Starwood Property Trust (STWD) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 02, 2019
Document and Entity Information
Entity Registrant Name	STARWOOD PROPERTY TRUST, INC.
Entity Central Index Key	0001465128
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		280,296,261
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 412,270	$ 239,824
Restricted cash	133,714	248,041
Loans held-for-investment, net	8,964,725	8,532,356
Loans held-for-sale ($841,687 and $671,282 held at fair value)	1,144,490	1,187,552
Loans transferred as secured borrowings		74,346
Investment securities ($266,446 and $262,319 held at fair value)	910,233	906,468
Properties, net	2,769,374	2,784,890
Intangible assets ($19,790 and $20,557 held at fair value)	136,835	145,033
Investment in unconsolidated entities	124,360	171,765
Goodwill	259,846	259,846
Derivative assets	47,410	52,691
Accrued interest receivable	60,314	60,355
Other assets	227,153	152,922
Variable interest entity (“VIE”) assets, at fair value	56,974,864	53,446,364
Total Assets	72,165,588	68,262,453
Liabilities:
Accounts payable, accrued expenses and other liabilities	193,143	217,663
Related-party payable	23,945	44,043
Dividends payable	135,889	133,466
Derivative liabilities	10,163	15,415
Secured financing agreements, net	9,234,910	8,683,565
Unsecured senior notes, net	1,922,795	1,998,831
Secured borrowings on transferred loans, net		74,239
VIE liabilities, at fair value	55,727,776	52,195,042
Total Liabilities	67,248,621	63,362,264
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, 285,481,485 issued and 280,301,345 outstanding as of March 31, 2019 and 280,839,692 issued and 275,659,552 outstanding as of December 31, 2018	2,855	2,808
Additional paid-in capital	5,080,173	4,995,156
Treasury stock (5,180,140 shares)	(104,194)	(104,194)
Accumulated other comprehensive income	55,798	58,660
Accumulated deficit	(413,553)	(348,998)
Total Starwood Property Trust, Inc. Stockholders’ Equity	4,621,079	4,603,432
Non-controlling interests in consolidated subsidiaries	295,888	296,757
Total Equity	4,916,967	4,900,189
Total Liabilities and Equity	$ 72,165,588	$ 68,262,453

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Consolidated Balance Sheets
Loans-held-for-sale held at fair value	$ 841,687	$ 671,282
Investment securities held at fair value	266,446	262,319
Intangible assets held at fair value	$ 19,790	$ 20,557
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	285,481,485	280,839,692
Common stock, shares outstanding	280,301,345	275,659,552
Treasury stock, shares	5,180,140

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Interest income from loans	$ 183,416	$ 137,620
Interest income from investment securities	17,632	15,269
Servicing fees	24,433	26,067
Rental income	83,833	81,110
Other revenues	1,166	521
Total revenues	310,480	260,587
Costs and expenses:
Management fees	23,466	30,642
Interest expense	134,672	87,183
General and administrative	34,930	32,142
Acquisition and investment pursuit costs	342	377
Costs of rental operations	29,651	29,693
Depreciation and amortization	29,254	31,744
Loan loss provision, net	763	1,538
Other expense	211	104
Total costs and expenses	253,289	213,423
Other income (loss):
Change in net assets related to consolidated VIEs	47,836	52,653
Change in fair value of servicing rights	(767)	(5,814)
Change in fair value of investment securities, net	62	(149)
Change in fair value of mortgage loans held-for-sale, net	11,266	7,800
Loss from unconsolidated entities	(43,200)	(1,462)
Gain on sale of investments and other assets, net	4,485	10,660
Loss on derivative financial instruments, net	(2,207)	(16,859)
Foreign currency gain, net	5,547	13,549
Loss on extinguishment of debt	(3,298)
Other (loss) income, net	(73)	108
Total other income	19,651	60,486
Income before income taxes	76,842	107,650
Income tax provision	(334)	(2,856)
Net income	76,508	104,794
Net income attributable to non-controlling interests	(6,125)	(4,862)
Net income attributable to Starwood Property Trust, Inc.	$ 70,383	$ 99,932
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 0.25	$ 0.38
Diluted (in dollars per share)	$ 0.25	$ 0.38

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Consolidated Statements of Comprehensive Income
Net income	$ 76,508	$ 104,794
Other comprehensive (loss) income (net change by component):
Cash flow hedges		5
Available-for-sale securities	(387)	1,163
Foreign currency translation	(2,475)	4,218
Other comprehensive (loss) income	(2,862)	5,386
Comprehensive income	73,646	110,180
Less: Comprehensive income attributable to non-controlling interests	(6,125)	(4,862)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 67,521	$ 105,318

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total Starwood Property Trust, Inc. Stockholders' Equity	Common stock	Additional Paid-In Capital	Treasury Stock	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests	Total
Balance at Dec. 31, 2017	$ 4,478,414	$ 2,660	$ 4,715,246	$ (92,104)	$ (217,312)	$ 69,924	$ 100,787	$ 4,579,201
Balance (in shares) at Dec. 31, 2017		265,983,309		4,606,885
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan	159		159					159
Proceeds from DRIP Plan (in shares)		7,651
Common stock repurchased	(12,090)			$ (12,090)				$ (12,090)
Common stock repurchased (in shares)				573,255				573,255
Share-based compensation	4,768	$ 6	4,762					$ 4,768
Share-based compensation (in shares)		598,701
Manager incentive fee paid in stock	10,983	$ 5	10,978					10,983
Manager incentive fee paid in stock (in shares)		545,641
Net income	99,932				99,932		4,862	104,794
Dividends declared	(126,058)				(126,058)			(126,058)
Other comprehensive income (loss), net	5,386					5,386		5,386
VIE non-controlling interests							569	569
Contributions from non-controlling interests							366,691	366,691
Distributions to non-controlling interests	(2,962)		(2,962)				(226,435)	(229,397)
Sale of controlling interest in majority owned property asset							(319)	(319)
Balance at Mar. 31, 2018	4,458,532	$ 2,671	4,728,183	$ (104,194)	(243,438)	75,310	246,155	4,704,687
Balance (in shares) at Mar. 31, 2018		267,135,302		5,180,140
Balance at Dec. 31, 2018	4,603,432	$ 2,808	4,995,156	$ (104,194)	(348,998)	58,660	296,757	$ 4,900,189
Balance (in shares) at Dec. 31, 2018		280,839,692		5,180,140				280,839,692
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan	167		167					$ 167
Proceeds from DRIP Plan (in shares)		7,825
Equity offering costs	(5)		(5)					(5)
Conversion of 2019 Convertible Notes	67,562	$ 36	67,526					67,562
Conversion of 2019 Convertible Notes (Shares)		3,611,918
Share-based compensation	6,363	$ 6	6,357					6,363
Share-based compensation (in shares)		526,687
Manager incentive fee paid in stock	10,977	$ 5	10,972					10,977
Manager incentive fee paid in stock (in shares)		495,363
Net income	70,383				70,383		6,125	76,508
Dividends declared	(134,938)				(134,938)			(134,938)
Other comprehensive income (loss), net	(2,862)					(2,862)		(2,862)
VIE non-controlling interests							(137)	(137)
Contributions from non-controlling interests							95	95
Distributions to non-controlling interests							(6,952)	(6,952)
Balance at Mar. 31, 2019	$ 4,621,079	$ 2,855	$ 5,080,173	$ (104,194)	$ (413,553)	$ 55,798	$ 295,888	$ 4,916,967
Balance (in shares) at Mar. 31, 2019		285,481,485		5,180,140				285,481,485

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - $ / shares	Feb. 28, 2018	Mar. 31, 2019	Mar. 31, 2018
Consolidated Statements of Equity
Dividends declared per common share	$ 0.48	$ 0.48	$ 0.48

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash Flows from Operating Activities:
Net income	$ 76,508	$ 104,794
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Amortization of deferred financing costs, premiums and discounts on secured financing agreements and secured borrowings on transferred loans	9,183	5,167
Amortization of discounts and deferred financing costs on senior notes	1,933	3,869
Accretion of net discount on investment securities	(2,755)	(6,841)
Accretion of net deferred loan fees and discounts	(7,526)	(12,052)
Share-based compensation	6,363	4,768
Share-based component of incentive fees	10,977	10,983
Change in fair value of investment securities	(62)	149
Change in fair value of consolidated VIEs	133	(11,241)
Change in fair value of servicing rights	767	5,814
Change in fair value of loans held-for-sale	(11,266)	(7,800)
Change in fair value of derivatives	3,396	18,069
Foreign currency gain, net	(5,547)	(13,540)
Gain on sale of investments and other assets	(4,485)	(10,660)
Impairment charges on properties and related intangibles	120	25
Loan loss provision, net	763	1,538
Depreciation and amortization	28,889	31,412
Loss from unconsolidated entities	43,200	1,462
Distributions of earnings from unconsolidated entities	3,661	2,675
Loss on extinguishment of debt	3,298
Origination and purchase of loans held-for-sale, net of principal collections	(719,589)	(245,027)
Proceeds from sale of loans held-for-sale	561,702	266,632
Changes in operating assets and liabilities:
Related-party payable, net	(20,098)	(10,588)
Accrued and capitalized interest receivable, less purchased interest	(22,536)	(9,412)
Other assets	(26,760)	(6,188)
Accounts payable, accrued expenses and other liabilities	(22,987)	(31,612)
Net cash (used in) provided by operating activities	(92,718)	92,396
Cash Flows from Investing Activities:
Origination and purchase of loans held-for-investment	(1,287,001)	(900,937)
Proceeds from principal collections on loans	556,058	870,400
Proceeds from loans sold	500,271	145,273
Proceeds from sales of investment securities	3,228
Proceeds from principal collections on investment securities	7,754	219,230
Proceeds from sales and insurance recoveries on properties	1,463	51,093
Purchases and additions to properties and other assets	(8,526)	(7,056)
Investment in unconsolidated entities	(510)
Distribution of capital from unconsolidated entities	886	21,255
Payments for purchase or termination of derivatives	(3,896)	(15,604)
Proceeds from termination of derivatives	692	11,773
Net cash (used in) provided by investing activities	(229,581)	395,427
Cash Flows from Financing Activities:
Proceeds from borrowings	2,310,902	1,515,241
Principal repayments on and repurchases of borrowings	(1,778,819)	(1,629,449)
Payment of deferred financing costs	(4,706)	(10,506)
Proceeds from common stock issuances	167	159
Payment of equity offering costs	(5)
Payment of dividends	(132,515)	(125,730)
Contributions from non-controlling interests	95	310
Distributions to non-controlling interests	(6,952)	(229,397)
Purchase of treasury stock	0	(12,090)
Issuance of debt of consolidated VIEs	33,678	7,948
Repayment of debt of consolidated VIEs	(52,856)	(57,289)
Distributions of cash from consolidated VIEs	11,683	13,730
Net cash provided by (used in) financing activities	380,672	(527,073)
Net increase (decrease) in cash, cash equivalents and restricted cash	58,373	(39,250)
Cash, cash equivalents and restricted cash, beginning of period	487,865	418,273
Effect of exchange rate changes on cash	(254)	398
Cash, cash equivalents and restricted cash, end of period	545,984	379,421
Supplemental disclosure of cash flow information:
Cash paid for interest	129,349	75,696
Income taxes paid	484	880
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	134,953	126,058
Consolidation of VIEs (VIE asset/liability additions)	3,280,065	1,089,881
Deconsolidation of VIEs (VIE asset/liability reductions)	45,910	875,240
Settlement of 2019 Convertible Notes in shares	75,525
Settlement of loans transferred as secured borrowings	74,692
Unsettled infrastructure loan sales	68,564
Net assets acquired through foreclosure	$ 8,963
Net assets acquired from consolidated VIEs		27,737
Contribution of Woodstar II Portfolio net assets from non-controlling interests		366,381
Loan principal collections temporarily held at master servicer		$ 326,362

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2019
Business and Organization
Business and Organization	1. Business and Organizatio 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. We are focused primarily on originating, acquiring, financing and managing mortgage loans and other real estate investments in both the United States (“U.S.”) and Europe. 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 four reportable business segments as of March 31, 2019 and we refer to the investments within these segments as our target assets: · Real estate commercial and residential lending (the “Commercial and Residential Lending Segment”)—engages primarily in originating, acquiring, financing and managing commercial and residential first mortgages, subordinated mortgages, mezzanine loans, preferred equity, commercial mortgage-backed securities (“CMBS”), residential mortgage-backed securities (“RMBS”) and other real estate and real estate-related debt investments in both the U.S. and Europe (including distressed or non-performing loans). · Infrastructure lending (the “Infrastructure Lending Segment”)—engages primarily in originating, acquiring, financing and managing infrastructure debt investments. · Real estate property (the “Property Segment”)—engages primarily in acquiring and managing equity interests in stabilized commercial real estate properties, including multifamily properties and commercial properties subject to net leases, that are held for investment. · Real estate investing and servicing (the “Investing and Servicing Segment”)—includes (i) a servicing business in the U.S. that manages and works 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. Our segments exclude the consolidation of securitization variable interest entities (“VIEs”). 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 by Mr. Sternlicht.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Balance Sheet Presentation of Securitization Variable Interest Entities We operate investment businesses that acquire unrated, investment grade and non-investment grade rated CMBS and RMBS. 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 we often serve as the special servicer or servicing administrator of the trusts in which we invest, or we have the ability to remove and replace the special servicer without cause, 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 our business segments 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, 2018 (our “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2019 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, (iii) became significant since December 31, 2018 due to a corporate action or increase in the significance of the underlying business activity or (iv) changed upon adoption of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). Variable Interest Entities In addition to the securitization VIEs, certain other entities in which we hold interests are considered VIEs as the limited partners of these entities with equity at risk do not collectively possess (i) the right to remove the general partner or dissolve the partnership without cause or (ii) the right to participate in significant decisions made by the partnership. 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: (i) identifying the activities that most significantly impact the VIE’s economic performance; and (ii) 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. 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. 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 unrated and non-investment grade rated securities issued by securitization trusts. In certain cases, we may contract to provide special servicing activities for these 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 securitization 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: (i) 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 (ii) 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 securitization 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 securitization VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization 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 securitization 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 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 trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization 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 trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 2% of our consolidated securitization VIE assets, with the remaining 98% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization 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 securitization 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 securitization 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 securitization VIEs, loans held-for-sale originated or acquired for future securitization and purchased CMBS issued by VIEs we could consolidate in the future. 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 were made due to the expected short-term holding period of these instruments. 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 securitization VIEs at fair value pursuant to our election of the fair value option. The securitization 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 securitization VIEs, we maximize the use of observable inputs over unobservable inputs. Refer to Note 19 for further discussion regarding our fair value measurements. Loans Held-for-Investment 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. Loan Impairment 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. There may be circumstances where we modify a loan by granting the borrower a concession that we might not otherwise consider when a borrower is experiencing financial difficulty or is expected to experience financial difficulty in the foreseeable future. Such concessionary modifications are classified as troubled debt restructurings (“TDRs”) unless the modification solely results in a delay in payment that is insignificant. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes. Loans Held-For-Sale Our loans that we intend to sell or liquidate in the short-term are classified as held-for-sale and are carried at the lower of amortized cost or fair value, unless we have elected to apply the fair value option at origination or purchase. Leases On January 1, 2019, ASC 842 , Leases , became effective for the Company. ASC 842 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 affected by this ASC. We elected to apply the provisions of ASC 842 as of January 1, 2019 and not to retrospectively adjust prior periods presented. Such application did not result in any cumulative-effect adjustment as of January 1, 2019. We elected the “package of practical expedients” for transition purposes, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs for leases that commenced prior to January 1, 2019. We also elected not to apply the recognition provisions of ASC 842 to short-term leases, which have original lease terms of 12 months or less. As a lessor, we elected not to separate nonlease components, such as reimbursements from tenants for common area maintenance (“CAM”), from lease components for all classes of underlying assets, and continue to recognize such nonlease components ratably in rental income. We also elected to continue to exclude from rental income all sales, use and other similar taxes collected from lessees. As required by ASC 842, we no longer record as revenues and expenses lessor costs (such as property taxes) paid directly by the lessees. The application of ASC 842 has had no material effect on our consolidated financial statements, as all of our leases, as both lessor and lessee, are currently classified as operating leases, which are subject to essentially the same straight-line revenue and expense recognition as in the past. As a lessee, our only significant long-term lease resulted in the recognition of a lease liability and corresponding right-of-use asset of $12.0 million as of January 1, 2019, which are classified within accounts payable, accrued expenses and other liabilities and other assets, respectively, in our condensed consolidated balance sheet as of March 31, 2019. 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, (iii) the conversion options associated with our outstanding convertible senior notes (see Notes 10 and 17), and (iv) non-controlling interests that are redeemable with our common stock (see Note 16). 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. In addition, the non-controlling interests that are redeemable with our common stock are considered participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 16). 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, 2019 and 2018, 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. Recent Accounting Developments On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments , which mandates use of an “expected loss” credit model for estimating future credit losses of certain financial instruments instead of the “incurred loss” credit model that current GAAP requires. The “expected loss” model requires the consideration of possible credit losses over the life of an instrument as opposed to only estimating credit losses upon the occurrence of a discrete loss event in accordance with the current “incurred loss” methodology. This ASU is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2019. Though we have not completed our assessment of this ASU, we expect this ASU to result in our recognition of higher levels of allowances for loan losses. Our assessment of the estimated amount of such increases remains in process. On January 26, 2017, the FASB issued ASU 2017-04, Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment , which simplifies the method applied for measuring impairment in cases where goodwill is impaired. This ASU specifies that goodwill impairment will be measured as the excess of the reporting unit’s carrying value (inclusive of goodwill) over its fair value, eliminating the requirement that all assets and liabilities of the reporting unit be remeasured individually in connection with measurement of goodwill impairment. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019 and is applied prospectively. Early application is permitted. We do not expect the application of this ASU to materially impact the Company. On August 28, 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework , which adds new disclosure requirements and modifies or eliminates existing disclosure requirements of ASC 820. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. Early application is permitted. We do not expect the application of this ASU to materially impact the Company, as it only affects fair value disclosures. On October 31, 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810) – Targeted Improvements to Related Party Guidance for Variable Interest Entities , which requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety for determining whether a decision-making fee is a variable interest. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. Early application is permitted. We are in the process of assessing the impact this ASU will have on the Company, but do not expect it to be material.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2019
Acquisitions
Acquisitions	3. Acquisitions During the three months ended March 31, 2019, we had no significant acquisitions or divestitures of properties or businesses and no measurement period adjustments related to a prior year business combination.

