Starwood Property Trust (STWD) 10-Q 9 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
Document and Entity Information
Entity Registrant Name	STARWOOD PROPERTY TRUST, INC.
Entity Central Index Key	1,465,128
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
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		237,661,803
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 335,219	$ 368,815
Restricted cash	48,375	23,069
Loans held-for-investment, net	6,187,654	5,973,079
Loans held-for-sale at fair value	154,225	203,865
Loans transferred as secured borrowings	88,512	86,573
Investment securities ($321,533 and $403,703 held at fair value)	649,364	724,947
Properties, net	1,154,975	919,225
Intangible assets ($117,364 and $119,698 held at fair value)	180,476	201,570
Investment in unconsolidated entities	196,637	199,201
Goodwill	140,437	140,437
Derivative assets	36,938	45,091
Accrued interest receivable	35,972	34,314
Other assets	111,860	102,479
Variable interest entity ("VIE") assets, at fair value	85,115,662	76,675,689
Total Assets	94,436,306	85,698,354
Liabilities:
Accounts payable, accrued expenses and other liabilities	139,286	156,805
Related-party payable	24,157	40,955
Dividends payable	114,839	114,947
Derivative liabilities	16,202	5,196
Secured financing agreements, net	4,480,960	3,980,699
Convertible senior notes, net	1,329,072	1,323,795
Secured borrowings on transferred loans	89,905	88,000
VIE liabilities, at fair value	84,151,022	75,817,014
Total Liabilities	$ 90,345,443	$ 81,527,411
Commitments and contingencies (Note 21)
Starwood Property Trust, Inc. Stockholders' Equity:
Preferred stock, $0.01 per share, 100,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.01 per share, 500,000,000 shares authorized, 242,218,855 issued and 237,611,970 outstanding as of March 31, 2016 and 241,044,775 issued and 237,490,779 outstanding as of December 31, 2015	$ 2,422	$ 2,410
Additional paid-in capital	4,210,904	4,192,844
Treasury stock (4,606,885 shares and 3,553,996 shares)	(92,104)	(72,381)
Accumulated other comprehensive income	33,457	29,729
Accumulated deficit	(100,201)	(12,286)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,054,478	4,140,316
Non-controlling interests in consolidated subsidiaries	36,385	30,627
Total Equity	4,090,863	4,170,943
Total Liabilities and Equity	$ 94,436,306	$ 85,698,354

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Consolidated Balance Sheets
Investment securities held at fair value	$ 321,533	$ 403,703
Intangible assets held at fair value	$ 95,492	$ 119,698
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	242,218,855	241,044,775
Common stock, shares outstanding	237,611,970	237,490,779
Treasury stock, shares	4,606,885	3,553,996

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Interest income from loans	$ 117,532	$ 118,429
Interest income from investment securities	19,403	27,744
Servicing fees	24,691	28,257
Rental income	32,677	2,672
Other revenues	1,190	1,747
Total revenues	195,493	178,849
Costs and expenses:
Management fees	24,963	27,968
Interest expense	56,520	50,534
General and administrative	32,798	35,264
Acquisition and investment pursuit costs	1,285	1,186
Costs of rental operations	12,655	1,698
Depreciation and amortization	18,760	4,085
Loan loss allowance, net	(761)	317
Other expense	100	375
Total costs and expenses	146,320	121,427
Income before other income (loss), income taxes and non-controlling interests	49,173	57,422
Other income (loss):
Change in net assets related to consolidated VIEs	(4,167)	47,861
Change in fair value of servicing rights	(6,739)	(1,542)
Change in fair value of investment securities, net	753	(499)
Change in fair value of mortgage loans held-for-sale, net	6,891	21,131
Earnings from unconsolidated entities	4,065	6,090
Gain on sale of investments and other assets, net	245	17,198
(Loss) gain on derivative financial instruments, net	(24,718)	24,623
Foreign currency loss, net	(378)	$ (30,307)
Total other-than-temporary impairment ("OTTI")	(54)
Noncredit portion of OTTI recognized in other comprehensive income	54
Loss on extinguishment of debt		$ (5,292)
Other income, net	2,015	45
Total other income (loss)	(22,033)	79,308
Income before income taxes	27,140	136,730
Income tax provision	(94)	(15,951)
Net income	27,046	120,779
Net income attributable to non-controlling interests	(389)	(416)
Net income attributable to Starwood Property Trust, Inc.	$ 26,657	$ 120,363
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 0.11	$ 0.53
Diluted (in dollars per share)	0.11	0.52
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Consolidated Statements of Comprehensive Income
Net income	$ 27,046	$ 120,779
Other comprehensive (loss) income (net change by component):
Cash flow hedges	(273)	(263)
Available-for-sale securities	(3,400)	(7,963)
Foreign currency remeasurement	7,401	(8,308)
Other comprehensive gain (loss)	3,728	(16,534)
Comprehensive income	30,774	104,245
Less: Comprehensive income attributable to non-controlling interests	(389)	(416)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 30,385	$ 103,829

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	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	Total
Balance at Dec. 31, 2014	$ 3,860,856	$ 2,248	$ 3,835,725	$ (23,635)	$ (9,378)	$ 55,896	$ 22,056	$ 3,882,912
Balance (in shares) at Dec. 31, 2014		224,752,053		1,213,750
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan	55		55					55
Proceeds from DRIP Plan (in shares)		2,303
Equity component of 4.0% Convertible Senior Notes repurchase	(15,669)		(15,669)					(15,669)
Share-based compensation	7,491	$ 4	7,487					7,491
Share-based compensation (in shares)		408,763
Manager incentive fee paid in stock	9,445	$ 3	9,442					9,445
Manager incentive fee paid in stock (in shares)		387,299
Net income	120,363				120,363		416	120,779
Dividends declared, $0.48 per share	(108,435)				(108,435)			(108,435)
Other comprehensive loss, net	(16,534)					(16,534)		(16,534)
VIE non-controlling interests							431	431
Distribution to non-controlling interests							(359)	(359)
Balance at Mar. 31, 2015	3,857,572	$ 2,255	3,837,040	$ (23,635)	2,550	39,362	22,544	3,880,116
Balance (in shares) at Mar. 31, 2015		225,550,418		1,213,750
Balance at Dec. 31, 2015	4,140,316	$ 2,410	4,192,844	$ (72,381)	(12,286)	29,729	30,627	$ 4,170,943
Balance (in shares) at Dec. 31, 2015		241,044,775		3,553,996				241,044,775
Increase (Decrease) in Stockholders' Equity
Proceeds from ATM Agreement (in shares)								0
Proceeds from DRIP Plan	82		82					$ 82
Proceeds from DRIP Plan (in shares)		4,411
Common stock repurchased	(19,723)			$ (19,723)				$ (19,723)
Common stock repurchased (in shares)				1,052,889				1,052,889
Share-based compensation	7,067	$ 6	7,061					$ 7,067
Share-based compensation (in shares)		563,503
Manager incentive fee paid in stock	10,923	$ 6	10,917					10,923
Manager incentive fee paid in stock (in shares)		606,166
Net income	26,657				26,657		389	27,046
Dividends declared, $0.48 per share	(114,572)				(114,572)			(114,572)
Other comprehensive loss, net	3,728					3,728		3,728
VIE non-controlling interests							(633)	(633)
Contributions from non-controlling interests							6,584	6,584
Distribution to non-controlling interests							(582)	(582)
Balance at Mar. 31, 2016	$ 4,054,478	$ 2,422	$ 4,210,904	$ (92,104)	$ (100,201)	$ 33,457	$ 36,385	$ 4,090,863
Balance (in shares) at Mar. 31, 2016		242,218,855		4,606,885				242,218,855

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Jul. 03, 2013
Dividends declared per common share (in dollars per share)	$ 0.48	$ 0.48
2019 Notes
Interest rate (as a percent)	4.00%	4.00%	4.00%

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities:
Net income	$ 27,046	$ 120,779
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs, premiums and discounts on secured financing agreements	3,974	3,510
Amortization of convertible debt discount and deferred costs	5,277	5,363
Accretion of net discount on investment securities	(3,373)	(10,603)
Accretion of net deferred loan fees and discounts	(8,696)	(10,179)
Amortization of net discount from secured borrowings on transferred loans		4
Share-based compensation	7,067	7,491
Share-based component of incentive fees	10,923	9,445
Change in fair value of fair value option investment securities	(753)	499
Change in fair value of consolidated VIEs	54,038	(5,657)
Change in fair value of servicing rights	6,739	1,542
Change in fair value of loans held-for-sale	(6,891)	(21,131)
Change in fair value of derivatives	23,557	(26,724)
Foreign currency loss, net	402	30,416
Gain on sale of investments and other assets	(245)	(17,198)
Loan loss allowance, net	(761)	317
Depreciation and amortization	16,759	3,692
Earnings from unconsolidated entities	(4,065)	(6,090)
Distributions of earnings from unconsolidated entities	5,729	7,030
Loss on extinguishment of debt		5,292
Originations of loans held-for-sale, net of principal collections	(200,433)	(413,027)
Proceeds from sale of loans held-for-sale	256,964	482,009
Changes in operating assets and liabilities:
Related-party payable, net	(16,965)	(13,078)
Accrued and capitalized interest receivable, less purchased interest	(23,350)	(17,341)
Other assets	8,779	1,067
Accounts payable, accrued expenses and other liabilities	(30,593)	(23,282)
Net cash provided by operating activities	131,129	114,146
Cash Flows from Investing Activities:
Origination and purchase of loans held-for-investment	(472,237)	(649,886)
Proceeds from principal collections on loans	192,813	285,741
Proceeds from loans sold	97,882	85,121
Purchase of investment securities	(84,337)	(67,247)
Proceeds from sales of investment securities		4,713
Proceeds from principal collections on investment securities	22,344	11,737
Deposit on property acquisition		(18,178)
Real estate business combinations, net of cash acquired	(73,639)
Proceeds from sale of properties		33,056
Purchase of other assets	(2,846)	(435)
Investment in unconsolidated entities	(11)	(28,041)
Distribution of capital from unconsolidated entities	914	11,296
Payments for purchase or termination of derivatives	(12,611)	(6,117)
Proceeds from termination of derivatives	7,910	6,988
Return of investment basis in purchased derivative asset	69	90
(Increase) decrease in restricted cash, net	(24,930)	5,326
Net cash used in investing activities	(348,679)	(325,836)
Cash Flows from Financing Activities:
Borrowings under financing agreements	991,192	1,320,732
Principal repayments on and repurchases of borrowings	(626,462)	(847,288)
Payment of deferred financing costs	(5,969)	(1,263)
Proceeds from common stock issuances	82	55
Payment of dividends	(114,624)	(108,189)
Contributions from non-controlling interests	6,584
Distributions to non-controlling interests	(582)	(359)
Purchase of treasury stock	(19,723)
Issuance of debt of consolidated VIEs	596	6,763
Repayment of debt of consolidated VIEs	(55,729)	(51,538)
Distributions of cash from consolidated VIEs	7,545	3,790
Net cash provided by financing activities	182,910	322,703
Net (decrease) increase in cash and cash equivalents	(34,640)	111,013
Cash and cash equivalents, beginning of period	368,815	255,187
Effect of exchange rate changes on cash	1,044	(5,480)
Cash and cash equivalents, end of period	335,219	360,720
Supplemental disclosure of cash flow information:
Cash paid for interest	50,254	48,448
Income taxes paid	922	2,903
Supplemental disclosure of non-cash investing and financing activities:
Fair value of assets acquired, net of cash	221,125
Fair value of liabilities assumed	147,486
Net assets acquired from consolidated VIEs	42,513
Dividends declared, but not yet paid	114,572	108,435
Consolidation of VIEs (VIE asset/liability additions)	15,103,275	4,413,608
Deconsolidation of VIEs (VIE asset/liability reductions)	$ 2,591,268	$ 17,841

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2016
Business and Organization
Business and Organization	1. Business and Organizatio n Starwood Property Trust, Inc. (“STWD” and, 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 investments in both the U.S. and Europe. We refer to the following as our target assets: commercial real estate mortgage loans, preferred equity interests, CMBS and other commercial real estate -related debt investments. Our target assets may also include residential mortgage-backed securities (“RMBS”), certain residential mortgage loans, distressed or non-performing commercial loans, commercial properties subject to net leases and equity interests in commercial real estate . As market conditions change over time, we may adjust our strategy to take advantage of changes in interest rates and credit spreads as well as economic and credit conditions. We have three reportable business segments as of March 31, 2016: · Real estate lending (the “Lending Segment”)—engages primarily in originating, acquiring, financing and managing commercial first mortgages, subordinated mortgages, mezzanine loans, preferred equity, CMBS, RMBS and other real estate and real estate-related debt investments in both the U.S. and Europe that are held-for-investment. · Real estate investing and servicing (the “Investing and Servicing Segment”)—includes (i) servicing businesses in both the U.S. and Europe that manage and work out problem assets, (ii) an investment business that selectively acquires and manages unrated, investment grade and non-investment grade rated CMBS, including subordinated interests of securitization and resecuritization transactions, (iii) a mortgage loan business which originates conduit loans for the primary purpose of selling these loans into securitization transactions, and (iv) an investment business that selectively acquires commercial real estate assets, including properties acquired from CMBS trusts. This segment excludes the consolidation of securitization variable interest entities (“VIEs”). · Real estate property (the “Property Segment”) —engages primarily in acquiring and managing equity interests in stabilized commercial real estate properties, including multi-family properties, that are held for investment. 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. 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 Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Balance Sheet Presentation of the Investing and Servicing Segment’s Variable Interest Entities As noted above, the Investing and Servicing Segment operates an investment 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 accounting principles generally accepted in the United States of America (“GAAP”), SPEs typically qualify as 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 the Investing and Servicing Segment 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 VIEs. The assets and other instruments held by these VIEs are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the VIEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the consolidator of these VIEs. The VIE 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. Refer to the segment data in Note 22 for a presentation of the Investing and Servicing Segment 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, 2015 (the “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2016 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, 2015 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. Accounting Standards Codification (“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. Effective January 1, 2016, we implemented Accounting Standards Update (“ASU”) 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis , which specifies that the right to remove the decision maker in a VIE must be exercisable without cause for the decision maker to not be deemed the party that has the power to direct the activities of a VIE. In connection with the implementation of this ASU, we consolidated VIE assets and VIE liabilities from CMBS trusts as of March 31, 2016 where the right to remove the Company as special servicer was not exercisable without cause. Our implementation of the ASU also resulted in the determination that certain unconsolidated entities in which we hold passive non-controlling interests, which prior to the implementation of the ASU were not considered VIEs, are now considered VIEs as the limited partners of these entities do not collectively possess (i) the right to remove the general partner without cause or (ii) the right to participate in significant decisions made by the partnership. We are not the primary beneficiaries of these VIEs as we do not possess the power to direct the activities of the VIE that most significantly impact their economic performance and therefore continue to report our interests within investment in unconsolidated entities on our condensed consolidated balance sheet. We applied the provisions of this ASU using a modified retrospective approach which does not require the restatement of prior period financial statements. There was no cumulative-effect adjustment to equity upon adoption. Refer to Note 14 for further discussion of the impact of our implementation of ASU 2015-02. 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 without cause, 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 elect the fair value option for initial and subsequent recognition of the assets and liabilities of our consolidated VIEs. Interest income and interest expense associated with these VIEs are no longer relevant on a standalone basis because these amounts are already reflected in the fair value changes. We have elected to present these items in a single line on our condensed consolidated statements of operations. The residual difference shown on our condensed consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated VIEs consist solely of obligations to the bondholders of the related CMBS trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to nonperformance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a CMBS trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a CMBS trust, the VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a CMBS trust. REO assets generally represent a very small percentage of the overall asset pool of a CMBS trust. In a new issue CMBS trust there are no REO assets. We estimate that REO assets constitute approximately 4% of our consolidated VIE assets, with the remaining 96% representing loans . However, it is important to note that the fair value of our VIE assets is determined by reference to our VIE liabilities as permitted under ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our VIEs are presented in the aggregate. 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 the Investing and Servicing Segment’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 the Investing and Servicing Segment’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. Fair Value Measurements We measure our mortgage ‑backed securities, derivative assets and liabilities, domestic servicing rights intangible asset and any assets or liabilities where we have elected the fair value option at fair value. When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities or valuation models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. As discussed above, we measure the assets and liabilities of consolidated VIEs at fair value pursuant to our election of the fair value option. The VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the VIE, we maximize the use of observable inputs over unobservable inputs. We also acknowledge that our principal market for selling CMBS assets is the securitization market where the market participant is considered to be a CMBS trust or a collateralized debt obligation (“CDO”). This methodology results in the fair value of the assets of a static CMBS trust being equal to the fair value of its liabilities. Refer to Note 19 for further discussion regarding our fair value measurements. Loans Held-for-Investment and Provision for Loan Losses Loans that are held ‑for ‑investment are carried at cost, net of unamortized acquisition premiums or discounts, loan fees, and origination costs as applicable, unless the loans are deemed impaired. We evaluate each loan classified as held ‑for ‑investment for impairment at least quarterly. Impairment occurs 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 considered to be impaired, we record an allowance through the provision for loan losses to reduce the carrying value of the loan to the present value of expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if repayment is expected solely from the collateral. 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-collateral 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. Deferred Financing Costs In accordance with ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) , effective January 1, 2016 we modified our presentation of deferred financing costs in our condensed consolidated balance sheets to present such costs as a direct deduction from the carrying value of the related debt liability, consistent with debt discounts, rather than as a separate deferred asset as the previous guidance required. Deferred financing costs will continue to be amortized to interest expense over the terms of the respective debt agreements. As required by this ASU, we applied this change retrospectively to our prior period condensed consolidated balance sheet presentation. Earnings Per Share We present both basic and diluted earnings per share (“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 shares of common stock 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 (“RSAs”) and restricted stock units (“RSUs”), (ii) shares contingently issuable to our Manager, and (iii) the “in-the-money” conversion options associated with our outstanding convertible senior notes (see further discussion in Note 17). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. Nearly all of the Company’s unvested RSUs and RSAs 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 shares of common stock and participating securities. For the three months ended March 31, 2016 and 2015, the two-class method resulted in the most dilutive EPS calculation. 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 Certain prior period amounts have been reclassified to conform to our current period presentation. In that regard, we have reclassified revenues of $2.7 million previously reported in other revenues to rental income in our condensed consolidated statement of operations for the three months ended March 31, 2015. Expenses of $1.7 million previously reported in other expense have been reclassified to costs of rental operations in our condensed consolidated statement of operations for the three months ended March 31, 2015. Additionally, in connection with our implementation of ASU 2015-03 discussed above, we reclassified deferred financing costs of $38.3 million and $1.4 million previously reported in other assets to secured financing agreements, net and convertible senior notes, net, respectively, within our condensed consolidated balance sheet as of December 31, 2015. Recent Accounting Developments On May 28, 2014, the Financial Accounting Standards Board (“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. At issuance, the ASU was effective for the first interim or annual period beginning after December 15, 2016. On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date, which delayed the effective date of ASU 2014-09 by one year, resulting in the ASU becoming effective for the first interim or annual period beginning after December 15, 2017. Early application, which was not permissible under the initial effectiveness timeline, is now permissible though no earlier than as of the first interim or annual period beginning after December 15, 2016. We do not expect the application of this ASU to materially impact the Company. On January 5, 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities , which impacts the accounting for equity investments, financial liabilities under the fair value option, and disclosure requirements for financial instruments. The ASU shall be applied prospectively and is effective for annual periods, and interim periods therein, beginning after December 15, 2017. Early application is not permitted. We are in the process of assessing what impact this ASU will have on the Company. On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which establishes a right-of-use model for lessee accounting which results in the recognition of most leased assets and lease liabilities on the balance sheet of the lessee. Lessor accounting was not significantly changed. The ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2018 by applying a modified retrospective approach. Early application is permitted. We are in the process of assessing what impact this ASU will have on the Company. On March 14, 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) – Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which clarifies that the change in counterparty to a derivative designated in a hedging relationship, in and of itself, would not require that the hedging relationship be de-designated for hedge accounting purposes. The ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2016. Early application is permitted. We do not expect the application of this ASU to materially impact the Company. On March 15, 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323) – Simplifying the Transition to the Equity Method of Accounting, which amends existing guidance to require that in instances where an investee is transitioning from the cost method of accounting to the equity method of accounting due to an increase in ownership level or degree of influence, the investee applies the equity method of accounting prospectively from the date significant influence is obtained, whereas existing guidance requires an investee to retrospectively apply the equity method of accounting for all previous periods in which the investment was held. The ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2016. Early application is permitted. We do not expect the application of this ASU to materially impact the Company. On March 17, 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which amends the principal-versus-agent implementation guidance and illustrations in the FASB’s revenue recognition standard issued in ASU 2014-09. The ASU provides further guidance to assist an entity in the determination of whether the nature of its promise to its customer is to provide the underlying goods or services, meaning the entity is a principal, or to arrange for a third party to provide the underlying goods or services, meaning the entity is an agent. The ASU is effective for the first interim or annual period beginning after December 15, 2017. Early application is permissible though no earlier than the first interim or annual period beginning after December 15, 2016. We do not expect the application of this ASU to materially impact the Company. On March 30, 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting , which seeks to simplify the accounting for employee share-based payment transactions, including the accounting for associated income taxes and forfeitures. The ASU is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Early application is permitted in any interim or annual period. We do not expect the application of this ASU to materially impact the Company. On April 14, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing , which amends guidance and illustrations in the FASB’s revenue recognition standard issued in ASU 2014-09 regarding the identification of performance obligations and the implementation guidance on licensing arrangements. The ASU is effective for the first interim or annual period beginning after December 15, 2017. Early application is permissible though no earlier than the first interim or annual period beginning after December 15, 2016. We do not expect the application of this ASU to materially impact the Company.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2016
Acquisitions
Acquisitions	3. Acquisitions Woodstar Portfolio Acquisition During the three months ended March 31, 2016, we acquired 12 of the 32 affordable housing communities which comprise our “Woodstar Portfolio.” The Woodstar Portfolio in its entirety is comprised of 8,948 units concentrated primarily in the Tampa, Orlando and West Palm Beach metropolitan areas and is 98% occupied. The 12 affordable housing communities acquired during the three months ended March 31, 2016 comprise 3,082 units with total assets of $227.4 million and assumed liabilities of $147.5 million, which includes federal, state and county sponsored financing. Refer to Note 9 for further discussion of these assumed debt facilities. For the period from their respective acquisition dates through March 31, 2016, we recognized revenues of $5.6 million and a net loss of $0.8 million related to the 12 properties acquired into the Woodstar Portfolio. Such net loss includes (i) depreciation and amortization expense of $3.2 million and (ii) one-time acquisition-related costs, such as legal and due diligence costs, of approximately $0.6 million. No goodwill was recognized in connection with the Woodstar Portfolio acquisition as the purchase price equaled the fair value of the net assets acquired. The remaining two properties in the Woodstar Portfolio not acquired prior to March 31, 2016 were acquired in April 2016. As of May 9, 2016, the initial accounting for these acquisitions was not sufficiently complete to allow for inclusion of the ASC 805 disclosures herein. Refer to Note 23 for further discussion. Investing and Servicing Segment Property Portfolio During the three months ended March 31, 2016, our Investing and Servicing Segment acquired controlling interests in two U.S. commercial real estate properties from CMBS trusts for $21.6 million. These properties, aggregated with the controlling interests in 14 U.S. commercial real estate properties acquired from CMBS trusts during the year ended December 31, 2015 for $138.7 million, comprise the Investing and Servicing Segment Property Portfolio (the “REO Portfolio”). When these properties are acquired from CMBS trusts that are consolidated as VIEs on our balance sheet, these acquisitions are reflected as repayment of debt of consolidated VIEs in our consolidated statement of cash flows. No goodwill was recognized in connection with the REO Portfolio acquisitions as the purchase price equaled the fair value of the net assets acquired. Ireland Portfolio Acquisition During 2015, we acquired 12 net leased fully occupied office properties and one multi-family property all located in Dublin, Ireland. Collectively, these 13 properties comprise our “Ireland Portfolio”. The Ireland Portfolio, which collectively comprises approximately 600,000 square feet, included total assets of $518.2 million and assumed debt of $283.0 million at acquisition. Following our acquisition, all assumed debt was immediately extinguished and replaced with new financing of $328.6 million from the Ireland Portfolio Mortgage (as set forth in Note 9). All properties within the Ireland Portfolio were acquired from entities controlled by the same third party investment fund. No goodwill was recognized in connection with the Ireland Portfolio acquisition as the purchase price equaled the fair value of the net assets acquired. Purchase Price Allocations of Acquisitions We applied the provisions of ASC 805, Business Combinations , in accounting for our acquisitions of the Woodstar Portfolio, the REO Portfolio and the Ireland Portfolio. In doing so, we have recorded all identifiable assets acquired and liabilities assumed at fair value as of the respective acquisition dates. These amounts for the Woodstar Portfolio, the REO Portfolio and the Ireland Portfolio are provisional and may be adjusted during the measurement period, which expires no later than one year from the acquisition dates, if new information is obtained that, if known, would have affected the amounts recognized as of the acquisition dates. The following table summarizes the identified assets acquired and liabilities assumed at the respective acquisition dates (amounts in thousands): 2016 2015 Woodstar REO Woodstar REO Ireland Assets acquired: Portfolio Portfolio Portfolio Portfolio Portfolio Cash and cash equivalents $ $ — $ — $ — $ — Restricted cash — — — — Properties Intangible assets Other assets Total assets acquired Liabilities assumed: Accounts payable, accrued expenses and other liabilities Secured financing agreements — — Total liabilities assumed Non-controlling interests — — — Net assets acquired $ $ $ $ $ Pro-Forma Operating Data The pro-forma revenues and net income attributable to the Company for the three months ended March 31, 2016 and 2015, assuming the 30 properties acquired within the Woodstar Portfolio and all the properties within the REO Portfolio and the Ireland Portfolio were acquired on January 1, 2014 for the 2015 acquisitions and January 1, 2015 for the 2016 acquisitions, are as follows (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2016 2015 Revenues $ $ Net income attributable to STWD Net income per share - Basic Net income per share - Diluted Pro-forma net income was adjusted to include the following estimated incremental management fees the combined entity would have incurred (amounts in thousands): For the Three Months Ended March 31, 2016 2015 Management fee expense addition $ $

