Starwood Property Trust (STWD) 10-Q6 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2014	Aug. 01, 2014
Document and Entity Information	'	'
Entity Registrant Name	'STARWOOD PROPERTY TRUST, INC.	'
Entity Central Index Key	'0001465128	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-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	'	222,602,294
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Assets:	'	'
Cash and cash equivalents	$518,627	$317,627
Restricted cash	44,561	69,052
Loans held-for-investment, net	4,885,854	4,363,718
Loans held-for-sale, at fair value	154,412	206,672
Loans transferred as secured borrowings	142,867	180,414
Investment securities ($532,328 and $566,789 held at fair value)	902,424	935,107
Intangible assets-servicing rights ($138,318 and $150,149 held at fair value)	156,846	177,173
Residential real estate, net	'	749,214
Non-performing residential loans	'	215,371
Investment in unconsolidated entities	118,621	122,954
Goodwill	140,437	140,437
Derivative assets	4,681	7,769
Accrued interest receivable	37,483	37,630
Other assets	165,532	95,813
Variable interest entity ("VIE") assets, at fair value	114,091,158	103,151,624
Total Assets	121,363,503	110,770,575
Liabilities:	'	'
Accounts payable, accrued expenses and other liabilities	140,809	225,374
Related-party payable	24,475	17,793
Dividends payable	108,012	90,171
Derivative liabilities	26,294	24,192
Secured financing agreements, net	2,561,267	2,257,560
Convertible senior notes, net	1,003,847	997,851
Secured borrowings on transferred loans	142,815	181,238
VIE liabilities, at fair value	113,541,151	102,649,263
Total Liabilities	117,548,670	106,443,442
Commitments and contingencies (Note 20)	'	'
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, 223,224,144 issued and 222,598,294 outstanding as of June 30, 2014 and 196,139,045 issued and 195,513,195 outstanding as of December 31, 2013 "	2,232	1,961
Additional paid-in capital	3,784,575	4,300,479
Treasury stock (625,850 shares)	-10,642	-10,642
Accumulated other comprehensive income	74,962	75,449
Accumulated deficit	-49,686	-84,719
Total Starwood Property Trust, Inc. Stockholders' Equity	3,801,441	4,282,528
Non-controlling interests in consolidated subsidiaries	13,392	44,605
Total Equity	3,814,833	4,327,133
Total Liabilities and Equity	$121,363,503	$110,770,575

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Condensed Consolidated Balance Sheets	'	'
Investment securities, fair value	$532,328	$566,789
Intangible assets - servicing rights at fair value	$138,318	$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	223,224,144	196,139,045
Common stock, shares outstanding	222,598,294	195,513,195
Treasury stock, shares	625,850	625,850

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Interest income from loans	$105,455	$74,936	$210,365	$142,626
Interest income from investment securities	27,620	18,577	57,074	34,817
Servicing fees	32,681	39,135	66,892	39,135
Other revenues	4,994	1,795	8,398	1,874
Total revenues	170,750	134,443	342,729	218,452
Costs and expenses:	'	'	'	'
Management fees	25,085	16,146	52,906	31,215
Interest expense	37,695	22,648	75,526	40,074
General and administrative	43,094	44,335	89,195	48,373
Business combination costs	'	13,420	'	17,616
Acquisition and investment pursuit costs	771	916	1,165	997
Depreciation and amortization	5,154	2,228	9,790	2,228
Loan loss allowance	-139	725	358	755
Other expense	6,026	196	7,715	229
Total costs and expenses	117,686	100,614	236,655	141,487
Income before other income, income taxes and non-controlling interests	53,064	33,829	106,074	76,965
Other income:	'	'	'	'
Income of consolidated VIEs, net	47,028	31,949	103,032	31,949
Change in fair value of servicing rights	-5,523	2,898	-10,774	2,898
Change in fair value of investment securities, net	4,959	-1,392	13,320	-987
Change in fair value of mortgage loans held-for-sale, net	11,608	458	32,501	458
Earnings from unconsolidated entities	9,563	3,770	9,627	4,511
Gain (loss) on sale of investments, net	10,078	-18	11,633	13,506
(Loss) gain on derivative financial instruments, net	-9,790	6,158	-17,656	22,386
Foreign currency gain (loss), net	3,777	1,580	5,254	-6,085
Total other-than-temporary impairment ("OTTI")	-800	-846	-1,992	-1,373
Noncredit portion of OTTI recognized in other comprehensive income	3	487	982	972
Net impairment losses recognized in earnings	-797	-359	-1,010	-401
Other income, net	692	39	710	39
Total other income	71,595	45,083	146,637	68,274
Income from continuing operations before income taxes	124,659	78,912	252,711	145,239
Income tax provision	-4,277	-11,343	-9,897	-11,958
Income from continuing operations	120,382	67,569	242,814	133,281
Loss from discontinued operations, net of tax (Note 3)	'	-6,058	-1,551	-8,346
Net income	120,382	61,511	241,263	124,935
Net income attributable to non-controlling interests	-2,514	-1,057	-2,794	-2,238
Net income attributable to Starwood Property Trust, Inc.	$117,868	$60,454	$238,469	$122,697
Basic:	'	'	'	'
Income from continuing operations (in dollars per share)	$0.53	$0.41	$1.14	$0.87
Loss from discontinued operations (in dollars per share)	'	($0.04)	($0.01)	($0.05)
Net income (in dollars per share)	$0.53	$0.37	$1.13	$0.82
Diluted:	'	'	'	'
Income from continuing operations (in dollars per share)	$0.52	$0.41	$1.12	$0.87
Loss from discontinued operations (in dollars per share)	'	($0.04)	($0.01)	($0.05)
Net income (in dollars per share)	$0.52	$0.37	$1.11	$0.82
Dividends declared per common share (in dollars per share)	$0.48	$0.46	$0.96	$0.90

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Condensed Consolidated Statements of Comprehensive Income	'	'	'	'
Net income	$120,382	$61,511	$241,263	$124,935
Other comprehensive loss (net change by component):	'	'	'	'
Cash flow hedges	-93	1,501	29	1,780
Available-for-sale securities	-9,618	-11,778	-6,120	-14,127
Foreign currency remeasurement	4,558	18	5,604	-7,043
Other comprehensive loss	-5,153	-10,259	-487	-19,390
Comprehensive income	115,229	51,252	240,776	105,545
Less: Comprehensive income attributable to non-controlling interests	-2,514	-1,057	-2,794	-2,238
Comprehensive income attributable to Starwood Property Trust, Inc.	$112,715	$50,195	$237,982	$103,307

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	'	'	'	'	'	'	'	'
Proceeds from public offering of common stock	822,368	822,368	305	822,063	'	'	'	'
Proceeds from public offering of common stock (in shares)	'	'	30,475,000	'	'	'	'	'
Equity offering costs	-617	-617	'	-617	'	'	'	'
Convertible senior notes	28,107	28,107	'	28,107	'	'	'	'
Stock-based compensation	8,829	8,829	4	8,825	'	'	'	'
Stock-based compensation (in shares)	'	'	350,002	'	'	'	'	'
Manager incentive fee paid in stock	365	365	'	365	'	'	'	'
Manager incentive fee paid in stock (in shares)	'	'	13,188	'	'	'	'	'
Net income	124,935	122,697	'	'	'	122,697	'	2,238
Dividends declared, $0.90 and $0.48 per share for period ended June 30, 2013 and 2014, respectively	-137,046	-137,046	'	'	'	-137,046	'	'
Other comprehensive income (loss), net	-19,390	-19,390	'	'	'	'	-19,390	'
Non-controlling interest assumed through LNR acquisition	8,277	'	'	'	'	'	'	8,277
Contributions from non-controlling interests	1,007	'	'	'	'	'	'	1,007
Distribution to non-controlling interests	-47,534	'	'	'	'	'	'	-47,534
Balance at Jun. 30, 2013	3,586,506	3,544,659	1,670	3,580,096	-10,642	-86,750	60,285	41,847
Balance (in shares) at Jun. 30, 2013	'	'	166,963,546	'	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	'	'	'	'	'	'	'	'
Proceeds from public offering of common stock	564,695	564,695	253	564,442	'	'	'	'
Proceeds from public offering of common stock (in shares)	'	'	25,300,000	'	'	'	'	'
Proceeds from ATM Agreement	18,346	18,346	8	18,338	'	'	'	'
Proceeds from ATM Agreement (in shares)	'	'	759,000	'	'	'	'	'
Proceeds from DRIP Plan	12	12	'	12	'	'	'	'
Proceeds from DRIP Plan (in shares)	'	'	481	'	'	'	'	'
Equity offering costs	-1,636	-1,636	'	-1,636	'	'	'	'
Stock-based compensation	14,731	14,731	7	14,724	'	'	'	'
Stock-based compensation (in shares)	'	'	735,014	'	'	'	'	'
Manager incentive fee paid in stock	6,962	6,962	3	6,959	'	'	'	'
Manager incentive fee paid in stock (in shares)	'	'	290,604	'	'	'	'	'
Net income	241,263	238,469	'	'	'	238,469	'	2,794
Dividends declared, $0.90 and $0.48 per share for period ended June 30, 2013 and 2014, respectively	-203,436	-203,436	'	'	'	-203,436	'	'
Spin-off of SWAY	-1,120,337	-1,118,743	'	-1,118,743	'	'	'	-1,594
Other comprehensive income (loss), net	-487	-487	'	'	'	'	-487	'
VIE non-controlling interests	996	'	'	'	'	'	'	996
Distribution to non-controlling interests	-33,409	'	'	'	'	'	'	-33,409
Balance at Jun. 30, 2014	$3,814,833	$3,801,441	$2,232	$3,784,575	($10,642)	($49,686)	$74,962	$13,392
Balance (in shares) at Jun. 30, 2014	223,224,144	'	223,224,144	'	625,850	'	'	'

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Equity (Parenthetical) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Condensed Consolidated Statements of Equity	'	'
Dividends declared per share (in dollars per share)	$0.48	$0.90

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash Flows from Operating Activities:	'	'
Net income	$241,263	$124,935
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Amortization of deferred financing costs	5,543	4,986
Amortization of convertible debt discount and deferred fees	6,209	2,652
Accretion of net discount on investment securities	-11,680	-16,568
Accretion of net deferred loan fees and discounts	-10,147	-14,243
Amortization of premium from secured borrowings on transferred loans	-824	-731
Share-based compensation	14,731	8,829
Share-based component of incentive fees	6,962	365
Change in fair value of fair value option investment securities	-13,320	988
Change in fair value of consolidated VIEs	-25,610	-11,132
Change in fair value of servicing rights	10,774	-2,898
Change in fair value of loans held-for-sale	-32,501	-458
Change in fair value of derivatives	16,494	-23,760
Foreign currency (gain) loss, net	-5,464	5,867
Gain on non-performing loans and sale of investments	-12,575	-15,666
Other-than-temporary impairment	1,010	859
Loan loss allowance, net	358	755
Depreciation and amortization	10,550	3,366
Earnings from unconsolidated entities	-9,627	-1,919
Distributions of earnings from unconsolidated entities	6,016	787
Changes in operating assets and liabilities:	'	'
Related-party payable, net	6,682	22,093
Accrued interest receivable, less purchased interest	-18,840	-4,985
Other assets	-10,535	-4,969
Accounts payable, accrued expenses and other liabilities	-29,787	30,393
Originations of loans held-for-sale, net of principal collections	-582,033	-390,669
Proceeds from sale of loans held-for-sale	666,793	476,453
Net cash provided by operating activities	230,442	195,330
Cash Flows from Investing Activities:	'	'
Spin-off of Starwood Waypoint Residential Trust	-111,960	'
Purchase of LNR, net of cash acquired	'	-586,383
Purchase of investment securities	-53,453	-59,476
Proceeds from sales of investment securities	50,219	235,904
Proceeds from principal collections on investment securities	19,114	40,124
Origination and purchase of loans held-for-investment	-1,277,636	-651,897
Proceeds from principal collections on loans	587,018	140,478
Proceeds from loans sold	202,514	97,490
Acquisition and improvement of single family homes	-61,901	-262,315
Proceeds from sale of single family homes	1,784	4,095
Purchase of other assets	-15,502	-136
Purchase of non-performing loans	'	-132,957
Proceeds from sale of non-performing loans	1,153	10,742
Investment in unconsolidated entities	-21,973	-5,000
Distribution of capital from unconsolidated entities	30,544	1,569
Payments for purchase or termination of derivatives	-14,253	-39
Proceeds from termination of derivatives	2,092	3,544
Return of investment basis in purchased derivative asset	798	1,028
Increase in restricted cash, net	-5,941	-41,797
Net cash used in investing activities	-667,383	-1,205,026
Cash Flows from Financing Activities:	'	'
Borrowings under financing agreements	1,807,229	1,614,133
Proceeds from issuance of convertible senior notes	'	587,700
Principal repayments on borrowings	-1,510,052	-1,650,974
Payment of deferred financing costs	-7,881	-8,529
Proceeds from secured borrowings	'	95,000
Proceeds from common stock issuances	583,053	822,368
Payment of equity offering costs	-1,636	-617
Payment of dividends	-185,594	-133,944
Contributions from non-controlling interests	'	1,007
Distributions to non-controlling interests	-33,409	-47,534
Issuance of debt of consolidated VIEs	71,756	'
Repayment of debt of consolidated VIEs	-99,763	-81,870
Distributions of cash from consolidated VIEs	13,413	2,124
Net cash provided by financing activities	637,116	1,198,864
Net increase in cash and cash equivalents	200,175	189,168
Cash and cash equivalents, beginning of period	317,627	177,671
Effect of exchange rate changes on cash	825	-52
Cash and cash equivalents, end of period	518,627	366,787
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest	65,229	22,580
Income taxes paid	14,792	2,214
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	108,012	76,900
Consolidation of VIEs (VIE asset/liability additions)	23,991,532	10,674,125
Deconsolidation of VIEs (VIE asset/liability reductions)	6,038,375	584,460
Fair value of assets acquired	'	1,152,360
Fair value of liabilities assumed	'	562,279
Unsettled trades and loans receivable	$52,815	'

Business_and_Organization

Business and Organization	6 Months Ended
Business and Organization	Jun. 30, 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 two reportable business segments as of June 30, 2014:

	· Real estate investment lending (the “Lending Segment”)—includes all business activities of the Company, excluding the LNR business, 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.

	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 former single family residential (“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, which has been presented within discontinued operations in the condensed consolidated statements of operations included herein.

	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 June 30, 2014, $854.5 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	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 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 data in Note 21 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 and six months ended June 30, 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 (i) are required to be disclosed quarterly, (ii) 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 former 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 six months ended June 30, 2014 and the three and six months ended June 30, 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 (“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 and Measurement Period Adjustments

	As a result of the spin-off, the results from our SFR segment have been reclassified as discontinued operations in our condensed consolidated statements of operations for the three and six months ended June 30, 2013. In addition, certain prior period amounts have been reclassified to conform to the current period presentation, which had no effect on our previously reported net income. In that regard, we reclassified $177.0 million of proceeds from sales of loans held-for-sale by LNR to cash flows from operating activities in the condensed consolidated statement of cash flows for the six months ended June 30, 2013 in order to conform to the current period presentation, which is also consistent with the presentation in our Form 10-K. These proceeds were previously reported as a non-cash financing activity and reflected net against principal repayments on borrowings for the related repurchase agreements that were settled net with those proceeds.

	The prior period financial statements included herein reflect the retrospective measurement period adjustment related to the LNR acquisition as described in Note 3 to the consolidated financial statements included in our Form 10-K. Such adjustment reduced earnings from unconsolidated entities and net income by $1.8 million in the three and six months ended June 30, 2013.

	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. Early adoption is permitted for disposals not already reported in previously issued financial statements. We do not expect the application of this ASU to materially impact the Company.

On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which establishes key principles by which an entity determines the amount and timing of revenue recognized from customer contracts. The ASU is effective for the first interim or annual period beginning after December 15, 2016. Early application is not permitted. We do not expect the application of this ASU to materially impact the Company.

On June 12, 2014 the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures, which requires entities to account for repurchase-to-maturity transactions as secured borrowings rather than as sales and expands disclosure requirements related to certain transfers of financial assets. The ASU is effective for the first interim or annual period beginning after December 15, 2014. Early application is not permitted. We do not expect the application of this ASU to materially impact the Company.

On July 16, 2014, the FASB ratified Emerging Issues Task Force (“EITF”) Issue No. 12-G, Measuring the Financial Liabilities of a Consolidated Collateralized Financing Entity. Final issuance of the ASU is pending. At its June 2014 meeting, the EITF reached a consensus which enables the application of a measurement alternative for collateralized financing entities (“CFEs”). This measurement alternative allows qualifying entities to measure both the CFE’s financial assets and financial liabilities based on the fair value of the financial assets or financial liabilities, whichever is more observable. The measurement alternative is only available upon initial consolidation of the CFE or adoption of 12-G and can be applied on a CFE-by-CFE basis. We expect to be eligible to apply the measurement alternative and will elect to do so. Application of this alternative is consistent with our current accounting treatment for consolidated CFEs.

Acquisitions_and_Divestitures

Acquisitions and Divestitures	6 Months Ended
Acquisitions and Divestitures	Jun. 30, 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 former 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 during the six months ended June 30, 2014 (in thousands):

		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Total revenues	$	—		$	2,594		$	3,876		$	3,758
	Total costs and expenses	—			9,870			6,369			13,495
	Loss before other income and income taxes	—			(7,276		)	(2,493		)	(9,737		)
	Total other income	—			1,068			942			1,403
	Loss before income taxes	—			(6,208		)	(1,551		)	(8,334		)
	Income tax benefit (provision)	—			150			—			(12		)
	Net loss	$	—		$	(6,058	)	$	(1,551	)	$	(8,346	)

	The following table presents the summarized consolidated balance sheet of the SFR segment as of January 31, 2014, the date of the 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 to the consolidated financial statements included in our Form 10-K for further discussion of the LNR acquisition including the final purchase price allocation and retrospective measurement period adjustments.

Loans

Loans	6 Months Ended
Loans	Jun. 30, 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 June 30, 2014 and December 31, 2013 (amounts in thousands):

			Carrying			Face			Weighted		Weighted
			Value			Amount			Average		Average Life
									Coupon		(“WAL”)
											(years)(2)
	June 30, 2014
	First mortgages		$	3,259,428		$	3,317,358		5.4	%	3.9
	Subordinated mortgages(1)		355,561			388,449			8.6	%	4.1
	Mezzanine loans		1,275,207			1,281,518			10.6	%	3.3
	Total loans held-for-investment		4,890,196			4,987,325
	Loans held-for-sale, fair value option elected		154,412			153,724			4.7	%	9.8
	Loans transferred as secured borrowings		142,867			142,883			5.5	%	2.8
	Total gross loans		5,187,475			5,283,932
	Loan loss allowance (loans held-for-investment)		(4,342		)	—
	Total net loans		$	5,183,133		$	5,283,932

	December 31, 2013
	First mortgages		$	2,714,512		$	2,766,217		5.5	%	4.3
	Subordinated mortgages(1)		407,462			442,475			9.7	%	4.2
	Mezzanine loans		1,245,728			1,246,841			11.7	%	3.5
	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 B-notes and junior participations in first mortgages where we do not own the senior A-note or senior participation. If we own both the A-note and B-note we categorize the loan as a first mortgage loan.

	(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 June 30, 2014, approximately $3.9 billion, or 74.8%, of the loans were variable rate and paid interest principally at LIBOR plus a weighted-average spread of 5.65%. The following table summarizes our investments in floating rate loans (amounts in thousands):

			June 30, 2014					December 31, 2013
	Index		Base Rate		Carrying			Base Rate		Carrying
	Index		Base Rate		Value			Base Rate		Value
	1 Month LIBOR		0.16%		$	137,092		0.17%		$	150,076
	3 Month LIBOR		0.55%		406,392			0.53%		392,950
	LIBOR Floor		0.15% - 3.00%(1)		3,333,849			0.19% - 3.00%(1)		2,688,308
	Total				$	3,877,333				$	3,231,334


	(1) The weighted-average LIBOR Floor was 0.36% and 0.49% as of June 30, 2014 and December 31, 2013, respectively.

	As of June 30, 2014, the risk ratings for loans subject to our rating system, which are 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		101,875			104,821			209,690			—			—			12,971			429,357
	3		3,010,516			218,685			950,268			—			—			129,896			4,309,365
	4		142,166			32,055			115,249			—			—			—			289,470
	5		—			—			—			—			—			—			—
	N/A		455			—			—			4,416			154,412			—			159,283
			$	3,255,012		$	355,561		$	1,275,207		$	4,416		$	154,412		$	142,867		$	5,187,475

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		2,452,763			272,375			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
		$	2,701,731		$	407,462		$	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 June 30, 2014 or December 31, 2013. As of June 30, 2014, approximately $4.4 million of our loans held-for-investment were in default, all of which are within the LNR Segment and were acquired as non-performing loans prior to the April 19, 2013 acquisition.

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 5.6% of our loan portfolios as of both June 30, 2014 and December 31, 2013. The following table presents the activity in our allowance for loan losses (amounts in thousands):

		For the Six Months Ended
		June 30,
		2014			2013
Allowance for loan losses at January 1		$	3,984		$	2,061
Provision for loan losses		577			755
Charge-offs		—			—
Recoveries		(219		)	—
Allowance for loan losses at June 30		$	4,342		$	2,816
Recorded investment in loans related to the allowance for loan loss		$	289,470		$	160,893

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

		For the Six Months Ended
		June 30,
		2014			2013
Balance at January 1		$	4,750,804		$	3,000,335
Acquisitions/originations/additional funding		1,860,026			1,308,602
Capitalized interest(1)		19,022			5,279
Basis of loans sold(2)		(868,804		)	(573,825		)
Loan maturities/principal repayments		(633,425		)	(140,596		)
Discount accretion/premium amortization		10,147			14,243
Changes in fair value		32,501			458
Unrealized foreign currency remeasurement gain (loss)		16,462			(4,572		)
Capitalized costs written off		—			(1,517		)
Loan loss allowance, net		(358		)	(755		)
Transfer to other assets		(3,242		)	—
Balance at June 30		$	5,183,133		$	3,607,652


(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	6 Months Ended
Investment Securities	Jun. 30, 2014
Investment Securities	'
Investment Securities	'
	5. Investment Securities

	Investment securities were comprised of the following as of June 30, 2014 and December 31, 2013 (amounts in thousands):

			Carrying Value as of
			June 30, 2014			December 31, 2013
	RMBS, available-for-sale		$	231,605		$	296,236
	Single-borrower CMBS, available-for-sale		116,071			114,346
	CMBS, fair value option (1)		638,069			550,282
	Held-to-maturity (“HTM”) securities		370,096			368,318
	Equity security, fair value option		16,104			15,247
	Subtotal - Investment securities		1,371,945			1,344,429
	VIE eliminations (1)		(469,521		)	(409,322		)
	Total investment securities		$	902,424		$	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):

	Three Months ended		Available-for-sale						CMBS, fair			HTM			Equity
	June 30, 2014		RMBS			CMBS			value option			Securities			Security			Total
	Purchases		$	—		$	—		$	43,563		$	—		$	—		$	43,563
	Sales		53,236			—			13,548			—			—			66,784
	Principal collections		10,466			421			—			—			—			10,887

	June 30, 2013
	Purchases		20,090			—			1,618			—			—			21,708
	Sales		—			—			10,072			—			—			10,072
	Principal collections		15,771			2,627			—			—			—			18,398

	Six Months ended
	June 30, 2014
	Purchases		$	—		$	—		$	53,453		$	—		$	—		$	53,453
	Sales		62,546		-1	—			32,032			—			—			94,578
	Principal collections		18,285			829			—			—			—			19,114

	June 30, 2013
	Purchases		20,090			—			1,618			37,190			—			58,898
	Sales		12,712			206,608			10,072			—			6,769			236,161
	Principal collections		32,638			7,484			—			—			—			40,122


	(1) Settlement of $44.4 million occurred subsequent to June 30, 2014. 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 June 30, 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 June 30, 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
	June 30, 2014
	RMBS		$	193,084		$	(10,322	)	$	182,762		$	(3	)	$	49,529		$	(683	)	$	48,843		$	231,605
	Single-borrower CMBS		103,498			—			103,498			—			12,573			—			12,573			116,071
	Total		$	296,582		$	(10,322	)	$	286,260		$	(3	)	$	62,102		$	(683	)	$	61,416		$	347,676
	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)
June 30, 2014
RMBS		1	%	B-		7.4
Single-borrower CMBS		11.6	%	BB+	-2	3.7
December 31, 2013
RMBS		1	%	B-		6.8
Single-borrower CMBS		11.5	%	BB+	-2	5.9

(1) Calculated using the June 30, 2014 and December 31, 2013 one-month LIBOR rate of 0.155% and 0.168%, respectively, for floating rate securities.

(2) As of June 30, 2014 and December 31, 2013, approximately 99.3% 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 June 30, 2014, $0.9 million, or 0.7%, 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 June 30, 2014, approximately $195.4 million, or 84.3%, of RMBS were variable rate and paid interest at LIBOR plus a weighted average spread of 0.44%. As of December 31, 2013, approximately $256.1 million, or 86.5%, of 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 June 30, 2014 and December 31, 2013, excluding CMBS where we have elected the fair value option (amounts in thousands):

		June 30, 2014						December 31, 2013
		RMBS			CMBS			RMBS			CMBS
Principal balance		$	312,280		$	103,498		$	414,020		$	100,687
Accretable yield		(90,876		)	—			(101,046		)	—
Non-accretable difference		(38,642		)	—			(70,196		)	—
Total discount		(129,518		)	—			(171,242		)	—
Amortized cost		$	182,762		$	103,498		$	242,778		$	100,687

The principal balance of credit deteriorated RMBS was $240.8 million and $320.4 million as of June 30, 2014 and December 31, 2013, respectively. Accretable yield related to these securities totaled $73.5 million and $78.3 million as of June 30, 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 and six months ended June 30, 2014, excluding CMBS where we have elected the fair value option (amounts in thousands):

		Accretable Yield						Non-Accretable
		Accretable Yield						Difference
		RMBS			CMBS			RMBS			CMBS
Three Months ended June 30, 2014
Balance as of April 1, 2014		$	99,622		$	—		$	55,432		$	—
Accretion of discount		(3,323		)	—			—			—
Principal write-downs		—			—			(509		)	—
Purchases		—			—			—			—
Sales		(10,276		)	—			(11,428		)	—
OTTI		—			—			—			—
Transfer to/from non-accretable difference		4,853			—			(4,853		)	—
Balance as of June 30, 2014		$	90,876		$	—		$	38,642		$	—
Six Months ended June 30, 2014
Balance as of January 1, 2014		$	101,046		$	—		$	70,196		$	—
Accretion of discount		(9,887		)	—			—			—
Principal write-downs		—			—			(875		)	—
Purchases		—			—			—			—
Sales		(12,238		)	—			(18,937		)	—
OTTI		213			—			—			—
Transfer to/from non-accretable difference		11,742			—			(11,742		)	—
Balance as of June 30, 2014		$	90,876		$	—		$	38,642		$	—

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 $0.5 million and $0.8 million for the three months ended June 30, 2014 and 2013, respectively, and $1.1 million and $1.4 million for the six months ended June 30, 2014 and 2013, respectively, 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 June 30, 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 June 30, 2014
RMBS		$	16,255		$	1,552		$	(480	)	$	(206	)
Single-borrower CMBS		—			—			—			—
Total		$	16,255		$	1,552		$	(480	)	$	(206	)
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 June 30, 2014, there were three 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 credit-related 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 June 30, 2014, the fair value and unpaid principal balance of CMBS where we have elected the fair value option, before consolidation of securitization VIEs, was $638.1 million and $4.1 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 ($469.5 million at June 30, 2014) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option CMBS. During the three and six months ended June 30, 2014, we purchased $107.1 million and $151.7 million of CMBS, respectively, for which we elected the fair value option. Due to our consolidation of securitization VIEs, $63.5 million and $98.3 million, respectively, of these amounts are reflected as repayment of debt of consolidated VIEs in our condensed consolidated statement of cash flows.