Loans

Loans	3 Months Ended
	Mar. 31, 2019
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, 2019 and December 31, 2018 (dollars in thousands): Weighted Weighted Average Life Carrying Face Average (“WAL”) March 31, 2019 Value Amount Coupon (years)(1) First mortgages (2) $ 6,851,837 $ 6,874,524 6.7 % 2.1 First priority infrastructure loans 1,450,097 1,460,758 5.8 % 5.1 Subordinated mortgages (3) 52,849 54,042 8.9 % 3.5 Mezzanine loans (2) 579,496 581,557 11.6 % 1.7 Other 61,234 64,916 8.2 % 2.2 Total loans held-for-investment 8,995,513 9,035,797 Loans held-for-sale, fair value option, residential 688,435 673,249 6.2 % 5.8 Loans held-for-sale, fair value option, commercial 153,252 149,428 4.7 % 10.0 Loans held-for-sale, infrastructure 303,577 312,551 4.1 % 1.1 Total gross loans Loan loss allowance (31,562) — Total net loans $ $ December 31, 2018 First mortgages (2) $ 6,607,117 $ 6,631,236 6.9 % 2.0 First priority infrastructure loans 1,456,779 1,465,828 5.7 % 4.5 Subordinated mortgages (3) 52,778 53,996 8.9 % 3.7 Mezzanine loans (2) 393,832 394,739 10.6 % 2.0 Other 61,001 64,658 8.2 % 2.5 Total loans held-for-investment 8,571,507 8,610,457 Loans held-for-sale, fair value option, residential 623,660 609,571 6.3 % 6.6 Loans held-for-sale, commercial ($47,622 under fair value option) 94,117 94,916 5.4 % 6.2 Loans held-for-sale, infrastructure 469,775 486,909 3.5 % 0.3 Loans transferred as secured borrowings 74,346 74,692 7.1 % 1.3 Total gross loans 9,833,405 9,876,545 Loan loss allowance (39,151) — Total net loans $ 9,794,254 $ 9,876,545 (1) 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 or acquisition. (2) 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 $912.8 million and $1.0 billion being classified as first mortgages as of March 31, 2019 and December 31, 2018, respectively. (3) 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. As of March 31, 2019, approximately $8.5 billion, or 94.3%, of our loans held-for-investment were variable rate and paid interest principally at LIBOR plus a weighted-average spread of 4.4%. We regularly evaluate the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral, as well as the financial and operating capability of the borrower. Specifically, the collateral’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 and/or (iii) the collateral’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 collateral. In addition, we consider the overall economic environment, real estate or industry 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 for commercial real estate loans 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—Loan to collateral value ratio (“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%. The risk ratings for loans subject to our rating system, which excludes loans held-for-sale, by class of loan were as follows as of March 31, 2019 and December 31, 2018 (dollars in thousands): Balance Sheet Classification Loans Held-For-Investment Loans First Priority Transferred % of Risk Rating First Infrastructure Subordinated Mezzanine As Secured Total Category Mortgages Loans Mortgages Loans Other Borrowings Total Loans March 31, 2019 1 $ 2,723 $ — $ — $ — $ 23,515 $ — $ 26,238 0.3 % 2 3,329,423 — 7,354 275,415 — — 3,612,192 35.6 % 3 3,289,028 — 33,518 304,081 31,069 — 3,657,696 36.1 % 4 62,381 — — — — — 62,381 0.6 % 5 — — — — — — — — % N/A 168,282 (1) 1,450,097 (2) 11,977 (1) — 6,650 (1) — 1,637,006 16.1 % $ 6,851,837 $ 1,450,097 $ 52,849 $ 579,496 $ 61,234 $ — 8,995,513 Loans held-for-sale 1,145,264 11.3 % Total gross loans $ 10,140,777 100.0 % December 31, 2018 1 $ 6,538 $ — $ — $ — $ 23,767 $ — $ 30,305 0.3 % 2 3,356,342 — 7,392 111,466 — 74,346 3,549,546 36.1 % 3 2,987,296 — 33,410 282,366 31,039 — 3,334,111 33.9 % 4 63,094 — — — — — 63,094 0.6 % 5 — — — — — — — — % N/A 193,847 (1) 1,456,779 (2) 11,976 (1) — 6,195 (1) — 1,668,797 17.0 % $ 6,607,117 $ 1,456,779 $ 52,778 $ 393,832 $ 61,001 $ 74,346 8,645,853 Loans held-for-sale 1,187,552 12.1 % Total gross loans $ 9,833,405 100.0 % (1) Represents loans individually evaluated for impairment in accordance with ASC 310-10. (2) First priority infrastructure loans were not risk rated as the Company is in the process of developing a risk rating policy for these loans. After completing our impairment evaluation process as of March 31, 2019, we concluded that no additional impairment charges or releases thereof were required. During the three months ended March 31, 2019, we charged-off an allowance for impaired loans of $8.3 million relating to a first mortgage loan on a grocery distribution facility located in Montgomery, Alabama that we foreclosed on in March 2019 and obtained physical possession of the underlying collateral property. As of the foreclosure date, our carrying value of the loan totaled $9.0 million ($20.9 million unpaid principal balance net of an $8.3 million allowance for impaired loan and $3.6 million of unamortized discount). As of March 31, 2019, we had allowances for impaired loans of $29.9 million. Of this amount, $21.6 million relates to a residential conversion project located in New York City, for which our recorded investment was as follows as of March 31, 2019: (i) $149.9 million first mortgage and contiguous mezzanine loans ($118.8 million unpaid principal balance, which does not reflect $38.4 million of accrued interest and $21.6 million allowance for impaired loan) and (ii) $6.7 million unsecured promissory note ($7.1 million unpaid principal balance and no reserve for impaired loan). Also included in the allowance for impaired loans is $8.3 million related to two subordinated mortgages on department stores located in the Greater Chicago area. Our recorded investment in these loans totaled $12.2 million ($12.0 million unpaid principal balance and $8.3 million allowance for impaired loans) as of March 31, 2019. We also have a first mortgage loan on a grocery distribution facility in Orlando, Florida that was leased to a single tenant who filed for bankruptcy. This lease was rejected by the bankruptcy court with the tenant vacating and ceasing debt service in 2018. Because the liquidation value of the property exceeds our recorded investment, we determined that no impairment reserve was required. Our recorded investment in the loan totaled $18.5 million ($21.9 million unpaid principal and interest balance, net of a $3.4 million unamortized discount) as of March 31, 2019. Subsequent to March 31, 2019, we foreclosed on the loan and obtained physical possession of the underlying collateral property. We apply the cost recovery method of interest income recognition for these impaired loans. The average recorded investment in the impaired loans for the three months ended March 31, 2019 was $199.8 million. As of March 31, 2019, we held TDRs with unfunded commitments of $4.9 million. There were no TDRs for which interest income was recognized during the three months ended March 31, 2019. As of March 31, 2019, the department store loans discussed above were 90 days or greater past due, as were $4.2 million of residential loans and a $36.2 million infrastructure loan with a carrying value of $29.2 million, net of a $7.0 million unamortized discount. In accordance with our interest income recognition policy, these loans were placed on non-accrual status. In accordance with our policies, we record an allowance for loan losses equal to (i) 1.5% of the aggregate carrying amount of loans rated as a “4,” plus (ii) 5% of the aggregate carrying amount of loans rated as a “5,” plus (iii) allowance for infrastructure loans held-for-sale where amortized cost is in excess of fair value, plus (iv) impaired loan reserves, if any. The following table presents the activity in our allowance for loan losses (amounts in thousands): For the Three Months Ended March 31, 2019 2018 Allowance for loan losses at January 1 $ 39,151 $ 4,330 Loan loss provision, net 763 1,538 Charge-offs (8,352) — Recoveries — — Allowance for loan losses at March 31 $ 31,562 $ 5,868 Recorded investment in loans related to the allowance for loan loss $ 266,996 $ 245,791 The activity in our loan portfolio was as follows (amounts in thousands): For the Three Months Ended March 31, 2019 2018 Balance at January 1 $ 9,794,254 $ 7,382,641 Acquisitions/originations/additional funding 2,027,669 1,178,560 Capitalized interest (1) 22,137 16,253 Basis of loans sold (2) (1,127,201) (411,625) Loan maturities/principal repayments (630,965) (1,225,815) Discount accretion/premium amortization 7,526 12,052 Changes in fair value 11,266 7,800 Unrealized foreign currency translation gain 14,208 22,552 Loan loss provision, net (763) (1,538) Loan foreclosure (8,963) — Transfer to/from other asset classifications 47 102 Balance at March 31 $ 10,109,215 $ 6,980,982 (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, 2019
Investment Securities
Investment Securities	5. Investment Securities Investment securities were comprised of the following as of March 31, 2019 and December 31, 2018 (amounts in thousands): Carrying Value as of March 31, 2019 December 31, 2018 RMBS, available-for-sale $ 204,835 $ 209,079 RMBS, fair value option (1) 108,816 87,879 CMBS, fair value option (1) 1,143,416 1,157,508 Held-to-maturity (“HTM”) debt securities, amortized cost 643,787 644,149 Equity security, fair value 12,506 11,893 Subtotal — Investment securities 2,113,360 2,110,508 VIE eliminations (1) (1,203,127) (1,204,040) Total investment securities $ 910,233 $ 906,468 (1) Certain fair value option CMBS and RMBS 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): RMBS, RMBS, fair CMBS, fair HTM Equity Securitization available-for-sale value option value option Securities Security VIEs (1) Total Three Months Ended March 31, 2019 Purchases $ — $ 26,272 $ 13,262 $ — $ — $ (39,534) $ — Sales — — 36,906 — — (33,678) 3,228 Principal collections 6,360 2,034 9,837 1,206 — (11,683) 7,754 Three Months Ended March 31, 2018 Purchases $ — $ — $ 30,225 $ — $ — $ (30,225) $ — Sales — — 7,948 — — (7,948) — Principal collections 10,150 — 15,181 208,303 — (14,404) 219,230 (1) Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as repayment of debt of consolidated VIEs in our condensed consolidated statements of cash flows. RMBS, Available-for-Sale The Company classified all of its RMBS not eliminated in consolidation as available-for-sale as of March 31, 2019 and December 31, 2018. 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, 2019 and December 31, 2018 (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, 2019 RMBS $ 161,604 $ (9,897) $ 151,707 $ (35) $ 53,163 $ — $ 53,128 $ 204,835 December 31, 2018 RMBS $ 165,461 $ (9,897) $ 155,564 $ (31) $ 53,546 $ — $ 53,515 $ 209,079 Weighted Average Coupon (1) Weighted Average WAL March 31, 2019 RMBS 3.7 % CCC- 6.1 December 31, 2018 RMBS 3.7 % CCC- 6.0 (1) Calculated using the March 31, 2019 and December 31, 2018 one-month LIBOR rate of 2.495% and 2.503%, respectively, for floating rate securities. (2) Represents the remaining 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, 2019, approximately $174.3 million, or 85.1%, of RMBS were variable rate and paid interest at LIBOR plus a weighted average spread of 1.22%. As of December 31, 2018, approximately $177.4 million, or 84.9%, of RMBS were variable rate and paid interest at LIBOR plus a weighted average spread of 1.22%. We purchased all of the RMBS at a discount, a portion of which 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 this accretable discount. The following table contains a reconciliation of aggregate principal balance to amortized cost for our RMBS as of March 31, 2019 and December 31, 2018 (amounts in thousands): March 31, 2019 December 31, 2018 Principal balance $ 302,229 $ 309,497 Accretable yield (57,391) (54,779) Non-accretable difference (93,131) (99,154) Total discount (150,522) (153,933) Amortized cost $ 151,707 $ 155,564 The principal balance of credit deteriorated RMBS was $284.3 million and $290.8 million as of March 31, 2019 and December 31, 2018, respectively. Accretable yield related to these securities totaled $52.4 million and $49.5 million as of March 31, 2019 and December 31, 2018, respectively. The following table discloses the changes to accretable yield and non-accretable difference for our RMBS during the three months ended March 31, 2019 (amounts in thousands): Non-Accretable Three Months Ended March 31, 2019 Accretable Yield Difference Balance as of January 1, 2019 $ 54,779 $ 99,154 Accretion of discount (2,503) — Principal write-downs, net — (908) Transfer to/from non-accretable difference 5,115 (5,115) Balance as of March 31, 2019 $ 57,391 $ 93,131 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 and $0.5 million for the three months ended March 31, 2019 and 2018, respectively, which has been recorded as management fees in the accompanying condensed consolidated statements of operations. The following table presents the gross unrealized losses and estimated fair value of any available-for-sale securities that were in an unrealized loss position as of March 31, 2019 and December 31, 2018, and for which other-than-temporary impairments (“OTTI”) (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, 2019 RMBS $ 2,133 $ — $ (35) $ — As of December 31, 2018 RMBS $ 2,148 $ — $ (31) $ — As of both March 31, 2019 and December 31, 2018, there was one security with an unrealized loss reflected in the table above. After evaluating this security and recording adjustments for credit-related OTTI, we concluded that the remaining unrealized loss reflected above was noncredit-related and would be recovered from the security’s estimated future cash flows. We considered a number of factors in reaching this conclusion, including that we did not intend to sell the security, it was not considered more likely than not that we would be forced to sell the security prior to recovering our amortized cost, and there were no material credit events that would have caused us to otherwise conclude that we would not recover our cost. Credit losses, which represent most of the 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 and RMBS, Fair Value Option As discussed in the “Fair Value Option” section of Note 2 herein, we elect the fair value option for certain CMBS and RMBS in an effort to eliminate accounting mismatches resulting from the current or potential consolidation of securitization VIEs. As of March 31, 2019, the fair value and unpaid principal balance of CMBS where we have elected the fair value option, excluding the notional value of interest-only securities and before consolidation of securitization VIEs, were $1.1 billion and $3.0 billion, respectively. As of March 31, 2019, the fair value and unpaid principal balance of RMBS where we have elected the fair value option, excluding the notional value of interest-only securities and before consolidation of securitization VIEs, were $108.8 million and $72.3 million, respectively. The $1.3 billion total fair value balance of CMBS and RMBS represents our economic interests in these assets. However, as a result of our consolidation of securitization VIEs, the vast majority of this fair value (all except $49.1 million at March 31, 2019) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. As of March 31, 2019, $150.7 million of our CMBS were variable rate and none of our RMBS were variable rate. HTM Debt Securities, Amortized Cost The table below summarizes unrealized gains and losses of our investments in HTM debt securities as of March 31, 2019 and December 31, 2018 (amounts in thousands): Net Carrying Amount Gross Unrealized Gross Unrealized (Amortized Cost) Holding Gains Holding Losses Fair Value March 31, 2019 CMBS $ 409,176 $ 1,848 $ (2,470) $ 408,554 Preferred interests 175,001 756 — 175,757 Infrastructure bonds 59,610 88 (545) 59,153 Total $ 643,787 $ 2,692 $ (3,015) $ 643,464 December 31, 2018 CMBS $ 408,556 $ 2,435 $ (3,349) $ 407,642 Preferred interests 174,825 703 — 175,528 Infrastructure bonds 60,768 178 (168) 60,778 Total $ 644,149 $ 3,316 $ (3,517) $ 643,948 The table below summarizes the maturities of our HTM debt securities by type as of March 31, 2019 (amounts in thousands): Preferred Infrastructure CMBS Interests Bonds Total Less than one year $ 75,158 $ — $ — $ 75,158 One to three years 305,885 — 12,769 318,654 Three to five years 28,133 175,001 — 203,134 Thereafter — — 46,841 46,841 Total $ 409,176 $ 175,001 $ 59,610 $ 643,787 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. The fair value of the investment remeasured in USD was $12.5 million and $11.9 million as of March 31, 2019 and December 31, 2018, respectively. As of March 31, 2019, our shares represent an approximate 2% interest in SEREF.

Properties

Properties	3 Months Ended
	Mar. 31, 2019
Properties
Properties	6. Propertie Our properties are held within the following portfolios: Ireland Portfolio The Ireland Portfolio is comprised of 11 net leased fully occupied office properties and one multifamily property all located in Dublin, Ireland, which we acquired during the year ended December 31, 2015. The Ireland Portfolio, which collectively is comprised of approximately 600,000 square feet, includes total gross properties and lease intangibles of $512.0 million and debt of $353.3 million as of March 31, 2019. Woodstar I Portfolio The Woodstar I Portfolio is comprised of 32 affordable housing communities with 8,948 units concentrated primarily in the Tampa, Orlando and West Palm Beach metropolitan areas. During the year ended December 31, 2015, we acquired 18 of the 32 affordable housing communities of the Woodstar I Portfolio with the final 14 communities acquired during the year ended December 31, 2016. The Woodstar I Portfolio includes total gross properties and lease intangibles of $624.4 million and federal, state and county sponsored financing and other debt of $406.8 million as of March 31, 2019. Woodstar II Portfolio The Woodstar II Portfolio is comprised of 27 affordable housing communities with 6,109 units concentrated primarily in Central and South Florida. During the year ended December 31, 2017, we acquired eight of the 27 affordable housing communities of the Woodstar II Portfolio with the final 19 communities acquired during the year ended December 31, 2018. The Woodstar II Portfolio includes total gross properties and lease intangibles of $599.4 million and debt of $437.5 million as of March 31, 2019. Medical Office Portfolio The Medical Office Portfolio is comprised of 34 medical office buildings acquired during the year ended December 31, 2016. These properties, which collectively comprise 1.9 million square feet, are geographically dispersed throughout the U.S. and primarily affiliated with major hospitals or located on or adjacent to major hospital campuses. The Medical Office Portfolio includes total gross properties and lease intangibles of $760.4 million and debt of $486.8 million as of March 31, 2019. Master Lease Portfolio The Master Lease Portfolio is comprised of 16 retail properties geographically dispersed throughout the U.S., with more than 50% of the portfolio, by carrying value, located in Florida, Texas and Minnesota. These properties, which we acquired in September 2017, collectively comprise 1.9 million square feet and were leased back to the seller under corporate guaranteed master net lease agreements with initial terms of 24.6 years and periodic rent escalations. The Master Lease Portfolio includes total gross properties of $343.8 million and debt of $192.2 million as of March 31, 2019. Investing and Servicing Segment Property Portfolio The Investing and Servicing Segment Property Portfolio (the “REIS Equity Portfolio”) is comprised of 19 commercial real estate properties and one equity interest in an unconsolidated commercial real estate property. During the year ended December 31, 2018, we acquired three commercial real estate properties from CMBS trusts and the remaining 16 properties were acquired from CMBS trusts prior to December 31, 2017. The REIS Equity Portfolio includes total gross properties and lease intangibles of $352.2 million and debt of $235.5 million as of March 31, 2019. The table below summarizes our properties held as of March 31, 2019 and December 31, 2018 (dollars in thousands): Depreciable Life March 31, 2019 December 31, 2018 Property Segment Land and land improvements 0 – 15 years $ 645,349 $ 648,972 Buildings and building improvements 5 – 45 years 1,980,283 Furniture & fixtures 3 – 7 years 47,218 46,048 Investing and Servicing Segment Land and land improvements 0 – 15 years 82,362 82,332 Buildings and building improvements 3 – 40 years 217,086 213,010 Furniture & fixtures 2 – 5 years 2,374 2,158 Commercial and Residential Lending Segment (1) Land and land improvements 0 – 2 years 2,508 — Buildings 23 years 6,455 — Properties, cost 2,979,473 2,972,803 Less: accumulated depreciation (210,099) (187,913) Properties, net $ 2,769,374 $ 2,784,890 (1) Represents properties acquired through loan foreclosure. Refer to Note 4 for further discussion. During the three months ended March 31, 2018, we sold five operating properties for $52.3 million, recognizing a gain on sale of $10.3 million within gain on sale of investments and other assets in our condensed consolidated statement of operations. One of these properties was acquired by a third party which already held a $0.3 million non-controlling interest in the property. During the three months ended March 31, 2018, $1.3 million of the gain on sale was attributable to non-controlling interests. No operating properties were sold during the three months ended March 31, 2019. Future rental payments due to us from tenants under existing non-cancellable operating leases for each of the next five years and thereafter are as follows (in thousands): 2019 (remainder of) $ 169,273 2020 131,736 2021 121,826 2022 114,467 2023 98,211 Thereafter 837,401 Total $ 1,472,914

Investment in Unconsolidated En

Investment in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2019
Investment in Unconsolidated Entities
Investment in Unconsolidated Entities	7. Investment in Unconsolidated Entities The table below summarizes our investments in unconsolidated entities as of March 31, 2019 and December 31, 2018 (dollars in thousands): Participation / Carrying value as of Ownership % (1) March 31, 2019 December 31, 2018 Equity method: Retail Fund 33% $ 70,557 $ 114,362 Investor entity which owns equity in an online real estate company 50% 9,380 9,372 Equity interests in commercial real estate 50% 2,654 6,294 Equity interest in and advances to a residential mortgage originator (2) N/A 8,817 9,082 Various 25% - 50% 6,799 6,984 98,207 146,094 Cost method: Equity interest in a servicing and advisory business 6% 6,207 6,207 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 9,225 9,225 Various 0% - 3% 10,721 10,239 26,153 25,671 $ 124,360 $ 171,765 (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) Includes a $2.0 million subordinated loan the Company funded in June 2018. We own a 33% equity interest in a fund that owns four regional shopping malls (the “Retail Fund”), an investment company that measures its assets at fair value on a recurring basis. We report our interest in the Retail Fund on a three-month lag basis at its liquidation value. During the period included in our three months ended March 31, 2019, the Retail Fund reported unrealized decreases in the fair value of its real estate properties, which resulted in a $44.9 million decrease to our investment. This amount was recognized within loss from unconsolidated entities in our condensed consolidated statement of operations during the three months ended March 31, 2019. As of March 31, 2019, the carrying value of our equity investment in a residential mortgage originator exceeded the underlying equity in net assets of such investee by $1.6 million. This difference is the result of the Company recording its investment in the investee at its acquisition date fair value, which included certain non-amortizing intangible assets not recognized by the investee. Should the Company determine these intangible assets held by the investee are impaired, the Company will recognize such impairment loss through earnings from unconsolidated entities in our consolidated statement of operations, otherwise, such difference between the carrying value of our equity investment in the residential mortgage originator and the underlying equity in the net assets of the residential mortgage originator will continue to exist. Other than our equity interest in the residential mortgage originator, 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, 2019. During the three months ended March 31, 2019, we did not become aware of any observable price changes in our cost method investments or any indicators of impairment.

