plans

Benefit Plans	3 Months Ended
Benefit Plans	Mar. 31, 2014
Benefit Plans	'
Benefit Plans	'
	18. Benefit Plans

	Change in Control Retention Arrangements

	In connection with the LNR acquisition, we assumed certain performance obligations under the LNR Property LLC Change in Control Bonus Plan (the “Change in Control Plan”) as discussed further in Note 20 to the consolidated financial statements included in our Form 10-K. The balance of the Change in Control Plan, which was pre-funded by the sellers of LNR into a Rabbi Trust, was paid to participants during the three months ended March 31, 2014.

Fair_Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2014
Fair Value	'
Fair Value	'
	19. Fair Value

	GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below:

	Level I—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date.

	Level II—Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life.

	Level III—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model.

	Valuation Process

	We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. Refer to Note 21 to the consolidated financial statements included in our Form 10-K for further discussion of our valuation process.

	We determine the fair value of our assets and liabilities measured at fair value on a recurring and nonrecurring basis in accordance with the methodology described in our Form 10-K.

	The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the condensed consolidated balance sheets by their level in the fair value hierarchy as of March 31, 2014 and December 31, 2013 (amounts in thousands):

			March 31, 2014
			Total			Level I			Level II			Level III
	Financial Assets:
	Loans held-for-sale, fair value option		$	186,837		$	—		$	112,720		$	74,117
	RMBS		291,217			—			—			291,217
	CMBS		247,601			—			6,936			240,665
	Equity security		15,115			15,115			—			—
	Domestic servicing rights		144,898			—			—			144,898
	Derivative assets		4,617			—			4,617			—
	VIE assets		118,451,518			—			—			118,451,518
	Total		$	119,341,803		$	15,115		$	124,273		$	119,202,415
	Financial Liabilities:
	Derivative liabilities		$	18,057		$	—		$	18,057		$	—
	VIE liabilities		117,931,005			—			114,448,083			3,482,922
	Total		$	117,949,062		$	—		$	114,466,140		$	3,482,922

			December 31, 2013
			Total			Level I			Level II			Level III
	Financial Assets:
	Loans held-for-sale, fair value option		$	206,672		$	—		$	—		$	206,672
	RMBS		296,236			—			—			296,236
	CMBS		255,306			—			47,300			208,006
	Equity security		15,247			15,247			—			—
	Domestic servicing rights		150,149			—			—			150,149
	Derivative assets		7,769			—			7,769			—
	VIE assets		103,151,624			—			—			103,151,624
	Total		$	104,083,003		$	15,247		$	55,069		$	104,012,687
	Financial Liabilities:
	Derivative liabilities		$	24,192		$	—		$	24,192		$	—
	VIE liabilities		102,649,263			—			101,051,279			1,597,984
	Total		$	102,673,455		$	—		$	101,075,471		$	1,597,984

	The changes in financial assets and liabilities classified as Level III were as follows for the three months ended March 31, 2014 and 2013 (amounts in thousands):

			Loans			RMBS			CMBS			Domestic			VIE Assets			VIE			Total
			Held-for-sale									Servicing						Liabilities
												Rights
	January 1, 2014 balance		$	206,672		$	296,236		$	208,006		$	150,149		$	103,151,624		$	(1,597,984	)	$	102,414,703
	Total realized and unrealized (losses) gains:
	Included in earnings:
	Change in fair value / gain on sale		20,893			1,011			5,207			(5,251		)	(3,681,541		)	101,499			(3,558,182		)
	OTTI		—			(213		)	—			—			—			—			(213		)
	Net accretion		—			6,564			—			—			—			—			6,564
	Included in OCI		—			4,748			(533		)	—			—			—			4,215
	Purchases / Originations		261,825			—			3,831			—			—			—			265,656
Sales		(302,461		)	(9,310		)	(15,844		)	—			—			—			(327,615		)
Issuances		—			—			—			—			—			(45,761		)	(45,761		)
Cash repayments / receipts		(92		)	(7,819		)	(408		)	—			—			35,366			27,047
Transfers into Level III		—			—			47,300			—			—			(571,612		)	(524,312		)
Transfers out of Level III		(112,720		)	—			(179		)	—			—			419,741			306,842
Consolidations of VIEs		—			—			(6,715		)	—			20,270,649			(1,824,171		)	18,439,763
Deconsolidations of VIEs		—			—			—			—			(1,289,214		)	—			(1,289,214		)
March 31, 2014 balance		$	74,117		$	291,217		$	240,665		$	144,898		$	118,451,518		$	(3,482,922	)	$	115,719,493
Amount of total (losses) gains included in earnings attributable to assets still held at March 31, 2014		$	177		$	6,295		$	5,207		$	(5,251	)	$	(3,681,541	)	$	101,499		$	(3,573,614	)

January 1, 2013 balance		$	—		$	333,153		$	—		$	—		$	—		$	—		$	333,153
Total realized and unrealized gains:
Included in earnings:
OTTI		—			(42		)	—			—			—			—			(42		)
Net accretion		—			6,151			—			—			—			—			6,151
Included in OCI		—			9,232			—			—			—			—			9,232
Sales		—			(10,582		)	—			—			—			—			(10,582		)
Cash repayments / receipts					(16,869		)													(16,869		)
March 31, 2013 balance		$	—		$	321,043		$	—		$	—		$	—		$	—		$	321,043
Amount of total gains included in earnings attributable to assets still held at March 31, 2013		$	—		$	6,109		$	—		$	—		$	—		$	—		$	6,109

During the three months ended March 31, 2014, we transferred $47.3 million of CMBS investments from Level II to Level III due to a decrease in the observable relevant market activity.

The following table presents the fair values of our financial instruments not carried at fair value on the consolidated balance sheets (amounts in thousands):

		March 31, 2014						December 31, 2013
		Carrying			Fair			Carrying			Fair
		Value			Value			Value			Value
Financial assets not carried at fair value:
Loans held-for-investment and loans transferred as secured borrowings		$	4,777,965		$	4,885,290		$	4,544,132		$	4,609,040
Securities, held-to-maturity		369,152			367,811			368,318			368,453
European servicing rights		23,158			24,357			27,024			29,327
Non-performing residential loans		—			—			215,371			215,371
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans		$	2,744,100		$	2,743,969		$	2,438,798		$	2,436,708
Convertible senior notes		1,000,839			1,216,482			997,851			1,160,000

The following is quantitative information about significant unobservable inputs in our Level III measurements for those assets and liabilities measured at fair value on a recurring basis (dollar amounts in thousands):

		Carrying Value at			Valuation				Range as of (1)
		March 31, 2014			Technique		Unobservable Input		March 31, 2014		December 31, 2013
Loans held-for-sale, fair value option		$	74,117		Discounted cash flow		Yield (b)		4.8% - 6.6%		5.2% - 5.9%
							Duration(c)		5.0 - 10.0 years		5.0 - 10.0 years
RMBS		291,217			Discounted cash flow		Constant prepayment rate(a)		0.9% - 16.4%		(0.6)% - 16.6%
							Constant default rate(b)		1.4% - 9.5%		1.4% - 11.3%
							Loss severity(b)		13% - 82%(e)		15% - 92%(e)
							Delinquency rate(c)		3% - 32%		3% - 48%
							Servicer advances(a)		23% - 96%		24% - 95%
							Annual coupon deterioration(b)		0% - 0.9%		0% - 0.7%
							Putback amount per projected
							total collateral loss(d)		0% - 10%		0% - 9%
CMBS		240,665			Discounted cash flow		Yield(b)		0% - 457.8%		0% - 890.0%
							Duration(c)		0 – 11.9 years		0 - 11.0 years
Domestic servicing rights		144,898			Discounted cash flow		Debt yield(a)		8.75%		8.75%
							Discount rate(b)		15%		15%
							Control migration(b)		0% - 80%		0% - 80%
VIE assets		118,451,518			Discounted cash flow		Yield(b)		0% - 968.9%		0% - 952.3%
							Duration(c)		0 – 22.4 years		0 - 22.7 years
VIE liabilities		3,482,922			Discounted cash flow		Yield(b)		0% - 968.9%		0% - 952.3%
							Duration(c)		0 – 22.4 years		0 - 22.7 years



(1) The ranges of significant unobservable inputs are represented in percentages and years.

Sensitivity of the Fair Value to Changes in the Unobservable Inputs

(a) Significant increase (decrease) in the unobservable input in isolation would result in a significantly higher (lower) fair value measurement.

(b) Significant increase (decrease) in the unobservable input in isolation would result in a significantly lower (higher) fair value measurement.

(c) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.

(d) Any delay in the putback recovery date leads to a decrease in fair value, for the majority of securities in our RMBS portfolio.

(e) 88% and 90% of the portfolio falls within a range of 45%-80% as of March 31, 2014 and December 31, 2013, respectively.

Income_Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2014
Income Taxes	'
Income Taxes	'
	20. Income Taxes

	As described in Note 1, we established additional TRSs to hold certain operations of the LNR Segment. Our income tax provision consisted of the following for the three months ended March 31, 2014 and 2013 (in thousands):

		For the Three Months Ended
		March 31,
		2014			2013
	Current
	Federal	$	5,140		$	631
	Foreign	1,449			—
	State	870			146
	Total current	7,459			777
	Deferred
	Federal	(704		)	—
	Foreign	(1,006		)	—
	State	(129		)	—
	Total deferred	(1,839		)	—
	Total income tax provision (1)	$	5,620		$	777


	(1) Includes $0 and $162 thousand reflected in discontinued operations for the three months ended March 31, 2014 and 2013, respectively.

	Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are presented net by tax jurisdiction and are reported in other assets and other liabilities, respectively. At March 31, 2014 and December 31, 2013, our U.S. tax jurisdiction was in a net deferred tax asset position, while our European tax jurisdiction was in a net deferred tax liability position. The following table presents each of these tax jurisdictions and the tax effects of temporary differences on their respective net deferred tax assets and liabilities (in thousands):

		March 31, 2014			December 31, 2013
	U.S.
	Deferred tax asset, net
	Reserves and accruals	$	10,872		$	11,454
	Domestic intangible assets	1,198			(714		)
	Investment securities and loans	(1,910		)	(892		)
	Investment in unconsolidated entities	2,082			1,811
	Deferred income	194			59
	Net operating and capital loss carryforwards	2,479			967
	Valuation allowance	(2,479		)	(799		)
	Other U.S. temporary differences	(229		)	(242		)
		12,207			11,644
	Europe
	Deferred tax liability, net
	European servicing rights	(5,295		)	(6,257		)
	Net operating and capital loss carryforwards	10,996			10,951
	Valuation allowance	(10,996		)	(10,951		)
	Other European temporary differences	(373		)	(527		)
		(5,668		)	(6,784		)
	Net deferred tax assets (liabilities)	$	6,539		$	4,860

	Unrecognized tax benefits were not material as of and during the three months ended March 31, 2014.

	The following table is a reconciliation of our federal income tax determined using our statutory federal tax rate to our reported income tax provision for the three months ended March 31, 2014 and 2013 (dollar amounts in thousands):

		For the Three Months Ended March 31,
		2014					2013
	Federal statutory tax rate	$	44,275		35	%	$	22,470		35	%
	REIT and other non-taxable income	(40,382		)	(32.0	)%	(21,788		)	(33.9	)%
	State income taxes	450			0.4	%	146			0.2	%
	Federal benefit of state tax deduction	(158		)	(0.1	)%	(51		)	(0.1	)%
	Valuation allowance	1,512			1.2	%	—			—
	Other	(77		)	(0.1	)%	—			—
	Effective tax rate	$	5,620		4.4	%	$	777		1.2	%

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2014
Commitments and Contingencies.	'
Commitments and Contingencies	'
	21. Commitments and Contingencies

	As of March 31, 2014, we had future funding commitments on 43 loans totaling $1.8 billion, primarily related to construction projects, capital improvements, tenant improvements, and leasing commissions. Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum debt service coverage ratios or executions of new leases before advances are made to the borrower.

	Management is not aware of any other contractual obligations, legal proceedings, or any other contingent obligations incurred in the normal course of business that would have a material adverse effect on our condensed consolidated financial statements.

Segment_Data

Segment Data	3 Months Ended
	Mar. 31, 2014
Segment Data	'
Segment Data	'
	22. Segment Data

	In its operation of the business, management, including our chief operating decision maker, who is our Chief Executive Officer, reviews certain financial information, including segmented internal profit and loss statements prepared on a basis prior to the impact of consolidating VIEs under ASC 810. The segment information within this note is reported on that basis. Refer to Note 24 to the consolidated financial statements included in our Form 10-K for further discussion of the composition of our reportable business segments.

	The table below presents our results of operations for the three months ended March 31, 2014 by business segment (amounts in thousands):

			Real Estate			LNR			Single Family			Subtotal			LNR VIEs			Total
			Investment						Residential
			Lending
	Revenues:
	Interest income from loans		$	102,087		$	2,823		$	—		$	104,910		$	—		$	104,910
	Interest income from investment securities		18,289			23,008			—			41,297			(11,843		)	29,454
	Servicing fees		37			56,185			—			56,222			(22,011		)	34,211
	Other revenues		80			3,597			—			3,677			(273		)	3,404
	Total revenues		120,493			85,613			—			206,106			(34,127		)	171,979
	Costs and expenses:
	Management fees (1)		27,765			18			—			27,783			38			27,821
	Interest expense (1)		36,880			951			—			37,831			—			37,831
	General and administrative		7,145			38,770			—			45,915			186			46,101
	Acquisition and investment pursuit costs		212			182			—			394			—			394
	Depreciation and amortization		—			4,636			—			4,636			—			4,636
	Loan loss allowance		497			—			—			497			—			497
	Other expense		(14		)	1,703			—			1,689			—			1,689
	Segment allocations (1)		(12,036		)	10,154			1,882			—			—			—
	Total costs and expenses		60,449			56,414			1,882			118,745			224			118,969
	Income before other income, income taxes and non-controlling interests		60,044			29,199			(1,882		)	87,361			(34,351		)	53,010
	Other income:
	Income of consolidated VIEs, net		—			—			—			—			56,004			56,004
	Change in fair value of servicing rights		—			(12,175		)	—			(12,175		)	6,924			(5,251		)
	Change in fair value of investment securities, net		(156		)	36,952			—			36,796			(28,435		)	8,361
	Change in fair value of mortgage loans held-for-sale, net		—			20,893			—			20,893			—			20,893
	Earnings from unconsolidated entities		1,540			(1,383		)	—			157			(93		)	64
	Gain on sale of investments, net		1,555			—			—			1,555			—			1,555
	Loss on derivative financial instruments, net		(2,788		)	(5,078		)	—			(7,866		)	—			(7,866		)
	Foreign currency gain (loss), net		1,561			(84		)	—			1,477			—			1,477
	OTTI		(213		)	—			—			(213		)	—			(213		)
	Other income, net		18			—			—			18			—			18
	Total other income		1,517			39,125			—			40,642			34,400			75,042
	Income from continuing operations before income taxes		61,561			68,324			(1,882		)	128,003			49			128,052
	Income tax provision		(83		)	(5,537		)	—			(5,620		)	—			(5,620		)
	Income from continuing operations		61,478			62,787			(1,882		)	122,383			49			122,432
	Loss from discontinued operations, net of tax		—			—			(1,551		)	(1,551		)	—			(1,551		)
	Net income		61,478			62,787			(3,433		)	120,832			49			120,881
	Net income attributable to non-controlling interests		(231		)	—			—			(231		)	(49		)	(280		)
	Net income attributable to Starwood Property Trust, Inc.		$	61,247		$	62,787		$	(3,433	)	$	120,601		$	—		$	120,601


	(1) Due to the structure of our business, certain costs incurred by one segment may benefit other segments. Costs that are identifiable are allocated to the segments that benefit so that one segment is not solely burdened by this cost. Allocated costs currently include interest expense related to our consolidated debt (excluding VIEs) and management fees payable to our Manager, both of which represent shared costs. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated.

	The table below presents our results of operations for the three months ended March 31, 2013 by business segment (amounts in thousands):

			Real Estate			Single Family			Total
			Investment			Residential
			Lending
	Revenues:
	Interest income from loans		$	67,690		$	—		$	67,690
	Interest income from investment securities		16,240			—			16,240
	Other revenues		79			—			79
	Total revenues		84,009			—			84,009
	Costs and expenses:
	Management fees		15,069			—			15,069
	Interest expense		17,426			—			17,426
	General and administrative		4,038			—			4,038
Business combination costs		4,196			—			4,196
Acquisition and investment pursuit costs		81			—			81
Loan loss allowance		30			—			30
Other expense		33			—			33
Total costs and expenses		40,873			—			40,873
Income before other income, income taxes and non-controlling interests		43,136			—			43,136
Other income:
Change in fair value of investment securities, net		405			—			405
Earnings from unconsolidated entities		741			—			741
Gain on sale of investments, net		13,524			—			13,524
Gain on derivative financial instruments, net		16,228			—			16,228
Foreign currency loss, net		(7,665		)	—			(7,665		)
OTTI		(42		)	—			(42		)
Total other income		23,191			—			23,191
Income from continuing operations before income taxes		66,327			—			66,327
Income tax provision		(615		)	—			(615		)
Income from continuing operations		65,712			—			65,712
Loss from discontinued operations, net of tax		—			(2,288		)	(2,288		)
Net income		65,712			(2,288		)	63,424
Net income attributable to non-controlling interests		(1,181		)	—			(1,181		)
Net income attributable to Starwood Property Trust, Inc.		$	64,531		$	(2,288	)	$	62,243

The table below presents our condensed consolidated balance sheet as of March 31, 2014 by business segment (amounts in thousands):

		Real Estate			LNR			Subtotal			LNR VIEs			Total
		Investment
		Lending
Assets:
Cash and cash equivalents		$	174,821		$	51,398		$	226,219		$	252		$	226,471
Restricted cash		34,000			9,117			43,117			—			43,117
Loans held-for-investment, net		4,625,020			9,903			4,634,923			—			4,634,923
Loans held-for-sale		—			186,837			186,837			—			186,837
Loans transferred as secured borrowings		143,042			—			143,042			—			143,042
Investment securities		788,961			564,818			1,353,779			(430,694		)	923,085
Intangible assets—servicing rights		—			245,032			245,032			(76,976		)	168,056
Investment in unconsolidated entities		46,395			61,601			107,996			(3,476		)	104,520
Goodwill		—			140,437			140,437			—			140,437
Derivative assets		2,666			1,951			4,617			—			4,617
Accrued interest receivable		33,955			560			34,515			—			34,515
Other assets		49,875			62,384			112,259			(1,036		)	111,223
VIE assets, at fair value		—			—			—			118,451,518			118,451,518
Total Assets		$	5,898,735		$	1,334,038		$	7,232,773		$	117,939,588		$	125,172,361
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities		$	41,085		$	96,403		$	137,488		$	343		$	137,831
Related-party payable		25,016			4,442			29,458			—			29,458
Dividends payable		95,424			—			95,424			—			95,424
Derivative liabilities		17,917			140			18,057			—			18,057
Secured financing agreements, net		2,492,530			108,532			2,601,062			—			2,601,062
Convertible senior notes, net		1,000,839			—			1,000,839			—			1,000,839
Secured borrowings on transferred loans		143,038			—			143,038			—			143,038
VIE liabilities, at fair value		—			—			—			117,931,005			117,931,005
Total Liabilities		3,815,849			209,517			4,025,366			117,931,348			121,956,714
Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Preferred stock		—			—			—			—			—
Common stock		1,967			—			1,967			—			1,967
Additional paid-in capital		1,909,038			1,283,207			3,192,245			—			3,192,245
Treasury stock		(10,642		)	—			(10,642		)	—			(10,642		)
Accumulated other comprehensive income		72,428			7,687			80,115			—			80,115
Retained earnings (deficit)		106,831			(166,373		)	(59,542		)	—			(59,542		)
Total Starwood Property Trust, Inc. Stockholders’ Equity		2,079,622			1,124,521			3,204,143			—			3,204,143
Non-controlling interests in consolidated subsidiaries		3,264			—			3,264			8,240			11,504
Total Equity		2,082,886			1,124,521			3,207,407			8,240			3,215,647
Total Liabilities and Equity		$	5,898,735		$	1,334,038		$	7,232,773		$	117,939,588		$	125,172,361