As of June 30, 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 June 30, 2014 and December 31, 2013 (amounts in thousands):

		Weighted		Weighted		WAL
		Average		Average		(Years)(1)
		Coupon		Rating
June 30, 2014
CMBS, fair value option		5	%	CCC	-2	5.3
December 31, 2013
CMBS, fair value option		5.4	%	CC	-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 June 30, 2014 and December 31, 2013, excludes $27.3 million and $55.5 million, respectively, in fair value option CMBS that are not rated.

HTM Securities

The table below summarizes various attributes of our investments in HTM securities as of June 30, 2014 and December 31, 2013 (amounts in thousands):

		Net Carrying			Gross			Gross			Fair Value
		Amount			Unrealized			Unrealized
		(Amortized			Holding			Holding
		Cost)			Gains			Losses
June 30, 2014
Preferred interests		$	285,946		$	2,083		$	—		$	288,029
CMBS		84,150			—			(576		)	83,574
Total		$	370,096		$	2,083		$	(576	)	$	371,603
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 U.S. dollars (“USD”) was $16.1 million and $15.2 million as of June 30, 2014 and December 31, 2013, respectively.

Investment_in_Unconsolidated_E

Investment in Unconsolidated Entities	6 Months Ended
	Jun. 30, 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 June 30, 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)	June 30, 2014		December 31, 2013		June 30, 2014(2)
	Equity method:
	Investor entity which owns equity interests in two real estate services providers	50%	$	20,010	$	19,371	$	—
	Small balance bridge loan financing venture	50%	26,445		26,121		—
	European investment fund	50%	7,974		23,779		(4,235		)
	Mezzanine loan venture	49%	23,335		23,676		—
	Healthcare bridge loan venture	various	14,945		14,163		—
	Various	25% - 50%	5,118		4,371		—
			97,827		111,481		$	(4,235	)
	Cost method:
	Loan servicing venture	4% - 6%	9,225		8,014
	Various	2% - 10%	11,569		3,459
			20,794		11,473
			$	118,621	$	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	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets	'
Goodwill and Intangible Assets	'
	7. Goodwill and Intangible Assets

	Goodwill

	Goodwill at June 30, 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 June 30, 2014 and December 31, 2013, the balance of the domestic servicing intangible was net of $67.8 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 June 30, 2014 and December 31, 2013, the domestic servicing intangible had a balance of $206.1 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 six months ended June 30, 2014 and 2013 (in thousands):

		2014			2013
	Domestic servicing rights, at fair value
	Fair value at January 1	$	150,149		$	—
	Acquisition of LNR	—			156,993
	Changes in fair value due to changes in inputs and assumptions	(10,774		)	2,898
	Other	(1,057		)	—
	Fair value at June 30	138,318			159,891
	European servicing rights
	Net carrying amount at January 1 (fair value of $29.3 million)	27,024			—
	Acquisition of LNR	—			32,649
	Foreign exchange gain (loss)	713			(18		)
	Amortization and OTTI	(9,209		)	(1,876		)
	Net carrying value at June 30 (fair value of $18.5 million and $33.9 million)	18,528			30,755
	Total servicing rights at June 30	$	156,846		$	190,646

Secured_Financing_Agreements

Secured Financing Agreements

6 Months Ended

Jun. 30, 2014

Secured Financing Agreements

8. Secured Financing Agreements

The following table is a summary of our secured financing agreements in place as of June 30, 2014 and December 31, 2013 (dollars in thousands):

Pledged

Maximum

Carrying Value at

Asset

Facility

Revolver

Eligible

Current

Extended

Pricing

Carrying

Facility

June 30, 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%

1,349,733

1,000,000

753,032

449,323

Lender 1 Repo 2

Repurchase

Yes

Identified RMBS

(c)

N/A

LIBOR + 1.90%

230,129

175,000

120,627

127,943

Lender 1 Repo 3

Repurchase

Identified Loans

Dec-14

Dec-16

LIBOR + 2.75%

210,041

148,860

154,133

Lender 2 Repo 1

Repurchase

Yes

Identified Loans

Oct-15

Oct-18

LIBOR + 2.00% to 2.75%

269,290

225,000

(d)

181,151

100,886

Lender 3 Repo 1

Repurchase

Identified Loans

May 2017

May 2019

LIBOR + 2.85%

135,132

93,836

50,871

Conduit Repo 1

Repurchase

Yes

Identified Loans

Sep-14

LIBOR + 2.20%

—

250,000

—

129,843

Conduit Repo 2

Repurchase

Yes

Identified Loans

Nov-14

LIBOR + 2.10%

128,083

150,000

95,568

—

Lender 4 Repo 1

Repurchase

Identified Loans

Oct-15

Oct-17

LIBOR + 2.60%

456,758

359,226

347,697

Lender 5 Repo 1

Repurchase

Identified CMBS

Dec-14

LIBOR + 2.00%

84,150

58,467

Borrowing Base

Bank Credit Facility

Yes

Identified Loans

Sep-15

Sep-17

LIBOR + 3.25%(e)

661,164

250,000

84,386

169,104

Term Loan

Syndicated Facility

Specifically Identified Assets

Apr-20

LIBOR + 2.75%(e)

2,936,771

668,423

666,114

(f)

669,293

(f)

6,461,251

3,378,812

2,561,267

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) On July 24, 2014, we amended the Lender 2 Repo 1 facility to upsize available borrowings from $225 million to $325 million and reduce pricing 25-50 basis points depending on the collateral type.

(e) 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.

(f) Term loan outstanding balance is net of $2.3 million and $2.5 million of unamortized discount as of June 30, 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.

In May 2014, we amended our Lender 3 Repo 1 facility to (i) increase additional borrowings by $42.7 million; (ii) extend the maturity date for loan collateral to May 2019, assuming the exercise of two one-year extension options; (iii) reduce pricing for all purchased assets; and (iv) increase advance rates for certain purchased assets.

Our secured financing agreements contain certain financial tests and covenants. As of June 30, 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)

194,472

2015

155,464

2016

296,329

2017

568,760

2018

223,683

Thereafter(1)

1,124,868

Total

2,563,576

(1) Principal paydown of the Term Loan through 2020 excludes $2.3 million of discount amortization.

Secured financing maturities for 2014 primarily relate to $95.6 million on the Conduit Repo 2 facility, $58.5 million on the Lender 5 Repo 1 facility, and $26.2 million on the Lender 1 Repo 3 facility.

As of June 30, 2014 and December 31, 2013, we had approximately $24.9 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 and six months ended June 30, 2014, approximately $2.6 million, and $5.3 million, respectively, of amortization was included in interest expense on our condensed consolidated statements of operations. For the three and six months ended June 30, 2013, approximately $1.8 million, and $5.0 million, respectively, of amortization was included in interest expense on our condensed consolidated statements of operations.

Convertible_Senior_Notes

Convertible Senior Notes

6 Months Ended

Jun. 30, 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 June 30, 2014 (amounts in thousands, except rates):

Principal

Coupon

Effective

Conversion

Maturity

Remaining

Amount

Rate

Rate(1)

Rate(2)

Date

Period of

Amortization

2018 Notes

599,981

4.55

6.08

44.6455

3/1/18

3.7 years

2019 Notes

459,997

5.37

47.5456

1/15/19

4.5 years

As of

June 30, 2014

December 31, 2013

Total principal

1,059,978

1,060,000

Net unamortized discount

(56,131

)

(62,149

)

Carrying amount of debt components

1,003,847

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 shares of common stock 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 and cash dividend payments. The if-converted value of the 2018 Notes exceeded their principal amount by $36.7 million at June 30, 2014 since the closing market price of the Company’s common stock of $23.77 per share exceeded the implicit conversion price of $22.40 per share. The if-converted value of the 2019 Notes exceeded their principal amount by $59.9 million at June 30, 2014 since the closing market price of $23.77 per share exceeded the implicit conversion price of $21.03 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 44.6 million and 44.8 million shares for the three and six months ended June 30, 2014, respectively, was not included in the computation of diluted earnings per share (“EPS”). However, the conversion spread value, representing 4.1 million and 3.9 million shares for the three and six months ended June 30, 2014, respectively, was included in the computation of diluted EPS. See further discussion at Note 16.

As of June 30, 2014 and December 31, 2013, we had approximately $1.5 million and $1.6 million, respectively, of deferred financing costs from our Convertible 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 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 share of common stock 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 Notes.

Loan_SecuritizationSale_Activi

Loan Securitization/Sale Activities	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2014, we sold $348.0 million and $637.4 million, respectively, par value of loans held-for-sale from our conduit platform for their fair values of $364.3 million and $666.8 million, respectively. During the three and six months ended June 30, 2014, the sale proceeds were used in part to repay $261.0 million and $478.1 million, respectively, of the outstanding balance of the repurchase agreements associated with these loans.

	Within the Lending Segment (refer to Note 21), 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 June 30,
	2014	$	56,975	$	56,124	$	—	$	—
	2013	52,849		52,859		95,000		95,000
	For the six months ended June 30,
	2014	$	204,859	$	202,524	$	—	$	—
	2013	97,380		97,490		95,000		95,000

Derivatives_and_Hedging_Activi

Derivatives and Hedging Activity	6 Months Ended
	Jun. 30, 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 objective in using interest rate derivatives is 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 seven outstanding interest rate swaps that have been designated as cash flow hedges of the interest rate risk associated with forecasted interest payments. As of June 30, 2014, the aggregate notional amount of our interest rate swaps designated as cash flow hedges of interest rate risk totaled $162.9 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 November 2015 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 and six months ended June 30, 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 $1.0 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 83 months.

	Non-designated Hedges

	Derivatives not designated as hedges are derivatives that do not meet the criteria for hedge accounting under GAAP or 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 foreign currency for an agreed upon amount of USD at various dates through January 2018. 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 June 30, 2014, we had 66 foreign exchange forward derivatives to sell pounds sterling (“GBP”) with a total notional amount of £226.2 million, 29 foreign exchange forward derivatives to sell Euros (“EUR”) with a total notional amount of €147.9 million, two foreign exchange forward derivatives to sell Swedish Krona (“SEK”) with a total notional of SEK 23.0 million, one foreign exchange forward derivative to sell Norwegian Krone (“NOK”) with a notional of NOK 1.3 million and one foreign exchange forward to sell Danish Krone (“DKK”) with a notional of DKK 3.2 million that were not designated as hedges in qualifying hedging relationships. We also had one foreign exchange forward contract to buy EUR with a total notional of €60.3 million. As of June 30, 2014, there were 34 interest rate swaps where the Company is paying fixed rates, with maturities ranging from 2 to 10 years and a total notional amount of $203.1 million, four interest rate swaps where the Company is receiving fixed rates with maturities ranging from 0 to 3 years and a total notional of $59.9 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 June 30, 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
		June 30, 2014			December 31, 2013			June 30, 2014			December 31, 2013
	Derivatives designated as hedging instruments:
	Interest rate swaps	$	63		$	125		$	638		$	729
	Total derivatives designated as hedging instruments	63			125			638			729
	Derivatives not designated as hedging instruments:
	Interest rate swaps	1,874			5,102			1,819			983
	Foreign exchange contracts	502			269			23,837			22,480
	Credit index instruments	2,242			2,273			—			—
	Total derivatives not designated as hedging instruments	4,618			7,644			25,656			23,463
	Total derivatives	$	4,681		$	7,769		$	26,294		$	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 and six months ended June 30, 2014 and 2013:

	Derivatives Designated as Hedging Instruments	(Loss) Gain			(Loss) Gain			(Loss) Gain			Location of (Loss) Gain
	For the Three Months Ended June 30,	Recognized			Reclassified			Recognized			Recognized in Income
		in OCI			from AOCI			in Income
		(effective portion)			into Income			(ineffective portion)
					(effective portion)
	2014	$	(457	)	$	(364	)	$	—		Interest expense
	2013	$	1,094		$	(407	)	$	—		Interest expense

	For the Six Months Ended June 30,
	2014	$	(708	)	$	(737	)	$	—		Interest expense
	2013	$	926		$	(854	)	$	—		Interest expense

	Derivatives Not Designated as	Location of (Loss) Gain		Amount of (Loss) Gain						Amount of (Loss) Gain
				Recognized in Income for the						Recognized in Income for the
				Three Months Ended June 30,						Six Months Ended June 30,
	Hedging Instruments	Recognized in Income		2014			2013			2014			2013
	Interest rate swaps	(Loss) gain on derivative financial instruments		$	(2,314	)	$	6,863		$	(6,511	)	$	7,013
	Foreign exchange contracts	(Loss) gain on derivative financial instruments		(6,965		)	(1,311		)	(10,012		)	14,767
	Credit index instruments	(Loss) gain on derivative financial instruments		(511		)	606			(1,133		)	606
			$	(9,790	)	$	6,158		$	(17,656	)	$	22,386

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 June 30, 2014, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, was $24.5 million. As of June 30, 2014, we had posted collateral of $19.1 million related to these agreements. If we had breached any of these provisions at June 30, 2014, we could have been required to settle our obligations under the agreements at their termination liability value of $24.5 million.

Offsetting_Assets_and_Liabilit

Offsetting Assets and Liabilities	6 Months Ended
	Jun. 30, 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 June 30, 2014
	Derivative assets	$	4,681	$	—	$	4,681	$	606	$	1,564	$	2,511
	Derivative liabilities	$	26,294	$	—	$	26,294	$	606	$	18,412	$	7,276
	Repurchase agreements	1,810,767		—		1,810,767		1,810,767		—		—
		$	1,837,061	$	—	$	1,837,061	$	1,811,373	$	18,412	$	7,276
	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	6 Months Ended
Variable Interest Entities	Jun. 30, 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 June 30, 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 June 30, 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. This event triggered the initial consolidation of 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 June 30, 2014, our maximum risk of loss related to VIEs in which we were not the primary beneficiary was $168.5 million on a fair value basis.

	As of June 30, 2014, the securitization SPEs which we do not consolidate had debt obligations to beneficial interest holders with unpaid principal balances of $106.4 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	6 Months Ended
Related-Party Transactions	Jun. 30, 2014
Related-Party Transactions	'
Related-Party Transactions	'
	14. Related-Party Transactions

	Management Agreement

	We are party to a management agreement (the “Management Agreement”) with our Manager. 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 June 30, 2014 and 2013, approximately $13.6 million and $12.7 million, respectively, was incurred for base management fees. For the six months ended June 30, 2014 and 2013, approximately $26.8 million and $22.4 million, respectively, was incurred for base management fees. As of June 30, 2014 and December 31, 2013, there were $13.5 million and $0, respectively, of unpaid base management fees included in related-party payable in our condensed consolidated balance sheets.

	Incentive Fee. For the three months ended June 30, 2014 and 2013, approximately $4.1 million and $0, respectively, was incurred for incentive fees. For the six months ended June 30, 2014 and 2013, approximately $11.3 million and $0, respectively, was incurred for incentive fees. As of June 30, 2014 and December 31, 2013, approximately $4.1 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 June 30, 2014 and 2013, approximately $2.0 million and $1.8 million, respectively, was incurred for executive compensation and other reimbursable expenses. For the six months ended June 30, 2014 and 2013, approximately $3.9 million and $4.3 million, respectively, was incurred for executive compensation and other reimbursable expenses. As of June 30, 2014 and December 31, 2013, approximately $2.4 million and $4.4 million, respectively, 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 $6.8 million and $4.0 million within management fees in our condensed consolidated statements of operations for the three months ended June 30, 2014 and 2013, respectively. In the six months ended June 30, 2014 and 2013, we recognized $13.6 million and $8.5 million, respectively, related to these awards. Refer to Note 15 herein for further discussion of these grants.

	Investment in Loan

	In 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 Fund IX’s 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 June 30, 2014 and December 31, 2013, respectively.

Stockholders_Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 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.

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

	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.

	On May 15, 2014, we established the Starwood Property Trust, Inc. Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) which provides stockholders with a means of purchasing additional shares of our common stock by reinvesting the cash dividends paid on our common stock and by making additional optional cash purchases. Shares of our common stock purchased under the DRIP Plan will either be issued directly by the Company or purchased in the open market by the plan administrator. The Company may issue up to 11 million shares of common stock under the DRIP Plan. During the three months ended June 30, 2014, shares issued under the DRIP Plan were not material.

	On May 27, 2014, we entered into an amended and restated At-The-Market Equity Offering Sales Agreement (the “ATM Agreement”) with Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell shares of the Company’s common stock of up to $500 million from time to time, through an “at the market” equity offering program. Sales of shares under the ATM Agreement will be made by means of ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or at negotiated prices. During the three months ended June 30, 2014, we issued 759 thousand shares under the ATM Agreement for gross proceeds of $18.3 million.

	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 June 30, 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 January 1, 2014	11,228	22,502		510,415		544,145		$	22.88
	Granted	—	162,458		2,489,281		2,651,739		27.94
	Vested	—	(42,475	)	(572,556	)	(615,031	)	26.65
	Forfeited	—	—		—		—		—
	Balance as of June 30, 2014	11,228	142,485		2,427,140		2,580,853		$	27.18

Earnings_per_Share

Earnings per Share	6 Months Ended
Earnings per Share	Jun. 30, 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 stockholders 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 and six months ended June 30, 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 shares of common stock used in the computations of basic EPS and diluted EPS (in thousands, except per share amounts):

		For the Three Month Ended						For the Six Month Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Basic Earnings
	Continuing Operations:
	Income from continuing operations attributable to STWD common stockholders	$	117,868		$	66,512		$	240,020		$	131,043
	Less: Income attributable to unvested shares	(1,367		)	(369		)	(3,100		)	(823		)
	Basic — Income from continuing operations	$	116,501		$	66,143		$	236,920		$	130,220

	Discontinued Operations:
	Loss from discontinued operations	$	—		$	(6,058	)	$	(1,551	)	$	(8,346	)
	Basic — Net income attributable to STWD common stockholders after allocation to participating securities	$	116,501		$	60,085		$	235,369		$	121,874

	Diluted Earnings
	Continuing Operations:
	Basic — Income from continuing operations attributable to STWD common stockholders	$	117,868		$	66,512		$	240,020		$	131,043
	Less: Income attributable to unvested shares	(1,367		)	(369		)	(3,100		)	(823		)
	Add: Undistributed earnings to unvested shares	128			—			480			—
	Less: Undistributed earnings reallocated to unvested shares	(126		)	—			(471		)	—
	Diluted — Income from continuing operations	$	116,503		$	66,143		$	236,929		$	130,220

	Discontinued Operations:
	Basic — Loss from discontinued operations	$	—		$	(6,058	)	$	(1,551	)	$	(8,346	)
	Diluted — Net income attributable to STWD common stockholders after allocation to participating securities	$	116,503		$	60,085		$	235,378		$	121,874

	Number of Shares:
	Basic — Average shares outstanding	218,751			162,448			207,203			149,037
	Effect of dilutive securities — Convertible Notes	4,056			—			3,906			—
	Effect of dilutive securities — Contingently Issuable Shares	85			—			85			—
	Diluted — Average shares outstanding	222,892			162,448			211,194			149,037

	Earnings Per Share Attributable to STWD Common Stockholders
	Basic:
	Income from continuing operations	$	0.53		$	0.41		$	1.14		$	0.87
	Loss from discontinued operations	—			(0.04		)	(0.01		)	(0.05		)
	Net income	$	0.53		$	0.37		$	1.13		$	0.82

	Diluted:
	Income from continuing operations	$	0.52		$	0.41		$	1.12		$	0.87
	Loss from discontinued operations	—			(0.04		)	(0.01		)	(0.05		)
	Net income	$	0.52		$	0.37		$	1.11		$	0.82

	As of June 30, 2014 and 2013, unvested restricted shares of 2.6 million and 0.9 million, respectively, were excluded from the computation of diluted EPS as their effect was determined to be anti-dilutive.

	Also as of June 30, 2014, there were 48.7 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 44.6 million and 44.8 million shares for the three and six months ended June 30, 2014, respectively, 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 $36.7 million and $59.9 million, respectively, at June 30, 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 4.1 million shares and 3.9 million shares for the three and six months ended June 30, 2014, respectively.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 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
	Three Months ended June 30, 2014
	Balance at March 31, 2014	$	(482	)	$	70,064		$	10,533		$	80,115
	OCI before reclassifications	(457		)	2,285			4,558			6,386
	Amounts reclassified from AOCI	364			(11,903		)	—			(11,539		)
	Net period OCI	(93		)	(9,618		)	4,558			(5,153		)
	Balance at June 30, 2014	$	(575	)	$	60,446		$	15,091		$	74,962
	Three Months ended June 30, 2013
	Balance at March 31, 2013	$	(2,292	)	$	79,897		$	(7,061	)	$	70,544
	OCI before reclassifications	1,094			(11,419		)	18			(10,307		)
	Amounts reclassified from AOCI	407			(359		)	—			48
	Net period OCI	1,501			(11,778		)	18			(10,259		)
	Balance at June 30, 2013	$	(791	)	$	68,119		$	(7,043	)	$	60,285

		Effective Portion of			Cumulative			Foreign			Total
		Cumulative Loss on			Unrealized Gain			Currency
		Cash Flow Hedges			(Loss) on			Translation
					Available-for-
					Sale Securities
	Six Months ended June 30, 2014
	Balance at January 1, 2014	$	(604	)	$	66,566		$	9,487		$	75,449
	OCI before reclassifications	(708		)	5,566			5,604			10,462
	Amounts reclassified from AOCI	737			(11,686		)	—			(10,949		)
	Net period OCI	29			(6,120		)	5,604			(487		)
	Balance at June 30, 2014	$	(575	)	$	60,446		$	15,091		$	74,962
	Six Months ended June 30, 2013
	Balance at January 1, 2013	$	(2,571	)	$	82,246		$	—		$	79,675
	OCI before reclassifications	926			537			(7,043		)	(5,580		)
	Amounts reclassified from AOCI	854			(14,664		)	—			(13,810		)
	Net period OCI	1,780			(14,127		)	(7,043		)	(19,390		)
	Balance at June 30, 2013	$	(791	)	$	68,119		$	(7,043	)	$	60,285

	The reclassifications out of AOCI impacted the condensed consolidated statements of operations for the three and six months ended June 30, 2014 and 2013 as follows:

		Amounts Reclassified from						Amounts Reclassified from						Affected Line Item
		AOCI during the Three Months						AOCI during the Six Months
		Ended June 30,						Ended June 30,
	Details about AOCI Components	2014			2013			2014			2013			in the Statements
	Losses on cash flow hedges:
	Interest rate contracts	$	(364	)	$	(407	)	$	(737	)	$	(854	)	Interest expense
	Unrealized gains on available for sale securities:
	Net realized gain on sale of investments	11,903			718			11,899			15,065			Gain (loss) on sale of investments, net
	OTTI	—			(359		)	(213		)	(401		)	OTTI
	Total	11,903			359			11,686			14,664
	Total reclassifications for the period	$	11,539		$	(48	)	$	10,949		$	13,810

Fair_Value

Fair Value	6 Months Ended
Fair Value	Jun. 30, 2014
Fair Value	'
Fair Value	'
	18. 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 June 30, 2014 and December 31, 2013 (amounts in thousands):

			June 30, 2014
			Total			Level I			Level II			Level III
	Financial Assets:
	Loans held-for-sale, fair value option		$	154,412		$	—		$	—		$	154,412
	RMBS		231,605			—			—			231,605
	CMBS		284,619			—			2,258			282,361
	Equity security		16,104			16,104			—			—
	Domestic servicing rights		138,318			—			—			138,318
	Derivative assets		4,681			—			4,681			—
	VIE assets		114,091,158			—			—			114,091,158
	Total		$	114,920,897		$	16,104		$	6,939		$	114,897,854
	Financial Liabilities:
	Derivative liabilities		$	26,294		$	—		$	26,294		$	—
	VIE liabilities		113,541,151			—			108,355,026			5,186,125
	Total		$	113,567,445		$	—		$	108,381,320		$	5,186,125

			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 and six months ended June 30, 2014 and 2013 (amounts in thousands):

	Three Months ended June 30, 2014		Loans			RMBS			CMBS			Domestic			VIE Assets			VIE			Total
			Held-for-sale									Servicing						Liabilities
												Rights
	April 1, 2014 balance		$	74,117		$	291,217		$	240,665		$	144,898		$	118,451,518		$	(3,482,922	)	$	115,719,493
	Total realized and unrealized (losses) gains:
	Included in earnings:
	Change in fair value / gain on sale		11,546			10,130			4,393			(5,523		)	(3,332,084		)	(1,664		)	(3,313,202		)
	Net accretion		—			3,323			—			—			—			—			3,323
	Included in OCI		—			(9,363		)	2,740			—			—			—			(6,623		)
	Purchases / Originations		320,566			—			42,740			—			—			—			363,306
	Sales		(251,612		)	(53,236		)	(13,457		)	—			—			—			(318,305		)
Issuances		—			—			—			—			—			(25,995		)	(25,995		)
Cash repayments / receipts		(205		)	(10,466		)	(421		)	—			—			50,984			39,892
Transfers into Level III		—			—			5,480			—			—			(1,983,525		)	(1,978,045		)
Transfers out of Level III		—			—			—			(1,057		)	—			293,115			292,058
Consolidations of VIEs		—			—			—			—			3,720,885			(68,772		)	3,652,113
Deconsolidations of VIEs		—			—			221			—			(4,749,161		)	32,654			(4,716,286		)
June 30, 2014 balance		$	154,412		$	231,605		$	282,361		$	138,318		$	114,091,158		$	(5,186,125	)	$	109,711,729
Amount of total gains (losses) included in earnings attributable to assets still held at June 30, 2014		$	688		$	2,804		$	4,513		$	(5,523	)	$	(3,332,084	)	$	(1,664	)	$	(3,331,266	)