Loans

Loans	3 Months Ended
	Mar. 31, 2016
Loans
Loans	4. Loans Our loans held-for-investment are accounted for at amortized cost and our loans held-for-sale are accounted for at the lower of cost or fair value, unless we have elected the fair value option. The following tables summarize our investments in mortgages and loans by subordination class as of March 31, 2016 and December 31, 2015 (amounts in thousands): Weighted Weighted Average Life Carrying Face Average (“WAL”) March 31, 2016 Value Amount Coupon (years)(3) First mortgages (1) $ $ % Subordinated mortgages (2) % Mezzanine loans (1) % Total loans held-for-investment Loans held-for-sale, fair value option elected % Loans transferred as secured borrowings % Total gross loans Loan loss allowance (loans held-for-investment) — Total net loans $ $ December 31, 2015 First mortgages (1) $ $ % Subordinated mortgages (2) % Mezzanine loans (1) % Total loans held-for-investment Loans held-for-sale, fair value option elected % Loans transferred as secured borrowings % Total gross loans Loan loss allowance (loans held-for-investment) — Total net loans $ $ (1) First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan. The application of this methodology resulted in mezzanine loans with carrying values of $1.0 billion and $930.0 million being classified as first mortgages as of March 31, 2016 and December 31, 2015, respectively. (2) Subordinated mortgages include B-Notes and junior participation 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. (3) Represents the WAL of each respective group of loans as of the respective balance sheet date. The WAL of each individual loan is calculated using amounts and timing of future principal payments, as projected at origination. As of March 31, 2016, approximately $5.3 billion, or 84.9% , of our loans held-for-investment were variable rate and paid interest principally at LIBOR plus a weighted-average spread of 5.9% . The following table summarizes our investments in floating rate loans (amounts in thousands): March 31, 2016 December 31, 2015 Carrying Carrying Index Base Rate Value Base Rate Value One-month LIBOR USD % $ % $ Three-month LIBOR GBP % % LIBOR floor 0.15 - 3.00 % (1) 0.15 - 3.00 % (1) Total $ $ (1) The weighted-average LIBOR floor was 0.32% and 0.31% as of March 31, 2016 and December 31, 2015, respectively. Our loans are typically collateralized by real estate. As a result, we regularly evaluate the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, as well as the financial and operating capability of the borrower. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash flow from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan at maturity, and/or (iii) the property’s liquidation value. We also evaluate the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, we consider the overall economic environment, real estate sector, and geographic sub-market in which the borrower operates. Such impairment analyses are completed and reviewed by asset management and finance personnel who utilize various data sources, including (i) periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, and capitalization and discount rates, (ii) site inspections, and (iii) current credit spreads and discussions with market participants. Our evaluation process as described above produces an internal risk rating between 1 and 5, which is a weighted average of the numerical ratings in the following categories: (i) sponsor capability and financial condition, (ii) loan and collateral performance relative to underwriting, (iii) quality and stability of collateral cash flows, and (iv) loan structure. We utilize the overall risk ratings as a concise means to monitor any credit migration on a loan as well as on the whole portfolio. While the overall risk rating is generally not the sole factor we use in determining whether a loan is impaired, a loan with a higher overall risk rating would tend to have more adverse indicators of impairment, and therefore would be more likely to experience a credit loss. The rating categories generally include the characteristics described below, but these are utilized as guidelines and therefore not every loan will have all of the characteristics described in each category : Rating Characteristics 1  Sponsor capability and financial condition—Sponsor is highly rated or investment grade or, if private, the equivalent thereof with significant management experience.  Loan collateral and performance relative to underwriting—The collateral has surpassed underwritten expectations.  Quality and stability of collateral cash flows—Occupancy is stabilized, the property has had a history of consistently high occupancy, and the property has a diverse and high quality tenant mix.  Loan structure—LTV does not exceed 65% . The loan has structural features that enhance the credit profile. 2  Sponsor capability and financial condition—Strong sponsorship with experienced management team and a responsibly leveraged portfolio.  Loan collateral and performance relative to underwriting—Collateral performance equals or exceeds underwritten expectations and covenants and performance criteria are being met or exceeded.  Quality and stability of collateral cash flows—Occupancy is stabilized with a diverse tenant mix.  Loan structure—LTV does not exceed 70% and unique property risks are mitigated by structural features. 3  Sponsor capability and financial condition—Sponsor has historically met its credit obligations, routinely pays off loans at maturity, and has a capable management team.  Loan collateral and performance relative to underwriting—Property performance is consistent with underwritten expectations.  Quality and stability of collateral cash flows—Occupancy is stabilized, near stabilized, or is on track with underwriting.  Loan structure—LTV does not exceed 80% . 4  Sponsor capability and financial condition—Sponsor credit history includes missed payments, past due payment, and maturity extensions. Management team is capable but thin.  Loan collateral and performance relative to underwriting—Property performance lags behind underwritten expectations. Performance criteria and loan covenants have required occasional waivers. A sale of the property may be necessary in order for the borrower to pay off the loan at maturity.  Quality and stability of collateral cash flows—Occupancy is not stabilized and the property has a large amount of rollover.  Loan structure—LTV is 80% to 90% . 5  Sponsor capability and financial condition—Credit history includes defaults, deeds ‑in ‑lieu, foreclosures, and/or bankruptcies.  Loan collateral and performance relative to underwriting—Property performance is significantly worse than underwritten expectations. The loan is not in compliance with loan covenants and performance criteria and may be in default. Sale proceeds would not be sufficient to pay off the loan at maturity.  Quality and stability of collateral cash flows—The property has material vacancy and significant rollover of remaining tenants.  Loan structure—LTV exceeds 90% . As of March 31, 2016, the risk ratings for loans subject to our rating system, which excludes 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 Cost Transferred % of Risk Rating First Subordinated Mezzanine Recovery Loans Held- As Secured Total Category Mortgages Mortgages Loans Loans For-Sale Borrowings Total Loans 1 $ $ — $ — $ — $ — $ — $ % 2 — — — % 3 — — % 4 — — — % 5 — — — — — — — — % N/A — — — — % $ $ $ $ $ $ $ % As of December 31, 2015, 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 Cost Transferred % of Risk Rating First Subordinated Mezzanine Recovery Loans Held- As Secured Total Category Mortgages Mortgages Loans Loans For-Sale Borrowings Total Loans 1 $ $ — $ — $ — $ — $ — $ — % 2 — — — % 3 — — % 4 — — — % 5 — — — — — — — — % N/A — — — — — % $ $ $ $ — $ $ $ % After completing our impairment evaluation process, we concluded that no impairment charges were required on any individual loans held-for-investment as of March 31, 2016 or December 31, 2015, as we expect to collect all outstanding principal and interest. During the three months ended March 31, 2016, our Investing and Servicing Segment acquired an $8.2 million non-performing commercial mortgage loan. With the exception of this loan, none of our loans were 90 days or greater past due as of March 31, 2016. 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.” The following table presents the activity in our allowance for loan losses (amounts in thousands): For the Three Months Ended March 31, 2016 2015 Allowance for loan losses at January 1 $ $ Provision for loan losses Charge-offs — — Recoveries — — Allowance for loan losses at March 31 $ $ Recorded investment in loans related to the allowance for loan loss $ $ The activity in our loan portfolio was as follows (amounts in thousands): For the Three Months Ended March 31, 2016 2015 Balance at January 1 $ $ Acquisitions/originations/additional funding Capitalized interest (1) Basis of loans sold (2) Loan maturities/principal repayments Discount accretion/premium amortization Changes in fair value Unrealized foreign currency remeasurement loss Change in loan loss allowance, net Transfer to/from other asset classifications Balance at March 31 $ $ (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 11 for additional disclosure on these transactions.

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2016
Investment Securities
Investment Securities	5. Investment Securities Investment securities were comprised of the following as of March 31, 2016 and December 31, 2015 (amounts in thousands): Carrying Value as of March 31, 2016 December 31, 2015 RMBS, available-for-sale $ $ CMBS, fair value option (1) Held-to-maturity (“HTM”) securities Equity security, fair value option Subtotal — Investment securities VIE eliminations (1) Total investment securities $ $ (1) Certain fair value option CMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810. Purchases, sales and principal collections for all investment securities were as follows (amounts in thousands): Available-for-sale CMBS, fair HTM Equity RMBS CMBS value option Securities Security Total Three Months Ended March 31, 2016 Purchases $ $ — $ $ $ — $ Sales — — — — — — Principal collections — — Three Months Ended March 31, 2015 Purchases $ — $ — $ $ $ — $ Sales — — — — Principal collections — RMBS, Available-for-Sale The Company classified all of its RMBS as available-for-sale as of March 31, 2016 and December 31, 2015. These RMBS 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 as of March 31, 2016 and December 31, 2015 (amounts in thousands): Unrealized Gains or (Losses) Recognized in AOCI Purchase Recorded Gross Gross Net Amortized Credit Amortized Non-Credit Unrealized Unrealized Fair Value Cost OTTI Cost OTTI Gains Losses Adjustment Fair Value March 31, 2016 RMBS $ $ $ $ $ $ — $ $ December 31, 2015 RMBS $ $ $ $ $ $ — $ $ Weighted Average Coupon (1) Weighted Average Rating WAL (Years) (2) March 31, 2016 RMBS % CCC+ December 31, 2015 RMBS % B− (1) Calculated using the March 31, 2016 and December 31, 2015 one-month LIBOR rate of 0.437% and 0.430% , respectively, for floating rate securities. (2) Represents the WAL of each respective group of securities as of the respective balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments. As of March 31, 2016, approximately $159.4 million, or 75.6% , of our RMBS were variable rate and paid interest at LIBOR plus a weighted average spread of 1.02% . As of December 31, 2015, approximately $122.7 million, or 69.7% , of our RMBS were variable rate and paid interest at LIBOR plus a weighted average spread of 0.43% . 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 as of March 31, 2016 and December 31, 2015 (amounts in thousands): March 31, 2016 December 31, 2015 Principal balance $ $ Accretable yield Non-accretable difference Total discount Amortized cost $ $ The principal balance of credit deteriorated RMBS was $293.8 million and $199.0 million as of March 31, 2016 and December 31, 2015, respectively. Accretable yield related to these securities totaled $57.4 million and $57.7 million as of March 31, 2016 and December 31, 2015, respectively. The following table discloses the changes to accretable yield and non-accretable difference for our RMBS during the three months ended March 31, 2016 (amounts in thousands): Non-Accretable Three Months Ended March 31, 2016 Accretable Yield Difference Balance as of January 1, 2016 $ $ Accretion of discount — Principal write-downs — Purchases Sales — — OTTI — — Transfer to/from non-accretable difference Balance as of March 31, 2016 $ $ Subject to certain limitations on durations, we have allocated an amount to invest in RMBS that cannot exceed 10% of our total assets excluding the Investing and Servicing VIEs. We have engaged a third party manager who specializes in RMBS to execute the trading of RMBS, the cost of which was $0.4 million for both the three months ended March 31, 2016 and 2015, 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 any available-for-sale securities that were in an unrealized loss position as of March 31, 2016 and December 31, 2015, and for which OTTIs (full or partial) have not been recognized in earnings (amounts in thousands): Estimated Fair Value Unrealized Losses Securities with a Securities with a Securities with a Securities with a loss less than loss greater than loss less than loss greater than 12 months 12 months 12 months 12 months As of March 31, 2016 RMBS $ $ $ $ As of December 31, 2015 RMBS $ $ $ $ As of March 31, 2016 and December 31, 2015, there were four securities and five securities, respectively, with unrealized losses reflected in the table above. After evaluating these securities and recording adjustments for credit-related OTTI, we concluded that the remaining unrealized losses reflected above were noncredit-related and would be recovered from the securities’ estimated future cash flows. We considered a number of factors in reaching this conclusion, including that we did not intend to sell the securities, it was not considered more likely than not that we would be forced to sell the securities 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 OTTI we record on securities, 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 the Investing and Servicing Segment’s CMBS in an effort to eliminate accounting mismatches resulting from the current or potential consolidation of securitization VIEs. As of March 31, 2016, the fair value and unpaid principal balance of CMBS where we have elected the fair value option, before consolidation of securitization VIEs, were $1.0 billion and $4.6 billion, respectively. The $1.0 billion fair value balance represents our economic interests in these assets. However, as a result of our consolidation of securitization VIEs, the vast majority of this fair value ($915.9 million at March 31, 2016, which includes $120.9 million of CMBS consolidated as a result of our implementation of ASU 2015-02) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option CMBS. During the three months ended March 31, 2016, we purchased $46.6 million of CMBS, for which we elected the fair value option. Due to our consolidation of securitization VIEs, $13.4 million of this amount is eliminated and reflected primarily as repayment of debt of consolidated VIEs in our condensed consolidated statement of cash flows. As of March 31, 2016, none of our CMBS where we have elected the fair value option were variable rate. The table below summarizes various attributes of our investment in fair value option CMBS as of March 31, 2016 and December 31, 2015 (amounts in thousands): Weighted Average Coupon Weighted Average Rating (1) WAL (Years) (2) March 31, 2016 CMBS, fair value option % B− December 31, 2015 CMBS, fair value option % CCC+ (1) As of March 31, 2016 and December 31, 2015, excludes $8.7 million and $51.3 million, respectively, in fair value option CMBS that are not rated. (2) 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. HTM Securities The table below summarizes unrealized gains and losses of our investments in HTM securities as of March 31, 2016 and December 31, 2015 (amounts in thousands): Net Carrying Amount Gross Unrealized Gross Unrealized (Amortized Cost) Holding Gains Holding Losses Fair Value March 31, 2016 CMBS $ $ $ $ Preferred interests — Total $ $ $ $ December 31, 2015 CMBS $ $ $ $ Preferred interests — Total $ $ $ $ The table below summarizes the maturities of our HTM CMBS and our HTM preferred equity interests in limited liability companies that own commercial real estate as of March 31, 2016 (amounts in thousands): Preferred CMBS Interests Total Less than one year $ $ — $ One to three years — Three to five years — — — Thereafter — Total $ $ $ Equity Security, Fair Value Option During 2012, we acquired 9,140,000 ordinary shares from a related-party in Starwood European Real Estate Finance Limited (“SEREF”), a debt fund that is externally managed by an affiliate of our Manager and is listed on the London Stock Exchange. We have elected to report the investment using the fair value option because the shares are listed on an exchange, which allows us to determine the fair value using a quoted price from an active market, and also due to potential lags in reporting resulting from differences in the respective regulatory requirements. The fair value of the investment remeasured in USD was $13.9 m illion and $14.5 million as of March 31, 2016 and December 31, 2015, respectively. As of March 31, 2016, our shares represent an approximate 3% interest in SEREF.

Properties

Properties	3 Months Ended
	Mar. 31, 2016
Properties
Properties	6 . Propertie s Our properties include the Woodstar Portfolio, the REO Portfolio and the Ireland Portfolio as discussed in Note 3. The below table summarizes our properties held as of March 31, 2016 and December 31, 2015 (dollar amounts in thousands): Depreciable Life March 31, 2016 December 31, 2015 Property Segment Land — $ $ Land improvements 5 – 10 years Buildings 30 – 40 years Furniture & fixtures 3 – 7 years Investing and Servicing Segment Land — Buildings 20 – 40 years Building improvements 7 – 15 years Furniture & fixtures 3 – 5 years Tenant improvements 3 – 5 years Properties, cost Less: accumulated depreciation Properties, net $ $ In March 2015, the Investing and Servicing Segment sold an operating property that we had previously acquired from a CMBS trust, which resulted in a $17.1 million gain on sale of investments and other assets in our condensed consolidated statement of operations for the three months ended March 31, 2015. There were no properties sold during the three months ended March 31, 2016.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2016
Investment in Unconsolidated Entities
Investment in Unconsolidated Entities	7. Investment in Unconsolidated Entities The below table summarizes our investments in unconsolidated entities as of March 31, 2016 and December 31, 2015 (dollar amounts in thousands): Participation / Carrying value as of Ownership % (1) March 31, 2016 December 31, 2015 Equity method: Retail Fund 33% $ $ Investor entity which owns equity in an online real estate auction company 50% Equity interests in commercial real estate 16% - 43% Various 25% - 50% Cost method: Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% Various 0% - 3% $ $ (1) None of these investments are publicly traded and therefore quoted market prices are not available. There were no differences between the carrying value of our equity method investments and the underlying equity in the net assets of the investees as of March 31, 2016.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets
Goodwill and Intangible Assets	8. Goodwil l and Intangible Assets Goodwill Goodwill at March 31, 2016 and December 31, 2015 represents the excess of consideration transferred over the fair value of net assets of LNR Property LLC (“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. Intangible Assets Servicing Rights Intangibles In connection with the LNR acquisition, we identified domestic and European servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. All of our servicing fees are specified by these Pooling and Servicing Agreements. At March 31, 2016 and December 31, 2015, the balance of the domestic servicing intangible was net of $27.4 million and $11.8 million, respectively, that was eliminated in consolidation pursuant to ASC 810 against VIE assets in connection with our consolidation of securitization VIEs. Before VIE consolidation, as of March 31, 2016 and December 31, 2015, the domestic servicing intangible had a balance of $122.9 million and $131.5 million, respectively, which represents our economic interest in this asset. Lease Intangibles In connection with our acquisitions of commercial real estate, we recognized in-place lease intangible assets and favorable lease intangible assets associated with certain noncancelable operating leases of the acquired properties. The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of March 31, 2016 and December 31, 2015 (amounts in thousands): As of March 31, 2016 As of December 31, 2015 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Value Amortization Value Value Amortization Value Domestic servicing rights, at fair value $ $ — $ $ $ — $ European servicing rights (1) In-place lease intangible assets Favorable lease intangible assets Total net intangible assets $ $ $ $ $ $ (1) The fair value as of March 31, 2016 and December 31, 2015 was $4.9 million and $5.3 million, respectively. The following table summarizes the activity within intangible assets for the three months ended March 31, 2016 (amounts in thousands): Domestic European In-place Lease Favorable Lease Servicing Servicing Intangible Intangible Rights Rights Assets Assets Total Balance as of January 1, 2016 $ $ $ $ $ Impact of ASU 2015-02 Adoption (1) — — — Acquisition of additional Woodstar Portfolio properties — — — Acquisition of additional REO Portfolio properties — — Amortization — Foreign exchange (loss) gain — Changes in fair value due to changes in inputs and assumptions — — — Balance as of March 31, 2016 $ $ $ $ $ (1) As discussed in Notes 2 and 14, our implementation of ASU 2015-02 resulted in the consolidation of certain CMBS trusts effective January 1, 2016, which required the elimination of $17.5 million of domestic servicing rights associated with these newly consolidated trusts. The following table sets forth the estimated aggregate amortization of our European servicing rights, in-place lease intangible assets and favorable lease intangible assets for the next five years and thereafter (amounts in thousands ): 2016 (remainder of) $ 2017 2018 2019 2020 Thereafter Total $

Secured Financing Agreements

Secured Financing Agreements	3 Months Ended
	Mar. 31, 2016
Secured financing agreements
Secured Financing Agreements
Secured Financing Agreements	9. Secured Financing Agreements The following table is a summary of our secured financing agreements in place as of March 31, 2016 and December 31, 2015 (dollars in thousands): Carrying value at Current Extended Pledged Asset Maximum March 31, December 31, Maturity Maturity(a) Pricing Carrying Value Facility Size 2016 2015 Lender 1 Repo 1 (b) (b) LIBOR + 1.85% to 5.25% $ $ $ $ Lender 2 Repo 1 Oct 2017 Oct 2020 LIBOR + 1.75% to 2.75% Lender 3 Repo 1 May 2017 May 2019 LIBOR + 2.50% to 2.85% Lender 4 Repo 1 Oct 2016 Oct 2017 LIBOR + 2.00% Lender 4 Repo 2 Dec 2018 Dec 2020 LIBOR + 2.50% (c) — Lender 6 Repo 1 Aug 2018 N/A LIBOR + 2.50% to 3.00% Lender 7 Secured Financing Jul 2018 Jul 2019 LIBOR + 2.75% (d) (e) — Conduit Repo 1 Sep 2016 N/A LIBOR + 1.95% to 3.35% — — Conduit Repo 2 Nov 2016 N/A LIBOR + 2.10% — — — Conduit Repo 3 Feb 2018 Feb 2019 LIBOR + 2.10% Conduit Repo 4 Oct 2017 Oct 2020 LIBOR + 2.25% — CMBS Repo 1 (f) (f) LIBOR + 1.90% — CMBS Repo 2 Dec 2017 N/A LIBOR + 2.35% to 2.70% CMBS Repo 3 (g) (g) LIBOR + 1.40% to 1.85% RMBS Repo 1 (h) N/A LIBOR + 1.90% Investing and Servicing Segment Property Mortgages June 2018 to Dec 2025 N/A Various Ireland Portfolio Mortgage May 2020 N/A EURIBOR + 1.69% Woodstar Portfolio Mortgages Nov 2025 to Jan 2026 N/A 3.72% to 3.81% Woodstar Portfolio Government Financing Mar 2026 to June 2049 N/A 1.00% to 5.00% Term Loan Apr 2020 N/A LIBOR + 2.75% (d) FHLB Advances Nov 2016 N/A LIBOR + 0.37% $ $ Unamortized premium (discount), net Unamortized deferred financing costs $ $ (a) Subject to certain conditions as defined in the respective facility agreement. (b) Maturity date for borrowings collateralized by loans is January 2017 before extension options and January 2019 assuming exercise of initial extension options. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions and not to exceed January 2023. (c) The initial maximum facility size of $600.0 million may be increased to $1.0 billion at our option, subject to certain conditions. (d) Subject to borrower’s option to choose alternative benchmark based rates pursuant to the terms of the credit agreement. The term loan is also subject to a 75 basis point floor. (e) The initial maximum facility size of $450.0 million may be increased to $650.0 million at our option, subject to certain conditions. (f) Facility carries a rolling 11 month term which may reset monthly with the lender’s consent not to exceed December 2018. This facility carries no maximum facility size. Amount herein reflects the outstanding balance as of March 31, 2016. (g) Facility carries a rolling 12 month term which may reset monthly with the lender’s consent. Current maturity is March 2017. This facility carries no maximum facility size. Amount herein reflects the outstanding balance as of March 31, 2016. (h) The date that is 180 days after the buyer delivers notice to seller, subject to a maximum date of March 2017. In the normal course of business, the Company is in discussions with its lenders to extend or amend any financing facilities which contain near term expirations. During the three months ended March 31, 2016, we executed two mortgage facilities with aggregate borrowings of $16.0 million to finance commercial real estate acquired by our Investing and Servicing Segment. As of March 31, 2016, these facilities carry a remaining weighted average term of 4.9 years. One of the facilities carries a floating annual interest rate of LIBOR + 2.25% while the other facility carries a fixed annual interest rate of 3.00% . During the three months ended March 31, 2016, we assumed 16 federal, state and county sponsored mortgage facilities (“Woodstar Portfolio Government Financing”) associated with certain properties acquired in our Woodstar Portfolio with aggregate outstanding balances of $126.7 million as of the acquisition dates. In January 2016, we amended the CMBS Repo 2 facility to extend the maturity from December 2016 to December 2017. In March 2016, we amended the Lender 2 Repo 1 facility to upsize available borrowings from $500.0 million to $600.0 million. This additional $100.0 million of borrowing capacity is exclusively for the financing of conduit mortgage loans and therefore this component of the Lender 2 Repo 1 facility is separately presented in the secured financing agreements table above as Conduit Repo 4. Our secured financing agreements contain certain financial tests and covenants. Should we breach certain of these covenants it may restrict our ability to pay dividends in the future. As of March 31, 2016, we were in compliance with all such covenants. The following table sets forth our five ‑year principal repayments schedule for secured financings assuming no defaults and excluding 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): Repurchase Other Secured Agreements Financing Total 2016 (remainder of) $ $ $ 2017 2018 2019 2020 Thereafter Total $ $ $ Secured financing maturities for 2016 primarily relate to $221.9 million on the Lender 6 Repo 1 facility and $71.6 million on the Conduit Repo 3 facility. For the three months ended March 31, 2016 and 2015, approximately $3.9 million and $3.5 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. The following table sets forth our outstanding balance of repurchase agreements related to the following asset collateral classes as of March 31, 2016 and December 31, 2015 (amounts in thousands): Class of Collateral March 31, 2016 December 31, 2015 Loans held-for-investment $ $ Loans held-for-sale Investment securities $ $ We seek to mitigate risks associated with our repurchase agreements by managing risk related to the credit quality of our assets, interest rates, liquidity, prepayment speeds and market value. The margin call provisions under the majority of our repurchase facilities, consisting of 59% of these agreements, do not permit valuation adjustments based on capital markets activity. Instead, margin calls on these facilities are limited to collateral-specific credit marks. To monitor credit risk associated with the performance and value of our loans and investments, our asset management team regularly reviews our investment portfolios and is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary. For repurchase agreements containing margin call provisions for general capital markets activity, approximately 27% of these pertain to our loans held-for-sale, for which we manage credit risk through the purchase of credit index instruments. We further seek to manage risks associated with our repurchase agreements by matching the maturities and interest rate characteristics of our loans with the related repurchase agreements.

Convertible Senior Notes

Convertible Senior Notes	3 Months Ended
	Mar. 31, 2016
Convertible Senior Notes
Convertible Senior Notes
Convertible Senior Notes	10. Convertible Senior Notes On October 8, 2014, we issued $431.3 million of 3.75% Convertible Senior Notes due 2017 (the “2017 Notes”). On February 15, 2013, we issued $600.0 million of 4.55% Convertible Senior Notes due 2018 (the “2018 Notes”). On July 3, 2013, we issued $460.0 million of 4.00% Convertible Senior Notes due 2019 (the “2019 Notes”). The following summarizes the unsecured convertible senior notes (collectively, the “Convertible Notes”) outstanding as of March 31, 2016 (amounts in thousands, except rates): Remaining Principal Coupon Effective Conversion Maturity Period of Amount Rate Rate(1) Rate(2) Date Amortization 2017 Notes $ % % 10/15/2017 years 2018 Notes $ % % 3/1/2018 years 2019 Notes $ % % 1/15/2019 years As of As of March 31, 2016 December 31, 2015 Total principal $ $ Unamortized discount Unamortized deferred financing costs Carrying amount of debt components $ $ Carrying amount of conversion option equity components recorded in additional paid-in capital $ $ (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 indentures governing the Convertible Notes (including the applicable supplemental indentures) as a result of the spin-off of our former single family residential (“SFR”) segment to our stockholders in January 2014 and cash dividend payments. The if ‑converted value of the 2017 Notes, 2018 Notes and 2019 Notes was less than their principal amounts by $90.5 million, $72.2 million and $23.4 million at March 31, 2016, respectively, since the closing market price of the Company’s common stock of $18.93 per share was less than the implicit conversion prices of $23.96 , $21.52 and $20.32 , respectively. 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 62.7 million shares, was not included in the computation of diluted EPS. No dilution related to the Convertible Notes was included in the computation of diluted EPS for the three months ended March 31, 2016 as these notes were not “in-the-money”. See further discussion in Note 17. We did not repurchase any Convertible Notes during the three months ended March 31, 2016. During the three months ended March 31, 2015, we repurchased $104.1 million aggregate principal amount of our 2019 Notes for $119.8 million plus transaction expenses of $0.1 million. The repurchase price was allocated between the fair value of the liability component and the fair value of the equity component of the convertible security. The portion of the repurchase price attributable to the equity component totaled $15.7 million and was recognized as a reduction of additional paid-in capital during the three months ended March 31, 2015. The remaining repurchase price was attributable to the liability component. The difference between this amount and the net carrying amount of the liability and debt issuance costs was reflected as a loss on extinguishment of debt in our condensed consolidated statement of operations. For the three months ended March 31, 2015, the loss on extinguishment of debt totaled $5.3 million, consisting principally of the write-off of unamortized debt discount. Conditions for Conversion Prior to April 15, 2017 for the 2017 Notes, 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 110% , in the case of the 2017 Notes, or 130% , in the case of the 2018 Notes and the 2019 Notes, 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 April 15, 2017, in the case of the 2017 Notes, September 1, 2017, in the case of the 2018 Notes, and July 15, 2018, in the case of the 2019 Notes, holders may convert each of their Convertible 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.