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangibles
Goodwill and Intangibles	8. Goodwil Goodwill Infrastructure Lending Segment The Infrastructure Lending Segment’s goodwill of $119.4 million at both March 31, 2019 and December 31, 2018 represents the excess of consideration transferred over the fair value of net assets acquired on September 19, 2018 and October 15, 2018. The goodwill recognized is attributable to value embedded in the acquired Infrastructure Lending Segment’s lending platform. LNR Property LLC (“LNR”) The Investing and Servicing Segment’s goodwill of $140.4 million at both March 31, 2019 and December 31, 2018 represents the excess of consideration transferred over the fair value of net assets of LNR acquired on April 19, 2013. The goodwill recognized is attributable to value embedded in LNR’s existing platform, which includes a 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 servicing rights that existed at the purchase date, based upon the expected future cash flows of the associated servicing contracts. At March 31, 2019 and December 31, 2018 the balance of the domestic servicing intangible was net of $24.3 million and $24.1 million, respectively, which 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, 2019 and December 31, 2018, the domestic servicing intangible had a balance of $44.1 million and $44.6 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 non-cancelable 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, 2019 and December 31, 2018 (amounts in thousands): As of March 31, 2019 As of December 31, 2018 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Value Amortization Value Value Amortization Value Domestic servicing rights, at fair value $ 19,790 $ — $ 19,790 $ 20,557 $ — $ 20,557 In-place lease intangible assets 197,017 (106,076) 90,941 198,220 (100,873) 97,347 Favorable lease intangible assets 36,632 (10,528) 26,104 36,895 (9,766) 27,129 Total net intangible assets $ 253,439 $ (116,604) $ 136,835 $ 255,672 $ (110,639) $ 145,033 The following table summarizes the activity within intangible assets for the three months ended March 31, 2019 (amounts in thousands): Domestic In-place Lease Favorable Lease Servicing Intangible Intangible Rights Assets Assets Total Balance as of January 1, 2019 $ 20,557 $ 97,347 $ 27,129 $ 145,033 Amortization — (5,736) (875) (6,611) Foreign exchange loss — (550) (150) (700) Impairment (1) — (120) — (120) Changes in fair value due to changes in inputs and assumptions (767) — — (767) Balance as of March 31, 2019 $ 19,790 $ 90,941 $ 26,104 $ 136,835 (1) Impairment of intangible lease assets is recognized within other expense in our condensed consolidated statements of operations. The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets and favorable lease intangible assets for the next five years and thereafter (amounts in thousands): 2019 (remainder of) $ 16,406 2020 17,390 2021 14,950 2022 12,158 2023 8,946 Thereafter 47,195 Total $ 117,045

Secured Financing Agreements

Secured Financing Agreements	3 Months Ended
	Mar. 31, 2019
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, 2019 and December 31, 2018 (dollars in thousands): Carrying Value at Current Extended Pledged Asset Maximum March 31, December 31, Maturity Maturity (a) Pricing Carrying Value Facility Size 2019 2018 Lender 1 Repo 1 (b) (b) LIBOR + 1.60% to 5.75% $ 1,723,488 $ 2,000,000 $ $ Lender 2 Repo 1 Apr 2020 Apr 2023 LIBOR + 1.50% to 2.50% 645,636 900,000 (c) 467,390 384,791 Lender 4 Repo 2 May 2021 May 2023 LIBOR + 1.70% to 3.25% 1,073,533 1,000,000 664,637 552,345 Lender 6 Repo 1 Aug 2021 N/A LIBOR + 1.50% to 2.50% 451,409 600,000 361,291 507,545 Lender 6 Repo 2 Jan 2024 N/A GBP LIBOR + 2.45% to 2.75%, EURIBOR + 2.25% 714,538 559,524 545,880 312,437 Lender 7 Repo 1 Sep 2021 Sep 2023 LIBOR + 1.50% to 2.25% 123,071 250,000 99,064 71,720 Lender 10 Repo 1 May 2021 May 2023 LIBOR + 1.50% to 2.75% 200,455 164,840 160,480 160,480 Lender 11 Repo 1 Feb 2021 N/A LIBOR + 2.10% — 400,000 — — Lender 11 Repo 2 Sep 2019 Sep 2023 LIBOR + 2.00% to 2.50% 354,912 500,000 220,690 270,690 Lender 12 Repo 1 Jun 2021 Jun 2024 LIBOR + 2.10% to 2.45% 233,971 250,000 176,250 43,500 Lender 13 Repo 1 (d) (d) LIBOR + 1.50% 137,420 200,000 106,124 14,824 Lender 7 Secured Financing Feb 2021 Feb 2023 LIBOR + 2.25% (e) — 650,000 (f) — — Lender 8 Secured Financing Aug 2019 N/A LIBOR + 4.00% — — — — Conduit Repo 2 Nov 2019 Nov 2020 LIBOR + 2.25% 116,967 200,000 91,280 35,034 Conduit Repo 3 Feb 2020 Feb 2021 LIBOR + 2.10% 26,158 150,000 18,884 — MBS Repo 1 (g) (g) N/A — — — — MBS Repo 2 Dec 2020 N/A LIBOR + 1.55% to 1.75% 222,303 159,202 159,202 159,202 MBS Repo 3 (h) (h) LIBOR + 1.30% to 1.85% 714,884 428,414 428,414 427,942 MBS Repo 4 (i) N/A LIBOR + 1.25% 151,613 100,000 60,000 13,824 MBS Repo 5 Dec 2028 Jun 2029 4.22% 57,618 150,000 55,389 55,437 Investing and Servicing Segment Property Mortgages May 2020 to N/A Various 264,146 242,499 223,465 219,237 Ireland Mortgage Oct 2025 N/A 1.93% 448,324 354,875 354,875 362,854 Woodstar I Mortgages Nov 2025 to N/A 3.72% to 3.97% 343,540 276,748 276,748 276,748 Woodstar I Government Financing Mar 2026 to Jun 2049 N/A 1.00% to 5.00% 197,385 130,607 130,607 131,179 Woodstar II Mortgages Jan 2028 to Apr 2028 N/A 3.81% to 3.85% 526,736 417,669 417,669 417,669 Woodstar II Government Financing Jun 2030 to Aug 2052 N/A 1.00% to 3.19% 38,680 25,229 25,229 25,311 Medical Office Mortgages Dec 2021 Dec 2023 LIBOR + 2.50% 672,442 524,499 492,828 492,828 Master Lease Mortgages Oct 2027 N/A 4.38% 330,998 194,900 194,900 194,900 Infrastructure Acquisition Facility Sep 2021 Sep 2022 Various (j) 1,455,572 1,528,327 1,175,677 1,551,148 Infrastructure Repo Feb 2020 Feb 2021 LIBOR + 1.75% 307,636 500,000 257,318 — Term Loan A Dec 2020 Dec 2021 LIBOR + 2.25% (e) 931,519 300,000 300,000 300,000 Revolving Secured Financing Dec 2020 Dec 2021 LIBOR + 2.25% (e) — 100,000 — — FHLB Feb 2021 N/A Various 676,836 2,000,000 500,000 500,000 $ 13,141,790 $ Unamortized net discount (911) (963) Unamortized deferred financing costs (69,784) (77,096) $ $ (a) Subject to certain conditions as defined in the respective facility agreement. (b) Maturity date for borrowings collateralized by loans is September 2019 with an additional extension option to September 2021. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions and not to exceed September 2025. (c) The initial maximum facility size of $600.0 million may be increased to $900.0 million at our options, subject to certain conditions. (d) Maturity date for borrowings collateralized by loans is May 2020 with an additional extension option to August 2021. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (e) Subject to borrower’s option to choose alternative benchmark based rates pursuant to the terms of the credit agreement. (f) The initial maximum facility size of $300.0 million may be increased to $650.0 million, subject to certain conditions. (g) Facility carries a rolling 11-month term which may reset monthly with the lender’s consent. This facility carries no maximum facility size. (h) Facility carries a rolling 12-month term which may reset monthly with the lender’s consent. Current maturity is March 2020. This facility carries no maximum facility size. Amounts reflect the outstanding balance as of March 31, 2019. (i) The date that is 270 days after the buyer delivers notice to seller, subject to a maximum date of May 2020. (j) Consists of an annual interest rate of the applicable currency benchmark index + 1.50%. The spread increases 25 bps in each of the second and third years of the facility which was entered into in September 2018. 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. In January 2019, we amended the Lender 6 Repo 2 facility to increase available borrowings from £330.9 million to £429.2 million to finance a loan held-for-investment. In connection therewith, the current maturity was extended from October 2022 to January 2024. In February 2019, we amended the Lender 11 Repo 1 facility to increase available borrowings from $200.0 million to $400.0 million to finance residential loans held-for-sale. In connection therewith, the current maturity was extended from June 2019 to February 2021. In February 2019, we amended the MBS Repo 4 facility to decrease available borrowings from $110.0 million to $100.0 million and decrease pricing from LIBOR + 1.70% to LIBOR + 1.25%. In February 2019, we entered into a $500.0 million repurchase facility (“Infrastructure Repo”) to finance loans within the Infrastructure Lending Segment. The facility carries a one-year initial term with a one-year extension option and an annual interest rate of LIBOR + 1.75%. In March 2019, we amended the FHLB facility to increase available borrowings from $500.0 million to $2.0 billion, subject to scheduled reductions to available capacity from September 2020 through maturity in February 2021. Our secured financing agreements contain certain financial tests and covenants. As of March 31, 2019, 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 2019 (remainder of) $ 210,054 $ 205,791 $ 415,845 2020 970,169 540,453 1,510,622 2021 982,706 864,893 1,847,599 2022 817,007 800,876 1,617,883 2023 1,706,392 565,357 2,271,749 Thereafter 527,279 1,114,628 1,641,907 Total $ 5,213,607 $ 4,091,998 $ 9,305,605 For the three months ended March 31, 2019 and 2018, approximately $8.7 million and $5.1 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, 2019 and December 31, 2018 (amounts in thousands): Class of Collateral March 31, 2019 December 31, 2018 Loans held-for-investment $ 4,400,438 $ 3,567,786 Loans held-for-sale 110,164 65,559 Investment securities 703,005 656,405 $ 5,213,607 $ 4,289,750 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 73% 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 26% 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.

Unsecured Senior Notes

Unsecured Senior Notes	3 Months Ended
	Mar. 31, 2019
Convertible Senior Notes
Unsecured Senior Notes
Unsecured Senior Notes	10. Unsecured Senior Notes The following table is a summary of our unsecured senior notes outstanding as of March 31, 2019 and December 31, 2018 (dollars in thousands): Remaining Coupon Effective Maturity Period of Carrying Value at Rate Rate (1) Date Amortization March 31, 2019 December 31, 2018 2019 Convertible Notes N/A N/A N/A N/A $ — $ 77,969 2021 Senior Notes (February) 3.63 % 3.89 % 2/1/2021 years 500,000 500,000 2021 Senior Notes (December) 5.00 % 5.32 % 12/15/2021 years 700,000 700,000 2023 Convertible Notes 4.38 % 4.86 % 4/1/2023 years 250,000 250,000 2025 Senior Notes 4.75 % 5.04 % 3/15/2025 years 500,000 500,000 Total principal amount 1,950,000 2,027,969 Unamortized discount—Convertible Notes (4,367) (4,644) Unamortized discount—Senior Notes (15,365) (16,416) Unamortized deferred financing costs (7,473) (8,078) Carrying amount of debt components $ 1,922,795 $ 1,998,831 Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes $ 3,775 $ 3,755 (1) Effective rate includes the effects of underwriter purchase discount and the adjustment for the conversion option on our convertible senior notes, the value of which reduced the initial liability and was recorded in additional paid‑in capital. Convertible Senior Notes During the three months ended March 31, 2019, we settled the remaining $78.0 million principal amount of the 4.00% Convertible Senior Notes due 2019 (the “2019 Notes”) through the issuance of 3.6 million shares of common stock and cash payments of $12.0 million. We recognized interest expense of $3.2 million and $11.3 million during the three months ended March 31, 2019 and 2018, respectively, from our unsecured convertible senior notes. The following table details the conversion attributes of our Convertible Notes outstanding as of March 31, 2019 (amounts in thousands, except rates): March 31, 2019 Conversion Spread Value - Shares (3) Conversion Conversion For the Three Months Ended March 31, Rate (1) Price (2) 2019 2018 2019 Notes N/A N/A — 1,209 2023 Notes 38.5959 $ 25.91 — — — 1,209 (1) 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). (2) As of March 31, 2019 and 2018, the market price of the Company’s common stock was $22.35 and $20.95 per share, respectively. (3) The conversion spread value represents the portion of the Convertible Notes that are “in-the-money”, representing the value that would be delivered to investors in shares upon an assumed conversion. The if‑converted value of the 2023 Notes was less than their principal amount by $34.3 million at March 31, 2019 as the closing market price of the Company’s common stock of $22.35 was less than the implicit conversion price of $25.91 per share. Effective June 30, 2018, the Company no longer asserts its intent to fully settle the principal amount of the Convertible Notes in cash upon conversion. The if-converted value of the principal amount of the 2023 Notes was $215.7 million as of March 31, 2019.

Loan Securitization_Sale Activi

Loan Securitization/Sale Activities	3 Months Ended
	Mar. 31, 2019
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. Conduit Loan Securitizations 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 by third parties. In certain instances, we retain an interest in the VIE and/or serve as special servicer for the VIE. In these circumstances, we generally consolidate the VIE into which the loans were sold. 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, 2019 and 2018 (amounts in thousands): Repayment of repurchase Face Amount Proceeds agreements For the Three Months Ended March 31, 2019 $ 179,411 $ 186,841 $ 136,133 2018 256,818 266,632 193,844 Securitization Financing Arrangements and Sales Within the Commercial and Residential Lending Segment, we originate or acquire residential and commercial mortgage loans, subsequently selling all or a portion thereof. 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. These loans may be sold directly or through a securitization. In certain instances, we retain an interest in the VIE and continue to act as servicer, special servicer or servicing administrator for the loan following its sale. In these circumstances, similar to the case of our Investing and Servicing Segment described above, we generally consolidate the VIE into which the loans were sold. During the three months ended March 31, 2019, we consolidated the securitization VIE into which our residential loans were sold. In this instance, we retained an interest in the VIE. The following table summarizes our loans sold and loans transferred as secured borrowings by the Commercial and Residential Lending Segment net of expenses (amounts in thousands): Loan Transfers Loan Transfers Accounted for as Sales Accounted for as Secured Commercial Residential Borrowings Face Amount Proceeds Face Amount Proceeds Face Amount Proceeds For the Three Months Ended March 31, 2019 $ 398,741 $ 396,310 $ 362,418 $ 374,861 $ — $ — 2018 146,400 145,273 — — — — During the three months ended March 31, 2019, a gain of $0.3 million was recognized within change in fair value of mortgage loans held-for-sale, net in our condensed consolidated statement of operations in connection with the residential mortgage loan securitization. During the three months ended March 31, 2019 and 2018, gains recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $2.8 million and $0.3 million, respectively. Our securitizations have each been structured as bankruptcy-remote entities whose assets are not intended to be available to the creditors of any other party. Infrastructure Loan Sales During the three months ended March 31, 2019, the Infrastructure Lending Segment sold loans held-for-sale with an aggregate face amount of $180.3 million for proceeds of $172.7 million, recognizing gain on sales of $0.8 million.