The table below presents our condensed consolidated balance sheet as of December 31, 2013 by business segment (amounts in thousands):

		Real Estate			Single			LNR			Subtotal			LNR VIEs			Total
		Investment			Family
		Lending			Residential
Assets:
Cash and cash equivalents		$	232,270		$	44,807		$	40,274		$	317,351		$	276		$	317,627
Restricted cash		36,593			251			32,208			69,052			—			69,052
Loans held-for-investment, net		4,350,937			—			12,781			4,363,718			—			4,363,718
Loans held-for-sale		—			—			206,672			206,672			—			206,672
Loans transferred as secured borrowings		180,414			—			—			180,414			—			180,414
Investment securities		794,147			—			550,282			1,344,429			(409,322		)	935,107
Intangible assets—servicing rights		—			—			257,736			257,736			(80,563		)	177,173
Residential real estate, net		—			749,214			—			749,214			—			749,214
Non-performing residential loans		—			215,371			—			215,371			—			215,371
Investment in unconsolidated entities		50,167			—			76,170			126,337			(3,383		)	122,954
Goodwill		—			—			140,437			140,437			—			140,437
Derivative assets		3,138			—			4,631			7,769			—			7,769
Accrued interest receivable		35,501			—			2,129			37,630			—			37,630
Other assets		31,020			8,045			57,620			96,685			(872		)	95,813
VIE assets, at fair value		—			—			—			—			103,151,624			103,151,624
Total Assets		$	5,714,187		$	1,017,688		$	1,380,940		$	8,112,815		$	102,657,760		$	110,770,575
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities		$	66,127		$	23,056		$	135,882		$	225,065		$	309		$	225,374
Related-party payable		11,245			—			6,548			17,793			—			17,793
Dividends payable		90,171			—			—			90,171			—			90,171
Derivative liabilities		24,149			—			43			24,192			—			24,192
Secured financing agreements, net		2,127,717			—			129,843			2,257,560			—			2,257,560
Convertible senior notes, net		997,851			—			—			997,851			—			997,851
Secured borrowings on transferred loans		181,238			—			—			181,238			—			181,238
VIE liabilities, at fair value		—			—			—			—			102,649,263			102,649,263
Total Liabilities		3,498,498			23,056			272,316			3,793,870			102,649,572			106,443,442
Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Preferred stock		—			—			—			—			—			—
Common stock		1,961			—			—			1,961			—			1,961
Additional paid-in capital		1,987,133			1,004,846			1,308,500			4,300,479			—			4,300,479
Treasury stock		(10,642		)	—			—			(10,642		)	—			(10,642		)
Accumulated other comprehensive income		68,092			—			7,357			75,449			—			75,449
Retained earnings (deficit)		132,625			(10,111		)	(207,233		)	(84,719		)	—			(84,719		)
Total Starwood Property Trust, Inc. Stockholders’ Equity		2,179,169			994,735			1,108,624			4,282,528			—			4,282,528
Non-controlling interests in consolidated subsidiaries		36,520			(103		)	—			36,417			8,188			44,605
Total Equity		2,215,689			994,632			1,108,624			4,318,945			8,188			4,327,133
Total Liabilities and Equity		$	5,714,187		$	1,017,688		$	1,380,940		$	8,112,815		$	102,657,760		$	110,770,575

Subsequent_Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2014
Subsequent Events	'
Subsequent Events	'
	23. Subsequent Events

	Our significant events subsequent to March 31, 2014 were as follows:

	Issuance of Common Shares

	On April 11, 2014, we issued 22.0 million shares of common stock for gross proceeds of $491.0 million. In connection with this offering, the underwriters had a 30-day option to purchase an additional 3.3 million shares of common stock, which they exercised in full, resulting in additional gross proceeds of $73.7 million.

	Dividend Declaration

	On May 6, 2014, our board of directors declared a dividend of $0.48 per share for the second quarter of 2014, which is payable on July 15, 2014 to common stockholders of record as of June 30, 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2014
Summary of Significant Accounting Policies	'
Basis of Accounting and Principles of Consolidation	'
	Basis of Accounting and Principles of Consolidation

	The accompanying condensed consolidated financial statements include our accounts and those of our consolidated subsidiaries and VIEs. Intercompany amounts have been eliminated in consolidation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows have been included.

	These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the operating results for the full year.

	Refer to our Form 10-K for a description of our recurring accounting policies. We have included disclosure in this Note 2 regarding principles of consolidation and other accounting policies that are required either (i) to be disclosed quarterly, (ii) that we view as critical, or (iii) became significant since December 31, 2013 due to a corporate action or increase in the significance of the underlying business activity.
Variable Interest Entities	'
	Variable Interest Entities

	We evaluate all of our interests in VIEs for consolidation. When our interests are determined to be variable interests, we assess whether we are deemed to be the primary beneficiary of the VIE. The primary beneficiary of a VIE is required to consolidate the VIE. ASC 810, Consolidation, defines the primary beneficiary as the party that has both (i) the power to direct the activities of the VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses and the right to receive benefits from the VIE which could be potentially significant. We consider our variable interests as well as any variable interests of our related parties in making this determination. Where both of these factors are present, we are deemed to be the primary beneficiary and we consolidate the VIE. Where either one of these factors is not present, we are not the primary beneficiary and do not consolidate the VIE.

	To assess whether we have the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, we consider all facts and circumstances, including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes first, identifying the activities that most significantly impact the VIE’s economic performance; and second, identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE or have the right to unilaterally remove those decision makers are deemed to have the power to direct the activities of a VIE.

	To assess whether we have the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity investments, servicing fees, and other arrangements deemed to be variable interests in the VIE. This assessment requires that we apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by us.

	Our purchased investment securities include CMBS which are unrated and non-investment grade rated securities issued by CMBS trusts. In certain cases, we may contract to provide special servicing activities for these CMBS trusts, or, as holder of the controlling class, we may have the right to name and remove the special servicer for these trusts. In our role as special servicer, we provide services on defaulted loans within the trusts, such as foreclosure or work-out procedures, as permitted by the underlying contractual agreements. In exchange for these services, we receive a fee. These rights give us the ability to direct activities that could significantly impact the trust’s economic performance. However, in those instances where an unrelated third party has the right to unilaterally remove us as special servicer, we do not have the power to direct activities that most significantly impact the trust’s economic performance. We evaluated all of our positions in such investments for consolidation.

	For VIEs in which we are determined to be the primary beneficiary, all of the underlying assets, liabilities and equity of the structures are recorded on our books, and the initial investment, along with any associated unrealized holding gains and losses, are eliminated in consolidation. Similarly, the interest income earned from these structures, as well as the fees paid by these trusts to us in our capacity as special servicer, are eliminated in consolidation. Further, an allocable portion of the identified servicing intangible asset associated with the servicing fee streams, and the corresponding allocable amortization or change in fair value of the servicing intangible asset, are also eliminated in consolidation.

	We perform ongoing reassessments of: (1) whether any entities previously evaluated under the majority voting interest framework have become VIEs, based on certain events, and therefore subject to the VIE consolidation framework, and (2) whether changes in the facts and circumstances regarding our involvement with a VIE causes our consolidation conclusion regarding the VIE to change.

	We have elected the fair value option in measuring the assets and liabilities of any VIEs we consolidate. Fluctuations in the fair values of the VIE assets and liabilities, along with trust interest income and trust interest and administrative expenses, are presented net in income of consolidated VIEs in our consolidated statements of operations.
Discontinued Operations	'
	Discontinued Operations

	On January 31, 2014, we completed the spin-off of our SFR segment to our stockholders as discussed in Note 1. In accordance with Accounting Standards Codification (“ASC”) Topic 205, Presentation of Financial Statements, the results of the SFR segment are presented within discontinued operations in our condensed consolidated statements of operations for the three months ended March 31, 2014 and 2013.
Fair Value Option	'
	Fair Value Option

	The guidance in ASC 825, Financial Instruments, provides a fair value option election that allows entities to make an irrevocable election of fair value as the initial and subsequent measurement attribute for certain eligible financial assets and liabilities. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. The decision to elect the fair value option is determined on an instrument by instrument basis and must be applied to an entire instrument and is irrevocable once elected. Assets and liabilities measured at fair value pursuant to this guidance are required to be reported separately in our consolidated balance sheets from those instruments using another accounting method.

	We have elected the fair value option for eligible financial assets and liabilities of our consolidated VIEs, loans held-for-sale originated by LNR’s conduit platform, purchased CMBS issued by VIEs we could consolidate in the future and certain investments in marketable equity securities. The fair value elections for VIE and securitization related items were made in order to mitigate accounting mismatches between the carrying value of the instruments and the related assets and liabilities that we consolidate at fair value. The fair value elections for mortgage loans held-for-sale originated by LNR’s conduit platform were made due to the short-term nature of these instruments. The fair value elections for investments in marketable equity securities were made because the shares are listed on an exchange, which allows us to determine the fair value using a quoted price from an active market.
Loans Receivable and Provision for Loan Losses	'
	Loans Receivable and Provision for Loan Losses

	In our Lending Segment we purchase and originate commercial real estate debt and related instruments generally to be held as long-term investments at amortized cost. We are required to periodically evaluate each of these loans for possible impairment. Impairment is indicated when it is deemed probable that we will not be able to collect all amounts due according to the contractual terms of the loan. If a loan is determined to be impaired, we write down the loan through a charge to the provision for loan losses. Actual losses, if any, could ultimately differ from these estimates.

	We perform a quarterly review of our portfolio of loans. In connection with this review, we assess the performance of each loan and assign a risk rating based on several factors including risk of loss, loan-to-value ratio, or LTV, collateral performance, structure, exit plan, and sponsorship. Loans are rated “1” through “5”, from less risk to greater risk in connection with this review.
Use of Estimates	'
	Use of Estimates

	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our loans, investment securities and intangible assets, which has a significant impact on the amounts of interest income, credit losses (if any), and fair values that we record and/or disclose. In addition, the fair value of financial assets and liabilities that are estimated using a discounted cash flows method is significantly impacted by the rates at which we estimate market participants would discount the expected cash flows.
Reclassifications	'
	Reclassifications

	As a result of the LNR acquisition, certain items in our condensed consolidated statements of operations and cash flows for the three months ended March 31, 2013 have been reclassified or combined to conform to the current period’s presentation. We removed the “Net interest margin” subtotal from our condensed consolidated statements of operations, with interest income now included in a new “Revenues” subtotal, and interest expense now included within the new “Costs and expenses” subtotal. Additionally, the results from our SFR segment have been reclassified as discontinued operations as a result of the spin-off. The reclassifications and combinations related to our condensed consolidated statement of cash flows for the three months ended March 31, 2013 had no effect on previously reported totals or subtotals.

Acquisitions_and_Divestitures_

Acquisitions and Divestitures (Tables)	3 Months Ended
Acquisitions and Divestitures (Tables)	Mar. 31, 2014
Acquisitions and Divestitures	'
Summary of consolidated results of operations for the SFR segment prior to spin-off, excluding segment allocations	'
	The following table presents the summarized consolidated results of operations for the SFR segment prior to the spin-off, excluding segment allocations (in thousands):

		For the Three Months Ended
		March 31,
		2014			2013
	Total revenues	$	3,876		$	1,164
	Total costs and expenses	6,369			3,625
	Loss before other income and income taxes	(2,493		)	(2,461		)
	Total other income	942			335
	Loss before income taxes	(1,551		)	(2,126		)
	Income tax provision	—			(162		)
	Net loss	$	(1,551	)	$	(2,288	)
Summary of consolidated balance sheet of the SFR segment	'
	The following table presents the summarized consolidated balance sheet of the SFR segment as of January 31, 2014, the date of spin-off (in thousands):

		January 31, 2014
	Assets:
	Cash and cash equivalents	$	111,960
	Restricted cash	189
	Residential real estate, net	812,017
	Non-performing residential loans	211,019
	Other assets	9,498
	Total Assets	$	1,144,683

	Liabilities and Equity
	Liabilities:
	Accounts payable, accrued expenses and other liabilities	$	24,346
	Equity:
	Additional paid-in capital	1,130,405
	Accumulated deficit	(11,662		)
	Total Stockholders’ Equity	1,118,743
	Non-controlling interests in consolidated subsidiaries	1,594
	Total Equity	1,120,337
	Total Liabilities and Equity	$	1,144,683

Loans_Tables

Loans (Tables)	3 Months Ended
Loans (Tables)	Mar. 31, 2014
Loans	'
Schedule of investments in mortgages and loans by subordination class	'
	The following tables summarize our investments in mortgages and loans by subordination class as of March 31, 2014 and December 31, 2013 (amounts in thousands):

	March 31, 2014	Carrying			Face			Weighted		Weighted
		Value			Amount			Average		Average Life
								Coupon		(“WAL”)
										(years)(2)
	First mortgages	$	2,810,468		$	2,866,252		5.8	%	4.2
	Subordinated mortgages(1)	501,222			536,714			8.3	%	4
	Mezzanine loans	1,327,714			1,336,832			11.2	%	3.3
	Total loans held-for-investment	4,639,404			4,739,798
	Loans held-for-sale, fair value option elected	186,837			181,450			5.1	%	9.5
	Loans transferred as secured borrowings	143,042			143,069			5.5	%	3
	Total gross loans	4,969,283			5,064,317
	Loan loss allowance (loans held-for-investment)	(4,481		)	—
	Total net loans	$	4,964,802		$	5,064,317

	December 31, 2013	Carrying			Face			Weighted		Weighted
		Value			Amount			Average		Average Life
								Coupon		(“WAL”)
										(years)(2)
	First mortgages	$	2,616,441		$	2,666,875		5.6	%	4.3
	Subordinated mortgages(1)	505,533			541,817			8.7	%	4.2
	Mezzanine loans	1,245,728			1,246,841			12.2	%	3.7
	Total loans held-for-investment	4,367,702			4,455,533
	Loans held-for-sale, fair value option elected	206,672			209,099			5.3	%	9.6
	Loans transferred as secured borrowings	180,414			180,483			5.4	%	2.9
	Total gross loans	4,754,788			4,845,115
	Loan loss allowance (loans held-for-investment)	(3,984		)	—
	Total net loans	$	4,750,804		$	4,845,115


	(1) Subordinated mortgages include (i) subordinated mortgages that we retain after having sold first mortgage positions related to the same collateral and (ii) B-Notes.

	(2) Represents the WAL of each respective group of loans as of the respective balance sheet date. The WAL of each individual loan is calculated as a fraction, the numerator of which is the sum of the timing (in years) of each expected future principal payment multiplied by the balance of the respective payment, and with a denominator equal to the sum of the expected principal payments using the contractually extended maturity dates of the assets. Assumptions for the calculation of the WAL are adjusted as necessary for changes in projected principal repayments and/or maturity dates of the loan.
Schedule of investments in floating rate loans	'
	The following table summarizes our investments in floating rate loans (amounts in thousands):

		March 31, 2014					December 31, 2013
	Index	Base Rate		Carrying			Base Rate		Carrying
	Index	Base Rate		Value			Base Rate		Value
	1 Month LIBOR	0.15%		$	630,005		0.17%		$	590,444
	LIBOR Floor	0.19% - 3.00%(1)		2,937,015			0.19% - 3.00%(1)		2,641,162
	U.S. Prime Rate	3.25%		2,197			3.25%		2,226
	Total			$	3,569,217				$	3,233,832


	(1) The weighted-average LIBOR Floor was 0.41% and 0.49% as of March 31, 2014 and December 31, 2013, respectively.
Schedule of risk ratings by class of loan	'
	As of March 31, 2014, the risk ratings for loans subject to our rating system, which is described in our Form 10-K and excludes loans on the cost recovery method and loans for which the fair value option has been elected, by class of loan were as follows (amounts in thousands):

		Balance Sheet Classification
		Loans Held-For-Investment													Loans
	Risk	First			Subordinated			Mezzanine			Cost		Loans Held-		Transferred		Total
	Rating	Mortgages			Mortgages			Loans			Recovery		For-Sale		As Secured
	Category										Loans				Borrowings
	1	$	—		$	—		$	—		$	—	$	—	$	—	$	—
	2	100,691			104,092			226,689			—		—		12,994		444,466
	3	2,552,430			360,398			986,067			—		—		130,048		4,028,943
	4	147,063			36,732			114,958			—		—		—		298,753
	5	—			—			—			—		—		—		—
	N/A	2,219			—			—			8,065		186,837		—		197,121
		$	2,802,403		$	501,222		$	1,327,714		$	8,065	$	186,837	$	143,042	$	4,969,283

	As of December 31, 2013, the risk ratings for loans subject to our rating system by class of loan were as follows (amounts in thousands):

		Balance Sheet Classification
		Loans Held-For-Investment													Loans
	Risk	First			Subordinated			Mezzanine			Cost		Loans Held-		Transferred		Total
	Rating	Mortgages			Mortgages			Loans			Recovery		For-Sale		As Secured
	Category										Loans				Borrowings
	1	$	—		$	—		$	—		$	—	$	—	$	—	$	—
	2	94,981			103,369			153,119			—		—		13,022		364,491
	3	2,354,692			370,446			1,012,674			—		—		167,392		3,905,204
	4	153,987			31,718			79,935			—		—		—		265,640
	5	—			—			—			—		—		—		—
	N/A	—			—			—			12,781		206,672		—		219,453
		$	2,603,660		$	505,533		$	1,245,728		$	12,781	$	206,672	$	180,414	$	4,754,788
Schedule of activity in allowance for loan losses	'
	The following table presents the activity in our allowance for loan losses (amounts in thousands):

		For the Three Months Ended
		March 31,
		2014			2013
	Allowance for loan losses at January 1	$	3,984		$	2,061
	Provision for loan losses	497			30
	Charge-offs	—			—
	Recoveries	—			—
	Allowance for loan losses at March 31	$	4,481		$	2,091
	Recorded investment in loans related to the allowance for loan loss	$	298,753		$	112,573
Schedule of activity in loan portfolio	'
	The activity in our loan portfolio was as follows (amounts in thousands):

		For the Three Months Ended
		March 31,
		2014			2013
	Balance at January 1	$	4,750,804		$	3,000,335
	Acquisitions/originations/additional funding	981,762			129,817
	Capitalized interest(1)	8,656			1,611
	Basis of loans sold(2)	(448,317		)	(44,631		)
	Loan maturities/principal repayments	(353,934		)	(93,651		)
	Discount accretion/premium amortization	1,806			7,632
	Changes in fair value	20,893			—
	Unrealized foreign currency remeasurement gain (loss)	3,629			(6,141		)
	Loan loss allowance	(497		)	(30		)
	Balance at March 31	$	4,964,802		$	2,994,942


	(1) Represents accrued interest income on loans whose terms do not require current payment of interest.
	(2) See Note 10 for additional disclosure on these transactions.