Three Months ended June 30, 2013		Loans			RMBS			CMBS			Domestic			VIE Assets			VIE			Total
		Held-for-sale									Servicing						Liabilities
											Rights
April 1, 2013 balance		$	—		$	321,043		$	—		$	—		$	—		$	—		$	321,043
Acquisition of LNR		256,502			—			62,432			156,993			90,989,793			(1,994,243		)	89,471,477
Total realized and unrealized (losses) gains:		—			—			18			—			—			—			18
Included in earnings:		—			—			—			—			—			—			—
Change in fair value		458						(1,187		)	2,898			(3,794,641		)	94,448			(3,698,024		)
Impairment		—			(359		)	—			—			—			—			(359		)
Net accretion		—			5,755			—			—			—			—			5,755
Included in OCI		—			(11,103		)	1,908			—			—			—			(9,195		)
Purchases / Originations		390,669			20,090			39			—			—			—			410,798
Sales		(476,336		)	—			(10,072		)	—			—			—			(486,408		)
Issuances		—			—			—			—			—			—			—
Cash repayments / receipts		(117		)	(15,771		)	—			—			—			79,735			63,847
Transfers into Level III		—			—			115,814			—			—			(489,513		)	(373,699		)
Transfers out of Level III		—			—			(3,499		)	—			—			152,683			149,184
Consolidations of VIEs		—			—			—			—			10,674,125			(178,631		)	10,495,494
Deconsolidations of VIEs		—			—			(1,054		)	—			(584,804		)	861			(584,997		)
June 30, 2013 balance		$	171,176		$	319,655		$	164,399		$	159,891		$	97,284,473		$	(2,334,660	)	$	95,764,934
Amount of total (losses) gains included in earnings attributable to assets still held at June 30, 2013		(8,344		)	6,627			(3,430		)	2,898			(3,794,641		)	94,448			(3,702,442		)

Six Months ended June 30, 2014		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		32,439			11,141			9,600			(10,774		)	(7,013,623		)	99,837			(6,871,380		)
OTTI		—			(213		)	—			—			—			—			(213		)
Net accretion		—			9,887			—			—			—			—			9,887
Included in OCI		—			(4,615		)	2,207			—			—			—			(2,408		)
Purchases / Originations		582,391			—			46,571			—			—			—			628,962
Sales		(554,073		)	(62,546		)	(29,301		)	—			—			—			(645,920		)
Issuances		—			—			—			—			—			(71,756		)	(71,756		)
Cash repayments / receipts		(297		)	(18,285		)	(829		)	—			—			86,349			66,938
Transfers into Level III		—			—			52,780			—			—			(2,555,137		)	(2,502,357		)
Transfers out of Level III		(112,720		)	—			(179		)	(1,057		)	—			712,856			598,900
Consolidations of VIEs		—			—			(6,715		)	—			23,991,532			(1,892,944		)	22,091,873
Deconsolidations of VIEs		—			—			221			—			(6,038,375		)	32,654			(6,005,500		)
June 30, 2014 balance		$	154,412		$	231,605		$	282,361		$	138,318		$	114,091,158		$	(5,186,125	)	$	109,711,729
Amount of total gains (losses) included in earnings attributable to assets still held at June 30, 2014		$	688		$	7,971		$	9,018		$	(10,774	)	$	(7,013,623	)	$	99,837		$	(6,906,883	)

Six Months ended June 30, 2013		Loans			RMBS			CMBS			Domestic			VIE Assets			VIE			Total
		Held-for-sale									Servicing						Liabilities
											Rights
January 1, 2013 balance		$	—		$	333,153		$	—		$	—		$	—		$	—		$	333,153
Acquisition of LNR		256,502			—			62,432			156,993			90,989,793			(1,994,243		)	89,471,477
Total realized and unrealized (losses) gains:		—			2,129			18			—			—			—			2,147
Included in earnings:		—			—			—			—			—			—			—
Change in fair value		458			—			(1,187		)	2,898			(3,794,641		)	94,448			(3,698,024		)
Impairment		—			(402		)	—			—			—			—			(402		)
Net accretion		—			11,906			—			—			—			—			11,906
Included in OCI		—			(1,871		)	1,908			—			—			—			37
Purchases / Originations		390,669			20,090			39			—			—			—			410,798
Sales		(476,336		)	(12,712		)	(10,072		)	—			—			—			(499,120		)
Issuances		—			—			—			—			—			—			—
Cash repayments / receipts		(117		)	(32,638		)	—			—			—			79,735			46,980
Transfers into Level III		—			—			115,814			—			—			(489,513		)	(373,699		)
Transfers out of Level III		—			—			(3,499		)	—			—			152,683			149,184
Consolidations of VIEs		—			—			—			—			10,674,125			(178,631		)	10,495,494
Deconsolidations of VIEs		—			—			(1,054		)	—			(584,804		)	861			(584,997		)
June 30, 2013 balance		$	171,176		$	319,655		$	164,399		$	159,891		$	97,284,473		$	(2,334,660	)	$	95,764,934
Amount of total (losses) gains included in earnings attributable to assets still held at June 30, 2013		(8,344		)	14,306			(3,430		)	2,898			(3,794,641		)	94,448			(3,694,763		)

During the three and six months ended June 30, 2014, we transferred $5.5 million and $52.8 million, respectively of CMBS investments from Level II to Level III due to a decrease in the observable relevant market activity. During both the three and six months ended June 30, 2013, we transferred $115.8 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):

		June 30, 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		$	5,028,721		$	5,163,988		$	4,544,132		$	4,609,040
Securities, held-to-maturity		370,096			371,603			368,318			368,453
European servicing rights		18,528			18,528			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		$	2,704,082		$	2,705,452		$	2,438,798		$	2,436,708
Convertible senior notes		1,003,847			1,190,700			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)
		June 30, 2014			Technique		Unobservable Input		June 30, 2014		December 31, 2013
Loans held-for-sale, fair value option		$	154,412		Discounted cash flow		Yield (b)		4.5% - 5.2%		5.2% - 5.9%
							Duration(c)		5.0 - 10.0 years		5.0 - 10.0 years

RMBS		231,605			Discounted cash flow		Constant prepayment rate(a)		0.3% - 16.8%		(0.6)% - 16.6%

							Constant default rate(b)		1.5% - 9.5%		1.4% - 11.3%

							Loss severity(b)		12% - 81%(e)		15% - 92%(e)

							Delinquency rate(c)		3% - 32%		3% - 48%

							Servicer advances(a)		23% - 96%		24% - 95%

							Annual coupon deterioration(b)		0% - 0.8%		0% - 0.7%

							Putback amount per projected total collateral loss(d)		0% - 11%		0% - 9%

CMBS		282,361			Discounted cash flow		Yield(b)		0% - 527.9%		0% - 890.0%
							Duration(c)		0 – 11.5 years		0 - 11.0 years

Domestic servicing rights		138,318			Discounted cash flow		Debt yield(a)		8.75%		8.75%
							Discount rate(b)		15%		15%

							Control migration(b)		0% - 80%		0% - 80%

VIE assets		114,091,158			Discounted cash flow		Yield(b)		0% - 912.2%		0% - 952.3%
							Duration(c)		0 – 21.9 years		0 - 22.7 years

VIE liabilities		5,186,125			Discounted cash flow		Yield(b)		0% - 912.2%		0% - 952.3%
							Duration(c)		0 – 21.9 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) 85% and 90% of the portfolio falls within a range of 45%-80% as of June 30, 2014 and December 31, 2013, respectively.

Income_Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2014
Income Taxes	'
Income Taxes	'
	19. 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 and six months ended June 30, 2014 and 2013 (in thousands):

		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Current
	Federal	$	5,484		$	9,481		$	10,624		$	9,931
	Foreign	1,782			570			3,231			570
	State	929			1,534			1,799			1,861
	Total current	8,195			11,585			15,654			12,362
	Deferred
	Federal	(2,344		)	63			(3,048		)	63
	Foreign	(1,192		)	(465		)	(2,198		)	(465		)
	State	(382		)	10			(511		)	10
	Total deferred	(3,918		)	(392		)	(5,757		)	(392		)
	Total income tax provision (1)	$	4,277		$	11,193		$	9,897		$	11,970


	(1) Includes (benefit) provision of $0 and $(150) thousand reflected in discontinued operations for the three months ended June 30, 2014 and 2013, respectively, and $0 and $12 thousand reflected in discontinued operators for the six months ended June 30, 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 June 30, 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):

		June 30, 2014			December 31, 2013
	U.S.
	Deferred tax asset, net
	Reserves and accruals	$	11,506		$	11,454
	Domestic intangible assets	3,673			(714		)
	Investment securities and loans	(2,303		)	(892		)
	Investment in unconsolidated entities	1,901			1,811
	Deferred income	360			59
	Net operating and capital loss carryforwards	1,379			967
	Valuation allowance	(1,379		)	(799		)
	Other U.S. temporary differences	(202		)	(242		)
		14,935			11,644
	Europe
	Deferred tax liability, net
	European servicing rights	(4,224		)	(6,257		)
	Net operating and capital loss carryforwards	11,064			10,951
	Valuation allowance	(11,064		)	(10,951		)
	Other European temporary differences	(373		)	(527		)
		(4,597		)	(6,784		)
	Net deferred tax assets	$	10,338		$	4,860

	Unrecognized tax benefits were not material as of and during the three and six months ended June 30, 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 and six months ended June 30, 2014 and 2013 (dollar amounts in thousands):

		For the Three Months Ended June 30,										For the Six Months Ended June 30,
		2014					2013					2014					2013
	Federal statutory tax rate	$	43,631		35	%	$	25,446		35	%	$	87,906		35	%	$	47,917		35	%
	REIT and other non-taxable income	(38,989		)	(31.3	)%	(15,516		)	(21.3	)%	(79,372		)	(31.7	)%	(37,308		)	(27.3	)%
	State income taxes	753			0.6	%	1,592			2.2	%	1,203			0.5	%	1,592			1.2	%
	Federal benefit of state tax deduction	(263		)	(0.2	)%	(557		)	(0.8	)%	(421		)	(0.2	)%	(557		)	(0.4	)%
	Valuation allowance	(1,100		)	(0.9	)%	—			—	%	412			0.2	%	—			—	%
	Other	245			0.2	%	228			0.3	%	169			0.1	%	326			0.2	%
	Effective tax rate	$	4,277		3.4	%	$	11,193		15.4	%	$	9,897		3.9	%	$	11,970		8.7	%

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2014
Commitments and Contingencies.	'
Commitments and Contingencies	'
	20. Commitments and Contingencies

	As of June 30, 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	6 Months Ended
	Jun. 30, 2014
Segment Data	'
Segment Data	'
	21. 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 June 30, 2014 by business segment (amounts in thousands):

			Real Estate			LNR			Subtotal			LNR VIEs			Total
			Investment
			Lending
	Revenues:
	Interest income from loans		$	102,892		$	2,563		$	105,455		$	—		$	105,455
	Interest income from investment securities		15,178			30,081			45,259			(17,639		)	27,620
	Servicing fees		153			57,834			57,987			(25,306		)	32,681
	Other revenues		108			5,236			5,344			(350		)	4,994
	Total revenues		118,331			95,714			214,045			(43,295		)	170,750
	Costs and expenses:
	Management fees (1)		20,423			4,622			25,045			40			25,085
	Interest expense (1)		31,557			6,138			37,695			—			37,695
	General and administrative		7,921			34,992			42,913			181			43,094
	Acquisition and investment pursuit costs		523			248			771			—			771
	Depreciation and amortization		—			5,154			5,154			—			5,154
	Loan loss allowance, net		(139		)	—			(139		)	—			(139		)
	Other expense		66			5,960			6,026			—			6,026
	Total costs and expenses		60,351			57,114			117,465			221			117,686
	Income before other income, income taxes and non-controlling interests		57,980			38,600			96,580			(43,516		)	53,064
	Other income:
	Income of consolidated VIEs, net		—			—			—			47,028			47,028
	Change in fair value of servicing rights		—			(12,804		)	(12,804		)	7,281			(5,523		)
	Change in fair value of investment securities, net		861			16,294			17,155			(12,196		)	4,959
	Change in fair value of mortgage loans held- for-sale, net		—			11,608			11,608			—			11,608
	Earnings from unconsolidated entities		3,432			5,219			8,651			912			9,563
	Gain on sale of investments, net		10,078			—			10,078			—			10,078
	Loss on derivative financial instruments, net		(7,610		)	(2,180		)	(9,790		)	—			(9,790		)
	Foreign currency gain (loss), net		4,082			(305		)	3,777			—			3,777
	OTTI		—			(797		)	(797		)	—			(797		)
	Other income, net		35			657			692			—			692
	Total other income		10,878			17,692			28,570			43,025			71,595
	Income from continuing operations before income taxes		68,858			56,292			125,150			(491		)	124,659
	Income tax provision		(443		)	(3,834		)	(4,277		)	—			(4,277		)
	Income from continuing operations		68,415			52,458			120,873			(491		)	120,382
	Loss from discontinued operations, net of tax		—			—			—			—			—
	Net income		68,415			52,458			120,873			(491		)	120,382
	Net income attributable to non-controlling interests		(3,005		)	—			(3,005		)	491			(2,514		)
	Net income attributable to Starwood Property Trust, Inc.		$	65,410		$	52,458		$	117,868		$	—		$	117,868


	(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. During the three months ended June 30, 2014, management fees and interest expense of $4.6 million and $5.2 million, respectively, were allocated to the LNR segment.

	The table below presents our results of operations for the three months ended June 30, 2013 by business segment (amounts in thousands):

			Real Estate			LNR			Single Family			Subtotal			LNR VIEs			Total
			Investment						Residential
			Lending
	Revenues:
	Interest income from loans		$	72,676		$	2,260		$	—		$	74,936		$	—		$	74,936
	Interest income from investment securities		13,638			11,758			—			25,396			(6,819		)	18,577
	Servicing fees		—			52,860			—			52,860			(13,725		)	39,135
	Other revenues		96			1,972			—			2,068			(273		)	1,795
	Total revenues		86,410			68,850			—			155,260			(20,817		)	134,443
	Costs and expenses:
	Management fees		13,854			2,274			—			16,128			18			16,146
	Interest expense		19,941			2,707			—			22,648			—			22,648
	General and administrative		3,615			40,573			—			44,188			147			44,335
Business combination costs		13,420			—			—			13,420			—			13,420
Acquisition and investment pursuit costs		525			391			—			916			—			916
Depreciation and amortization		—			2,228			—			2,228			—			2,228
Loan loss allowance		725			—			—			725			—			725
Other expense		58			138			—			196			—			196
Total costs and expenses		52,138			48,311			—			100,449			165			100,614
Income before other income, income taxes and non-controlling interests		34,272			20,539			—			54,811			(20,982		)	33,829
Other income:								—
Income of consolidated VIEs, net		—			—			—			—			31,949			31,949
Change in fair value of servicing rights		—			6,114			—			6,114			(3,216		)	2,898
Change in fair value of investment securities, net		(331		)	6,388			—			6,057			(7,449		)	(1,392		)
Change in fair value of mortgage loans held- for-sale, net		—			458			—			458			—			458
Earnings from unconsolidated entities		1,851			2,115			—			3,966			(196		)	3,770
Loss on sale of investments		(18		)	—			—			(18		)	—			(18		)
(Loss) gain on derivative financial instruments		(2,001		)	8,159			—			6,158			—			6,158
Foreign currency gain (loss), net		1,647			(67		)	—			1,580			—			1,580
OTTI		(359		)	—			—			(359		)	—			(359		)
Other income, net		—			39			—			39			—			39
Total other income		789			23,206			—			23,995			21,088			45,083
Income from continuing operations before income taxes		35,061			43,745			—			78,806			106			78,912
Income tax provision		(411		)	(10,932		)	—			(11,343		)	—			(11,343		)
Income from continuing operations		34,650			32,813			—			67,463			106			67,569
Loss from discontinued operations, net of tax		—			—			(6,058		)	(6,058		)	—			(6,058		)
Net income		34,650			32,813			(6,058		)	61,405			106			61,511
Net income attributable to non-controlling interests		(951		)	—			—			(951		)	(106		)	(1,057		)
Net income attributable to Starwood Property Trust, Inc.		$	33,699		$	32,813		$	(6,058	)	$	60,454		$	—		$	60,454

The table below presents our results of operations for the six months ended June 30, 2014 by business segment (amounts in thousands):

		Real Estate			LNR			Single Family			Subtotal			LNR VIEs			Total
		Investment						Residential
		Lending
Revenues:
Interest income from loans		$	204,979		$	5,386		$	—		$	210,365		$	—		$	210,365
Interest income from investment securities		33,467			53,089			—			86,556			(29,482		)	57,074
Servicing fees		190			114,019			—			114,209			(47,317		)	66,892
Other revenues		188			8,833			—			9,021			(623		)	8,398
Total revenues		238,824			181,327			—			420,151			(77,422		)	342,729
Costs and expenses:
Management fees (1)		41,778			10,259			791			52,828			78			52,906
Interest expense (1)		62,811			11,624			1,091			75,526			—			75,526
General and administrative		15,066			73,762			—			88,828			367			89,195
Acquisition and investment pursuit costs		735			430			—			1,165			—			1,165
Depreciation and amortization		—			9,790			—			9,790			—			9,790
Loan loss allowance, net		358			—			—			358			—			358
Other expense		52			7,663			—			7,715			—			7,715
Total costs and expenses		120,800			113,528			1,882			236,210			445			236,655
Income before other income, income taxes and non-controlling interests		118,024			67,799			(1,882		)	183,941			(77,867		)	106,074
Other income:
Income of consolidated VIEs, net		—			—			—			—			103,032			103,032
Change in fair value of servicing rights		—			(24,979		)	—			(24,979		)	14,205			(10,774		)
Change in fair value of investment securities, net		705			53,246			—			53,951			(40,631		)	13,320
Change in fair value of mortgage loans held- for-sale, net		—			32,501			—			32,501			—			32,501
Earnings from unconsolidated entities		4,972			3,836			—			8,808			819			9,627
Gain on sale of investments, net		11,633			—			—			11,633			—			11,633
Loss on derivative financial instruments, net		(10,398		)	(7,258		)	—			(17,656		)	—			(17,656		)
Foreign currency gain (loss), net		5,643			(389		)	—			5,254			—			5,254
OTTI		(213		)	(797		)	—			(1,010		)	—			(1,010		)
Other income, net		53			657			—			710			—			710
Total other income		12,395			56,817			—			69,212			77,425			146,637
Income from continuing operations before income taxes		130,419			124,616			(1,882		)	253,153			(442		)	252,711
Income tax provision		(526		)	(9,371		)	—			(9,897		)	—			(9,897		)
Income from continuing operations		129,893			115,245			(1,882		)	243,256			(442		)	242,814
Loss from discontinued operations, net of tax		—			—			(1,551		)	(1,551		)	—			(1,551		)
Net income		129,893			115,245			(3,433		)	241,705			(442		)	241,263
Net income attributable to non-controlling interests		(3,236		)	—			—			(3,236		)	442			(2,794		)
Net income attributable to Starwood Property Trust, Inc.		$	126,657		$	115,245		$	(3,433	)	$	238,469		$	—		$	238,469


(1) Refer to Note 1 to the table above for the three months ended June 30, 2014. During the six months ended June 30, 2014, management fees and interest expense of $10.2 million and $9.7 million, respectively, were allocated to the LNR segment while $0.8 million and $1.1 million, respectively, were allocated to the SFR segment.

The table below presents our results of operations for the six months ended June 30, 2013 by business segment (amounts in thousands):

		Real Estate			LNR			Single Family			Subtotal			LNR VIEs			Total
		Investment						Residential
		Lending
Revenues:
Interest income from loans		$	140,366		$	2,260		$	—		$	142,626		$	—		$	142,626
Interest income from investment securities		29,878			11,758			—			41,636			(6,819		)	34,817
Servicing fees		—			52,860			—			52,860			(13,725		)	39,135
Other revenues		175			1,972			—			2,147			(273		)	1,874
Total revenues		170,419			68,850			—			239,269			(20,817		)	218,452
Costs and expenses:
Management fees		28,923			2,274			—			31,197			18			31,215
Interest expense		37,367			2,707			—			40,074			—			40,074
General and administrative		7,653			40,573			—			48,226			147			48,373
Business combination costs		17,616			—			—			17,616			—			17,616
Acquisition and investment pursuit costs		606			391			—			997			—			997
Depreciation and amortization		—			2,228			—			2,228			—			2,228
Loan loss allowance		755			—			—			755			—			755
Other expense		91			138			—			229			—			229
Total costs and expenses		93,011			48,311			—			141,322			165			141,487
Income before other income, income taxes and non-controlling interests		77,408			20,539			—			97,947			(20,982		)	76,965
Other income:								—
Income of consolidated VIEs, net		—			—			—			—			31,949			31,949
Change in fair value of servicing rights		—			6,114			—			6,114			(3,216		)	2,898
Change in fair value of investment securities		74			6,388			—			6,462			(7,449		)	(987		)
Change in fair value of mortgage loans held- for-sale, net		—			458			—			458			—			458
Earnings from unconsolidated entities		2,592			2,115			—			4,707			(196		)	4,511
Gain on sale of investments		13,506			—			—			13,506			—			13,506
Gain on derivative financial instruments		14,227			8,159			—			22,386			—			22,386
Foreign currency loss, net		(6,018		)	(67		)	—			(6,085		)	—			(6,085		)
OTTI		(401		)	—			—			(401		)	—			(401		)
Other income, net		—			39			—			39			—			39
Total other income		23,980			23,206			—			47,186			21,088			68,274
Income from continuing operations before income taxes		101,388			43,745			—			145,133			106			145,239
Income tax provision		(1,026		)	(10,932		)	—			(11,958		)	—			(11,958		)
Income from continuing operations		100,362			32,813			—			133,175			106			133,281
Loss from discontinued operations, net of tax		—			—			(8,346		)	(8,346		)	—			(8,346		)
Net income		100,362			32,813			(8,346		)	124,829			106			124,935
Net income attributable to non-controlling interests		(2,132		)	—			—			(2,132		)	(106		)	(2,238		)
Net income attributable to Starwood Property Trust, Inc.		$	98,230		$	32,813		$	(8,346	)	$	122,697		$	—		$	122,697

The table below presents our condensed consolidated balance sheet as of June 30, 2014 by business segment (amounts in thousands):

		Real Estate			LNR			Subtotal			LNR VIEs			Total
		Investment
		Lending
Assets:
Cash and cash equivalents		$	382,285		$	136,148		$	518,433		$	194		$	518,627
Restricted cash		34,324			10,237			44,561			—			44,561
Loans held-for-investment, net		4,881,439			4,415			4,885,854			—			4,885,854
Loans held-for-sale		8,750			145,662			154,412			—			154,412
Loans transferred as secured borrowings		142,867			—			142,867			—			142,867
Investment securities		733,876			638,069			1,371,945			(469,521		)	902,424
Intangible assets—servicing rights		—			224,676			224,676			(67,830		)	156,846
Investment in unconsolidated entities		52,541			68,644			121,185			(2,564		)	118,621
Goodwill		—			140,437			140,437			—			140,437
Derivative assets		2,321			2,360			4,681			—			4,681
Accrued interest receivable		36,904			579			37,483			—			37,483
Other assets		80,279			86,432			166,711			(1,179		)	165,532
VIE assets, at fair value		—			—			—			114,091,158			114,091,158
Total Assets		$	6,355,586		$	1,457,659		$	7,813,245		$	113,550,258		$	121,363,503
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities		$	50,540		$	89,904		$	140,444		$	365		$	140,809
Related-party payable		19,784			4,691			24,475			—			24,475
Dividends payable		108,012			—			108,012			—			108,012
Derivative liabilities		25,019			1,275			26,294			—			26,294
Secured financing agreements, net		2,465,699			95,568			2,561,267			—			2,561,267
Convertible senior notes, net		1,003,847			—			1,003,847			—			1,003,847
Secured borrowings on transferred loans		142,815			—			142,815			—			142,815
VIE liabilities, at fair value		—			—			—			113,541,151			113,541,151
Total Liabilities		3,815,716			191,438			4,007,154			113,541,516			117,548,670
Equity:
Starwood Property Trust, Inc. Stockholders’ Equity:
Preferred stock		—			—			—			—			—
Common stock		2,232			—			2,232			—			2,232
Additional paid-in capital		2,417,704			1,366,871			3,784,575			—			3,784,575
Treasury stock		(10,642		)	—			(10,642		)	—			(10,642		)
Accumulated other comprehensive income		65,712			9,250			74,962			—			74,962
Retained earnings (deficit)		60,214			(109,900		)	(49,686		)	—			(49,686		)
Total Starwood Property Trust, Inc. Stockholders’ Equity		2,535,220			1,266,221			3,801,441			—			3,801,441
Non-controlling interests in consolidated subsidiaries		4,650			—			4,650			8,742			13,392
Total Equity		2,539,870			1,266,221			3,806,091			8,742			3,814,833
Total Liabilities and Equity		$	6,355,586		$	1,457,659		$	7,813,245		$	113,550,258		$	121,363,503

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

		Real Estate			LNR			Single			Subtotal			LNR VIEs			Total
		Investment						Family
		Lending						Residential
Assets:
Cash and cash equivalents		$	232,270		$	40,274		$	44,807		$	317,351		$	276		$	317,627
Restricted cash		36,593			32,208			251			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			57,620			8,045			96,685			(872		)	95,813
VIE assets, at fair value		—			—			—			—			103,151,624			103,151,624
Total Assets		$	5,714,187		$	1,380,940		$	1,017,688		$	8,112,815		$	102,657,760		$	110,770,575
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities		$	66,127		$	135,882		$	23,056		$	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			272,316			23,056			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			1,308,500			1,004,846			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			(207,233		)	(10,111			(84,719		)	—			(84,719		)
Total Starwood Property Trust, Inc. Stockholders’ Equity		2,179,169			1,108,624			994,735			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			1,108,624			994,632			4,318,945			8,188			4,327,133
Total Liabilities and Equity		$	5,714,187		$	1,380,940		$	1,017,688		$	8,112,815		$	102,657,760		$	110,770,575

Subsequent_Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2014
Subsequent Events	'
Subsequent Events	'
	22. Subsequent Events

	Our significant events subsequent to June 30, 2014 were as follows:

	Secured Financing Agreements

	On July 24, 2014, we amended the Lender 2 Repo 1 facility to upsize available borrowings from $225 million to $325 million and reduce pricing 25-50 basis points depending on the collateral type.

	On August 1, 2014, we entered into a new $250 million warehouse line to finance our more transitional assets.