Derivatives and Hedging Activit

Derivatives and Hedging Activity	3 Months Ended
	Mar. 31, 2019
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 The Company does not generally elect to apply the hedge accounting designation to its hedging instruments. As of March 31, 2019 and December 31, 2018, the Company did not have any designated hedges. As of March 31, 2018, the Company had two interest rate swaps that had been designated as cash flow hedges of the interest rate risk associated with forecasted interest payments. During the three months ended March 31, 2018, the impact of these cash flow hedges on our net income was not material and we did not recognize any hedge ineffectiveness in earnings. Non-designated Hedges and Derivatives We have entered into the following types of non-designated hedges and derivatives: · Foreign exchange (“Fx”) forwards whereby we agree to buy or sell a specified amount of foreign currency for a specified amount of USD at a future date, economically fixing the USD amounts of foreign denominated cash flows we expect to receive or pay related to certain foreign denominated loan investments and properties; · Interest rate contracts which hedge a portion of our exposure to changes in interest rates; · Credit index instruments which hedge a portion of our exposure to the credit risk of our commercial loans held-for-sale; · Interest rate swap guarantees whereby we guarantee the interest rate swap obligations of certain Infrastructure Lending borrowers. Our interest rate swap guarantees were assumed in connection with the acquisition of the Infrastructure Lending Segment. The following table summarizes our non-designated derivatives as of March 31, 2019 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Sell Euros ("EUR") 56 281,609 EUR April 2019 – October 2022 Fx contracts – Sell Pounds Sterling ("GBP") 142 320,633 GBP April 2019 – January 2022 Fx contracts – Sell Canadian dollar ("CAD") 15 8,597 CAD April 2019 – October 2022 Fx contracts – Sell Australian dollar ("AUD") 3 7,521 AUD April 2019 – October 2019 Interest rate swaps – Paying fixed rates 30 1,132,992 USD April 2019 – April 2029 Interest rate swaps – Receiving fixed rates 2 970,000 USD January 2021 – March 2025 Interest rate caps 8 109,584 USD January 2020 – December 2021 Credit index instruments 4 39,000 USD November 2054 – August 2061 Interest rate swap guarantees 9 658,493 USD December 2020 – June 2025 Interest rate swap guarantees 1 11,091 GBP December 2024 Interest rate swap guarantees 1 91,374 CAD June 2045 Total 271 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, 2019 and December 31, 2018 (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, 2019 2018 2019 2018 Derivatives not designated as hedging instruments: Interest rate contracts $ 21,412 $ 30,791 $ 6,973 $ 14,457 Interest rate swap guarantees — — 577 396 Foreign exchange contracts 25,978 21,346 2,613 562 Credit index instruments 20 554 — — Total derivatives not designated as hedging instruments 47,410 52,691 10,163 15,415 Total derivatives $ 47,410 $ 52,691 $ 10,163 $ 15,415 (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, 2019 and 2018 (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 2019 $ — $ — $ — Interest expense 2018 $ 9 $ 4 $ — 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 2019 2018 Interest rate contracts Loss on derivative financial instruments $ (3,757) $ 6,237 Interest rate swap guarantees Loss on derivative financial instruments (182) — Foreign exchange contracts Loss on derivative financial instruments 2,444 (23,143) Credit index instruments Loss on derivative financial instruments (712) 47 $ (2,207) $ (16,859)

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
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, 2019 Derivative assets $ 47,410 $ — $ 47,410 $ 4,449 $ — $ 42,961 Derivative liabilities $ 10,163 $ — $ 10,163 $ 4,449 $ 3,285 $ 2,429 Repurchase agreements 5,213,607 — 5,213,607 5,213,607 — — $ 5,223,770 $ — $ 5,223,770 $ 5,218,056 $ 3,285 $ 2,429 As of December 31, 2018 Derivative assets $ 52,691 $ — $ 52,691 $ 1,408 $ — $ 51,283 Derivative liabilities $ 15,415 $ — $ 15,415 $ 1,408 $ 8,658 $ 5,349 Repurchase agreements 4,289,750 — 4,289,750 4,289,750 — — $ 4,305,165 $ — $ 4,305,165 $ 4,291,158 $ 8,658 $ 5,349

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2019
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, RMBS and our retained interests in securitization transactions we initiated, all of which are generally considered to be variable interests in VIEs. Securitization 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 The inclusion of the assets and liabilities of securitization VIEs in which we are deemed the primary beneficiary has no economic effect on us. Our exposure to the obligations of securitization 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. We also hold controlling interests in non-securitization entities that are considered VIEs, most of which were established to facilitate the acquisition of certain properties. SPT Dolphin Intermediate LLC (“SPT Dolphin”), the entity which holds the Woodstar II Portfolio, is a VIE because the third party interest holders do not carry kick-out rights or substantive participating rights. We were deemed to be the primary beneficiary of the VIE because we possess both the power to direct the activities of the VIE that most significantly impact its economic performance and a significant economic interest in the entity. This VIE had net assets of $692.4 million and liabilities of $445.0 million as of March 31, 2019. In total, our consolidated non-securitization VIEs had net assets of $799.1 million and liabilities of $531.2 million as of March 31, 2019. 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 servicing administrator 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, 2019, four of our collateralized debt obligation (“CDO”) structures were in default or imminent 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, 2019, none of these CDO structures were 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, 2019, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $49.1 million on a fair value basis. As of March 31, 2019, the securitization VIEs which we do not consolidate had debt obligations to beneficial interest holders with unpaid principal balances, excluding the notional value of interest-only securities, of $6.5 billion. The corresponding assets are comprised primarily of commercial mortgage loans with unpaid principal balances corresponding to the amounts of the outstanding debt obligations. We also hold passive non-controlling interests in certain unconsolidated entities that are 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 report our interests, which totaled $88.6 million as of March 31, 2019, 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.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Mar. 31, 2019
Related-Party Transactions
Related-Party Transactions	15. Related-Party Transaction 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, 2019 and 2018, approximately $19.6 million and $17.5 million, respectively, was incurred for base management fees. As of March 31, 2019 and December 31, 2018, there were $19.6 million and $19.2 million, respectively, of unpaid base management fees included in related-party payable in our condensed consolidated balance sheets. Incentive Fee. For the three months ended March 31, 2019 and 2018, approximately $0.2 million and $9.6 million, respectively, was incurred for incentive fees. As of March 31, 2019, there were no unpaid incentive fees. As of December 31, 2018, approximately $21.8 million of unpaid incentive fees were included in related-party payable in our condensed consolidated balance sheet. Expense Reimbursement. For the three months ended March 31, 2019 and 2018, approximately $2.2 million and $2.1 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, 2019 and December 31, 2018, approximately $4.4 million and $3.0 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, 2019 and 2018, we granted 114,216 and 189,813 RSAs, respectively, at grant date fair values of $2.6 million and $4.0 million, respectively. Expenses related to the vesting of awards to employees of affiliates of our Manager were $0.8 million and $0.5 million during the three months ended March 31, 2019 and 2018, respectively, and are reflected in general and administrative expenses in our condensed consolidated statements of operations. These shares generally vest over a three-year period. Manager Equity Plan In May 2017, the Company’s shareholders approved the Starwood Property Trust, Inc. 2017 Manager Equity Plan (the “2017 Manager Equity Plan”), which replaced the Starwood Property Trust, Inc. Manager Equity Plan (“Manager Equity Plan”). In April 2018, we granted 775,000 RSUs to our Manager under the 2017 Manager Equity Plan. In March 2017, we granted 1,000,000 RSUs to our Manager under the Manager Equity Plan. In May 2015, we granted 675,000 RSUs to our Manager under the Manager Equity Plan. In connection with these grants and prior similar grants, we recognized share-based compensation expense of $3.2 million and $2.9 million within management fees in our condensed consolidated statements of operations for the three months ended March 31, 2019 and 2018, respectively. Refer to Note 16 for further discussion of these grants. Investments in Loans In February 2019, the Company acquired a $60.0 million f irst priority infrastructure term loan participation which bears interest at LIBOR plus 3.75%. The loan is secured by two domestic natural gas power plants. An affiliate of our Manager, Starwood Energy Group, is the loan sponsor. In March 2019, the Company originated a $22.5 million loan to refinance the debt of a commercial real estate partnership in which we hold a 50% equity interest. During the three months ended March 31, 2019, the Company acquired $71.9 million of loans held-for-sale from a residential mortgage originator in which it holds an equity interest. Refer to Note 7 for further discussion. Other Related-Party Arrangements In March 2019, we engaged Highmark Residential (“Highmark”) (formerly known as Milestone Management), an affiliate of our Manager, to provide property management services for nine additional properties within our Woodstar I Portfolio, bringing the total number of our properties managed by Highmark to 19. Fees paid to Highmark are calculated as a percentage of gross receipts and are at market terms. During the three months ended March 31, 2019, property management fees paid to Highmark were $0.3 million. Acquisitions from Consolidated CMBS Trusts Our Investing and Servicing Segment acquires interests in properties for its REIS Equity 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. No real estate assets were acquired from consolidated CMBS trusts during the three months ended March 31, 2019. During the three months ended March 31, 2018, we acquired $27.7 million of net real estate assets from consolidated CMBS trusts for a gross purchase price of $28.0 million. Refer to Note 16 to the consolidated financial statements included in our Form 10-K for further discussion of related-party agreements.

Stockholders' Equity and Non-Co

Stockholders' Equity and Non-Controlling Interests	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity and Non-Controlling Interests
Stockholders’ Equity and Non-Controlling Interests	16. Stockholders’ Equity During the three months ended March 31, 2019, our board of directors declared the following dividends: Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 2/28/19 3/29/19 3/28/19 4/15/19 $ 0.48 Quarterly During the three months ended March 31, 2019, we issued 3.6 million shares of common stock in connection with the settlement of $78.0 million of our 2019 Notes. Refer to Note 10 for further discussion. During the three months ended March 31, 2019 and 2018, there were no shares issued under our At-The-Market Equity Offering Sales Agreement. During the three months ended March 31, 2019 and 2018, shares issued under the Starwood Property Trust, Inc. Dividend Reinvestment and Direct Stock Purchase Plan (the “DRIP Plan”) were not material. In February 2017, our board of directors extended the term of our $500.0 million common stock and Convertible Note repurchase program through January 2019. Refer to Note 17 to the consolidated financial statements included in our Form 10-K for further information regarding the repurchase program. There were no share or Convertible Notes repurchases under the repurchase program during the three months ended March 31, 2019. During the three months ended March 31, 2018, we repurchased 573,255 shares of common stock for $12.1 million and no Convertible Notes under our repurchase program. Equity Incentive Plans In May 2017, the Company’s shareholders approved the 2017 Manager Equity Plan and the Starwood Property Trust, Inc. 2017 Equity Plan (the “2017 Equity Plan”), which allow for the issuance of up to 11,000,000 stock options, stock appreciation rights, RSAs, RSUs or other equity-based awards or any combination thereof to the Manager, directors, employees, consultants or any other party providing services to the Company. The 2017 Manager Equity Plan succeeds and replaces the Manager Equity Plan and the 2017 Equity Plan succeeds and replaces the Starwood Property Trust, Inc. Equity Plan (the “Equity Plan”) and the Starwood Property Trust, Inc. Non-Executive Director Stock Plan (the “Non-Executive Director Stock Plan”). The table below summarizes our share awards granted or vested under the Manager Equity Plan and the 2017 Manager Equity Plan during the three months ended March 31, 2019 and 2018 (dollar amounts in thousands): Grant Date Type Amount Granted Grant Date Fair Value Vesting Period April 2018 RSU 775,000 $ 16,329 3 years March 2017 RSU 1,000,000 22,240 3 years May 2015 RSU 675,000 16,511 3 years Schedule of Non-Vested Shares and Share Equivalents 2017 Weighted Average 2017 Manager Grant Date Fair Equity Plan Equity Plan Total Value (per share) Balance as of January 1, 2019 1,436,445 997,920 2,434,365 $ 21.52 Granted 383,190 — 383,190 22.58 Vested (402,541) (147,916) (550,457) 21.41 Forfeited (4,419) — (4,419) 22.67 Balance as of March 31, 2019 1,412,675 850,004 2,262,679 21.72 As of March 31, 2019, there were 8.8 million shares of common stock available for future grants under the 2017 Manager Equity Plan and the 2017 Equity Plan. Non-Controlling Interests in Consolidated Subsidiaries In connection with our Woodstar II Portfolio acquisitions, we issued 11.9 million Class A Units in SPT Dolphin and have an obligation to issue an additional 0.2 million Class A Units if certain contingent events occur. The Class A Units are redeemable for consideration equal to the current share price of the Company’s common stock on a one-for-one basis, with the consideration paid in either cash or the Company’s common stock, at the determination of the Company. In consolidation, the issued Class A Units are reflected as non-controlling interests in consolidated subsidiaries on our condensed consolidated balance sheets. To the extent SPT Dolphin has sufficient cash available, the Class A Units earn a preferred return indexed to the dividend rate of the Company’s common stock. Any distributions made pursuant to this waterfall are recognized within net income attributable to non-controlling interests in our condensed consolidated statements of operations. During the three months ended March 31, 2019 and 2018, we recognized net income attributable to non-controlling interests of $5.7 million and $2.5 million, respectively, associated with these Class A Units.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2019
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, 2019 2018 Basic Earnings Income attributable to STWD common stockholders $ 70,383 $ 99,932 Less: Income attributable to participating shares not already deducted as non-controlling interests (824) (721) Basic earnings $ 69,559 $ 99,211 Diluted Earnings Income attributable to STWD common stockholders $ 70,383 $ 99,932 Less: Income attributable to participating shares not already deducted as non-controlling interests (824) (721) Add: Interest expense on Convertible Notes (1) * — Add: Loss on extinguishment of Convertible Notes (1) * — Diluted earnings $ 69,559 $ 99,211 Number of Shares: Basic — Average shares outstanding 277,544 260,664 Effect of dilutive securities — Convertible Notes (1) * 1,209 Effect of dilutive securities — Contingently issuable shares — 229 Effect of dilutive securities — Unvested non-participating shares 154 22 Diluted — Average shares outstanding 277,698 262,124 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 0.25 $ 0.38 Diluted $ 0.25 $ 0.38 (1) Prior to June 30, 2018, the Company had asserted its intent and ability to settle the principal amount of the Convertible Notes in cash. Accordingly, under GAAP, the dilutive effect to EPS for the prior year period was determined using the treasury stock method by dividing only the “conversion spread value” of the “in-the-money” Convertible Notes by the Company’s average share price and including the resulting share amount in the diluted EPS denominator. The conversion value of the principal amount of the Convertible Notes was not included. Effective June 30, 2018, the Company no longer asserts its intent to fully settle the principal amount of the Convertible Notes in cash upon conversion. Accordingly, under GAAP, the dilutive effect to EPS for the current year period is determined using the “if-converted” method whereby interest expense or any loss on extinguishment of our Convertible Notes is added back to the diluted EPS numerator and the full number of potential shares contingently issuable upon their conversion is included in the diluted EPS denominator, if dilutive. Refer to Note 10 for further discussion. * As of March 31, 2019 and 2018, participating shares of 13.6 million and 11.3 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. Such participating shares at March 31, 2019 and 2018 included 11.9 million and 9.8 million potential shares, respectively, of our common stock issuable upon redemption of the Class A Units in SPT Dolphin, as discussed in Note 16.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2019
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, 2019 Balance at January 1, 2019 $ — $ 53,515 $ 5,145 $ 58,660 OCI before reclassifications — (387) (2,475) (2,862) Amounts reclassified from AOCI — — — — Net period OCI — (387) (2,475) (2,862) Balance at March 31, 2019 $ — $ 53,128 $ 2,670 $ 55,798 Three Months Ended March 31, 2018 Balance at January 1, 2018 $ 25 $ 57,889 $ 12,010 $ 69,924 OCI before reclassifications 9 1,209 4,218 5,436 Amounts reclassified from AOCI (4) (46) — (50) Net period OCI 5 1,163 4,218 5,386 Balance at March 31, 2018 $ 30 $ 59,052 $ 16,228 $ 75,310 The reclassifications out of AOCI impacted the condensed consolidated statements of operations for the three months ended March 31, 2019 and 2018 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 2019 2018 of Operations Gain (loss) on cash flow hedges: Interest rate contracts $ — $ 4 Interest expense Unrealized gains (losses) on available-for-sale securities: Interest realized upon collection — 46 Interest income from investment securities Total reclassifications for the period $ — $ 50

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2019
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, 2019 and December 31, 2018 (amounts in thousands): March 31, 2019 Total Level I Level II Level III Financial Assets: Loans held-for-sale, fair value option $ 841,687 $ — $ — $ 841,687 RMBS 204,835 — — 204,835 CMBS 49,105 — 10,770 38,335 Equity security 12,506 12,506 — — Domestic servicing rights 19,790 — — 19,790 Derivative assets 47,410 — 47,410 — VIE assets — — 56,974,864 Total $ $ 12,506 $ 58,180 $ 58,079,511 Financial Liabilities: Derivative liabilities $ 10,163 $ — $ 10,163 $ — VIE liabilities — 2,046,559 Total $ $ — $ $ 2,046,559 December 31, 2018 Total Level I Level II Level III Financial Assets: Loans held-for-sale, fair value option $ 671,282 $ — $ — $ 671,282 RMBS 209,079 — — 209,079 CMBS 41,347 — 16,119 25,228 Equity security 11,893 11,893 — — Domestic servicing rights 20,557 — — 20,557 Derivative assets 52,691 — 52,691 — VIE assets 53,446,364 — — 53,446,364 Total $ 54,453,213 $ 11,893 $ 68,810 $ 54,372,510 Financial Liabilities: Derivative liabilities $ 15,415 $ — $ 15,415 $ — VIE liabilities 52,195,042 — 50,753,596 1,441,446 Total $ 52,210,457 $ — $ 50,769,011 $ 1,441,446 The changes in financial assets and liabilities classified as Level III are as follows for the three months ended March 31, 2019 and 2018 (amounts in thousands): Domestic Loans Servicing VIE Three Months Ended March 31, 2019 Held ‑ for ‑ sale RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2019 balance $ 671,282 $ 209,079 $ 25,228 $ 20,557 $ 53,446,364 $ (1,441,446) $ 52,931,064 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 11,266 — (295) (767) 294,345 33,957 338,506 Net accretion — 2,503 — — — — 2,503 Included in OCI — (387) — — — — (387) Purchases / Originations 740,296 — — — — — 740,296 Sales (561,702) — (3,228) — — — (564,930) Issuances — — — — — (33,678) (33,678) Cash repayments / receipts (19,455) (6,360) (188) — — (389) (26,392) Transfers into Level III — — 5,350 — — (670,742) (665,392) Transfers out of Level III — — — — — 136,592 136,592 Consolidation of VIEs — — — — 3,280,065 (103,309) 3,176,756 Deconsolidation of VIEs — — 11,468 — (45,910) 32,456 (1,986) March 31, 2019 balance $ 841,687 $ 204,835 $ 38,335 $ 19,790 $ 56,974,864 $ (2,046,559) $ 56,032,952 Amount of total gains (losses) included in earnings attributable to assets still held at March 31, 2019 $ 3,169 $ 2,503 $ (567) $ (767) $ 294,345 $ 33,957 $ 332,640 Domestic Loans Servicing VIE Three Months Ended March 31, 2018 Held ‑ for ‑ sale RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2018 balance $ 745,743 $ 247,021 $ 24,191 $ 30,759 $ 51,045,874 $ (2,188,937) $ 49,904,651 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale — 555 (5,814) (2,027,208) 237,090 (1,787,577) Net accretion — 2,819 — — — — 2,819 Included in OCI — 1,163 — — — — 1,163 Purchases / Originations 277,259 — — — — — 277,259 Sales (266,632) — — — — — (266,632) Issuances — — — — — (7,948) (7,948) Cash repayments / receipts (40,437) (10,150) (777) — — (12,633) (63,997) Transfers into Level III — — — — — (530,888) (530,888) Transfers out of Level III — — — — — 208,258 208,258 Consolidation of VIEs — — — — 1,089,881 — 1,089,881 Deconsolidation of VIEs — — — — (875,240) 89,324 (785,916) March 31, 2018 balance $ 723,733 $ 240,853 $ 23,969 $ 24,945 $ 49,233,307 $ (2,205,734) $ 48,041,073 Amount of total (losses) gains included in earnings attributable to assets still held at March 31, 2018 $ (640) $ 2,772 $ 555 $ (5,814) $ (2,027,208) $ 237,090 $ (1,793,245) 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, 2019 December 31, 2018 Carrying Fair Carrying Fair Value Value Value Value Financial assets not carried at fair value: Loans held-for-investment, loans held-for-sale and loans transferred as secured borrowings $ 9,267,528 $ 9,315,914 $ 9,122,972 $ 9,178,709 HTM debt securities 643,787 643,464 644,149 643,948 Financial liabilities not carried at fair value: Secured financing agreements and secured borrowings on transferred loans $ 9,234,910 $ 9,139,056 $ 8,757,804 $ 8,662,548 Unsecured senior notes 1,962,208 1,998,831 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 (dollars in thousands): Carrying Value at Valuation Unobservable Range as of (1) March 31, 2019 Technique Input March 31, 2019 December 31, 2018 Loans held-for-sale, fair value option $ 841,687 Discounted cash flow Yield (b) 4.2% - 6.0% 4.6% - 6.1% Duration (c) 2.4 - 13.6 years 2.5 - 14.4 years RMBS 204,835 Discounted cash flow Constant prepayment rate (a) 2.0% - 22.2% 3.2% - 25.2% Constant default rate (b) 1.0% - 4.6% 1.1% - 5.5% Loss severity (b) 0% - 76% (e) 0% - 73% (e) Delinquency rate (c) 6% - 31% 4% - 31% Servicer advances (a) 21% - 85% 21% - 83% Annual coupon deterioration (b) 0% - 1.8% 0% - 1.4% Putback amount per projected total collateral loss (d) 0% - 7% 0% - 7% CMBS 38,335 Discounted cash flow Yield (b) 0% - 166.3% 0% - 473.5% Duration (c) 0 - 9.7 years 0 - 9.7 years Domestic servicing rights 19,790 Discounted cash flow Debt yield (a) 7.75% 7.75% Discount rate (b) 15% 15% Control migration (b) 0% - 80% 0% - 80% VIE assets 56,974,864 Discounted cash flow Yield (b) 0% - 401.4% 0% - 290.9% Duration (c) 0 - 13.4 years 0 - 20.4 years VIE liabilities (2,046,559) Discounted cash flow Yield (b) 0% - 401.4% 0% - 290.9% Duration (c) 0 - 13.4 years 0 - 13.7 years (1) The ranges of significant unobservable inputs are represented in percentages and years. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (a) Significant increase (decrease) in the unobservable input in isolation would result in a significantly higher (lower) fair value measurement. (b) Significant increase (decrease) in the unobservable input in isolation would result in a significantly lower (higher) fair value measurement. (c) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (higher or lower) 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) 41% and 55% of the portfolio falls within a range of 45%-80% as of March 31, 2019 and December 31, 2018, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Taxes
Income Taxes	20. Income Taxes Certain of our domestic 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. As of March 31, 2019 and December 31, 2018, approximately $980.5 million and $553.5 million, respectively, of assets 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, 2019 and 2018 (dollars in thousands): For the Three Months Ended March 31, 2019 2018 Federal statutory tax rate $ 16,137 21.0 % $ 22,606 21.0 % REIT and other non-taxable income (16,160) (21.0) % (20,343) (18.9) % State income taxes (6) — % 593 0.6 % Federal benefit of state tax deduction 1 — % (124) (0.1) % Other 362 0.4 % 124 0.1 % Effective tax rate $ 334 0.4 % $ 2,856 2.7 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies.
Commitments and Contingencies	21. Commitments and Contingencie As of March 31, 2019, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $1.9 billion, of which we expect to fund $1.7 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Additionally, as of March 31, 2019, our Commercial and Residential Lending Segment had no outstanding residential mortgage loan purchase commitments under an agreement to purchase up to $600.0 million of residential mortgage loans that meet our investment criteria from a third party residential mortgage originator. As of March 31, 2019, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $341.8 million, including $221.0 million under revolvers and letters of credit (“LCs”), and $120.8 million under delayed draw term loans. As of March 31, 2019, $20.9 million of revolvers and LCs were outstanding. In connection with the Infrastructure Lending Segment acquisition, we assumed guarantees of certain borrowers’ performance under existing interest rate swaps. As of March 31, 2019, we had 11 outstanding guarantees on interest rate swaps maturing between December 2020 and June 2045. Refer to Note 12 for further discussion. Generally, funding commitments are subject to certain conditions that must be met, such as customary construction draw certifications, minimum debt service coverage ratios or executions of new leases before advances are made to the borrower. Management is not aware of any other contractual obligations, legal proceedings, or any other contingent obligations incurred in the normal course of business that would have a material adverse effect on our condensed consolidated financial statements. Lease Commitment Disclosures Our lease commitments consist of corporate office leases and ground leases for investment properties, all of which are classified as operating leases. We sublease some of the space within our corporate offices to third parties. Our lease costs and sublease income were as follows (in thousands): For the Three Months Ended March 31, 2019 2018 Operating lease costs $ 1,238 $ 1,253 Short-term lease costs 24 30 Sublease income (399) (439) Total lease cost $ 863 $ 844 Information concerning our operating lease liabilities, which are classified within accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet as of March 31, 2019, is as follows (dollars in thousands): For the Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities—operating $ 1,291 March 31, 2019 Weighted-average remaining lease term 2.25 years Weighted-average discount rate 5.0 % Future maturity of operating lease liabilities: 2019 (remainder of) $ 3,924 2020 5,292 2021 2,216 2022 — 2023 — Thereafter — Total 11,432 Less interest component (621) Operating lease liability $ 10,811