Investment_Securities_Tables

Investment Securities (Tables)	3 Months Ended
Investment Securities (Tables)	Mar. 31, 2014
Investment Securities	'
Schedule of investment securities	'
	Investment securities were comprised of the following as of March 31, 2014 and December 31, 2013 (amounts in thousands):

		Carrying Value as of
		March 31, 2014			December 31, 2013
	RMBS, available-for-sale	$	291,217		$	296,236
	Single-borrower CMBS, available-for-sale	113,477			114,346
	CMBS, fair value option (1)	564,818			550,282
	Held-to-maturity (“HTM”) securities	369,152			368,318
	Equity security, fair value option	15,115			15,247
	Subtotal - Investment securities	1,353,779			1,344,429
	VIE eliminations (1)	(430,694		)	(409,322		)
	Total investment securities	$	923,085		$	935,107


	(1) Certain fair value option CMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810.
Schedule of purchases, sales and principal collections for all investment securities	'
	Purchases, sales and principal collections for all investment securities were as follows (amounts in thousands):

		Available-for-sale						CMBS, fair			HTM			Equity
		RMBS			CMBS			value option			Securities			Security		Total
	Three Months ended March 31, 2014
	Purchases	$	—		$	—		$	9,890		$	—		$	—	$	9,890
	Sales	9,309			—			18,574			—			—		27,883
	Principal collections	7,819			408			—			—			—		8,227
	Three Months ended March 31, 2013
	Purchases	—			—			—			37,190			—		37,190
	Sales	12,711			206,608		-1	—			—			6,769		226,088
	Principal collections	16,868			4,858			—			—			—		21,726



	(1) Settlement occurred subsequent to March 31, 2013.
Schedule of investments in available-for-sale RMBS and single-borrower CMBS where the fair value option has not been elected	'
	The tables below summarize various attributes of our investments in available-for-sale RMBS and single-borrower CMBS where the fair value option has not been elected as of March 31, 2014 and December 31, 2013 (amounts in thousands):

											Unrealized Gains or (Losses)
											Recognized in AOCI
		Purchase			Credit			Recorded			Non-Credit			Gross		Gross			Net		Fair Value
		Amortized			OTTI			Amortized			OTTI			Unrealized		Unrealized			Fair Value
		Cost						Cost						Gains		Losses			Adjustment
	March 31, 2014
	RMBS	$	243,354		$	(10,342	)	$	233,012		$	(979	)	$	59,419	$	(235	)	$	58,205	$	291,217
	Single-borrower CMBS	100,980			—			100,980			—			12,497		—			12,497		113,477
	Total	$	344,334		$	(10,342	)	$	333,992		$	(979	)	$	71,916	$	(235	)	$	70,702	$	404,694
	December 31, 2013
	RMBS	$	253,912		$	(11,134	)	$	242,778		$	(55	)	$	55,154	$	(1,641	)	$	53,458	$	296,236
	Single-borrower CMBS	100,687			—			100,687			—			13,659		—			13,659		114,346
	Total	$	354,599		$	(11,134	)	$	343,465		$	(55	)	$	68,813	$	(1,641	)	$	67,117	$	410,582

		Weighted Average		Weighted Average		WAL (Years)(3)
		Coupon(1)		Rating
				(Standard & Poor’s)
	March 31, 2014
	RMBS	1	%	B-		7.8
	Single-borrower CMBS	11.5	%	BB+	-2	4
	December 31, 2013
	RMBS	1	%	B-		6.8
	Single-borrower CMBS	11.5	%	BB+	-2	5.9


	(1) Calculated using the March 31, 2014 and December 31, 2013 one-month LIBOR rate of 0.152% and 0.168%, respectively, for floating rate securities.

	(2) As of March 31, 2014 and December 31, 2013, approximately 99.1% and 98.8%, respectively, of the CMBS securities were rated BB+.

	(3) Represents the WAL of each respective group of securities calculated as of the respective balance sheet date. The WAL of each individual security or loan is calculated as a fraction, the numerator of which is the sum of the timing (in years) of each expected future principal payment multiplied by the balance of the respective payment, and with a denominator equal to the sum of the expected principal payments using the contractually extended maturity dates of the assets. Assumptions for the calculation of the WAL are adjusted as necessary for changes in projected principal repayments and/or maturity dates of the security.
Schedule of reconciliation of aggregate principal balance to amortized cost for the entity's RMBS and single-borrower CMBS, excluding CMBS where the entity have elected the fair value option	'
	The following table contains a reconciliation of aggregate principal balance to amortized cost for our RMBS and single-borrower CMBS as of March 31, 2014 and December 31, 2013, excluding CMBS where we have elected the fair value option (amounts in thousands):

		March 31, 2014						December 31, 2013
		RMBS			CMBS			RMBS			CMBS
	Principal balance	$	388,066		$	100,980		$	414,020		$	100,687
	Accretable yield	(99,622		)	—			(101,046		)	—
	Non-accretable difference	(55,432		)	—			(70,196		)	—
	Total discount	(155,054		)	—			(171,242		)	—
	Amortized cost	$	233,012		$	100,980		$	242,778		$	100,687
Schedule of changes to accretable yield and non-accretable difference for the entity's RMBS and single-borrower CMBS, excluding CMBS where the entity have elected the fair value option	'
	The following table discloses the changes to accretable yield and non-accretable difference for our RMBS and single-borrower CMBS during the three months ended March 31, 2014 and 2013, excluding CMBS where we have elected the fair value option (amounts in thousands):

		Accretable Yield						Non-Accretable
		Accretable Yield						Difference
		RMBS			CMBS			RMBS			CMBS
	Balance as of January 1, 2014	$	101,046		$	—		$	70,196		$	—
	Accretion of discount	(6,564		)	—			—			—
	Principal write-downs	—			—			(366		)	—
	Purchases	—			—			—			—
	Sales	(1,962		)	—			(7,509		)	—
	OTTI	213			—			—			—
	Transfer to/from non-accretable difference	6,889			—			(6,889		)	—
	Balance as of March 31, 2014	$	99,622		$	—		$	55,432		$	—

	Balance as of January 1, 2013	$	108,486		$	21,511		$	97,605		$	—
	Accretion of discount	(6,151		)	(3,029		)	—			—
	Principal write-downs	—			—			(496		)	—
	Purchases	—			—			—			—
	Sales	(2,418		)	(9,873		)	(2,038		)	—
	OTTI	42			—			—			—
	Transfer to/from non-accretable difference	(1,002		)	—			1,002			—
	Balance as of March 31, 2013	$	98,957		$	8,609		$	96,073		$	—
Schedule of gross unrealized losses and estimated fair value of securities in an unrealized loss position, excluding CMBS where we have elected the fair value option	'
	The following table presents the gross unrealized losses and estimated fair value of the available-for-sale securities (i) where we have not elected the fair value option, (ii) that were in an unrealized loss position as of March 31, 2014 and December 31, 2013, and (iii) for which OTTIs (full or partial) have not been recognized in earnings (amounts in thousands):

		Estimated Fair Value						Unrealized Losses
		Securities with a			Securities with a			Securities with a			Securities with a
		loss less than			loss greater than			loss less than			loss greater than
		12 months			12 months			12 months			12 months
	As of March 31, 2014
	RMBS	$	20,799		$	799		$	(1,040	)	$	(174	)
	Single-borrower CMBS	—			—			—			—
	Total	$	20,799		$	799		$	(1,040	)	$	(174	)
	As of December 31, 2013
	RMBS	$	26,344		$	1,809		$	(1,444	)	$	(252	)
	Single-borrower CMBS	—			—			—			—
	Total	$	26,344		$	1,809		$	(1,444	)	$	(252	)
Schedule of various attributes of investment in fair value option CMBS	'
	The table below summarizes various attributes of our investment in fair value option CMBS as of March 31, 2014 and December 31, 2013 (amounts in thousands):

		Weighted		Weighted		WAL
		Average		Average		(Years)(1)
		Coupon		Rating
				(Standard &
				Poor’s)
	March 31, 2014
	CMBS, fair value option	5.4	%	C	-2	5.6
	December 31, 2013
	CMBS, fair value option	5.4	%	D	-2	4.4


	(1) The WAL of each security is calculated based on the period of time over which we expect to receive principal cash flows. Expected principal cash flows are based on contractual payments net of expected losses.

	(2) As of March 31, 2014 and December 31, 2013, includes $53.8 million and $55.5 million, respectively, in fair value option CMBS that are not rated but assigned a rating weight one level lower than NR for purposes of this calculation. As of March 31, 2014 and December 31, 2013, the remaining $80.3 million and $85.4 million, respectively, in fair value option CMBS had a weighted average rating of CC and C, respectively.
Summary of various attributes of investments in HTM securities	'
	The table below summarizes various attributes of our investments in HTM securities as of March 31, 2014 and December 31, 2013 (amounts in thousands):

		Net Carrying			Gross			Gross			Fair Value
		Amount			Unrealized			Unrealized
		(Amortized			Holding			Holding
		Cost)			Gains			Losses
	March 31, 2014
	Preferred interests	$	284,991		$	—		$	(754	)	$	284,237
	CMBS	84,161			—			(587		)	83,574
	Total	$	369,152		$	—		$	(1,341	)	$	367,811
	December 31, 2013
	Preferred interests	$	284,087		$	135		$	—		$	284,222
	CMBS	84,231			—			—			84,231
	Total	$	368,318		$	135		$	—		$	368,453

Investment_in_Unconsolidated_E1

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2014
Investment in Unconsolidated Entities	'
Summary of investments in unconsolidated entities	'
	The below table summarizes our investments in unconsolidated entities as of March 31, 2014 and December 31, 2013 (dollar amounts in thousands):

		Participation /	Carrying value as of				Carrying value over (under)
							equity in net assets as of
		Ownership %(1)	March 31, 2014		December 31, 2013		March 31, 2014(2)
	Equity method:
	Investor entity which owns equity interests in two real estate services providers	50%	$	19,449	$	19,371	$	—
	Small balance bridge loan financing venture	50%	25,947		26,121		—
	European investment fund	50%	9,409		23,779		(4,051		)
	Mezzanine loan venture	49%	23,508		23,676		—
	Healthcare bridge loan venture	various	10,365		14,163		—
	Various	25% - 50%	4,577		4,371		—
			93,255		111,481		$	(4,051	)
	Cost method:
	Loan servicing venture	4% - 6%	8,014		8,014
	Various	2% - 10%	3,251		3,459
			11,265		11,473
			$	104,520	$	122,954

	(1) None of these investments are publicly traded and therefore quoted market prices are not available.

	(2) Differences between the carrying value of our investment and the underlying equity in net assets of the investee are accounted for as if the investee were a consolidated entity in accordance with ASC 323, Investments—Equity Method and Joint Ventures.

Goodwill_and_Intangible_Assets1

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Goodwill and Intangible Assets	'
Schedule of information about servicing intangibles	'
	The table below presents information about our GAAP servicing intangibles for the three months ended March 31, 2014 (in thousands):

	Domestic servicing rights, at fair value
	Fair value at January 1, 2014	$	150,149
	Changes in fair value due to changes in inputs and assumptions	(5,251		)
	Fair value at March 31, 2014	144,898
	European servicing rights
	Net carrying amount at January 1, 2014 (fair value of $29.3 million)	27,024
	Foreign exchange gain	145
	Amortization	(4,011		)
	Net carrying value at March 31, 2014 (fair value of $24.4 million)	23,158
	Total servicing rights at March 31, 2014	$	168,056

Secured_Financing_Agreements_T

Secured Financing Agreements (Tables)

3 Months Ended

Mar. 31, 2014

Secured Financing Agreements

Summary of secured financing agreements

The following table is a summary of our secured financing agreements in place as of March 31, 2014 and December 31, 2013 (dollars in thousands):

Pledged

Maximum

Carrying Value at

Asset

Facility

Revolver

Eligible

Current

Extended

Pricing

Carrying

Facility

March 31, 2014

December 31,

Type

Assets

Maturity

Maturity(a)

Value

Size

2013

Lender 1 Repo 1

Repurchase

Yes

Identified Loans and CMBS

(b)

LIBOR + 1.85% to 5.25%

1,257,467

1,000,000

810,081

449,323

Lender 1 Repo 2

Repurchase

Yes

Identified RMBS

(c)

N/A

LIBOR + 1.90%

267,464

175,000

159,427

127,943

Lender 1 Repo 3

Repurchase

Identified Loans

Dec-14

Dec-16

LIBOR + 2.75%

209,427

153,299

154,133

Lender 2 Repo 1

Repurchase

Yes

Identified Loans

Oct-15

Oct-18

LIBOR + 2.00% to 2.75%

211,684

225,000

136,018

100,886

Lender 3 Repo 1

Repurchase

Identified Loans

Jul-15

Jul-17

LIBOR + 3.00%

76,847

49,862

50,871

Conduit I

Repurchase

Yes

Identified Loans

Sep-14

LIBOR + 2.20%

112,720

250,000

80,633

129,843

Conduit II

Repurchase

Yes

Identified Loans

Nov-14

LIBOR + 2.10%

37,307

150,000

27,900

—

Lender 4 Repo 1

Repurchase

Identified Loans

Oct-15

Oct-17

LIBOR + 2.60%

444,793

349,902

347,697

Lender 5 Repo 1

Repurchase

Identified CMBS

Dec-14

LIBOR + 2.00%

84,161

58,467

Borrowing Base

Bank Credit Facility

Yes

Identified Loans

Sep-15

Sep-17

LIBOR + 3.25%(d)

869,527

250,000

107,769

169,104

Term Loan

Syndicated Facility

Specifically Identified Assets

Apr-20

LIBOR + 2.75%(d)

2,568,446

670,116

667,704

(e)

669,293

(e)

6,139,843

3,331,646

2,601,062

2,257,560

(a) Subject to certain conditions as defined in the respective facility agreement.

(d) Subject to borrower’s option to choose alternative benchmark based rates pursuant to the terms of the credit agreement. The Term Loan is also subject to a 75 basis point floor.

(e) Term loan outstanding balance is net of $2.4 million and $2.5 million of unamortized discount as of March 31, 2014 and December 31, 2013.

Schedule of five-year principal repayments for secured financings

The amount reflected in each period includes principal repayments on our credit facilities that would be required if (i) we received the repayments that we expect to receive on the investments that have been pledged as collateral under the credit facilities, as applicable, and (ii) the credit facilities that are expected to have amounts outstanding at their current maturity dates are extended where extension options are available to us (amounts in thousands):

2014 (remainder of)

211,941

2015

194,927

2016

373,884

2017

627,863

2018

186,817

Thereafter(1)

1,008,041

Total

2,603,473

(1) Principal paydown of the Term Loan through 2020 excludes $2.4 million of discount amortization.

Convertible_Senior_Notes_Table

Convertible Senior Notes (Tables)	3 Months Ended
Convertible Senior Notes (Tables)	Mar. 31, 2014
Convertible Senior Notes	'
Schedule of the unsecured convertible senior notes outstanding	'
	The following summarizes the unsecured convertible senior notes (collectively, the “Convertible Notes”) outstanding as of March 31, 2014 (amounts in thousands, except rates):

		Principal			Coupon		Effective		Conversion	Maturity	Remaining
		Amount			Rate		Rate(1)		Rate(2)	Date	Period of
											Amortization
	2018 Notes	$	600,000		4.55	%	6.08	%	44.4112	3/1/18	3.9 years
	2019 Notes	$	460,000		4	%	5.37	%	47.3282	1/15/19	4.8 years

		As of			As of
		March 31, 2014			December 31, 2013
	Total principal	$	1,060,000		$	1,060,000
	Net unamortized discount	(59,161		)	(62,149		)
	Carrying amount of debt components	$	1,000,839		$	997,851
	Carrying amount of conversion option equity components recorded in additional paid-in capital	$	48,502		$	48,502


	(1) Effective rate includes the effects of underwriter purchase discount and the adjustment for the conversion option, the value of which reduced the initial liability and was recorded in additional paid-in-capital.

	(2) The conversion rate represents the number of common shares issuable per $1,000 principal amount of Convertible Notes converted, as adjusted in accordance with the applicable indentures as a result of the spin-off of the SFR segment. The if-converted value of the 2018 Notes exceeded their principal amount by $28.6 million at March 31, 2014 since the closing market price of the Company’s common stock of $23.59 per share exceeded the implicit conversion price of $22.52 per share. The if-converted value of the 2019 Notes exceeded their principal amount by $53.6 million at March 31, 2014 since the closing market price of $23.59 per share exceeded the implicit conversion price of $21.13 per share for the 2019 Notes. The Company has asserted its intent and ability to settle the principal amount of the Convertible Notes in cash. As a result, conversion of this principal amount, totaling 45.2 million shares, was not included in the computation of diluted earnings per share (“EPS”). However, the conversion spread value, representing 3.2 million shares, was included in the computation of diluted EPS. See further discussion at Note 16.

Loan_SecuritizationSale_Activi1

Loan Securitization/Sale Activities (Tables)	3 Months Ended
	Mar. 31, 2014
Loan Securitization/Sale Activities	'
Summary of loans sold and loans transferred as secured borrowings by the Real Estate Lending segment net of expenses	'
	The following table summarizes our loans sold and loans transferred as secured borrowings by the Lending Segment net of expenses (in thousands):

		Loan Transfers Accounted				Loan Transfers
		for as Sales				Accounted for as Secured
						Borrowings
		Face Amount		Proceeds		Face Amount		Proceeds
	For the three months ended March 31,
	2014	$	147,884	$	146,400	$	—	$	—
	2013	44,531		44,631		—		—

Derivatives_and_Hedging_Activi1

Derivatives and Hedging Activity (Tables)	3 Months Ended
	Mar. 31, 2014
Derivatives and Hedging Activity	'
Tabular disclosure of fair values of derivative instruments	'
	The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013 (amounts in thousands):

		Fair Value of Derivatives in an						Fair Value of Derivatives in a
		Asset Position(1) As of						Liability Position(2) As of
		March 31, 2014			December 31, 2013			March 31, 2014		December 31, 2013
	Derivatives designated as hedging instruments:
	Interest rate swaps	$	112		$	125		$	594	$	729
	Total derivatives designated as hedging instruments	112			125			594		729
	Derivatives not designated as hedging instruments:
	Interest rate swaps	2,361			5,102			989		983
	Foreign exchange contracts	266			269			16,474		22,480
	Credit index instruments	1,878			2,273			—		—
	Total derivatives not designated as hedging instruments	4,505			7,644			17,463		23,463
	Total derivatives	$	4,617		$	7,769		$	18,057	$	24,192

	(1) Classified as derivative assets in our condensed consolidated balance sheets.