	Dividend Declaration

	On August 6, 2014, our board of directors declared a dividend of $0.48 per share for the third quarter of 2014, which is payable on October 15, 2014 to common stockholders of record as of September 30, 2014.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 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 and six months ended June 30, 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 (i) are required to be disclosed quarterly, (ii) 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 former 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 six months ended June 30, 2014 and the three and six months ended June 30, 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 (“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 and Measurement Period Adjustments	'
	Reclassifications and Measurement Period Adjustments

	As a result of the spin-off, the results from our SFR segment have been reclassified as discontinued operations in our condensed consolidated statements of operations for the three and six months ended June 30, 2013. In addition, certain prior period amounts have been reclassified to conform to the current period presentation, which had no effect on our previously reported net income. In that regard, we reclassified $177.0 million of proceeds from sales of loans held-for-sale by LNR to cash flows from operating activities in the condensed consolidated statement of cash flows for the six months ended June 30, 2013 in order to conform to the current period presentation, which is also consistent with the presentation in our Form 10-K. These proceeds were previously reported as a non-cash financing activity and reflected net against principal repayments on borrowings for the related repurchase agreements that were settled net with those proceeds.

	The prior period financial statements included herein reflect the retrospective measurement period adjustment related to the LNR acquisition as described in Note 3 to the consolidated financial statements included in our Form 10-K. Such adjustment reduced earnings from unconsolidated entities and net income by $1.8 million in the three and six months ended June 30, 2013.

Acquisitions_and_Divestitures_

Acquisitions and Divestitures (Tables)	6 Months Ended
Acquisitions and Divestitures (Tables)	Jun. 30, 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 during the six months ended June 30, 2014 (in thousands):

		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Total revenues	$	—		$	2,594		$	3,876		$	3,758
	Total costs and expenses	—			9,870			6,369			13,495
	Loss before other income and income taxes	—			(7,276		)	(2,493		)	(9,737		)
	Total other income	—			1,068			942			1,403
	Loss before income taxes	—			(6,208		)	(1,551		)	(8,334		)
	Income tax benefit (provision)	—			150			—			(12		)
	Net loss	$	—		$	(6,058	)	$	(1,551	)	$	(8,346	)
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 the 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)	6 Months Ended
Loans (Tables)	Jun. 30, 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 June 30, 2014 and December 31, 2013 (amounts in thousands):

		Carrying			Face			Weighted		Weighted
		Value			Amount			Average		Average Life
								Coupon		(“WAL”)
										(years)(2)
	June 30, 2014
	First mortgages	$	3,259,428		$	3,317,358		5.4	%	3.9
	Subordinated mortgages(1)	355,561			388,449			8.6	%	4.1
	Mezzanine loans	1,275,207			1,281,518			10.6	%	3.3
	Total loans held-for-investment	4,890,196			4,987,325
	Loans held-for-sale, fair value option elected	154,412			153,724			4.7	%	9.8
	Loans transferred as secured borrowings	142,867			142,883			5.5	%	2.8
	Total gross loans	5,187,475			5,283,932
	Loan loss allowance (loans held-for-investment)	(4,342		)	—
	Total net loans	$	5,183,133		$	5,283,932

	December 31, 2013
	First mortgages	$	2,714,512		$	2,766,217		5.5	%	4.3
	Subordinated mortgages(1)	407,462			442,475			9.7	%	4.2
	Mezzanine loans	1,245,728			1,246,841			11.7	%	3.5
	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 B-notes and junior participations in first mortgages where we do not own the senior A-note or senior participation. If we own both the A-note and B-note we categorize the loan as a first mortgage loan.

	(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	'
	As of June 30, 2014, approximately $3.9 billion, or 74.8%, of the loans were variable rate and paid interest principally at LIBOR plus a weighted-average spread of 5.65%. The following table summarizes our investments in floating rate loans (amounts in thousands):

		June 30, 2014					December 31, 2013
	Index	Base Rate		Carrying			Base Rate		Carrying
	Index	Base Rate		Value			Base Rate		Value
	1 Month LIBOR	0.16%		$	137,092		0.17%		$	150,076
	3 Month LIBOR	0.55%		406,392			0.53%		392,950
	LIBOR Floor	0.15% - 3.00%(1)		3,333,849			0.19% - 3.00%(1)		2,688,308
	Total			$	3,877,333				$	3,231,334


	(1) The weighted-average LIBOR Floor was 0.36% and 0.49% as of June 30, 2014 and December 31, 2013, respectively.
Schedule of risk ratings by class of loan	'
	As of June 30, 2014, the risk ratings for loans subject to our rating system, which are 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	101,875			104,821			209,690			—		—		12,971		429,357
	3	3,010,516			218,685			950,268			—		—		129,896		4,309,365
	4	142,166			32,055			115,249			—		—		—		289,470
	5	—			—			—			—		—		—		—
	N/A	455			—			—			4,416		154,412		—		159,283
		$	3,255,012		$	355,561		$	1,275,207		$	4,416	$	154,412	$	142,867	$	5,187,475

	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	2,452,763			272,375			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
		$	2,701,731		$	407,462		$	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 Six Months Ended
		June 30,
		2014			2013
	Allowance for loan losses at January 1	$	3,984		$	2,061
	Provision for loan losses	577			755
	Charge-offs	—			—
	Recoveries	(219		)	—
	Allowance for loan losses at June 30	$	4,342		$	2,816
	Recorded investment in loans related to the allowance for loan loss	$	289,470		$	160,893
Schedule of activity in loan portfolio	'
	The activity in our loan portfolio was as follows (amounts in thousands):

		For the Six Months Ended
		June 30,
		2014			2013
	Balance at January 1	$	4,750,804		$	3,000,335
	Acquisitions/originations/additional funding	1,860,026			1,308,602
	Capitalized interest(1)	19,022			5,279
	Basis of loans sold(2)	(868,804		)	(573,825		)
	Loan maturities/principal repayments	(633,425		)	(140,596		)
	Discount accretion/premium amortization	10,147			14,243
	Changes in fair value	32,501			458
	Unrealized foreign currency remeasurement gain (loss)	16,462			(4,572		)
	Capitalized costs written off	—			(1,517		)
	Loan loss allowance, net	(358		)	(755		)
	Transfer to other assets	(3,242		)	—
	Balance at June 30	$	5,183,133		$	3,607,652


	(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)	6 Months Ended
Investment Securities (Tables)	Jun. 30, 2014
Investment Securities	'
Schedule of investment securities	'
	Investment securities were comprised of the following as of June 30, 2014 and December 31, 2013 (amounts in thousands):

		Carrying Value as of
		June 30, 2014			December 31, 2013
	RMBS, available-for-sale	$	231,605		$	296,236
	Single-borrower CMBS, available-for-sale	116,071			114,346
	CMBS, fair value option (1)	638,069			550,282
	Held-to-maturity (“HTM”) securities	370,096			368,318
	Equity security, fair value option	16,104			15,247
	Subtotal - Investment securities	1,371,945			1,344,429
	VIE eliminations (1)	(469,521		)	(409,322		)
	Total investment securities	$	902,424		$	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):

	Three Months ended	Available-for-sale						CMBS, fair			HTM			Equity
	June 30, 2014	RMBS			CMBS			value option			Securities			Security		Total
	Purchases	$	—		$	—		$	43,563		$	—		$	—	$	43,563
	Sales	53,236			—			13,548			—			—		66,784
	Principal collections	10,466			421			—			—			—		10,887

	June 30, 2013
	Purchases	20,090			—			1,618			—			—		21,708
	Sales	—			—			10,072			—			—		10,072
	Principal collections	15,771			2,627			—			—			—		18,398

	Six Months ended
	June 30, 2014
	Purchases	$	—		$	—		$	53,453		$	—		$	—	$	53,453
	Sales	62,546		-1	—			32,032			—			—		94,578
	Principal collections	18,285			829			—			—			—		19,114

	June 30, 2013
	Purchases	20,090			—			1,618			37,190			—		58,898
	Sales	12,712			206,608			10,072			—			6,769		236,161
	Principal collections	32,638			7,484			—			—			—		40,122


	(1) Settlement of $44.4 million occurred subsequent to June 30, 2014. We account for all investment securities transactions on a trade-date basis.
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 June 30, 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
	June 30, 2014
	RMBS	$	193,084		$	(10,322	)	$	182,762		$	(3	)	$	49,529	$	(683	)	$	48,843	$	231,605
	Single-borrower CMBS	103,498			—			103,498			—			12,573		—			12,573		116,071
	Total	$	296,582		$	(10,322	)	$	286,260		$	(3	)	$	62,102	$	(683	)	$	61,416	$	347,676
	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)
	June 30, 2014
	RMBS	1	%	B-		7.4
	Single-borrower CMBS	11.6	%	BB+	-2	3.7
	December 31, 2013
	RMBS	1	%	B-		6.8
	Single-borrower CMBS	11.5	%	BB+	-2	5.9

	(1) Calculated using the June 30, 2014 and December 31, 2013 one-month LIBOR rate of 0.155% and 0.168%, respectively, for floating rate securities.

	(2) As of June 30, 2014 and December 31, 2013, approximately 99.3% 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 June 30, 2014 and December 31, 2013, excluding CMBS where we have elected the fair value option (amounts in thousands):

		June 30, 2014						December 31, 2013
		RMBS			CMBS			RMBS			CMBS
	Principal balance	$	312,280		$	103,498		$	414,020		$	100,687
	Accretable yield	(90,876		)	—			(101,046		)	—
	Non-accretable difference	(38,642		)	—			(70,196		)	—
	Total discount	(129,518		)	—			(171,242		)	—
	Amortized cost	$	182,762		$	103,498		$	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 and six months ended June 30, 2014, excluding CMBS where we have elected the fair value option (amounts in thousands):

		Accretable Yield						Non-Accretable
		Accretable Yield						Difference
		RMBS			CMBS			RMBS			CMBS
	Three Months ended June 30, 2014
	Balance as of April 1, 2014	$	99,622		$	—		$	55,432		$	—
	Accretion of discount	(3,323		)	—			—			—
	Principal write-downs	—			—			(509		)	—
	Purchases	—			—			—			—
	Sales	(10,276		)	—			(11,428		)	—
	OTTI	—			—			—			—
	Transfer to/from non-accretable difference	4,853			—			(4,853		)	—
	Balance as of June 30, 2014	$	90,876		$	—		$	38,642		$	—
	Six Months ended June 30, 2014
	Balance as of January 1, 2014	$	101,046		$	—		$	70,196		$	—
	Accretion of discount	(9,887		)	—			—			—
	Principal write-downs	—			—			(875		)	—
	Purchases	—			—			—			—
	Sales	(12,238		)	—			(18,937		)	—
	OTTI	213			—			—			—
	Transfer to/from non-accretable difference	11,742			—			(11,742		)	—
	Balance as of June 30, 2014	$	90,876		$	—		$	38,642		$	—
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 June 30, 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 June 30, 2014
	RMBS	$	16,255		$	1,552		$	(480	)	$	(206	)
	Single-borrower CMBS	—			—			—			—
	Total	$	16,255		$	1,552		$	(480	)	$	(206	)
	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	'
	As of June 30, 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 June 30, 2014 and December 31, 2013 (amounts in thousands):

		Weighted		Weighted		WAL
		Average		Average		(Years)(1)
		Coupon		Rating
	June 30, 2014
	CMBS, fair value option	5	%	CCC	-2	5.3
	December 31, 2013
	CMBS, fair value option	5.4	%	CC	-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 June 30, 2014 and December 31, 2013, excludes $27.3 million and $55.5 million, respectively, in fair value option CMBS that are not rated.
Summary of various attributes of investments in HTM securities	'
	The table below summarizes various attributes of our investments in HTM securities as of June 30, 2014 and December 31, 2013 (amounts in thousands):

		Net Carrying			Gross			Gross			Fair Value
		Amount			Unrealized			Unrealized
		(Amortized			Holding			Holding
		Cost)			Gains			Losses
	June 30, 2014
	Preferred interests	$	285,946		$	2,083		$	—		$	288,029
	CMBS	84,150			—			(576		)	83,574
	Total	$	370,096		$	2,083		$	(576	)	$	371,603
	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)	6 Months Ended
	Jun. 30, 2014
Investment in Unconsolidated Entities	'
Summary of investments in unconsolidated entities	'
	The below table summarizes our investments in unconsolidated entities as of June 30, 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)	June 30, 2014		December 31, 2013		June 30, 2014(2)
	Equity method:
	Investor entity which owns equity interests in two real estate services providers	50%	$	20,010	$	19,371	$	—
	Small balance bridge loan financing venture	50%	26,445		26,121		—
	European investment fund	50%	7,974		23,779		(4,235		)
	Mezzanine loan venture	49%	23,335		23,676		—
	Healthcare bridge loan venture	various	14,945		14,163		—
	Various	25% - 50%	5,118		4,371		—
			97,827		111,481		$	(4,235	)
	Cost method:
	Loan servicing venture	4% - 6%	9,225		8,014
	Various	2% - 10%	11,569		3,459
			20,794		11,473
			$	118,621	$	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)	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets	'
Schedule of information about servicing intangibles	'
	The table below presents information about our GAAP servicing intangibles for the six months ended June 30, 2014 and 2013 (in thousands):

		2014			2013
	Domestic servicing rights, at fair value
	Fair value at January 1	$	150,149		$	—
	Acquisition of LNR	—			156,993
	Changes in fair value due to changes in inputs and assumptions	(10,774		)	2,898
	Other	(1,057		)	—
	Fair value at June 30	138,318			159,891
	European servicing rights
	Net carrying amount at January 1 (fair value of $29.3 million)	27,024			—
	Acquisition of LNR	—			32,649
	Foreign exchange gain (loss)	713			(18		)
	Amortization and OTTI	(9,209		)	(1,876		)
	Net carrying value at June 30 (fair value of $18.5 million and $33.9 million)	18,528			30,755
	Total servicing rights at June 30	$	156,846		$	190,646

Secured_Financing_Agreements_T

Secured Financing Agreements (Tables)

6 Months Ended

Jun. 30, 2014

Secured Financing Agreements

Summary of secured financing agreements

The following table is a summary of our secured financing agreements in place as of June 30, 2014 and December 31, 2013 (dollars in thousands):

Pledged

Maximum

Carrying Value at

Asset

Facility

Revolver

Eligible

Current

Extended

Pricing

Carrying

Facility

June 30, 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%

1,349,733

1,000,000

753,032

449,323

Lender 1 Repo 2

Repurchase

Yes

Identified RMBS

(c)

N/A

LIBOR + 1.90%

230,129

175,000

120,627

127,943

Lender 1 Repo 3

Repurchase

Identified Loans

Dec-14

Dec-16

LIBOR + 2.75%

210,041

148,860

154,133

Lender 2 Repo 1

Repurchase

Yes

Identified Loans

Oct-15

Oct-18

LIBOR + 2.00% to 2.75%

269,290

225,000

(d)

181,151

100,886

Lender 3 Repo 1

Repurchase

Identified Loans

May 2017

May 2019

LIBOR + 2.85%

135,132

93,836

50,871

Conduit Repo 1

Repurchase

Yes

Identified Loans

Sep-14

LIBOR + 2.20%

—

250,000

—

129,843

Conduit Repo 2

Repurchase

Yes

Identified Loans

Nov-14

LIBOR + 2.10%

128,083

150,000

95,568

—

Lender 4 Repo 1

Repurchase

Identified Loans

Oct-15

Oct-17

LIBOR + 2.60%

456,758

359,226

347,697

Lender 5 Repo 1

Repurchase

Identified CMBS

Dec-14

LIBOR + 2.00%

84,150

58,467

Borrowing Base

Bank Credit Facility

Yes

Identified Loans

Sep-15

Sep-17

LIBOR + 3.25%(e)

661,164

250,000

84,386

169,104

Term Loan

Syndicated Facility

Specifically Identified Assets

Apr-20

LIBOR + 2.75%(e)

2,936,771

668,423

666,114

(f)

669,293

(f)

6,461,251

3,378,812

2,561,267

2,257,560

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

(d) On July 24, 2014, we amended the Lender 2 Repo 1 facility to upsize available borrowings from $225 million to $325 million and reduce pricing 25-50 basis points depending on the collateral type.

(e) 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.

(f) Term loan outstanding balance is net of $2.3 million and $2.5 million of unamortized discount as of June 30, 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)

194,472

2015

155,464

2016

296,329

2017

568,760

2018

223,683

Thereafter(1)

1,124,868

Total

2,563,576

(1) Principal paydown of the Term Loan through 2020 excludes $2.3 million of discount amortization.

Convertible_Senior_Notes_Table

Convertible Senior Notes (Tables)	6 Months Ended
Convertible Senior Notes (Tables)	Jun. 30, 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 June 30, 2014 (amounts in thousands, except rates):

		Principal			Coupon		Effective		Conversion	Maturity	Remaining
		Amount			Rate		Rate(1)		Rate(2)	Date	Period of
											Amortization
	2018 Notes	$	599,981		4.55	%	6.08	%	44.6455	3/1/18	3.7 years
	2019 Notes	$	459,997		4	%	5.37	%	47.5456	1/15/19	4.5 years

		As of			As of
		June 30, 2014			December 31, 2013
	Total principal	$	1,059,978		$	1,060,000
	Net unamortized discount	(56,131		)	(62,149		)
	Carrying amount of debt components	$	1,003,847		$	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 shares of common stock 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 and cash dividend payments. The if-converted value of the 2018 Notes exceeded their principal amount by $36.7 million at June 30, 2014 since the closing market price of the Company’s common stock of $23.77 per share exceeded the implicit conversion price of $22.40 per share. The if-converted value of the 2019 Notes exceeded their principal amount by $59.9 million at June 30, 2014 since the closing market price of $23.77 per share exceeded the implicit conversion price of $21.03 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 44.6 million and 44.8 million shares for the three and six months ended June 30, 2014, respectively, was not included in the computation of diluted earnings per share (“EPS”). However, the conversion spread value, representing 4.1 million and 3.9 million shares for the three and six months ended June 30, 2014, respectively, was included in the computation of diluted EPS. See further discussion at Note 16.

Loan_SecuritizationSale_Activi1

Loan Securitization/Sale Activities (Tables)	6 Months Ended
	Jun. 30, 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 June 30,
	2014	$	56,975	$	56,124	$	—	$	—
	2013	52,849		52,859		95,000		95,000
	For the six months ended June 30,
	2014	$	204,859	$	202,524	$	—	$	—
	2013	97,380		97,490		95,000		95,000

Derivatives_and_Hedging_Activi1

Derivatives and Hedging Activity (Tables)	6 Months Ended
Derivatives and Hedging Activity (Tables)	Jun. 30, 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 June 30, 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
		June 30, 2014			December 31, 2013			June 30, 2014			December 31, 2013
	Derivatives designated as hedging instruments:
	Interest rate swaps	$	63		$	125		$	638		$	729
	Total derivatives designated as hedging instruments	63			125			638			729
	Derivatives not designated as hedging instruments:
	Interest rate swaps	1,874			5,102			1,819			983
	Foreign exchange contracts	502			269			23,837			22,480
	Credit index instruments	2,242			2,273			—			—
	Total derivatives not designated as hedging instruments	4,618			7,644			25,656			23,463
	Total derivatives	$	4,681		$	7,769		$	26,294		$	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	'

	Derivatives Designated as Hedging Instruments	(Loss) Gain			(Loss) Gain			(Loss) Gain			Location of (Loss) Gain
	For the Three Months Ended June 30,	Recognized			Reclassified			Recognized			Recognized in Income
		in OCI			from AOCI			in Income
		(effective portion)			into Income			(ineffective portion)
					(effective portion)
	2014	$	(457	)	$	(364	)	$	—		Interest expense
	2013	$	1,094		$	(407	)	$	—		Interest expense

	For the Six Months Ended June 30,
	2014	$	(708	)	$	(737	)	$	—		Interest expense
	2013	$	926		$	(854	)	$	—		Interest expense

	Derivatives Not Designated as	Location of (Loss) Gain		Amount of (Loss) Gain						Amount of (Loss) Gain
				Recognized in Income for the						Recognized in Income for the
				Three Months Ended June 30,						Six Months Ended June 30,
	Hedging Instruments	Recognized in Income		2014			2013			2014			2013
	Interest rate swaps	(Loss) gain on derivative financial instruments		$	(2,314	)	$	6,863		$	(6,511	)	$	7,013
	Foreign exchange contracts	(Loss) gain on derivative financial instruments		(6,965		)	(1,311		)	(10,012		)	14,767
	Credit index instruments	(Loss) gain on derivative financial instruments		(511		)	606			(1,133		)	606
				$	(9,790	)	$	6,158		$	(17,656	)	$	22,386

Offsetting_Assets_and_Liabilit1

Offsetting Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2014
	Derivative assets	$	4,681	$	—	$	4,681	$	606	$	1,564	$	2,511
	Derivative liabilities	$	26,294	$	—	$	26,294	$	606	$	18,412	$	7,276
	Repurchase agreements	1,810,767		—		1,810,767		1,810,767		—		—
		$	1,837,061	$	—	$	1,837,061	$	1,811,373	$	18,412	$	7,276
	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)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 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 January 1, 2014	11,228	22,502		510,415		544,145		$	22.88
	Granted	—	162,458		2,489,281		2,651,739		27.94
	Vested	—	(42,475	)	(572,556	)	(615,031	)	26.65
	Forfeited	—	—		—		—		—
	Balance as of June 30, 2014	11,228	142,485		2,427,140		2,580,853		$	27.18

Earnings_per_Share_Tables

Earnings per Share (Tables)	6 Months Ended
Earnings per Share (Tables)	Jun. 30, 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 shares of common stock used in the computations of basic EPS and diluted EPS (in thousands, except per share amounts):

		For the Three Month Ended						For the Six Month Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Basic Earnings
	Continuing Operations:
	Income from continuing operations attributable to STWD common stockholders	$	117,868		$	66,512		$	240,020		$	131,043
	Less: Income attributable to unvested shares	(1,367		)	(369		)	(3,100		)	(823		)
	Basic — Income from continuing operations	$	116,501		$	66,143		$	236,920		$	130,220

	Discontinued Operations:
	Loss from discontinued operations	$	—		$	(6,058	)	$	(1,551	)	$	(8,346	)
	Basic — Net income attributable to STWD common stockholders after allocation to participating securities	$	116,501		$	60,085		$	235,369		$	121,874

	Diluted Earnings
	Continuing Operations:
	Basic — Income from continuing operations attributable to STWD common stockholders	$	117,868		$	66,512		$	240,020		$	131,043
	Less: Income attributable to unvested shares	(1,367		)	(369		)	(3,100		)	(823		)
	Add: Undistributed earnings to unvested shares	128			—			480			—
	Less: Undistributed earnings reallocated to unvested shares	(126		)	—			(471		)	—
	Diluted — Income from continuing operations	$	116,503		$	66,143		$	236,929		$	130,220

	Discontinued Operations:
	Basic — Loss from discontinued operations	$	—		$	(6,058	)	$	(1,551	)	$	(8,346	)
	Diluted — Net income attributable to STWD common stockholders after allocation to participating securities	$	116,503		$	60,085		$	235,378		$	121,874

	Number of Shares:
	Basic — Average shares outstanding	218,751			162,448			207,203			149,037
	Effect of dilutive securities — Convertible Notes	4,056			—			3,906			—
	Effect of dilutive securities — Contingently Issuable Shares	85			—			85			—
	Diluted — Average shares outstanding	222,892			162,448			211,194			149,037

	Earnings Per Share Attributable to STWD Common Stockholders
	Basic:
	Income from continuing operations	$	0.53		$	0.41		$	1.14		$	0.87
	Loss from discontinued operations	—			(0.04		)	(0.01		)	(0.05		)
	Net income	$	0.53		$	0.37		$	1.13		$	0.82

	Diluted:
	Income from continuing operations	$	0.52		$	0.41		$	1.12		$	0.87
	Loss from discontinued operations	—			(0.04		)	(0.01		)	(0.05		)
	Net income	$	0.52		$	0.37		$	1.11		$	0.82

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 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
	Three Months ended June 30, 2014
	Balance at March 31, 2014	$	(482	)	$	70,064		$	10,533		$	80,115
	OCI before reclassifications	(457		)	2,285			4,558			6,386
	Amounts reclassified from AOCI	364			(11,903		)	—			(11,539		)
	Net period OCI	(93		)	(9,618		)	4,558			(5,153		)
	Balance at June 30, 2014	$	(575	)	$	60,446		$	15,091		$	74,962
	Three Months ended June 30, 2013
	Balance at March 31, 2013	$	(2,292	)	$	79,897		$	(7,061	)	$	70,544
	OCI before reclassifications	1,094			(11,419		)	18			(10,307		)
	Amounts reclassified from AOCI	407			(359		)	—			48
	Net period OCI	1,501			(11,778		)	18			(10,259		)
	Balance at June 30, 2013	$	(791	)	$	68,119		$	(7,043	)	$	60,285

		Effective Portion of			Cumulative			Foreign			Total
		Cumulative Loss on			Unrealized Gain			Currency
		Cash Flow Hedges			(Loss) on			Translation
					Available-for-
					Sale Securities
	Six Months ended June 30, 2014
	Balance at January 1, 2014	$	(604	)	$	66,566		$	9,487		$	75,449
	OCI before reclassifications	(708		)	5,566			5,604			10,462
	Amounts reclassified from AOCI	737			(11,686		)	—			(10,949		)
	Net period OCI	29			(6,120		)	5,604			(487		)
	Balance at June 30, 2014	$	(575	)	$	60,446		$	15,091		$	74,962
	Six Months ended June 30, 2013
	Balance at January 1, 2013	$	(2,571	)	$	82,246		$	—		$	79,675
	OCI before reclassifications	926			537			(7,043		)	(5,580		)
	Amounts reclassified from AOCI	854			(14,664		)	—			(13,810		)
	Net period OCI	1,780			(14,127		)	(7,043		)	(19,390		)
	Balance at June 30, 2013	$	(791	)	$	68,119		$	(7,043	)	$	60,285
Schedule of reclassifications out of AOCI that impacted the condensed consolidated statements of operations	'

		Amounts Reclassified from						Amounts Reclassified from						Affected Line Item
		AOCI during the Three Months						AOCI during the Six Months
		Ended June 30,						Ended June 30,
	Details about AOCI Components	2014			2013			2014			2013			in the Statements
	Losses on cash flow hedges:
	Interest rate contracts	$	(364	)	$	(407	)	$	(737	)	$	(854	)	Interest expense
	Unrealized gains on available for sale securities:
	Net realized gain on sale of investments	11,903			718			11,899			15,065			Gain (loss) on sale of investments, net
	OTTI	—			(359		)	(213		)	(401		)	OTTI
	Total	11,903			359			11,686			14,664
	Total reclassifications for the period	$	11,539		$	(48	)	$	10,949		$	13,810

Fair_Value_Tables

Fair Value (Tables)	6 Months Ended
Fair Value (Tables)	Jun. 30, 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 June 30, 2014 and December 31, 2013 (amounts in thousands):

			June 30, 2014
			Total			Level I			Level II			Level III
	Financial Assets:
	Loans held-for-sale, fair value option		$	154,412		$	—		$	—		$	154,412
	RMBS		231,605			—			—			231,605
	CMBS		284,619			—			2,258			282,361
	Equity security		16,104			16,104			—			—
	Domestic servicing rights		138,318			—			—			138,318
	Derivative assets		4,681			—			4,681			—
	VIE assets		114,091,158			—			—			114,091,158
	Total		$	114,920,897		$	16,104		$	6,939		$	114,897,854
	Financial Liabilities:
	Derivative liabilities		$	26,294		$	—		$	26,294		$	—
	VIE liabilities		113,541,151			—			108,355,026			5,186,125
	Total		$	113,567,445		$	—		$	108,381,320		$	5,186,125