Segment Data

Segment Data	3 Months Ended
	Mar. 31, 2019
Segment Data
Segment Data	22. Segment Dat 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 securitization VIEs under ASC 810. The segment information within this Note is reported on that basis. The table below presents our results of operations for the three months ended March 31, 2019 by business segment (amounts in thousands): Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal VIEs Total Revenues: Interest income from loans $ 154,595 $ 26,915 $ — $ 1,906 $ — $ 183,416 $ — $ 183,416 Interest income from investment securities 19,908 885 — 24,293 — 45,086 (27,454) 17,632 Servicing fees 123 — — 27,243 — 27,366 (2,933) 24,433 Rental income — — 70,521 13,312 — 83,833 — 83,833 Other revenues 204 686 78 196 20 1,184 (18) 1,166 Total revenues 174,830 28,486 70,599 66,950 20 340,885 (30,405) 310,480 Costs and expenses: Management fees 411 — — 18 22,988 23,417 49 23,466 Interest expense 61,604 18,577 18,990 7,746 27,915 134,832 (160) 134,672 General and administrative 6,768 4,479 1,518 18,851 3,226 34,842 88 34,930 Acquisition and investment pursuit costs 249 16 — 77 — 342 — 342 Costs of rental operations 19 — 22,937 6,695 — 29,651 — 29,651 Depreciation and amortization 71 — 23,896 5,287 — 29,254 — 29,254 Loan loss provision, net (11) 774 — — — 763 — 763 Other expense 77 — 134 — — 211 — 211 Total costs and expenses 69,188 23,846 67,475 38,674 54,129 253,312 (23) 253,289 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 47,836 47,836 Change in fair value of servicing rights — — — (515) — (515) (252) (767) Change in fair value of investment securities, net (1,694) — — 18,140 — 16,446 (16,384) 62 Change in fair value of mortgage loans held-for-sale, net 1,386 — — 9,880 — 11,266 — 11,266 Earnings (loss) from unconsolidated entities 577 — (43,805) 594 — (42,634) (566) (43,200) Gain on sale of investments and other assets, net 2,755 790 — 940 — 4,485 — 4,485 (Loss) gain on derivative financial instruments, net (9,297) (395) 1,290 (3,432) 9,627 (2,207) — (2,207) Foreign currency gain (loss), net 5,239 300 9 (1) — 5,547 — 5,547 (Loss) gain on extinguishment of debt — (3,304) — — 6 (3,298) — (3,298) Other loss, net — — — — (73) (73) — (73) Total other income (loss) (1,034) (2,609) (42,506) 25,606 9,560 (10,983) 30,634 19,651 Income (loss) before income taxes 104,608 2,031 (39,382) 53,882 (44,549) 76,590 252 76,842 Income tax benefit (provision) 248 85 (258) (409) — (334) — (334) Net income (loss) 104,856 2,116 (39,640) 53,473 (44,549) 76,256 252 76,508 Net (income) loss attributable to non-controlling interests (371) — (5,717) 215 — (5,873) (252) (6,125) Net income (loss) attributable to Starwood Property Trust, Inc . $ 104,485 $ 2,116 $ (45,357) $ 53,688 $ (44,549) $ 70,383 $ — $ 70,383 The table below presents our results of operations for the three months ended March 31, 2018 by business segment (amounts in thousands): Commercial and Residential Investing Lending Property and Servicing Securitization Segment Segment Segment Corporate Subtotal VIEs Total Revenues: Interest income from loans $ 134,972 $ — $ 2,648 $ — $ 137,620 $ — $ 137,620 Interest income from investment securities 14,439 — 34,399 — 48,838 (33,569) 15,269 Servicing fees 165 — 33,434 — 33,599 (7,532) 26,067 Rental income — 66,710 14,400 — 81,110 — 81,110 Other revenues 194 101 228 52 575 (54) 521 Total revenues 149,770 66,811 85,109 52 301,742 (41,155) 260,587 Costs and expenses: Management fees 480 — 18 30,051 30,549 93 30,642 Interest expense 32,021 16,534 5,095 33,803 87,453 (270) 87,183 General and administrative 6,695 1,859 21,020 2,482 32,056 86 32,142 Acquisition and investment pursuit costs 220 6 151 — 377 — 377 Costs of rental operations — 23,488 6,205 — 29,693 — 29,693 Depreciation and amortization 17 26,469 5,258 — 31,744 — 31,744 Loan loss provision, net 1,538 — — — 1,538 — 1,538 Other expense 77 — 27 — 104 — 104 Total costs and expenses 41,048 68,356 37,774 66,336 213,514 (91) 213,423 Other income (loss): Change in net assets related to consolidated VIEs — — — — — 52,653 52,653 Change in fair value of servicing rights — — (9,168) — (9,168) 3,354 (5,814) Change in fair value of investment securities, net (704) — 13,979 — 13,275 (13,424) (149) Change in fair value of mortgage loans held-for-sale, net (1,692) — 9,492 — 7,800 — 7,800 Earnings (loss) from unconsolidated entities 1,444 (3,515) 1,596 — (475) (987) (1,462) Gain on sale of investments and other assets, net 279 3,942 6,439 — 10,660 — 10,660 (Loss) gain on derivative financial instruments, net (10,818) 1,919 5,042 (13,002) (16,859) — (16,859) Foreign currency gain (loss), net 13,550 2 (3) — 13,549 — 13,549 Other income, net 43 17 48 — 108 — 108 Total other income (loss) 2,102 2,365 27,425 (13,002) 18,890 41,596 60,486 Income (loss) before income taxes 110,824 820 74,760 (79,286) 107,118 532 107,650 Income tax provision (947) (1,261) (648) — (2,856) — (2,856) Net income (loss) 109,877 (441) 74,112 (79,286) 104,262 532 104,794 Net income attributable to non-controlling interests (361) (2,453) (1,516) — (4,330) (532) (4,862) Net income (loss) attributable to Starwood Property Trust, Inc . $ 109,516 $ (2,894) $ 72,596 $ (79,286) $ 99,932 $ — $ 99,932 The table below presents our condensed consolidated balance sheet as of March 31, 2019 by business segment (amounts in thousands): Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal VIEs Total Assets: Cash and cash equivalents $ 13,206 $ 58 $ 36,107 $ 47,225 $ 295,463 $ 392,059 $ 20,211 $ 412,270 Restricted cash 32,156 68,057 19,671 13,295 535 133,714 — 133,714 Loans held-for-investment, net 7,513,130 1,450,097 — 1,498 — 8,964,725 — 8,964,725 Loans held-for-sale 688,435 302,803 — 153,252 — 1,144,490 — 1,144,490 Investment securities 1,061,011 59,610 — 992,739 — 2,113,360 (1,203,127) 910,233 Properties, net 8,937 — 2,487,285 273,152 — 2,769,374 — 2,769,374 Intangible assets — — 85,356 75,806 — 161,162 (24,327) 136,835 Investment in unconsolidated entities 35,351 — 70,557 54,251 — 160,159 (35,799) 124,360 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Derivative assets 14,247 1,029 32,093 41 — 47,410 — 47,410 Accrued interest receivable 50,269 7,135 392 296 3,079 61,171 (857) 60,314 Other assets 11,259 72,720 65,898 75,348 1,944 227,169 (16) 227,153 VIE assets, at fair value — — — — — — 56,974,864 56,974,864 Total Assets $ 9,428,001 $ 2,080,918 $ 2,797,359 $ 1,827,340 $ 301,021 $ 16,434,639 $ 55,730,949 $ 72,165,588 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 29,302 $ 6,788 $ 63,644 $ 71,675 $ 21,628 $ 193,037 $ 106 $ 193,143 Related-party payable 1 — — 9 23,935 23,945 — 23,945 Dividends payable — — — — 135,889 135,889 — 135,889 Derivative liabilities 4,608 772 — 2,739 2,044 10,163 — 10,163 Secured financing agreements, net 5,010,958 1,410,124 1,876,514 653,078 298,186 9,248,860 (13,950) 9,234,910 Unsecured senior notes, net — — — — 1,922,795 1,922,795 — 1,922,795 VIE liabilities, at fair value — — — — — — 55,727,776 55,727,776 Total Liabilities 5,044,869 1,417,684 1,940,158 727,501 2,404,477 11,534,689 55,713,932 67,248,621 Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 2,855 2,855 — 2,855 Additional paid-in capital 1,199,646 663,692 631,392 118,760 2,466,683 5,080,173 — 5,080,173 Treasury stock — — — — (104,194) (104,194) — (104,194) Accumulated other comprehensive income (loss) 53,128 — 2,734 (64) — 55,798 — 55,798 Retained earnings (accumulated deficit) 3,120,166 (458) (31,787) 967,326 (4,468,800) (413,553) — (413,553) Total Starwood Property Trust, Inc. Stockholders’ Equity 4,372,940 663,234 602,339 1,086,022 (2,103,456) 4,621,079 — 4,621,079 Non-controlling interests in consolidated subsidiaries 10,192 — 254,862 13,817 — 278,871 17,017 295,888 Total Equity 4,383,132 663,234 857,201 1,099,839 (2,103,456) 4,899,950 17,017 4,916,967 Total Liabilities and Equity $ 9,428,001 $ 2,080,918 $ 2,797,359 $ 1,827,340 $ 301,021 $ 16,434,639 $ 55,730,949 $ 72,165,588 The table below presents our condensed consolidated balance sheet as of December 31, 2018 by business segment (amounts in thousands): Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal VIEs Total Assets: Cash and cash equivalents $ 14,385 13 $ 27,408 $ 31,449 $ 164,015 $ 237,270 $ 2,554 $ 239,824 Restricted cash 28,324 175,659 25,144 11,679 7,235 248,041 — 248,041 Loans held-for-investment, net 7,072,220 1,456,779 — 3,357 — 8,532,356 — 8,532,356 Loans held-for-sale 670,155 469,775 — 47,622 — 1,187,552 — 1,187,552 Loans transferred as secured borrowings 74,346 — — — — 74,346 — 74,346 Investment securities 1,050,920 60,768 — 998,820 — 2,110,508 (1,204,040) 906,468 Properties, net — — 2,512,847 272,043 — 2,784,890 — 2,784,890 Intangible assets — — 90,889 78,219 — 169,108 (24,075) 145,033 Investment in unconsolidated entities 35,274 — 114,362 44,129 — 193,765 (22,000) 171,765 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Derivative assets 18,174 1,066 32,733 718 — 52,691 — 52,691 Accrued interest receivable 39,862 6,982 359 616 13,177 60,996 (641) 60,355 Other assets 13,958 20,472 67,098 49,363 2,057 152,948 (26) 152,922 VIE assets, at fair value — — — — — — 53,446,364 53,446,364 Total Assets $ 9,017,618 2,310,923 $ 2,870,840 $ 1,678,452 $ 186,484 $ 16,064,317 $ 52,198,136 $ 68,262,453 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 26,508 26,476 $ 67,415 $ 75,655 $ 21,467 $ 217,521 $ 142 $ 217,663 Related-party payable — — — 53 43,990 44,043 — 44,043 Dividends payable — — — — 133,466 133,466 — 133,466 Derivative liabilities 1,290 477 37 1,423 12,188 15,415 — 15,415 Secured financing agreements, net 4,405,599 1,524,551 1,884,187 585,258 297,920 8,697,515 (13,950) 8,683,565 Unsecured senior notes, net — — — — 1,998,831 1,998,831 — 1,998,831 Secured borrowings on transferred loans 74,239 — — — — 74,239 — 74,239 VIE liabilities, at fair value — — — — — — 52,195,042 52,195,042 Total Liabilities 4,507,636 1,551,504 1,951,639 662,389 2,507,862 11,181,030 52,181,234 63,362,264 Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 2,808 2,808 — 2,808 Additional paid-in capital 1,430,503 761,992 645,561 87,779 2,069,321 4,995,156 — 4,995,156 Treasury stock — — — — (104,194) (104,194) — (104,194) Accumulated other comprehensive income (loss) 53,516 — 5,208 (64) — 58,660 — 58,660 Retained earnings (accumulated deficit) 3,015,676 (2,573) 13,570 913,642 (4,289,313) (348,998) — (348,998) Total Starwood Property Trust, Inc. Stockholders’ Equity 4,499,695 759,419 664,339 1,001,357 (2,321,378) 4,603,432 — 4,603,432 Non-controlling interests in consolidated subsidiaries 10,287 — 254,862 14,706 — 279,855 16,902 296,757 Total Equity 4,509,982 759,419 919,201 1,016,063 (2,321,378) 4,883,287 16,902 4,900,189 Total Liabilities and Equity $ 9,017,618 2,310,923 $ 2,870,840 $ 1,678,452 $ 186,484 $ 16,064,317 $ 52,198,136 $ 68,262,453