	(2) Classified as derivative liabilities in our condensed consolidated balance sheets.
Schedule of effect of derivative financial instruments on the condensed consolidated statements of operations and of comprehensive income	'
	The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of operations and of comprehensive income for the three months ended March 31, 2014 and 2013:

	Derivatives Designated as	Gain (Loss)			Gain (Loss)			Gain (Loss)		Location of Gain (Loss)
	Hedging Instruments	Recognized			Reclassified			Recognized		Recognized in Income
	for the Three Months Ended March 31,	in OCI			from AOCI			in Income
		(effective portion)			into Income			(ineffective portion)
					(effective portion)
	2014	$	(251	)	$	(373	)	$	—	Interest expense
	2013	$	(167	)	$	(447	)	$	—	Interest expense

	Derivatives Not Designated			Amount of Gain (Loss)
				Recognized in Income for the
				Three Months Ended March 31,
	as Hedging Instruments	Location of Gain (Loss) Recognized in Income		2014			2013
	Interest rate swaps	Loss (gain) on derivative financial instruments		$	(4,197	)	$	150
	Foreign exchange contracts	Loss (gain) on derivative financial instruments		(3,047		)	16,078
	Credit index instruments	Loss on derivative financial instruments		(622		)	—
				$	(7,866	)	$	16,228

Offsetting_Assets_and_Liabilit1

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2014
Offsetting Assets and Liabilities	'
Schedule of offsetting assets and liabilities	'
	The following tables present the potential effects of netting arrangements on our financial position for financial assets and liabilities within the scope of ASC 210-20, Balance Sheet—Offsetting, which for us are derivative assets and liabilities as well as repurchase agreement liabilities (amounts in thousands):

				(ii)		(iii) =160;(i) - (ii)		(iv)
								Gross Amounts Not
								Offset in the Statement
								of Financial Position
		(i)		Gross Amounts		Net Amounts		Financial		Cash		(v) =160;(iii) - (iv)
		Gross Amounts		Offset in the		Presented in		Instruments		Collateral		Net Amount
		Recognized		Statement of		the Statement of				Received /
				Financial Position		Financial Position				Pledged
	As of March 31, 2014
	Derivative assets	$	4,617	$	—	$	4,617	$	493	$	1,731	$	2,393
	Derivative liabilities	$	18,057	$	—	$	18,057	$	493	$	12,065	$	5,499
	Repurchase agreements	1,825,589		—		1,825,589		1,825,589		—		—
		$	1,843,646	$	—	$	1,843,646	$	1,826,082	$	12,065	$	5,499
	As of December 31, 2013
	Derivative assets	$	7,769	$	—	$	7,769	$	692	$	1,916	$	5,161
	Derivative liabilities	$	24,192	$	—	$	24,192	$	692	$	7,150	$	16,350
	Repurchase agreements	1,419,163		—		1,419,163		1,419,163		—		—
		$	1,443,355	$	—	$	1,443,355	$	1,419,855	$	7,150	$	16,350

Stockholders_Equity_Tables

Stockholders' Equity (Tables)	3 Months Ended
Stockholders' Equity (Tables)	Mar. 31, 2014
Stockholders' Equity	'
Schedule of Non-Vested Shares and Share Equivalents	'


		Non-Executive	Equity Plan		Manager		Total		Weighted
		Director			Equity Plan				Average
		Stock Plan							Grant Date
									Fair Value
									(per share)
	Balance as of December 31, 2013	11,228	22,502		510,415		544,145		$	22.88
	Granted	—	147,911		2,489,281		2,637,192		27.96
	Vested	—	(14,981	)	(286,278	)	(301,259	)	26.71
	Forfeited	—	—		—		—		—
	Balance as of March 31, 2014	11,228	155,432		2,713,418		2,880,078		$	27.13

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
Earnings per Share (Tables)	Mar. 31, 2014
Earnings per Share	'
Net Income (Loss) per Share	'
	The following table provides a reconciliation of net income from continuing operations and the number of common shares used in the computations of basic EPS and diluted EPS (in thousands, except per share amounts):

		For the Three Month Ended
		March 31,
		2014			2013
	Basic Earnings
	Continuing Operations:
	Income from continuing operations attributable to STWD common shareholders	$	122,152		$	64,531
	Less: Income attributable to unvested shares	(1,748		)	(454		)
	Basic — Income from continuing operations	$	120,404		$	64,077

	Discontinued Operations:
	Loss from discontinued operations	$	(1,551	)	$	(2,288	)
	Basic — Net income attributable to STWD common shareholders after allocation to participating securities	$	118,853		$	61,789

	Diluted Earnings
	Continuing Operations:
	Basic — Income from continuing operations attributable to STWD common shareholders	$	122,152		$	64,531
	Less: Income attributable to unvested shares	(1,748		)	(454		)
	Add: Undistributed earnings to unvested shares	366			18
	Less: Undistributed earnings reallocated to unvested shares	(361		)	(18		)
	Diluted — Income from continuing operations	$	120,409		$	64,077

	Discontinued Operations:
	Basic — Loss from discontinued operations	$	(1,551	)	$	(2,288	)
	Diluted — Net income attributable to STWD common shareholders after allocation to participating securities	$	118,858		$	61,789

	Number of Shares:
	Basic — Average shares outstanding	195,524			135,480
	Effect of dilutive securities — Convertible Notes	3,196			—
	Effect of dilutive securities — Contingently Issuable Shares	156			—
	Diluted — Average shares outstanding	198,876			135,480

	Basic Earnings Per Share:
	Income from continuing operations attributable to STWD common shareholders	$	0.62		$	0.47
	Loss from discontinued operations attributable to STWD common shareholders	(0.01		)	(0.01		)
	Net income attributable to STWD common shareholders	$	0.61		$	0.46

	Diluted Earnings Per Share:
	Income from continuing operations attributable to STWD common shareholders	$	0.61		$	0.47
	Loss from discontinued operations attributable to STWD common shareholders	(0.01		)	(0.01		)
	Net income attributable to STWD common shareholders	$	0.6		$	0.46

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
Accumulated Other Comprehensive Income (Tables)	Mar. 31, 2014
Accumulated Other Comprehensive Income	'
Schedule of changes in AOCI	'
	The changes in AOCI by component are as follows (in thousands):

		Effective Portion of			Cumulative			Foreign			Total
		Cumulative Loss on			Unrealized Gain			Currency
		Cash Flow Hedges			(Loss) on			Translation
					Available-for-
					Sale Securities
	Balance at January 1, 2014	$	(604	)	$	66,566		$	9,487		$	75,449
	OCI before reclassifications	(251		)	3,983			1,046			4,778
	Amounts reclassified from AOCI	373			(485		)	—			(112		)
	Net period OCI	122			3,498			1,046			4,666
	Balance at March 31, 2014	$	(482	)	$	70,064		$	10,533		$	80,115

	Balance at January 1, 2013	$	(2,571	)	$	82,246		$	—		$	79,675
	OCI before reclassifications	(168		)	11,956			(7,061		)	4,727
	Amounts reclassified from AOCI	447			(14,305		)	—			(13,858		)
	Net period OCI	279			(2,349		)	(7,061		)	(9,131		)
	Balance at March 31, 2013	$	(2,292	)	$	79,897		$	(7,061	)	$	70,544
Schedule of reclassifications out of AOCI that impacted the condensed consolidated statements of operations	'


		Amounts Reclassified from						Affected Line Item
		AOCI during the Three Months						in the Statements
		Ended March 31,
	Details about AOCI Components	2014			2013			of Operations
	Gains (losses) on cash flow hedges:
	Interest rate contracts	$	(373	)	$	(447	)	Interest expense
	Unrealized gains (losses) on available for sale securities:
	Net realized gain (loss) on sale of investments	698			14,347			Gain on sale of investments, net
	OTTI	(213		)	(42		)	OTTI
	Total	485			14,305
	Total reclassifications for the year	$	112		$	13,858

Fair_Value_Tables

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2014
Fair Value	'
Schedule of financial assets and liabilities carried at fair value on a recurring basis	'
	The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the condensed consolidated balance sheets by their level in the fair value hierarchy as of March 31, 2014 and December 31, 2013 (amounts in thousands):

		March 31, 2014
		Total			Level I			Level II			Level III
	Financial Assets:
	Loans held-for-sale, fair value option	$	186,837		$	—		$	112,720		$	74,117
	RMBS	291,217			—			—			291,217
	CMBS	247,601			—			6,936			240,665
	Equity security	15,115			15,115			—			—
	Domestic servicing rights	144,898			—			—			144,898
	Derivative assets	4,617			—			4,617			—
	VIE assets	118,451,518			—			—			118,451,518
	Total	$	119,341,803		$	15,115		$	124,273		$	119,202,415
	Financial Liabilities:
	Derivative liabilities	$	18,057		$	—		$	18,057		$	—
	VIE liabilities	117,931,005			—			114,448,083			3,482,922
	Total	$	117,949,062		$	—		$	114,466,140		$	3,482,922

		December 31, 2013
		Total			Level I			Level II			Level III
	Financial Assets:
	Loans held-for-sale, fair value option	$	206,672		$	—		$	—		$	206,672
	RMBS	296,236			—			—			296,236
	CMBS	255,306			—			47,300			208,006
	Equity security	15,247			15,247			—			—
	Domestic servicing rights	150,149			—			—			150,149
	Derivative assets	7,769			—			7,769			—
	VIE assets	103,151,624			—			—			103,151,624
	Total	$	104,083,003		$	15,247		$	55,069		$	104,012,687
	Financial Liabilities:
	Derivative liabilities	$	24,192		$	—		$	24,192		$	—
	VIE liabilities	102,649,263			—			101,051,279			1,597,984
	Total	$	102,673,455		$	—		$	101,075,471		$	1,597,984
Schedule of changes in financial assets and liabilities classified as Level III	'
	The changes in financial assets and liabilities classified as Level III were as follows for the three months ended March 31, 2014 and 2013 (amounts in thousands):

		Loans			RMBS			CMBS			Domestic			VIE Assets			VIE			Total
		Held-for-sale									Servicing						Liabilities
											Rights
	January 1, 2014 balance	$	206,672		$	296,236		$	208,006		$	150,149		$	103,151,624		$	(1,597,984	)	$	102,414,703
	Total realized and unrealized (losses) gains:
	Included in earnings:
	Change in fair value / gain on sale	20,893			1,011			5,207			(5,251		)	(3,681,541		)	101,499			(3,558,182		)
	OTTI	—			(213		)	—			—			—			—			(213		)
	Net accretion	—			6,564			—			—			—			—			6,564
	Included in OCI	—			4,748			(533		)	—			—			—			4,215
	Purchases / Originations	261,825			—			3,831			—			—			—			265,656
	Sales	(302,461		)	(9,310		)	(15,844		)	—			—			—			(327,615		)
	Issuances	—			—			—			—			—			(45,761		)	(45,761		)
	Cash repayments / receipts	(92		)	(7,819		)	(408		)	—			—			35,366			27,047
	Transfers into Level III	—			—			47,300			—			—			(571,612		)	(524,312		)
	Transfers out of Level III	(112,720		)	—			(179		)	—			—			419,741			306,842
	Consolidations of VIEs	—			—			(6,715		)	—			20,270,649			(1,824,171		)	18,439,763
	Deconsolidations of VIEs	—			—			—			—			(1,289,214		)	—			(1,289,214		)
	March 31, 2014 balance	$	74,117		$	291,217		$	240,665		$	144,898		$	118,451,518		$	(3,482,922	)	$	115,719,493
	Amount of total (losses) gains included in earnings attributable to assets still held at March 31, 2014	$	177		$	6,295		$	5,207		$	(5,251	)	$	(3,681,541	)	$	101,499		$	(3,573,614	)

	January 1, 2013 balance	$	—		$	333,153		$	—		$	—		$	—		$	—		$	333,153
	Total realized and unrealized gains:
	Included in earnings:
	OTTI	—			(42		)	—			—			—			—			(42		)
	Net accretion	—			6,151			—			—			—			—			6,151
	Included in OCI	—			9,232			—			—			—			—			9,232
	Sales	—			(10,582		)	—			—			—			—			(10,582		)
	Cash repayments / receipts				(16,869		)													(16,869		)
	March 31, 2013 balance	$	—		$	321,043		$	—		$	—		$	—		$	—		$	321,043
	Amount of total gains included in earnings attributable to assets still held at March 31, 2013	$	—		$	6,109		$	—		$	—		$	—		$	—		$	6,109
Schedule of fair value of financial instruments not carried at fair value (level III)	'
	The following table presents the fair values of our financial instruments not carried at fair value on the consolidated balance sheets (amounts in thousands):

		March 31, 2014						December 31, 2013
		Carrying			Fair			Carrying			Fair
		Value			Value			Value			Value
	Financial assets not carried at fair value:
	Loans held-for-investment and loans transferred as secured borrowings	$	4,777,965		$	4,885,290		$	4,544,132		$	4,609,040
	Securities, held-to-maturity	369,152			367,811			368,318			368,453
	European servicing rights	23,158			24,357			27,024			29,327
	Non-performing residential loans	—			—			215,371			215,371
	Financial liabilities not carried at fair value:
	Secured financing agreements and secured borrowings on transferred loans	$	2,744,100		$	2,743,969		$	2,438,798		$	2,436,708
	Convertible senior notes	1,000,839			1,216,482			997,851			1,160,000
Schedule of quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'
	The following is quantitative information about significant unobservable inputs in our Level III measurements for those assets and liabilities measured at fair value on a recurring basis (dollar amounts in thousands):

		Carrying Value at			Valuation				Range as of (1)
		March 31, 2014			Technique		Unobservable Input		March 31, 2014		December 31, 2013
	Loans held-for-sale, fair value option	$	74,117		Discounted cash flow		Yield (b)		4.8% - 6.6%		5.2% - 5.9%
							Duration(c)		5.0 - 10.0 years		5.0 - 10.0 years
	RMBS	291,217			Discounted cash flow		Constant prepayment rate(a)		0.9% - 16.4%		(0.6)% - 16.6%
							Constant default rate(b)		1.4% - 9.5%		1.4% - 11.3%
							Loss severity(b)		13% - 82%(e)		15% - 92%(e)
							Delinquency rate(c)		3% - 32%		3% - 48%
							Servicer advances(a)		23% - 96%		24% - 95%
							Annual coupon deterioration(b)		0% - 0.9%		0% - 0.7%
							Putback amount per projected
							total collateral loss(d)		0% - 10%		0% - 9%
	CMBS	240,665			Discounted cash flow		Yield(b)		0% - 457.8%		0% - 890.0%
							Duration(c)		0 – 11.9 years		0 - 11.0 years
	Domestic servicing rights	144,898			Discounted cash flow		Debt yield(a)		8.75%		8.75%
							Discount rate(b)		15%		15%
							Control migration(b)		0% - 80%		0% - 80%
	VIE assets	118,451,518			Discounted cash flow		Yield(b)		0% - 968.9%		0% - 952.3%
							Duration(c)		0 – 22.4 years		0 - 22.7 years
	VIE liabilities	3,482,922			Discounted cash flow		Yield(b)		0% - 968.9%		0% - 952.3%
							Duration(c)		0 – 22.4 years		0 - 22.7 years



	(1) The ranges of significant unobservable inputs are represented in percentages and years.

	Sensitivity of the Fair Value to Changes in the Unobservable Inputs

	(a) Significant increase (decrease) in the unobservable input in isolation would result in a significantly higher (lower) fair value measurement.

	(b) Significant increase (decrease) in the unobservable input in isolation would result in a significantly lower (higher) fair value measurement.

	(c) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (lower or higher) fair value measurement depending on the structural features of the security in question.

	(d) Any delay in the putback recovery date leads to a decrease in fair value, for the majority of securities in our RMBS portfolio.

	(e) 88% and 90% of the portfolio falls within a range of 45%-80% as of March 31, 2014 and December 31, 2013, respectively.

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Mar. 31, 2014
Income Taxes	'
Schedule of income tax provision	'
	Our income tax provision consisted of the following for the three months ended March 31, 2014 and 2013 (in thousands):

		For the Three Months Ended
		March 31,
		2014			2013
	Current
	Federal	$	5,140		$	631
	Foreign	1,449			—
	State	870			146
	Total current	7,459			777
	Deferred
	Federal	(704		)	—
	Foreign	(1,006		)	—
	State	(129		)	—
	Total deferred	(1,839		)	—
	Total income tax provision (1)	$	5,620		$	777


	(1) Includes $0 and $162 thousand reflected in discontinued operations for the three months ended March 31, 2014 and 2013, respectively.
Schedule of tax jurisdictions and the tax effects of temporary differences on their respective net deferred tax assets and liabilities	'
	The following table presents each of these tax jurisdictions and the tax effects of temporary differences on their respective net deferred tax assets and liabilities (in thousands):

		March 31, 2014			December 31, 2013
	U.S.
	Deferred tax asset, net
	Reserves and accruals	$	10,872		$	11,454
	Domestic intangible assets	1,198			(714		)
	Investment securities and loans	(1,910		)	(892		)
	Investment in unconsolidated entities	2,082			1,811
	Deferred income	194			59
	Net operating and capital loss carryforwards	2,479			967
	Valuation allowance	(2,479		)	(799		)
	Other U.S. temporary differences	(229		)	(242		)
		12,207			11,644
	Europe
	Deferred tax liability, net
	European servicing rights	(5,295		)	(6,257		)
	Net operating and capital loss carryforwards	10,996			10,951
	Valuation allowance	(10,996		)	(10,951		)
	Other European temporary differences	(373		)	(527		)
		(5,668		)	(6,784		)
	Net deferred tax assets (liabilities)	$	6,539		$	4,860
Schedule of reconciliation of federal income tax determined using statutory federal tax rate to reported income tax provision	'
	The following table is a reconciliation of our federal income tax determined using our statutory federal tax rate to our reported income tax provision for the three months ended March 31, 2014 and 2013 (dollar amounts in thousands):

		For the Three Months Ended March 31,
		2014					2013
	Federal statutory tax rate	$	44,275		35	%	$	22,470		35	%
	REIT and other non-taxable income	(40,382		)	(32.0	)%	(21,788		)	(33.9	)%
	State income taxes	450			0.4	%	146			0.2	%
	Federal benefit of state tax deduction	(158		)	(0.1	)%	(51		)	(0.1	)%
	Valuation allowance	1,512			1.2	%	—			—
	Other	(77		)	(0.1	)%	—			—
	Effective tax rate	$	5,620		4.4	%	$	777		1.2	%

Segment_Data_Tables

Segment Data (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Data	'
Schedule of results of operations by business segment	'
	The table below presents our results of operations for the three months ended March 31, 2014 by business segment (amounts in thousands):

			Real Estate			LNR			Single Family			Subtotal			LNR VIEs			Total
			Investment						Residential
			Lending
	Revenues:
	Interest income from loans		$	102,087		$	2,823		$	—		$	104,910		$	—		$	104,910
	Interest income from investment securities		18,289			23,008			—			41,297			(11,843		)	29,454
	Servicing fees		37			56,185			—			56,222			(22,011		)	34,211
	Other revenues		80			3,597			—			3,677			(273		)	3,404
	Total revenues		120,493			85,613			—			206,106			(34,127		)	171,979
	Costs and expenses:
	Management fees (1)		27,765			18			—			27,783			38			27,821
	Interest expense (1)		36,880			951			—			37,831			—			37,831
	General and administrative		7,145			38,770			—			45,915			186			46,101
	Acquisition and investment pursuit costs		212			182			—			394			—			394
	Depreciation and amortization		—			4,636			—			4,636			—			4,636
	Loan loss allowance		497			—			—			497			—			497
	Other expense		(14		)	1,703			—			1,689			—			1,689
	Segment allocations (1)		(12,036		)	10,154			1,882			—			—			—
	Total costs and expenses		60,449			56,414			1,882			118,745			224			118,969
	Income before other income, income taxes and non-controlling interests		60,044			29,199			(1,882		)	87,361			(34,351		)	53,010
	Other income:
	Income of consolidated VIEs, net		—			—			—			—			56,004			56,004
	Change in fair value of servicing rights		—			(12,175		)	—			(12,175		)	6,924			(5,251		)
	Change in fair value of investment securities, net		(156		)	36,952			—			36,796			(28,435		)	8,361
	Change in fair value of mortgage loans held-for-sale, net		—			20,893			—			20,893			—			20,893
	Earnings from unconsolidated entities		1,540			(1,383		)	—			157			(93		)	64
	Gain on sale of investments, net		1,555			—			—			1,555			—			1,555
	Loss on derivative financial instruments, net		(2,788		)	(5,078		)	—			(7,866		)	—			(7,866		)
	Foreign currency gain (loss), net		1,561			(84		)	—			1,477			—			1,477
	OTTI		(213		)	—			—			(213		)	—			(213		)
	Other income, net		18			—			—			18			—			18
	Total other income		1,517			39,125			—			40,642			34,400			75,042
	Income from continuing operations before income taxes		61,561			68,324			(1,882		)	128,003			49			128,052
	Income tax provision		(83		)	(5,537		)	—			(5,620		)	—			(5,620		)
	Income from continuing operations		61,478			62,787			(1,882		)	122,383			49			122,432
	Loss from discontinued operations, net of tax		—			—			(1,551		)	(1,551		)	—			(1,551		)
	Net income		61,478			62,787			(3,433		)	120,832			49			120,881
	Net income attributable to non-controlling interests		(231		)	—			—			(231		)	(49		)	(280		)
	Net income attributable to Starwood Property Trust, Inc.		$	61,247		$	62,787		$	(3,433	)	$	120,601		$	—		$	120,601


	(1) Due to the structure of our business, certain costs incurred by one segment may benefit other segments. Costs that are identifiable are allocated to the segments that benefit so that one segment is not solely burdened by this cost. Allocated costs currently include interest expense related to our consolidated debt (excluding VIEs) and management fees payable to our Manager, both of which represent shared costs. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated.