Loan Securitization_Sale Activi

Loan Securitization/Sale Activities	3 Months Ended
	Mar. 31, 2016
Loan Securitization/Sale Activities
Loan Securitization/Sale Activities	11. 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 the Investing and Servicing Segment, we originate commercial mortgage loans with the intent to sell these mortgage loans to VIEs for the purposes of securitization. These VIEs then issue CMBS that are collateralized in part by these assets, as well as other assets transferred to the VIE. In certain instances, we retain a subordinated interest in the VIE and serve as special servicer for the VIE. The following summarizes the fair value and par value of loans sold from our conduit platform, as well as the amount of sale proceeds used in part to repay the outstanding balance of the repurchase agreements associated with these loans for the three months ended March 31, 2016 and 2015 (amounts in thousands): For the Three Months Ended March 31, 2016 2015 Fair value of loans sold $ $ Par value of loans sold Repayment of repurchase agreements Within the Lending Segment, we originate or acquire loans and then subsequently sell a portion, which can be in various forms including first mortgages, A-Notes, senior participations and mezzanine loans. 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. In certain instances, we continue to service the loan following its sale. The following table summarizes our loans sold and loans transferred as secured borrowings by the Lending Segment net of expenses (amounts in thousands): Loan Transfers Loan Transfers Accounted Accounted for as Secured for as Sales Borrowings Face Amount Proceeds Face Amount Proceeds For the Three Months Ended March 31, 2016 $ $ $ — $ — 2015 — — During the three months ended March 31, 2016 and 2015, gains recognized by the Lending Segment on sales of loans were not material.

Derivatives and Hedging Activit

Derivatives and Hedging Activity	3 Months Ended
	Mar. 31, 2016
Derivatives and Hedging Activity
Derivatives and Hedging Activity	12. 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 six outstanding interest rate swaps that have been designated as cash flow hedges of the interest rate risk associated with forecasted interest payments. As of March 31, 2016, the aggregate notional amount of our interest rate swaps designated as cash flow hedges of interest rate risk totaled $69.5 million. Under these agreements, we will pay fixed monthly coupons at fixed rates ranging from 0.60% to 1.52% 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 August 2017 to May 2021. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in AOCI and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2016 and 2015, 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 12 months, we estimate that an additional $0.2 million will be reclassified as an increase to interest expense. We are hedging our exposure to the variability in future cash flows for forecasted transactions over a maximum period of 62 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 (loss) gain on derivative financial instruments in our condensed consolidated statements of operations. 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 June 2020. 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 and properties. The following table summarizes our non-designated foreign exchange (“Fx”) forwards, interest rate swaps, interest rate caps and credit index instruments as of March 31, 2016 (notional amounts in thousands): Aggregate Number Notional Notional Type of Derivative of Contracts Amount Currency Maturity Fx contracts – Buy Danish Krone ("DKK") DKK December 2016 Fx contracts – Buy Euros ("EUR") EUR December 2016 Fx contracts – Buy Norwegian Krone ("NOK") NOK December 2016 Fx contracts – Buy Swedish Krona ("SEK") SEK December 2016 Fx contracts – Sell Danish Krone ("DKK") DKK December 2016 Fx contracts – Sell Euros ("EUR") (1) EUR May 2016 – June 2020 Fx contracts – Sell Pounds Sterling ("GBP") GBP April 2016 – March 2018 Fx contracts – Sell Norwegian Krone ("NOK") NOK December 2016 Fx contracts – Sell Swedish Krona ("SEK") SEK December 2016 Interest rate swaps – Paying fixed rates USD July 2016 – April 2026 Interest rate swaps – Receiving fixed rates USD July 2017 Interest rate caps EUR May 2020 Interest rate caps USD June 2018 – October 2020 Credit index instruments USD September 2058 Total (1) Includes 51 Fx contracts executed to hedge our Euro currency exposure created by our acquisition of the Ireland Portfolio. As of March 31, 2016, these contracts have an aggregate notional amount of €249.4 million and varying maturities through June 2020. The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives in an Asset Position (1) As of in a Liability Position (2) As of March 31, December 31, March 31, December 31, 2016 2015 2016 2015 Derivatives designated as hedging instruments: Interest rate swaps $ $ $ $ Total derivatives designated as hedging instruments Derivatives not designated as hedging instruments: Interest rate swaps and caps Foreign exchange contracts Credit index instruments — — Total derivatives not designated as hedging instruments Total derivatives $ $ $ $ (1) Classified as derivative assets in our condensed consolidated balance sheets. (2) Classified as derivative liabilities in our condensed consolidated balance sheets. The tables below present the effect of our derivative financial instruments on the condensed consolidated statements of operations and of comprehensive income for the three months ended March 31, 2016 and 2015 (amounts in thousands): Gain (Loss) Gain (Loss) Reclassified Gain (Loss) Recognized from AOCI Recognized Derivatives Designated as Hedging Instruments in OCI into Income in Income Location of Gain (Loss) For the Three Months Ended March 31, (effective portion) (effective portion) (ineffective portion) Recognized in Income 2016 $ $ $ — Interest expense 2015 $ $ $ — Interest expense Amount of Gain (Loss) Recognized in Income for the Derivatives Not Designated Location of Gain (Loss) Three Months Ended March 31, as Hedging Instruments Recognized in Income 2016 2015 Interest rate swaps and caps (Loss) gain on derivative financial instruments $ $ Foreign exchange contracts (Loss) gain on derivative financial instruments Credit index instruments (Loss) gain on derivative financial instruments $ $

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2016
Offsetting Assets and Liabilities
Offsetting Assets and Liabilities	13. 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 ): (iv) Gross Amounts Not Offset in the Statement (ii) (iii) = (i) - (ii) of Financial Position Gross Amounts Net Amounts Cash (i) Offset in the Presented in Collateral Gross Amounts Statement of the Statement of Financial Received / (v) = (iii) - (iv) Recognized Financial Position Financial Position Instruments Pledged Net Amount As of March 31, 2016 Derivative assets $ $ — $ $ $ — $ Derivative liabilities $ $ — $ $ $ $ — Repurchase agreements — — — $ $ — $ $ $ $ — As of December 31, 2015 Derivative assets $ $ — $ $ $ — $ Derivative liabilities $ $ — $ $ $ $ — Repurchase agreements — — — $ $ — $ $ $ $ —

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Variable Interest Entities
Variable Interest Entities	14. 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 VIE 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 As discussed in Note 2, our implementation of ASU 2015-02 resulted in the consolidation of certain CMBS trusts where the right to remove the Company as special servicer was not exercisable without cause. These 14 trusts had $15.1 billion of VIE assets and $15.1 billion of VIE liabilities as of March 31, 2016. The carrying value of our CMBS investments in these 14 trusts, totaling $120.9 million, was eliminated in consolidation against VIE liabilities as of March 31, 2016. 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 without cause. In these instances, we do not have the power to direct activities that most significantly impact the VIE’s economic performance. In other cases, the variable interest we hold does not obligate us to absorb losses or provide us with the right to receive benefits from the VIE which could potentially be significant. For these structures, we are not deemed to be the primary beneficiary of the VIE, and we do not consolidate these VIEs. As of March 31, 2016, one of our CDO structures was in default, which pursuant to the underlying indentures, changes the rights of the variable interest holders. Upon default of a CDO, the trustee or senior note holders are allowed to exercise certain rights, including liquidation of the collateral, which at that time, is the activity which would most significantly impact the CDO’s economic performance. Further, when the CDO is in default, the collateral administrator no longer has the option to purchase securities from the CDO. In cases where the CDO is in default and we do not have the ability to exercise rights which would most significantly impact the CDO’s economic performance, we do not consolidate the VIE. As of March 31, 2016, this CDO structure was not consolidated. As noted above, we are not obligated to provide, nor have we provided, any financial support for any of our securitization VIEs, whether or not we are deemed to be the primary beneficiary. As such, the risk associated with our involvement in these VIEs is limited to the carrying value of our investment in the entity. As of March 31, 2016, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $96.7 million on a fair value basis. As of March 31, 2016, the securitization VIEs which we do not consolidate had debt obligations to beneficial interest holders with unpaid principal balances of $24.3 billion. The corresponding assets are comprised primarily of commercial mortgage loans with unpaid principal balances corresponding to the amounts of the outstanding debt obligations. As discussed in Note 2, our implementation of ASU 2015-02 resulted in the determination that certain unconsolidated entities in which we hold passive non-controlling interests are now considered VIEs. We are not the primary beneficiaries of these VIEs as we do not possess the power to direct the activities of the VIEs that most significantly impact their economic performance and therefore continue to report our interests, which totaled $130.5 million as of March 31, 2016, within investment in unconsolidated entities on our condensed consolidated balance sheet. Our maximum risk of loss is limited to our carrying value of the investments plus $29.2 million of remaining commitments related to one of these VIEs. These VIEs had assets of $2.0 billion and liabilities of $1.1 billion as of March 31, 2016.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2016
Related-Party Transactions
Related-Party Transactions	15. Related-Party Transaction s 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 March 31, 2016 and 2015, approximately $15.1 million and $13.9 million, respectively, was incurred for base management fees . As of March 31, 2016 and December 31, 2015, there were $15.1 million and $15.2 million, respectively, of unpaid base management fees included in the related-party payable in our condensed consolidated balance sheets. Incentive Fee. For the three months ended March 31, 2016 and 2015, approximately $4.6 million and $6.7 million, respectively, was incurred for incentive fees. As of March 31, 2016 and December 31, 2015, approximately $4.6 million and $21.8 million, respectively, of unpaid incentive fees were included in related-party payable in our condensed consolidated balance sheets. Expense Reimbursement. For the three months ended March 31, 2016 and 2015, approximately $1.1 million and $1.3 million, respectively, was incurred for executive compensation and other reimbursable expenses and recognized within general and administrative expenses in our condensed consolidated statements of operations . As of March 31, 2016 and December 31, 2015, approximately $3.9 million and $3.6 million, respectively, of unpaid reimbursable executive compensation and other expenses were included in related-party payable in our condensed consolidated balance sheets. Equity Awards. In certain instances, we issue RSAs to certain employees of affiliates of our Manager who perform services for us. During the three months ended March 31, 2016 and 2015, we granted 162,546 and 23,677 RSAs, respectively, at grant date fair values of $3.1 million and $0.6 million, respectively. These shares generally vest over a three -year period. Expenses related to the vesting of awards to employees of affiliates of our Manager were $0.4 million and immaterial during the three months ended March 31, 2016 and 2015, respectively, and are reflected in general and administrative expenses in our condensed consolidated statements of operations Manager Equity Plan In May 2015, we granted 675,000 RSUs to our Manager under the Starwood Property Trust, Inc. Manager Equity Plan (“Manager Equity Plan”). In connection with this grant and prior similar grants, we recognized share-based compensation expense of $ 4.8 million and $7.0 million within management fees in our condensed consolidated statements of operations for the three months ended March 31, 2016 and 2015, respectively. Refer to Note 16 for further discussion of these grants. Investments in Loans and Securities In December 2013, we acquired a subordinate CMBS investment in a securitization issued by an affiliate of our Manager. The security was acquired for $84.1 million and is secured by five regional malls in Ohio, California and Washington. In January 2016, we acquired an additional $9.7 million of this subordinate CMBS investment. Acquisitions from Consolidated CMBS Trusts Our Investing and Servicing Segment acquires controlling interests in properties for its REO Portfolio from CMBS trusts, some of which are consolidated as VIEs on our balance sheet. Acquisitions from consolidated VIEs are reflected as repayment of debt of consolidated VIEs in our condensed consolidated statements of cash flows. During the three months ended March 31, 2016, we acquired $24.7 million of net real estate assets from consolidated CMBS trusts. Refer to Note 3 for further discussion of these acquisitions. Our Investing and Servicing Segment also acquires controlling interests in performing and non-performing commercial mortgage loans from CMBS trusts, some of which are consolidated as VIEs on our balance sheet. Acquisitions from consolidated VIEs are reflected as repayment of debt of consolidated VIEs in our condensed consolidated statements of cash flows. During the three months ended March 31, 2016, we acquired $9.7 million and $8.2 million of performing and non-performing loans, respectively, from consolidated CMBS trusts. Other Related-Party Arrangements During the three months ended March 31, 2016, we established a co-investment fund which provides key personnel with the opportunity to invest in certain properties included in our REO Portfolio. These personnel include certain of our employees as well as employees of affiliates of our Manager (collectively “Fund Participants”). The fund carries an aggregate commitment of $15.0 million and owns a 10% equity interest in REO Portfolio properties acquired subsequent to January 1, 2015. Of this commitment, Fund Participants have contributed $3.5 million through March 31, 2016, with a maximum expected capital contribution amount of $4.9 million. The capital contributed by Fund Participants to date is reflected on our condensed consolidated balance sheet as non-controlling interests in consolidated subsidiaries. In an effort to retain key personnel, the fund provides for disproportionate distributions which allows Fund Participants to earn an incremental 60% on all operating cash flows attributable to their capital account, net of a preferred return to us as general partner of the fund. Amounts earned by Fund Participants pursuant to this waterfall are reflected within net income attributable to non-controlling interests in our condensed consolidated statement of operations. During the three months ended March 31, 2016, the non-controlling interests related to this fund recognized an immaterial loss. Refer to Note 16 to the consolidated financial statements included in our Form 10-K for further discussion of related-party agreements.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity
Stockholders' Equity	16. Stockholders’ Equity During the three months ended March 31, 2016, our board of directors declared the following dividends: Declare Date Record Date Ex-Dividend Date Payment Date Amount Frequency 2/25/16 3/31/16 3/29/16 4/15/16 $ Quarterly During the three months ended March 31, 2016, there were no shares issued under our At-The-Market Equity Offering Sales Agreement (the “ATM Agreement”). During the three months ended March 31, 2016, shares issued under the Starwood Property Trust, Inc. Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) were not material. During the three months ended March 31, 2016, we repurchased 1,052,889 shares of common stock for $19.7 million under our $500.0 million repurchase program. Refer to Note 17 to the consolidated financial statements included in our Form 10-K for further information regarding the repurchase program. As of March 31, 2016, we have $282.1 million of remaining capacity to repurchase common stock or Convertible Notes under the repurchase program through January 2017. 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. The table below summarizes our share awards granted or vested under the Manager Equity Plan during the three months ended March 31, 2016 and 2015 (dollar amounts in thousands): Grant Date Type Amount Granted Grant Date Fair Value Vesting Period May 2015 RSU $ 3 years January 2014 RSU 3 years January 2014 RSU 3 years As of March 31, 2016, there were 2.3 million shares available for future grants under the Manager Equity Plan, the Equity Plan and the Non-Executive Director Stock Plan. Schedule of Non-Vested Shares and Share Equivalents Non-Executive Weighted Average Director Manager Grant Date Fair Value Stock Plan Equity Plan Equity Plan Total (per share) Balance as of January 1, 2016 $ Granted — Vested — Forfeited — — Balance as of March 31, 2016

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2016
Earnings per Share
Earnings per Share	17. Earnings per Share The following table provides a reconciliation of net income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2016 2015 Basic Earnings Income attributable to STWD common stockholders $ $ Less: Income attributable to participating shares Basic earnings $ $ Diluted Earnings Basic — Income attributable to STWD common stockholders $ $ Less: Income attributable to participating shares Add: Undistributed earnings to participating shares — Less: Undistributed earnings reallocated to participating shares — Diluted earnings $ $ Number of Shares: Basic — Average shares outstanding Effect of dilutive securities — Convertible Notes — Effect of dilutive securities — Contingently issuable shares Effect of dilutive securities — Unvested non-participating shares — Diluted — Average shares outstanding Earnings Per Share Attributable to STWD Common Stockholders: Basic $ $ Diluted $ $ As of March 31, 2016 and 2015, participating shares of 1.5 million and 1.8 million, respectively, were excluded from the computation of diluted shares as their effect was already considered under the more dilutive two-class method used above. Also as of March 31, 2016, there were 62.7 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 62.7 million shares at March 31, 2016, was not included in the computation of diluted EPS. As discussed in Note 10, the conversion options associated with the Convertible Notes are “out-of-the-money” because the if-converted value of the 2017, 2018 and 2019 Convertible Notes was less than their principal amount by $90.5 million, $72.2 million and $23.4 million, respectively, at March 31, 2016. Therefore, there was no dilutive effect to EPS for the Convertible Notes.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income	18. Accumulated Other Comprehensive Income The changes in AOCI by component are as follows (amounts in thousands): Cumulative Unrealized Gain Effective Portion of (Loss) on Foreign Cumulative Loss on Available-for- Currency Cash Flow Hedges Sale Securities Translation Total Three Months Ended March 31, 2016 Balance at January 1, 2016 $ $ $ $ OCI before reclassifications Amounts reclassified from AOCI — — Net period OCI Balance at March 31, 2016 $ $ $ $ Three Months Ended March 31, 2015 Balance at January 1, 2015 $ $ $ $ OCI before reclassifications Amounts reclassified from AOCI — Net period OCI Balance at March 31, 2015 $ $ $ $ The reclassifications out of AOCI impacted the condensed consolidated statements of operations for the three months ended March 31, 2016 and 2015 as follows (amounts in thousands): Amounts Reclassified from AOCI during the Three Months Affected Line Item Ended March 31, in the Statements Details about AOCI Components 2016 2015 of Operations Losses on cash flow hedges: Interest rate contracts $ $ Interest expense Unrealized gains (losses) on available-for-sale securities: Interest realized upon collection — Interest income from investment securities Total reclassifications for the period $ $

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2016
Fair Value
Fair Value	19. Fair Value GAAP establishes a hierarchy of valuation techniques based on the observability of inputs utilized in measuring financial assets and liabilities at fair value. GAAP establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The three levels of the hierarchy are described below: Level I —Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level II —Inputs (other than quoted prices included in Level I) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level III —Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation Process We have valuation control processes in place to validate the fair value of the Company’s financial assets and liabilities measured at fair value including those derived from pricing models. These control processes are designed to assure that the values used for financial reporting are based on observable inputs wherever possible. Refer to Note 20 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. Fair Value Disclosures The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the condensed consolidated balance sheets by their level in the fair value hierarchy as of March 31, 2016 and December 31, 2015 (amounts in thousands): March 31, 2016 Total Level I Level II Level III Financial Assets: Loans held-for-sale, fair value option $ $ — $ — $ RMBS — — CMBS — — Equity security — — Domestic servicing rights — — Derivative assets — — VIE assets — — Total $ $ $ $ Financial Liabilities: Derivative liabilities $ $ — $ $ — VIE liabilities — Total $ $ — $ $ December 31, 2015 Total Level I Level II Level III Financial Assets: Loans held-for-sale, fair value option $ $ — $ — $ RMBS — — CMBS — — Equity security — — Domestic servicing rights — Derivative assets — — VIE assets — — Total $ $ $ $ Financial Liabilities: Derivative liabilities $ $ — $ $ — VIE liabilities — Total $ $ — $ $ The changes in financial assets and liabilities classified as Level III are as follows for the three months ended March 31, 2016 and 2015 (amounts in thousands): Domestic Loans Servicing VIE Three Months Ended March 31, 2016 Held ‑ for ‑ sale RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2016 balance $ $ $ $ $ $ $ Impact of ASU 2015-02 Adoption (1) — — — — — Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale — Net accretion — — — — — Included in OCI — — — — — Purchases / Originations — — — Sales — — — — — Issuances — — — — — Cash repayments / receipts — — Transfers into Level III — — — — — Transfers out of Level III — — — — — Consolidation of VIEs — — — Deconsolidation of VIEs — — — March 31, 2016 balance $ $ $ $ $ $ $ Amount of total gains (losses) included in earnings attributable to assets still held at March 31, 2016 $ $ $ $ $ $ $ (1) As discussed in Notes 2 and 14, our implementation of ASU 2015-02 resulted in the consolidation of certain CMBS trusts effective January 1, 2016, which required the elimination of $17.5 million of domestic servicing rights associated with these newly consolidated trusts. Domestic Loans Servicing VIE Three Months Ended March 31, 2015 Held ‑ for ‑ sale RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2015 balance $ $ $ $ $ $ $ Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale — Net accretion — — — — — Included in OCI — — — — Purchases / Originations — — — — Sales — — — — Issuances — — — — — Cash repayments / receipts — — Transfers into Level III — — — — — Transfers out of Level III — — — — — Consolidation of VIEs — — — Deconsolidation of VIEs — — — — — March 31, 2015 balance $ $ $ $ $ $ $ Amount of total gains (losses) included in earnings attributable to assets still held at March 31, 2015 $ $ $ $ $ $ $ Amounts were transferred from Level II to Level III due to a decrease in the observable relevant market activity and amounts were transferred from Level III to Level II due to an increase in the observable relevant market activity. The following table presents the fair values, all of which are classified in Level III of the fair value hierarchy, of our financial instruments not carried at fair value on the condensed consolidated balance sheets (amounts in thousands ): March 31, 2016 December 31, 2015 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 $ $ $ $ HTM securities European servicing rights Financial liabilities not carried at fair value: Secured financing agreements and secured borrowings on transferred loans $ $ $ $ Convertible senior notes 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 Unobservable Range as of (1) March 31, 2016 Technique Input March 31, 2016 December 31, 2015 Loans held-for-sale, fair value option $ Discounted cash flow Yield (b) 4.7% - 5.7% 4.8% - 5.3% Duration (c) 5.0 - 10.0 years 5.0 - 10.0 years RMBS Discounted cash flow Constant prepayment rate (a) 2.7% - 15.6% 2.6% - 17.8% Constant default rate (b) 1.0% - 8.7% 1.0% - 8.9% Loss severity (b) 7% - 80% (e) 10% - 79% (e) Delinquency rate (c) 2% - 29% 2% - 29% Servicer advances (a) 29% - 93% 30% - 94% Annual coupon deterioration (b) 0% - 0.4% 0% - 0.5% Putback amount per projected total collateral loss (d) 0% - 11% 0% - 11% CMBS Discounted cash flow Yield (b) 0% - 278.0% 0% - 435.8% Duration (c) 0 - 9.8 years 0 - 18.5 years Domestic servicing rights Discounted cash flow Debt yield (a) 8.25% 8.25% Discount rate (b) 15% 15% Control migration (b) 0% - 80% 0% - 80% VIE assets Discounted cash flow Yield (b) 0% - 880.5% 0% - 920.2% Duration (c) 0 - 15.1 years 0 - 17.5 years VIE liabilities Discounted cash flow Yield (b) 0% - 880.5% 0% - 920.2% Duration (c) 0 - 15.1 years 0 - 17.5 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) 71% and 76% of the portfolio falls within a range of 45% -80% as of March 31, 2016 and December 31, 2015, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes
Income Taxes	20. Income Taxes Certain of our subsidiaries have elected to be treated as 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. Our 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. The majority of our TRSs are held within the Investing and Servicing Segment. As of March 31, 2016 and December 31, 2015, approximately $629.9 m illion and $858.5 million, respectively, of the Investing and Servicing Segment’s assets, including $61.7 million and $185.6 million in cash, respectively, were owned by TRS entities. Our TRSs are not consolidated for U.S. 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. The following table is a reconciliation of our U.S. federal income tax determined using our statutory federal tax rate to our reported income tax provision for the three months ended March 31, 2016 and 2015 (dollar amounts in thousands): For the Three Months Ended March 31, 2016 2015 Federal statutory tax rate $ % $ % REIT and other non-taxable income % % State income taxes % % Federal benefit of state tax deduction % % Valuation allowance — — % % Other % % Effective tax rate $ % $ %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies.
Commitments and Contingencies	21. Commitments and Contingencie s As of March 31, 2016, we had future funding commitments on 50 loans totaling $1.4 billion, of which we expect to fund $1.2 billion. These future funding commitments primarily relate 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. In the ordinary course of business, we provide various forms of guarantees. In limited instances, specifically involving construction loans, the Company has guaranteed the future funding obligations of certain third party lenders in the event that such third parties fail to fund their proportionate share of the obligation in a timely manner. We are currently unaware of any circumstances which would require us to make payments under any of these guarantees. Management is not aware of any other contractual obligations, legal proceedings, or any other contingent obligations incurred in the normal course of business that would have a material adverse effect on our condensed consolidated financial statements.