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events
Subsequent Events	23. Subsequent Events Our significant events subsequent to March 31, 2019 were as follows: Dividend Declaration On May 8, 2019, our board of directors declared a dividend of $0.48 per share for the second quarter of 2019, which is payable on July 15, 2019 to common stockholders of record as of June 28, 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies
Balance Sheet Presentation of Securitization Variable Interest Entities	Balance Sheet Presentation of Securitization Variable Interest Entities We operate investment businesses that acquire unrated, investment grade and non-investment grade rated CMBS and RMBS. 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 we often serve as the special servicer or servicing administrator of the trusts in which we invest, or we have the ability to remove and replace the special servicer without cause, 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 our business segments 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, 2018 (our “Form 10-K”), as filed with the Securities and Exchange Commission (“SEC”). The results of operations for the three months ended March 31, 2019 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, (iii) became significant since December 31, 2018 due to a corporate action or increase in the significance of the underlying business activity or (iv) changed upon adoption of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (“FASB”).
Variable Interest Entities	Variable Interest Entities In addition to the securitization VIEs, certain other entities in which we hold interests are considered VIEs as the limited partners of these entities with equity at risk do not collectively possess (i) the right to remove the general partner or dissolve the partnership without cause or (ii) the right to participate in significant decisions made by the partnership. 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: (i) identifying the activities that most significantly impact the VIE’s economic performance; and (ii) 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. 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. 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 unrated and non-investment grade rated securities issued by securitization trusts. In certain cases, we may contract to provide special servicing activities for these 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 securitization 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: (i) 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 (ii) 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 securitization 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 securitization VIEs as individual line items on our condensed consolidated balance sheets. The liabilities of our consolidated securitization VIEs consist solely of obligations to the bondholders of the related trusts, and are thus presented as a single line item entitled “VIE liabilities.” The assets of our consolidated securitization 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 securitization 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 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 trust, the securitization VIE assets as a whole can only be used to settle the obligations of the consolidated VIE. The assets of our securitization 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 trust. REO assets generally represent a very small percentage of the overall asset pool of a trust. In new issue trusts there are no REO assets. We estimate that REO assets constitute approximately 2% of our consolidated securitization VIE assets, with the remaining 98% representing loans. However, it is important to note that the fair value of our securitization VIE assets is determined by reference to our securitization 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 securitization 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 securitization 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 securitization VIEs, loans held-for-sale originated or acquired for future securitization and purchased CMBS issued by VIEs we could consolidate in the future. 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 were made due to the expected short-term holding period of these instruments.
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 securitization VIEs at fair value pursuant to our election of the fair value option. The securitization 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 securitization VIEs, we maximize the use of observable inputs over unobservable inputs. Refer to Note 19 for further discussion regarding our fair value measurements.
Loans Held-for-Investment	Loans Held-for-Investment 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.
Loan Impairment	Loan Impairment 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. There may be circumstances where we modify a loan by granting the borrower a concession that we might not otherwise consider when a borrower is experiencing financial difficulty or is expected to experience financial difficulty in the foreseeable future. Such concessionary modifications are classified as troubled debt restructurings (“TDRs”) unless the modification solely results in a delay in payment that is insignificant. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes.
Loans Held-For-Sale	Loans Held-For-Sale Our loans that we intend to sell or liquidate in the short-term are classified as held-for-sale and are carried at the lower of amortized cost or fair value, unless we have elected to apply the fair value option at origination or purchase.
Leases (Lessee)	Leases On January 1, 2019, ASC 842 , Leases , became effective for the Company. ASC 842 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 affected by this ASC. We elected to apply the provisions of ASC 842 as of January 1, 2019 and not to retrospectively adjust prior periods presented. Such application did not result in any cumulative-effect adjustment as of January 1, 2019. We elected the “package of practical expedients” for transition purposes, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs for leases that commenced prior to January 1, 2019. We also elected not to apply the recognition provisions of ASC 842 to short-term leases, which have original lease terms of 12 months or less. As a lessor, we elected not to separate nonlease components, such as reimbursements from tenants for common area maintenance (“CAM”), from lease components for all classes of underlying assets, and continue to recognize such nonlease components ratably in rental income. We also elected to continue to exclude from rental income all sales, use and other similar taxes collected from lessees. As required by ASC 842, we no longer record as revenues and expenses lessor costs (such as property taxes) paid directly by the lessees. The application of ASC 842 has had no material effect on our consolidated financial statements, as all of our leases, as both lessor and lessee, are currently classified as operating leases, which are subject to essentially the same straight-line revenue and expense recognition as in the past. As a lessee, our only significant long-term lease resulted in the recognition of a lease liability and corresponding right-of-use asset of $12.0 million as of January 1, 2019, which are classified within accounts payable, accrued expenses and other liabilities and other assets, respectively, in our condensed consolidated balance sheet as of March 31, 2019.
Leases (Lessor)	Leases On January 1, 2019, ASC 842 , Leases , became effective for the Company. ASC 842 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 affected by this ASC. We elected to apply the provisions of ASC 842 as of January 1, 2019 and not to retrospectively adjust prior periods presented. Such application did not result in any cumulative-effect adjustment as of January 1, 2019. We elected the “package of practical expedients” for transition purposes, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs for leases that commenced prior to January 1, 2019. We also elected not to apply the recognition provisions of ASC 842 to short-term leases, which have original lease terms of 12 months or less. As a lessor, we elected not to separate nonlease components, such as reimbursements from tenants for common area maintenance (“CAM”), from lease components for all classes of underlying assets, and continue to recognize such nonlease components ratably in rental income. We also elected to continue to exclude from rental income all sales, use and other similar taxes collected from lessees. As required by ASC 842, we no longer record as revenues and expenses lessor costs (such as property taxes) paid directly by the lessees. The application of ASC 842 has had no material effect on our consolidated financial statements, as all of our leases, as both lessor and lessee, are currently classified as operating leases, which are subject to essentially the same straight-line revenue and expense recognition as in the past. As a lessee, our only significant long-term lease resulted in the recognition of a lease liability and corresponding right-of-use asset of $12.0 million as of January 1, 2019, which are classified within accounts payable, accrued expenses and other liabilities and other assets, respectively, in our condensed consolidated balance sheet as of March 31, 2019.
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, (iii) the conversion options associated with our outstanding convertible senior notes (see Notes 10 and 17), and (iv) non-controlling interests that are redeemable with our common stock (see Note 16). 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. In addition, the non-controlling interests that are redeemable with our common stock are considered participating securities because they earn a preferred return indexed to the dividend rate on our common stock (see Note 16). 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, 2019 and 2018, 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.
Recent Accounting Developments	Recent Accounting Developments On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments , which mandates use of an “expected loss” credit model for estimating future credit losses of certain financial instruments instead of the “incurred loss” credit model that current GAAP requires. The “expected loss” model requires the consideration of possible credit losses over the life of an instrument as opposed to only estimating credit losses upon the occurrence of a discrete loss event in accordance with the current “incurred loss” methodology. This ASU is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2019. Though we have not completed our assessment of this ASU, we expect this ASU to result in our recognition of higher levels of allowances for loan losses. Our assessment of the estimated amount of such increases remains in process. On January 26, 2017, the FASB issued ASU 2017-04, Goodwill and Other (Topic 350) – Simplifying the Test for Goodwill Impairment , which simplifies the method applied for measuring impairment in cases where goodwill is impaired. This ASU specifies that goodwill impairment will be measured as the excess of the reporting unit’s carrying value (inclusive of goodwill) over its fair value, eliminating the requirement that all assets and liabilities of the reporting unit be remeasured individually in connection with measurement of goodwill impairment. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019 and is applied prospectively. Early application is permitted. We do not expect the application of this ASU to materially impact the Company. On August 28, 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework , which adds new disclosure requirements and modifies or eliminates existing disclosure requirements of ASC 820. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. Early application is permitted. We do not expect the application of this ASU to materially impact the Company, as it only affects fair value disclosures. On October 31, 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810) – Targeted Improvements to Related Party Guidance for Variable Interest Entities , which requires reporting entities to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety for determining whether a decision-making fee is a variable interest. This ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2019. Early application is permitted. We are in the process of assessing the impact this ASU will have on the Company, but do not expect it to be material.

Loans (Tables)

Loans (Tables)	3 Months Ended
	Mar. 31, 2019
Loans
Summary of investments in mortgages and loans by subordination class	Weighted Weighted Average Life Carrying Face Average (“WAL”) March 31, 2019 Value Amount Coupon (years)(1) First mortgages (2) $ 6,851,837 $ 6,874,524 6.7 % 2.1 First priority infrastructure loans 1,450,097 1,460,758 5.8 % 5.1 Subordinated mortgages (3) 52,849 54,042 8.9 % 3.5 Mezzanine loans (2) 579,496 581,557 11.6 % 1.7 Other 61,234 64,916 8.2 % 2.2 Total loans held-for-investment 8,995,513 9,035,797 Loans held-for-sale, fair value option, residential 688,435 673,249 6.2 % 5.8 Loans held-for-sale, fair value option, commercial 153,252 149,428 4.7 % 10.0 Loans held-for-sale, infrastructure 303,577 312,551 4.1 % 1.1 Total gross loans Loan loss allowance (31,562) — Total net loans $ $ December 31, 2018 First mortgages (2) $ 6,607,117 $ 6,631,236 6.9 % 2.0 First priority infrastructure loans 1,456,779 1,465,828 5.7 % 4.5 Subordinated mortgages (3) 52,778 53,996 8.9 % 3.7 Mezzanine loans (2) 393,832 394,739 10.6 % 2.0 Other 61,001 64,658 8.2 % 2.5 Total loans held-for-investment 8,571,507 8,610,457 Loans held-for-sale, fair value option, residential 623,660 609,571 6.3 % 6.6 Loans held-for-sale, commercial ($47,622 under fair value option) 94,117 94,916 5.4 % 6.2 Loans held-for-sale, infrastructure 469,775 486,909 3.5 % 0.3 Loans transferred as secured borrowings 74,346 74,692 7.1 % 1.3 Total gross loans 9,833,405 9,876,545 Loan loss allowance (39,151) — Total net loans $ 9,794,254 $ 9,876,545 (1) 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 or acquisition. (2) 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 $912.8 million and $1.0 billion being classified as first mortgages as of March 31, 2019 and December 31, 2018, respectively. (3) 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.
Schedule of internal rating categories	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—Loan to collateral value ratio (“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%.
Schedule of risk ratings by class of loan	The risk ratings for loans subject to our rating system, which excludes loans held-for-sale, by class of loan were as follows as of March 31, 2019 and December 31, 2018 (dollars in thousands): Balance Sheet Classification Loans Held-For-Investment Loans First Priority Transferred % of Risk Rating First Infrastructure Subordinated Mezzanine As Secured Total Category Mortgages Loans Mortgages Loans Other Borrowings Total Loans March 31, 2019 1 $ 2,723 $ — $ — $ — $ 23,515 $ — $ 26,238 0.3 % 2 3,329,423 — 7,354 275,415 — — 3,612,192 35.6 % 3 3,289,028 — 33,518 304,081 31,069 — 3,657,696 36.1 % 4 62,381 — — — — — 62,381 0.6 % 5 — — — — — — — — % N/A 168,282 (1) 1,450,097 (2) 11,977 (1) — 6,650 (1) — 1,637,006 16.1 % $ 6,851,837 $ 1,450,097 $ 52,849 $ 579,496 $ 61,234 $ — 8,995,513 Loans held-for-sale 1,145,264 11.3 % Total gross loans $ 10,140,777 100.0 % December 31, 2018 1 $ 6,538 $ — $ — $ — $ 23,767 $ — $ 30,305 0.3 % 2 3,356,342 — 7,392 111,466 — 74,346 3,549,546 36.1 % 3 2,987,296 — 33,410 282,366 31,039 — 3,334,111 33.9 % 4 63,094 — — — — — 63,094 0.6 % 5 — — — — — — — — % N/A 193,847 (1) 1,456,779 (2) 11,976 (1) — 6,195 (1) — 1,668,797 17.0 % $ 6,607,117 $ 1,456,779 $ 52,778 $ 393,832 $ 61,001 $ 74,346 8,645,853 Loans held-for-sale 1,187,552 12.1 % Total gross loans $ 9,833,405 100.0 % (1) Represents loans individually evaluated for impairment in accordance with ASC 310-10. (2) First priority infrastructure loans were not risk rated as the Company is in the process of developing a risk rating policy for these loans.
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, 2019 2018 Allowance for loan losses at January 1 $ 39,151 $ 4,330 Loan loss provision, net 763 1,538 Charge-offs (8,352) — Recoveries — — Allowance for loan losses at March 31 $ 31,562 $ 5,868 Recorded investment in loans related to the allowance for loan loss $ 266,996 $ 245,791
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, 2019 2018 Balance at January 1 $ 9,794,254 $ 7,382,641 Acquisitions/originations/additional funding 2,027,669 1,178,560 Capitalized interest (1) 22,137 16,253 Basis of loans sold (2) (1,127,201) (411,625) Loan maturities/principal repayments (630,965) (1,225,815) Discount accretion/premium amortization 7,526 12,052 Changes in fair value 11,266 7,800 Unrealized foreign currency translation gain 14,208 22,552 Loan loss provision, net (763) (1,538) Loan foreclosure (8,963) — Transfer to/from other asset classifications 47 102 Balance at March 31 $ 10,109,215 $ 6,980,982 (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, 2019
Schedule of investment securities	Investment securities were comprised of the following as of March 31, 2019 and December 31, 2018 (amounts in thousands): Carrying Value as of March 31, 2019 December 31, 2018 RMBS, available-for-sale $ 204,835 $ 209,079 RMBS, fair value option (1) 108,816 87,879 CMBS, fair value option (1) 1,143,416 1,157,508 Held-to-maturity (“HTM”) debt securities, amortized cost 643,787 644,149 Equity security, fair value 12,506 11,893 Subtotal — Investment securities 2,113,360 2,110,508 VIE eliminations (1) (1,203,127) (1,204,040) Total investment securities $ 910,233 $ 906,468 (1) Certain fair value option CMBS and RMBS 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): RMBS, RMBS, fair CMBS, fair HTM Equity Securitization available-for-sale value option value option Securities Security VIEs (1) Total Three Months Ended March 31, 2019 Purchases $ — $ 26,272 $ 13,262 $ — $ — $ (39,534) $ — Sales — — 36,906 — — (33,678) 3,228 Principal collections 6,360 2,034 9,837 1,206 — (11,683) 7,754 Three Months Ended March 31, 2018 Purchases $ — $ — $ 30,225 $ — $ — $ (30,225) $ — Sales — — 7,948 — — (7,948) — Principal collections 10,150 — 15,181 208,303 — (14,404) 219,230 (1) Represents RMBS and CMBS, fair value option amounts eliminated due to our consolidation of securitization VIEs. These amounts are reflected as repayment of debt of consolidated VIEs in our condensed consolidated statements of cash flows.
Summary of investments in available-for-sale RMBS	The tables below summarize various attributes of our investments in available-for-sale RMBS as of March 31, 2019 and December 31, 2018 (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, 2019 RMBS $ 161,604 $ (9,897) $ 151,707 $ (35) $ 53,163 $ — $ 53,128 $ 204,835 December 31, 2018 RMBS $ 165,461 $ (9,897) $ 155,564 $ (31) $ 53,546 $ — $ 53,515 $ 209,079 Weighted Average Coupon (1) Weighted Average WAL March 31, 2019 RMBS 3.7 % CCC- 6.1 December 31, 2018 RMBS 3.7 % CCC- 6.0 (1) Calculated using the March 31, 2019 and December 31, 2018 one-month LIBOR rate of 2.495% and 2.503%, respectively, for floating rate securities. (2) Represents the remaining 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, 2019 and December 31, 2018 (amounts in thousands): March 31, 2019 December 31, 2018 Principal balance $ 302,229 $ 309,497 Accretable yield (57,391) (54,779) Non-accretable difference (93,131) (99,154) Total discount (150,522) (153,933) Amortized cost $ 151,707 $ 155,564
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, 2019 (amounts in thousands): Non-Accretable Three Months Ended March 31, 2019 Accretable Yield Difference Balance as of January 1, 2019 $ 54,779 $ 99,154 Accretion of discount (2,503) — Principal write-downs, net — (908) Transfer to/from non-accretable difference 5,115 (5,115) Balance as of March 31, 2019 $ 57,391 $ 93,131
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, 2019 and December 31, 2018, and for which other-than-temporary impairments (“OTTI”) (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, 2019 RMBS $ 2,133 $ — $ (35) $ — As of December 31, 2018 RMBS $ 2,148 $ — $ (31) $ —
Held-to-maturity
Summary of investments in HTM securities	The table below summarizes unrealized gains and losses of our investments in HTM debt securities as of March 31, 2019 and December 31, 2018 (amounts in thousands): Net Carrying Amount Gross Unrealized Gross Unrealized (Amortized Cost) Holding Gains Holding Losses Fair Value March 31, 2019 CMBS $ 409,176 $ 1,848 $ (2,470) $ 408,554 Preferred interests 175,001 756 — 175,757 Infrastructure bonds 59,610 88 (545) 59,153 Total $ 643,787 $ 2,692 $ (3,015) $ 643,464 December 31, 2018 CMBS $ 408,556 $ 2,435 $ (3,349) $ 407,642 Preferred interests 174,825 703 — 175,528 Infrastructure bonds 60,768 178 (168) 60,778 Total $ 644,149 $ 3,316 $ (3,517) $ 643,948
Summary of maturities of preferred equity interests in limited liability companies that own commercial real estate	The table below summarizes the maturities of our HTM debt securities by type as of March 31, 2019 (amounts in thousands): Preferred Infrastructure CMBS Interests Bonds Total Less than one year $ 75,158 $ — $ — $ 75,158 One to three years 305,885 — 12,769 318,654 Three to five years 28,133 175,001 — 203,134 Thereafter — — 46,841 46,841 Total $ 409,176 $ 175,001 $ 59,610 $ 643,787

Properties (Tables)

Properties (Tables)	3 Months Ended
	Mar. 31, 2019
Properties
Summary of properties	The table below summarizes our properties held as of March 31, 2019 and December 31, 2018 (dollars in thousands): Depreciable Life March 31, 2019 December 31, 2018 Property Segment Land and land improvements 0 – 15 years $ 645,349 $ 648,972 Buildings and building improvements 5 – 45 years 1,980,283 Furniture & fixtures 3 – 7 years 47,218 46,048 Investing and Servicing Segment Land and land improvements 0 – 15 years 82,362 82,332 Buildings and building improvements 3 – 40 years 217,086 213,010 Furniture & fixtures 2 – 5 years 2,374 2,158 Commercial and Residential Lending Segment (1) Land and land improvements 0 – 2 years 2,508 — Buildings 23 years 6,455 — Properties, cost 2,979,473 2,972,803 Less: accumulated depreciation (210,099) (187,913) Properties, net $ 2,769,374 $ 2,784,890 (1) Represents properties acquired through loan foreclosure. Refer to Note 4 for further discussion.
Summary of future rental payments due from tenants under existing non-cancellable operating leases	Future rental payments due to us from tenants under existing non-cancellable operating leases for each of the next five years and thereafter are as follows (in thousands): 2019 (remainder of) $ 169,273 2020 131,736 2021 121,826 2022 114,467 2023 98,211 Thereafter 837,401 Total $ 1,472,914

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2019
Investment in Unconsolidated Entities
Summary of investments in unconsolidated entities	The table below summarizes our investments in unconsolidated entities as of March 31, 2019 and December 31, 2018 (dollars in thousands): Participation / Carrying value as of Ownership % (1) March 31, 2019 December 31, 2018 Equity method: Retail Fund 33% $ 70,557 $ 114,362 Investor entity which owns equity in an online real estate company 50% 9,380 9,372 Equity interests in commercial real estate 50% 2,654 6,294 Equity interest in and advances to a residential mortgage originator (2) N/A 8,817 9,082 Various 25% - 50% 6,799 6,984 98,207 146,094 Cost method: Equity interest in a servicing and advisory business 6% 6,207 6,207 Investment funds which own equity in a loan servicer and other real estate assets 4% - 6% 9,225 9,225 Various 0% - 3% 10,721 10,239 26,153 25,671 $ 124,360 $ 171,765 (1) None of these investments are publicly traded and therefore quoted market prices are not available. (2) Includes a $2.0 million subordinated loan the Company funded in June 2018.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangibles
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, 2019 and December 31, 2018 (amounts in thousands): As of March 31, 2019 As of December 31, 2018 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Value Amortization Value Value Amortization Value Domestic servicing rights, at fair value $ 19,790 $ — $ 19,790 $ 20,557 $ — $ 20,557 In-place lease intangible assets 197,017 (106,076) 90,941 198,220 (100,873) 97,347 Favorable lease intangible assets 36,632 (10,528) 26,104 36,895 (9,766) 27,129 Total net intangible assets $ 253,439 $ (116,604) $ 136,835 $ 255,672 $ (110,639) $ 145,033
Summary of activity within intangible assets	The following table summarizes the activity within intangible assets for the three months ended March 31, 2019 (amounts in thousands): Domestic In-place Lease Favorable Lease Servicing Intangible Intangible Rights Assets Assets Total Balance as of January 1, 2019 $ 20,557 $ 97,347 $ 27,129 $ 145,033 Amortization — (5,736) (875) (6,611) Foreign exchange loss — (550) (150) (700) Impairment (1) — (120) — (120) Changes in fair value due to changes in inputs and assumptions (767) — — (767) Balance as of March 31, 2019 $ 19,790 $ 90,941 $ 26,104 $ 136,835 (1) Impairment of intangible lease assets is recognized within other expense in our condensed consolidated statements of operations.
Schedule of future amortization expense	The following table sets forth the estimated aggregate amortization of our in-place lease intangible assets and favorable lease intangible assets for the next five years and thereafter (amounts in thousands): 2019 (remainder of) $ 16,406 2020 17,390 2021 14,950 2022 12,158 2023 8,946 Thereafter 47,195 Total $ 117,045