			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 and six months ended June 30, 2014 and 2013 (amounts in thousands):

	Three Months ended June 30, 2014		Loans			RMBS			CMBS			Domestic			VIE Assets			VIE			Total
			Held-for-sale									Servicing						Liabilities
												Rights
	April 1, 2014 balance		$	74,117		$	291,217		$	240,665		$	144,898		$	118,451,518		$	(3,482,922	)	$	115,719,493
	Total realized and unrealized (losses) gains:
	Included in earnings:
	Change in fair value / gain on sale		11,546			10,130			4,393			(5,523		)	(3,332,084		)	(1,664		)	(3,313,202		)
	Net accretion		—			3,323			—			—			—			—			3,323
	Included in OCI		—			(9,363		)	2,740			—			—			—			(6,623		)
	Purchases / Originations		320,566			—			42,740			—			—			—			363,306
	Sales		(251,612		)	(53,236		)	(13,457		)	—			—			—			(318,305		)
	Issuances		—			—			—			—			—			(25,995		)	(25,995		)
	Cash repayments / receipts		(205		)	(10,466		)	(421		)	—			—			50,984			39,892
	Transfers into Level III		—			—			5,480			—			—			(1,983,525		)	(1,978,045		)
	Transfers out of Level III		—			—			—			(1,057		)	—			293,115			292,058
	Consolidations of VIEs		—			—			—			—			3,720,885			(68,772		)	3,652,113
	Deconsolidations of VIEs		—			—			221			—			(4,749,161		)	32,654			(4,716,286		)
	June 30, 2014 balance		$	154,412		$	231,605		$	282,361		$	138,318		$	114,091,158		$	(5,186,125	)	$	109,711,729
	Amount of total gains (losses) included in earnings attributable to assets still held at June 30, 2014		$	688		$	2,804		$	4,513		$	(5,523	)	$	(3,332,084	)	$	(1,664	)	$	(3,331,266	)

	Three Months ended June 30, 2013		Loans			RMBS			CMBS			Domestic			VIE Assets			VIE			Total
			Held-for-sale									Servicing						Liabilities
												Rights
	April 1, 2013 balance		$	—		$	321,043		$	—		$	—		$	—		$	—		$	321,043
	Acquisition of LNR		256,502			—			62,432			156,993			90,989,793			(1,994,243		)	89,471,477
	Total realized and unrealized (losses) gains:		—			—			18			—			—			—			18
	Included in earnings:		—			—			—			—			—			—			—
	Change in fair value		458						(1,187		)	2,898			(3,794,641		)	94,448			(3,698,024		)
	Impairment		—			(359		)	—			—			—			—			(359		)
	Net accretion		—			5,755			—			—			—			—			5,755
	Included in OCI		—			(11,103		)	1,908			—			—			—			(9,195		)
	Purchases / Originations		390,669			20,090			39			—			—			—			410,798
	Sales		(476,336		)	—			(10,072		)	—			—			—			(486,408		)
	Issuances		—			—			—			—			—			—			—
	Cash repayments / receipts		(117		)	(15,771		)	—			—			—			79,735			63,847
	Transfers into Level III		—			—			115,814			—			—			(489,513		)	(373,699		)
	Transfers out of Level III		—			—			(3,499		)	—			—			152,683			149,184
	Consolidations of VIEs		—			—			—			—			10,674,125			(178,631		)	10,495,494
	Deconsolidations of VIEs		—			—			(1,054		)	—			(584,804		)	861			(584,997		)
	June 30, 2013 balance		$	171,176		$	319,655		$	164,399		$	159,891		$	97,284,473		$	(2,334,660	)	$	95,764,934
	Amount of total (losses) gains included in earnings attributable to assets still held at June 30, 2013		(8,344		)	6,627			(3,430		)	2,898			(3,794,641		)	94,448			(3,702,442		)

	Six Months ended June 30, 2014		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		32,439			11,141			9,600			(10,774		)	(7,013,623		)	99,837			(6,871,380		)
	OTTI		—			(213		)	—			—			—			—			(213		)
	Net accretion		—			9,887			—			—			—			—			9,887
	Included in OCI		—			(4,615		)	2,207			—			—			—			(2,408		)
	Purchases / Originations		582,391			—			46,571			—			—			—			628,962
	Sales		(554,073		)	(62,546		)	(29,301		)	—			—			—			(645,920		)
	Issuances		—			—			—			—			—			(71,756		)	(71,756		)
	Cash repayments / receipts		(297		)	(18,285		)	(829		)	—			—			86,349			66,938
	Transfers into Level III		—			—			52,780			—			—			(2,555,137		)	(2,502,357		)
	Transfers out of Level III		(112,720		)	—			(179		)	(1,057		)	—			712,856			598,900
	Consolidations of VIEs		—			—			(6,715		)	—			23,991,532			(1,892,944		)	22,091,873
	Deconsolidations of VIEs		—			—			221			—			(6,038,375		)	32,654			(6,005,500		)
	June 30, 2014 balance		$	154,412		$	231,605		$	282,361		$	138,318		$	114,091,158		$	(5,186,125	)	$	109,711,729
Amount of total gains (losses) included in earnings attributable to assets still held at June 30, 2014		$	688		$	7,971		$	9,018		$	(10,774	)	$	(7,013,623	)	$	99,837		$	(6,906,883	)

Six Months ended June 30, 2013		Loans			RMBS			CMBS			Domestic			VIE Assets			VIE			Total
		Held-for-sale									Servicing						Liabilities
											Rights
January 1, 2013 balance		$	—		$	333,153		$	—		$	—		$	—		$	—		$	333,153
Acquisition of LNR		256,502			—			62,432			156,993			90,989,793			(1,994,243		)	89,471,477
Total realized and unrealized (losses) gains:		—			2,129			18			—			—			—			2,147
Included in earnings:		—			—			—			—			—			—			—
Change in fair value		458			—			(1,187		)	2,898			(3,794,641		)	94,448			(3,698,024		)
Impairment		—			(402		)	—			—			—			—			(402		)
Net accretion		—			11,906			—			—			—			—			11,906
Included in OCI		—			(1,871		)	1,908			—			—			—			37
Purchases / Originations		390,669			20,090			39			—			—			—			410,798
Sales		(476,336		)	(12,712		)	(10,072		)	—			—			—			(499,120		)
Issuances		—			—			—			—			—			—			—
Cash repayments / receipts		(117		)	(32,638		)	—			—			—			79,735			46,980
Transfers into Level III		—			—			115,814			—			—			(489,513		)	(373,699		)
Transfers out of Level III		—			—			(3,499		)	—			—			152,683			149,184
Consolidations of VIEs		—			—			—			—			10,674,125			(178,631		)	10,495,494
Deconsolidations of VIEs		—			—			(1,054		)	—			(584,804		)	861			(584,997		)
June 30, 2013 balance		$	171,176		$	319,655		$	164,399		$	159,891		$	97,284,473		$	(2,334,660	)	$	95,764,934
Amount of total (losses) gains included in earnings attributable to assets still held at June 30, 2013		(8,344		)	14,306			(3,430		)	2,898			(3,794,641		)	94,448			(3,694,763		)
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):

			June 30, 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		$	5,028,721		$	5,163,988		$	4,544,132		$	4,609,040
	Securities, held-to-maturity		370,096			371,603			368,318			368,453
	European servicing rights		18,528			18,528			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		$	2,704,082		$	2,705,452		$	2,438,798		$	2,436,708
	Convertible senior notes		1,003,847			1,190,700			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)
			June 30, 2014			Technique		Unobservable Input		June 30, 2014		December 31, 2013
	Loans held-for-sale, fair value option		$	154,412		Discounted cash flow		Yield (b)		4.5% - 5.2%		5.2% - 5.9%
								Duration(c)		5.0 - 10.0 years		5.0 - 10.0 years

	RMBS		231,605			Discounted cash flow		Constant prepayment rate(a)		0.3% - 16.8%		(0.6)% - 16.6%

								Constant default rate(b)		1.5% - 9.5%		1.4% - 11.3%

								Loss severity(b)		12% - 81%(e)		15% - 92%(e)

								Delinquency rate(c)		3% - 32%		3% - 48%

								Servicer advances(a)		23% - 96%		24% - 95%

								Annual coupon deterioration(b)		0% - 0.8%		0% - 0.7%

								Putback amount per projected total collateral loss(d)		0% - 11%		0% - 9%

	CMBS		282,361			Discounted cash flow		Yield(b)		0% - 527.9%		0% - 890.0%
								Duration(c)		0 – 11.5 years		0 - 11.0 years

	Domestic servicing rights		138,318			Discounted cash flow		Debt yield(a)		8.75%		8.75%
								Discount rate(b)		15%		15%

								Control migration(b)		0% - 80%		0% - 80%

	VIE assets		114,091,158			Discounted cash flow		Yield(b)		0% - 912.2%		0% - 952.3%
								Duration(c)		0 – 21.9 years		0 - 22.7 years

	VIE liabilities		5,186,125			Discounted cash flow		Yield(b)		0% - 912.2%		0% - 952.3%
								Duration(c)		0 – 21.9 years		0 - 22.7 years


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

Income_Taxes_Tables

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2014
Income Taxes	'
Schedule of income tax provision	'
	Our income tax provision consisted of the following for the three and six months ended June 30, 2014 and 2013 (in thousands):

		For the Three Months Ended						For the Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Current
	Federal	$	5,484		$	9,481		$	10,624		$	9,931
	Foreign	1,782			570			3,231			570
	State	929			1,534			1,799			1,861
	Total current	8,195			11,585			15,654			12,362
	Deferred
	Federal	(2,344		)	63			(3,048		)	63
	Foreign	(1,192		)	(465		)	(2,198		)	(465		)
	State	(382		)	10			(511		)	10
	Total deferred	(3,918		)	(392		)	(5,757		)	(392		)
	Total income tax provision (1)	$	4,277		$	11,193		$	9,897		$	11,970


	(1) Includes (benefit) provision of $0 and $(150) thousand reflected in discontinued operations for the three months ended June 30, 2014 and 2013, respectively, and $0 and $12 thousand reflected in discontinued operators for the six months ended June 30, 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):

		June 30, 2014			December 31, 2013
	U.S.
	Deferred tax asset, net
	Reserves and accruals	$	11,506		$	11,454
	Domestic intangible assets	3,673			(714		)
	Investment securities and loans	(2,303		)	(892		)
	Investment in unconsolidated entities	1,901			1,811
	Deferred income	360			59
	Net operating and capital loss carryforwards	1,379			967
	Valuation allowance	(1,379		)	(799		)
	Other U.S. temporary differences	(202		)	(242		)
		14,935			11,644
	Europe
	Deferred tax liability, net
	European servicing rights	(4,224		)	(6,257		)
	Net operating and capital loss carryforwards	11,064			10,951
	Valuation allowance	(11,064		)	(10,951		)
	Other European temporary differences	(373		)	(527		)
		(4,597		)	(6,784		)
	Net deferred tax assets	$	10,338		$	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 and six months ended June 30, 2014 and 2013 (dollar amounts in thousands):

		For the Three Months Ended June 30,										For the Six Months Ended June 30,
		2014					2013					2014					2013
	Federal statutory tax rate	$	43,631		35	%	$	25,446		35	%	$	87,906		35	%	$	47,917		35	%
	REIT and other non-taxable income	(38,989		)	(31.3	)%	(15,516		)	(21.3	)%	(79,372		)	(31.7	)%	(37,308		)	(27.3	)%
	State income taxes	753			0.6	%	1,592			2.2	%	1,203			0.5	%	1,592			1.2	%
	Federal benefit of state tax deduction	(263		)	(0.2	)%	(557		)	(0.8	)%	(421		)	(0.2	)%	(557		)	(0.4	)%
	Valuation allowance	(1,100		)	(0.9	)%	—			—	%	412			0.2	%	—			—	%
	Other	245			0.2	%	228			0.3	%	169			0.1	%	326			0.2	%
	Effective tax rate	$	4,277		3.4	%	$	11,193		15.4	%	$	9,897		3.9	%	$	11,970		8.7	%

Segment_Data_Tables

Segment Data (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Data	'
Schedule of results of operations by business segment	'
	The table below presents our results of operations for the three months ended June 30, 2014 by business segment (amounts in thousands):

			Real Estate			LNR			Subtotal			LNR VIEs			Total
			Investment
			Lending
	Revenues:
	Interest income from loans		$	102,892		$	2,563		$	105,455		$	—		$	105,455
	Interest income from investment securities		15,178			30,081			45,259			(17,639		)	27,620
	Servicing fees		153			57,834			57,987			(25,306		)	32,681
	Other revenues		108			5,236			5,344			(350		)	4,994
	Total revenues		118,331			95,714			214,045			(43,295		)	170,750
	Costs and expenses:
	Management fees (1)		20,423			4,622			25,045			40			25,085
	Interest expense (1)		31,557			6,138			37,695			—			37,695
	General and administrative		7,921			34,992			42,913			181			43,094
	Acquisition and investment pursuit costs		523			248			771			—			771
	Depreciation and amortization		—			5,154			5,154			—			5,154
	Loan loss allowance, net		(139		)	—			(139		)	—			(139		)
	Other expense		66			5,960			6,026			—			6,026
	Total costs and expenses		60,351			57,114			117,465			221			117,686
	Income before other income, income taxes and non-controlling interests		57,980			38,600			96,580			(43,516		)	53,064
	Other income:
	Income of consolidated VIEs, net		—			—			—			47,028			47,028
	Change in fair value of servicing rights		—			(12,804		)	(12,804		)	7,281			(5,523		)
	Change in fair value of investment securities, net		861			16,294			17,155			(12,196		)	4,959
	Change in fair value of mortgage loans held- for-sale, net		—			11,608			11,608			—			11,608
	Earnings from unconsolidated entities		3,432			5,219			8,651			912			9,563
	Gain on sale of investments, net		10,078			—			10,078			—			10,078
	Loss on derivative financial instruments, net		(7,610		)	(2,180		)	(9,790		)	—			(9,790		)
	Foreign currency gain (loss), net		4,082			(305		)	3,777			—			3,777
	OTTI		—			(797		)	(797		)	—			(797		)
	Other income, net		35			657			692			—			692
	Total other income		10,878			17,692			28,570			43,025			71,595
	Income from continuing operations before income taxes		68,858			56,292			125,150			(491		)	124,659
	Income tax provision		(443		)	(3,834		)	(4,277		)	—			(4,277		)
	Income from continuing operations		68,415			52,458			120,873			(491		)	120,382
	Loss from discontinued operations, net of tax		—			—			—			—			—
	Net income		68,415			52,458			120,873			(491		)	120,382
	Net income attributable to non-controlling interests		(3,005		)	—			(3,005		)	491			(2,514		)
	Net income attributable to Starwood Property Trust, Inc.		$	65,410		$	52,458		$	117,868		$	—		$	117,868


	(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. During the three months ended June 30, 2014, management fees and interest expense of $4.6 million and $5.2 million, respectively, were allocated to the LNR segment.

	The table below presents our results of operations for the three months ended June 30, 2013 by business segment (amounts in thousands):

			Real Estate			LNR			Single Family			Subtotal			LNR VIEs			Total
			Investment						Residential
			Lending
	Revenues:
	Interest income from loans		$	72,676		$	2,260		$	—		$	74,936		$	—		$	74,936
	Interest income from investment securities		13,638			11,758			—			25,396			(6,819		)	18,577
	Servicing fees		—			52,860			—			52,860			(13,725		)	39,135
	Other revenues		96			1,972			—			2,068			(273		)	1,795
	Total revenues		86,410			68,850			—			155,260			(20,817		)	134,443
	Costs and expenses:
	Management fees		13,854			2,274			—			16,128			18			16,146
	Interest expense		19,941			2,707			—			22,648			—			22,648
	General and administrative		3,615			40,573			—			44,188			147			44,335
	Business combination costs		13,420			—			—			13,420			—			13,420
	Acquisition and investment pursuit costs		525			391			—			916			—			916
	Depreciation and amortization		—			2,228			—			2,228			—			2,228
	Loan loss allowance		725			—			—			725			—			725
Other expense		58			138			—			196			—			196
Total costs and expenses		52,138			48,311			—			100,449			165			100,614
Income before other income, income taxes and non-controlling interests		34,272			20,539			—			54,811			(20,982		)	33,829
Other income:								—
Income of consolidated VIEs, net		—			—			—			—			31,949			31,949
Change in fair value of servicing rights		—			6,114			—			6,114			(3,216		)	2,898
Change in fair value of investment securities, net		(331		)	6,388			—			6,057			(7,449		)	(1,392		)
Change in fair value of mortgage loans held- for-sale, net		—			458			—			458			—			458
Earnings from unconsolidated entities		1,851			2,115			—			3,966			(196		)	3,770
Loss on sale of investments		(18		)	—			—			(18		)	—			(18		)
(Loss) gain on derivative financial instruments		(2,001		)	8,159			—			6,158			—			6,158
Foreign currency gain (loss), net		1,647			(67		)	—			1,580			—			1,580
OTTI		(359		)	—			—			(359		)	—			(359		)
Other income, net		—			39			—			39			—			39
Total other income		789			23,206			—			23,995			21,088			45,083
Income from continuing operations before income taxes		35,061			43,745			—			78,806			106			78,912
Income tax provision		(411		)	(10,932		)	—			(11,343		)	—			(11,343		)
Income from continuing operations		34,650			32,813			—			67,463			106			67,569
Loss from discontinued operations, net of tax		—			—			(6,058		)	(6,058		)	—			(6,058		)
Net income		34,650			32,813			(6,058		)	61,405			106			61,511
Net income attributable to non-controlling interests		(951		)	—			—			(951		)	(106		)	(1,057		)
Net income attributable to Starwood Property Trust, Inc.		$	33,699		$	32,813		$	(6,058	)	$	60,454		$	—		$	60,454

The table below presents our results of operations for the six months ended June 30, 2014 by business segment (amounts in thousands):

		Real Estate			LNR			Single Family			Subtotal			LNR VIEs			Total
		Investment						Residential
		Lending
Revenues:
Interest income from loans		$	204,979		$	5,386		$	—		$	210,365		$	—		$	210,365
Interest income from investment securities		33,467			53,089			—			86,556			(29,482		)	57,074
Servicing fees		190			114,019			—			114,209			(47,317		)	66,892
Other revenues		188			8,833			—			9,021			(623		)	8,398
Total revenues		238,824			181,327			—			420,151			(77,422		)	342,729
Costs and expenses:
Management fees (1)		41,778			10,259			791			52,828			78			52,906
Interest expense (1)		62,811			11,624			1,091			75,526			—			75,526
General and administrative		15,066			73,762			—			88,828			367			89,195
Acquisition and investment pursuit costs		735			430			—			1,165			—			1,165
Depreciation and amortization		—			9,790			—			9,790			—			9,790
Loan loss allowance, net		358			—			—			358			—			358
Other expense		52			7,663			—			7,715			—			7,715
Total costs and expenses		120,800			113,528			1,882			236,210			445			236,655
Income before other income, income taxes and non-controlling interests		118,024			67,799			(1,882		)	183,941			(77,867		)	106,074
Other income:
Income of consolidated VIEs, net		—			—			—			—			103,032			103,032
Change in fair value of servicing rights		—			(24,979		)	—			(24,979		)	14,205			(10,774		)
Change in fair value of investment securities, net		705			53,246			—			53,951			(40,631		)	13,320
Change in fair value of mortgage loans held- for-sale, net		—			32,501			—			32,501			—			32,501
Earnings from unconsolidated entities		4,972			3,836			—			8,808			819			9,627
Gain on sale of investments, net		11,633			—			—			11,633			—			11,633
Loss on derivative financial instruments, net		(10,398		)	(7,258		)	—			(17,656		)	—			(17,656		)
Foreign currency gain (loss), net		5,643			(389		)	—			5,254			—			5,254
OTTI		(213		)	(797		)	—			(1,010		)	—			(1,010		)
Other income, net		53			657			—			710			—			710
Total other income		12,395			56,817			—			69,212			77,425			146,637
Income from continuing operations before income taxes		130,419			124,616			(1,882		)	253,153			(442		)	252,711
Income tax provision		(526		)	(9,371		)	—			(9,897		)	—			(9,897		)
Income from continuing operations		129,893			115,245			(1,882		)	243,256			(442		)	242,814
Loss from discontinued operations, net of tax		—			—			(1,551		)	(1,551		)	—			(1,551		)
Net income		129,893			115,245			(3,433		)	241,705			(442		)	241,263
Net income attributable to non-controlling interests		(3,236		)	—			—			(3,236		)	442			(2,794		)
Net income attributable to Starwood Property Trust, Inc.		$	126,657		$	115,245		$	(3,433	)	$	238,469		$	—		$	238,469


(1) Refer to Note 1 to the table above for the three months ended June 30, 2014. During the six months ended June 30, 2014, management fees and interest expense of $10.2 million and $9.7 million, respectively, were allocated to the LNR segment while $0.8 million and $1.1 million, respectively, were allocated to the SFR segment.

The table below presents our results of operations for the six months ended June 30, 2013 by business segment (amounts in thousands):

		Real Estate			LNR			Single Family			Subtotal			LNR VIEs			Total
		Investment						Residential
		Lending
Revenues:
Interest income from loans		$	140,366		$	2,260		$	—		$	142,626		$	—		$	142,626
Interest income from investment securities		29,878			11,758			—			41,636			(6,819		)	34,817
Servicing fees		—			52,860			—			52,860			(13,725		)	39,135
Other revenues		175			1,972			—			2,147			(273		)	1,874
Total revenues		170,419			68,850			—			239,269			(20,817		)	218,452
Costs and expenses:
Management fees		28,923			2,274			—			31,197			18			31,215
Interest expense		37,367			2,707			—			40,074			—			40,074
General and administrative		7,653			40,573			—			48,226			147			48,373
Business combination costs		17,616			—			—			17,616			—			17,616
Acquisition and investment pursuit costs		606			391			—			997			—			997
Depreciation and amortization		—			2,228			—			2,228			—			2,228
Loan loss allowance		755			—			—			755			—			755
Other expense		91			138			—			229			—			229
Total costs and expenses		93,011			48,311			—			141,322			165			141,487
Income before other income, income taxes and non-controlling interests		77,408			20,539			—			97,947			(20,982		)	76,965
Other income:								—
Income of consolidated VIEs, net		—			—			—			—			31,949			31,949
Change in fair value of servicing rights		—			6,114			—			6,114			(3,216		)	2,898
Change in fair value of investment securities		74			6,388			—			6,462			(7,449		)	(987		)
Change in fair value of mortgage loans held- for-sale, net		—			458			—			458			—			458
Earnings from unconsolidated entities		2,592			2,115			—			4,707			(196		)	4,511
Gain on sale of investments		13,506			—			—			13,506			—			13,506
Gain on derivative financial instruments		14,227			8,159			—			22,386			—			22,386
Foreign currency loss, net		(6,018		)	(67		)	—			(6,085		)	—			(6,085		)
OTTI		(401		)	—			—			(401		)	—			(401		)
Other income, net		—			39			—			39			—			39
Total other income		23,980			23,206			—			47,186			21,088			68,274
Income from continuing operations before income taxes		101,388			43,745			—			145,133			106			145,239
Income tax provision		(1,026		)	(10,932		)	—			(11,958		)	—			(11,958		)
Income from continuing operations		100,362			32,813			—			133,175			106			133,281
Loss from discontinued operations, net of tax		—			—			(8,346		)	(8,346		)	—			(8,346		)
Net income		100,362			32,813			(8,346		)	124,829			106			124,935
Net income attributable to non-controlling interests		(2,132		)	—			—			(2,132		)	(106		)	(2,238		)
Net income attributable to Starwood Property Trust, Inc.		$	98,230		$	32,813		$	(8,346	)	$	122,697		$	—		$	122,697
Schedule of condensed consolidated balance sheet by business segment	'
	The table below presents our condensed consolidated balance sheet as of June 30, 2014 by business segment (amounts in thousands):

			Real Estate			LNR			Subtotal			LNR VIEs			Total
			Investment
			Lending
	Assets:
	Cash and cash equivalents		$	382,285		$	136,148		$	518,433		$	194		$	518,627
	Restricted cash		34,324			10,237			44,561			—			44,561
	Loans held-for-investment, net		4,881,439			4,415			4,885,854			—			4,885,854
	Loans held-for-sale		8,750			145,662			154,412			—			154,412
	Loans transferred as secured borrowings		142,867			—			142,867			—			142,867
	Investment securities		733,876			638,069			1,371,945			(469,521		)	902,424
	Intangible assets—servicing rights		—			224,676			224,676			(67,830		)	156,846
	Investment in unconsolidated entities		52,541			68,644			121,185			(2,564		)	118,621
	Goodwill		—			140,437			140,437			—			140,437
	Derivative assets		2,321			2,360			4,681			—			4,681
	Accrued interest receivable		36,904			579			37,483			—			37,483
	Other assets		80,279			86,432			166,711			(1,179		)	165,532
	VIE assets, at fair value		—			—			—			114,091,158			114,091,158
	Total Assets		$	6,355,586		$	1,457,659		$	7,813,245		$	113,550,258		$	121,363,503
	Liabilities and Equity
	Liabilities:
	Accounts payable, accrued expenses and other liabilities		$	50,540		$	89,904		$	140,444		$	365		$	140,809
	Related-party payable		19,784			4,691			24,475			—			24,475
	Dividends payable		108,012			—			108,012			—			108,012
	Derivative liabilities		25,019			1,275			26,294			—			26,294
	Secured financing agreements, net		2,465,699			95,568			2,561,267			—			2,561,267
	Convertible senior notes, net		1,003,847			—			1,003,847			—			1,003,847
	Secured borrowings on transferred loans		142,815			—			142,815			—			142,815
	VIE liabilities, at fair value		—			—			—			113,541,151			113,541,151
	Total Liabilities		3,815,716			191,438			4,007,154			113,541,516			117,548,670
	Equity:
	Starwood Property Trust, Inc. Stockholders’ Equity:
	Preferred stock		—			—			—			—			—
	Common stock		2,232			—			2,232			—			2,232
	Additional paid-in capital		2,417,704			1,366,871			3,784,575			—			3,784,575
	Treasury stock		(10,642		)	—			(10,642		)	—			(10,642		)
	Accumulated other comprehensive income		65,712			9,250			74,962			—			74,962
	Retained earnings (deficit)		60,214			(109,900		)	(49,686		)	—			(49,686		)
	Total Starwood Property Trust, Inc. Stockholders’ Equity		2,535,220			1,266,221			3,801,441			—			3,801,441
	Non-controlling interests in consolidated subsidiaries		4,650			—			4,650			8,742			13,392
	Total Equity		2,539,870			1,266,221			3,806,091			8,742			3,814,833
	Total Liabilities and Equity		$	6,355,586		$	1,457,659		$	7,813,245		$	113,550,258		$	121,363,503