Segment Data

Segment Data	3 Months Ended
	Mar. 31, 2016
Segment Data
Segment and Data	22. Segment Dat a 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. Effective April 1, 2015, upon our Ireland Portfolio acquisition discussed in Note 3, we established a third business segment, the Property Segment, and transferred our existing equity method investment in four regional shopping malls (the “Retail Fund”) from our Lending Segment to our Property Segment. We have retrospectively reclassified prior periods to conform to these changes in presentation. The table below presents our results of operations for the three months ended March 31, 2016 by business segment (amounts in thousands): Investing Investing Lending and Servicing Property and Servicing Segment Segment Segment Corporate Subtotal VIEs Total Revenues: Interest income from loans $ $ $ — $ — $ $ — $ Interest income from investment securities — — Servicing fees — — Rental income — — — Other revenues — Total revenues — Costs and expenses: Management fees — Interest expense — General and administrative Acquisition and investment pursuit costs — — Costs of rental operations — — — Depreciation and amortization — — — Loan loss allowance, net — — — — Other expense — — — — Total costs and expenses Income (loss) before other income (loss), income taxes and non-controlling interests Other income (loss): Change in net assets related to consolidated VIEs — — — — — Change in fair value of servicing rights — — — Change in fair value of investment securities, net — — Change in fair value of mortgage loans held-for-sale, net — — — — Earnings from unconsolidated entities — Gain on sale of investments and other assets, net — — — — Loss on derivative financial instruments, net — — Foreign currency (loss) gain, net — — Other income, net — — Total other income (loss) Income (loss) before income taxes Income tax provision — — — Net income (loss) Net (income) loss attributable to non-controlling interests — — Net income (loss) attributable to Starwood Property Trust, Inc . $ $ $ $ $ $ — $ The table below presents our results of operations for the three months ended March 31, 2015 by business segment (amounts in thousands): Investing Investing Lending and Servicing Property and Servicing Segment Segment Segment Corporate Subtotal VIEs Total Revenues: Interest income from loans $ $ $ — $ — $ $ — $ Interest income from investment securities — — Servicing fees — — Rental income — — — — Other revenues — — Total revenues — — Costs and expenses: Management fees — Interest expense — — General and administrative Acquisition and investment pursuit costs — — Costs of rental operations — — — — Depreciation and amortization — — — — Loan loss allowance, net — — — — Other expense — — — — Total costs and expenses Income (loss) before other income (loss), income taxes and non-controlling interests Other income (loss): Change in net assets related to consolidated VIEs — — — — — Change in fair value of servicing rights — — — Change in fair value of investment securities, net — — Change in fair value of mortgage loans held-for-sale, net — — — — Earnings from unconsolidated entities — Gain on sale of investments and other assets, net — — — Gain (loss) on derivative financial instruments, net — — Foreign currency (loss) gain, net — — Loss on extinguishment of debt — — — — Other income, net — — — Total other income (loss) Income (loss) before income taxes Income tax benefit (provision) — — — Net income (loss) Net income attributable to non-controlling interests — — — Net income (loss) attributable to Starwood Property Trust, Inc . $ $ $ $ $ $ — $ The table below presents our condensed consolidated balance sheet as of March 31, 2016 b y business segment (amounts in thousands): Investing Investing Lending and Servicing Property and Servicing Segment Segment Segment Corporate Subtotal VIEs Total Assets: Cash and cash equivalents $ $ $ $ $ $ $ Restricted cash — — Loans held-for-investment, net — — — Loans held-for-sale — — — — Loans transferred as secured borrowings — — — — Investment securities — — Properties, net — — — Intangible assets — — Investment in unconsolidated entities — Goodwill — — — — Derivative assets — — Accrued interest receivable — — Other assets VIE assets, at fair value — — — — — Total Assets $ $ $ $ $ $ $ Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ $ $ $ $ $ $ Related-party payable — — — Dividends payable — — — — Derivative liabilities — — Secured financing agreements, net — Convertible senior notes, net — — — — Secured borrowings on transferred loans — — — — VIE liabilities, at fair value — — — — — Total Liabilities Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — Additional paid-in capital — Treasury stock — — — — Accumulated other comprehensive income (loss) — — Retained earnings (accumulated deficit) — Total Starwood Property Trust, Inc. Stockholders’ Equity — Non-controlling interests in consolidated subsidiaries — — Total Equity Total Liabilities and Equity $ $ $ $ $ $ $ The table below presents our condensed consolidated balance sheet as of December 31, 2015 by business segment (amounts in thousands): Investing Investing Lending and Servicing Property and Servicing Segment Segment Segment Corporate Subtotal VIEs Total Assets: Cash and cash equivalents $ $ $ $ $ $ $ Restricted cash — — Loans held-for-investment, net — — — — Loans held-for-sale — — — — Loans transferred as secured borrowings — — — — Investment securities — — Properties, net — — — Intangible assets — — Investment in unconsolidated entities — Goodwill — — — — Derivative assets — — Accrued interest receivable — — — Other assets VIE assets, at fair value — — — — — Total Assets $ $ $ $ $ $ $ Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ $ $ $ $ $ $ Related-party payable — — — Dividends payable — — — — Derivative liabilities — — — Secured financing agreements, net — Convertible senior notes, net — — — — Secured borrowings on transferred loans — — — — VIE liabilities, at fair value — — — — — Total Liabilities Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — Additional paid-in capital — Treasury stock — — — — Accumulated other comprehensive income (loss) — — Retained earnings (accumulated deficit) — Total Starwood Property Trust, Inc. Stockholders’ Equity — Non-controlling interests in consolidated subsidiaries — — Total Equity Total Liabilities and Equity $ $ $ $ $ $ $

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events
Subsequent Events	23. Subsequent Events Our significant events subsequent to March 31, 2016 were as follows: Woodstar Portfolio Acquisitions In April 2016, we acquired the final two properties in the Woodstar Portfolio, comprised of 628 units, which were previously under contract for an aggregate gross acquisition price of $39.4 million. We assumed government sponsored debt of $2.5 million and other third party debt of $18.6 million at acquisition. Dividend Declaration On May 9, 2016, our board of directors declared a dividend of $0 .48 per share for the second quarter of 2016, which is payable on July 15, 2016 to common stockholders of record as of June 30, 2016.

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies
Balance Sheet Presentation of the Investing and Servicing Segment"s Variable Interest Entities	Balance Sheet Presentation of the Investing and Servicing Segment’s Variable Interest Entities As noted above, the Investing and Servicing Segment operates an investment 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 accounting principles generally accepted in the United States of America (“GAAP”), SPEs typically qualify as 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 the Investing and Servicing Segment 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 VIEs. The assets and other instruments held by these VIEs are restricted and can only be used to fulfill the obligations of the entity. Additionally, the obligations of the VIEs do not have any recourse to the general credit of any other consolidated entities, nor to us as the consolidator of these VIEs. The VIE 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. Refer to the segment data in Note 22 for a presentation of the Investing and Servicing Segment without consolidation of these VIEs.
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, 2015 (the “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2016 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, 2015 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. Accounting Standards Codification (“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. Effective January 1, 2016, we implemented Accounting Standards Update (“ASU”) 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis , which specifies that the right to remove the decision maker in a VIE must be exercisable without cause for the decision maker to not be deemed the party that has the power to direct the activities of a VIE. In connection with the implementation of this ASU, we consolidated VIE assets and VIE liabilities from CMBS trusts as of March 31, 2016 where the right to remove the Company as special servicer was not exercisable without cause. Our implementation of the ASU also resulted in the determination that certain unconsolidated entities in which we hold passive non-controlling interests, which prior to the implementation of the ASU were not considered VIEs, are now considered VIEs as the limited partners of these entities do not collectively possess (i) the right to remove the general partner without cause or (ii) the right to participate in significant decisions made by the partnership. We are not the primary beneficiaries of these VIEs as we do not possess the power to direct the activities of the VIE that most significantly impact their economic performance and therefore continue to report our interests within investment in unconsolidated entities on our condensed consolidated balance sheet. We applied the provisions of this ASU using a modified retrospective approach which does not require the restatement of prior period financial statements. There was no cumulative-effect adjustment to equity upon adoption. Refer to Note 14 for further discussion of the impact of our implementation of ASU 2015-02. 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 without cause, 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 elect the fair value option for initial and subsequent recognition of the assets and liabilities of our consolidated VIEs. Interest income and interest expense associated with these VIEs are no longer relevant on a standalone basis because these amounts are already reflected in the fair value changes. We have elected to present these items in a single line on our condensed consolidated statements of operations. The residual difference shown on our condensed consolidated statements of operations in the line item “Change in net assets related to consolidated VIEs” represents our beneficial interest in the VIEs. We separately present the assets and liabilities of our consolidated VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated VIEs consist solely of obligations to the bondholders of the related CMBS trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated VIEs consist principally of loans, but at times, also include foreclosed loans which have been temporarily converted into real estate owned (“REO”). These assets in the aggregate are likewise presented as a single line item entitled “VIE assets.” Loans comprise the vast majority of our VIE assets and are carried at fair value due to the election of the fair value option. When an asset becomes REO, it is due to nonperformance of the loan. Because the loan is already at fair value, the carrying value of an REO asset is also initially at fair value. Furthermore, when we consolidate a CMBS trust, any existing REO would be consolidated at fair value. Once an asset becomes REO, its disposition time is relatively short. As a result, the carrying value of an REO generally approximates fair value under GAAP. In addition to sharing a similar measurement method as the loans in a CMBS trust, the VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our VIEs are not individually accessible by the bondholders, which creates inherent limitations from a valuation perspective. Also creating limitations from a valuation perspective is our role as special servicer, which provides us very limited visibility, if any, into the performing loans of a CMBS trust. REO assets generally represent a very small percentage of the overall asset pool of a CMBS trust. In a new issue CMBS trust there are no REO assets. We estimate that REO assets constitute approximately 4% of our consolidated VIE assets, with the remaining 96% representing loans . However, it is important to note that the fair value of our VIE assets is determined by reference to our VIE liabilities as permitted under ASU 2014-13, Consolidation (Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . In other words, our VIE liabilities are more reliably measurable than the VIE assets, resulting in our current measurement methodology which utilizes this value to determine the fair value of our VIE assets as a whole. As a result, these percentages are not necessarily indicative of the relative fair values of each of these asset categories if the assets were to be valued individually. Due to our accounting policy election under ASU 2014-13, separately presenting two different asset categories would result in an arbitrary assignment of value to each, with one asset category representing a residual amount, as opposed to its fair value. However, as a pool, the fair value of the assets in total is equal to the fair value of the liabilities. For these reasons, the assets of our VIEs are presented in the aggregate.
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 the Investing and Servicing Segment’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 the Investing and Servicing Segment’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.
Fair Value Measurements	Fair Value Measurements We measure our mortgage ‑backed securities, derivative assets and liabilities, domestic servicing rights intangible asset and any assets or liabilities where we have elected the fair value option at fair value. When actively quoted observable prices are not available, we either use implied pricing from similar assets and liabilities or valuation models based on net present values of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. As discussed above, we measure the assets and liabilities of consolidated VIEs at fair value pursuant to our election of the fair value option. The VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets and liabilities of the VIE, we maximize the use of observable inputs over unobservable inputs. We also acknowledge that our principal market for selling CMBS assets is the securitization market where the market participant is considered to be a CMBS trust or a collateralized debt obligation (“CDO”). This methodology results in the fair value of the assets of a static CMBS trust being equal to the fair value of its liabilities. Refer to Note 19 for further discussion regarding our fair value measurements.
Loans Receivable and Provision for Loan Losses	Loans Held-for-Investment and Provision for Loan Losses Loans that are held ‑for ‑investment are carried at cost, net of unamortized acquisition premiums or discounts, loan fees, and origination costs as applicable, unless the loans are deemed impaired. We evaluate each loan classified as held ‑for ‑investment for impairment at least quarterly. Impairment occurs 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 considered to be impaired, we record an allowance through the provision for loan losses to reduce the carrying value of the loan to the present value of expected future cash flows discounted at the loan’s contractual effective rate or the fair value of the collateral, if repayment is expected solely from the collateral. 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-collateral 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.
Deferred Financing Costs	Deferred Financing Costs In accordance with ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) , effective January 1, 2016 we modified our presentation of deferred financing costs in our condensed consolidated balance sheets to present such costs as a direct deduction from the carrying value of the related debt liability, consistent with debt discounts, rather than as a separate deferred asset as the previous guidance required. Deferred financing costs will continue to be amortized to interest expense over the terms of the respective debt agreements. As required by this ASU, we applied this change retrospectively to our prior period condensed consolidated balance sheet presentation.
Earnings Per Share	Earnings Per Share We present both basic and diluted earnings per share (“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 shares of common stock 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 (“RSAs”) and restricted stock units (“RSUs”), (ii) shares contingently issuable to our Manager, and (iii) the “in-the-money” conversion options associated with our outstanding convertible senior notes (see further discussion in Note 17). Potential dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. Nearly all of the Company’s unvested RSUs and RSAs 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 shares of common stock and participating securities. For the three months ended March 31, 2016 and 2015, the two-class method resulted in the most dilutive EPS calculation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The most significant and subjective estimate that we make is the projection of cash flows we expect to receive on our loans, investment securities and intangible assets, which has a significant impact on the amounts of interest income, credit losses (if any), and fair values that we record and/or disclose. In addition, the fair value of financial assets and liabilities that are estimated using a discounted cash flows method is significantly impacted by the rates at which we estimate market participants would discount the expected cash flows.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to our current period presentation. In that regard, we have reclassified revenues of $2.7 million previously reported in other revenues to rental income in our condensed consolidated statement of operations for the three months ended March 31, 2015. Expenses of $1.7 million previously reported in other expense have been reclassified to costs of rental operations in our condensed consolidated statement of operations for the three months ended March 31, 2015. Additionally, in connection with our implementation of ASU 2015-03 discussed above, we reclassified deferred financing costs of $38.3 million and $1.4 million previously reported in other assets to secured financing agreements, net and convertible senior notes, net, respectively, within our condensed consolidated balance sheet as of December 31, 2015.
Recent Accounting Developments	Recent Accounting Developments On May 28, 2014, the Financial Accounting Standards Board (“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. At issuance, the ASU was effective for the first interim or annual period beginning after December 15, 2016. On August 12, 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers – Deferral of the Effective Date, which delayed the effective date of ASU 2014-09 by one year, resulting in the ASU becoming effective for the first interim or annual period beginning after December 15, 2017. Early application, which was not permissible under the initial effectiveness timeline, is now permissible though no earlier than as of the first interim or annual period beginning after December 15, 2016. We do not expect the application of this ASU to materially impact the Company. On January 5, 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10) – Recognition and Measurement of Financial Assets and Financial Liabilities , which impacts the accounting for equity investments, financial liabilities under the fair value option, and disclosure requirements for financial instruments. The ASU shall be applied prospectively and is effective for annual periods, and interim periods therein, beginning after December 15, 2017. Early application is not permitted. We are in the process of assessing what impact this ASU will have on the Company. On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which establishes a right-of-use model for lessee accounting which results in the recognition of most leased assets and lease liabilities on the balance sheet of the lessee. Lessor accounting was not significantly changed. The ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2018 by applying a modified retrospective approach. Early application is permitted. We are in the process of assessing what impact this ASU will have on the Company. On March 14, 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) – Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships, which clarifies that the change in counterparty to a derivative designated in a hedging relationship, in and of itself, would not require that the hedging relationship be de-designated for hedge accounting purposes. The ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2016. Early application is permitted. We do not expect the application of this ASU to materially impact the Company. On March 15, 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323) – Simplifying the Transition to the Equity Method of Accounting, which amends existing guidance to require that in instances where an investee is transitioning from the cost method of accounting to the equity method of accounting due to an increase in ownership level or degree of influence, the investee applies the equity method of accounting prospectively from the date significant influence is obtained, whereas existing guidance requires an investee to retrospectively apply the equity method of accounting for all previous periods in which the investment was held. The ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2016. Early application is permitted. We do not expect the application of this ASU to materially impact the Company. On March 17, 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which amends the principal-versus-agent implementation guidance and illustrations in the FASB’s revenue recognition standard issued in ASU 2014-09. The ASU provides further guidance to assist an entity in the determination of whether the nature of its promise to its customer is to provide the underlying goods or services, meaning the entity is a principal, or to arrange for a third party to provide the underlying goods or services, meaning the entity is an agent. The ASU is effective for the first interim or annual period beginning after December 15, 2017. Early application is permissible though no earlier than the first interim or annual period beginning after December 15, 2016. We do not expect the application of this ASU to materially impact the Company. On March 30, 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting , which seeks to simplify the accounting for employee share-based payment transactions, including the accounting for associated income taxes and forfeitures. The ASU is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2016. Early application is permitted in any interim or annual period. We do not expect the application of this ASU to materially impact the Company. On April 14, 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606) - Identifying Performance Obligations and Licensing , which amends guidance and illustrations in the FASB’s revenue recognition standard issued in ASU 2014-09 regarding the identification of performance obligations and the implementation guidance on licensing arrangements. The ASU is effective for the first interim or annual period beginning after December 15, 2017. Early application is permissible though no earlier than the first interim or annual period beginning after December 15, 2016. We do not expect the application of this ASU to materially impact the Company.

Acquisitions (Tables)

Acquisitions (Tables) - Woodstar Portfolio, Ireland Portfolio and REIS Portfolio	3 Months Ended
	Mar. 31, 2016
Summary of assets acquired and liabilities assumed	The following table summarizes the identified assets acquired and liabilities assumed at the respective acquisition dates (amounts in thousands): 2016 2015 Woodstar REO Woodstar REO Ireland Assets acquired: Portfolio Portfolio Portfolio Portfolio Portfolio Cash and cash equivalents $ $ — $ — $ — $ — Restricted cash — — — — Properties Intangible assets Other assets Total assets acquired Liabilities assumed: Accounts payable, accrued expenses and other liabilities Secured financing agreements — — Total liabilities assumed Non-controlling interests — — — Net assets acquired $ $ $ $ $
Schedule of unaudited pro forma revenue and net income	The pro-forma revenues and net income attributable to the Company for the three months ended March 31, 2016 and 2015, assuming the 30 properties acquired within the Woodstar Portfolio and all the properties within the REO Portfolio and the Ireland Portfolio were acquired on January 1, 2014 for the 2015 acquisitions and January 1, 2015 for the 2016 acquisitions, are as follows (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2016 2015 Revenues $ $ Net income attributable to STWD Net income per share - Basic Net income per share - Diluted
Schedule of adjustments related to pro forma revenue and net income	Pro-forma net income was adjusted to include the following estimated incremental management fees the combined entity would have incurred (amounts in thousands): For the Three Months Ended March 31, 2016 2015 Management fee expense addition $ $

Loans (Tables)

Loans (Tables)	3 Months Ended
	Mar. 31, 2016
Loans
Summary of investments in mortgages and loans by subordination class	The following tables summarize our investments in mortgages and loans by subordination class as of March 31, 2016 and December 31, 2015 (amounts in thousands): Weighted Weighted Average Life Carrying Face Average (“WAL”) March 31, 2016 Value Amount Coupon (years)(3) First mortgages (1) $ $ % Subordinated mortgages (2) % Mezzanine loans (1) % Total loans held-for-investment Loans held-for-sale, fair value option elected % Loans transferred as secured borrowings % Total gross loans Loan loss allowance (loans held-for-investment) — Total net loans $ $ December 31, 2015 First mortgages (1) $ $ % Subordinated mortgages (2) % Mezzanine loans (1) % Total loans held-for-investment Loans held-for-sale, fair value option elected % Loans transferred as secured borrowings % Total gross loans Loan loss allowance (loans held-for-investment) — Total net loans $ $ (1) First mortgages include first mortgage loans and any contiguous mezzanine loan components because as a whole, the expected credit quality of these loans is more similar to that of a first mortgage loan. The application of this methodology resulted in mezzanine loans with carrying values of $1.0 billion and $930.0 million being classified as first mortgages as of March 31, 2016 and December 31, 2015, respectively. (2) Subordinated mortgages include B-Notes and junior participation 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. (3) Represents the WAL of each respective group of loans as of the respective balance sheet date. The WAL of each individual loan is calculated using amounts and timing of future principal payments, as projected at origination.
Summary of investments in floating rate loans	The following table summarizes our investments in floating rate loans (amounts in thousands): March 31, 2016 December 31, 2015 Carrying Carrying Index Base Rate Value Base Rate Value One-month LIBOR USD % $ % $ Three-month LIBOR GBP % % LIBOR floor 0.15 - 3.00 % (1) 0.15 - 3.00 % (1) Total $ $ (1) The weighted-average LIBOR floor was 0.32% and 0.31% as of March 31, 2016 and December 31, 2015, respectively.
Schedule of internal rating categories	As of March 31, 2016, the risk ratings for loans subject to our rating system, which excludes 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 Cost Transferred % of Risk Rating First Subordinated Mezzanine Recovery Loans Held- As Secured Total Category Mortgages Mortgages Loans Loans For-Sale Borrowings Total Loans 1 $ $ — $ — $ — $ — $ — $ % 2 — — — % 3 — — % 4 — — — % 5 — — — — — — — — % N/A — — — — % $ $ $ $ $ $ $ % As of December 31, 2015, 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 Cost Transferred % of Risk Rating First Subordinated Mezzanine Recovery Loans Held- As Secured Total Category Mortgages Mortgages Loans Loans For-Sale Borrowings Total Loans 1 $ $ — $ — $ — $ — $ — $ — % 2 — — — % 3 — — % 4 — — — % 5 — — — — — — — — % N/A — — — — — % $ $ $ $ — $ $ $ %
Schedule of activity in allowance for loan losses	The following table presents the activity in our allowance for loan losses (amounts in thousands): For the Three Months Ended March 31, 2016 2015 Allowance for loan losses at January 1 $ $ Provision for loan losses Charge-offs — — Recoveries — — Allowance for loan losses at March 31 $ $ Recorded investment in loans related to the allowance for loan loss $ $
Schedule of activity in loan portfolio	The activity in our loan portfolio was as follows (amounts in thousands): For the Three Months Ended March 31, 2016 2015 Balance at January 1 $ $ Acquisitions/originations/additional funding Capitalized interest (1) Basis of loans sold (2) Loan maturities/principal repayments Discount accretion/premium amortization Changes in fair value Unrealized foreign currency remeasurement loss Change in loan loss allowance, net Transfer to/from other asset classifications Balance at March 31 $ $ (1) Represents accrued interest income on loans whose terms do not require current payment of interest. (2) See Note 11 for additional disclosure on these transactions.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2016
Schedule of investment securities	Investment securities were comprised of the following as of March 31, 2016 and December 31, 2015 (amounts in thousands): Carrying Value as of March 31, 2016 December 31, 2015 RMBS, available-for-sale $ $ CMBS, fair value option (1) Held-to-maturity (“HTM”) securities Equity security, fair value option Subtotal — Investment securities VIE eliminations (1) Total investment securities $ $ (1) Certain fair value option CMBS are eliminated in consolidation against VIE liabilities pursuant to ASC 810.
Schedule of purchases, sales and principal collections for all investment securities	Purchases, sales and principal collections for all investment securities were as follows (amounts in thousands): Available-for-sale CMBS, fair HTM Equity RMBS CMBS value option Securities Security Total Three Months Ended March 31, 2016 Purchases $ $ — $ $ $ — $ Sales — — — — — — Principal collections — — Three Months Ended March 31, 2015 Purchases $ — $ — $ $ $ — $ Sales — — — — Principal collections —
Summary 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 as of March 31, 2016 and December 31, 2015 (amounts in thousands): Unrealized Gains or (Losses) Recognized in AOCI Purchase Recorded Gross Gross Net Amortized Credit Amortized Non-Credit Unrealized Unrealized Fair Value Cost OTTI Cost OTTI Gains Losses Adjustment Fair Value March 31, 2016 RMBS $ $ $ $ $ $ — $ $ December 31, 2015 RMBS $ $ $ $ $ $ — $ $ Weighted Average Coupon (1) Weighted Average Rating WAL (Years) (2) March 31, 2016 RMBS % CCC+ December 31, 2015 RMBS % B− (1) Calculated using the March 31, 2016 and December 31, 2015 one-month LIBOR rate of 0.437% and 0.430% , respectively, for floating rate securities. (2) Represents the WAL of each respective group of securities as of the respective balance sheet date. The WAL of each individual security is calculated using projected amounts and projected timing of future principal payments.
Reconciliation of aggregate principal balance to amortized cost for RMBS and single-borrower CMBS, excluding CMBS where the fair value option is elected	The following table contains a reconciliation of aggregate principal balance to amortized cost for our RMBS as of March 31, 2016 and December 31, 2015 (amounts in thousands): March 31, 2016 December 31, 2015 Principal balance $ $ Accretable yield Non-accretable difference Total discount Amortized cost $ $
Schedule of changes to accretable yield and non-accretable difference for RMBS and single-borrower CMBS, excluding CMBS where the fair value option is elected	The following table discloses the changes to accretable yield and non-accretable difference for our RMBS during the three months ended March 31, 2016 (amounts in thousands): Non-Accretable Three Months Ended March 31, 2016 Accretable Yield Difference Balance as of January 1, 2016 $ $ Accretion of discount — Principal write-downs — Purchases Sales — — OTTI — — Transfer to/from non-accretable difference Balance as of March 31, 2016 $ $
Schedule of gross unrealized losses and estimated fair value of securities in an unrealized loss position, excluding CMBS where the fair value option is elected	The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of March 31, 2016 and December 31, 2015, and for which OTTIs (full or partial) have not been recognized in earnings (amounts in thousands): Estimated Fair Value Unrealized Losses Securities with a Securities with a Securities with a Securities with a loss less than loss greater than loss less than loss greater than 12 months 12 months 12 months 12 months As of March 31, 2016 RMBS $ $ $ $ As of December 31, 2015 RMBS $ $ $ $
Schedule of investment in fair value option CMBS	The table below summarizes various attributes of our investment in fair value option CMBS as of March 31, 2016 and December 31, 2015 (amounts in thousands): Weighted Average Coupon Weighted Average Rating (1) WAL (Years) (2) March 31, 2016 CMBS, fair value option % B− December 31, 2015 CMBS, fair value option % CCC+ (1) As of March 31, 2016 and December 31, 2015, excludes $8.7 million and $51.3 million, respectively, in fair value option CMBS that are not rated. (2) 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.
Held-to-maturity
Schedule of gross unrealized losses and estimated fair value of securities in an unrealized loss position, excluding CMBS where the fair value option is elected	The table below summarizes unrealized gains and losses of our investments in HTM securities as of March 31, 2016 and December 31, 2015 (amounts in thousands): Net Carrying Amount Gross Unrealized Gross Unrealized (Amortized Cost) Holding Gains Holding Losses Fair Value March 31, 2016 CMBS $ $ $ $ Preferred interests — Total $ $ $ $ December 31, 2015 CMBS $ $ $ $ Preferred interests — Total $ $ $ $
Summary of investments in HTM securities	The table below summarizes the maturities of our HTM CMBS and our HTM preferred equity interests in limited liability companies that own commercial real estate as of March 31, 2016 (amounts in thousands): Preferred CMBS Interests Total Less than one year $ $ — $ One to three years — Three to five years — — — Thereafter — Total $ $ $

Properties (Tables)

Properties (Tables)	3 Months Ended
	Mar. 31, 2016
Properties
Summary of properties	Depreciable Life March 31, 2016 December 31, 2015 Property Segment Land — $ $ Land improvements 5 – 10 years Buildings 30 – 40 years Furniture & fixtures 3 – 7 years Investing and Servicing Segment Land — Buildings 20 – 40 years Building improvements 7 – 15 years Furniture & fixtures 3 – 5 years Tenant improvements 3 – 5 years Properties, cost Less: accumulated depreciation Properties, net $ $