	The table below presents our results of operations for the three months ended March 31, 2013 by business segment (amounts in thousands):

			Real Estate			Single Family			Total
			Investment			Residential
			Lending
	Revenues:
	Interest income from loans		$	67,690		$	—		$	67,690
	Interest income from investment securities		16,240			—			16,240
	Other revenues		79			—			79
	Total revenues		84,009			—			84,009
	Costs and expenses:
	Management fees		15,069			—			15,069
	Interest expense		17,426			—			17,426
	General and administrative		4,038			—			4,038
	Business combination costs		4,196			—			4,196
	Acquisition and investment pursuit costs		81			—			81
	Loan loss allowance		30			—			30
	Other expense		33			—			33
Total costs and expenses		40,873			—			40,873
Income before other income, income taxes and non-controlling interests		43,136			—			43,136
Other income:
Change in fair value of investment securities, net		405			—			405
Earnings from unconsolidated entities		741			—			741
Gain on sale of investments, net		13,524			—			13,524
Gain on derivative financial instruments, net		16,228			—			16,228
Foreign currency loss, net		(7,665		)	—			(7,665		)
OTTI		(42		)	—			(42		)
Total other income		23,191			—			23,191
Income from continuing operations before income taxes		66,327			—			66,327
Income tax provision		(615		)	—			(615		)
Income from continuing operations		65,712			—			65,712
Loss from discontinued operations, net of tax		—			(2,288		)	(2,288		)
Net income		65,712			(2,288		)	63,424
Net income attributable to non-controlling interests		(1,181		)	—			(1,181		)
Net income attributable to Starwood Property Trust, Inc.		$	64,531		$	(2,288	)	$	62,243
Schedule of condensed consolidated balance sheet by business segment	'
	The table below presents our condensed consolidated balance sheet as of March 31, 2014 by business segment (amounts in thousands):

			Real Estate			LNR			Subtotal			LNR VIEs			Total
			Investment
			Lending
	Assets:
	Cash and cash equivalents		$	174,821		$	51,398		$	226,219		$	252		$	226,471
	Restricted cash		34,000			9,117			43,117			—			43,117
	Loans held-for-investment, net		4,625,020			9,903			4,634,923			—			4,634,923
	Loans held-for-sale		—			186,837			186,837			—			186,837
	Loans transferred as secured borrowings		143,042			—			143,042			—			143,042
	Investment securities		788,961			564,818			1,353,779			(430,694		)	923,085
	Intangible assets—servicing rights		—			245,032			245,032			(76,976		)	168,056
	Investment in unconsolidated entities		46,395			61,601			107,996			(3,476		)	104,520
	Goodwill		—			140,437			140,437			—			140,437
	Derivative assets		2,666			1,951			4,617			—			4,617
	Accrued interest receivable		33,955			560			34,515			—			34,515
	Other assets		49,875			62,384			112,259			(1,036		)	111,223
	VIE assets, at fair value		—			—			—			118,451,518			118,451,518
	Total Assets		$	5,898,735		$	1,334,038		$	7,232,773		$	117,939,588		$	125,172,361
	Liabilities and Equity
	Liabilities:
	Accounts payable, accrued expenses and other liabilities		$	41,085		$	96,403		$	137,488		$	343		$	137,831
	Related-party payable		25,016			4,442			29,458			—			29,458
	Dividends payable		95,424			—			95,424			—			95,424
	Derivative liabilities		17,917			140			18,057			—			18,057
	Secured financing agreements, net		2,492,530			108,532			2,601,062			—			2,601,062
	Convertible senior notes, net		1,000,839			—			1,000,839			—			1,000,839
	Secured borrowings on transferred loans		143,038			—			143,038			—			143,038
	VIE liabilities, at fair value		—			—			—			117,931,005			117,931,005
	Total Liabilities		3,815,849			209,517			4,025,366			117,931,348			121,956,714
	Equity:
	Starwood Property Trust, Inc. Stockholders’ Equity:
	Preferred stock		—			—			—			—			—
	Common stock		1,967			—			1,967			—			1,967
	Additional paid-in capital		1,909,038			1,283,207			3,192,245			—			3,192,245
	Treasury stock		(10,642		)	—			(10,642		)	—			(10,642		)
	Accumulated other comprehensive income		72,428			7,687			80,115			—			80,115
	Retained earnings (deficit)		106,831			(166,373		)	(59,542		)	—			(59,542		)
	Total Starwood Property Trust, Inc. Stockholders’ Equity		2,079,622			1,124,521			3,204,143			—			3,204,143
	Non-controlling interests in consolidated subsidiaries		3,264			—			3,264			8,240			11,504
	Total Equity		2,082,886			1,124,521			3,207,407			8,240			3,215,647
	Total Liabilities and Equity		$	5,898,735		$	1,334,038		$	7,232,773		$	117,939,588		$	125,172,361

	The table below presents our condensed consolidated balance sheet as of December 31, 2013 by business segment (amounts in thousands):

			Real Estate			Single			LNR			Subtotal			LNR VIEs			Total
			Investment			Family
			Lending			Residential
	Assets:
	Cash and cash equivalents		$	232,270		$	44,807		$	40,274		$	317,351		$	276		$	317,627
	Restricted cash		36,593			251			32,208			69,052			—			69,052
	Loans held-for-investment, net		4,350,937			—			12,781			4,363,718			—			4,363,718
	Loans held-for-sale		—			—			206,672			206,672			—			206,672
	Loans transferred as secured borrowings		180,414			—			—			180,414			—			180,414
	Investment securities		794,147			—			550,282			1,344,429			(409,322		)	935,107
	Intangible assets—servicing rights		—			—			257,736			257,736			(80,563		)	177,173
	Residential real estate, net		—			749,214			—			749,214			—			749,214
	Non-performing residential loans		—			215,371			—			215,371			—			215,371
	Investment in unconsolidated entities		50,167			—			76,170			126,337			(3,383		)	122,954
	Goodwill		—			—			140,437			140,437			—			140,437
	Derivative assets		3,138			—			4,631			7,769			—			7,769
	Accrued interest receivable		35,501			—			2,129			37,630			—			37,630
Other assets		31,020			8,045			57,620			96,685			(872		)	95,813
VIE assets, at fair value		—			—			—			—			103,151,624			103,151,624
Total Assets		$	5,714,187		$	1,017,688		$	1,380,940		$	8,112,815		$	102,657,760		$	110,770,575
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities		$	66,127		$	23,056		$	135,882		$	225,065		$	309		$	225,374
Related-party payable		11,245			—			6,548			17,793			—			17,793
Dividends payable		90,171			—			—			90,171			—			90,171
Derivative liabilities		24,149			—			43			24,192			—			24,192
Secured financing agreements, net		2,127,717			—			129,843			2,257,560			—			2,257,560
Convertible senior notes, net		997,851			—			—			997,851			—			997,851
Secured borrowings on transferred loans		181,238			—			—			181,238			—			181,238
VIE liabilities, at fair value		—			—			—			—			102,649,263			102,649,263
Total Liabilities		3,498,498			23,056			272,316			3,793,870			102,649,572			106,443,442
Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Preferred stock		—			—			—			—			—			—
Common stock		1,961			—			—			1,961			—			1,961
Additional paid-in capital		1,987,133			1,004,846			1,308,500			4,300,479			—			4,300,479
Treasury stock		(10,642		)	—			—			(10,642		)	—			(10,642		)
Accumulated other comprehensive income		68,092			—			7,357			75,449			—			75,449
Retained earnings (deficit)		132,625			(10,111		)	(207,233		)	(84,719		)	—			(84,719		)
Total Starwood Property Trust, Inc. Stockholders’ Equity		2,179,169			994,735			1,108,624			4,282,528			—			4,282,528
Non-controlling interests in consolidated subsidiaries		36,520			(103		)	—			36,417			8,188			44,605
Total Equity		2,215,689			994,632			1,108,624			4,318,945			8,188			4,327,133
Total Liabilities and Equity		$	5,714,187		$	1,017,688		$	1,380,940		$	8,112,815		$	102,657,760		$	110,770,575

Business_and_Organization_Deta

Business and Organization (Details) (USD $)	3 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Apr. 19, 2013	Mar. 31, 2014
	item	LNR	LNR
Business and Organization	'	'	'
Number of reportable business segments	3	'	'
Acquisition of LNR Property LLC	'	'	'
Initial agreed upon purchase price	'	$859	'
Net purchase price	'	730	'
Cost of remaining net assets of acquiree purchased by an affiliate	'	194	'
Assets owned by TRS entities	'	'	$799.80

Business_and_Organization_Deta1

Business and Organization (Details 2) (USD $)	3 Months Ended	0 Months Ended		0 Months Ended
Share data in Millions, unless otherwise specified	Mar. 31, 2014	Feb. 21, 2014	Mar. 31, 2014	Jan. 31, 2014	Jan. 24, 2014
		SWAY	SWAY	Spin off	Spin off
			item	SFR	SFR
Business and Organization	'	'	'	'	'
Minimum annual REIT taxable income distributable to stockholders (as a percent)	90.00%	'	'	'	'
Spin-off transaction	'	'	'	'	'
Share exchange ratio	'	'	'	'	0.2
Cash contribution	'	'	'	$100,000,000	'
Net assets	'	'	$1,100,000,000	'	'
Number of units of single-family homes	'	'	7,200	'	'
Shares issued	'	40.1	'	'	'

Acquisitions_and_Divestitures_1

Acquisitions and Divestitures (Details) (USD $)	3 Months Ended		0 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Apr. 19, 2013	Mar. 31, 2014	Mar. 31, 2013	Jan. 31, 2014
	Mar. 31, 2014	Mar. 31, 2013	LNR	SFR Spin-off	SFR Spin-off	SFR Spin-off
Results of operations for the SFR segment prior to spin-off, excluding segment allocations	'	'	'	'	'	'
Total revenues	'	'	'	$3,876,000	$1,164,000	'
Total costs and expenses	'	'	'	6,369,000	3,625,000	'
Loss before other income and income taxes	'	'	'	-2,493,000	-2,461,000	'
Total other income	'	'	'	942,000	335,000	'
Loss before income taxes	'	'	'	-1,551,000	-2,126,000	'
Income tax provision reflected in discontinued operations	0	-162,000	'	'	-162,000	'
Net loss	-1,551,000	-2,288,000	'	-1,551,000	-2,288,000	'
Assets:	'	'	'	'	'	'
Cash and cash equivalents	'	'	'	'	'	111,960,000
Restricted cash	'	'	'	'	'	189,000
Residential real estate, net	'	'	'	'	'	812,017,000
Non-performing residential loans	'	'	'	'	'	211,019,000
Other assets	'	'	'	'	'	9,498,000
Total Assets	'	'	'	'	'	1,144,683,000
Liabilities:	'	'	'	'	'	'
Accounts payable, accrued expenses and other liabilities	'	'	'	'	'	24,346,000
Equity:	'	'	'	'	'	'
Additional paid-in capital	'	'	'	'	'	1,130,405,000
Accumulated deficit	'	'	'	'	'	-11,662,000
Total Stockholders' Equity	'	'	'	'	'	1,118,743,000
Non-controlling interests in consolidated subsidiaries	'	'	'	'	'	1,594,000
Total Equity	'	'	'	'	'	1,120,337,000
Total Liabilities and Equity	'	'	'	'	'	1,144,683,000
Initial agreed upon purchase price	'	'	859,000,000	'	'	'
Purchase price	'	'	$730,000,000	'	'	'

Loans_Details

Loans (Details) (USD $)	3 Months Ended		12 Months Ended
Loans (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Investments in loans	'	'	'
Total gross loans	$4,969,283,000	'	$4,754,788,000
Face value	5,064,317,000	'	4,845,115,000
Loan loss allowance (loans held-for-investment)	-4,481,000	'	-3,984,000
Carrying Value	4,964,802,000	'	4,750,804,000
Loans with variable rates of interest	3,569,217,000	'	3,233,832,000
Loans with variable rates of interest (as a percent)	71.80%	'	'
Variable rate basis of loans	'LIBOR	'	'
Weighted average spread of loans (as a percent)	5.18%	'	'
Amount of loan impairment charges on individual loans held for investment	0	'	0
Allowance for loan losses as a percent of carrying amount	6.00%	'	5.60%
Activity in allowance for loan losses	'	'	'
Allowance for loan losses at the beginning of the period	3,984,000	2,061,000	2,061,000
Provision for loan losses	497,000	30,000	'
Allowance for loan losses at the end of the period	4,481,000	2,091,000	3,984,000
Recorded investment in loans related to the allowance for loan loss	298,753,000	112,573,000	'
Movement of loans held for investment	'	'	'
Balance at the beginning of the period	4,750,804,000	3,000,335,000	3,000,335,000
Acquisitions/origination/additional funding	981,762,000	129,817,000	'
Capitalized Interest	8,656,000	1,611,000	'
Basis of loans sold	-448,317,000	-44,631,000	'
Loan maturities/principal repayments	-353,934,000	-93,651,000	'
Discount accretion/premium amortization	1,806,000	7,632,000	'
Changes in fair value	20,893,000	'	'
Unrealized foreign currency remeasurement gain (loss)	3,629,000	-6,141,000	'
Loan loss allowance	-497,000	-30,000	'
Balance at the end of the period	4,964,802,000	2,994,942,000	4,750,804,000
1-month LIBOR	'	'	'
Investments in loans	'	'	'
Loans with variable rates of interest	630,005,000	'	590,444,000
Effective variable rate basis (as a percent)	0.15%	'	0.17%
LIBOR floor	'	'	'
Investments in loans	'	'	'
Loans with variable rates of interest	2,937,015,000	'	2,641,162,000
Weighted average spread of loans (as a percent)	0.41%	'	0.49%
LIBOR floor \| Minimum	'	'	'
Investments in loans	'	'	'
Effective variable rate basis (as a percent)	0.19%	'	0.19%
LIBOR floor \| Maximum	'	'	'
Investments in loans	'	'	'
Effective variable rate basis (as a percent)	3.00%	'	3.00%
U.S. Prime Rate	'	'	'
Investments in loans	'	'	'
Loans with variable rates of interest	2,197,000	'	2,226,000
Effective variable rate basis (as a percent)	3.25%	'	3.25%
Rating 2	'	'	'
Investments in loans	'	'	'
Total gross loans	444,466,000	'	364,491,000
Rating 3	'	'	'
Investments in loans	'	'	'
Total gross loans	4,028,943,000	'	3,905,204,000
Rating 4	'	'	'
Investments in loans	'	'	'
Total gross loans	298,753,000	'	265,640,000
Allowance for loan losses as a percent of carrying amount	1.50%	'	'
Rating 5	'	'	'
Investments in loans	'	'	'
Allowance for loan losses as a percent of carrying amount	5.00%	'	'
N/A	'	'	'
Investments in loans	'	'	'
Total gross loans	197,121,000	'	219,453,000
Total loans held-for-investment	'	'	'
Investments in loans	'	'	'
Total gross loans	4,639,404,000	'	4,367,702,000
Face value	4,739,798,000	'	4,455,533,000
Carrying Value of loan in default	57,800,000	'	'
Total loans held-for-investment \| LNR	'	'	'
Investments in loans	'	'	'
Carrying Value of loan in default	8,000,000	'	'
First Mortgages	'	'	'
Investments in loans	'	'	'
Total gross loans	2,810,468,000	'	2,616,441,000
Face value	2,866,252,000	'	2,666,875,000
Weighted Average Coupon (as a percent)	5.80%	'	5.60%
Weighted Average Life	'4 years 2 months 12 days	'	'4 years 3 months 18 days
First Mortgages \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	2,802,403,000	'	2,603,660,000
First Mortgages \| Rating 2 \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	100,691,000	'	94,981,000
First Mortgages \| Rating 3 \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	2,552,430,000	'	2,354,692,000
First Mortgages \| Rating 4 \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	147,063,000	'	153,987,000
First Mortgages \| N/A \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	2,219,000	'	'
Subordinated mortgages	'	'	'
Investments in loans	'	'	'
Total gross loans	501,222,000	'	505,533,000
Face value	536,714,000	'	541,817,000
Weighted Average Coupon (as a percent)	8.30%	'	8.70%
Weighted Average Life	'4 years	'	'4 years 2 months 12 days
Subordinated mortgages \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	501,222,000	'	505,533,000
Subordinated mortgages \| Rating 2 \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	104,092,000	'	103,369,000
Subordinated mortgages \| Rating 3 \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	360,398,000	'	370,446,000
Subordinated mortgages \| Rating 4 \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	36,732,000	'	31,718,000
Mezzanine Loans	'	'	'
Investments in loans	'	'	'
Total gross loans	1,327,714,000	'	1,245,728,000
Face value	1,336,832,000	'	1,246,841,000
Weighted Average Coupon (as a percent)	11.20%	'	12.20%
Weighted Average Life	'3 years 3 months 18 days	'	'3 years 8 months 12 days
Mezzanine Loans \| Real Estate Investment Lending	'	'	'
Investments in loans	'	'	'
Carrying Value of loan in default	49,800,000	'	'
Mezzanine Loans \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	1,327,714,000	'	1,245,728,000
Mezzanine Loans \| Rating 2 \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	226,689,000	'	153,119,000
Mezzanine Loans \| Rating 3 \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	986,067,000	'	1,012,674,000
Mezzanine Loans \| Rating 4 \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	114,958,000	'	79,935,000
Cost Recovery Loans \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	8,065,000	'	12,781,000
Cost Recovery Loans \| N/A \| Loans Held-For-Investment	'	'	'
Investments in loans	'	'	'
Total gross loans	8,065,000	'	12,781,000
Loans Held-for-sale	'	'	'
Investments in loans	'	'	'
Total gross loans	186,837,000	'	206,672,000
Face value	181,450,000	'	209,099,000
Weighted Average Coupon (as a percent)	5.10%	'	5.30%
Weighted Average Life	'9 years 6 months	'	'9 years 7 months 6 days
Loans Held-for-sale \| N/A	'	'	'
Investments in loans	'	'	'
Total gross loans	186,837,000	'	206,672,000
First mortgages held for sale, fair value option elected	'	'	'
Investments in loans	'	'	'
Total gross loans	186,837,000	'	'
Loans transferred as secured borrowings	'	'	'
Investments in loans	'	'	'
Total gross loans	143,042,000	'	180,414,000
Face value	143,069,000	'	180,483,000
Weighted Average Coupon (as a percent)	5.50%	'	5.40%
Weighted Average Life	'3 years	'	'2 years 10 months 24 days
Loans transferred as secured borrowings \| Rating 2	'	'	'
Investments in loans	'	'	'
Total gross loans	12,994,000	'	13,022,000
Loans transferred as secured borrowings \| Rating 3	'	'	'
Investments in loans	'	'	'
Total gross loans	$130,048,000	'	$167,392,000