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

			Real Estate			LNR			Single			Subtotal			LNR VIEs			Total
			Investment						Family
			Lending						Residential
	Assets:
	Cash and cash equivalents		$	232,270		$	40,274		$	44,807		$	317,351		$	276		$	317,627
	Restricted cash		36,593			32,208			251			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			57,620			8,045			96,685			(872		)	95,813
VIE assets, at fair value		—			—			—			—			103,151,624			103,151,624
Total Assets		$	5,714,187		$	1,380,940		$	1,017,688		$	8,112,815		$	102,657,760		$	110,770,575
Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities		$	66,127		$	135,882		$	23,056		$	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			272,316			23,056			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			1,308,500			1,004,846			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			(207,233		)	(10,111			(84,719		)	—			(84,719		)
Total Starwood Property Trust, Inc. Stockholders’ Equity		2,179,169			1,108,624			994,735			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			1,108,624			994,632			4,318,945			8,188			4,327,133
Total Liabilities and Equity		$	5,714,187		$	1,380,940		$	1,017,688		$	8,112,815		$	102,657,760		$	110,770,575

Business_and_Organization_Deta

Business and Organization (Details) (USD $)	6 Months Ended	0 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Apr. 19, 2013	Jun. 30, 2014
	item	LNR	LNR
Business and Organization	'	'	'
Number of reportable business segments	2	'	'
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	'	'	$854.50

Business_and_Organization_Deta1

Business and Organization (Details 2) (USD $)	0 Months Ended	6 Months Ended	0 Months Ended		0 Months Ended
	Apr. 11, 2014	Jun. 30, 2014	Feb. 21, 2014	Jun. 30, 2014	Jan. 31, 2014	Jan. 24, 2014
			SWAY	SWAY	Spin off	Spin off
				item	Single Family Residential	Single Family Residential
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	22,000,000	'	40,100,000	'	'	'

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Proceeds from sale of loans held-for-sale	'	'	$666,793	$476,453
Earnings from unconsolidated entities	9,563	3,770	9,627	4,511
Net income	120,382	61,511	241,263	124,935
Reclassification Adjustment	'	'	'	'
Proceeds from sale of loans held-for-sale	'	'	'	177,000
Earnings from unconsolidated entities	'	-1,800	'	-1,800
Net income	'	($1,800)	'	($1,800)

Acquisitions_and_Divestitures_1

Acquisitions and Divestitures (Details) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jan. 31, 2014
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	SFR Spin-off	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	'	'	'	'	$2,594	$3,876	$3,758	'
Total costs and expenses	'	'	'	'	9,870	6,369	13,495	'
Loss before other income and income taxes	'	'	'	'	-7,276	-2,493	-9,737	'
Total other income	'	'	'	'	1,068	942	1,403	'
Loss before income taxes	'	'	'	'	-6,208	-1,551	-8,334	'
Income tax benefit (provision)	0	150	0	-12	150	'	-12	'
Net loss	'	-6,058	-1,551	-8,346	-6,058	-1,551	-8,346	'
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:	'	'	'	'	'	'	'	'
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

Acquisitions_and_Divestitures_2

Acquisitions and Divestitures (Details 2) (LNR, USD $)	0 Months Ended
In Millions, unless otherwise specified	Apr. 19, 2013
LNR	'
Acquisitions	'
Initial agreed upon purchase price	$859
Purchase price	$730

Loans_Details

Loans (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
Loans (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Investments in loans	'	'	'	'	'
Total gross loans	$5,187,475,000	'	$5,187,475,000	'	$4,754,788,000
Face value	5,283,932,000	'	5,283,932,000	'	4,845,115,000
Loan loss allowance (loans held-for-investment)	-4,342,000	-2,816,000	-4,342,000	-2,816,000	-3,984,000
Carrying Value	5,183,133,000	'	5,183,133,000	'	4,750,804,000
Loans with variable rates of interest	3,877,333,000	'	3,877,333,000	'	3,231,334,000
Loans with variable rates of interest (as a percent)	74.80%	'	74.80%	'	'
Variable rate basis of loans	'	'	'LIBOR	'	'
Weighted average spread of loans (as a percent)	5.65%	'	5.65%	'	'
Amount of loan impairment charges on individual loans held for investment	'	'	0	'	0
Allowance for loan losses as a percent of carrying amount	'	'	5.60%	'	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	'	'	577,000	755,000	'
Recoveries	'	'	-219,000	'	'
Allowance for loan losses at the end of the period	4,342,000	2,816,000	4,342,000	2,816,000	3,984,000
Recorded investment in loans related to the allowance for loan loss	289,470,000	160,893,000	289,470,000	160,893,000	'
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	'	'	1,860,026,000	1,308,602,000	'
Capitalized Interest	'	'	19,022,000	5,279,000	'
Basis of loans sold	'	'	-868,804,000	-573,825,000	'
Loan maturities/principal repayments	'	'	-633,425,000	-140,596,000	'
Discount accretion/premium amortization	'	'	10,147,000	14,243,000	'
Changes in fair value	11,608,000	458,000	32,501,000	458,000	'
Unrealized foreign currency remeasurement gain (loss)	'	'	16,462,000	-4,572,000	'
Capitalized cost written off	'	'	'	-1,517,000	'
Loan loss allowance, net	'	'	-358,000	-755,000	'
Transfer to other assets	'	'	-3,242,000	'	'
Balance at the end of the period	5,183,133,000	3,607,652,000	5,183,133,000	3,607,652,000	4,750,804,000
1-month LIBOR	'	'	'	'	'
Investments in loans	'	'	'	'	'
Loans with variable rates of interest	137,092,000	'	137,092,000	'	150,076,000
Effective variable rate basis (as a percent)	0.16%	'	0.16%	'	0.17%
3 Month LIBOR	'	'	'	'	'
Investments in loans	'	'	'	'	'
Loans with variable rates of interest	406,392,000	'	406,392,000	'	392,950,000
Effective variable rate basis (as a percent)	0.55%	'	0.55%	'	0.52%
LIBOR floor	'	'	'	'	'
Investments in loans	'	'	'	'	'
Loans with variable rates of interest	3,333,849,000	'	3,333,849,000	'	2,688,308,000
Weighted average spread of loans (as a percent)	0.36%	'	0.36%	'	0.49%
LIBOR floor \| Minimum	'	'	'	'	'
Investments in loans	'	'	'	'	'
Effective variable rate basis (as a percent)	0.15%	'	0.15%	'	0.19%
LIBOR floor \| Maximum	'	'	'	'	'
Investments in loans	'	'	'	'	'
Effective variable rate basis (as a percent)	3.00%	'	3.00%	'	3.00%
Rating 2	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	429,357,000	'	429,357,000	'	364,491,000
Rating 3	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	4,309,365,000	'	4,309,365,000	'	3,905,204,000
Rating 4	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	289,470,000	'	289,470,000	'	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	159,283,000	'	159,283,000	'	219,453,000
Total loans held-for-investment	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	4,890,196,000	'	4,890,196,000	'	4,367,702,000
Face value	4,987,325,000	'	4,987,325,000	'	4,455,533,000
Carrying Value of loan in default	4,400,000	'	4,400,000	'	'
Total loans held-for-investment \| First Mortgages	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	3,259,428,000	'	3,259,428,000	'	2,714,512,000
Face value	3,317,358,000	'	3,317,358,000	'	2,766,217,000
Weighted Average Coupon (as a percent)	'	'	5.40%	'	5.50%
Weighted Average Life	'	'	'3 years 10 months 24 days	'	'4 years 3 months 18 days
Total loans held-for-investment \| First Mortgages, excluding Cost Recovery Loans	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	3,255,012,000	'	3,255,012,000	'	2,701,731,000
Total loans held-for-investment \| First Mortgages, excluding Cost Recovery Loans \| Rating 2	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	101,875,000	'	101,875,000	'	94,981,000
Total loans held-for-investment \| First Mortgages, excluding Cost Recovery Loans \| Rating 3	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	3,010,516,000	'	3,010,516,000	'	2,452,763,000
Total loans held-for-investment \| First Mortgages, excluding Cost Recovery Loans \| Rating 4	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	142,166,000	'	142,166,000	'	153,987,000
Total loans held-for-investment \| First Mortgages, excluding Cost Recovery Loans \| N/A	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	455,000	'	455,000	'	'
Total loans held-for-investment \| Subordinated mortgages	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	355,561,000	'	355,561,000	'	407,462,000
Face value	388,449,000	'	388,449,000	'	442,475,000
Weighted Average Coupon (as a percent)	'	'	8.60%	'	9.70%
Weighted Average Life	'	'	'4 years 1 month 6 days	'	'4 years 2 months 12 days
Total loans held-for-investment \| Subordinated mortgages \| Rating 2	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	104,821,000	'	104,821,000	'	103,369,000
Total loans held-for-investment \| Subordinated mortgages \| Rating 3	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	218,685,000	'	218,685,000	'	272,375,000
Total loans held-for-investment \| Subordinated mortgages \| Rating 4	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	32,055,000	'	32,055,000	'	31,718,000
Total loans held-for-investment \| Mezzanine Loans	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	1,275,207,000	'	1,275,207,000	'	1,245,728,000
Face value	1,281,518,000	'	1,281,518,000	'	1,246,841,000
Weighted Average Coupon (as a percent)	'	'	10.60%	'	11.70%
Weighted Average Life	'	'	'3 years 3 months 18 days	'	'3 years 6 months
Total loans held-for-investment \| Mezzanine Loans \| Rating 2	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	209,690,000	'	209,690,000	'	153,119,000
Total loans held-for-investment \| Mezzanine Loans \| Rating 3	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	950,268,000	'	950,268,000	'	1,012,674,000
Total loans held-for-investment \| Mezzanine Loans \| Rating 4	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	115,249,000	'	115,249,000	'	79,935,000
Total loans held-for-investment \| Cost Recovery Loans	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	4,416,000	'	4,416,000	'	12,781,000
Total loans held-for-investment \| Cost Recovery Loans \| N/A	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	4,416,000	'	4,416,000	'	12,781,000
Loans Held-for-sale	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	154,412,000	'	154,412,000	'	206,672,000
Face value	153,724,000	'	153,724,000	'	209,099,000
Weighted Average Coupon (as a percent)	'	'	4.70%	'	5.30%
Weighted Average Life	'	'	'9 years 9 months 18 days	'	'9 years 7 months 6 days
Loans Held-for-sale \| N/A	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	154,412,000	'	154,412,000	'	206,672,000
Loans transferred as secured borrowings	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	142,867,000	'	142,867,000	'	180,414,000
Face value	142,883,000	'	142,883,000	'	180,483,000
Weighted Average Coupon (as a percent)	'	'	5.50%	'	5.40%
Weighted Average Life	'	'	'2 years 9 months 18 days	'	'2 years 10 months 24 days
Loans transferred as secured borrowings \| Rating 2	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	12,971,000	'	12,971,000	'	13,022,000
Loans transferred as secured borrowings \| Rating 3	'	'	'	'	'
Investments in loans	'	'	'	'	'
Total gross loans	$129,896,000	'	$129,896,000	'	$167,392,000

Investment_Securities_Details

Investment Securities (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
	Jun. 30, 2014	Jun. 30, 2013	item	Jun. 30, 2013	item
Mortgage-Backed Securities Available-for-Sale	'	'	'	'	'
Investment securities	$902,424,000	'	$902,424,000	'	$935,107,000
Purchases	43,563,000	21,708,000	53,453,000	58,898,000	'
Sales	66,784,000	10,072,000	50,219,000	235,904,000	'
Principal collections	10,887,000	18,398,000	19,114,000	40,124,000	'
Number of CMBS classified as HTM	'	'	1	'	1
Before consolidation of securitization VIEs	'	'	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'	'	'
Investment securities	1,371,945,000	'	1,371,945,000	'	1,344,429,000
Mortgage-backed securities	'	'	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'	'	'
Purchase Amortized Cost	296,582,000	'	296,582,000	'	354,599,000
Credit OTTI	-10,322,000	'	-10,322,000	'	-11,134,000
Recorded Amortized Cost	286,260,000	'	286,260,000	'	343,465,000
Non-Credit OTTI	-3,000	'	-3,000	'	-55,000
Gross Unrealized Gains	62,102,000	'	62,102,000	'	68,813,000
Gross Unrealized Losses	-683,000	'	-683,000	'	-1,641,000
Net Fair Value Adjustment	61,416,000	'	61,416,000	'	67,117,000
Fair Value	347,676,000	'	347,676,000	'	410,582,000
Description of variable rate basis	'	'	'one-month LIBOR	'	'one-month LIBOR
Effective variable rate basis (as a percent)	0.16%	'	0.16%	'	0.17%
RMBS, available-for-sale	'	'	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'	'	'
Investment securities	231,605,000	'	231,605,000	'	296,236,000
Purchases	'	20,090,000	'	20,090,000	'
Sales	53,236,000	'	62,546,000	12,712,000	'
Principal collections	10,466,000	15,771,000	18,285,000	32,638,000	'
Purchase Amortized Cost	193,084,000	'	193,084,000	'	253,912,000
Credit OTTI	-10,322,000	'	-10,322,000	'	-11,134,000
Recorded Amortized Cost	182,762,000	'	182,762,000	'	242,778,000
Non-Credit OTTI	-3,000	'	-3,000	'	-55,000
Gross Unrealized Gains	49,529,000	'	49,529,000	'	55,154,000
Gross Unrealized Losses	-683,000	'	-683,000	'	-1,641,000
Net Fair Value Adjustment	48,843,000	'	48,843,000	'	53,458,000
Fair Value	231,605,000	'	231,605,000	'	296,236,000
Weighted Average Coupon (as a percent)	1.00%	'	1.00%	'	1.00%
WAL	'	'	'7 years 4 months 24 days	'	'6 years 9 months 18 days
Description of variable rate basis	'	'	'LIBOR	'	'LIBOR
Portion of securities with variable rate (as a percent)	84.30%	'	84.30%	'	86.50%
Variable rate, weighted average spread (as a percent)	'	'	0.44%	'	0.37%
Portion of securities with variable rate	195,400,000	'	195,400,000	'	256,100,000
Principal balance	312,280,000	'	312,280,000	'	414,020,000
Accretable yield	-90,876,000	'	-90,876,000	'	-101,046,000
Non-accretable difference	-38,642,000	'	-38,642,000	'	-70,196,000
Total discount	-129,518,000	'	-129,518,000	'	-171,242,000
Amortized Cost	182,762,000	'	182,762,000	'	242,778,000
Credit deteriorated RMBS	240,800,000	'	240,800,000	'	320,400,000
Accretable yield related to credit deteriorated RMBS	73,500,000	'	73,500,000	'	78,300,000
Changes to accretable yield	'	'	'	'	'
Balance at the beginning of the period	99,622,000	'	101,046,000	'	'
Accretion of discount	-3,323,000	'	-9,887,000	'	'
Sales	-10,276,000	'	-12,238,000	'	'
OTTI	'	'	213,000	'	'
Transfer to/from non-accretable difference	4,853,000	'	11,742,000	'	'
Balance at the end of the period	90,876,000	'	90,876,000	'	101,046,000
Changes to non accretable difference	'	'	'	'	'
Balance at the beginning of the period	55,432,000	'	70,196,000	'	'
Principal write-downs	-509,000	'	-875,000	'	'
Sales	-11,428,000	'	-18,937,000	'	'
Transfer to/from non-accretable difference	-4,853,000	'	-11,742,000	'	'
Balance at the end of the period	38,642,000	'	38,642,000	'	70,196,000
RMBS, available-for-sale \| Subsequent event	'	'	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'	'	'
Settlement received on sales of investment securities	'	'	44,400,000	'	'
Single-borrower CMBS, available-for-sale	'	'	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'	'	'
Investment securities	116,701,000	'	116,701,000	'	114,346,000
Sales	'	'	'	206,608,000	'
Principal collections	421,000	2,627,000	829,000	7,484,000	'
Purchase Amortized Cost	103,498,000	'	103,498,000	'	100,687,000
Recorded Amortized Cost	103,498,000	'	103,498,000	'	100,687,000
Gross Unrealized Gains	12,573,000	'	12,573,000	'	13,659,000
Net Fair Value Adjustment	12,573,000	'	12,573,000	'	13,659,000
Fair Value	116,071,000	'	116,071,000	'	114,346,000
Weighted Average Coupon (as a percent)	11.60%	'	11.60%	'	11.50%
WAL	'	'	'3 years 8 months 12 days	'	'5 years 10 months 24 days
Portion of securities with variable rate (as a percent)	0.70%	'	0.70%	'	1.20%
Portion of securities with variable rate	900,000	'	900,000	'	1,300,000
Principal balance	103,498,000	'	103,498,000	'	100,687,000
Amortized Cost	103,498,000	'	103,498,000	'	100,687,000
Single-borrower CMBS, available-for-sale \| BB+	'	'	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'	'	'
Percentage of CMBS securities	'	'	99.30%	'	98.80%
CMBS, fair value option	'	'	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'	'	'
Investment securities	638,069,000	'	638,069,000	'	550,282,000
Purchases	43,563,000	1,618,000	53,453,000	1,618,000	'
Sales	13,548,000	10,072,000	32,032,000	10,072,000	'
Weighted Average Coupon (as a percent)	5.00%	'	5.00%	'	5.40%
WAL	'	'	'5 years 3 months 18 days	'	'4 years 4 months 24 days
CMBS, fair value option \| VIE eliminations	'	'	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'	'	'
Investment securities	-469,521,000	'	-469,521,000	'	-409,322,000
HTM Securities	'	'	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'	'	'
Investment securities	370,096,000	'	370,096,000	'	368,318,000
Purchases	'	'	'	37,190,000	'
Equity Security, fair value option	'	'	'	'	'
Mortgage-Backed Securities Available-for-Sale	'	'	'	'	'
Investment securities	16,104,000	'	16,104,000	'	15,247,000
Sales	'	'	'	$6,769,000	'

Investment_Securities_Details_

Investment Securities (Details 2) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
Investment Securities (Details 2) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Estimated Fair Value	'	'	'	'	'
Securities with a loss less than 12 months	$16,255,000	'	$16,255,000	'	$26,344,000
Securities with a loss greater than 12 months	1,552,000	'	1,552,000	'	1,809,000
Unrealized Losses	'	'	'	'	'
Securities with a loss less than 12 months	-480,000	'	-480,000	'	-1,444,000
Securities with a loss greater than 12 months	-206,000	'	-206,000	'	-252,000
Investment securities	902,424,000	'	902,424,000	'	935,107,000
Mortgage-backed securities	'	'	'	'	'
Unrealized Losses	'	'	'	'	'
Number of securities with unrealized loss position	3	'	3	'	'
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	500,000	800,000	1,100,000	1,400,000	'
Estimated Fair Value	'	'	'	'	'
Securities with a loss less than 12 months	16,255,000	'	16,255,000	'	26,344,000
Securities with a loss greater than 12 months	1,552,000	'	1,552,000	'	1,809,000
Unrealized Losses	'	'	'	'	'
Securities with a loss less than 12 months	-480,000	'	-480,000	'	-1,444,000
Securities with a loss greater than 12 months	-206,000	'	-206,000	'	-252,000
Weighted Average Coupon (as a percent)	1.00%	'	1.00%	'	1.00%
WAL	'	'	'7 years 4 months 24 days	'	'6 years 9 months 18 days
Investment securities	231,605,000	'	231,605,000	'	296,236,000
CMBS, fair value option	'	'	'	'	'
Unrealized Losses	'	'	'	'	'
Unpaid Principal Balance of investment securities before consolidation of VIEs	4,100,000,000	'	4,100,000,000	'	'
Purchases in which fair value option was elected	107,100,000	'	151,700,000	'	'
Purchase amount reflected as repayment of debt of consolidated VIEs	63,500,000	'	98,300,000	'	'
Weighted Average Coupon (as a percent)	5.00%	'	5.00%	'	5.40%
WAL	'	'	'5 years 3 months 18 days	'	'4 years 4 months 24 days
Amount not rated	27,300,000	'	27,300,000	'	55,500,000
Investment securities	638,069,000	'	638,069,000	'	550,282,000
HTM Securities	'	'	'	'	'
Unrealized Losses	'	'	'	'	'
Investment securities	$370,096,000	'	$370,096,000	'	$368,318,000

Investment_Securities_Details_1

Investment Securities (Details 3) (USD $)	6 Months Ended	12 Months Ended
Investment Securities (Details 3) (USD $)	Jun. 30, 2014	Dec. 31, 2013
HTM Securities	'	'
Net Carrying Amount (Amortized Cost)	$370,096,000	$368,318,000
Gross Unrealized Holdings Gains	2,083,000	135,000
Gross Unrealized Holdings Losses	-576,000	'
Fair Value	371,603,000	368,453,000
Preferred interests	'	'
HTM Securities	'	'
Net Carrying Amount (Amortized Cost)	285,946,000	284,087,000
Gross Unrealized Holdings Gains	2,083,000	135,000
Fair Value	288,029,000	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)	84,150,000	84,231,000
Gross Unrealized Holdings Losses	-576,000	'
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	Jun. 30, 2014	Dec. 31, 2013
SEREF	'	'	'
Residential Real Estate	'	'	'
Number of shares acquired	9,140,000	'	'
Ownership percentage	4.00%	'	'
Fair value of investment	'	$16.10	$15.20

Investment_in_Unconsolidated_E2

Investment in Unconsolidated Entities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Investment in Unconsolidated Entities	'	'
Equity method, Carrying value	$97,827	$111,481
Carrying value over (under) equity in net assets	-4,235	'
Cost method, Carrying value	20,794	11,473
Investment in unconsolidated entities	118,621	122,954
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	20,010	19,371
Small balance bridge loan financing venture	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Participation / Ownership %	50.00%	'
Equity method, Carrying value	26,445	26,121
European investment fund	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Participation / Ownership %	50.00%	'
Equity method, Carrying value	7,974	23,779
Carrying value over (under) equity in net assets	-4,235	'
Mezzanine loan venture	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Participation / Ownership %	49.00%	'
Equity method, Carrying value	23,335	23,676
Healthcare bridge loan venture	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Carrying value	14,945	14,163
Various - Equity method	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Carrying value	5,118	4,371
Various - Equity method \| Minimum	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Participation / Ownership %	25.00%	'
Various - Equity method \| Maximum	'	'
Investment in Unconsolidated Entities	'	'
Equity method, Participation / Ownership %	50.00%	'
Loan servicing venture	'	'
Investment in Unconsolidated Entities	'	'
Cost method, Carrying value	9,225	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	$11,569	$3,459
Various \| Minimum	'	'
Investment in Unconsolidated Entities	'	'
Cost method, Ownership %	2.00%	'
Various \| Maximum	'	'
Investment in Unconsolidated Entities	'	'
Cost method, Ownership %	10.00%	'

Goodwill_and_Intangible_Assets2

Goodwill and Intangible Assets (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
				European servicing rights	European servicing rights	Domestic servicing rights	Domestic servicing rights	Domestic servicing rights	Domestic servicing rights	Domestic servicing rights	Domestic servicing rights
								Before consolidation of securitization VIEs	Before consolidation of securitization VIEs	VIE eliminations	VIE eliminations
Servicing rights, at fair value	'	'	'	'	'	'	'	'	'	'	'
Fair value at the beginning of the period	'	'	'	'	'	$150,149,000	'	$206,100,000	$230,700,000	$67,800,000	$80,600,000
Acquisition of LNR	'	'	'	'	'	'	156,993,000	'	'	'	'
Changes in fair value due to changes in inputs and assumptions	'	'	'	'	'	-10,774,000	2,898,000	'	'	'	'
Other	'	'	'	'	'	-1,057,000	'	'	'	'	'
Fair value at the end of the period	'	'	'	'	'	138,318,000	159,891,000	206,100,000	230,700,000	67,800,000	80,600,000
Servicing rights	'	'	'	'	'	'	'	'	'	'	'
Net carrying value at the beginning of the period	'	'	'	27,024,000	'	'	'	'	'	'	'
Acquisition of LNR	'	'	'	'	32,649,000	'	'	'	'	'	'
Foreign exchange gain (loss)	'	'	'	713,000	-18,000	'	'	'	'	'	'
Amortization and OTTI	'	'	'	-9,209,000	-1,876,000	'	'	'	'	'	'
Net carrying value at the end of the period	'	'	'	18,528,000	30,755,000	'	'	'	'	'	'
Total servicing rights	156,846,000	177,173,000	190,646,000	'	'	'	'	'	'	'	'
Fair value at the beginning of the period	'	'	'	29,300,000	'	'	'	'	'	'	'
Fair value at the end of the period	'	'	'	$18,500,000	$33,900,000	'	'	'	'	'	'

Secured_Financing_Agreements_D

Secured Financing Agreements (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jan. 27, 2014

Dec. 31, 2013

Jun. 30, 2014

Jan. 31, 2014

Jun. 30, 2014

Jan. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jul. 24, 2014

Jun. 30, 2014

Jul. 24, 2014

Jun. 30, 2014

Jul. 24, 2014

31-May-14

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 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 Repo 1 Facility

Conduit Repo 2 Facility

Lender 4 Repo 1 Facility

Lender 5 Repo 1 Facility

Borrowing Base

Term Loan

Minimum

Maximum

Subsequent event

Minimum

Maximum

item

Subsequent event

Debt Instrument:

Pricing rate, basis

'LIBOR

Pricing margin (as a percent)

1.85%

5.25%

1.90%

2.75%

2.00%

2.75%

2.85%

2.20%

2.10%

2.60%

2.00%

3.25%

2.75%

Pledged Asset Carrying Value

$6,461,251,000

$1,349,733,000

$230,129,000

$210,041,000

$269,290,000

$135,132,000

$128,083,000

$456,758,000

$84,150,000

$661,164,000

$2,936,771,000

Maximum Facility Size

3,378,812,000

1,000,000,000

175,000,000

148,860,000

225,000,000

325,000,000

93,836,000

250,000,000

150,000,000

359,226,000

58,467,000

250,000,000

668,423,000

Carrying Value

2,561,267,000

2,257,560,000

753,032,000

449,323,000

120,627,000

127,943,000

148,860,000

154,133,000

181,151,000

100,886,000

93,836,000

50,871,000

129,843,000

95,568,000

359,226,000

347,697,000

58,467,000

84,386,000

169,104,000

666,114,000

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

Debt instrument reduction in basis spread

0.25%

0.50%

Floor interest rate (as a percent)

0.75%

Discount amortization

2,300,000

2,500,000

Available borrowings under the facility before amendment

550,000,000

225,000,000

Maximum liability guaranteed (as a percent)

25.00%

100.00%

Amount of increase in additional borrowings

42,700,000

Number of extension options

Extended term

'1 year

Repayment of secured financings

2014 (remainder of)