Investment in Unconsolidated 37

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2016
Investment in Unconsolidated Entities
Summary of investments in unconsolidated entities	The below table summarizes our investments in unconsolidated entities as of March 31, 2016 and December 31, 2015 (dollar amounts in thousands): Participation / Carrying value as of Ownership % (1) March 31, 2016 December 31, 2015 Equity method: Retail Fund 33% $ $ Investor entity which owns equity in an online real estate auction company 50% Equity interests in commercial real estate 16% - 43% Various 25% - 50% Cost method: Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% Various 0% - 3% $ $ (1) None of these investments are publicly traded and therefore quoted market prices are not available.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets
Summary of intangibles assets	The following table summarizes our intangible assets, which are comprised of servicing rights intangibles and lease intangibles, as of March 31, 2016 and December 31, 2015 (amounts in thousands): As of March 31, 2016 As of December 31, 2015 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Value Amortization Value Value Amortization Value Domestic servicing rights, at fair value $ $ — $ $ $ — $ European servicing rights (1) In-place lease intangible assets Favorable lease intangible assets Total net intangible assets $ $ $ $ $ $ (1) The fair value as of March 31, 2016 and December 31, 2015 was $4.9 million and $5.3 million, respectively.
Summary of activity within intangible assets	The following table summarizes the activity within intangible assets for the three months ended March 31, 2016 (amounts in thousands): Domestic European In-place Lease Favorable Lease Servicing Servicing Intangible Intangible Rights Rights Assets Assets Total Balance as of January 1, 2016 $ $ $ $ $ Impact of ASU 2015-02 Adoption (1) — — — Acquisition of additional Woodstar Portfolio properties — — — Acquisition of additional REO Portfolio properties — — Amortization — Foreign exchange (loss) gain — Changes in fair value due to changes in inputs and assumptions — — — Balance as of March 31, 2016 $ $ $ $ $ (1) As discussed in Notes 2 and 14, our implementation of ASU 2015-02 resulted in the consolidation of certain CMBS trusts effective January 1, 2016, which required the elimination of $17.5 million of domestic servicing rights associated with these newly consolidated trusts.
Schedule of future amortization expense	The following table sets forth the estimated aggregate amortization of our European servicing rights, in-place lease intangible assets and favorable lease intangible assets for the next five years and thereafter (amounts in thousands ): 2016 (remainder of) $ 2017 2018 2019 2020 Thereafter Total $

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	3 Months Ended
	Mar. 31, 2016
Secured Financing Agreements.
Summary of secured financing agreements	The following table is a summary of our secured financing agreements in place as of March 31, 2016 and December 31, 2015 (dollars in thousands): Carrying value at Current Extended Pledged Asset Maximum March 31, December 31, Maturity Maturity(a) Pricing Carrying Value Facility Size 2016 2015 Lender 1 Repo 1 (b) (b) LIBOR + 1.85% to 5.25% $ $ $ $ Lender 2 Repo 1 Oct 2017 Oct 2020 LIBOR + 1.75% to 2.75% Lender 3 Repo 1 May 2017 May 2019 LIBOR + 2.50% to 2.85% Lender 4 Repo 1 Oct 2016 Oct 2017 LIBOR + 2.00% Lender 4 Repo 2 Dec 2018 Dec 2020 LIBOR + 2.50% (c) — Lender 6 Repo 1 Aug 2018 N/A LIBOR + 2.50% to 3.00% Lender 7 Secured Financing Jul 2018 Jul 2019 LIBOR + 2.75% (d) (e) — Conduit Repo 1 Sep 2016 N/A LIBOR + 1.95% to 3.35% — — Conduit Repo 2 Nov 2016 N/A LIBOR + 2.10% — — — Conduit Repo 3 Feb 2018 Feb 2019 LIBOR + 2.10% Conduit Repo 4 Oct 2017 Oct 2020 LIBOR + 2.25% — CMBS Repo 1 (f) (f) LIBOR + 1.90% — CMBS Repo 2 Dec 2017 N/A LIBOR + 2.35% to 2.70% CMBS Repo 3 (g) (g) LIBOR + 1.40% to 1.85% RMBS Repo 1 (h) N/A LIBOR + 1.90% Investing and Servicing Segment Property Mortgages June 2018 to Dec 2025 N/A Various Ireland Portfolio Mortgage May 2020 N/A EURIBOR + 1.69% Woodstar Portfolio Mortgages Nov 2025 to Jan 2026 N/A 3.72% to 3.81% Woodstar Portfolio Government Financing Mar 2026 to June 2049 N/A 1.00% to 5.00% Term Loan Apr 2020 N/A LIBOR + 2.75% (d) FHLB Advances Nov 2016 N/A LIBOR + 0.37% $ $ Unamortized premium (discount), net Unamortized deferred financing costs $ $ (a) Subject to certain conditions as defined in the respective facility agreement. (b) Maturity date for borrowings collateralized by loans is January 2017 before extension options and January 2019 assuming exercise of initial extension options. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions and not to exceed January 2023. (c) The initial maximum facility size of $600.0 million may be increased to $1.0 billion at our option, subject to certain conditions. (d) Subject to borrower’s option to choose alternative benchmark based rates pursuant to the terms of the credit agreement. The term loan is also subject to a 75 basis point floor. (e) The initial maximum facility size of $450.0 million may be increased to $650.0 million at our option, subject to certain conditions. (f) Facility carries a rolling 11 month term which may reset monthly with the lender’s consent not to exceed December 2018. This facility carries no maximum facility size. Amount herein reflects the outstanding balance as of March 31, 2016. (g) Facility carries a rolling 12 month term which may reset monthly with the lender’s consent. Current maturity is March 2017. This facility carries no maximum facility size. Amount herein reflects the outstanding balance as of March 31, 2016. (h) The date that is 180 days after the buyer delivers notice to seller, subject to a maximum date of March 2017.
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): Repurchase Other Secured Agreements Financing Total 2016 (remainder of) $ $ $ 2017 2018 2019 2020 Thereafter Total $ $ $
Schedule of outstanding balance of repurchase agreements related to the following asset collateral classes	The following table sets forth our outstanding balance of repurchase agreements related to the following asset collateral classes as of March 31, 2016 and December 31, 2015 (amounts in thousands): Class of Collateral March 31, 2016 December 31, 2015 Loans held-for-investment $ $ Loans held-for-sale Investment securities $ $

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2016
Convertible Senior Notes.
Schedule of the unsecured convertible senior notes outstanding	The following summarizes the unsecured convertible senior notes (collectively, the “Convertible Notes”) outstanding as of March 31, 2016 (amounts in thousands, except rates): Remaining Principal Coupon Effective Conversion Maturity Period of Amount Rate Rate(1) Rate(2) Date Amortization 2017 Notes $ % % 10/15/2017 years 2018 Notes $ % % 3/1/2018 years 2019 Notes $ % % 1/15/2019 years As of As of March 31, 2016 December 31, 2015 Total principal $ $ Unamortized discount Unamortized deferred financing costs Carrying amount of debt components $ $ Carrying amount of conversion option equity components recorded in additional paid-in capital $ $ (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 indentures governing the Convertible Notes (including the applicable supplemental indentures) as a result of the spin-off of our former single family residential (“SFR”) segment to our stockholders in January 2014 and cash dividend payments.

Loan Securitization_Sale Acti41

Loan Securitization/Sale Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Investment and Servicing Segment
Summary of fair value and par value of loans sold and amount of sale proceeds used in part to repay the outstanding balance of the repurchase agreements associated with the loans	The following summarizes the fair value and par value of loans sold from our conduit platform, as well as the amount of sale proceeds used in part to repay the outstanding balance of the repurchase agreements associated with these loans for the three months ended March 31, 2016 and 2015 (amounts in thousands): For the Three Months Ended March 31, 2016 2015 Fair value of loans sold $ $ Par value of loans sold Repayment of repurchase agreements
Lending Segment
Summary of loans sold and loans transferred as secured borrowings by the 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 (amounts in thousands): Loan Transfers Loan Transfers Accounted Accounted for as Secured for as Sales Borrowings Face Amount Proceeds Face Amount Proceeds For the Three Months Ended March 31, 2016 $ $ $ — $ — 2015 — —

Derivatives and Hedging Activ42

Derivatives and Hedging Activity (Tables)	3 Months Ended
	Mar. 31, 2016
Derivatives and Hedging Activity
Summary of foreign exchange ("Fx") forwards, interest rate swaps, interest rate caps and credit index instruments	The following table summarizes our non-designated foreign exchange (“Fx”) forwards, interest rate swaps, interest rate caps and credit index instruments as of March 31, 2016 (notional amounts in thousands): Aggregate Number Notional Notional Type of Derivative of Contracts Amount Currency Maturity Fx contracts – Buy Danish Krone ("DKK") DKK December 2016 Fx contracts – Buy Euros ("EUR") EUR December 2016 Fx contracts – Buy Norwegian Krone ("NOK") NOK December 2016 Fx contracts – Buy Swedish Krona ("SEK") SEK December 2016 Fx contracts – Sell Danish Krone ("DKK") DKK December 2016 Fx contracts – Sell Euros ("EUR") (1) EUR May 2016 – June 2020 Fx contracts – Sell Pounds Sterling ("GBP") GBP April 2016 – March 2018 Fx contracts – Sell Norwegian Krone ("NOK") NOK December 2016 Fx contracts – Sell Swedish Krona ("SEK") SEK December 2016 Interest rate swaps – Paying fixed rates USD July 2016 – April 2026 Interest rate swaps – Receiving fixed rates USD July 2017 Interest rate caps EUR May 2020 Interest rate caps USD June 2018 – October 2020 Credit index instruments USD September 2058 Total (1) Includes 51 Fx contracts executed to hedge our Euro currency exposure created by our acquisition of the Ireland Portfolio. As of March 31, 2016, these contracts have an aggregate notional amount of €249.4 million and varying maturities through June 2020.
Schedule of fair values of derivative financial instruments	The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 (amounts in thousands): Fair Value of Derivatives Fair Value of Derivatives in an Asset Position (1) As of in a Liability Position (2) As of March 31, December 31, March 31, December 31, 2016 2015 2016 2015 Derivatives designated as hedging instruments: Interest rate swaps $ $ $ $ Total derivatives designated as hedging instruments Derivatives not designated as hedging instruments: Interest rate swaps and caps Foreign exchange contracts Credit index instruments — — Total derivatives not designated as hedging instruments Total derivatives $ $ $ $ (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 consolidated statements of operations and of comprehensive income	Gain (Loss) Gain (Loss) Reclassified Gain (Loss) Recognized from AOCI Recognized Derivatives Designated as Hedging Instruments in OCI into Income in Income Location of Gain (Loss) For the Three Months Ended March 31, (effective portion) (effective portion) (ineffective portion) Recognized in Income 2016 $ $ $ — Interest expense 2015 $ $ $ — Interest expense
Schedule of Gain / (Loss) recognized in Income for Derivatives Not Designated as Hedging Instruments	Amount of Gain (Loss) Recognized in Income for the Derivatives Not Designated Location of Gain (Loss) Three Months Ended March 31, as Hedging Instruments Recognized in Income 2016 2015 Interest rate swaps and caps (Loss) gain on derivative financial instruments $ $ Foreign exchange contracts (Loss) gain on derivative financial instruments Credit index instruments (Loss) gain on derivative financial instruments $ $

Offsetting Assets and Liabili43

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
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 ): (iv) Gross Amounts Not Offset in the Statement (ii) (iii) = (i) - (ii) of Financial Position Gross Amounts Net Amounts Cash (i) Offset in the Presented in Collateral Gross Amounts Statement of the Statement of Financial Received / (v) = (iii) - (iv) Recognized Financial Position Financial Position Instruments Pledged Net Amount As of March 31, 2016 Derivative assets $ $ — $ $ $ — $ Derivative liabilities $ $ — $ $ $ $ — Repurchase agreements — — — $ $ — $ $ $ $ — As of December 31, 2015 Derivative assets $ $ — $ $ $ — $ Derivative liabilities $ $ — $ $ $ $ — Repurchase agreements — — — $ $ — $ $ $ $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity
Schedule of dividends declared by board of directors	Declare Date Record Date Ex-Dividend Date Payment Date Amount Frequency 2/25/16 3/31/16 3/29/16 4/15/16 $ Quarterly
Summary of share awards granted under the Manager Equity Plan	The table below summarizes our share awards granted or vested under the Manager Equity Plan during the three months ended March 31, 2016 and 2015 (dollar amounts in thousands): Grant Date Type Amount Granted Grant Date Fair Value Vesting Period May 2015 RSU $ 3 years January 2014 RSU 3 years January 2014 RSU 3 years
Schedule of Non-Vested Shares and Share Equivalents	Non-Executive Weighted Average Director Manager Grant Date Fair Value Stock Plan Equity Plan Equity Plan Total (per share) Balance as of January 1, 2016 $ Granted — Vested — Forfeited — — Balance as of March 31, 2016

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings per Share
Reconciliation of net income from continuing operations and the number of shares of common stock used in the computation of basic EPS and diluted EPS	The following table provides a reconciliation of net income and the number of shares of common stock used in the computation of basic EPS and diluted EPS (amounts in thousands, except per share amounts): For the Three Months Ended March 31, 2016 2015 Basic Earnings Income attributable to STWD common stockholders $ $ Less: Income attributable to participating shares Basic earnings $ $ Diluted Earnings Basic — Income attributable to STWD common stockholders $ $ Less: Income attributable to participating shares Add: Undistributed earnings to participating shares — Less: Undistributed earnings reallocated to participating shares — Diluted earnings $ $ Number of Shares: Basic — Average shares outstanding Effect of dilutive securities — Convertible Notes — Effect of dilutive securities — Contingently issuable shares Effect of dilutive securities — Unvested non-participating shares — Diluted — Average shares outstanding Earnings Per Share Attributable to STWD Common Stockholders: Basic $ $ Diluted $ $

Accumulated Other Comprehensi46

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2016
Accumulated Other Comprehensive Income
Schedule of changes in AOCI by component	The changes in AOCI by component are as follows (amounts in thousands): Cumulative Unrealized Gain Effective Portion of (Loss) on Foreign Cumulative Loss on Available-for- Currency Cash Flow Hedges Sale Securities Translation Total Three Months Ended March 31, 2016 Balance at January 1, 2016 $ $ $ $ OCI before reclassifications Amounts reclassified from AOCI — — Net period OCI Balance at March 31, 2016 $ $ $ $ Three Months Ended March 31, 2015 Balance at January 1, 2015 $ $ $ $ OCI before reclassifications Amounts reclassified from AOCI — Net period OCI Balance at March 31, 2015 $ $ $ $
Schedule of reclassifications out of AOCI that impacted the condensed consolidated statements of operations	Amounts Reclassified from AOCI during the Three Months Affected Line Item Ended March 31, in the Statements Details about AOCI Components 2016 2015 of Operations Losses on cash flow hedges: Interest rate contracts $ $ Interest expense Unrealized gains (losses) on available-for-sale securities: Interest realized upon collection — Interest income from investment securities Total reclassifications for the period $ $

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value
Schedule of financial assets and liabilities carried at fair value on a recurring basis	The following tables present our financial assets and liabilities carried at fair value on a recurring basis in the condensed consolidated balance sheets by their level in the fair value hierarchy as of March 31, 2016 and December 31, 2015 (amounts in thousands): March 31, 2016 Total Level I Level II Level III Financial Assets: Loans held-for-sale, fair value option $ $ — $ — $ RMBS — — CMBS — — Equity security — — Domestic servicing rights — — Derivative assets — — VIE assets — — Total $ $ $ $ Financial Liabilities: Derivative liabilities $ $ — $ $ — VIE liabilities — Total $ $ — $ $ December 31, 2015 Total Level I Level II Level III Financial Assets: Loans held-for-sale, fair value option $ $ — $ — $ RMBS — — CMBS — — Equity security — — Domestic servicing rights — Derivative assets — — VIE assets — — Total $ $ $ $ Financial Liabilities: Derivative liabilities $ $ — $ $ — VIE liabilities — Total $ $ — $ $
Schedule of changes in financial assets and liabilities classified as Level III	The changes in financial assets and liabilities classified as Level III are as follows for the three months ended March 31, 2016 and 2015 (amounts in thousands): Domestic Loans Servicing VIE Three Months Ended March 31, 2016 Held ‑ for ‑ sale RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2016 balance $ $ $ $ $ $ $ Impact of ASU 2015-02 Adoption (1) — — — — — Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale — Net accretion — — — — — Included in OCI — — — — — Purchases / Originations — — — Sales — — — — — Issuances — — — — — Cash repayments / receipts — — Transfers into Level III — — — — — Transfers out of Level III — — — — — Consolidation of VIEs — — — Deconsolidation of VIEs — — — March 31, 2016 balance $ $ $ $ $ $ $ Amount of total gains (losses) included in earnings attributable to assets still held at March 31, 2016 $ $ $ $ $ $ $ (1) As discussed in Notes 2 and 14, our implementation of ASU 2015-02 resulted in the consolidation of certain CMBS trusts effective January 1, 2016, which required the elimination of $17.5 million of domestic servicing rights associated with these newly consolidated trusts. Domestic Loans Servicing VIE Three Months Ended March 31, 2015 Held ‑ for ‑ sale RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2015 balance $ $ $ $ $ $ $ Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale — Net accretion — — — — — Included in OCI — — — — Purchases / Originations — — — — Sales — — — — Issuances — — — — — Cash repayments / receipts — — Transfers into Level III — — — — — Transfers out of Level III — — — — — Consolidation of VIEs — — — Deconsolidation of VIEs — — — — — March 31, 2015 balance $ $ $ $ $ $ $ Amount of total gains (losses) included in earnings attributable to assets still held at March 31, 2015 $ $ $ $ $ $ $
Schedule of fair value of financial instruments not carried at fair value	The following table presents the fair values, all of which are classified in Level III of the fair value hierarchy, of our financial instruments not carried at fair value on the condensed consolidated balance sheets (amounts in thousands ): March 31, 2016 December 31, 2015 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 $ $ $ $ HTM securities European servicing rights Financial liabilities not carried at fair value: Secured financing agreements and secured borrowings on transferred loans $ $ $ $ Convertible senior notes
Schedule of quantitative information for Level 3 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 Unobservable Range as of (1) March 31, 2016 Technique Input March 31, 2016 December 31, 2015 Loans held-for-sale, fair value option $ Discounted cash flow Yield (b) 4.7% - 5.7% 4.8% - 5.3% Duration (c) 5.0 - 10.0 years 5.0 - 10.0 years RMBS Discounted cash flow Constant prepayment rate (a) 2.7% - 15.6% 2.6% - 17.8% Constant default rate (b) 1.0% - 8.7% 1.0% - 8.9% Loss severity (b) 7% - 80% (e) 10% - 79% (e) Delinquency rate (c) 2% - 29% 2% - 29% Servicer advances (a) 29% - 93% 30% - 94% Annual coupon deterioration (b) 0% - 0.4% 0% - 0.5% Putback amount per projected total collateral loss (d) 0% - 11% 0% - 11% CMBS Discounted cash flow Yield (b) 0% - 278.0% 0% - 435.8% Duration (c) 0 - 9.8 years 0 - 18.5 years Domestic servicing rights Discounted cash flow Debt yield (a) 8.25% 8.25% Discount rate (b) 15% 15% Control migration (b) 0% - 80% 0% - 80% VIE assets Discounted cash flow Yield (b) 0% - 880.5% 0% - 920.2% Duration (c) 0 - 15.1 years 0 - 17.5 years VIE liabilities Discounted cash flow Yield (b) 0% - 880.5% 0% - 920.2% Duration (c) 0 - 15.1 years 0 - 17.5 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) 71% and 76% of the portfolio falls within a range of 45% -80% as of March 31, 2016 and December 31, 2015, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Taxes
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 U.S. federal income tax determined using our statutory federal tax rate to our reported income tax provision for the three months ended March 31, 2016 and 2015 (dollar amounts in thousands): For the Three Months Ended March 31, 2016 2015 Federal statutory tax rate $ % $ % REIT and other non-taxable income % % State income taxes % % Federal benefit of state tax deduction % % Valuation allowance — — % % Other % % Effective tax rate $ % $ %

Segment and Geographic Data (Ta

Segment and Geographic Data (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Data
Schedule of results of operations by business segment	The table below presents our results of operations for the three months ended March 31, 2016 by business segment (amounts in thousands): Investing Investing Lending and Servicing Property and Servicing Segment Segment Segment Corporate Subtotal VIEs Total Revenues: Interest income from loans $ $ $ — $ — $ $ — $ Interest income from investment securities — — Servicing fees — — Rental income — — — Other revenues — Total revenues — Costs and expenses: Management fees — Interest expense — General and administrative Acquisition and investment pursuit costs — — Costs of rental operations — — — Depreciation and amortization — — — Loan loss allowance, net — — — — Other expense — — — — Total costs and expenses Income (loss) before other income (loss), income taxes and non-controlling interests Other income (loss): Change in net assets related to consolidated VIEs — — — — — Change in fair value of servicing rights — — — Change in fair value of investment securities, net — — Change in fair value of mortgage loans held-for-sale, net — — — — Earnings from unconsolidated entities — Gain on sale of investments and other assets, net — — — — Loss on derivative financial instruments, net — — Foreign currency (loss) gain, net — — Other income, net — — Total other income (loss) Income (loss) before income taxes Income tax provision — — — Net income (loss) Net (income) loss attributable to non-controlling interests — — Net income (loss) attributable to Starwood Property Trust, Inc . $ $ $ $ $ $ — $ The table below presents our results of operations for the three months ended March 31, 2015 by business segment (amounts in thousands): Investing Investing Lending and Servicing Property and Servicing Segment Segment Segment Corporate Subtotal VIEs Total Revenues: Interest income from loans $ $ $ — $ — $ $ — $ Interest income from investment securities — — Servicing fees — — Rental income — — — — Other revenues — — Total revenues — — Costs and expenses: Management fees — Interest expense — — General and administrative Acquisition and investment pursuit costs — — Costs of rental operations — — — — Depreciation and amortization — — — — Loan loss allowance, net — — — — Other expense — — — — Total costs and expenses Income (loss) before other income (loss), income taxes and non-controlling interests Other income (loss): Change in net assets related to consolidated VIEs — — — — — Change in fair value of servicing rights — — — Change in fair value of investment securities, net — — Change in fair value of mortgage loans held-for-sale, net — — — — Earnings from unconsolidated entities — Gain on sale of investments and other assets, net — — — Gain (loss) on derivative financial instruments, net — — Foreign currency (loss) gain, net — — Loss on extinguishment of debt — — — — Other income, net — — — Total other income (loss) Income (loss) before income taxes Income tax benefit (provision) — — — Net income (loss) Net income attributable to non-controlling interests — — — Net income (loss) attributable to Starwood Property Trust, Inc . $ $ $ $ $ $ — $
Schedule of condensed consolidated balance sheet by business segment	The table below presents our condensed consolidated balance sheet as of March 31, 2016 b y business segment (amounts in thousands): Investing Investing Lending and Servicing Property and Servicing Segment Segment Segment Corporate Subtotal VIEs Total Assets: Cash and cash equivalents $ $ $ $ $ $ $ Restricted cash — — Loans held-for-investment, net — — — Loans held-for-sale — — — — Loans transferred as secured borrowings — — — — Investment securities — — Properties, net — — — Intangible assets — — Investment in unconsolidated entities — Goodwill — — — — Derivative assets — — Accrued interest receivable — — Other assets VIE assets, at fair value — — — — — Total Assets $ $ $ $ $ $ $ Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ $ $ $ $ $ $ Related-party payable — — — Dividends payable — — — — Derivative liabilities — — Secured financing agreements, net — Convertible senior notes, net — — — — Secured borrowings on transferred loans — — — — VIE liabilities, at fair value — — — — — Total Liabilities Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — Additional paid-in capital — Treasury stock — — — — Accumulated other comprehensive income (loss) — — Retained earnings (accumulated deficit) — Total Starwood Property Trust, Inc. Stockholders’ Equity — Non-controlling interests in consolidated subsidiaries — — Total Equity Total Liabilities and Equity $ $ $ $ $ $ $ The table below presents our condensed consolidated balance sheet as of December 31, 2015 by business segment (amounts in thousands): Investing Investing Lending and Servicing Property and Servicing Segment Segment Segment Corporate Subtotal VIEs Total Assets: Cash and cash equivalents $ $ $ $ $ $ $ Restricted cash — — Loans held-for-investment, net — — — — Loans held-for-sale — — — — Loans transferred as secured borrowings — — — — Investment securities — — Properties, net — — — Intangible assets — — Investment in unconsolidated entities — Goodwill — — — — Derivative assets — — Accrued interest receivable — — — Other assets VIE assets, at fair value — — — — — Total Assets $ $ $ $ $ $ $ Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ $ $ $ $ $ $ Related-party payable — — — Dividends payable — — — — Derivative liabilities — — — Secured financing agreements, net — Convertible senior notes, net — — — — Secured borrowings on transferred loans — — — — VIE liabilities, at fair value — — — — — Total Liabilities Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — Additional paid-in capital — Treasury stock — — — — Accumulated other comprehensive income (loss) — — Retained earnings (accumulated deficit) — Total Starwood Property Trust, Inc. Stockholders’ Equity — Non-controlling interests in consolidated subsidiaries — — Total Equity Total Liabilities and Equity $ $ $ $ $ $ $

Business and Organization (Deta

Business and Organization (Details)	3 Months Ended
	Mar. 31, 2016segment
Business and Organization
Number of reportable business segments	3
Minimum annual REIT taxable income distributable to stockholders (as a percent)	90.00%

Summary of Significant Accoun51

Summary of Significant Accounting Policies - VIE & Fair Value (Details)	Mar. 31, 2016
Variable Interest Entities
REO assets as a percent of consolidated VIE assets	4.00%
Loans as a percent of consolidated VIE assets	96.00%

Summary of Significant Accoun52

Summary of Significant Accounting Policies - reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Reclassifications to financial statements
Other revenues	$ 1,190	$ 1,747
Other expense	100	375
Deferred financing costs, net of amortization	$ 36,147		$ 38,336
Reclassification Adjustment
Reclassifications to financial statements
Other revenues		2,700
Other expense		$ 1,700
Accounting Standards Update 2015-03 | Secured financing agreements | Reclassification Adjustment
Reclassifications to financial statements
Deferred financing costs, net of amortization			38,300
Accounting Standards Update 2015-03 | Convertible Senior Notes | Reclassification Adjustment
Reclassifications to financial statements
Deferred financing costs, net of amortization			$ 1,400

Acquisitions (Details)