Investment_Securities_Details

Investment Securities (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	item	Mar. 31, 2013	item
Mortgage-Backed Securities Available-for-Sale	'	'	'
Investment securities	$923,085,000	'	$935,107,000
Purchases	9,890,000	37,175,000	'
Sales	27,883,000	19,480,000	'
Principal collections	8,227,000	21,726,000	'
Number of CMBS classified as HTM	1	'	1
Mortgage-backed securities	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'
Purchase Amortized Cost	344,334,000	'	354,599,000
Credit OTTI	-10,342,000	'	-11,134,000
Recorded Amortized Cost	333,992,000	'	343,465,000
Non-Credit OTTI	-979,000	'	-55,000
Gross Unrealized Gains	71,916,000	'	68,813,000
Gross Unrealized Losses	-235,000	'	-1,641,000
Net Fair Value Adjustment	70,702,000	'	67,117,000
Fair Value	404,694,000	'	410,582,000
Description of variable rate basis	'one-month LIBOR	'	'one-month LIBOR
Effective variable rate basis (as a percent)	152.00%	'	168.00%
RMBS, available-for-sale	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'
Investment securities	291,217,000	'	296,236,000
Sales	9,309,000	12,711,000	'
Principal collections	7,819,000	16,868,000	'
Purchase Amortized Cost	243,354,000	'	253,912,000
Credit OTTI	-10,342,000	'	-11,134,000
Recorded Amortized Cost	233,012,000	'	242,778,000
Non-Credit OTTI	-979,000	'	-55,000
Gross Unrealized Gains	59,419,000	'	55,154,000
Gross Unrealized Losses	-235,000	'	-1,641,000
Net Fair Value Adjustment	58,205,000	'	53,458,000
Fair Value	291,217,000	'	296,236,000
Weighted Average Coupon (as a percent)	1.00%	'	1.00%
WAL	'7 years 9 months 18 days	'	'6 years 9 months 18 days
Description of variable rate basis	'LIBOR	'	'LIBOR
Portion of securities with variable rate (as a percent)	86.60%	'	86.50%
Variable rate, weighted average spread (as a percent)	0.38%	'	0.37%
Portion of securities with variable rate	252,100,000	'	256,100,000
Principal balance	388,066,000	'	414,020,000
Accretable yield	-99,622,000	'	-101,046,000
Non-accretable difference	-55,432,000	'	-70,196,000
Total discount	-155,054,000	'	-171,242,000
Amortized Cost	233,012,000	'	242,778,000
Credit deteriorated RMBS	300,700,000	'	320,400,000
Accretable yield related to credit deteriorated RMBS	79,300,000	'	78,300,000
Changes to accretable yield	'	'	'
Balance at the beginning of the period	101,046,000	108,486,000	108,486,000
Accretion of discount	-6,564,000	-6,151,000	'
Sales	-1,962,000	-2,418,000	'
OTTI	213,000	42,000	'
Transfer to/from non-accretable difference	6,889,000	-1,002,000	'
Balance at the end of the period	99,622,000	98,957,000	101,046,000
Changes to non accretable difference	'	'	'
Balance at the beginning of the period	70,196,000	97,605,000	97,605,000
Principal write-downs	-366,000	-496,000	'
Sales	-7,509,000	-2,038,000	'
Transfer to/from non-accretable difference	-6,889,000	1,002,000	'
Balance at the end of the period	55,432,000	96,073,000	70,196,000
Single-borrower CMBS, available-for-sale	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'
Investment securities	113,477,000	'	114,346,000
Sales	'	206,608,000	'
Principal collections	408,000	4,858,000	'
Purchase Amortized Cost	100,980,000	'	100,687,000
Recorded Amortized Cost	100,980,000	'	100,687,000
Gross Unrealized Gains	12,497,000	'	13,659,000
Net Fair Value Adjustment	12,497,000	'	13,659,000
Fair Value	113,477,000	'	114,346,000
Weighted Average Coupon (as a percent)	11.50%	'	11.50%
WAL	'4 years	'	'5 years 10 months 24 days
Portion of securities with variable rate (as a percent)	0.90%	'	1.20%
Portion of securities with variable rate	1,000,000	'	1,300,000
Principal balance	100,980,000	'	100,687,000
Amortized Cost	100,980,000	'	100,687,000
Changes to accretable yield	'	'	'
Balance at the beginning of the period	'	21,511,000	21,511,000
Accretion of discount	'	-3,029,000	'
Sales	'	-9,873,000	'
Balance at the end of the period	'	8,609,000	'
Single-borrower CMBS, available-for-sale \| BB+	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'
Percentage of CMBS securities	99.10%	'	98.80%
CMBS, fair value option	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'
Investment securities	564,818,000	'	550,282,000
Fair value of investment securities eliminated as a result of consolidation of VIEs	-430,694,000	'	-409,322,000
Purchases	9,890,000	'	'
Sales	18,574,000	'	'
Weighted Average Coupon (as a percent)	5.40%	'	5.40%
WAL	'5 years 7 months 6 days	'	'4 years 4 months 24 days
HTM Securities	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'
Investment securities	369,152,000	'	368,318,000
Purchases	'	37,190,000	'
Equity Security, fair value option	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'
Investment securities	15,115,000	'	15,247,000
Sales	'	6,769,000	'
Marketable Securities	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'
Investment securities	$1,353,779,000	'	$1,344,429,000

Investment_Securities_Details_

Investment Securities (Details 2) (USD $)	3 Months Ended		12 Months Ended
Investment Securities (Details 2) (USD $)	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Estimated Fair Value	'	'	'
Securities with a loss less than 12 months	$20,799,000	'	$26,344,000
Securities with a loss greater than 12 months	799,000	'	1,809,000
Unrealized Losses	'	'	'
Securities with a loss less than 12 months	-1,040,000	'	-1,444,000
Securities with a loss greater than 12 months	-174,000	'	-252,000
Investment securities	923,085,000	'	935,107,000
Mortgage-backed securities	'	'	'
Unrealized Losses	'	'	'
Number of securities with unrealized loss position	6	'	'
RMBS	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'
Maximum investment in available-for-sale securities with aggregate expected modified durations of less than 12 months (as a percent)	10.00%	'	'
Cost of third party management	600,000	600,000	'
Estimated Fair Value	'	'	'
Securities with a loss less than 12 months	20,799,000	'	26,344,000
Securities with a loss greater than 12 months	799,000	'	1,809,000
Unrealized Losses	'	'	'
Securities with a loss less than 12 months	-1,040,000	'	-1,444,000
Securities with a loss greater than 12 months	-174,000	'	-252,000
Weighted Average Coupon (as a percent)	1.00%	'	1.00%
WAL	'7 years 9 months 18 days	'	'6 years 9 months 18 days
Investment securities	291,217,000	'	296,236,000
CMBS, fair value option	'	'	'
Unrealized Losses	'	'	'
Fair value of investment securities before consolidation of VIEs	564,800,000	'	'
Unpaid Principal Balance of investment securities before consolidation of VIEs	3,900,000,000	'	'
Purchases in which fair value option was elected	44,700,000	'	'
Purchase amount reflected as repayment of debt of consolidated VIEs	34,800,000	'	'
Weighted Average Coupon (as a percent)	5.40%	'	5.40%
WAL	'5 years 7 months 6 days	'	'4 years 4 months 24 days
Amount not rated	53,800,000	'	55,500,000
Investment securities	564,818,000	'	550,282,000
CMBS, fair value option \| C	'	'	'
Unrealized Losses	'	'	'
Investment securities	'	'	85,400,000
CMBS, fair value option \| CC	'	'	'
Unrealized Losses	'	'	'
Investment securities	80,300,000	'	'
HTM Securities	'	'	'
Unrealized Losses	'	'	'
Investment securities	$369,152,000	'	$368,318,000

Investment_Securities_Details_1

Investment Securities (Details 3) (USD $)	3 Months Ended	12 Months Ended
Investment Securities (Details 3) (USD $)	Mar. 31, 2014	Dec. 31, 2013
HTM Securities	'	'
Net Carrying Amount (Amortized Cost)	$369,152,000	$368,318,000
Gross Unrealized Holdings Gains	'	135,000
Gross Unrealized Holdings Losses	-1,341,000	'
Fair Value	367,811,000	368,453,000
Preferred interests	'	'
HTM Securities	'	'
Net Carrying Amount (Amortized Cost)	284,991,000	284,087,000
Gross Unrealized Holdings Gains	'	135,000
Gross Unrealized Holdings Losses	-754,000	'
Fair Value	284,237,000	284,222,000
Number of securities originated	'	2
Preferred equity interests one	'	'
HTM Securities	'	'
Origination of preferred equity interest in limited liability company mandatory redemption	'	246,100,000
Preferred equity interests two	'	'
HTM Securities	'	'
Origination of preferred equity interest in limited liability company mandatory redemption	'	37,200,000
Single-borrower CMBS, available-for-sale	'	'
HTM Securities	'	'
Net Carrying Amount (Amortized Cost)	84,161,000	84,231,000
Gross Unrealized Holdings Losses	-587,000	'
Fair Value	83,574,000	84,231,000
Purchase of investments	'	$84,100,000

Investment_Securities_Details_2

Investment Securities (Details 4) (SEREF, USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2012	Mar. 31, 2014	Dec. 31, 2013
SEREF	'	'	'
Residential Real Estate	'	'	'
Number of shares acquired	9,140,000	'	'
Ownership percentage	4.00%	'	'
Fair value of investment	'	$15.10	$15.20

Investment_in_Unconsolidated_E2

Investment in Unconsolidated Entities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investment in Unconsolidated Entities	'	'
Equity method, Carrying value	$93,255	$111,481
Carrying value over (under) equity in net assets	-4,051	'
Cost method, Carrying value	11,265	11,473
Investment in unconsolidated entities	104,520	122,954
Loan servicing venture	'	'
Investment in Unconsolidated Entities	'	'
Cost method, Carrying value	8,014	8,014
Loan servicing venture \| Minimum	'	'
Investment in Unconsolidated Entities	'	'
Cost method, Ownership %	4.00%	'
Loan servicing venture \| Maximum	'	'
Investment in Unconsolidated Entities	'	'
Cost method, Ownership %	6.00%	'
Various	'	'
Investment in Unconsolidated Entities	'	'
Cost method, Carrying value	3,251	3,459
Various \| Minimum	'	'
Investment in Unconsolidated Entities	'	'
Cost method, Ownership %	2.00%	'
Various \| Maximum	'	'
Investment in Unconsolidated Entities	'	'
Cost method, Ownership %	10.00%	'
Investor entity which owns equity interests in two real estate services providers	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Participation / Ownership %	50.00%	'
Equity method, Carrying value	19,449	19,371
Small balance bridge loan financing venture	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Participation / Ownership %	50.00%	'
Equity method, Carrying value	25,947	26,121
European investment fund	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Participation / Ownership %	50.00%	'
Equity method, Carrying value	9,409	23,779
Carrying value over (under) equity in net assets	-4,051	'
Mezzanine loan venture	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Participation / Ownership %	49.00%	'
Equity method, Carrying value	23,508	23,676
Healthcare bridge loan venture	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Carrying value	10,365	14,163
Various	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Carrying value	$4,577	$4,371
Various \| Minimum	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Participation / Ownership %	25.00%	'
Various \| Maximum	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Participation / Ownership %	50.00%	'

Goodwill_and_Intangible_Assets2

Goodwill and Intangible Assets (Details) (USD $)	3 Months Ended
Goodwill and Intangible Assets (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Servicing rights	'	'
Total servicing rights	$168,056,000	$177,173,000
European servicing rights	'	'
Servicing rights	'	'
Net carrying value at the beginning of the period	27,024,000	'
Foreign exchange gain	145,000	'
Amortization	-4,011,000	'
Net carrying value at the end of the period	23,158,000	'
Fair value at the beginning of the period	29,300,000	'
Fair value at the end of the period	24,400,000	'
Domestic servicing rights	'	'
Goodwill and intangible assets	'	'
Servicing rights, eliminated in consolidation	77,000,000	80,600,000
Servicing rights, gross	221,900,000	230,700,000
Servicing rights, at fair value	'	'
Fair value at the beginning of the period	150,149,000	'
Changes in fair value due to changes in inputs and assumptions	-5,251,000	'
Fair value at the end of the period	$144,898,000	'

Secured_Financing_Agreements_D

Secured Financing Agreements (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Jan. 27, 2014

Dec. 31, 2013

Mar. 31, 2014

Jan. 31, 2014

Mar. 31, 2014

Jan. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Secured financing agreements

Lender 1 Repo 1 Facility

Lender 1 Repo 2 Facility

Lender 1 Repo 3 Facility

Lender 2 Repo 1 Facility

Lender 3 Repo I

Conduit 1

Conduit 2

Lender 4 Repo 1 Facility

Lender 5 Repo 1 Facility

Borrowing Base

Term Loan

Minimum

Maximum

Minimum

Maximum

Debt Instrument:

Pricing rate, basis

'LIBOR

Pricing margin (as a percent)

1.85%

5.25%

1.90%

2.75%

2.00%

2.75%

3.00%

2.20%

2.10%

2.60%

2.00%

3.25%

2.75%

Pledged Asset Carrying Value

$6,139,843,000

$1,257,467,000

$267,464,000

$209,427,000

$211,684,000

$76,847,000

$112,720,000

$37,307,000

$444,793,000

$84,161,000

$869,527,000

$2,568,446,000

Maximum Facility Size

3,331,646,000

1,000,000,000

175,000,000

153,299,000

225,000,000

49,862,000

250,000,000

150,000,000

349,902,000

58,467,000

250,000,000

670,116,000

Carrying Value

2,601,062,000

2,257,560,000

810,081,000

449,323,000

159,427,000

127,943,000

153,299,000

154,133,000

136,018,000

100,886,000

49,862,000

50,871,000

80,633,000

129,843,000

27,900,000

349,902,000

347,697,000

58,467,000

107,769,000

169,104,000

667,704,000

669,293,000

Current maturity period, after which the buyer delivers notice to seller, subject to a maximum date of March 13, 2015

'180 days

Floor interest rate (as a percent)

0.75%

Discount amortization

2,400,000

2,500,000

Available borrowings under the facility before amendment

550,000,000

Maximum liability guaranteed (as a percent)

25.00%

100.00%

Repayment of secured financings

2014 (remainder of)

211,941,000

25,700,000

80,600,000

27,900,000

58,500,000

2015

194,927,000

2016

373,884,000

2017

627,863,000

2018

186,817,000

Thereafter

1,008,041,000

Total

2,603,473,000

Deferred financing costs, net of amortization

27,100,000

22,500,000

Additional non-cash interest expense

$2,900,000

$3,200,000

Convertible_Senior_Notes_Detai

Convertible Senior Notes (Details) (USD $)

3 Months Ended

12 Months Ended

2 Months Ended

3 Months Ended

2 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Feb. 03, 2014

Mar. 31, 2014

Jan. 31, 2014

Feb. 15, 2013

Feb. 03, 2014

Mar. 31, 2014

Jan. 31, 2014

Jul. 03, 2013

Conversion upon satisfaction of closing market price condition

Conversion upon satisfaction of trading price condition

Convertible Senior Notes

2018 Notes

2019 Notes

item

Minimum

Maximum

Convertible Senior Notes

Interest rate (as a percent)

4.55%

4.00%

Principal Amount

$1,060,000,000

$600,000,000

$460,000,000

Effective Rate (as a percent)

6.08%

5.37%

Conversion Rate

44.4112

47.3282

Remaining Period of Amortization

'3 years 10 months 24 days

'4 years 9 months 18 days

Net unamortized discount

-59,161,000

-62,149,000

Total

1,000,839,000

997,851,000

Carrying amount of conversion option equity components recorded in additional paid-in capital

28,118,000

48,502,000

Principal amount of notes, basis for conversion

1,000

Amount by which if-converted value of the Notes exceed principal amount

28,600,000

53,600,000

Closing share price (in dollars per share)

$23.59

Conversion price (in dollars per share)

$22.52

$21.13

Number of anti-dilutive common shares excluded from the calculation of diluted income per share

45,200,000

Conversion spread value included in computation of diluted EPS

3,196,000

3,200,000

Deferred financing costs, net of amortization

1,500,000

1,600,000

Minimum number of conditions to be satisfied for conversion of debt

Percentage of conversion price as a basis for debt conversion

130.00%

Minimum trading period as a basis for debt conversion

Consecutive trading period as a basis for debt conversion

'30 days

'5 days

Percentage of conversion price and last reported sales price as a basis for debt conversion

98.00%

Period of average closing market price of common stock as a basis for debt conversion

'10 days

Percentage of per share value of distributions that exceeds the market price of the entity's common stock as a basis for debt conversion

10.00%

Notice of conversion, principal amount

$19,000

$3,000

Quarterly dividend threshold amount per common share

$0.35

$0.44

$0.37

$0.46

Loan_SecuritizationSale_Activi2

Loan Securitization/Sale Activities (Details) (USD $)	3 Months Ended
Loan Securitization/Sale Activities (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Loan Transfer Activities	'	'
Par value of loans held-for-sale, sold during period	$289,400,000	'
Fair value of loans held-for-sale, sold during period	302,500,000	'
Repurchase agreement	'	'
Loan Transfer Activities	'	'
Amount repaid for outstanding balance	217,000,000	'
Repurchase agreement \| Real Estate Investment Lending	'	'
Loan Transfers Accounted for as Sales	'	'
Face Amount	147,884,000	44,531,000
Proceeds	$146,400,000	$44,631,000

Derivatives_and_Hedging_Activi2

Derivatives and Hedging Activity (Details)

3 Months Ended

In Millions, unless otherwise specified

Mar. 31, 2014

Interest rate swaps

Foreign exchange contracts

Credit spread instrument

Derivatives designated as hedging instruments

Derivatives not designated as hedging instruments

USD ($)

Long

Short

GBP

EUR

USD ($)

instrument

USD ($)

Minimum

Maximum

USD ($)

Minimum

Maximum

instrument

Short

instrument

Short

instrument

GBP (£)

EUR (€)

Derivatives

Number of derivative instruments held

Notional amount of derivative instruments

$198.90

$97.60

$64.20

£ 228.8

€ 138.90

$50

Fixed monthly coupons at fixed rate, low end of range (as a percent)

0.56%

Fixed monthly coupons at fixed rate, high end of range (as a percent)

2.23%

Floating rate

'LIBOR

Amount expected to be reclassified from other comprehensive income to interest expense over the next twelve months

($1.20)

Hedging period for covering exposure to the variability in future cash flows

'86 months

Number of derivative instruments held

Maturity period

'2 years

'10 years

'1 year

'4 years

Derivatives_and_Hedging_Activi3

Derivatives and Hedging Activity (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	$4,617	$7,769
Fair Value of Derivatives in a Liability Position	18,057	24,192
Derivatives designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	112	125
Fair Value of Derivatives in a Liability Position	594	729
Derivatives not designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	4,505	7,644
Fair Value of Derivatives in a Liability Position	17,463	23,463
Interest rate contracts \| Derivatives designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	112	125
Fair Value of Derivatives in a Liability Position	594	729
Interest rate contracts \| Derivatives not designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	2,361	5,102
Fair Value of Derivatives in a Liability Position	989	983
Foreign exchange contracts \| Derivatives not designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	266	269
Fair Value of Derivatives in a Liability Position	16,474	22,480
Credit spread instrument \| Derivatives not designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	$1,878	$2,273

Derivatives_and_Hedging_Activi4

Derivatives and Hedging Activity (Details 3) (USD $)	3 Months Ended
Derivatives and Hedging Activity (Details 3) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Credit-risk-related Contingent Features	'	'
Ratio of indebtedness to total assets above which will the Company could be declared in default (as a percent)	75.00%	'
Collateral posted	$17,100,000	'
Derivatives not designated as hedging instruments	'	'
Gain loss derivative instruments	'	'
Amount of Gain (Loss) Recognized in Income	-7,866,000	16,228,000
Interest rate contracts \| Derivatives not designated as hedging instruments	'	'
Gain loss derivative instruments	'	'
Amount of Gain (Loss) Recognized in Income	-4,197,000	150,000
Foreign exchange contracts \| Derivatives not designated as hedging instruments	'	'
Gain loss derivative instruments	'	'
Amount of Gain (Loss) Recognized in Income	-3,047,000	16,078,000
Credit spread instrument \| Derivatives not designated as hedging instruments	'	'
Gain loss derivative instruments	'	'
Amount of Gain (Loss) Recognized in Income	-622,000	'
Cash flow hedges \| Interest rate contracts \| Derivatives designated as hedging instruments	'	'
Gain loss derivative instruments	'	'
Gain (Loss) Recognized in OCI (effective portion)	-251,000	-167,000
Gain (Loss) Reclassified from AOCI into Income (effective portion)	($373,000)	($447,000)

Offsetting_Assets_and_Liabilit2

Offsetting Assets and Liabilities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Assets	'	'
Net Amounts of Assets Presented in the Statement of Financial Position	$4,617	$7,769
Liabilities	'	'
Gross Amounts of Recognized Liabilities	1,843,646	1,443,355
Net Amounts of Liabilities Presented in the Statement of Financial Position	1,843,646	1,443,355
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	1,826,082	1,419,855
Cash Collateral Pledged	12,065	7,150
Net Amount	5,499	16,350
Derivatives	'	'
Assets	'	'
Gross Amounts of Recognized Assets	4,617	7,769
Net Amounts of Assets Presented in the Statement of Financial Position	4,617	7,769
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	493	692
Cash Collateral Received	1,731	1,916
Net Amount	2,393	5,161
Liabilities	'	'
Gross Amounts of Recognized Liabilities	18,057	24,192
Net Amounts of Liabilities Presented in the Statement of Financial Position	18,057	24,192
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	493	692
Cash Collateral Pledged	12,065	7,150
Net Amount	5,499	16,350
Repurchase agreements (2)	'	'
Liabilities	'	'
Gross Amounts of Recognized Liabilities	1,825,589	1,419,163
Net Amounts of Liabilities Presented in the Statement of Financial Position	1,825,589	1,419,163
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	$1,825,589	$1,419,163