194,472,000

26,200,000

95,600,000

58,500,000

2015

155,464,000

2016

296,329,000

2017

568,760,000

2018

223,683,000

Thereafter

1,124,868,000

Total

2,563,576,000

Deferred financing costs, net of amortization

24,900,000

22,500,000

Additional non-cash interest expense

$2,600,000

$1,800,000

$5,300,000

$5,000,000

Convertible_Senior_Notes_Detai

Convertible Senior Notes (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

2 Months Ended

6 Months Ended

2 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Feb. 03, 2014

Jun. 30, 2014

Jan. 31, 2014

Feb. 15, 2013

Feb. 03, 2014

Jun. 30, 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

Minimum

Maximum

item

Convertible Senior Notes

Amount issued

$600,000,000

$460,000,000

Interest rate (as a percent)

4.55%

4.00%

Principal Amount

1,059,978,000

1,060,000,000

599,981,000

459,997,000

Effective Rate (as a percent)

6.08%

5.37%

Conversion Rate

44.6455

47.5456

Remaining Period of Amortization

'3 years 8 months 12 days

'4 years 6 months

Net unamortized discount

-56,131,000

-62,149,000

Total

1,003,847,000

997,851,000

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

28,107,000

48,502,000

Principal amount of notes, basis for conversion

1,000

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

36,700,000

59,900,000

Closing share price (in dollars per share)

$23.77

Conversion price (in dollars per share)

$22.40

$21.03

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

44,600,000

44,800,000

Conversion spread value included in computation of diluted EPS

4,056,000

3,906,000

4,100,000

3,900,000

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 share of common stock

$0.35

$0.44

$0.37

$0.46

Loan_SecuritizationSale_Activi2

Loan Securitization/Sale Activities (Details) (USD $)	3 Months Ended		6 Months Ended
Loan Securitization/Sale Activities (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Loan Transfer Activities	'	'	'	'
Par value of loans held-for-sale, sold during period	$348,000,000	'	$637,400,000	'
Fair value of loans held-for-sale, sold during period	364,300,000	'	666,800,000	'
Amount repaid for outstanding balance	261,000,000	'	478,100,000	'
Loan Transfers Accounted for as Secured Borrowings	'	'	'	'
Proceeds	'	'	'	95,000,000
Securitizations \| Real Estate Investment Lending	'	'	'	'
Loan Transfers Accounted for as Sales	'	'	'	'
Face Amount	56,975,000	52,849,000	204,859,000	97,380,000
Proceeds	56,124,000	52,859,000	202,524,000	97,490,000
Loan Transfers Accounted for as Secured Borrowings	'	'	'	'
Face Amount	'	95,000	'	95,000
Proceeds	'	$95,000	'	$95,000

Derivatives_and_Hedging_Activi2

Derivatives and Hedging Activity (Details)

6 Months Ended

In Millions, unless otherwise specified

Jun. 30, 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

SEK

NOK

DKK

USD ($)

instrument

USD ($)

Minimum

Maximum

USD ($)

Minimum

Maximum

instrument

Short

instrument

Long

Short

instrument

GBP (£)

EUR (€)

USD ($)

instrument

Derivatives

Number of derivative instruments held

Notional amount of derivative instruments

$162.90

$203.10

$59.90

£ 226.2

€ 60.30

€ 147.90

$23

$1.30

$3.20

$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

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

'83 months

Number of derivative instruments held

Maturity period

'2 years

'10 years

'0 years

'3 years

Derivatives_and_Hedging_Activi3

Derivatives and Hedging Activity (Details 2) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	$4,681	$7,769
Fair Value of Derivatives in a Liability Position	26,294	24,192
Derivatives designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	63	125
Fair Value of Derivatives in a Liability Position	638	729
Derivatives not designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	4,618	7,644
Fair Value of Derivatives in a Liability Position	25,656	23,463
Interest rate contracts \| Derivatives designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	63	125
Fair Value of Derivatives in a Liability Position	638	729
Interest rate contracts \| Derivatives not designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	1,874	5,102
Fair Value of Derivatives in a Liability Position	1,819	983
Foreign exchange contracts \| Derivatives not designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	502	269
Fair Value of Derivatives in a Liability Position	23,837	22,480
Credit spread instrument \| Derivatives not designated as hedging instruments	'	'
Fair value of derivative instruments	'	'
Fair Value of Derivatives in an Asset Position	$2,242	$2,273

Derivatives_and_Hedging_Activi4

Derivatives and Hedging Activity (Details 3) (USD $)	3 Months Ended		6 Months Ended
Derivatives and Hedging Activity (Details 3) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 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%	'
Derivatives in net liability position	$24,500,000	'	$24,500,000	'
Collateral posted	19,100,000	'	19,100,000	'
Termination liability value	24,500,000	'	24,500,000	'
Derivatives not designated as hedging instruments	'	'	'	'
Gain loss derivative instruments	'	'	'	'
Amount of (Loss) Gain Recognized in Income	-9,790,000	6,158,000	-17,656,000	22,386,000
Interest rate contracts \| Derivatives not designated as hedging instruments	'	'	'	'
Gain loss derivative instruments	'	'	'	'
Amount of (Loss) Gain Recognized in Income	-2,314,000	6,863,000	-6,511,000	7,013,000
Foreign exchange contracts \| Derivatives not designated as hedging instruments	'	'	'	'
Gain loss derivative instruments	'	'	'	'
Amount of (Loss) Gain Recognized in Income	-6,965,000	-1,311,000	-10,012,000	14,767,000
Credit spread instrument \| Derivatives not designated as hedging instruments	'	'	'	'
Gain loss derivative instruments	'	'	'	'
Amount of (Loss) Gain Recognized in Income	-511,000	606,000	-1,133,000	606,000
Cash flow hedges \| Interest rate contracts \| Derivatives designated as hedging instruments	'	'	'	'
Gain loss derivative instruments	'	'	'	'
(Loss) Gain Recognized in OCI (effective portion)	-457,000	1,094,000	-708,000	926,000
(Loss) Gain Reclassified from AOCI into Income (effective portion)	($364,000)	($407,000)	($737,000)	($854,000)

Offsetting_Assets_and_Liabilit2

Offsetting Assets and Liabilities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Assets	'	'
Net Amounts of Assets Presented in the Statement of Financial Position	$4,681	$7,769
Liabilities	'	'
Gross Amounts of Recognized Liabilities	1,837,061	1,443,355
Net Amounts of Liabilities Presented in the Statement of Financial Position	1,837,061	1,443,355
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	1,811,373	1,419,855
Cash Collateral Pledged	18,412	7,150
Net Amount	7,276	16,350
Derivatives	'	'
Assets	'	'
Gross Amounts of Recognized Assets	4,681	7,769
Net Amounts of Assets Presented in the Statement of Financial Position	4,681	7,769
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	606	692
Cash Collateral Received	1,564	1,916
Net Amount	2,511	5,161
Liabilities	'	'
Gross Amounts of Recognized Liabilities	26,294	24,192
Net Amounts of Liabilities Presented in the Statement of Financial Position	26,294	24,192
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	606	692
Cash Collateral Pledged	18,412	7,150
Net Amount	7,276	16,350
Repurchase agreements (2)	'	'
Liabilities	'	'
Gross Amounts of Recognized Liabilities	1,810,767	1,419,163
Net Amounts of Liabilities Presented in the Statement of Financial Position	1,810,767	1,419,163
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	$1,810,767	$1,419,163

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (Not primary beneficiary, USD $)	3 Months Ended
	Mar. 31, 2014	Jun. 30, 2014
	item	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	'	$168,500,000
Securitization SPEs	'	'
Variable interest entities	'	'
Debt obligations to beneficial interest holders, unpaid principal balances	'	$106,400,000,000

RelatedParty_Transactions_Deta

Related-Party Transactions (Details) (USD $)

6 Months Ended

1 Months Ended

6 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jan. 31, 2014

Oct. 31, 2012

Jun. 30, 2014

Jan. 02, 2014

Jan. 31, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Co-origination of financing through joint venture with Fund IX

Starwood Property Trust, Inc. Manager Equity Plan

Manager

Fund IX

First Mortgages:

Restricted stock units

LNR

Related-Party Transactions

Base management fee incurred

$13,600,000

$12,700,000

$26,800,000

$22,400,000

Base management Fee Payable

13,500,000

Incentive fee incurred

4,100,000

11,300,000

Incentive fees payable

4,100,000

6,800,000

Executive compensation and other reimbursable expenses

2,000,000

1,800,000

3,900,000

4,300,000

Executive compensation and other reimbursable expense payable

2,400,000

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

2,651,739

2,489,281

2,000,000

2,489,281

Share-based compensation expense

6,800,000

4,000,000

13,600,000

8,500,000

Co-origination of mortgage financing

1,860,026,000

1,308,602,000

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

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

1 Months Ended

6 Months Ended

6-May-14

Apr. 11, 2014

Feb. 24, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Aug. 06, 2014

Jan. 31, 2014

Jun. 30, 2014

Jan. 31, 2014

Jun. 30, 2014

Jan. 02, 2014

Jan. 31, 2014

Jun. 30, 2014

Dec. 31, 2013

Subsequent event

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

Stockholders' Equity

Dividend declared (in dollars per share)

$0.48

$0.46

$0.96

$0.90

$0.48

Number of shares of common stock issued

22,000,000

Gross proceeds from issuance of common stock

$491,000,000

$583,053,000

$822,368,000

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

3,300,000

Additional gross proceeds from issuance of additional shares of common stock granted to underwriter

73,700,000

Number of shares that may be issued under the DRIP Plan

11,000,000

Value of shares that may be issued under the ATM Agreement

500,000,000

Proceeds from ATM Agreement (in shares)

759,000

Proceeds from ATM Agreement

18,300,000

18,346,000

Equity Incentive Plans

Awards granted, fair value

$14,800,000

$55,400,000

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)

2,651,739

489,281

99,480

389,801

162,458

2,489,281

2,000,000

2,489,281

Vested (in shares)

-615,031

-42,475

-572,556

Balance at the end of period (in shares)

2,580,853

142,485

2,427,140

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)

$27.94

Vested (in dollars per share)

$26.65

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

$27.18

Earnings_per_Share_Details

Earnings per Share (Details) (USD $)	3 Months Ended		6 Months Ended
Earnings per Share (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Continuing Operations:	'	'	'	'
Income from continuing operations attributable to STWD common stockholders	$117,868,000	$66,512,000	$240,020,000	$131,043,000
Less: Income attributable to unvested shares	-1,367,000	-369,000	-3,100,000	-823,000
Basic - Income from continuing operations	116,501,000	66,143,000	236,920,000	130,220,000
Discontinued Operations:	'	'	'	'
Loss from discontinued operations	'	-6,058,000	-1,551,000	-8,346,000
Basic - Net income attributable to STWD common stockholders after allocation to participating securities	116,501,000	60,085,000	235,369,000	121,874,000
Continuing Operations:	'	'	'	'
Basic - Income from continuing operations attributable to STWD common stockholders	117,868,000	66,512,000	240,020,000	131,043,000
Less: Income attributable to unvested shares	-1,367,000	-369,000	-3,100,000	-823,000
Add: Undistributed earnings to unvested shares	128,000	'	480,000	'
Less: Undistributed earnings reallocated to unvested shares	-126,000	'	-471,000	'
Diluted - Income from continuing operations	116,503,000	66,143,000	236,929,000	130,220,000
Discontinued Operations:	'	'	'	'
Basic - Loss from discontinued operations	'	-6,058,000	-1,551,000	-8,346,000
Diluted - Net income attributable to STWD common stockholders after allocation to participating securities	116,503,000	60,085,000	235,378,000	121,874,000
Number of Shares:	'	'	'	'
Basic - Average shares outstanding	218,751,000	162,448,000	207,203,000	149,037,000
Effect of dilutive securities - Convertible Notes	4,056,000	'	3,906,000	'
Effect of dilutive securities - Contingently Issuable Shares	85,000	'	85,000	'
Diluted (in shares)	222,892,000	162,448,000	211,194,000	149,037,000
Earnings Per Share Attributable to STWD Common Stockholders - Basic:	'	'	'	'
Income from continuing operations (in dollars per share)	$0.53	$0.41	$1.14	$0.87
Loss from discontinued operations (in dollars per share)	'	($0.04)	($0.01)	($0.05)
Net income (in dollars per share)	$0.53	$0.37	$1.13	$0.82
Earnings Per Share Attributable to STWD Common Stockholders - Diluted:	'	'	'	'
Income from continuing operations (in dollars per share)	$0.52	$0.41	$1.12	$0.87
Loss from discontinued operations (in dollars per share)	'	($0.04)	($0.01)	($0.05)
Net income (in dollars per share)	$0.52	$0.37	$1.11	$0.82
Restricted stock	'	'	'	'
Anti-dilutive shares	'	'	'	'
Number of anti-dilutive common shares excluded from the calculation of diluted income per share	'	'	2,600,000	900,000
Convertible Senior Notes	'	'	'	'
Anti-dilutive shares	'	'	'	'
Number of anti-dilutive common shares excluded from the calculation of diluted income per share	44,600,000	'	44,800,000	'
Potential shares of common stock contingently issuable upon conversion of the Convertible Notes	'	'	48,700,000	'
2018 Notes	'	'	'	'
Anti-dilutive shares	'	'	'	'
Amount by which if-converted value of the Notes exceed principal amount	'	'	36,700,000	'
2019 Notes	'	'	'	'
Anti-dilutive shares	'	'	'	'
Amount by which if-converted value of the Notes exceed principal amount	'	'	$59,900,000	'

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accumulated Other Comprehensive Income	'	'	'	'
Beginning balance	$80,115	$70,544	$75,449	$79,675
OCI before reclassifications	6,386	-10,307	10,462	-5,580
Amounts reclassified from AOCI	-11,539	48	-10,949	-13,810
Net period OCI	-5,153	-10,259	-487	-19,390
Ending balance	74,962	60,285	74,962	60,285
Effective Portion of Cumulative Loss on Cash Flow Hedges	'	'	'	'
Accumulated Other Comprehensive Income	'	'	'	'
Beginning balance	-482	-2,292	-604	-2,571
OCI before reclassifications	-457	1,094	-708	926
Amounts reclassified from AOCI	364	407	737	854
Net period OCI	-93	1,501	29	1,780
Ending balance	-575	-791	-575	-791
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities	'	'	'	'
Accumulated Other Comprehensive Income	'	'	'	'
Beginning balance	70,064	79,897	66,566	82,246
OCI before reclassifications	2,285	-11,419	5,566	537
Amounts reclassified from AOCI	-11,903	-359	-11,686	-14,664
Net period OCI	-9,618	-11,778	-6,120	-14,127
Ending balance	60,446	68,119	60,446	68,119
Foreign Currency Translation	'	'	'	'
Accumulated Other Comprehensive Income	'	'	'	'
Beginning balance	10,533	-7,061	9,487	'
OCI before reclassifications	4,558	18	5,604	-7,043
Net period OCI	4,558	18	5,604	-7,043
Ending balance	$15,091	($7,043)	$15,091	($7,043)

Accumulated_Other_Comprehensiv3

Accumulated Other Comprehensive Income (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Accumulated Other Comprehensive Income	'	'	'	'
Interest expense	($37,695)	($22,648)	($75,526)	($40,074)
OTTI	-797	-359	-1,010	-401
Total	120,382	61,511	241,263	124,935
Amounts Reclassified from AOCI	'	'	'	'
Accumulated Other Comprehensive Income	'	'	'	'
Total	11,539	-48	10,949	13,810
Losses on cash flow hedges \| Interest rate contracts \| Amounts Reclassified from AOCI	'	'	'	'
Accumulated Other Comprehensive Income	'	'	'	'
Interest expense	-364	-407	-737	-854
Unrealized gains on available for sale securities \| Amounts Reclassified from AOCI	'	'	'	'
Accumulated Other Comprehensive Income	'	'	'	'
Gain (loss) on sale of investments, net	11,903	718	11,899	15,065
OTTI	'	-359	-213	-401
Total	$11,903	$359	$11,686	$14,664

Fair_Value_Details

Fair Value (Details) (USD $)	3 Months Ended	6 Months Ended
Fair Value (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Assets and liabilities measured at fair value	'	'	'
Marketable securities	$902,424,000	$902,424,000	$935,107,000
Intangible assets - servicing rights at fair value	138,318,000	138,318,000	150,149,000
Derivative assets	4,681,000	4,681,000	7,769,000
VIE Assets	114,091,158,000	114,091,158,000	103,151,624,000
Derivative liabilities	26,294,000	26,294,000	24,192,000
VIE Liabilities	113,541,151,000	113,541,151,000	102,649,263,000
RMBS	'	'	'
Assets and liabilities measured at fair value	'	'	'
Marketable securities	231,605,000	231,605,000	296,236,000
CMBS	'	'	'
Assets and liabilities measured at fair value	'	'	'
Marketable securities	116,701,000	116,701,000	114,346,000
Transfer of investment from Level II to Level III	5,500,000	52,800,000	'
Equity Securities	'	'	'
Assets and liabilities measured at fair value	'	'	'
Marketable securities	16,104,000	16,104,000	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	154,412,000	154,412,000	206,672,000
Derivative assets	4,681,000	4,681,000	7,769,000
VIE Assets	114,091,158,000	114,091,158,000	103,151,624,000
Total	114,920,897,000	114,920,897,000	104,083,003,000
Derivative liabilities	26,294,000	26,294,000	24,192,000
VIE Liabilities	113,541,151,000	113,541,151,000	102,649,263,000
Total	113,567,445,000	113,567,445,000	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	138,318,000	138,318,000	150,149,000
Fair value measurements on recurring basis \| Total fair value \| RMBS	'	'	'
Assets and liabilities measured at fair value	'	'	'
Available-for-sale securities	231,605,000	231,605,000	296,236,000
Fair value measurements on recurring basis \| Total fair value \| CMBS	'	'	'
Assets and liabilities measured at fair value	'	'	'
Available-for-sale securities	284,619,000	284,619,000	255,306,000
Fair value measurements on recurring basis \| Total fair value \| Equity Securities	'	'	'
Assets and liabilities measured at fair value	'	'	'
Marketable securities	16,104,000	16,104,000	15,247,000
Fair value measurements on recurring basis \| Level I	'	'	'
Assets and liabilities measured at fair value	'	'	'
Total	16,104,000	16,104,000	15,247,000
Fair value measurements on recurring basis \| Level I \| Equity Securities	'	'	'
Assets and liabilities measured at fair value	'	'	'
Marketable securities	16,104,000	16,104,000	15,247,000
Fair value measurements on recurring basis \| Level II	'	'	'
Assets and liabilities measured at fair value	'	'	'
Derivative assets	4,681,000	4,681,000	7,769,000
Total	6,939,000	6,939,000	55,069,000
Derivative liabilities	26,294,000	26,294,000	24,192,000
VIE Liabilities	108,355,026,000	108,355,026,000	101,051,279,000
Total	108,381,320,000	108,381,320,000	101,075,471,000
Fair value measurements on recurring basis \| Level II \| CMBS	'	'	'
Assets and liabilities measured at fair value	'	'	'
Available-for-sale securities	2,258,000	2,258,000	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	154,412,000	154,412,000	206,672,000
VIE Assets	114,091,158,000	114,091,158,000	103,151,624,000
Total	114,897,854,000	114,897,854,000	104,012,687,000
VIE Liabilities	5,186,125,000	5,186,125,000	1,597,984,000
Total	5,186,125,000	5,186,125,000	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	138,318,000	138,318,000	150,149,000
Fair value measurements on recurring basis \| Level III \| RMBS	'	'	'
Assets and liabilities measured at fair value	'	'	'
Available-for-sale securities	231,605,000	231,605,000	296,236,000
Fair value measurements on recurring basis \| Level III \| CMBS	'	'	'
Assets and liabilities measured at fair value	'	'	'
Available-for-sale securities	$282,361,000	$282,361,000	$208,006,000

Fair_Value_Details_2

Fair Value (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Total realized and unrealized (losses) gains:	'	'	'	'
OTTI/Impairment	($797)	($359)	($1,010)	($401)
Net accretion	'	'	11,680	16,568
Level III	'	'	'	'
Total realized and unrealized (losses) gains:	'	'	'	'
OTTI/Impairment	'	-359	-213	-402
Net accretion	3,323	5,755	9,887	11,906
Changes in financial instruments classified as Level III	'	'	'	'
Balance at the beginning of the period	115,719,493	321,043	102,414,703	333,153
Acquisition of LNR	'	89,471,477	'	89,471,477
Total realized and unrealized (losses) gains:	'	'	'	'
Included in earnings: Change in fair value / gain on sale	-3,313,202	-3,698,024	6,871,380	-3,698,024
Total realized and unrealized (losses) gains	'	18	'	2,147
Included in OCI	-6,623	-9,195	-2,408	37
Purchases / Originations	363,306	410,798	628,962	410,798
Sales	-318,305	-486,408	-645,920	-499,120
Issuances	-25,995	'	-71,756	'
Cash repayments / receipts	39,892	63,847	66,938	46,980
Transfers into level III	-1,978,045	-373,699	-2,502,357	-373,699
Transfers out of level III	292,058	149,184	598,900	149,184
Consolidations of VIEs	3,652,113	10,495,494	22,091,873	10,495,494
Deconsolidations of VIEs	-4,716,286	-584,997	-6,005,500	-584,997
Balance at the end of the period	109,711,729	95,764,934	109,711,729	95,764,934
Amount of total gains (losses) included in earnings attributable to assets still held at period end	-3,331,266	-3,702,442	-6,906,883	-3,694,763
VIE Liabilities \| Level III	'	'	'	'
Changes in financial liabilities classified as Level III	'	'	'	'
Balance at the beginning of the period	-3,482,922	'	-1,597,984	'
Acquisition of LNR	'	-1,994,243	'	-1,994,243
Total realized and unrealized (losses) gains:	'	'	'	'
Included in earnings: Change in fair value/ gain on sale	-1,664	94,448	99,837	94,448
Issuances	-25,995	'	-71,756	'
Cash repayments / receipts	50,984	79,735	86,349	79,735
Transfers into Level III	-1,983,525	-489,513	-2,555,137	-489,513
Transfers out of Level III	293,115	152,683	712,856	152,683
Consolidations of VIEs	-68,772	-178,631	-1,892,944	-178,631
Deconsolidations of VIEs	32,654	861	32,654	861
Balance at the end of the period	-5,186,125	-2,334,660	-5,186,125	-2,334,660
Amount of total gains (losses) included in earnings attributable to assets still held at period end	-1,664	94,448	99,837	94,448
Loans Held-for-sale \| Level III	'	'	'	'
Changes in financial assets classified as Level III	'	'	'	'
Balance at the beginning of the period	74,117	'	206,672	'
Acquisition of LNR	'	256,502	'	256,502
Total realized and unrealized (losses) gains:	'	'	'	'
Included in earnings: Change in fair value / gain on sale	11,546	458	32,439	458
Purchases / Originations	320,566	390,669	582,391	390,669
Sales	-251,612	-476,336	-554,073	-476,336
Cash repayments / receipts	-205	-117	-297	-117
Transfers out of Level III	'	'	-112,720	'
Balance at the end of the period	154,412	171,176	154,412	171,176
Amount of total gains (losses) included in earnings attributable to assets still held at period end	688	-8,344	688	-8,344
RMBS \| Level III	'	'	'	'
Changes in financial assets classified as Level III	'	'	'	'
Balance at the beginning of the period	291,217	321,043	296,236	333,153
Total realized and unrealized (losses) gains:	'	'	'	'
Included in earnings: Change in fair value / gain on sale	10,130	'	11,141	'
Total realized and unrealized (losses) gains	'	'	'	2,129
OTTI/Impairment	'	-359	-213	-402
Net accretion	3,323	5,755	9,887	11,906
Included in OCI	-9,363	-11,103	-4,615	-1,871
Purchases / Originations	'	20,090	'	20,090
Sales	-53,236	'	-62,546	-12,712
Cash repayments / receipts	-10,466	-15,771	-18,285	-32,638
Balance at the end of the period	231,605	319,655	231,605	319,655
Amount of total gains (losses) included in earnings attributable to assets still held at period end	2,804	6,627	7,971	14,306
CMBS \| Level III	'	'	'	'
Changes in financial assets classified as Level III	'	'	'	'
Balance at the beginning of the period	240,665	'	208,006	'
Acquisition of LNR	'	62,432	'	62,432
Total realized and unrealized (losses) gains:	'	'	'	'
Included in earnings: Change in fair value / gain on sale	4,393	-1,187	9,600	-1,187
Total realized and unrealized (losses) gains	'	18	'	18
Included in OCI	2,740	1,908	2,207	1,908
Purchases / Originations	42,740	39	46,571	39
Sales	-13,457	-10,072	-29,301	-10,072
Cash repayments / receipts	-421	'	-829	'
Transfers into Level III	5,480	115,814	52,780	115,814
Transfers out of Level III	'	-3,499	-179	-3,499
Consolidations of VIEs	'	'	-6,715	'
Deconsolidations of VIEs	221	-1,054	221	-1,054
Balance at the end of the period	282,361	164,399	282,361	164,399
Amount of total gains (losses) included in earnings attributable to assets still held at period end	4,513	-3,430	9,018	-3,430
Domestic Servicing Rights \| Level III	'	'	'	'
Changes in financial assets classified as Level III	'	'	'	'
Balance at the beginning of the period	144,898	'	150,149	'
Acquisition of LNR	'	156,993	'	156,993
Total realized and unrealized (losses) gains:	'	'	'	'
Included in earnings: Change in fair value / gain on sale	-5,523	2,898	-10,774	2,898
Transfers out of Level III	-1,057	'	-1,057	'
Balance at the end of the period	138,318	159,891	138,318	159,891
Amount of total gains (losses) included in earnings attributable to assets still held at period end	-5,523	2,898	-10,774	2,898
VIE Assets \| Level III	'	'	'	'
Changes in financial assets classified as Level III	'	'	'	'
Balance at the beginning of the period	118,451,518	'	103,151,624	'
Acquisition of LNR	'	90,989,793	'	90,989,793
Total realized and unrealized (losses) gains:	'	'	'	'
Included in earnings: Change in fair value / gain on sale	-3,332,084	-3,794,641	-7,013,623	-3,794,641
Consolidations of VIEs	3,720,885	10,674,125	23,991,532	10,674,125
Deconsolidations of VIEs	-4,749,161	-584,804	-6,038,375	-584,804
Balance at the end of the period	114,091,158	97,284,473	114,091,158	97,284,473
Amount of total gains (losses) included in earnings attributable to assets still held at period end	($3,332,084)	($3,794,641)	($7,013,623)	($3,794,641)