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 and December 31, 2018 (dollars in thousands): Carrying Value at Current Extended Pledged Asset Maximum March 31, December 31, Maturity Maturity (a) Pricing Carrying Value Facility Size 2019 2018 Lender 1 Repo 1 (b) (b) LIBOR + 1.60% to 5.75% $ 1,723,488 $ 2,000,000 $ $ Lender 2 Repo 1 Apr 2020 Apr 2023 LIBOR + 1.50% to 2.50% 645,636 900,000 (c) 467,390 384,791 Lender 4 Repo 2 May 2021 May 2023 LIBOR + 1.70% to 3.25% 1,073,533 1,000,000 664,637 552,345 Lender 6 Repo 1 Aug 2021 N/A LIBOR + 1.50% to 2.50% 451,409 600,000 361,291 507,545 Lender 6 Repo 2 Jan 2024 N/A GBP LIBOR + 2.45% to 2.75%, EURIBOR + 2.25% 714,538 559,524 545,880 312,437 Lender 7 Repo 1 Sep 2021 Sep 2023 LIBOR + 1.50% to 2.25% 123,071 250,000 99,064 71,720 Lender 10 Repo 1 May 2021 May 2023 LIBOR + 1.50% to 2.75% 200,455 164,840 160,480 160,480 Lender 11 Repo 1 Feb 2021 N/A LIBOR + 2.10% — 400,000 — — Lender 11 Repo 2 Sep 2019 Sep 2023 LIBOR + 2.00% to 2.50% 354,912 500,000 220,690 270,690 Lender 12 Repo 1 Jun 2021 Jun 2024 LIBOR + 2.10% to 2.45% 233,971 250,000 176,250 43,500 Lender 13 Repo 1 (d) (d) LIBOR + 1.50% 137,420 200,000 106,124 14,824 Lender 7 Secured Financing Feb 2021 Feb 2023 LIBOR + 2.25% (e) — 650,000 (f) — — Lender 8 Secured Financing Aug 2019 N/A LIBOR + 4.00% — — — — Conduit Repo 2 Nov 2019 Nov 2020 LIBOR + 2.25% 116,967 200,000 91,280 35,034 Conduit Repo 3 Feb 2020 Feb 2021 LIBOR + 2.10% 26,158 150,000 18,884 — MBS Repo 1 (g) (g) N/A — — — — MBS Repo 2 Dec 2020 N/A LIBOR + 1.55% to 1.75% 222,303 159,202 159,202 159,202 MBS Repo 3 (h) (h) LIBOR + 1.30% to 1.85% 714,884 428,414 428,414 427,942 MBS Repo 4 (i) N/A LIBOR + 1.25% 151,613 100,000 60,000 13,824 MBS Repo 5 Dec 2028 Jun 2029 4.22% 57,618 150,000 55,389 55,437 Investing and Servicing Segment Property Mortgages May 2020 to N/A Various 264,146 242,499 223,465 219,237 Ireland Mortgage Oct 2025 N/A 1.93% 448,324 354,875 354,875 362,854 Woodstar I Mortgages Nov 2025 to N/A 3.72% to 3.97% 343,540 276,748 276,748 276,748 Woodstar I Government Financing Mar 2026 to Jun 2049 N/A 1.00% to 5.00% 197,385 130,607 130,607 131,179 Woodstar II Mortgages Jan 2028 to Apr 2028 N/A 3.81% to 3.85% 526,736 417,669 417,669 417,669 Woodstar II Government Financing Jun 2030 to Aug 2052 N/A 1.00% to 3.19% 38,680 25,229 25,229 25,311 Medical Office Mortgages Dec 2021 Dec 2023 LIBOR + 2.50% 672,442 524,499 492,828 492,828 Master Lease Mortgages Oct 2027 N/A 4.38% 330,998 194,900 194,900 194,900 Infrastructure Acquisition Facility Sep 2021 Sep 2022 Various (j) 1,455,572 1,528,327 1,175,677 1,551,148 Infrastructure Repo Feb 2020 Feb 2021 LIBOR + 1.75% 307,636 500,000 257,318 — Term Loan A Dec 2020 Dec 2021 LIBOR + 2.25% (e) 931,519 300,000 300,000 300,000 Revolving Secured Financing Dec 2020 Dec 2021 LIBOR + 2.25% (e) — 100,000 — — FHLB Feb 2021 N/A Various 676,836 2,000,000 500,000 500,000 $ 13,141,790 $ Unamortized net discount (911) (963) Unamortized deferred financing costs (69,784) (77,096) $ $ (a) Subject to certain conditions as defined in the respective facility agreement. (b) Maturity date for borrowings collateralized by loans is September 2019 with an additional extension option to September 2021. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions and not to exceed September 2025. (c) The initial maximum facility size of $600.0 million may be increased to $900.0 million at our options, subject to certain conditions. (d) Maturity date for borrowings collateralized by loans is May 2020 with an additional extension option to August 2021. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions. (e) Subject to borrower’s option to choose alternative benchmark based rates pursuant to the terms of the credit agreement. (f) The initial maximum facility size of $300.0 million may be increased to $650.0 million, subject to certain conditions. (g) Facility carries a rolling 11-month term which may reset monthly with the lender’s consent. This facility carries no maximum facility size. (h) Facility carries a rolling 12-month term which may reset monthly with the lender’s consent. Current maturity is March 2020. This facility carries no maximum facility size. Amounts reflect the outstanding balance as of March 31, 2019. (i) The date that is 270 days after the buyer delivers notice to seller, subject to a maximum date of May 2020. (j) Consists of an annual interest rate of the applicable currency benchmark index + 1.50%. The spread increases 25 bps in each of the second and third years of the facility which was entered into in September 2018.
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 2019 (remainder of) $ 210,054 $ 205,791 $ 415,845 2020 970,169 540,453 1,510,622 2021 982,706 864,893 1,847,599 2022 817,007 800,876 1,617,883 2023 1,706,392 565,357 2,271,749 Thereafter 527,279 1,114,628 1,641,907 Total $ 5,213,607 $ 4,091,998 $ 9,305,605
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, 2019 and December 31, 2018 (amounts in thousands): Class of Collateral March 31, 2019 December 31, 2018 Loans held-for-investment $ 4,400,438 $ 3,567,786 Loans held-for-sale 110,164 65,559 Investment securities 703,005 656,405 $ 5,213,607 $ 4,289,750

Unsecured Senior Notes (Tables)

Unsecured Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2019
Unsecured Senior Notes
Schedule of unsecured convertible senior notes outstanding	The following table is a summary of our unsecured senior notes outstanding as of March 31, 2019 and December 31, 2018 (dollars in thousands): Remaining Coupon Effective Maturity Period of Carrying Value at Rate Rate (1) Date Amortization March 31, 2019 December 31, 2018 2019 Convertible Notes N/A N/A N/A N/A $ — $ 77,969 2021 Senior Notes (February) 3.63 % 3.89 % 2/1/2021 years 500,000 500,000 2021 Senior Notes (December) 5.00 % 5.32 % 12/15/2021 years 700,000 700,000 2023 Convertible Notes 4.38 % 4.86 % 4/1/2023 years 250,000 250,000 2025 Senior Notes 4.75 % 5.04 % 3/15/2025 years 500,000 500,000 Total principal amount 1,950,000 2,027,969 Unamortized discount—Convertible Notes (4,367) (4,644) Unamortized discount—Senior Notes (15,365) (16,416) Unamortized deferred financing costs (7,473) (8,078) Carrying amount of debt components $ 1,922,795 $ 1,998,831 Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes $ 3,775 $ 3,755 (1) Effective rate includes the effects of underwriter purchase discount and the adjustment for the conversion option on our convertible senior notes, the value of which reduced the initial liability and was recorded in additional paid‑in capital.
Schedule of conversion attributes on Convertible Notes outstanding	The following table details the conversion attributes of our Convertible Notes outstanding as of March 31, 2019 (amounts in thousands, except rates): March 31, 2019 Conversion Spread Value - Shares (3) Conversion Conversion For the Three Months Ended March 31, Rate (1) Price (2) 2019 2018 2019 Notes N/A N/A — 1,209 2023 Notes 38.5959 $ 25.91 — — — 1,209 (1) 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). (2) As of March 31, 2019 and 2018, the market price of the Company’s common stock was $22.35 and $20.95 per share, respectively. (3) The conversion spread value represents the portion of the Convertible Notes that are “in-the-money”, representing the value that would be delivered to investors in shares upon an assumed conversion.

Loan Securitization_Sale Acti_2

Loan Securitization/Sale Activities (Tables)	3 Months Ended
	Mar. 31, 2019
Investing 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, 2019 and 2018 (amounts in thousands): Repayment of repurchase Face Amount Proceeds agreements For the Three Months Ended March 31, 2019 $ 179,411 $ 186,841 $ 136,133 2018 256,818 266,632 193,844
Real Estate Investment Lending
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 Commercial and Residential Lending Segment net of expenses (amounts in thousands): Loan Transfers Loan Transfers Accounted for as Sales Accounted for as Secured Commercial Residential Borrowings Face Amount Proceeds Face Amount Proceeds Face Amount Proceeds For the Three Months Ended March 31, 2019 $ 398,741 $ 396,310 $ 362,418 $ 374,861 $ — $ — 2018 146,400 145,273 — — — —

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	3 Months Ended
	Mar. 31, 2019
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 derivatives as of March 31, 2019 (notional amounts in thousands): Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Sell Euros ("EUR") 56 281,609 EUR April 2019 – October 2022 Fx contracts – Sell Pounds Sterling ("GBP") 142 320,633 GBP April 2019 – January 2022 Fx contracts – Sell Canadian dollar ("CAD") 15 8,597 CAD April 2019 – October 2022 Fx contracts – Sell Australian dollar ("AUD") 3 7,521 AUD April 2019 – October 2019 Interest rate swaps – Paying fixed rates 30 1,132,992 USD April 2019 – April 2029 Interest rate swaps – Receiving fixed rates 2 970,000 USD January 2021 – March 2025 Interest rate caps 8 109,584 USD January 2020 – December 2021 Credit index instruments 4 39,000 USD November 2054 – August 2061 Interest rate swap guarantees 9 658,493 USD December 2020 – June 2025 Interest rate swap guarantees 1 11,091 GBP December 2024 Interest rate swap guarantees 1 91,374 CAD June 2045 Total 271
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, 2019 and December 31, 2018 (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, 2019 2018 2019 2018 Derivatives not designated as hedging instruments: Interest rate contracts $ 21,412 $ 30,791 $ 6,973 $ 14,457 Interest rate swap guarantees — — 577 396 Foreign exchange contracts 25,978 21,346 2,613 562 Credit index instruments 20 554 — — Total derivatives not designated as hedging instruments 47,410 52,691 10,163 15,415 Total derivatives $ 47,410 $ 52,691 $ 10,163 $ 15,415 (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	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, 2019 and 2018 (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 2019 $ — $ — $ — Interest expense 2018 $ 9 $ 4 $ — 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 2019 2018 Interest rate contracts Loss on derivative financial instruments $ (3,757) $ 6,237 Interest rate swap guarantees Loss on derivative financial instruments (182) — Foreign exchange contracts Loss on derivative financial instruments 2,444 (23,143) Credit index instruments Loss on derivative financial instruments (712) 47 $ (2,207) $ (16,859)

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 Derivative assets $ 47,410 $ — $ 47,410 $ 4,449 $ — $ 42,961 Derivative liabilities $ 10,163 $ — $ 10,163 $ 4,449 $ 3,285 $ 2,429 Repurchase agreements 5,213,607 — 5,213,607 5,213,607 — — $ 5,223,770 $ — $ 5,223,770 $ 5,218,056 $ 3,285 $ 2,429 As of December 31, 2018 Derivative assets $ 52,691 $ — $ 52,691 $ 1,408 $ — $ 51,283 Derivative liabilities $ 15,415 $ — $ 15,415 $ 1,408 $ 8,658 $ 5,349 Repurchase agreements 4,289,750 — 4,289,750 4,289,750 — — $ 4,305,165 $ — $ 4,305,165 $ 4,291,158 $ 8,658 $ 5,349

Stockholders' Equity and Non-_2

Stockholders' Equity and Non-Controlling Interests (Tables)	3 Months Ended
	Mar. 31, 2019
Stockholders' Equity and Non-Controlling Interests
Schedule of dividends declared by board of directors	Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 2/28/19 3/29/19 3/28/19 4/15/19 $ 0.48 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 and the 2017 Manager Equity Plan during the three months ended March 31, 2019 and 2018 (dollar amounts in thousands): Grant Date Type Amount Granted Grant Date Fair Value Vesting Period April 2018 RSU 775,000 $ 16,329 3 years March 2017 RSU 1,000,000 22,240 3 years May 2015 RSU 675,000 16,511 3 years
Schedule of Non-Vested Shares and Share Equivalents	2017 Weighted Average 2017 Manager Grant Date Fair Equity Plan Equity Plan Total Value (per share) Balance as of January 1, 2019 1,436,445 997,920 2,434,365 $ 21.52 Granted 383,190 — 383,190 22.58 Vested (402,541) (147,916) (550,457) 21.41 Forfeited (4,419) — (4,419) 22.67 Balance as of March 31, 2019 1,412,675 850,004 2,262,679 21.72

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 2018 Basic Earnings Income attributable to STWD common stockholders $ 70,383 $ 99,932 Less: Income attributable to participating shares not already deducted as non-controlling interests (824) (721) Basic earnings $ 69,559 $ 99,211 Diluted Earnings Income attributable to STWD common stockholders $ 70,383 $ 99,932 Less: Income attributable to participating shares not already deducted as non-controlling interests (824) (721) Add: Interest expense on Convertible Notes (1) * — Add: Loss on extinguishment of Convertible Notes (1) * — Diluted earnings $ 69,559 $ 99,211 Number of Shares: Basic — Average shares outstanding 277,544 260,664 Effect of dilutive securities — Convertible Notes (1) * 1,209 Effect of dilutive securities — Contingently issuable shares — 229 Effect of dilutive securities — Unvested non-participating shares 154 22 Diluted — Average shares outstanding 277,698 262,124 Earnings Per Share Attributable to STWD Common Stockholders: Basic $ 0.25 $ 0.38 Diluted $ 0.25 $ 0.38 (1) Prior to June 30, 2018, the Company had asserted its intent and ability to settle the principal amount of the Convertible Notes in cash. Accordingly, under GAAP, the dilutive effect to EPS for the prior year period was determined using the treasury stock method by dividing only the “conversion spread value” of the “in-the-money” Convertible Notes by the Company’s average share price and including the resulting share amount in the diluted EPS denominator. The conversion value of the principal amount of the Convertible Notes was not included. Effective June 30, 2018, the Company no longer asserts its intent to fully settle the principal amount of the Convertible Notes in cash upon conversion. Accordingly, under GAAP, the dilutive effect to EPS for the current year period is determined using the “if-converted” method whereby interest expense or any loss on extinguishment of our Convertible Notes is added back to the diluted EPS numerator and the full number of potential shares contingently issuable upon their conversion is included in the diluted EPS denominator, if dilutive. Refer to Note 10 for further discussion. *

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 Balance at January 1, 2019 $ — $ 53,515 $ 5,145 $ 58,660 OCI before reclassifications — (387) (2,475) (2,862) Amounts reclassified from AOCI — — — — Net period OCI — (387) (2,475) (2,862) Balance at March 31, 2019 $ — $ 53,128 $ 2,670 $ 55,798 Three Months Ended March 31, 2018 Balance at January 1, 2018 $ 25 $ 57,889 $ 12,010 $ 69,924 OCI before reclassifications 9 1,209 4,218 5,436 Amounts reclassified from AOCI (4) (46) — (50) Net period OCI 5 1,163 4,218 5,386 Balance at March 31, 2018 $ 30 $ 59,052 $ 16,228 $ 75,310
Schedule of reclassifications out of AOCI that impacted the condensed consolidated statements of operations	The reclassifications out of AOCI impacted the condensed consolidated statements of operations for the three months ended March 31, 2019 and 2018 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 2019 2018 of Operations Gain (loss) on cash flow hedges: Interest rate contracts $ — $ 4 Interest expense Unrealized gains (losses) on available-for-sale securities: Interest realized upon collection — 46 Interest income from investment securities Total reclassifications for the period $ — $ 50