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (Not primary beneficiary, USD $)	3 Months Ended
	Mar. 31, 2014
	item
Variable interest entities	'
Number of CDO structures currently in default	1
Number of CDO structures currently ceased to be in default	1
Maximum risk of loss related to VIEs, on fair value basis	$134,100,000
Securitization SPEs	'
Variable interest entities	'
Debt obligations to beneficial interest holders, unpaid principal balances	$108,400,000,000

RelatedParty_Transactions_Deta

Related-Party Transactions (Details) (USD $)

3 Months Ended

1 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Jan. 31, 2014

Oct. 31, 2012

Jan. 31, 2014

Mar. 31, 2014

Jan. 02, 2014

Jan. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Co-origination of financing through joint venture with Fund IX

Restricted stock units

Starwood Property Trust, Inc. Manager Equity Plan

Manager

Fund IX

First Mortgages:

SFR Spin-off

Restricted stock units

LNR

Related-Party Transactions

Initial term of management agreement

'3 years

Term of each agreement extension

'1 year

Base management fee incurred

$13,200,000

$9,700,000

Base management Fee Payable

13,200,000

Incentive fee incurred

7,200,000

Incentive fees payable

7,200,000

6,800,000

Executive compensation and other reimbursable expenses

1,900,000

2,500,000

Executive compensation and other reimbursable expense payable

4,400,000

Obligation funded by an affiliate

6,200,000

Related party payable

4,400,000

6,200,000

Number of units granted to Manager under plan

2,637,192

489,281

2,489,281

2,000,000

2,489,281

Share-based compensation expense

6,700,000

Co-origination of mortgage financing

981,762,000

129,817,000

815,000,000

475,000,000

Distribution for liquidation of interest in joint venture

$31,600,000

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

In Millions, except Share data, unless otherwise specified

Feb. 24, 2014

Mar. 31, 2014

Mar. 31, 2013

Jan. 31, 2014

Mar. 31, 2014

Jan. 31, 2014

Mar. 31, 2014

Jan. 02, 2014

Jan. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Restricted stock units

Starwood Property Trust, Inc. Equity Plan and Manager Equity Plan

Starwood Property Trust, Inc. Equity Plan

Starwood Property Trust, Inc. Manager Equity Plan

Starwood Property Trust, Inc. Non-Executive Director Stock Plan

SFR Spin-off

Vests ratably on a quarterly basis over a 21-month period

Vest ratably on a quarterly basis over a three-year period

Restricted stock units

SFR Spin-off

Equity Incentive Plans

Dividend declared (in dollars per share)

$0.48

$0.44

Awards granted, fair value

$14.80

$55.40

Award vesting period

'21 months

'3 years

Number of shares available for future grants

3,400,000

Non-Vested Shares and Share Equivalents activity

Beginning Balance (in shares)

544,145

22,502

510,415

11,228

Granted (in shares)

2,637,192

489,281

99,480

389,801

147,911

2,489,281

2,000,000

2,489,281

Vested (in shares)

-301,259

-14,981

-286,278

Balance at the end of period (in shares)

2,880,078

155,432

2,713,418

11,228

Weighted Average Grant Date Fair Value (per share)

Balance at the beginning of period (in dollars per share)

$22.88

Granted (in dollars per share)

$27.96

Vested (in dollars per share)

$26.71

Balance at the end of period (in dollars per share)

$27.13

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended
Earnings per Share (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013
Continuing Operations:	'	'
Income from continuing operations attributable to STWD common shareholders	$122,152,000	$64,531,000
Less: Income attributable to unvested shares	-1,748,000	-454,000
Basic - Income from continuing operations	120,404,000	64,077,000
Discontinued Operations:	'	'
Loss from discontinued operations	-1,551,000	-2,288,000
Basic - Net income attributable to STWD common shareholders after allocation to participating securities	118,853,000	61,789,000
Continuing Operations:	'	'
Basic - Income from continuing operations attributable to STWD common shareholders	122,152,000	64,531,000
Less: Income attributable to unvested shares	-1,748,000	-454,000
Add: Undistributed earnings to unvested shares	366,000	18,000
Less: Undistributed earnings reallocated to unvested shares	-361,000	-18,000
Diluted - Income from continuing operations	120,409,000	64,077,000
Discontinued Operations:	'	'
Basic - Loss from discontinued operations	-1,551,000	-2,288,000
Diluted - Net income attributable to STWD common shareholders after allocation to participating securities	118,858,000	61,789,000
Number of Shares:	'	'
Basic - Average shares outstanding	195,524,000	135,480,000
Effect of dilutive securities - Convertible Notes	3,196,000	'
Effect of dilutive securities - Contingently Issuable Shares	156,000	'
Diluted (in shares)	198,876,000	135,480,000
Basic earnings per share data:	'	'
Income from continuing operations attributable to Starwood Property Trust, Inc. (in dollars per share)	$0.62	$0.47
Loss from discontinued operations attributable to Starwood Property Trust, Inc. (in dollars per share)	($0.01)	($0.01)
Net income attributable to Starwood Property Trust, Inc. (in dollars per share)	$0.61	$0.46
Diluted earnings per share data:	'	'
Income from continuing operations attributable to Starwood Property Trust, Inc. (in dollars per share)	$0.61	$0.47
Loss from discontinued operations attributable to Starwood Property Trust, Inc. (in dollars per share)	($0.01)	($0.01)
Net income attributable to Starwood Property Trust, Inc. (in dollars per share)	$0.60	$0.46
Restricted stock	'	'
Anti-dilutive shares	'	'
Number of anti-dilutive common shares excluded from the calculation of diluted income per share	2,900,000	1,000,000
Convertible Senior Notes	'	'
Anti-dilutive shares	'	'
Number of anti-dilutive common shares excluded from the calculation of diluted income per share	45,200,000	'
Potential shares of common stock contingently issuable upon conversion of the Convertible Notes	48,400,000	'
2018 Notes	'	'
Anti-dilutive shares	'	'
Amount by which if-converted value of the Notes exceed principal amount	28,600,000	'
2019 Notes	'	'
Anti-dilutive shares	'	'
Amount by which if-converted value of the Notes exceed principal amount	$53,600,000	'

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income	'	'
Beginning balance	$75,449	$79,675
OCI before reclassifications	4,778	4,727
Amounts reclassified from AOCI	-112	-13,858
Net period OCI	4,666	-9,131
Ending balance	80,115	70,544
Effective Portion of Cumulative Loss on Cash Flow Hedges	'	'
Accumulated Other Comprehensive Income	'	'
Beginning balance	-604	-2,571
OCI before reclassifications	-251	-168
Amounts reclassified from AOCI	373	447
Net period OCI	122	279
Ending balance	-482	-2,292
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities	'	'
Accumulated Other Comprehensive Income	'	'
Beginning balance	66,566	82,246
OCI before reclassifications	3,983	11,956
Amounts reclassified from AOCI	-485	-14,305
Net period OCI	3,498	-2,349
Ending balance	70,064	79,897
Foreign Currency Translation	'	'
Accumulated Other Comprehensive Income	'	'
Beginning balance	9,487	'
OCI before reclassifications	1,046	-7,061
Net period OCI	1,046	-7,061
Ending balance	$10,533	($7,061)

Accumulated_Other_Comprehensiv3

Accumulated Other Comprehensive Income (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income	'	'
Interest expense	($37,831)	($17,426)
OTTI	-213	-42
Total	120,881	63,424
Amounts Reclassified from AOCI	'	'
Accumulated Other Comprehensive Income	'	'
Total	112	13,858
Gains (losses) on cash flow hedges \| Interest rate contracts \| Amounts Reclassified from AOCI	'	'
Accumulated Other Comprehensive Income	'	'
Interest expense	-373	-447
Unrealized gains (losses) on available for sale securities \| Amounts Reclassified from AOCI	'	'
Accumulated Other Comprehensive Income	'	'
Gain on sale of investments, net	698	14,347
OTTI	-213	-42
Total	$485	$14,305

Fair_Value_Details

Fair Value (Details) (USD $)	3 Months Ended
Fair Value (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Assets and liabilities measured at fair value	'	'
Marketable securities	$923,085,000	$935,107,000
Intangible assets - servicing rights at fair value	144,898,000	150,149,000
Derivative assets	4,617,000	7,769,000
VIE Assets	118,451,518,000	103,151,624,000
Derivative liabilities	18,057,000	24,192,000
VIE Liabilities	117,931,005,000	102,649,263,000
RMBS	'	'
Assets and liabilities measured at fair value	'	'
Marketable securities	291,217,000	296,236,000
CMBS	'	'
Assets and liabilities measured at fair value	'	'
Marketable securities	113,477,000	114,346,000
Transfer of investment from Level II to Level III	47,300,000	'
Equity Securities	'	'
Assets and liabilities measured at fair value	'	'
Marketable securities	15,115,000	15,247,000
Fair value measurements on recurring basis \| Total fair value	'	'
Assets and liabilities measured at fair value	'	'
Loans held-for-sale, fair value option	186,837,000	206,672,000
Derivative assets	4,617,000	7,769,000
VIE Assets	118,451,518,000	103,151,624,000
Total	119,341,803,000	104,083,003,000
Derivative liabilities	18,057,000	24,192,000
VIE Liabilities	117,931,005,000	102,649,263,000
Total	117,949,062,000	102,673,455,000
Fair value measurements on recurring basis \| Total fair value \| Domestic Servicing Rights	'	'
Assets and liabilities measured at fair value	'	'
Intangible assets - servicing rights at fair value	144,898,000	150,149,000
Fair value measurements on recurring basis \| Total fair value \| RMBS	'	'
Assets and liabilities measured at fair value	'	'
Available-for-sale securities	291,217,000	296,236,000
Fair value measurements on recurring basis \| Total fair value \| CMBS	'	'
Assets and liabilities measured at fair value	'	'
Available-for-sale securities	247,601,000	255,306,000
Fair value measurements on recurring basis \| Total fair value \| Equity Securities	'	'
Assets and liabilities measured at fair value	'	'
Marketable securities	15,115,000	15,247,000
Fair value measurements on recurring basis \| Level I	'	'
Assets and liabilities measured at fair value	'	'
Total	15,115,000	15,247,000
Fair value measurements on recurring basis \| Level I \| Equity Securities	'	'
Assets and liabilities measured at fair value	'	'
Marketable securities	15,115,000	15,247,000
Fair value measurements on recurring basis \| Level II	'	'
Assets and liabilities measured at fair value	'	'
Loans held-for-sale, fair value option	112,720,000	'
Derivative assets	4,617,000	7,769,000
Total	124,273,000	55,069,000
Derivative liabilities	18,057,000	24,192,000
VIE Liabilities	114,448,083,000	101,051,279,000
Total	114,466,140,000	101,075,471,000
Fair value measurements on recurring basis \| Level II \| CMBS	'	'
Assets and liabilities measured at fair value	'	'
Available-for-sale securities	6,936,000	47,300,000
Fair value measurements on recurring basis \| Level III	'	'
Assets and liabilities measured at fair value	'	'
Loans held-for-sale, fair value option	74,117,000	206,672,000
VIE Assets	118,451,518,000	103,151,624,000
Total	119,202,415,000	104,012,687,000
VIE Liabilities	3,482,922,000	1,597,984,000
Total	3,482,922,000	1,597,984,000
Fair value measurements on recurring basis \| Level III \| Domestic Servicing Rights	'	'
Assets and liabilities measured at fair value	'	'
Intangible assets - servicing rights at fair value	144,898,000	150,149,000
Fair value measurements on recurring basis \| Level III \| RMBS	'	'
Assets and liabilities measured at fair value	'	'
Available-for-sale securities	291,217,000	296,236,000
Fair value measurements on recurring basis \| Level III \| CMBS	'	'
Assets and liabilities measured at fair value	'	'
Available-for-sale securities	$240,665,000	$208,006,000

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Total realized and unrealized (losses) gains:	'	'
Net accretion	$7,398	$9,180
Level III	'	'
Total realized and unrealized (losses) gains:	'	'
OTTI	-213	-42
Net accretion	6,564	6,151
Changes in financial instruments classified as Level III	'	'
Balance at the beginning of the period	102,414,703	333,153
Total realized and unrealized (losses) gains:	'	'
Included in earnings: Change in fair value / gain on sale	'	-3,558,182
Included in OCI	4,215	9,232
Purchases / Originations	265,656	'
Sales	-327,615	-10,582
Issuances	-45,761	'
Cash repayments / receipts	27,047	-16,869
Transfers into level III	-524,312	'
Transfers out of level III	306,842	'
Consolidations of VIEs	18,439,763	'
Deconsolidations of VIEs	-1,289,214	'
Balance at the end of the period	115,719,493	321,043
Amount of total (losses) gains included in earnings attributable to assets still held at period end	-3,573,614	6,109
VIE Liabilities \| Level III	'	'
Changes in financial liabilities classified as Level III	'	'
Balance at the beginning of the period	-1,597,984	'
Total realized and unrealized (losses) gains:	'	'
Included in earnings: Change in fair value/ gain on sale	101,499	'
Issuances	-45,761	'
Cash repayments / receipts	35,366	'
Transfers into Level III	-571,612	'
Transfers out of Level III	419,741	'
Consolidations of VIEs	-1,824,171	'
Balance at the end of the period	-3,482,922	'
Amount of total (losses) gains included in earnings attributable to assets still held at period end	101,499	'
Loans Held-for-sale \| Level III	'	'
Changes in financial assets classified as Level III	'	'
Balance at the beginning of the period	206,672	'
Total realized and unrealized (losses) gains:	'	'
Included in earnings: Change in fair value / gain on sale	20,893	'
Purchases / Originations	261,825	'
Sales	-302,461	'
Cash repayments / receipts	-92	'
Transfers out of Level III	-112,720	'
Balance at the end of the period	74,117	'
Amount of total (losses) gains included in earnings attributable to assets still held at period end	177	'
RMBS \| Level III	'	'
Changes in financial assets classified as Level III	'	'
Balance at the beginning of the period	296,236	333,153
Total realized and unrealized (losses) gains:	'	'
Included in earnings: Change in fair value / gain on sale	1,011	'
OTTI	-213	-42
Net accretion	6,564	6,151
Included in OCI	4,748	9,232
Sales	-9,310	-10,582
Cash repayments / receipts	-7,819	-16,869
Balance at the end of the period	291,217	321,043
Amount of total (losses) gains included in earnings attributable to assets still held at period end	6,295	6,109
CMBS \| Level III	'	'
Changes in financial assets classified as Level III	'	'
Balance at the beginning of the period	208,006	'
Total realized and unrealized (losses) gains:	'	'
Included in earnings: Change in fair value / gain on sale	5,207	'
Included in OCI	-533	'
Purchases / Originations	3,831	'
Sales	-15,844	'
Cash repayments / receipts	-408	'
Transfers into Level III	47,300	'
Transfers out of Level III	-179	'
Consolidations of VIEs	-6,715	'
Balance at the end of the period	240,665	'
Amount of total (losses) gains included in earnings attributable to assets still held at period end	5,207	'
Domestic Servicing Rights \| Level III	'	'
Changes in financial assets classified as Level III	'	'
Balance at the beginning of the period	150,149	'
Total realized and unrealized (losses) gains:	'	'
Included in earnings: Change in fair value / gain on sale	-5,251	'
Balance at the end of the period	144,898	'
Amount of total (losses) gains included in earnings attributable to assets still held at period end	-5,251	'
VIE Assets \| Level III	'	'
Changes in financial assets classified as Level III	'	'
Balance at the beginning of the period	103,151,624	'
Total realized and unrealized (losses) gains:	'	'
Included in earnings: Change in fair value / gain on sale	-3,681,541	'
Consolidations of VIEs	20,270,649	'
Deconsolidations of VIEs	-1,289,214	'
Balance at the end of the period	118,451,518	'
Amount of total (losses) gains included in earnings attributable to assets still held at period end	($3,681,541)	'

Fair_Value_Details_3

Fair Value (Details 3) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Financial assets not carried at fair value:	'	'
Loans held-for-investment and loans transferred as secured borrowings	$4,634,923	$4,363,718
Securities, held-to-maturity	369,152	368,318
Non-performing residential loans	'	215,371
Financial liabilities not carried at fair value:	'	'
Convertible senior notes	1,000,839	997,851
Carrying Value	'	'
Financial assets not carried at fair value:	'	'
Loans held-for-investment and loans transferred as secured borrowings	4,777,965	4,544,132
Securities, held-to-maturity	369,152	368,318
European servicing rights	23,158	27,024
Non-performing residential loans	'	215,371
Financial liabilities not carried at fair value:	'	'
Secured financing agreements and secured borrowings on transferred loans	2,744,100	2,438,798
Convertible senior notes	1,000,839	997,851
Fair Value	'	'
Financial assets not carried at fair value:	'	'
Loans held-for-investment and loans transferred as secured borrowings	4,885,290	4,609,040
Securities, held-to-maturity	367,811	368,453
European servicing rights	24,357	29,327
Non-performing residential loans	'	215,371
Financial liabilities not carried at fair value:	'	'
Secured financing agreements and secured borrowings on transferred loans	2,743,969	2,436,708
Convertible senior notes	$1,216,482	$1,160,000

Fair_Value_Details_4

Fair Value (Details 4) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Carrying Value	125,172,361	110,770,575
Loans held-for-sale, fair value option	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Carrying Value	74,117	'
Loans held-for-sale, fair value option \| Discounted cash flow \| Minimum \| Recurring basis	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Yield (as a percent)	4.80%	5.20%
Duration	'5 years	'5 years
Loans held-for-sale, fair value option \| Discounted cash flow \| Maximum \| Recurring basis	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Yield (as a percent)	6.60%	5.90%
Duration	'10 years	'10 years
RMBS	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Carrying Value	291,217	'
RMBS \| Discounted cash flow	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Portfolio percentage	88.00%	90.00%
RMBS \| Discounted cash flow \| Minimum	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Portfolio percentage	45.00%	45.00%
RMBS \| Discounted cash flow \| Minimum \| Recurring basis	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Constant prepayment rate (as a percent)	0.90%	-0.60%
Constant default rate (as a percent)	1.40%	1.40%
Loss severity (as a percent)	13.00%	15.00%
Delinquency rate (as a percent)	3.00%	3.00%
Servicer advances (as a percent)	23.00%	24.00%
Annual coupon deterioration (as a percent)	0.00%	0.00%
Putback amount per projected total collateral loss (as a percent)	0.00%	0.00%
RMBS \| Discounted cash flow \| Maximum	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Portfolio percentage	80.00%	80.00%
RMBS \| Discounted cash flow \| Maximum \| Recurring basis	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Constant prepayment rate (as a percent)	16.40%	16.60%
Constant default rate (as a percent)	9.50%	11.30%
Loss severity (as a percent)	82.00%	92.00%
Delinquency rate (as a percent)	32.00%	48.00%
Servicer advances (as a percent)	96.00%	95.00%
Annual coupon deterioration (as a percent)	0.90%	0.70%
Putback amount per projected total collateral loss (as a percent)	10.00%	9.00%
CMBS	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Carrying Value	240,665	'
CMBS \| Discounted cash flow \| Minimum \| Recurring basis	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Yield (as a percent)	0.00%	0.00%
Duration	'0 years	'0 years
CMBS \| Discounted cash flow \| Maximum \| Recurring basis	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Yield (as a percent)	457.80%	890.00%
Duration	'11 years 10 months 24 days	'11 years
Domestic Servicing Rights	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Carrying Value	144,898	'
Domestic Servicing Rights \| Discounted cash flow \| Recurring basis	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Yield (as a percent)	8.75%	8.75%
Discount rates (as a percent)	15.00%	15.00%
Domestic Servicing Rights \| Discounted cash flow \| Minimum \| Recurring basis	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Control migration (as a percent)	0.00%	0.00%
Domestic Servicing Rights \| Discounted cash flow \| Maximum \| Recurring basis	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Control migration (as a percent)	80.00%	80.00%
VIE Assets	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Carrying Value	118,451,518	'
VIE Assets \| Discounted cash flow \| Minimum \| Recurring basis	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Yield (as a percent)	0.00%	0.00%
Duration	'0 years	'0 years
VIE Assets \| Discounted cash flow \| Maximum \| Recurring basis	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Yield (as a percent)	968.90%	952.30%
Duration	'22 years 4 months 24 days	'22 years 8 months 12 days