Acquisitions (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2016property	Mar. 31, 2016USD ($)propertyitem$ / shares	Mar. 31, 2015USD ($)$ / shares	Dec. 31, 2015USD ($)ft²propertyitem
Liabilities assumed:
Revenues		$ 195,493	$ 178,849
Net income (loss)		27,046	120,779
Depreciation and amortization		16,759	3,692
(Loss) gain on derivative financial instruments, net		(24,718)	24,623
Goodwill		140,437		$ 140,437
Woodstar Portfolio, Ireland Portfolio and REIS Portfolio
Pro forma revenue and net income
Revenues		198,616	211,448
Net income attributable to STWD		$ 29,153	$ 115,025
Net income per share - Basic | $ / shares		$ 0.12	$ 0.51
Net income per share - Diluted | $ / shares		$ 0.12	$ 0.50
Management fee expense addition		$ 169	$ 2,065
Woodstar Portfolio And Ireland Portfolio
Acquisitions
Number of acquired properties closed | property		30		30
Woodstar Portfolio
Acquisitions
Number of properties in portfolio investment | item		32
Weighted average occupancy percentage		98.00%
Number of units | item		8,948
Assumed state sponsored debt		$ 147,500
Number of acquired properties closed | item		12
Number of units acquired | item		3,082
Number of properties under agreement not acquired | property		2
Assets acquired:
Cash and cash equivalents		$ 6,254
Properties		198,693		$ 339,040
Intangible assets		6,837		11,337
Other assets		15,595		652
Total assets acquired		227,379		351,029
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities		18,070		18,030
Secured financing agreements		129,416		8,982
Total liabilities assumed		147,486		27,012
Net assets acquired		79,893		$ 324,017
Revenues		5,600
Net income (loss)		(800)
Depreciation and amortization		3,200
Acquisition related costs		600
Goodwill		0
Woodstar Portfolio | Subsequent event
Acquisitions
Number of units | property	628
Number of acquired properties closed | property	2
Ireland Portfolio
Acquisitions
Number of properties in portfolio investment | property				13
Area of property | ft²				600,000
Assumed state sponsored debt				$ 283,000
Assets acquired:
Restricted cash				10,829
Properties				445,369
Intangible assets				59,529
Other assets				2,508
Total assets acquired				518,235
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities				17,552
Secured financing agreements				283,010
Total liabilities assumed				300,562
Net assets acquired				217,673
Goodwill				0
Ireland Portfolio | Lender 6 Mortgage Facility
Acquisitions
Debt incurred to partially fund acquisition				328,600
REO Portfolio
Assets acquired:
Properties		20,707		128,218
Intangible assets		5,558		19,381
Other assets		103		4,973
Total assets acquired		26,368		152,572
Liabilities assumed:
Accounts payable, accrued expenses and other liabilities		1,715		6,998
Total liabilities assumed		1,715		6,998
Non-controlling interests		3,084		6,904
Net assets acquired		$ 21,569		$ 138,670
Net Leased Office Property | Ireland Portfolio
Acquisitions
Number of acquired properties closed | property				12
Multifamily Property | Ireland Portfolio
Acquisitions
Number of acquired properties closed | property				1
Investment and Servicing Segment | REO Portfolio
Acquisitions
Number of acquired properties closed | item		2
Number of properties under agreement not acquired | item				14
Purchase price		$ 21,600		$ 138,700
Purchase price of properties - non-performing loans		8,200
Liabilities assumed:
Goodwill		$ 0

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Investments in loans
Total gross loans	$ 6,435,659	$ 6,269,546
Loan loss allowance (loans held-for-investment)	(5,268)	(6,029)	$ (6,348)	$ (6,031)
Carrying Value	6,430,391	6,263,517
Face Amount	6,493,001	6,335,023
Loans with variable rates of interest	$ 5,255,860	5,052,055
Loans with variable rates of interest (as a percent)	84.90%
Weighted average spread of loans (as a percent)	5.90%
1-month LIBOR
Investments in loans
Loans with variable rates of interest	$ 555,960	$ 438,641
Effective variable rate basis (as a percent)	0.4373%	0.4295%
LIBOR floor
Investments in loans
Loans with variable rates of interest	$ 4,333,422	$ 4,237,947
LIBOR floor | Weighted-average
Investments in loans
Effective variable rate basis (as a percent)	0.32%	0.31%
LIBOR floor | Minimum
Investments in loans
Effective variable rate basis (as a percent)	0.15%	0.15%
LIBOR floor | Maximum
Investments in loans
Effective variable rate basis (as a percent)	3.00%	3.00%
3-month LIBOR
Investments in loans
Loans with variable rates of interest	$ 366,478	$ 375,467
Effective variable rate basis (as a percent)	0.5881%	0.5904%
Total loans held-for-investment
Investments in loans
Total gross loans	$ 6,192,922	$ 5,979,108
Face Amount	6,251,126	6,043,313
Loans held-for-sale
Investments in loans
Total gross loans	154,225	203,865
Face Amount	$ 151,970	$ 203,710
Weighted Average Coupon (as a percent)	5.20%	4.90%
Weighted Average Life	9 years 9 months 18 days	9 years 9 months 18 days
Loans transferred as secured borrowings
Investments in loans
Total gross loans	$ 88,512	$ 86,573
Face Amount	$ 89,905	$ 88,000
Weighted Average Coupon (as a percent)	6.10%	6.10%
Weighted Average Life	2 years 2 months 12 days	2 years 4 months 24 days
First Mortgages: | Total loans held-for-investment
Investments in loans
Total gross loans	$ 5,030,487	$ 4,723,852
Face Amount	$ 5,081,967	$ 4,776,576
Weighted Average Coupon (as a percent)	5.90%	6.00%
Weighted Average Life	2 years 4 months 24 days	2 years 8 months 12 days
Subordinated mortgages | Total loans held-for-investment
Investments in loans
Total gross loans	$ 392,315	$ 392,563
Face Amount	$ 414,875	$ 416,713
Weighted Average Coupon (as a percent)	8.50%	8.50%
Weighted Average Life	3 years 2 months 12 days	3 years 4 months 24 days
Mezzanine Loans
Investments in loans
Carrying Value	$ 1,000,000	$ 930,000
Mezzanine Loans | Total loans held-for-investment
Investments in loans
Total gross loans	770,120	862,693
Face Amount	$ 754,284	$ 850,024
Weighted Average Coupon (as a percent)	9.90%	9.90%
Weighted Average Life	2 years 3 months 18 days	2 years 6 months

Loans - Ratings (Details)

Loans - Ratings (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)
Investments in loans
Total gross loans	$ 6,435,659	$ 6,269,546
Total gross loans (as a percent)	100.00%	100.00%
Amount of loan impairment charges on individual loans held-for-investment	$ 0	$ 0
Investment and Servicing Segment
Investments in loans
Carrying amount of loans in default	8,200
Rating 1
Investments in loans
Total gross loans	$ 6,533	664
Total gross loans (as a percent)	0.10%
Rating 1 | Maximum
Investments in loans
LTV (as a percent)	65.00%
Rating 2
Investments in loans
Total gross loans	$ 661,929	$ 675,678
Total gross loans (as a percent)	10.30%	10.80%
Rating 2 | Maximum
Investments in loans
LTV (as a percent)	70.00%
Rating 3
Investments in loans
Total gross loans	$ 5,253,590	$ 4,987,459
Total gross loans (as a percent)	81.60%	79.60%
Rating 3 | Maximum
Investments in loans
LTV (as a percent)	80.00%
Rating 4
Investments in loans
Total gross loans	$ 351,220	$ 401,880
Total gross loans (as a percent)	5.50%	6.40%
Allowance for loan losses as a percent of carrying amount	1.50%
Rating 4 | Minimum
Investments in loans
LTV (as a percent)	80.00%
Rating 4 | Maximum
Investments in loans
LTV (as a percent)	90.00%
Rating 5
Investments in loans
Allowance for loan losses as a percent of carrying amount	5.00%
Rating 5 | Minimum
Investments in loans
LTV (as a percent)	90.00%
N/A
Investments in loans
Total gross loans	$ 162,387	$ 203,865
Total gross loans (as a percent)	2.50%	3.20%
Total loans held-for-investment
Investments in loans
Total gross loans	$ 6,192,922	$ 5,979,108
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans
Investments in loans
Total gross loans	5,022,325	4,723,852
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 1
Investments in loans
Total gross loans	6,533	664
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 2
Investments in loans
Total gross loans	477,910	496,372
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 3
Investments in loans
Total gross loans	4,331,630	3,979,247
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 4
Investments in loans
Total gross loans	206,252	247,569
Total loans held-for-investment | Subordinated mortgages
Investments in loans
Total gross loans	392,315	392,563
Total loans held-for-investment | Subordinated mortgages | Rating 2
Investments in loans
Total gross loans	85,363	88,857
Total loans held-for-investment | Subordinated mortgages | Rating 3
Investments in loans
Total gross loans	286,702	270,435
Total loans held-for-investment | Subordinated mortgages | Rating 4
Investments in loans
Total gross loans	20,250	33,271
Total loans held-for-investment | Mezzanine Loans
Investments in loans
Total gross loans	770,120	862,693
Total loans held-for-investment | Mezzanine Loans | Rating 2
Investments in loans
Total gross loans	98,656	90,449
Total loans held-for-investment | Mezzanine Loans | Rating 3
Investments in loans
Total gross loans	546,746	651,204
Total loans held-for-investment | Mezzanine Loans | Rating 4
Investments in loans
Total gross loans	124,718	121,040
Total loans held-for-investment | Cost Recovery Loans
Investments in loans
Total gross loans	8,162
Total loans held-for-investment | Cost Recovery Loans | N/A
Investments in loans
Total gross loans	8,162
Loans held-for-sale
Investments in loans
Total gross loans	$ 154,225	203,865
Number of held-for-sale loans with the fair value option elected that were 90 days past due or greater or on nonaccrual status | loan	0
Loans held-for-sale | N/A
Investments in loans
Total gross loans	$ 154,225	203,865
Loans transferred as secured borrowings
Investments in loans
Total gross loans	88,512	86,573
Loans transferred as secured borrowings | Rating 3
Investments in loans
Total gross loans	$ 88,512	$ 86,573

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Activity in allowance for loan losses
Allowance for loan losses at the beginning of the period	$ 6,029	$ 6,031
Provision for loan losses	(761)	317
Allowance for loan losses at the end of the period	5,268	6,348
Recorded investment in loans related to the allowance for loan loss	351,220	315,881
Activity in loan portfolio
Balance at the beginning of the period	6,263,517	6,300,285
Acquisitions/origination/additional funding	674,712	1,063,108
Capitalized Interest	21,290	17,490
Basis of loans sold	(354,601)	(567,033)
Loan maturities/principal repayments	(195,073)	(320,379)
Discount accretion/premium amortization	(8,696)	(10,179)
Changes in fair value	6,891	21,131
Unrealized foreign currency remeasurement loss	(12,984)	(45,907)
Change in loan loss allowance, net	761	(317)
Transfer to/from other asset classifications	17,182	1,038
Balance at the end of the period	$ 6,430,391	$ 6,479,595

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Investment Securities
Investment securities	$ 649,364		$ 724,947
Purchases	84,337	$ 67,247
Sales		4,713
Principal collections	22,344	11,737
Before consolidation of securitization VIEs
Investment Securities
Investment securities	$ 1,565,258		$ 1,550,166
Available-for-sale | One-month LIBOR
Investment Securities
Effective variable rate basis (as a percent)	0.437%		0.43%
Fair value option | VIE eliminations
Investment Securities
Investment securities	$ (915,894)		$ (825,219)
Held-to-maturity
Investment Securities
Purchases	9,694	58,509
Principal collections	3,230	25
Held-to-maturity | Before consolidation of securitization VIEs
Investment Securities
Investment securities	327,831		321,244
RMBS
Investment Securities
Portion of securities with variable rate	159,400
RMBS | Available-for-sale
Investment Securities
Purchases	41,470
Principal collections	6,811	11,487
Purchase Amortized Cost	187,176		149,102
Credit OTTI	(10,185)		(10,185)
Recorded Amortized Cost	176,991		138,917
Non-Credit OTTI	(335)		(340)
Gross Unrealized Gains	34,242		37,647
Net Fair Value Adjustment	33,907		37,307
Fair Value	$ 210,898		176,224
Portion of securities with variable rate			$ 122,700
Portion of securities with variable rate (as a percent)	75.60%		69.70%
Principal balance	$ 327,167		$ 233,976
Accretable yield	(67,626)		(68,345)
Non-accretable difference	(82,550)		(26,714)
Total discount	(150,176)		(95,059)
Amortized cost	176,991		138,917
Credit deteriorated RMBS	293,800		199,000
Accretable yield related to credit deteriorated RMBS	57,400		57,700
Changes to accretable yield
Balance at the beginning of the period	68,345
Accretion of discount	(3,415)
Purchases	(618)
Transfer to/from non-accretable difference	3,314
Balance at the end of the period	67,626		68,345
Changes to non accretable difference
Balance at the beginning of the period	26,714
Principal write-downs	(289)
Purchases	59,439
Transfer to/from non-accretable difference	(3,314)
Balance at the end of the period	$ 82,550		$ 26,714
RMBS | Available-for-sale | LIBOR
Investment Securities
Variable rate, weighted average spread (as a percent)	1.02%		0.43%
RMBS | Available-for-sale | B-
Investment Securities
Weighted Average Coupon (as a percent)	1.70%		1.30%
WAL	6 years 1 month 6 days		6 years 2 months 12 days
RMBS | Available-for-sale | Before consolidation of securitization VIEs
Investment Securities
Investment securities	$ 210,898		$ 176,224
CMBS | Available-for-sale
Investment Securities
Principal collections		224
CMBS | Fair value option
Investment Securities
Purchases	33,173	8,738
Sales		4,713
Principal collections	$ 12,303	$ 1
Weighted Average Coupon (as a percent)	5.50%		3.90%
WAL	2 years		7 years 4 months 24 days
CMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities	$ 1,012,618		$ 1,038,200
Equity security | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities	13,911		14,498
CMBS, fair value option
Investment Securities
Amount not rated	8,700		$ 51,300
Portion of securities with variable rate	$ 0

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
RMBS
Unrealized Losses
Portion of securities with variable rate	$ 159,400
RMBS | Available-for-sale
Investment Securities
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	$ 400
Estimated Fair Value
Securities with a loss less than 12 months	15,466	$ 17,026
Securities with a loss greater than 12 months	643	653
Unrealized Losses
Securities with a loss less than 12 months	(191)	(180)
Securities with a loss greater than 12 months	(144)	(160)
Portion of securities with variable rate		$ 122,700
CMBS | Fair value option
Unrealized Losses
Unpaid principal balance of investment securities before consolidation of VIEs	4,600,000
Purchases in which fair value option was elected	46,600
Purchase amount reflected as repayment of debt of consolidated VIEs	13,400
CMBS, fair value option
Unrealized Losses
Portion of securities with variable rate	$ 0

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
HTM Securities
Net Carrying Amount (Amortized Cost)	$ 327,831	$ 321,244
Gross Unrealized Holdings Gains	1,913	257
Gross Unrealized Holdings Losses	(14,573)	(6,246)
Fair Value	315,171	315,255
HTM preferred equity interests
Less than one year	200,603
One to three years	107,720
Thereafter	19,508
Total	327,831	321,244
Preferred Equity Investment
HTM Securities
Net Carrying Amount (Amortized Cost)	19,508	19,386
Gross Unrealized Holdings Gains	1,884
Gross Unrealized Holdings Losses		(595)
Fair Value	21,392	18,791
HTM preferred equity interests
Thereafter	19,508
Total	19,508	19,386
CMBS
HTM Securities
Net Carrying Amount (Amortized Cost)	308,323	301,858
Gross Unrealized Holdings Gains	29	257
Gross Unrealized Holdings Losses	(14,573)	(5,651)
Fair Value	293,779	296,464
HTM preferred equity interests
Less than one year	200,603
One to three years	107,720
Total	$ 308,323	$ 301,858

Investment Securities - SEREF (

Investment Securities - SEREF (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2012	Dec. 31, 2015
Residential Real Estate
Ownership percentage	3.00%
SEREF
Residential Real Estate
Number of shares acquired		9,140,000
Fair value of investment	$ 13.9		$ 14.5

Properties (Details)

Properties (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Properties
Gain on sale of investments and other assets, net		$ 245	$ 17,198
Summary of properties
Total properties, at cost		1,171,223		$ 928,060
Less: accumulated depreciation		(16,248)		(8,835)
Properties, net		1,154,975		919,225
Property Segment
Summary of properties
Land		295,345		236,545
Land improvements		19,900		11,044
Buildings		661,113		516,117
Furniture & fixtures		$ 19,592		11,980
Property Segment | Minimum
Summary of properties
Building, useful life		30 years
Land improvements, useful life		5 years
Furniture & fixtures, useful life		3 years
Property Segment | Maximum
Summary of properties
Building, useful life		40 years
Land improvements, useful life		10 years
Furniture & fixtures, useful life		7 years
Investment and Servicing Segment
Properties
Gain on sale of investments and other assets, net	$ 17,100
Summary of properties
Land		$ 49,736		39,103
Buildings		120,718		110,815
Building improvements		3,688		1,709
Furniture & fixtures		892		680
Tenant improvements		$ 239		$ 67
Investment and Servicing Segment | Minimum
Summary of properties
Building, useful life		20 years
Building improvements, useful life		7 years
Furniture & fixtures, useful life		3 years
Tenant improvements, useful life		3 years
Investment and Servicing Segment | Maximum
Summary of properties
Building, useful life		40 years
Building improvements, useful life		15 years
Furniture & fixtures, useful life		5 years
Tenant improvements, useful life		5 years

Investment in Unconsolidated 62

Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 179,381		$ 181,032
Cost method, Carrying value	17,256		18,169
Investment in unconsolidated entities	196,637		$ 199,201
Income recognized	$ 4,065	$ 6,090
Retail fund
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	33.00%		33.00%
Equity method, Carrying value	$ 121,297		$ 122,454
Investor entity which owns equity in two real estate services providers
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	50.00%		50.00%
Equity method, Carrying value	$ 23,982		$ 23,972
Equity interests in commercial real estate
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 28,106		$ 28,230
Equity interests in commercial real estate | Minimum
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	16.00%		16.00%
Equity interests in commercial real estate | Maximum
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	43.00%		43.00%
Various - Equity method
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 5,996		$ 6,376
Various - Equity method | Minimum
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	25.00%		25.00%
Various - Equity method | Maximum
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	50.00%		50.00%
Investment funds which own equity in a loan servicer and other real estate assets
Investment in Unconsolidated Entities
Cost method, Carrying value	$ 9,225		$ 9,225
Investment funds which own equity in a loan servicer and other real estate assets | Minimum
Investment in Unconsolidated Entities
Cost method, Ownership %	4.00%		4.00%
Investment funds which own equity in a loan servicer and other real estate assets | Maximum
Investment in Unconsolidated Entities
Cost method, Ownership %	6.00%		6.00%
Various - Cost method
Investment in Unconsolidated Entities
Cost method, Carrying value	$ 8,031		$ 8,944
Various - Cost method | Minimum
Investment in Unconsolidated Entities
Cost method, Ownership %	0.00%		0.00%
Various - Cost method | Maximum
Investment in Unconsolidated Entities
Cost method, Ownership %	3.00%		3.00%

Goodwill and Intangible Asset63

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Summary of Intangible Assets
Gross carrying value	$ 230,548	$ 240,377
Accumulated amortization	(50,072)	(38,807)
Net carrying value	180,476	201,570
European servicing rights
Summary of Intangible Assets
Gross carrying value	30,778	31,593
Accumulated amortization	(28,656)	(28,967)
Net carrying value	2,122	2,626
Fair value intangible assets	4,900	5,300
In-place lease
Summary of Intangible Assets
Gross carrying value	88,364	74,983
Accumulated amortization	(19,899)	(8,898)
Net carrying value	68,465	66,085
Favorable lease
Summary of Intangible Assets
Gross carrying value	15,914	14,103
Accumulated amortization	(1,517)	(942)
Net carrying value	14,397	13,161
Domestic servicing rights
Summary of Intangible Assets
Gross carrying value	95,492	119,698
Net carrying value	95,492	119,698
Domestic servicing rights | Before consolidation of securitization VIEs
Intangible Assets
Servicing rights intangibles	122,900	131,500
Domestic servicing rights | VIE eliminations
Intangible Assets
Servicing rights intangibles	$ 27,400	$ 11,800

Goodwill and Intangible Asset64

Goodwill and Intangible Assets - Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Summary of activity within intangible assets
Balance as of beginning of period	$ 201,570
Impact of ASU 2015-02 Adoption	(17,467)
Amortization	(11,679)
Foreign exchange (loss) gain	2,396
Changes in fair value due to changes in inputs and assumptions	(6,739)
Balance as of end of period	180,476
Future amortization expense for the European servicing rights, in-place lease intangible assets and favorable lease intangible assets
2016 (remainder of)	18,931
2,017	11,622
2,018	10,080
2,019	8,663
2,020	6,708
Thereafter	28,980
Total	84,984
Woodstar Portfolio
Summary of activity within intangible assets
Acquisition of finite-lived intangibles	6,837
REO Portfolio
Summary of activity within intangible assets
Acquisition of finite-lived intangibles	5,558
European servicing rights
Summary of activity within intangible assets
Balance as of beginning of period	2,626
Amortization	(435)
Foreign exchange (loss) gain	(69)
Balance as of end of period	2,122
In-place lease
Summary of activity within intangible assets
Balance as of beginning of period	66,085
Amortization	(10,716)
Foreign exchange (loss) gain	1,969
Balance as of end of period	68,465
In-place lease | Woodstar Portfolio
Summary of activity within intangible assets
Acquisition of finite-lived intangibles	6,837
In-place lease | REO Portfolio
Summary of activity within intangible assets
Acquisition of finite-lived intangibles	4,290
Favorable lease
Summary of activity within intangible assets
Balance as of beginning of period	13,161
Amortization	(528)
Foreign exchange (loss) gain	496
Balance as of end of period	14,397
Favorable lease | REO Portfolio
Summary of activity within intangible assets
Acquisition of finite-lived intangibles	1,268
Domestic servicing rights
Summary of activity within intangible assets
Balance as of beginning of period	119,698
Impact of ASU 2015-02 Adoption	(17,467)
Changes in fair value due to changes in inputs and assumptions	(6,739)
Balance as of end of period	$ 95,492