Fair_Value_Details_3

Fair Value (Details 3) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Financial assets not carried at fair value:	'	'
Securities, held-to-maturity	$370,096	$368,318
Non-performing residential loans	'	215,371
Financial liabilities not carried at fair value:	'	'
Convertible senior notes	1,003,847	997,851
Carrying Value	'	'
Financial assets not carried at fair value:	'	'
Loans held-for-investment and loans transferred as secured borrowings	5,028,721	4,544,132
Securities, held-to-maturity	370,096	368,318
European servicing rights	18,528	27,024
Non-performing residential loans	'	215,371
Financial liabilities not carried at fair value:	'	'
Secured financing agreements and secured borrowings on transferred loans	2,704,082	2,438,798
Convertible senior notes	1,003,847	997,851
Fair Value	'	'
Financial assets not carried at fair value:	'	'
Loans held-for-investment and loans transferred as secured borrowings	5,163,988	4,609,040
Securities, held-to-maturity	371,603	368,453
European servicing rights	18,528	29,327
Non-performing residential loans	'	215,371
Financial liabilities not carried at fair value:	'	'
Secured financing agreements and secured borrowings on transferred loans	2,705,452	2,436,708
Convertible senior notes	$1,190,700	$1,160,000

Fair_Value_Details_4

Fair Value (Details 4) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 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	121,363,503	110,770,575
Recurring basis \| Level III \| Loans held-for-sale, fair value option \| Discounted cash flow	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Carrying Value	154,412	'
Recurring basis \| Level III \| Loans held-for-sale, fair value option \| Discounted cash flow \| Minimum	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Yield (as a percent)	4.50%	5.20%
Duration	'5 years	'5 years
Recurring basis \| Level III \| Loans held-for-sale, fair value option \| Discounted cash flow \| Maximum	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Yield (as a percent)	5.20%	5.90%
Duration	'10 years	'10 years
Recurring basis \| Level III \| RMBS \| Discounted cash flow	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Carrying Value	231,605	'
Portfolio percentage	85.00%	90.00%
Recurring basis \| Level III \| RMBS \| Discounted cash flow \| Minimum	'	'
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)	0.30%	-0.60%
Constant default rate (as a percent)	1.50%	1.40%
Loss severity (as a percent)	12.00%	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%
Loss severity for specified percentage of portfolio (as a percent)	45.00%	45.00%
Recurring basis \| Level III \| RMBS \| Discounted cash flow \| Maximum	'	'
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)	16.80%	16.60%
Constant default rate (as a percent)	9.50%	11.30%
Loss severity (as a percent)	81.00%	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)	0.80%	0.70%
Putback amount per projected total collateral loss (as a percent)	11.00%	9.00%
Loss severity for specified percentage of portfolio (as a percent)	80.00%	80.00%
Recurring basis \| Level III \| CMBS \| Discounted cash flow	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Carrying Value	282,361	'
Recurring basis \| Level III \| CMBS \| Discounted cash flow \| Minimum	'	'
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
Recurring basis \| Level III \| CMBS \| Discounted cash flow \| Maximum	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Yield (as a percent)	527.90%	890.00%
Duration	'11 years 6 months	'11 years
Recurring basis \| Level III \| Domestic Servicing Rights \| Discounted cash flow	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Carrying Value	138,318	'
Yield (as a percent)	8.75%	8.75%
Discount rates (as a percent)	15.00%	15.00%
Recurring basis \| Level III \| Domestic Servicing Rights \| Discounted cash flow \| Minimum	'	'
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%
Recurring basis \| Level III \| Domestic Servicing Rights \| Discounted cash flow \| Maximum	'	'
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%
Recurring basis \| Level III \| VIE Assets \| Discounted cash flow	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Carrying Value	114,091,158	'
Recurring basis \| Level III \| VIE Assets \| Discounted cash flow \| Minimum	'	'
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
Recurring basis \| Level III \| VIE Assets \| Discounted cash flow \| Maximum	'	'
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis	'	'
Yield (as a percent)	912.20%	952.30%
Duration	'21 years 10 months 24 days	'22 years 8 months 12 days

Fair_Value_Details_5

Fair Value (Details 5) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Quantitative information for Level 3 Fair Value Measurements Liabilities	'	'
Carrying Value	117,548,670	106,443,442
Recurring basis \| Level III \| VIE liabilities \| Discounted cash flow	'	'
Quantitative information for Level 3 Fair Value Measurements Liabilities	'	'
Carrying Value	5,186,125	'
Recurring basis \| Level III \| 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
Recurring basis \| Level III \| VIE liabilities \| Discounted cash flow \| Maximum	'	'
Quantitative information for Level 3 Fair Value Measurements Liabilities	'	'
Yield (as a percent)	912.20%	952.30%
Duration	'21 years 10 months 24 days	'22 years 8 months 12 days

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Current	'	'	'	'	'
Federal	$5,484	$9,481	$10,624	$9,931	'
Foreign	1,782	570	3,231	570	'
State	929	1,534	1,799	1,861	'
Total current	8,195	11,585	15,654	12,362	'
Deferred	'	'	'	'	'
Federal	-2,344	63	-3,048	63	'
Foreign	-1,192	-465	-2,198	-465	'
State	-382	10	-511	10	'
Total deferred	-3,918	-392	-5,757	-392	'
Total income tax provision	4,277	11,193	9,897	11,970	'
Income tax benefit reflected in discontinued operations	0	-150	0	12	'
Deferred tax assets and liabilities	'	'	'	'	'
Net deferred tax assets	10,338	'	10,338	'	4,860
U.S.	'	'	'	'	'
Deferred tax assets and liabilities	'	'	'	'	'
Reserves and accruals	11,506	'	11,506	'	11,454
Domestic intangible assets	3,673	'	3,673	'	-714
Investment securities and loans	-2,303	'	-2,303	'	-892
Investment in unconsolidated entities	1,901	'	1,901	'	1,811
Deferred income	360	'	360	'	59
Net operating and capital loss carryforwards	1,379	'	1,379	'	967
Valuation allowance	-1,379	'	-1,379	'	-799
Other temporary differences	-202	'	-202	'	-242
Net deferred tax assets	14,935	'	14,935	'	11,644
Europe	'	'	'	'	'
Deferred tax assets and liabilities	'	'	'	'	'
European servicing rights	-4,224	'	-4,224	'	-6,257
Net operating and capital loss carryforwards	11,064	'	11,064	'	10,951
Valuation allowance	-11,064	'	-11,064	'	-10,951
Other temporary differences	-373	'	-373	'	-527
Net deferred tax liabilities	($4,597)	'	($4,597)	'	($6,784)

Income_Taxes_Details_2

Income Taxes (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Reconciliation of statutory tax to effective tax	'	'	'	'
Federal statutory tax rate	$43,631	$25,446	$87,906	$47,917
REIT and other non-taxable income	-38,989	-15,516	-79,372	-37,308
State income taxes	753	1,592	1,203	1,592
Federal benefit of state tax deduction	-263	-557	-421	-557
Valuation allowance	-1,100	'	412	'
Other	245	228	169	326
Total income tax provision	$4,277	$11,193	$9,897	$11,970
Reconciliation of statutory tax rate to effective tax rate	'	'	'	'
Federal statutory tax rate (as a percent)	35.00%	35.00%	35.00%	35.00%
REIT and other non-taxable income (as a percent)	-31.30%	-21.30%	-31.70%	-27.30%
State income taxes (as a percent)	0.60%	2.20%	0.50%	1.20%
Federal benefit of state tax deduction (as a percent)	-0.20%	-0.80%	-0.20%	-0.40%
Valuation allowance (as a percent)	-0.90%	'	0.20%	'
Other (as a percent)	0.20%	0.30%	0.10%	0.20%
Effective tax rate (as a percent)	3.40%	15.40%	3.90%	8.70%

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (Commitment to invest in venture, USD $)	Jun. 30, 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		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Interest income from loans	$105,455	$74,936	$210,365	$142,626
Interest income from investment securities	27,620	18,577	57,074	34,817
Servicing fees	32,681	39,135	66,892	39,135
Other revenues	4,994	1,795	8,398	1,874
Total revenues	170,750	134,443	342,729	218,452
Costs and expenses:	'	'	'	'
Management fees	25,085	16,146	52,906	31,215
Interest expense	37,695	22,648	75,526	40,074
General and administrative	43,094	44,335	89,195	48,373
Business combination costs	'	13,420	'	17,616
Acquisition and investment pursuit costs	771	916	1,165	997
Depreciation and amortization	5,154	2,228	9,790	2,228
Loan loss allowance, net	-139	725	358	755
Other expense	6,026	196	7,715	229
Total costs and expenses	117,686	100,614	236,655	141,487
Income before other income, income taxes and non controlling interests	53,064	33,829	106,074	76,965
Other income:	'	'	'	'
Income of consolidated VIEs, net	47,028	31,949	103,032	31,949
Change in fair value of servicing rights	-5,523	2,898	-10,774	2,898
Change in fair value of investment securities, net	4,959	-1,392	13,320	-987
Change in fair value of mortgage loans held-for-sale, net	11,608	458	32,501	458
Earnings from unconsolidated entities	9,563	3,770	9,627	4,511
Gain (loss) on sale of investments, net	10,078	-18	11,633	13,506
(Loss) gain on derivative financial instruments, net	-9,790	6,158	-17,656	22,386
Foreign currency gain (loss), net	3,777	1,580	5,254	-6,085
OTTI	-797	-359	-1,010	-401
Other income, net	692	39	710	39
Total other income	71,595	45,083	146,637	68,274
Income from continuing operations before income taxes	124,659	78,912	252,711	145,239
Income tax provision	-4,277	-11,343	-9,897	-11,958
Income from continuing operations	120,382	67,569	242,814	133,281
Loss from discontinued operations, net of tax	'	-6,058	-1,551	-8,346
Net income	120,382	61,511	241,263	124,935
Net income attributable to non-controlling interests	-2,514	-1,057	-2,794	-2,238
Net income attributable to Starwood Property Trust, Inc.	117,868	60,454	238,469	122,697
Operating segment	'	'	'	'
Revenues:	'	'	'	'
Interest income from loans	105,455	74,936	210,365	142,626
Interest income from investment securities	45,259	25,396	86,556	41,636
Servicing fees	57,987	52,860	114,209	52,860
Other revenues	5,344	2,068	9,021	2,147
Total revenues	214,045	155,260	420,151	239,269
Costs and expenses:	'	'	'	'
Management fees	25,045	16,128	52,828	31,197
Interest expense	37,695	22,648	75,526	40,074
General and administrative	42,913	44,188	88,828	48,226
Business combination costs	'	13,420	'	17,616
Acquisition and investment pursuit costs	771	916	1,165	997
Depreciation and amortization	5,154	2,228	9,790	2,228
Loan loss allowance, net	-139	725	358	755
Other expense	6,026	196	7,715	229
Total costs and expenses	117,465	100,449	236,210	141,322
Income before other income, income taxes and non controlling interests	96,580	54,811	183,941	97,947
Other income:	'	'	'	'
Change in fair value of servicing rights	-12,804	6,114	-24,979	6,114
Change in fair value of investment securities, net	17,155	6,057	53,951	6,462
Change in fair value of mortgage loans held-for-sale, net	11,608	458	32,501	458
Earnings from unconsolidated entities	8,651	3,966	8,808	4,707
Gain (loss) on sale of investments, net	10,078	-18	11,633	13,506
(Loss) gain on derivative financial instruments, net	-9,790	6,158	-17,656	22,386
Foreign currency gain (loss), net	3,777	1,580	5,254	-6,085
OTTI	-797	-359	-1,010	-401
Other income, net	692	39	710	39
Total other income	28,570	23,995	69,212	47,186
Income from continuing operations before income taxes	125,150	78,806	253,153	145,133
Income tax provision	-4,277	-11,343	-9,897	-11,958
Income from continuing operations	120,873	67,463	243,256	133,175
Loss from discontinued operations, net of tax	'	-6,058	-1,551	-8,346
Net income	120,873	61,405	241,705	124,829
Net income attributable to non-controlling interests	-3,005	-951	-3,236	-2,132
Net income attributable to Starwood Property Trust, Inc.	117,868	60,454	238,469	122,697
Operating segment \| Real Estate Investment Lending	'	'	'	'
Revenues:	'	'	'	'
Interest income from loans	102,892	72,676	204,979	140,366
Interest income from investment securities	15,178	13,638	33,467	29,878
Servicing fees	153	'	190	'
Other revenues	108	96	188	175
Total revenues	118,331	86,410	238,824	170,419
Costs and expenses:	'	'	'	'
Management fees	20,423	13,854	41,778	28,923
Interest expense	31,557	19,941	62,811	37,367
General and administrative	7,921	3,615	15,066	7,653
Business combination costs	'	13,420	'	17,616
Acquisition and investment pursuit costs	523	525	735	606
Loan loss allowance, net	-139	725	358	755
Other expense	66	58	52	91
Total costs and expenses	60,351	52,138	120,800	93,011
Income before other income, income taxes and non controlling interests	57,980	34,272	118,024	77,408
Other income:	'	'	'	'
Change in fair value of investment securities, net	861	-331	705	74
Earnings from unconsolidated entities	3,432	1,851	4,972	2,592
Gain (loss) on sale of investments, net	10,078	-18	11,633	13,506
(Loss) gain on derivative financial instruments, net	-7,610	-2,001	-10,398	14,227
Foreign currency gain (loss), net	4,082	1,647	5,643	-6,018
OTTI	'	-359	-213	-401
Other income, net	35	'	53	'
Total other income	10,878	789	12,395	23,980
Income from continuing operations before income taxes	68,858	35,061	130,419	101,388
Income tax provision	-443	-411	-526	-1,026
Income from continuing operations	68,415	34,650	129,893	100,362
Net income	68,415	34,650	129,893	100,362
Net income attributable to non-controlling interests	-3,005	-951	-3,236	-2,132
Net income attributable to Starwood Property Trust, Inc.	65,410	33,699	126,657	98,230
Operating segment \| LNR	'	'	'	'
Revenues:	'	'	'	'
Interest income from loans	2,563	2,260	5,386	2,260
Interest income from investment securities	30,081	11,758	53,089	11,758
Servicing fees	57,834	52,860	114,019	52,860
Other revenues	5,236	1,972	8,833	1,972
Total revenues	95,714	68,850	181,327	68,850
Costs and expenses:	'	'	'	'
Management fees	4,622	2,274	10,259	2,274
Interest expense	6,138	2,707	11,624	2,707
General and administrative	34,992	40,573	73,762	40,573
Acquisition and investment pursuit costs	248	391	430	391
Depreciation and amortization	5,154	2,228	9,790	2,228
Other expense	5,960	138	7,663	138
Total costs and expenses	57,114	48,311	113,528	48,311
Income before other income, income taxes and non controlling interests	38,600	20,539	67,799	20,539
Other income:	'	'	'	'
Change in fair value of servicing rights	-12,804	6,114	-24,979	6,114
Change in fair value of investment securities, net	16,294	6,388	53,246	6,388
Change in fair value of mortgage loans held-for-sale, net	11,608	458	32,501	458
Earnings from unconsolidated entities	5,219	2,115	3,836	2,115
(Loss) gain on derivative financial instruments, net	-2,180	8,159	-7,258	8,159
Foreign currency gain (loss), net	-305	-67	-389	-67
OTTI	-797	'	-797	'
Other income, net	657	39	657	39
Total other income	17,692	23,206	56,817	23,206
Income from continuing operations before income taxes	56,292	43,745	124,616	43,745
Income tax provision	-3,834	-10,932	-9,371	-10,932
Income from continuing operations	52,458	32,813	115,245	32,813
Net income	52,458	32,813	115,245	32,813
Net income attributable to Starwood Property Trust, Inc.	52,458	32,813	115,245	32,813
Operating segment \| Single Family Residential	'	'	'	'
Costs and expenses:	'	'	'	'
Management fees	'	'	791	'
Interest expense	'	'	1,091	'
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	'	-6,058	-1,551	-8,346
Net income	'	-6,058	-3,433	-8,346
Net income attributable to Starwood Property Trust, Inc.	'	-6,058	-3,433	-8,346
LNR VIEs	'	'	'	'
Revenues:	'	'	'	'
Interest income from investment securities	-17,639	-6,819	-29,482	-6,819
Servicing fees	-25,306	-13,725	-47,317	-13,725
Other revenues	-350	-273	-623	-273
Total revenues	-43,295	-20,817	-77,422	-20,817
Costs and expenses:	'	'	'	'
Management fees	40	18	78	18
General and administrative	181	147	367	147
Total costs and expenses	221	165	445	165
Income before other income, income taxes and non controlling interests	-43,516	-20,982	-77,867	-20,982
Other income:	'	'	'	'
Income of consolidated VIEs, net	47,028	31,949	103,032	31,949
Change in fair value of servicing rights	7,281	-3,216	14,205	-3,216
Change in fair value of investment securities, net	-12,196	-7,449	-40,631	-7,449
Earnings from unconsolidated entities	912	-196	819	-196
Total other income	43,025	21,088	77,425	21,088
Income from continuing operations before income taxes	-491	106	-442	106
Income from continuing operations	-491	106	-442	106
Net income	-491	106	-442	106
Net income attributable to non-controlling interests	$491	($106)	$442	($106)

Segment_Data_Details_2

Segment Data (Details 2) (USD $)	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012
Assets:	'	'	'	'	'	'
Cash and cash equivalents	$518,627	'	$317,627	$366,787	'	$177,671
Restricted cash	44,561	'	69,052	'	'	'
Loans held-for-investment, net	4,885,854	'	4,363,718	'	'	'
Loans held-for-sale	154,412	'	206,672	'	'	'
Loans transferred as secured borrowings	142,867	'	180,414	'	'	'
Investment securities	902,424	'	935,107	'	'	'
Intangible assets - servicing rights	156,846	'	177,173	190,646	'	'
Residential real estate, net	'	'	749,214	'	'	'
Non-performing residential loans	'	'	215,371	'	'	'
Investment in unconsolidated entities	118,621	'	122,954	'	'	'
Goodwill	140,437	'	140,437	'	'	'
Derivative assets	4,681	'	7,769	'	'	'
Accrued interest receivable	37,483	'	37,630	'	'	'
Other assets	165,532	'	95,813	'	'	'
VIE assets, at fair value	114,091,158	'	103,151,624	'	'	'
Total Assets	121,363,503	'	110,770,575	'	'	'
Liabilities:	'	'	'	'	'	'
Accounts payable, accrued expenses and other liabilities	140,809	'	225,374	'	'	'
Related-party payable	24,475	'	17,793	'	'	'
Dividends payable	108,012	'	90,171	76,900	'	'
Derivative liabilities	26,294	'	24,192	'	'	'
Secured financing agreements, net	2,561,267	'	2,257,560	'	'	'
Convertible senior notes, net	1,003,847	'	997,851	'	'	'
Secured borrowings on transferred loans	142,815	'	181,238	'	'	'
VIE liabilities, at fair value	113,541,151	'	102,649,263	'	'	'
Total Liabilities	117,548,670	'	106,443,442	'	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'	'	'	'	'
Preferred stock	'	'	'	'	'	'
Common stock	2,232	'	1,961	'	'	'
Additional paid-in capital	3,784,575	'	4,300,479	'	'	'
Treasury stock	-10,642	'	-10,642	'	'	'
Accumulated other comprehensive income	74,962	80,115	75,449	60,285	70,544	79,675
Retained earnings (deficit)	-49,686	'	-84,719	'	'	'
Total Starwood Property Trust, Inc. Stockholders' Equity	3,801,441	'	4,282,528	'	'	'
Non-controlling interests in consolidated subsidiaries	13,392	'	44,605	'	'	'
Total Equity	3,814,833	'	4,327,133	3,586,506	'	2,797,205
Total Liabilities and Equity	121,363,503	'	110,770,575	'	'	'
Operating segment	'	'	'	'	'	'
Assets:	'	'	'	'	'	'
Cash and cash equivalents	518,433	'	317,351	'	'	'
Restricted cash	44,561	'	69,052	'	'	'
Loans held-for-investment, net	4,885,854	'	4,363,718	'	'	'
Loans held-for-sale	154,412	'	206,672	'	'	'
Loans transferred as secured borrowings	142,867	'	180,414	'	'	'
Investment securities	1,371,945	'	1,344,429	'	'	'
Intangible assets - servicing rights	224,676	'	257,736	'	'	'
Residential real estate, net	'	'	749,214	'	'	'
Non-performing residential loans	'	'	215,371	'	'	'
Investment in unconsolidated entities	121,185	'	126,337	'	'	'
Goodwill	140,437	'	140,437	'	'	'
Derivative assets	4,681	'	7,769	'	'	'
Accrued interest receivable	37,483	'	37,630	'	'	'
Other assets	166,711	'	96,685	'	'	'
Total Assets	7,813,245	'	8,112,815	'	'	'
Liabilities:	'	'	'	'	'	'
Accounts payable, accrued expenses and other liabilities	140,444	'	225,065	'	'	'
Related-party payable	24,475	'	17,793	'	'	'
Dividends payable	108,012	'	90,171	'	'	'
Derivative liabilities	26,294	'	24,192	'	'	'
Secured financing agreements, net	2,561,267	'	2,257,560	'	'	'
Convertible senior notes, net	1,003,847	'	997,851	'	'	'
Secured borrowings on transferred loans	142,815	'	181,238	'	'	'
Total Liabilities	4,007,154	'	3,793,870	'	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'	'	'	'	'
Common stock	2,232	'	1,961	'	'	'
Additional paid-in capital	3,784,575	'	4,300,479	'	'	'
Treasury stock	-10,642	'	-10,642	'	'	'
Accumulated other comprehensive income	74,962	'	75,449	'	'	'
Retained earnings (deficit)	-49,686	'	-84,719	'	'	'
Total Starwood Property Trust, Inc. Stockholders' Equity	3,801,441	'	4,282,528	'	'	'
Non-controlling interests in consolidated subsidiaries	4,650	'	36,417	'	'	'
Total Equity	3,806,091	'	4,318,945	'	'	'
Total Liabilities and Equity	7,813,245	'	8,112,815	'	'	'
Operating segment \| Real Estate Investment Lending	'	'	'	'	'	'
Assets:	'	'	'	'	'	'
Cash and cash equivalents	382,285	'	232,270	'	'	'
Restricted cash	34,324	'	36,593	'	'	'
Loans held-for-investment, net	4,881,439	'	4,350,937	'	'	'
Loans held-for-sale	8,750	'	'	'	'	'
Loans transferred as secured borrowings	142,867	'	180,414	'	'	'
Investment securities	733,876	'	794,147	'	'	'
Investment in unconsolidated entities	52,541	'	50,167	'	'	'
Derivative assets	2,321	'	3,138	'	'	'
Accrued interest receivable	36,904	'	35,501	'	'	'
Other assets	80,279	'	31,020	'	'	'
Total Assets	6,355,586	'	5,714,187	'	'	'
Liabilities:	'	'	'	'	'	'
Accounts payable, accrued expenses and other liabilities	50,540	'	66,127	'	'	'
Related-party payable	19,784	'	11,245	'	'	'
Dividends payable	108,012	'	90,171	'	'	'
Derivative liabilities	25,019	'	24,149	'	'	'
Secured financing agreements, net	2,465,699	'	2,127,717	'	'	'
Convertible senior notes, net	1,003,847	'	997,851	'	'	'
Secured borrowings on transferred loans	142,815	'	181,238	'	'	'
Total Liabilities	3,815,716	'	3,498,498	'	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'	'	'	'	'
Common stock	2,232	'	1,961	'	'	'
Additional paid-in capital	2,417,704	'	1,987,133	'	'	'
Treasury stock	-10,642	'	-10,642	'	'	'
Accumulated other comprehensive income	65,712	'	68,092	'	'	'
Retained earnings (deficit)	60,214	'	132,625	'	'	'
Total Starwood Property Trust, Inc. Stockholders' Equity	2,535,220	'	2,179,169	'	'	'
Non-controlling interests in consolidated subsidiaries	4,650	'	36,520	'	'	'
Total Equity	2,539,870	'	2,215,689	'	'	'
Total Liabilities and Equity	6,355,586	'	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	136,148	'	40,274	'	'	'
Restricted cash	10,237	'	32,208	'	'	'
Loans held-for-investment, net	4,415	'	12,781	'	'	'
Loans held-for-sale	145,662	'	206,672	'	'	'
Investment securities	638,069	'	550,282	'	'	'
Intangible assets - servicing rights	224,676	'	257,736	'	'	'
Investment in unconsolidated entities	68,644	'	76,170	'	'	'
Goodwill	140,437	'	140,437	'	'	'
Derivative assets	2,360	'	4,631	'	'	'
Accrued interest receivable	579	'	2,129	'	'	'
Other assets	86,432	'	57,620	'	'	'
Total Assets	1,457,659	'	1,380,940	'	'	'
Liabilities:	'	'	'	'	'	'
Accounts payable, accrued expenses and other liabilities	89,904	'	135,882	'	'	'
Related-party payable	4,691	'	6,548	'	'	'
Derivative liabilities	1,275	'	43	'	'	'
Secured financing agreements, net	95,568	'	129,843	'	'	'
Total Liabilities	191,438	'	272,316	'	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'	'	'	'	'
Additional paid-in capital	1,366,871	'	1,308,500	'	'	'
Accumulated other comprehensive income	9,250	'	7,357	'	'	'
Retained earnings (deficit)	-109,900	'	-207,233	'	'	'
Total Starwood Property Trust, Inc. Stockholders' Equity	1,266,221	'	1,108,624	'	'	'
Total Equity	1,266,221	'	1,108,624	'	'	'
Total Liabilities and Equity	1,457,659	'	1,380,940	'	'	'
LNR VIEs	'	'	'	'	'	'
Assets:	'	'	'	'	'	'
Cash and cash equivalents	194	'	276	'	'	'
Investment securities	-469,521	'	-409,322	'	'	'
Intangible assets - servicing rights	-67,830	'	-80,563	'	'	'
Investment in unconsolidated entities	-2,564	'	-3,383	'	'	'
Other assets	-1,179	'	-872	'	'	'
VIE assets, at fair value	114,091,158	'	103,151,624	'	'	'
Total Assets	113,550,258	'	102,657,760	'	'	'
Liabilities:	'	'	'	'	'	'
Accounts payable, accrued expenses and other liabilities	365	'	309	'	'	'
VIE liabilities, at fair value	113,541,151	'	102,649,263	'	'	'
Total Liabilities	113,541,516	'	102,649,572	'	'	'
Starwood Property Trust, Inc. Stockholders' Equity:	'	'	'	'	'	'
Non-controlling interests in consolidated subsidiaries	8,742	'	8,188	'	'	'
Total Equity	8,742	'	8,188	'	'	'
Total Liabilities and Equity	$113,550,258	'	$102,657,760	'	'	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)

0 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

6-May-14

Feb. 24, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Aug. 06, 2014

Jul. 24, 2014

Aug. 01, 2014

Lender 2 Repo 1 Facility

Subsequent event

Lender 2 Repo 1 Facility

Warehouse line

Minimum

Maximum

Subsequent Events

Available borrowings under the facility before amendment

$225,000,000

Maximum facility size

$3,378,812,000

$225,000,000

$325,000,000

$250,000,000

Debt instrument reduction in basis spread

0.25%

0.50%

Dividend declared (in dollars per share)

$0.48

$0.46

$0.96

$0.90

$0.48