Fair_Value_Details_5

Fair Value (Details 5) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Quantitative information for Level 3 Fair Value Measurements Liabilities	'	'
Carrying Value	121,956,714	106,443,442
VIE liabilities	'	'
Quantitative information for Level 3 Fair Value Measurements Liabilities	'	'
Carrying Value	3,482,922	1,597,984
VIE liabilities \| Discounted cash flow \| Minimum	'	'
Quantitative information for Level 3 Fair Value Measurements Liabilities	'	'
Yield (as a percent)	0.00%	0.00%
Duration	'0 years	'0 years
VIE liabilities \| Discounted cash flow \| Maximum	'	'
Quantitative information for Level 3 Fair Value Measurements Liabilities	'	'
Yield (as a percent)	968.90%	952.30%
Duration	'22 years 4 months 24 days	'22 years 8 months 12 days

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Current	'	'	'
Federal	$5,140	$631	'
Foreign	1,449	'	'
State	870	146	'
Total current	7,459	777	'
Deferred	'	'	'
Federal	-704	'	'
Foreign	-1,006	'	'
State	-129	'	'
Total deferred	-1,839	'	'
Total income tax provision	5,620	777	'
Income tax provision reflected in discontinued operations	0	162	'
Deferred tax asset, net	'	'	'
Reserves and accruals	10,872	'	11,454
Domestic intangible assets	1,198	'	-714
Investment securities and loans	-1,910	'	-892
Investment in unconsolidated entities	2,082	'	1,811
Deferred income	194	'	59
Net operating and capital loss carryforwards	2,479	'	967
Valuation allowance	-2,479	'	-799
Other U.S. temporary differences	-229	'	-242
Deferred tax asset, net	12,207	'	11,644
Deferred tax liability, net	'	'	'
European servicing rights	-5,295	'	-6,257
Net operating and capital loss carryforwards	10,996	'	10,951
Valuation allowance	-10,996	'	-10,951
Other European temporary differences	-373	'	-527
Deferred tax liabilities, net	-5,668	'	-6,784
Net deferred tax asset (liabilities)	6,539	'	4,860
Reconciliation of statutory tax to effective tax	'	'	'
Federal statutory tax rate	44,275	22,470	'
REIT and other non-taxable income	-40,382	-21,788	'
State income taxes	450	146	'
Federal benefit of state tax deduction	-158	-51	'
Valuation allowance	1,512	'	'
Other	-77	'	'
Total income tax provision	$5,620	$777	'
Reconciliation of statutory tax rate to effective tax rate	'	'	'
Federal statutory tax rate (as a percent)	35.00%	35.00%	'
REIT and other non-taxable income (as a percent)	-32.00%	-33.90%	'
State income taxes (as a percent)	0.40%	0.20%	'
Federal benefit of state tax deduction (as a percent)	-0.10%	-0.10%	'
Valuation allowance (as a percent)	1.20%	'	'
Other (as a percent)	-0.10%	'	'
Effective tax rate (as a percent)	4.40%	1.20%	'

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (Commitment to invest in venture, USD $)	Mar. 31, 2014
In Billions, unless otherwise specified	loan
Commitment to invest in venture	'
Commitments	'
Number of loans with future funding commitments	43
Value of loans with future funding commitments	$1.80

Segment_Data_Details

Segment Data (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Interest income from loans	$104,910	$67,690
Interest income from investment securities	29,454	16,240
Servicing fees	34,211	'
Other revenues	3,404	79
Total revenues	171,979	84,009
Costs and expenses:	'	'
Management fees	27,821	15,069
Interest expense	37,831	17,426
General and administrative	46,101	4,038
Business combination costs	'	4,196
Acquisition and investment pursuit costs	394	81
Depreciation and amortization	4,636	'
Loan loss allowance	497	30
Other expense	1,689	33
Total costs and expenses	118,969	40,873
Income before other income, income taxes and non controlling interests	53,010	43,136
Other income:	'	'
Income of consolidated VIEs, net	56,004	'
Change in fair value of servicing rights	-5,251	'
Change in fair value of investment securities, net	8,361	405
Change in fair value of mortgage loans held-for-sale, net	20,893	'
Earnings from unconsolidated entities	64	741
Gain on sale of investments, net	1,555	13,524
(Loss) gain on derivative financial instruments, net	-7,866	16,228
Foreign currency gain (loss), net	1,477	-7,665
OTTI	-213	-42
Other income, net	18	'
Total other income	75,042	23,191
Income from continuing operations before income taxes	128,052	66,327
Income tax provision	-5,620	-615
Income from continuing operations	122,432	65,712
Loss from discontinued operations, net of tax	-1,551	-2,288
Net income	120,881	63,424
Net income attributable to non-controlling interests	-280	-1,181
Net income attributable to Starwood Property Trust, Inc.	120,601	62,243
Operating segment	'	'
Revenues:	'	'
Interest income from loans	104,910	'
Interest income from investment securities	41,297	'
Servicing fees	56,222	'
Other revenues	3,677	'
Total revenues	206,106	'
Costs and expenses:	'	'
Management fees	27,783	'
Interest expense	37,831	'
General and administrative	45,915	'
Acquisition and investment pursuit costs	394	'
Depreciation and amortization	4,636	'
Loan loss allowance	497	'
Other expense	1,689	'
Total costs and expenses	118,745	'
Income before other income, income taxes and non controlling interests	87,361	'
Other income:	'	'
Change in fair value of servicing rights	-12,175	'
Change in fair value of investment securities, net	36,796	'
Change in fair value of mortgage loans held-for-sale, net	20,893	'
Earnings from unconsolidated entities	157	'
Gain on sale of investments, net	1,555	'
(Loss) gain on derivative financial instruments, net	-7,866	'
Foreign currency gain (loss), net	1,477	'
OTTI	-213	'
Other income, net	18	'
Total other income	40,642	'
Income from continuing operations before income taxes	128,003	'
Income tax provision	-5,620	'
Income from continuing operations	122,383	'
Loss from discontinued operations, net of tax	-1,551	'
Net income	120,832	'
Net income attributable to non-controlling interests	-231	'
Net income attributable to Starwood Property Trust, Inc.	120,601	'
Operating segment \| Real Estate Investment Lending	'	'
Revenues:	'	'
Interest income from loans	102,087	67,690
Interest income from investment securities	18,289	16,240
Servicing fees	37	'
Other revenues	80	79
Total revenues	120,493	84,009
Costs and expenses:	'	'
Management fees	27,765	15,069
Interest expense	36,880	17,426
General and administrative	7,145	4,038
Business combination costs	'	4,196
Acquisition and investment pursuit costs	212	81
Loan loss allowance	497	30
Other expense	-14	33
Total costs and expenses	60,449	40,873
Income before other income, income taxes and non controlling interests	60,044	43,136
Other income:	'	'
Change in fair value of investment securities, net	-156	405
Earnings from unconsolidated entities	1,540	741
Gain on sale of investments, net	1,555	13,524
(Loss) gain on derivative financial instruments, net	-2,788	16,228
Foreign currency gain (loss), net	1,561	-7,665
OTTI	-213	-42
Other income, net	18	'
Total other income	1,517	23,191
Income from continuing operations before income taxes	61,561	66,327
Income tax provision	-83	-615
Income from continuing operations	61,478	65,712
Net income	61,478	65,712
Net income attributable to non-controlling interests	-231	-1,181
Net income attributable to Starwood Property Trust, Inc.	61,247	64,531
Operating segment \| LNR	'	'
Revenues:	'	'
Interest income from loans	2,823	'
Interest income from investment securities	23,008	'
Servicing fees	56,185	'
Other revenues	3,597	'
Total revenues	85,613	'
Costs and expenses:	'	'
Management fees	18	'
Interest expense	951	'
General and administrative	38,770	'
Acquisition and investment pursuit costs	182	'
Depreciation and amortization	4,636	'
Other expense	1,703	'
Total costs and expenses	56,414	'
Income before other income, income taxes and non controlling interests	29,199	'
Other income:	'	'
Change in fair value of servicing rights	-12,175	'
Change in fair value of investment securities, net	36,952	'
Change in fair value of mortgage loans held-for-sale, net	20,893	'
Earnings from unconsolidated entities	-1,383	'
(Loss) gain on derivative financial instruments, net	-5,078	'
Foreign currency gain (loss), net	-84	'
Total other income	39,125	'
Income from continuing operations before income taxes	68,324	'
Income tax provision	-5,537	'
Income from continuing operations	62,787	'
Net income	62,787	'
Net income attributable to Starwood Property Trust, Inc.	62,787	'
Operating segment \| Single Family Residential	'	'
Costs and expenses:	'	'
Total costs and expenses	1,882	'
Income before other income, income taxes and non controlling interests	-1,882	'
Other income:	'	'
Income from continuing operations before income taxes	-1,882	'
Income from continuing operations	-1,882	'
Loss from discontinued operations, net of tax	-1,551	-2,288
Net income	-3,433	-2,288
Net income attributable to Starwood Property Trust, Inc.	-3,433	-2,288
LNR VIEs	'	'
Revenues:	'	'
Interest income from investment securities	-11,843	'
Servicing fees	-22,011	'
Other revenues	-273	'
Total revenues	-34,127	'
Costs and expenses:	'	'
Management fees	38	'
General and administrative	186	'
Total costs and expenses	224	'
Income before other income, income taxes and non controlling interests	-34,351	'
Other income:	'	'
Income of consolidated VIEs, net	56,004	'
Change in fair value of servicing rights	6,924	'
Change in fair value of investment securities, net	-28,435	'
Earnings from unconsolidated entities	-93	'
Total other income	34,400	'
Income from continuing operations before income taxes	49	'
Income from continuing operations	49	'
Net income	49	'
Net income attributable to non-controlling interests	-49	'
Segment allocations \| Real Estate Investment Lending	'	'
Costs and expenses:	'	'
Total costs and expenses	-12,036	'
Segment allocations \| LNR	'	'
Costs and expenses:	'	'
Total costs and expenses	10,154	'
Segment allocations \| Single Family Residential	'	'
Costs and expenses:	'	'
Total costs and expenses	$1,882	'

Segment_Data_Details_2

Segment Data (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Assets:	'	'	'	'
Cash and cash equivalents	$226,471	$317,627	$173,074	$177,671
Restricted cash	43,117	69,052	'	'
Loans held-for-investment, net	4,634,923	4,363,718	'	'
Loans held-for-sale	186,837	206,672	'	'
Loans transferred as secured borrowings	143,042	180,414	'	'
Investment securities	923,085	935,107	'	'
Intangible assets - servicing rights	168,056	177,173	'	'
Residential real estate, net	'	749,214	'	'
Non-performing residential loans	'	215,371	'	'
Investment in unconsolidated entities	104,520	122,954	'	'
Goodwill	140,437	140,437	'	'
Derivative assets	4,617	7,769	'	'
Accrued interest receivable	34,515	37,630	'	'
Other assets	111,223	95,813	'	'
VIE assets, at fair value	118,451,518	103,151,624	'	'
Total Assets	125,172,361	110,770,575	'	'
Liabilities:	'	'	'	'
Accounts payable, accrued expenses and other liabilities	137,831	225,374	'	'
Related-party payable	29,458	17,793	'	'
Dividends payable	95,424	90,171	60,147	'
Derivative liabilities	18,057	24,192	'	'
Secured financing agreements, net	2,601,062	2,257,560	'	'
Convertible senior notes, net	1,000,839	997,851	'	'
Secured borrowings on transferred loans	143,038	181,238	'	'
VIE liabilities, at fair value	117,931,005	102,649,263	'	'
Total Liabilities	121,956,714	106,443,442	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'	'	'
Preferred stock	'	'	'	'
Common stock	1,967	1,961	'	'
Additional paid-in capital	3,192,245	4,300,479	'	'
Treasury stock	-10,642	-10,642	'	'
Accumulated other comprehensive income	80,115	75,449	70,544	79,675
Retained earnings (deficit)	-59,542	-84,719	'	'
Total Starwood Property Trust, Inc. Stockholders' Equity	3,204,143	4,282,528	'	'
Non-controlling interests in consolidated subsidiaries	11,504	44,605	'	'
Total Equity	3,215,647	4,327,133	2,780,399	2,797,205
Total Liabilities and Equity	125,172,361	110,770,575	'	'
Operating segment	'	'	'	'
Assets:	'	'	'	'
Cash and cash equivalents	226,219	317,351	'	'
Restricted cash	43,117	69,052	'	'
Loans held-for-investment, net	4,634,923	4,363,718	'	'
Loans held-for-sale	186,837	206,672	'	'
Loans transferred as secured borrowings	143,042	180,414	'	'
Investment securities	1,353,779	1,344,429	'	'
Intangible assets - servicing rights	245,032	257,736	'	'
Residential real estate, net	'	749,214	'	'
Non-performing residential loans	'	215,371	'	'
Investment in unconsolidated entities	107,996	126,337	'	'
Goodwill	140,437	140,437	'	'
Derivative assets	4,617	7,769	'	'
Accrued interest receivable	34,515	37,630	'	'
Other assets	112,259	96,685	'	'
Total Assets	7,232,773	8,112,815	'	'
Liabilities:	'	'	'	'
Accounts payable, accrued expenses and other liabilities	137,488	225,065	'	'
Related-party payable	29,458	17,793	'	'
Dividends payable	95,424	90,171	'	'
Derivative liabilities	18,057	24,192	'	'
Secured financing agreements, net	2,601,062	2,257,560	'	'
Convertible senior notes, net	1,000,839	997,851	'	'
Secured borrowings on transferred loans	143,038	181,238	'	'
Total Liabilities	4,025,366	3,793,870	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'	'	'
Common stock	1,967	1,961	'	'
Additional paid-in capital	3,192,245	4,300,479	'	'
Treasury stock	-10,642	-10,642	'	'
Accumulated other comprehensive income	80,115	75,449	'	'
Retained earnings (deficit)	-59,542	-84,719	'	'
Total Starwood Property Trust, Inc. Stockholders' Equity	3,204,143	4,282,528	'	'
Non-controlling interests in consolidated subsidiaries	3,264	36,417	'	'
Total Equity	3,207,407	4,318,945	'	'
Total Liabilities and Equity	7,232,773	8,112,815	'	'
Operating segment \| Real Estate Investment Lending	'	'	'	'
Assets:	'	'	'	'
Cash and cash equivalents	174,821	232,270	'	'
Restricted cash	34,000	36,593	'	'
Loans held-for-investment, net	4,625,020	4,350,937	'	'
Loans transferred as secured borrowings	143,042	180,414	'	'
Investment securities	788,961	794,147	'	'
Investment in unconsolidated entities	46,395	50,167	'	'
Derivative assets	2,666	3,138	'	'
Accrued interest receivable	33,955	35,501	'	'
Other assets	49,875	31,020	'	'
Total Assets	5,898,735	5,714,187	'	'
Liabilities:	'	'	'	'
Accounts payable, accrued expenses and other liabilities	41,085	66,127	'	'
Related-party payable	25,016	11,245	'	'
Dividends payable	95,424	90,171	'	'
Derivative liabilities	17,917	24,149	'	'
Secured financing agreements, net	2,492,530	2,127,717	'	'
Convertible senior notes, net	1,000,839	997,851	'	'
Secured borrowings on transferred loans	143,038	181,238	'	'
Total Liabilities	3,815,849	3,498,498	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'	'	'
Common stock	1,967	1,961	'	'
Additional paid-in capital	1,909,038	1,987,133	'	'
Treasury stock	-10,642	-10,642	'	'
Accumulated other comprehensive income	72,428	68,092	'	'
Retained earnings (deficit)	106,831	132,625	'	'
Total Starwood Property Trust, Inc. Stockholders' Equity	2,079,622	2,179,169	'	'
Non-controlling interests in consolidated subsidiaries	3,264	36,520	'	'
Total Equity	2,082,886	2,215,689	'	'
Total Liabilities and Equity	5,898,735	5,714,187	'	'
Operating segment \| Single Family Residential	'	'	'	'
Assets:	'	'	'	'
Cash and cash equivalents	'	44,807	'	'
Restricted cash	'	251	'	'
Residential real estate, net	'	749,214	'	'
Non-performing residential loans	'	215,371	'	'
Other assets	'	8,045	'	'
Total Assets	'	1,017,688	'	'
Liabilities:	'	'	'	'
Accounts payable, accrued expenses and other liabilities	'	23,056	'	'
Total Liabilities	'	23,056	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'	'	'
Additional paid-in capital	'	1,004,846	'	'
Retained earnings (deficit)	'	-10,111	'	'
Total Starwood Property Trust, Inc. Stockholders' Equity	'	994,735	'	'
Non-controlling interests in consolidated subsidiaries	'	-103	'	'
Total Equity	'	994,632	'	'
Total Liabilities and Equity	'	1,017,688	'	'
Operating segment \| LNR	'	'	'	'
Assets:	'	'	'	'
Cash and cash equivalents	51,398	40,274	'	'
Restricted cash	9,117	32,208	'	'
Loans held-for-investment, net	9,903	12,781	'	'
Loans held-for-sale	186,837	206,672	'	'
Investment securities	564,818	550,282	'	'
Intangible assets - servicing rights	245,032	257,736	'	'
Investment in unconsolidated entities	61,601	76,170	'	'
Goodwill	140,437	140,437	'	'
Derivative assets	1,951	4,631	'	'
Accrued interest receivable	560	2,129	'	'
Other assets	62,384	57,620	'	'
Total Assets	1,334,038	1,380,940	'	'
Liabilities:	'	'	'	'
Accounts payable, accrued expenses and other liabilities	96,403	135,882	'	'
Related-party payable	4,442	6,548	'	'
Derivative liabilities	140	43	'	'
Secured financing agreements, net	108,532	129,843	'	'
Total Liabilities	209,517	272,316	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'	'	'
Additional paid-in capital	1,283,207	1,308,500	'	'
Accumulated other comprehensive income	7,687	7,357	'	'
Retained earnings (deficit)	-166,373	-207,233	'	'
Total Starwood Property Trust, Inc. Stockholders' Equity	1,124,521	1,108,624	'	'
Total Equity	1,124,521	1,108,624	'	'
Total Liabilities and Equity	1,334,038	1,380,940	'	'
LNR VIEs	'	'	'	'
Assets:	'	'	'	'
Cash and cash equivalents	252	276	'	'
Investment securities	-430,694	-409,322	'	'
Intangible assets - servicing rights	-76,976	-80,563	'	'
Investment in unconsolidated entities	-3,476	-3,383	'	'
Other assets	-1,036	-872	'	'
VIE assets, at fair value	118,451,518	103,151,624	'	'
Total Assets	117,939,588	102,657,760	'	'
Liabilities:	'	'	'	'
Accounts payable, accrued expenses and other liabilities	343	309	'	'
VIE liabilities, at fair value	117,931,005	102,649,263	'	'
Total Liabilities	117,931,348	102,649,572	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'	'	'
Non-controlling interests in consolidated subsidiaries	8,240	8,188	'	'
Total Equity	8,240	8,188	'	'
Total Liabilities and Equity	$117,939,588	$102,657,760	'	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	0 Months Ended	3 Months Ended		0 Months Ended
In Millions, except Per Share data, unless otherwise specified	Feb. 24, 2014	Mar. 31, 2014	Mar. 31, 2013	6-May-14	Apr. 11, 2014
	Feb. 24, 2014	Mar. 31, 2014	Mar. 31, 2013	Subsequent event	Subsequent event
Subsequent Events	'	'	'	'	'
Number of shares of common stock issued	'	'	'	'	22
Gross proceeds from issuance of common stock	'	'	'	'	$491
Optional period of time for underwriters to purchase additional shares of common sock	'	'	'	'	'30 days
Additional shares available to purchase by underwriters during 30 -day option period	'	'	'	'	3.3
Additional gross proceeds from issuance of additional shares of common stock granted to underwriter	'	'	'	'	$73.70
Dividend declared (in dollars per share)	$0.48	$0.48	$0.44	$0.48	'