Secured Financing Agreements (D

Secured Financing Agreements (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016USD ($)item	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Feb. 29, 2016USD ($)
Secured Financing Agreements
Unamortized premium, net	$ 1,099
Unamortized discount			$ 1,702
Unamortized deferred financing costs	(36,147)		(38,336)
Carrying Value	$ 4,480,960		$ 3,980,699
Repayment of secured financings
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks	59.00%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale	27.00%
Lender 2 Repo 1 Facility
Secured Financing Agreements
Maximum Facility Size	$ 600,000			$ 500,000
Amount of increase in available borrowings	100,000
Lender 4 Repo 2 Facility
Secured Financing Agreements
Maximum borrowing capacity	600,000
Maximum facility size subject to certain conditions	1,000,000
Lender 7 Secured Financing
Secured Financing Agreements
Maximum borrowing capacity	450,000
Maximum facility size subject to certain conditions	$ 650,000
Floor interest rate (as a percent)	75.00%
CMBS Repo 1 Facility
Secured Financing Agreements
Maturity period	11 months
CMBS Repo 3 Facility
Secured Financing Agreements
Maturity period	12 months
RMBS Repo 1 Facility
Secured Financing Agreements
Current maturity period, relative to when the buyer delivers notice to the seller	180 days		180 days
Investing and Servicing Segment Property Mortgages
Secured Financing Agreements
Interest rate (as a percent)	3.00%
Maximum Facility Size	$ 16,000
Number of investment securities financed | item	2
Investing and Servicing Segment Property Mortgages | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.25%
Investing and Servicing Segment Property Mortgages | Weighted-average
Secured Financing Agreements
Maturity period	4 years 10 months 24 days
Woodstar Portfolio Government Financing
Secured Financing Agreements
Principal Amount	$ 126,700
Number of federal, state and county sponsored mortgage facilities assumed | item	16
Repayment of secured financings
Total	$ 126,700
Secured financing agreements
Secured Financing Agreements
Pledged Asset Carrying Value	9,088,287
Maximum Facility Size	7,209,205
Principal Amount	4,516,008		$ 4,020,737
Repayment of secured financings
2016 (remainder of)	370,204
2,017	1,196,441
2,018	671,362
2,019	613,486
2,020	1,153,608
Thereafter	510,907
Total	4,516,008		4,020,737
Additional non-cash interest expense	3,900	$ 3,500
Secured financing agreements | Lender 1 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	2,155,043
Maximum Facility Size	1,600,000
Principal Amount	1,340,634		975,735
Repayment of secured financings
Total	$ 1,340,634		975,735
Secured financing agreements | Lender 1 Repo 1 Facility | Minimum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	1.85%
Secured financing agreements | Lender 1 Repo 1 Facility | Maximum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	5.25%
Secured financing agreements | Lender 2 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 285,237
Maximum Facility Size	500,000
Principal Amount	175,912		233,705
Repayment of secured financings
Total	$ 175,912		233,705
Secured financing agreements | Lender 2 Repo 1 Facility | Minimum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	1.75%
Secured financing agreements | Lender 2 Repo 1 Facility | Maximum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.75%
Secured financing agreements | Lender 3 Repo I Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 152,414
Maximum Facility Size	109,745
Principal Amount	109,745		131,997
Repayment of secured financings
Total	$ 109,745		131,997
Secured financing agreements | Lender 3 Repo I Facility | Minimum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.50%
Secured financing agreements | Lender 3 Repo I Facility | Maximum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.85%
Secured financing agreements | Lender 4 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 385,003
Maximum Facility Size	301,518
Principal Amount	301,518		309,498
Repayment of secured financings
Total	$ 301,518		309,498
Secured financing agreements | Lender 4 Repo 1 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.00%
Secured financing agreements | Lender 4 Repo 2 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 192,257
Maximum Facility Size	1,000,000
Principal Amount	151,999
Repayment of secured financings
Total	$ 151,999
Secured financing agreements | Lender 4 Repo 2 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.50%
Secured financing agreements | Lender 6 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 702,162
Maximum Facility Size	500,000
Principal Amount	413,104		491,263
Repayment of secured financings
2016 (remainder of)	221,900
Total	$ 413,104		491,263
Secured financing agreements | Lender 6 Repo 1 Facility | Minimum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.50%
Secured financing agreements | Lender 6 Repo 1 Facility | Maximum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	3.00%
Secured financing agreements | Lender 7 Secured Financing
Secured Financing Agreements
Pledged Asset Carrying Value	$ 109,285
Maximum Facility Size	$ 650,000
Principal Amount			38,055
Repayment of secured financings
Total			38,055
Secured financing agreements | Lender 7 Secured Financing | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.75%
Secured financing agreements | Conduit Repo 1 Facility
Secured Financing Agreements
Maximum Facility Size	$ 150,000
Principal Amount			80,741
Repayment of secured financings
Total			80,741
Secured financing agreements | Conduit Repo 1 Facility | Minimum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	1.95%
Secured financing agreements | Conduit Repo 1 Facility | Maximum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	3.35%
Secured financing agreements | Conduit Repo 2 Facility
Secured Financing Agreements
Maximum Facility Size	$ 150,000
Secured financing agreements | Conduit Repo 2 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.10%
Secured financing agreements | Conduit Repo 3 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 96,986
Maximum Facility Size	150,000
Principal Amount	71,599		66,041
Repayment of secured financings
2016 (remainder of)	71,600
Total	$ 71,599		66,041
Secured financing agreements | Conduit Repo 3 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.10%
Secured financing agreements | Conduit Repo 4 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 16,842
Maximum Facility Size	100,000
Principal Amount	12,188
Repayment of secured financings
Total	$ 12,188
Secured financing agreements | Conduit Repo 4 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.25%
Secured financing agreements | CMBS Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 32,710
Maximum Facility Size	21,354
Principal Amount	21,354
Repayment of secured financings
Total	$ 21,354
Secured financing agreements | CMBS Repo 1 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	1.90%
Secured financing agreements | CMBS Repo 2 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 132,740
Maximum Facility Size	100,238
Principal Amount	100,238		120,850
Repayment of secured financings
Total	$ 100,238		120,850
Secured financing agreements | CMBS Repo 2 Facility | Minimum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.35%
Secured financing agreements | CMBS Repo 2 Facility | Maximum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.70%
Secured financing agreements | CMBS Repo 3 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 365,199
Maximum Facility Size	260,777
Principal Amount	260,777		243,434
Repayment of secured financings
Total	$ 260,777		243,434
Secured financing agreements | CMBS Repo 3 Facility | Minimum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	1.40%
Secured financing agreements | CMBS Repo 3 Facility | Maximum | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	1.85%
Secured financing agreements | RMBS Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	$ 168,001
Maximum Facility Size	125,000
Principal Amount	71,707		2,000
Repayment of secured financings
Total	$ 71,707		2,000
Secured financing agreements | RMBS Repo 1 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	1.90%
Secured financing agreements | Investing and Servicing Segment Property Mortgages
Secured Financing Agreements
Pledged Asset Carrying Value	$ 133,136
Maximum Facility Size	106,055
Principal Amount	100,715		82,964
Repayment of secured financings
Total	100,715		82,964
Secured financing agreements | Ireland Portfolio Mortgage
Secured Financing Agreements
Pledged Asset Carrying Value	500,086
Maximum Facility Size	334,623
Principal Amount	334,623		319,322
Repayment of secured financings
Total	$ 334,623		319,322
Secured financing agreements | Ireland Portfolio Mortgage | EURIBOR
Secured Financing Agreements
Pricing margin (as a percent)	1.69%
Secured financing agreements | Woodstar Portfolio Mortgages
Secured Financing Agreements
Pledged Asset Carrying Value	$ 338,281
Maximum Facility Size	248,630
Principal Amount	248,630		248,630
Repayment of secured financings
Total	$ 248,630		248,630
Secured financing agreements | Woodstar Portfolio Mortgages | Minimum
Secured Financing Agreements
Interest rate (as a percent)	3.72%
Secured financing agreements | Woodstar Portfolio Mortgages | Maximum
Secured Financing Agreements
Interest rate (as a percent)	3.81%
Secured financing agreements | Woodstar Portfolio Government Financing
Secured Financing Agreements
Pledged Asset Carrying Value	$ 296,321
Maximum Facility Size	135,437
Principal Amount	135,437		8,982
Repayment of secured financings
Total	$ 135,437		8,982
Secured financing agreements | Woodstar Portfolio Government Financing | Minimum
Secured Financing Agreements
Interest rate (as a percent)	1.00%
Secured financing agreements | Woodstar Portfolio Government Financing | Maximum
Secured Financing Agreements
Interest rate (as a percent)	5.00%
Secured financing agreements | Term Loan
Secured Financing Agreements
Pledged Asset Carrying Value	$ 3,015,838
Maximum Facility Size	656,578
Principal Amount	656,578		658,270
Repayment of secured financings
Total	$ 656,578		658,270
Secured financing agreements | Term Loan | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	2.75%
Secured financing agreements | FHLB Advances
Secured Financing Agreements
Pledged Asset Carrying Value	$ 10,746
Maximum Facility Size	9,250
Principal Amount	9,250		9,250
Repayment of secured financings
Total	$ 9,250		9,250
Secured financing agreements | FHLB Advances | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	0.37%
Repurchase Agreements
Secured Financing Agreements
Pledged Asset Carrying Value	$ 3,030,775		2,655,264
Principal Amount	3,030,775
Repayment of secured financings
2016 (remainder of)	353,820
2,017	1,186,779
2,018	641,989
2,019	594,290
2,020	174,303
Thereafter	79,594
Total	3,030,775
Repurchase Agreements | Loan held for investment
Secured Financing Agreements
Pledged Asset Carrying Value	2,492,912		2,142,198
Repurchase Agreements | Loans held-for-sale
Secured Financing Agreements
Pledged Asset Carrying Value	83,787		146,782
Repurchase Agreements | Investment securities.
Secured Financing Agreements
Pledged Asset Carrying Value	454,076		$ 366,284
Other Secured Financing
Secured Financing Agreements
Principal Amount	1,485,233
Repayment of secured financings
2016 (remainder of)	16,384
2,017	9,662
2,018	29,373
2,019	19,196
2,020	979,305
Thereafter	431,313
Total	$ 1,485,233

Convertible Senior Notes (Detai

Convertible Senior Notes (Details) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)item$ / sharesshares	Mar. 31, 2015USD ($)shares	Dec. 31, 2015USD ($)	Oct. 08, 2014USD ($)	Jul. 03, 2013USD ($)	Feb. 15, 2013USD ($)
Convertible Senior Notes
Interest expense	$ 56,520,000	$ 50,534,000
Unamortized deferred financing costs	(36,147,000)		$ (38,336,000)
Unamortized premium (discount), net			(1,702,000)
Loss on extinguishment of debt		$ 5,292,000
Deferred financing costs, net of amortization	$ 36,147,000		38,336,000
Conversion upon satisfaction of closing market price condition
Convertible Senior Notes
Minimum number of conditions to be satisfied for conversion of debt | item	1
Minimum trading period as a basis for debt conversion	20 days
Consecutive trading period as a basis for debt conversion	30 days
Conversion upon satisfaction of closing market price condition | Minimum
Convertible Senior Notes
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%
Conversion upon satisfaction of closing market price condition | Maximum
Convertible Senior Notes
Period of average closing market price of common stock as a basis for debt conversion	10 days
Conversion upon satisfaction of trading price condition
Convertible Senior Notes
Consecutive trading period as a basis for debt conversion	5 days
Conversion upon satisfaction of trading price condition | Maximum
Convertible Senior Notes
Percentage of conversion price and last reported sales price as a basis for debt conversion	98.00%
2017 Notes
Convertible Senior Notes
Amount issued				$ 431,300,000
Principal Amount	$ 431,250,000
Coupon Rate (as a percent)	3.75%			3.75%
Effective Rate (as a percent)	5.87%
Conversion Rate	41.7397
Remaining Period of Amortization	1 year 6 months
Amount by which if-converted value of the Notes are less than principal amount	$ 90,500,000
Conversion price (in dollars per share) | $ / shares	$ 23.96
2017 Notes | Conversion upon satisfaction of closing market price condition | Minimum
Convertible Senior Notes
Percentage of conversion price as a basis for debt conversion	110.00%
2018 Notes
Convertible Senior Notes
Amount issued						$ 600,000,000
Principal Amount	$ 599,981,000
Coupon Rate (as a percent)	4.55%					4.55%
Effective Rate (as a percent)	6.10%
Conversion Rate	46.4599
Remaining Period of Amortization	1 year 10 months 24 days
Amount by which if-converted value of the Notes are less than principal amount	$ 72,200,000
Conversion price (in dollars per share) | $ / shares	$ 21.52
2019 Notes
Convertible Senior Notes
Amount issued					$ 460,000,000
Principal Amount	$ 341,363,000
Coupon Rate (as a percent)	4.00%	4.00%			4.00%
Effective Rate (as a percent)	5.35%
Conversion Rate	49.2239
Remaining Period of Amortization	2 years 9 months 18 days
Amount by which if-converted value of the Notes are less than principal amount	$ 23,400,000
Conversion price (in dollars per share) | $ / shares	$ 20.32
Amount of debt repurchased		$ 104,100,000
Debt repurchased amount		119,800,000
Repurchase expenses		$ 100,000
Loss on extinguishment of debt	$ 5,300,000
2018 Notes and 2019 Notes | Conversion upon satisfaction of closing market price condition | Minimum
Convertible Senior Notes
Percentage of conversion price as a basis for debt conversion	130.00%
Convertible Senior Notes
Convertible Senior Notes
Principal Amount	$ 1,372,594,000		1,372,594,000
Unamortized deferred financing costs	(42,241,000)		(47,351,000)
Unamortized premium (discount), net	(1,281,000)		(1,448,000)
Carrying amount of debt components	1,329,072,000		1,323,795,000
Carrying amount of conversion option equity components recorded in additional paid-in capital	$ 46,343,000		46,343,000
Principal amount of notes, basis for conversion			1,000
Closing share price (in dollars per share) | $ / shares	$ 18.93
Conversion of principal not included in computation of diluted EPS (in shares | shares	62,700
Conversion spread included in computation of diluted EPS (in shares) | shares	0	5,353
Deferred financing costs, net of amortization	$ 42,241,000		$ 47,351,000

Loan Securitization_Sale Acti67

Loan Securitization/Sale Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investment and Servicing Segment
Loan Transfer Activities
Fair value of loans sold	$ 256,964	$ 482,009
Par value of loans sold	252,172	464,574
Repayment of purchase agreements	189,207	344,378
Repurchase agreements | Lending Segment
Loan Transfers Accounted for as Sales
Face Amount	98,537	85,500
Proceeds	$ 97,882	$ 85,121

Derivatives and Hedging Activ68

Derivatives and Hedging Activity - Designated and Non-Designated Hedges (Details) - 3 months ended Mar. 31, 2016 € in Thousands, £ in Thousands, SEK in Thousands, NOK in Thousands, DKK in Thousands, $ in Thousands	NOKinstrumentitem	GBP (£)instrumentitem	SEKinstrumentitem	DKKinstrumentitem	EUR (€)instrumentitem	USD ($)instrumentitem
Derivatives
Number of contracts	203	203	203	203	203	203
Foreign exchange contracts | GBP | Sell
Derivatives
Number of contracts	61	61	61	61	61	61
Aggregate notional amount | £		£ 239,773
Foreign exchange contracts | EUR | Buy
Derivatives
Number of contracts	1	1	1	1	1	1
Aggregate notional amount | €					€ 76
Foreign exchange contracts | EUR | Sell
Derivatives
Number of contracts	82	82	82	82	82	82
Aggregate notional amount | €					€ 343,717
Foreign exchange contracts | EUR | Sell | Ireland Portfolio
Derivatives
Number of contracts	51	51	51	51	51	51
Aggregate notional amount | €					€ 249,400
Foreign exchange contracts | SEK | Buy
Derivatives
Number of contracts	1	1	1	1	1	1
Aggregate notional amount | SEK			SEK 844
Foreign exchange contracts | NOK | Buy
Derivatives
Number of contracts	1	1	1	1	1	1
Aggregate notional amount | NOK	NOK 8
Foreign exchange contracts | NOK | Sell
Derivatives
Number of contracts	1	1	1	1	1	1
Aggregate notional amount | NOK	NOK 878
Foreign exchange contracts | DKK | Buy
Derivatives
Number of contracts	1	1	1	1	1	1
Aggregate notional amount | DKK				DKK 69
Foreign exchange contracts | DKK | Sell
Derivatives
Number of contracts	1	1	1	1	1	1
Aggregate notional amount			SEK 7,032	DKK 6,251
Interest rate swaps | Paying fixed rates
Derivatives
Number of contracts	37	37	37	37	37	37
Aggregate notional amount | $						$ 281,472
Interest rate swaps | Receiving fixed rates
Derivatives
Number of contracts	1	1	1	1	1	1
Aggregate notional amount | $						$ 8,000
Interest rate swaps | Derivatives designated as hedging instruments
Derivatives
Number of contracts | instrument	6	6	6	6	6	6
Aggregate notional amount | $						$ 69,500
Fixed monthly coupons at fixed rate, low end of range (as a percent)	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%
Fixed monthly coupons at fixed rate, high end of range (as a percent)	1.52%	1.52%	1.52%	1.52%	1.52%	1.52%
Amount expected to be reclassified from other comprehensive income to interest expense over the next twelve months | $						$ 200
Hedging period for covering exposure to the variability in future cash flows	62 months
Interest rate caps | EUR
Derivatives
Number of contracts	2	2	2	2	2	2
Aggregate notional amount | €					€ 294,000
Interest rate caps | USD
Derivatives
Number of contracts	4	4	4	4	4	4
Aggregate notional amount | $						$ 34,543
Credit index instruments
Derivatives
Number of contracts	9	9	9	9	9	9
Aggregate notional amount | $						$ 36,000

Derivatives and Hedging Activ69

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 36,938	$ 45,091
Fair Value of Derivatives in a Liability Position	16,202	5,196
Derivatives designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	5	57
Fair Value of Derivatives in a Liability Position	343	122
Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	36,933	45,034
Fair Value of Derivatives in a Liability Position	15,859	5,074
Interest rate swaps | Derivatives designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	5	57
Fair Value of Derivatives in a Liability Position	343	122
Interest rate swaps | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	1,303	2,360
Fair Value of Derivatives in a Liability Position	12,458	4,970
Foreign exchange contracts | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	33,000	41,137
Fair Value of Derivatives in a Liability Position	3,401	104
Credit index instruments | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 2,630	$ 1,537

Derivatives and Hedging Activ70

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivatives
(Loss) gain on derivative financial instruments, net	$ (24,718)	$ 24,623
Derivatives not designated as hedging instruments
Derivatives
(Loss) gain on derivative financial instruments, net	(24,718)	24,623
Interest rate swaps | Derivatives not designated as hedging instruments
Derivatives
(Loss) gain on derivative financial instruments, net	(18,000)	(12,923)
Foreign exchange contracts | Derivatives not designated as hedging instruments
Derivatives
(Loss) gain on derivative financial instruments, net	(6,550)	37,972
Credit index instruments | Derivatives not designated as hedging instruments
Derivatives
(Loss) gain on derivative financial instruments, net	(168)	(426)
Cash flow hedges | Interest rate swaps | Derivatives designated as hedging instruments
Derivatives
Gain (Loss) Recognized in OCI (effective portion)	(368)	(467)
Gain (Loss) Reclassified from AOCI into Income (effective portion)	$ (95)	$ (204)

Offsetting Assets and Liabili71

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Net Amounts of Assets Presented in the Statement of Financial Position	$ 36,938	$ 45,091
Liabilities
Gross Amounts of Recognized Liabilities	3,046,977	2,660,460
Net Amounts of Liabilities Presented in the Statement of Financial	3,046,977	2,660,460
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	3,034,592	2,655,507
Cash Collateral Pledged	12,385	4,953
Derivatives
Assets
Gross Amounts of Recognized Assets	36,938	45,091
Net Amounts of Assets Presented in the Statement of Financial Position	36,938	45,091
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	3,817	243
Net Amount	33,121	44,848
Liabilities
Gross Amounts of Recognized Liabilities	16,202	5,196
Net Amounts of Liabilities Presented in the Statement of Financial	16,202	5,196
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	3,817	243
Cash Collateral Pledged	12,385	4,953
Repurchase agreements
Liabilities
Gross Amounts of Recognized Liabilities	3,030,775	2,655,264
Net Amounts of Liabilities Presented in the Statement of Financial	3,030,775	2,655,264
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	$ 3,030,775	$ 2,655,264

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)trustitem	Dec. 31, 2015USD ($)
Variable interest entities
VIE Assets	$ 85,115,662	$ 76,675,689
VIE Liabilities	84,151,022	75,817,014
Investment securities	649,364	724,947
Interest in VIE	$ 196,637	$ 199,201
Primary beneficiary | Accounting Standards Update 2015-02 | Adjustment
Variable interest entities
Number of VIE's | trust	14
VIE Assets	$ 15,100,000
VIE Liabilities	$ 15,100,000
Not primary beneficiary
Variable interest entities
Number of CDO structures currently in default | item	1
Maximum risk of loss related to VIEs, on fair value basis	$ 96,700
Not primary beneficiary | Accounting Standards Update 2015-02 | Adjustment
Variable interest entities
Interest in VIE	130,500
Commitments on loss	29,200
VIE assets	2,000,000
VIE liabilities	1,100,000
Not primary beneficiary | Securitization SPEs
Variable interest entities
Debt obligations to beneficial interest holders, unpaid principal balances	24,300,000
CMBS | Primary beneficiary | Accounting Standards Update 2015-02 | Adjustment
Variable interest entities
Investment securities	$ 120,900

Related-Party Transactions - Ma

Related-Party Transactions - Management Agreement and Manager Equity Plan (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	May. 31, 2015	Jan. 31, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related-Party Transactions
Granted (in shares)			343,582
Award vesting period	3 years
Share-based compensation expense			$ 0.4
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Related-Party Transactions
Granted (in shares)	675,000	2,000,000
Award vesting period		3 years
Manager
Related-Party Transactions
Base management fee incurred			15.1	$ 13.9
Base management fee payable			15.1		$ 15.2
Incentive fee incurred			4.6	$ 6.7
Incentive fees payable			4.6		21.8
Executive compensation and other reimbursable expenses			1.1
Executive compensation and other reimbursable expense payable			$ 3.9		$ 3.6
Manager | Restricted stock
Related-Party Transactions
Granted (in shares)			162,546	23,677
The total fair value of shares vested			$ 3.1	$ 0.6
Award vesting period			3 years	3 years
Manager | Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Related-Party Transactions
Granted (in shares)	675,000
Share-based compensation expense			$ 4.8	$ 7

Related-Party Transactions - In

Related-Party Transactions - Investments in Loans and Securities and Other Arrangements (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2013USD ($)item	Dec. 31, 2012shares
Related-Party Transactions
Variable rate basis of loans		LIBOR
Spread on interest rate basis (as a percent)		5.90%
Originations of mortgage financing		$ 674,712	$ 1,063,108
Purchase price of notes		$ 472,237	649,886
Ownership percentage		3.00%
Equity method, Carrying value		$ 179,381		$ 181,032
Distribution of capital from unconsolidated entities		914	11,296
Earnings from unconsolidated entities		4,065	$ 6,090
Contribution		6,584
CMBS
Related-Party Transactions
Payments to acquire security	$ 9,700				$ 84,100
Number of regional malls by which investment is secured | item					5
SEREF
Related-Party Transactions
Number of shares acquired | shares						9,140,000
Retail fund
Related-Party Transactions
Equity method, Carrying value		$ 121,297		$ 122,454
Equity interest acquired (as a percent)		33.00%		33.00%
REO Portfolio | Investment and Servicing Segment
Related-Party Transactions
Purchase price		$ 21,600		$ 138,700
Purchase price of properties - non-performing loans		8,200
Purchase price of properties - performing loans		9,700
REO Portfolio | Investment and Servicing Segment | CMBS
Related-Party Transactions
Purchase price		24,700
Fund Participants | REO Portfolio
Related-Party Transactions
Aggregate commitment		$ 15,000
Equity interest in REO properties acquired after January 1, 2015 (as percent)		10.00%
Contribution		$ 3,500
Maximum expected capital contribution		$ 4,900
Incremental percentage to earn on all operating cash flows attributable to capital account, net		60.00%

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 09, 2016	Mar. 31, 2016	Mar. 31, 2015
Stockholders' Equity
Dividend declared (in dollars per share)		$ 0.48	$ 0.48
Gross proceeds from issuance of common stock		$ 82	$ 55
Authorized amount of share repurchases		$ 500,000
Common stock repurchased (in shares)		1,052,889
Cost of common stock repurchased		$ 19,723
Remaining capacity under repurchase program		$ 282,100
Shares issued under ATM Agreement		0
Subsequent event
Stockholders' Equity
Dividend declared (in dollars per share)	$ 0.48

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans (Details) - USD ($)	1 Months Ended		3 Months Ended
	May. 31, 2015	Jan. 31, 2014	Mar. 31, 2016
Equity Incentive Plans
Awards granted (in shares)			343,582
Award vesting period	3 years
Starwood Property Trust, Inc. Equity Plan and Manager Equity Plan
Equity Incentive Plans
Number of shares available for future grants			2,300,000
Starwood Property Trust, Inc. Equity Plan
Equity Incentive Plans
Awards granted (in shares)			339,806
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Equity Incentive Plans
Awards granted (in shares)	675,000	2,000,000
Awards granted, fair value	$ 16,511,000	$ 55,420,000
Award vesting period		3 years
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units | Spin off
Equity Incentive Plans
Awards granted (in shares)		489,281
Awards granted, fair value		$ 14,776,000
Award vesting period		3 years
Starwood Property Trust, Inc. Non-Executive Director Stock Plan
Equity Incentive Plans
Awards granted (in shares)			3,776

Stockholders' Equity - Non-Vest

Stockholders' Equity - Non-Vested Shares (Details) - $ / shares	1 Months Ended	3 Months Ended
	May. 31, 2015	Mar. 31, 2016
Non-Vested Shares and Share Equivalents activity
Beginning Balance (in shares)		1,868,216
Granted (in shares)		343,582
Vested (in shares)		(503,180)
Forfeited (in shares)		(15,684)
Balance at the end of period (in shares)		1,692,934
Weighted Average Grant Date Fair Value (per share)
Balance at the beginning of period (in dollars per share)		$ 25.84
Granted (in dollars per share)		18.72
Vested (in dollars per share)		25.55
Forfeited (in dollars per share)		24.17
Balance at the end of period (in dollars per share)		$ 24.49
Award vesting period	3 years
Starwood Property Trust, Inc. Equity Plan
Non-Vested Shares and Share Equivalents activity
Beginning Balance (in shares)		548,378
Granted (in shares)		339,806
Vested (in shares)		(247,780)
Forfeited (in shares)		(15,684)
Balance at the end of period (in shares)		624,720
Starwood Property Trust, Inc. Manager Equity Plan
Non-Vested Shares and Share Equivalents activity
Beginning Balance (in shares)		1,302,850
Vested (in shares)		(255,400)
Balance at the end of period (in shares)		1,047,450
Starwood Property Trust, Inc. Non-Executive Director Stock Plan
Non-Vested Shares and Share Equivalents activity
Beginning Balance (in shares)		16,988
Granted (in shares)		3,776
Balance at the end of period (in shares)		20,764

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Continuing Operations:
Net income attributable to Starwood Property Trust, Inc.	$ 26,657	$ 120,363
Less: Income attributable to participating shares	(708)	(972)
Basic earnings	25,949	119,391
Continuing Operations:
Basic - Income attributable to STWD common stockholders	26,657	120,363
Less: Income attributable to participating shares	(708)	(972)
Add: Undistributed earnings to participating shares		106
Less: Undistributed earnings reallocated to participating shares		(104)
Diluted earnings	$ 25,949	$ 119,393
Number of Shares:
Basic - Average shares outstanding	236,556	223,541
Effect of dilutive securities - Contingently Issuable Shares (in shares)	121	138
Effect of dilutive securities — Unvested non-participating shares	82
Weighted Average Number of Shares Outstanding, Diluted, Total	236,759	229,032
Basic:
Basic (in dollars per share)	$ 0.11	$ 0.53
Diluted:
Diluted (in dollars per share)	$ 0.11	$ 0.52

Earnings per Share - Dilutive a

Earnings per Share - Dilutive and Antidilutive securities (Details) shares in Thousands, instrument in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)instrumentshares	Mar. 31, 2015shares
2017 Notes
Antidilutive securities and effect of dilutive securities
Amount by which if-converted value of the Notes are less than principal amount | $	$ 90.5
2018 Notes
Antidilutive securities and effect of dilutive securities
Amount by which if-converted value of the Notes are less than principal amount | $	72.2
2019 Notes
Antidilutive securities and effect of dilutive securities
Amount by which if-converted value of the Notes are less than principal amount | $	$ 23.4
Convertible Senior Notes
Antidilutive securities and effect of dilutive securities
Potential shares of common stock contingently issuable upon conversion of the Convertible Notes | instrument	62.7
Shares excluded from diluted EPS calculations | shares	62,700
Effect of dilutive securities - Convertible Notes (in shares) | shares	0	5,353
Restricted stock
Antidilutive securities and effect of dilutive securities
Number of anti-dilutive common shares excluded from the calculation of diluted income per share | shares	1,500	1,800

Accumulated Other Comprehensi80

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in AOCI by component
Beginning balance	$ 29,729	$ 55,896
OCI before reclassifications	3,633	(11,342)
Amounts reclassified from AOCI	95	(5,192)
Net period OCI	3,728	(16,534)
Ending balance	33,457	39,362
Effective Portion of Cumulative Loss on Cash Flow Hedges
Changes in AOCI by component
Beginning balance	(65)	(97)
OCI before reclassifications	(368)	(467)
Amounts reclassified from AOCI	95	204
Net period OCI	(273)	(263)
Ending balance	(338)	(360)
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities
Changes in AOCI by component
Beginning balance	37,307	60,190
OCI before reclassifications	(3,400)	(2,567)
Amounts reclassified from AOCI		(5,396)
Net period OCI	(3,400)	(7,963)
Ending balance	33,907	52,227
Foreign Currency Translation
Changes in AOCI by component
Beginning balance	(7,513)	(4,197)
OCI before reclassifications	7,401	(8,308)
Net period OCI	7,401	(8,308)
Ending balance	$ (112)	$ (12,505)

Accumulated Other Comprehensi81

Accumulated Other Comprehensive Income - Impact of Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income
Interest expense	$ (56,520)	$ (50,534)
Interest income from investment securities	19,403	27,744
Net income	27,046	120,779
Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Net income	(95)	5,192
Effective Portion of Cumulative Loss on Cash Flow Hedges | Interest rate contracts | Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Interest expense	$ (95)	(204)
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities | Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Interest income from investment securities		$ 5,396

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets and liabilities measured at fair value
Marketable securities	$ 649,364	$ 724,947
Domestic servicing rights	95,492	119,698
Derivative assets	36,938	45,091
VIE Assets	85,115,662	76,675,689
Derivative liabilities	16,202	5,196
VIE Liabilities	84,151,022	75,817,014
Fair value measurements on recurring basis
Assets and liabilities measured at fair value
Loans held-for-sale, fair value option	154,225	203,865
Derivative assets	36,938	45,091
VIE Assets	85,115,662	76,675,689
Total	85,723,850	77,448,046
Derivative liabilities	16,202	5,196
VIE Liabilities	84,151,022	75,817,014
Total	84,167,224	75,822,210
Fair value measurements on recurring basis | Domestic servicing rights
Assets and liabilities measured at fair value
Domestic servicing rights	95,492	119,698
Fair value measurements on recurring basis | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	210,898	176,224
Fair value measurements on recurring basis | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	96,724	212,981
Fair value measurements on recurring basis | Equity security
Assets and liabilities measured at fair value
Marketable securities	13,911	14,498
Fair value measurements on recurring basis | Level I
Assets and liabilities measured at fair value
Total	13,911	14,498
Fair value measurements on recurring basis | Level I | Equity security
Assets and liabilities measured at fair value
Marketable securities	13,911	14,498
Fair value measurements on recurring basis | Level II
Assets and liabilities measured at fair value
Derivative assets	36,938	45,091
Total	36,938	45,091
Derivative liabilities	16,202	5,196
VIE Liabilities	81,112,488	73,264,566
Total	81,128,690	73,269,762
Fair value measurements on recurring basis | Level III
Assets and liabilities measured at fair value
Loans held-for-sale, fair value option	154,225	203,865
VIE Assets	85,115,662	76,675,689
Total	85,673,001	77,388,457
VIE Liabilities	3,038,534	2,552,448
Total	3,038,534	2,552,448
Fair value measurements on recurring basis | Level III | Domestic servicing rights
Assets and liabilities measured at fair value
Domestic servicing rights	95,492	119,698
Fair value measurements on recurring basis | Level III | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	210,898	176,224
Fair value measurements on recurring basis | Level III | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	$ 96,724	$ 212,981

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Total realized and unrealized gains (losses):
Included in earnings: Net accretion	$ 3,373	$ 10,603
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	74,836,009	103,988,001
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(3,852,259)	(6,367,753)
Included in earnings: Net accretion	3,415	9,445
Included in OCI	(3,400)	(12,842)
Purchases / Originations	275,213	421,959
Sales	(256,964)	(486,722)
Cash repayments / receipts	(13,401)	36,031
Consolidations of VIEs	14,534,280	4,278,227
Deconsolidations of VIEs	(2,583,751)	(17,841)
Balance at the end of the period	82,634,467	102,198,631
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(3,853,041)	(6,381,085)
Total realized and unrealized (losses) gains:
Issuances	(596)	(6,763)
Transfers into Level III	(415,044)	(192,481)
Transfers out of Level III	110,965	549,370
VIE liabilities | Level III
Changes in financial liabilities classified as Level III
Balance at the beginning of the period	(2,552,448)	(4,893,120)
Total realized and unrealized (losses) gains:
Included in earnings: Change in fair value/ gain on sale	236,123	2,460,672
Issuances	(596)	(6,763)
Cash repayments / receipts	5,850	47,936
Transfers into Level III	(415,044)	(192,481)
Transfers out of Level III	110,965	549,370
Consolidations of VIEs	(430,653)	(111,072)
Deconsolidations of VIEs	7,269
Balance at the end of the period	(3,038,534)	(2,145,458)
Amount of total gains (losses) included in earnings attributable to assets still held at period end	236,123	2,460,672
Loans held-for-sale | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	203,865	391,620
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	6,891	21,131
Purchases / Originations	200,570	413,221
Sales	(256,964)	(482,009)
Cash repayments / receipts	(137)	(193)
Balance at the end of the period	154,225	343,770
Amount of total (losses) gains included in earnings attributable to assets still held at period end	2,162	4,788
RMBS | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	176,224	207,053
Total realized and unrealized gains (losses):
Included in earnings: Net accretion	3,415	9,445
Included in OCI	(3,400)	(7,626)
Purchases / Originations	41,470
Cash repayments / receipts	(6,811)	(11,487)
Balance at the end of the period	210,898	197,385
Amount of total (losses) gains included in earnings attributable to assets still held at period end	3,415	3,952
CMBS | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	212,981	334,080
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	967	(160)
Included in OCI		(5,216)
Purchases / Originations	33,173	8,738
Sales		(4,713)
Cash repayments / receipts	(12,303)	(225)
Consolidations of VIEs	(138,342)	(24,309)
Deconsolidations of VIEs	248
Balance at the end of the period	96,724	308,195
Amount of total (losses) gains included in earnings attributable to assets still held at period end	1,499	(1,101)
Domestic servicing rights | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	119,698	132,303
Impact of ASU 2015-02 Adoption	(17,467)
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(6,739)	(1,542)
Balance at the end of the period	95,492	130,761
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(6,739)	(1,542)
VIE Assets | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	76,675,689	107,816,065
Impact of ASU 2015-02 Adoption	17,467
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(4,089,501)	(8,847,854)
Consolidations of VIEs	15,103,275	4,413,608
Deconsolidations of VIEs	(2,591,268)	(17,841)
Balance at the end of the period	85,115,662	103,363,978
Amount of total (losses) gains included in earnings attributable to assets still held at period end	$ (4,089,501)	$ (8,847,854)

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Financial assets not carried at fair value:
HTM securities	$ 327,831	$ 321,244
Financial liabilities not carried at fair value:
Convertible senior notes	1,329,072	1,323,795
Carrying Value
Financial assets not carried at fair value:
Loans held-for-investment and loans transferred as secured borrowings	6,276,166	6,059,652
HTM securities	327,831	321,244
European servicing rights	2,122	2,626
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	4,570,865	4,068,699
Convertible senior notes	1,329,072	1,323,795
Fair Value.
Financial assets not carried at fair value:
Loans held-for-investment and loans transferred as secured borrowings	6,339,187	6,125,881
HTM securities	315,171	315,255
European servicing rights	4,895	5,302
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	4,568,435	4,092,264
Convertible senior notes	$ 1,292,296	$ 1,331,979

Fair Value - Significant unobse

Fair Value - Significant unobservable inputs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Carrying Value	$ 94,436,306	$ 85,698,354
Carrying Value	90,345,443	$ 81,527,411
Fair value measurements on recurring basis | Level III | VIE liabilities | Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Duration		0 years
Fair value measurements on recurring basis | Level III | VIE liabilities | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Duration		17 years 6 months
Fair value measurements on recurring basis | Level III | VIE liabilities | Discounted cash flow
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Carrying Value	$ 3,038,534
Fair value measurements on recurring basis | Level III | VIE liabilities | 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
Fair value measurements on recurring basis | Level III | VIE liabilities | 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)	880.50%	920.20%
Duration	15 years 1 month 6 days
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Discounted cash flow
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Carrying Value	$ 154,225
Fair value measurements on recurring basis | Level III | Loans held-for-sale | 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)	4.70%	4.80%
Duration	5 years	5 years
Fair value measurements on recurring basis | Level III | Loans held-for-sale | 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)	5.70%	5.30%
Duration	10 years	10 years
Fair value measurements on recurring basis | Level III | RMBS | Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Constant default rate (as a percent)		1.00%
Fair value measurements on 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	$ 210,898
Portfolio percentage	71.00%	76.00%
Fair value measurements on 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)	2.70%	2.60%
Constant default rate (as a percent)	1.00%
Loss severity (as a percent)	7.00%	10.00%
Delinquency rate (as a percent)	2.00%	2.00%
Servicer advances (as a percent)	29.00%	30.00%
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%
Fair value measurements on 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)	15.60%	17.80%
Constant default rate (as a percent)	8.70%	8.90%
Loss severity (as a percent)	80.00%	79.00%
Delinquency rate (as a percent)	29.00%	29.00%
Servicer advances (as a percent)	93.00%	94.00%
Annual coupon deterioration (as a percent)	0.40%	0.50%
Putback amount per projected total collateral loss (as a percent)	11.00%	11.00%
Loss severity for specified percentage of portfolio (as a percent)	80.00%	80.00%
Fair value measurements on 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	$ 96,724
Fair value measurements on 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
Fair value measurements on 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)	278.00%	435.80%
Duration	9 years 9 months 18 days	18 years 6 months
Fair value measurements on 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	$ 95,492
Yield (as a percent)	8.25%	8.25%
Discount rate (as a percent)	15.00%	15.00%
Fair value measurements on 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%
Fair value measurements on 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%
Fair value measurements on 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	$ 85,115,662
Fair value measurements on 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
Fair value measurements on 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)	880.50%	920.20%
Duration	15 years 1 month 6 days	17 years 6 months

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Income Taxes
Assets owned	$ 94,436,306	$ 85,698,354
Cash	335,219	368,815	$ 360,720	$ 255,187
Investment and Servicing Segment | TRS entities
Income Taxes
Assets owned	629,900,000	858,500,000
Cash	$ 61,700	$ 185,600

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 9,499	$ 47,856
REIT and other non-taxable income	(8,964)	(34,972)
State income taxes	(95)	2,001
Federal benefit of state tax deduction	33	(700)
Valuation allowance		1,255
Other	(379)	511
Effective tax rate	$ 94	$ 15,951
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate (as a percent)	35.00%	35.00%
REIT and other non-taxable income (as a percent)	(33.00%)	(25.60%)
State income taxes (as a percent)	(0.40%)	1.50%
Federal benefit of state tax deduction (as a percent)	0.10%	(0.50%)
Valuation allowance (as a percent)		0.90%
Other (as a percent)	(1.40%)	0.40%
Effective tax rate (as a percent)	0.30%	11.70%

Commitments and Contingencies (

Commitments and Contingencies (Details) - Commitments $ in Billions	Mar. 31, 2016USD ($)loan
Operating leases
Number of loans with future funding commitments | loan	50
Value of loans with future funding commitments	$ 1.4
Value of loans with future funding commitments expected to fund	$ 1.2

Segment Data - Results of Opera

Segment Data - Results of Operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Interest income from loans		$ 117,532	$ 118,429
Interest income from investment securities		19,403	27,744
Servicing fees		24,691	28,257
Rental income		32,677	2,672
Other revenues		1,190	1,747
Total revenues		195,493	178,849
Costs and expenses:
Management fees		24,963	27,968
Interest expense		56,520	50,534
General and administrative		32,798	35,264
Acquisition and investment pursuit costs		1,285	1,186
Costs of rental operations		12,655	1,698
Depreciation and amortization		18,760	4,085
Loan loss allowance, net		(761)	317
Other expense		100	375
Total costs and expenses		146,320	121,427
Income before other income (loss), income taxes and non-controlling interests		49,173	57,422
Other income (loss):
Change in net assets related to consolidated VIEs		(4,167)	47,861
Change in fair value of servicing rights		(6,739)	(1,542)
Change in fair value of investment securities, net		753	(499)
Change in fair value of mortgage loans held-for-sale, net		6,891	21,131
Earnings from unconsolidated entities		4,065	6,090
Gain on sale of investments and other assets, net		245	17,198
Gain (loss) on derivative financial instruments, net		(24,718)	24,623
Foreign currency (loss), gain net		(378)	(30,307)
Loss on extinguishment of debt			(5,292)
Other income, net		2,015	45
Total other income (loss)		(22,033)	79,308
Income before income taxes		27,140	136,730
Income tax benefit (provision)		(94)	(15,951)
Net income		27,046	120,779
Net income attributable to non-controlling interests		(389)	(416)
Net income attributable to Starwood Property Trust, Inc.		26,657	120,363
Investment and Servicing Segment
Other income (loss):
Gain on sale of investments and other assets, net	$ 17,100
Operating Segments and Corporate
Revenues:
Interest income from loans		117,532	118,429
Interest income from investment securities		57,254	46,992
Servicing fees		36,377	51,032
Rental income		32,677	2,672
Other revenues		1,371	2,009
Total revenues		245,211	221,134
Costs and expenses:
Management fees		24,921	27,918
Interest expense		56,520	50,534
General and administrative		32,621	35,078
Acquisition and investment pursuit costs		1,285	1,186
Costs of rental operations		12,655	1,698
Depreciation and amortization		18,760	4,085
Loan loss allowance, net		(761)	317
Other expense		100	375
Total costs and expenses		146,101	121,191
Income before other income (loss), income taxes and non-controlling interests		99,110	99,943
Other income (loss):
Change in fair value of servicing rights		(8,670)	(4,875)
Change in fair value of investment securities, net		(51,742)	7,974
Change in fair value of mortgage loans held-for-sale, net		6,891	21,131
Earnings from unconsolidated entities		4,274	6,220
Gain on sale of investments and other assets, net		245	17,198
Gain (loss) on derivative financial instruments, net		(24,718)	24,623
Foreign currency (loss), gain net		(378)	(30,307)
Loss on extinguishment of debt			(5,292)
Other income, net		2,015	45
Total other income (loss)		(72,083)	36,717
Income before income taxes		27,027	136,660
Income tax benefit (provision)		(94)	(15,951)
Net income		26,933	120,709
Net income attributable to non-controlling interests		(276)	(346)
Net income attributable to Starwood Property Trust, Inc.		26,657	120,363
Operating segment | Lending Segment
Revenues:
Interest income from loans		114,658	113,472
Interest income from investment securities		9,628	22,296
Servicing fees		159	84
Other revenues		23	79
Total revenues		124,468	135,931
Costs and expenses:
Management fees		375	388
Interest expense		22,335	21,523
General and administrative		3,922	4,858
Acquisition and investment pursuit costs		338	773
Loan loss allowance, net		(761)	317
Total costs and expenses		26,209	27,859
Income before other income (loss), income taxes and non-controlling interests		98,259	108,072
Other income (loss):
Change in fair value of investment securities, net		(214)	(339)
Earnings from unconsolidated entities		468	855
Gain on sale of investments and other assets, net		245	98
Gain (loss) on derivative financial instruments, net		(3,026)	32,863
Foreign currency (loss), gain net		(1,822)	(29,336)
Total other income (loss)		(4,349)	4,141
Income before income taxes		93,910	112,213
Income tax benefit (provision)		(75)	30
Net income		93,835	112,243
Net income attributable to non-controlling interests		(350)	(346)
Net income attributable to Starwood Property Trust, Inc.		93,485	111,897
Operating segment | Investment and Servicing Segment
Revenues:
Interest income from loans		2,874	4,957
Interest income from investment securities		47,626	24,696
Servicing fees		36,218	50,948
Rental income		6,475	2,672
Other revenues		1,342	1,930
Total revenues		94,535	85,203
Costs and expenses:
Management fees		18	18
Interest expense		3,238	2,119
General and administrative		25,294	29,189
Acquisition and investment pursuit costs		355	213
Costs of rental operations		3,062	1,698
Depreciation and amortization		3,051	4,085
Other expense		100	375
Total costs and expenses		35,118	37,697
Income before other income (loss), income taxes and non-controlling interests		59,417	47,506
Other income (loss):
Change in fair value of servicing rights		(8,670)	(4,875)
Change in fair value of investment securities, net		(51,528)	8,313
Change in fair value of mortgage loans held-for-sale, net		6,891	21,131
Earnings from unconsolidated entities		1,377	2,724
Gain on sale of investments and other assets, net			17,100
Gain (loss) on derivative financial instruments, net		(11,245)	(8,007)
Foreign currency (loss), gain net		1,460	(1,171)
Other income, net		43	31
Total other income (loss)		(61,672)	35,246
Income before income taxes		(2,255)	82,752
Income tax benefit (provision)		(19)	(15,981)
Net income		(2,274)	66,771
Net income attributable to non-controlling interests		74
Net income attributable to Starwood Property Trust, Inc.		(2,200)	66,771
Operating segment | Property Segment
Revenues:
Rental income		26,202
Other revenues		6
Total revenues		26,208
Costs and expenses:
Interest expense		4,949
General and administrative		555	2
Acquisition and investment pursuit costs		592
Costs of rental operations		9,593
Depreciation and amortization		15,709
Total costs and expenses		31,398	2
Income before other income (loss), income taxes and non-controlling interests		(5,190)	(2)
Other income (loss):
Earnings from unconsolidated entities		2,429	2,641
Gain (loss) on derivative financial instruments, net		(10,447)	(233)
Foreign currency (loss), gain net		(16)	200
Other income, net		422
Total other income (loss)		(7,612)	2,608
Income before income taxes		(12,802)	2,606
Net income		(12,802)	2,606
Net income attributable to Starwood Property Trust, Inc.		(12,802)	2,606
Corporate
Costs and expenses:
Management fees		24,528	27,512
Interest expense		25,998	26,892
General and administrative		2,850	1,029
Acquisition and investment pursuit costs			200
Total costs and expenses		53,376	55,633
Income before other income (loss), income taxes and non-controlling interests		(53,376)	(55,633)
Other income (loss):
Loss on extinguishment of debt			(5,292)
Other income, net		1,550	14
Total other income (loss)		1,550	(5,278)
Income before income taxes		(51,826)	(60,911)
Net income		(51,826)	(60,911)
Net income attributable to Starwood Property Trust, Inc.		(51,826)	(60,911)
Investment and Servicing VIEs
Revenues:
Interest income from investment securities		(37,851)	(19,248)
Servicing fees		(11,686)	(22,775)
Other revenues		(181)	(262)
Total revenues		(49,718)	(42,285)
Costs and expenses:
Management fees		42	50
General and administrative		177	186
Total costs and expenses		219	236
Income before other income (loss), income taxes and non-controlling interests		(49,937)	(42,521)
Other income (loss):
Change in net assets related to consolidated VIEs		(4,167)	47,861
Change in fair value of servicing rights		1,931	3,333
Change in fair value of investment securities, net		52,495	(8,473)
Earnings from unconsolidated entities		(209)	(130)
Total other income (loss)		50,050	42,591
Income before income taxes		113	70
Net income		113	70
Net income attributable to non-controlling interests		$ (113)	$ (70)

Segment Data - Balance sheets (

Segment Data - Balance sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 335,219	$ 368,815	$ 360,720	$ 255,187
Restricted cash	48,375	23,069
Loans held-for-investment, net	6,187,654	5,973,079
Loans held-for-sale	154,225	203,865
Loans transferred as secured borrowings	88,512	86,573
Investment securities	649,364	724,947
Properties, net	1,154,975	919,225
Intangible assets	180,476	201,570
Investment in unconsolidated entities	196,637	199,201
Goodwill	140,437	140,437
Derivative assets	36,938	45,091
Accrued interest receivable	35,972	34,314
Other assets	111,860	102,479
VIE assets, at fair value	85,115,662	76,675,689
Total Assets	94,436,306	85,698,354
Liabilities:
Accounts payable, accrued expenses and other liabilities	139,286	156,805
Related-party payable	24,157	40,955
Dividends payable	114,839	114,947
Derivative liabilities	16,202	5,196
Secured financing agreements, net	4,480,960	3,980,699
Convertible senior notes, net	1,329,072	1,323,795
Secured borrowings on transferred loans	89,905	88,000
VIE liabilities, at fair value	84,151,022	75,817,014
Total Liabilities	90,345,443	81,527,411
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,422	2,410
Additional paid-in capital	4,210,904	4,192,844
Treasury stock	(92,104)	(72,381)
Accumulated other comprehensive income (loss)	33,457	29,729	39,362	55,896
Retained earnings (accumulated deficit)	(100,201)	(12,286)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,054,478	4,140,316
Non-controlling interests in consolidated subsidiaries	36,385	30,627
Total Equity	4,090,863	4,170,943	$ 3,880,116	$ 3,882,912
Total Liabilities and Equity	94,436,306	85,698,354
Operating Segments and Corporate
Assets:
Cash and cash equivalents	334,174	367,837
Restricted cash	48,375	23,069
Loans held-for-investment, net	6,187,654	5,973,079
Loans held-for-sale	154,225	203,865
Loans transferred as secured borrowings	88,512	86,573
Investment securities	1,565,258	1,550,166
Properties, net	1,154,975	919,225
Intangible assets	207,841	213,399
Investment in unconsolidated entities	204,071	206,426
Goodwill	140,437	140,437
Derivative assets	36,938	45,091
Accrued interest receivable	35,920	34,314
Other assets	114,071	104,536
Total Assets	10,272,451	9,868,017
Liabilities:
Accounts payable, accrued expenses and other liabilities	138,566	156,116
Related-party payable	24,157	40,955
Dividends payable	114,839	114,947
Derivative liabilities	16,202	5,196
Secured financing agreements, net	4,480,960	3,980,699
Convertible senior notes, net	1,329,072	1,323,795
Secured borrowings on transferred loans	89,905	88,000
Total Liabilities	6,193,701	5,709,708
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,422	2,410
Additional paid-in capital	4,210,904	4,192,844
Treasury stock	(92,104)	(72,381)
Accumulated other comprehensive income (loss)	33,457	29,729
Retained earnings (accumulated deficit)	(100,201)	(12,286)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,054,478	4,140,316
Non-controlling interests in consolidated subsidiaries	24,272	17,993
Total Equity	4,078,750	4,158,309
Total Liabilities and Equity	10,272,451	9,868,017
Operating segment | Lending Segment
Assets:
Cash and cash equivalents	103,942	83,836
Restricted cash	31,474	9,775
Loans held-for-investment, net	6,169,937	5,973,079
Loans transferred as secured borrowings	88,512	86,573
Investment securities	552,640	511,966
Investment in unconsolidated entities	30,311	30,827
Derivative assets	33,237	33,412
Accrued interest receivable	35,451	34,028
Other assets	14,640	7,938
Total Assets	7,060,144	6,771,434
Liabilities:
Accounts payable, accrued expenses and other liabilities	28,501	18,822
Derivative liabilities	12,551	5,190
Secured financing agreements, net	2,723,567	2,341,897
Secured borrowings on transferred loans	89,905	88,000
Total Liabilities	2,854,524	2,453,909
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	2,276,386	2,477,987
Accumulated other comprehensive income (loss)	33,569	37,242
Retained earnings (accumulated deficit)	1,884,190	1,790,705
Total Starwood Property Trust, Inc. Stockholders' Equity	4,194,145	4,305,934
Non-controlling interests in consolidated subsidiaries	11,475	11,591
Total Equity	4,205,620	4,317,525
Total Liabilities and Equity	7,060,144	6,771,434
Operating segment | Investment and Servicing Segment
Assets:
Cash and cash equivalents	70,684	62,649
Restricted cash	11,710	8,826
Loans held-for-investment, net	17,717
Loans held-for-sale	154,225	203,865
Investment securities	1,012,618	1,038,200
Properties, net	172,289	150,497
Intangible assets	147,495	152,278
Investment in unconsolidated entities	52,463	53,145
Goodwill	140,437	140,437
Derivative assets	2,911	2,087
Accrued interest receivable	469	286
Other assets	70,562	71,505
Total Assets	1,853,580	1,883,775
Liabilities:
Accounts payable, accrued expenses and other liabilities	51,774	90,399
Related-party payable	689	423
Derivative liabilities	2,106	6
Secured financing agreements, net	397,884	422,260
Total Liabilities	452,453	513,088
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	1,173,852	1,146,926
Accumulated other comprehensive income (loss)	(4,395)	(3,714)
Retained earnings (accumulated deficit)	218,873	221,073
Total Starwood Property Trust, Inc. Stockholders' Equity	1,388,330	1,364,285
Non-controlling interests in consolidated subsidiaries	12,797	6,402
Total Equity	1,401,127	1,370,687
Total Liabilities and Equity	1,853,580	1,883,775
Operating segment | Property Segment
Assets:
Cash and cash equivalents	15,486	2,944
Restricted cash	5,191	4,468
Properties, net	982,686	768,728
Intangible assets	60,346	61,121
Investment in unconsolidated entities	121,297	122,454
Derivative assets	790	9,592
Other assets	27,132	23,657
Total Assets	1,212,928	992,964
Liabilities:
Accounts payable, accrued expenses and other liabilities	42,329	25,427
Derivative liabilities	1,545
Secured financing agreements, net	712,782	568,738
Total Liabilities	756,656	594,165
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	456,658	394,465
Accumulated other comprehensive income (loss)	4,283	(3,799)
Retained earnings (accumulated deficit)	(4,669)	8,133
Total Starwood Property Trust, Inc. Stockholders' Equity	456,272	398,799
Total Equity	456,272	398,799
Total Liabilities and Equity	1,212,928	992,964
Corporate
Assets:
Cash and cash equivalents	144,062	218,408
Other assets	1,737	1,436
Total Assets	145,799	219,844
Liabilities:
Accounts payable, accrued expenses and other liabilities	15,962	21,468
Related-party payable	23,468	40,532
Dividends payable	114,839	114,947
Secured financing agreements, net	646,727	647,804
Convertible senior notes, net	1,329,072	1,323,795
Total Liabilities	2,130,068	2,148,546
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,422	2,410
Additional paid-in capital	304,008	173,466
Treasury stock	(92,104)	(72,381)
Retained earnings (accumulated deficit)	(2,198,595)	(2,032,197)
Total Starwood Property Trust, Inc. Stockholders' Equity	(1,984,269)	(1,928,702)
Total Equity	(1,984,269)	(1,928,702)
Total Liabilities and Equity	145,799	219,844
Investment and Servicing VIEs
Assets:
Cash and cash equivalents	1,045	978
Investment securities	(915,894)	(825,219)
Intangible assets	(27,365)	(11,829)
Investment in unconsolidated entities	(7,434)	(7,225)
Accrued interest receivable	52
Other assets	(2,211)	(2,057)
VIE assets, at fair value	85,115,662	76,675,689
Total Assets	84,163,855	75,830,337
Liabilities:
Accounts payable, accrued expenses and other liabilities	720	689
VIE liabilities, at fair value	84,151,022	75,817,014
Total Liabilities	84,151,742	75,817,703
Starwood Property Trust, Inc. Stockholders' Equity:
Non-controlling interests in consolidated subsidiaries	12,113	12,634
Total Equity	12,113	12,634
Total Liabilities and Equity	$ 84,163,855	$ 75,830,337

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	May. 09, 2016$ / shares	Apr. 30, 2016USD ($)property	Mar. 31, 2016USD ($)item$ / shares	Mar. 31, 2015$ / shares
Subsequent Events
Dividend declared (in dollars per share) | $ / shares			$ 0.48	$ 0.48
Woodstar Portfolio Government Financing
Subsequent Events
Principal Amount			$ 126.7
Woodstar Portfolio
Subsequent Events
Number of properties acquired | item			12
Number of units acquired | item			8,948
Subsequent event
Subsequent Events
Dividend declared (in dollars per share) | $ / shares	$ 0.48
Subsequent event | Woodstar Portfolio
Subsequent Events
Number of properties acquired | property		2
Number of units acquired | property		628
Aggregate gross acquisition price		$ 39.4
Subsequent event | Woodstar Portfolio | Woodstar Portfolio Government Financing
Subsequent Events
Principal Amount		2.5
Subsequent event | Woodstar Portfolio | Woodstar Portfolio Mortgages
Subsequent Events
Principal Amount		$ 18.6