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 and December 31, 2018 (amounts in thousands): March 31, 2019 Total Level I Level II Level III Financial Assets: Loans held-for-sale, fair value option $ 841,687 $ — $ — $ 841,687 RMBS 204,835 — — 204,835 CMBS 49,105 — 10,770 38,335 Equity security 12,506 12,506 — — Domestic servicing rights 19,790 — — 19,790 Derivative assets 47,410 — 47,410 — VIE assets — — 56,974,864 Total $ $ 12,506 $ 58,180 $ 58,079,511 Financial Liabilities: Derivative liabilities $ 10,163 $ — $ 10,163 $ — VIE liabilities — 2,046,559 Total $ $ — $ $ 2,046,559 December 31, 2018 Total Level I Level II Level III Financial Assets: Loans held-for-sale, fair value option $ 671,282 $ — $ — $ 671,282 RMBS 209,079 — — 209,079 CMBS 41,347 — 16,119 25,228 Equity security 11,893 11,893 — — Domestic servicing rights 20,557 — — 20,557 Derivative assets 52,691 — 52,691 — VIE assets 53,446,364 — — 53,446,364 Total $ 54,453,213 $ 11,893 $ 68,810 $ 54,372,510 Financial Liabilities: Derivative liabilities $ 15,415 $ — $ 15,415 $ — VIE liabilities 52,195,042 — 50,753,596 1,441,446 Total $ 52,210,457 $ — $ 50,769,011 $ 1,441,446
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, 2019 and 2018 (amounts in thousands): Domestic Loans Servicing VIE Three Months Ended March 31, 2019 Held ‑ for ‑ sale RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2019 balance $ 671,282 $ 209,079 $ 25,228 $ 20,557 $ 53,446,364 $ (1,441,446) $ 52,931,064 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale 11,266 — (295) (767) 294,345 33,957 338,506 Net accretion — 2,503 — — — — 2,503 Included in OCI — (387) — — — — (387) Purchases / Originations 740,296 — — — — — 740,296 Sales (561,702) — (3,228) — — — (564,930) Issuances — — — — — (33,678) (33,678) Cash repayments / receipts (19,455) (6,360) (188) — — (389) (26,392) Transfers into Level III — — 5,350 — — (670,742) (665,392) Transfers out of Level III — — — — — 136,592 136,592 Consolidation of VIEs — — — — 3,280,065 (103,309) 3,176,756 Deconsolidation of VIEs — — 11,468 — (45,910) 32,456 (1,986) March 31, 2019 balance $ 841,687 $ 204,835 $ 38,335 $ 19,790 $ 56,974,864 $ (2,046,559) $ 56,032,952 Amount of total gains (losses) included in earnings attributable to assets still held at March 31, 2019 $ 3,169 $ 2,503 $ (567) $ (767) $ 294,345 $ 33,957 $ 332,640 Domestic Loans Servicing VIE Three Months Ended March 31, 2018 Held ‑ for ‑ sale RMBS CMBS Rights VIE Assets Liabilities Total January 1, 2018 balance $ 745,743 $ 247,021 $ 24,191 $ 30,759 $ 51,045,874 $ (2,188,937) $ 49,904,651 Total realized and unrealized gains (losses): Included in earnings: Change in fair value / gain on sale — 555 (5,814) (2,027,208) 237,090 (1,787,577) Net accretion — 2,819 — — — — 2,819 Included in OCI — 1,163 — — — — 1,163 Purchases / Originations 277,259 — — — — — 277,259 Sales (266,632) — — — — — (266,632) Issuances — — — — — (7,948) (7,948) Cash repayments / receipts (40,437) (10,150) (777) — — (12,633) (63,997) Transfers into Level III — — — — — (530,888) (530,888) Transfers out of Level III — — — — — 208,258 208,258 Consolidation of VIEs — — — — 1,089,881 — 1,089,881 Deconsolidation of VIEs — — — — (875,240) 89,324 (785,916) March 31, 2018 balance $ 723,733 $ 240,853 $ 23,969 $ 24,945 $ 49,233,307 $ (2,205,734) $ 48,041,073 Amount of total (losses) gains included in earnings attributable to assets still held at March 31, 2018 $ (640) $ 2,772 $ 555 $ (5,814) $ (2,027,208) $ 237,090 $ (1,793,245)
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, 2019 December 31, 2018 Carrying Fair Carrying Fair Value Value Value Value Financial assets not carried at fair value: Loans held-for-investment, loans held-for-sale and loans transferred as secured borrowings $ 9,267,528 $ 9,315,914 $ 9,122,972 $ 9,178,709 HTM debt securities 643,787 643,464 644,149 643,948 Financial liabilities not carried at fair value: Secured financing agreements and secured borrowings on transferred loans $ 9,234,910 $ 9,139,056 $ 8,757,804 $ 8,662,548 Unsecured senior notes 1,962,208 1,998,831
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 (dollars in thousands): Carrying Value at Valuation Unobservable Range as of (1) March 31, 2019 Technique Input March 31, 2019 December 31, 2018 Loans held-for-sale, fair value option $ 841,687 Discounted cash flow Yield (b) 4.2% - 6.0% 4.6% - 6.1% Duration (c) 2.4 - 13.6 years 2.5 - 14.4 years RMBS 204,835 Discounted cash flow Constant prepayment rate (a) 2.0% - 22.2% 3.2% - 25.2% Constant default rate (b) 1.0% - 4.6% 1.1% - 5.5% Loss severity (b) 0% - 76% (e) 0% - 73% (e) Delinquency rate (c) 6% - 31% 4% - 31% Servicer advances (a) 21% - 85% 21% - 83% Annual coupon deterioration (b) 0% - 1.8% 0% - 1.4% Putback amount per projected total collateral loss (d) 0% - 7% 0% - 7% CMBS 38,335 Discounted cash flow Yield (b) 0% - 166.3% 0% - 473.5% Duration (c) 0 - 9.7 years 0 - 9.7 years Domestic servicing rights 19,790 Discounted cash flow Debt yield (a) 7.75% 7.75% Discount rate (b) 15% 15% Control migration (b) 0% - 80% 0% - 80% VIE assets 56,974,864 Discounted cash flow Yield (b) 0% - 401.4% 0% - 290.9% Duration (c) 0 - 13.4 years 0 - 20.4 years VIE liabilities (2,046,559) Discounted cash flow Yield (b) 0% - 401.4% 0% - 290.9% Duration (c) 0 - 13.4 years 0 - 13.7 years (1) The ranges of significant unobservable inputs are represented in percentages and years. Sensitivity of the Fair Value to Changes in the Unobservable Inputs (a) Significant increase (decrease) in the unobservable input in isolation would result in a significantly higher (lower) fair value measurement. (b) Significant increase (decrease) in the unobservable input in isolation would result in a significantly lower (higher) fair value measurement. (c) Significant increase (decrease) in the unobservable input in isolation would result in either a significantly lower or higher (higher or lower) 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) 41% and 55% of the portfolio falls within a range of 45%-80% as of March 31, 2019 and December 31, 2018, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 and 2018 (dollars in thousands): For the Three Months Ended March 31, 2019 2018 Federal statutory tax rate $ 16,137 21.0 % $ 22,606 21.0 % REIT and other non-taxable income (16,160) (21.0) % (20,343) (18.9) % State income taxes (6) — % 593 0.6 % Federal benefit of state tax deduction 1 — % (124) (0.1) % Other 362 0.4 % 124 0.1 % Effective tax rate $ 334 0.4 % $ 2,856 2.7 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies.
Schedule of lease costs and sublease income	Our lease costs and sublease income were as follows (in thousands): For the Three Months Ended March 31, 2019 2018 Operating lease costs $ 1,238 $ 1,253 Short-term lease costs 24 30 Sublease income (399) (439) Total lease cost $ 863 $ 844 Information concerning our operating lease liabilities, which are classified within accounts payable, accrued expenses and other liabilities in our condensed consolidated balance sheet as of March 31, 2019, is as follows (dollars in thousands): For the Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities—operating $ 1,291 March 31, 2019 Weighted-average remaining lease term 2.25 years Weighted-average discount rate 5.0 %
Schedule of future minimum rental payments and sublease income related to existing corporate leases and subleases	Future maturity of operating lease liabilities: 2019 (remainder of) $ 3,924 2020 5,292 2021 2,216 2022 — 2023 — Thereafter — Total 11,432 Less interest component (621) Operating lease liability $ 10,811

Segment Data (Tables)

Segment Data (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 by business segment (amounts in thousands): Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal VIEs Total Revenues: Interest income from loans $ 154,595 $ 26,915 $ — $ 1,906 $ — $ 183,416 $ — $ 183,416 Interest income from investment securities 19,908 885 — 24,293 — 45,086 (27,454) 17,632 Servicing fees 123 — — 27,243 — 27,366 (2,933) 24,433 Rental income — — 70,521 13,312 — 83,833 — 83,833 Other revenues 204 686 78 196 20 1,184 (18) 1,166 Total revenues 174,830 28,486 70,599 66,950 20 340,885 (30,405) 310,480 Costs and expenses: Management fees 411 — — 18 22,988 23,417 49 23,466 Interest expense 61,604 18,577 18,990 7,746 27,915 134,832 (160) 134,672 General and administrative 6,768 4,479 1,518 18,851 3,226 34,842 88 34,930 Acquisition and investment pursuit costs 249 16 — 77 — 342 — 342 Costs of rental operations 19 — 22,937 6,695 — 29,651 — 29,651 Depreciation and amortization 71 — 23,896 5,287 — 29,254 — 29,254 Loan loss provision, net (11) 774 — — — 763 — 763 Other expense 77 — 134 — — 211 — 211 Total costs and expenses 69,188 23,846 67,475 38,674 54,129 253,312 (23) 253,289 Other income (loss): Change in net assets related to consolidated VIEs — — — — — — 47,836 47,836 Change in fair value of servicing rights — — — (515) — (515) (252) (767) Change in fair value of investment securities, net (1,694) — — 18,140 — 16,446 (16,384) 62 Change in fair value of mortgage loans held-for-sale, net 1,386 — — 9,880 — 11,266 — 11,266 Earnings (loss) from unconsolidated entities 577 — (43,805) 594 — (42,634) (566) (43,200) Gain on sale of investments and other assets, net 2,755 790 — 940 — 4,485 — 4,485 (Loss) gain on derivative financial instruments, net (9,297) (395) 1,290 (3,432) 9,627 (2,207) — (2,207) Foreign currency gain (loss), net 5,239 300 9 (1) — 5,547 — 5,547 (Loss) gain on extinguishment of debt — (3,304) — — 6 (3,298) — (3,298) Other loss, net — — — — (73) (73) — (73) Total other income (loss) (1,034) (2,609) (42,506) 25,606 9,560 (10,983) 30,634 19,651 Income (loss) before income taxes 104,608 2,031 (39,382) 53,882 (44,549) 76,590 252 76,842 Income tax benefit (provision) 248 85 (258) (409) — (334) — (334) Net income (loss) 104,856 2,116 (39,640) 53,473 (44,549) 76,256 252 76,508 Net (income) loss attributable to non-controlling interests (371) — (5,717) 215 — (5,873) (252) (6,125) Net income (loss) attributable to Starwood Property Trust, Inc . $ 104,485 $ 2,116 $ (45,357) $ 53,688 $ (44,549) $ 70,383 $ — $ 70,383 The table below presents our results of operations for the three months ended March 31, 2018 by business segment (amounts in thousands): Commercial and Residential Investing Lending Property and Servicing Securitization Segment Segment Segment Corporate Subtotal VIEs Total Revenues: Interest income from loans $ 134,972 $ — $ 2,648 $ — $ 137,620 $ — $ 137,620 Interest income from investment securities 14,439 — 34,399 — 48,838 (33,569) 15,269 Servicing fees 165 — 33,434 — 33,599 (7,532) 26,067 Rental income — 66,710 14,400 — 81,110 — 81,110 Other revenues 194 101 228 52 575 (54) 521 Total revenues 149,770 66,811 85,109 52 301,742 (41,155) 260,587 Costs and expenses: Management fees 480 — 18 30,051 30,549 93 30,642 Interest expense 32,021 16,534 5,095 33,803 87,453 (270) 87,183 General and administrative 6,695 1,859 21,020 2,482 32,056 86 32,142 Acquisition and investment pursuit costs 220 6 151 — 377 — 377 Costs of rental operations — 23,488 6,205 — 29,693 — 29,693 Depreciation and amortization 17 26,469 5,258 — 31,744 — 31,744 Loan loss provision, net 1,538 — — — 1,538 — 1,538 Other expense 77 — 27 — 104 — 104 Total costs and expenses 41,048 68,356 37,774 66,336 213,514 (91) 213,423 Other income (loss): Change in net assets related to consolidated VIEs — — — — — 52,653 52,653 Change in fair value of servicing rights — — (9,168) — (9,168) 3,354 (5,814) Change in fair value of investment securities, net (704) — 13,979 — 13,275 (13,424) (149) Change in fair value of mortgage loans held-for-sale, net (1,692) — 9,492 — 7,800 — 7,800 Earnings (loss) from unconsolidated entities 1,444 (3,515) 1,596 — (475) (987) (1,462) Gain on sale of investments and other assets, net 279 3,942 6,439 — 10,660 — 10,660 (Loss) gain on derivative financial instruments, net (10,818) 1,919 5,042 (13,002) (16,859) — (16,859) Foreign currency gain (loss), net 13,550 2 (3) — 13,549 — 13,549 Other income, net 43 17 48 — 108 — 108 Total other income (loss) 2,102 2,365 27,425 (13,002) 18,890 41,596 60,486 Income (loss) before income taxes 110,824 820 74,760 (79,286) 107,118 532 107,650 Income tax provision (947) (1,261) (648) — (2,856) — (2,856) Net income (loss) 109,877 (441) 74,112 (79,286) 104,262 532 104,794 Net income attributable to non-controlling interests (361) (2,453) (1,516) — (4,330) (532) (4,862) Net income (loss) attributable to Starwood Property Trust, Inc . $ 109,516 $ (2,894) $ 72,596 $ (79,286) $ 99,932 $ — $ 99,932
Schedule of condensed consolidated balance sheet by business segment	The table below presents our condensed consolidated balance sheet as of March 31, 2019 by business segment (amounts in thousands): Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal VIEs Total Assets: Cash and cash equivalents $ 13,206 $ 58 $ 36,107 $ 47,225 $ 295,463 $ 392,059 $ 20,211 $ 412,270 Restricted cash 32,156 68,057 19,671 13,295 535 133,714 — 133,714 Loans held-for-investment, net 7,513,130 1,450,097 — 1,498 — 8,964,725 — 8,964,725 Loans held-for-sale 688,435 302,803 — 153,252 — 1,144,490 — 1,144,490 Investment securities 1,061,011 59,610 — 992,739 — 2,113,360 (1,203,127) 910,233 Properties, net 8,937 — 2,487,285 273,152 — 2,769,374 — 2,769,374 Intangible assets — — 85,356 75,806 — 161,162 (24,327) 136,835 Investment in unconsolidated entities 35,351 — 70,557 54,251 — 160,159 (35,799) 124,360 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Derivative assets 14,247 1,029 32,093 41 — 47,410 — 47,410 Accrued interest receivable 50,269 7,135 392 296 3,079 61,171 (857) 60,314 Other assets 11,259 72,720 65,898 75,348 1,944 227,169 (16) 227,153 VIE assets, at fair value — — — — — — 56,974,864 56,974,864 Total Assets $ 9,428,001 $ 2,080,918 $ 2,797,359 $ 1,827,340 $ 301,021 $ 16,434,639 $ 55,730,949 $ 72,165,588 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 29,302 $ 6,788 $ 63,644 $ 71,675 $ 21,628 $ 193,037 $ 106 $ 193,143 Related-party payable 1 — — 9 23,935 23,945 — 23,945 Dividends payable — — — — 135,889 135,889 — 135,889 Derivative liabilities 4,608 772 — 2,739 2,044 10,163 — 10,163 Secured financing agreements, net 5,010,958 1,410,124 1,876,514 653,078 298,186 9,248,860 (13,950) 9,234,910 Unsecured senior notes, net — — — — 1,922,795 1,922,795 — 1,922,795 VIE liabilities, at fair value — — — — — — 55,727,776 55,727,776 Total Liabilities 5,044,869 1,417,684 1,940,158 727,501 2,404,477 11,534,689 55,713,932 67,248,621 Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 2,855 2,855 — 2,855 Additional paid-in capital 1,199,646 663,692 631,392 118,760 2,466,683 5,080,173 — 5,080,173 Treasury stock — — — — (104,194) (104,194) — (104,194) Accumulated other comprehensive income (loss) 53,128 — 2,734 (64) — 55,798 — 55,798 Retained earnings (accumulated deficit) 3,120,166 (458) (31,787) 967,326 (4,468,800) (413,553) — (413,553) Total Starwood Property Trust, Inc. Stockholders’ Equity 4,372,940 663,234 602,339 1,086,022 (2,103,456) 4,621,079 — 4,621,079 Non-controlling interests in consolidated subsidiaries 10,192 — 254,862 13,817 — 278,871 17,017 295,888 Total Equity 4,383,132 663,234 857,201 1,099,839 (2,103,456) 4,899,950 17,017 4,916,967 Total Liabilities and Equity $ 9,428,001 $ 2,080,918 $ 2,797,359 $ 1,827,340 $ 301,021 $ 16,434,639 $ 55,730,949 $ 72,165,588 The table below presents our condensed consolidated balance sheet as of December 31, 2018 by business segment (amounts in thousands): Commercial and Residential Infrastructure Investing Lending Lending Property and Servicing Securitization Segment Segment Segment Segment Corporate Subtotal VIEs Total Assets: Cash and cash equivalents $ 14,385 13 $ 27,408 $ 31,449 $ 164,015 $ 237,270 $ 2,554 $ 239,824 Restricted cash 28,324 175,659 25,144 11,679 7,235 248,041 — 248,041 Loans held-for-investment, net 7,072,220 1,456,779 — 3,357 — 8,532,356 — 8,532,356 Loans held-for-sale 670,155 469,775 — 47,622 — 1,187,552 — 1,187,552 Loans transferred as secured borrowings 74,346 — — — — 74,346 — 74,346 Investment securities 1,050,920 60,768 — 998,820 — 2,110,508 (1,204,040) 906,468 Properties, net — — 2,512,847 272,043 — 2,784,890 — 2,784,890 Intangible assets — — 90,889 78,219 — 169,108 (24,075) 145,033 Investment in unconsolidated entities 35,274 — 114,362 44,129 — 193,765 (22,000) 171,765 Goodwill — 119,409 — 140,437 — 259,846 — 259,846 Derivative assets 18,174 1,066 32,733 718 — 52,691 — 52,691 Accrued interest receivable 39,862 6,982 359 616 13,177 60,996 (641) 60,355 Other assets 13,958 20,472 67,098 49,363 2,057 152,948 (26) 152,922 VIE assets, at fair value — — — — — — 53,446,364 53,446,364 Total Assets $ 9,017,618 2,310,923 $ 2,870,840 $ 1,678,452 $ 186,484 $ 16,064,317 $ 52,198,136 $ 68,262,453 Liabilities and Equity Liabilities: Accounts payable, accrued expenses and other liabilities $ 26,508 26,476 $ 67,415 $ 75,655 $ 21,467 $ 217,521 $ 142 $ 217,663 Related-party payable — — — 53 43,990 44,043 — 44,043 Dividends payable — — — — 133,466 133,466 — 133,466 Derivative liabilities 1,290 477 37 1,423 12,188 15,415 — 15,415 Secured financing agreements, net 4,405,599 1,524,551 1,884,187 585,258 297,920 8,697,515 (13,950) 8,683,565 Unsecured senior notes, net — — — — 1,998,831 1,998,831 — 1,998,831 Secured borrowings on transferred loans 74,239 — — — — 74,239 — 74,239 VIE liabilities, at fair value — — — — — — 52,195,042 52,195,042 Total Liabilities 4,507,636 1,551,504 1,951,639 662,389 2,507,862 11,181,030 52,181,234 63,362,264 Equity: Starwood Property Trust, Inc. Stockholders’ Equity: Common stock — — — — 2,808 2,808 — 2,808 Additional paid-in capital 1,430,503 761,992 645,561 87,779 2,069,321 4,995,156 — 4,995,156 Treasury stock — — — — (104,194) (104,194) — (104,194) Accumulated other comprehensive income (loss) 53,516 — 5,208 (64) — 58,660 — 58,660 Retained earnings (accumulated deficit) 3,015,676 (2,573) 13,570 913,642 (4,289,313) (348,998) — (348,998) Total Starwood Property Trust, Inc. Stockholders’ Equity 4,499,695 759,419 664,339 1,001,357 (2,321,378) 4,603,432 — 4,603,432 Non-controlling interests in consolidated subsidiaries 10,287 — 254,862 14,706 — 279,855 16,902 296,757 Total Equity 4,509,982 759,419 919,201 1,016,063 (2,321,378) 4,883,287 16,902 4,900,189 Total Liabilities and Equity $ 9,017,618 2,310,923 $ 2,870,840 $ 1,678,452 $ 186,484 $ 16,064,317 $ 52,198,136 $ 68,262,453

Business and Organization (Deta

Business and Organization (Details)	3 Months Ended
	Mar. 31, 2019segment
Business and Organization
Number of reportable business segments	4
Minimum annual REIT taxable income distributable to stockholders (as a percent)	90.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - VIE & Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Mar. 31, 2019	Jan. 01, 2019
Leases
Right-of-use asset			$ 12,000
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]			Other Assets
Operating Lease, Liability	$ 10,811		$ 12,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]			Accounts Payable and Accrued Liabilities
Variable Interest Entities
REO assets as a percent of consolidated VIE assets		2.00%
Loans as a percent of consolidated VIE assets		98.00%
Fair Value Measurements
Permitted reinvestment under static investment in VIEs		$ 0

Loans - Held for Investment (De

Loans - Held for Investment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Investments in loans
Total gross loans	$ 10,140,777		$ 9,833,405
Loan loss allowance (loans held-for-investment)	(31,562)	$ (5,868)	(39,151)	$ (4,330)
Carrying Value	10,109,215	6,980,982	9,794,254	$ 7,382,641
Proceeds from borrowings	2,310,902	1,515,241
Payment of debt	1,778,819	$ 1,629,449
Face Amount	10,171,025		9,876,545
Loans with variable rates of interest	$ 8,500,000
Loans with variable rates of interest (as a percent)	94.30%
Weighted average spread of loans (as a percent)	4.40%
Total loans held-for-investment
Investments in loans
Total gross loans	$ 8,995,513		8,571,507
Face Amount	9,035,797		8,610,457
Loans held-for-sale
Investments in loans
Total gross loans	1,145,264
Loans held-for-sale, residential
Investments in loans
Total gross loans	688,435		623,660
Face Amount	$ 673,249		$ 609,571
Weighted Average Life	5 years 9 months 18 days		6 years 7 months 6 days
Loans held-for-sale, residential | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	6.20%		6.30%
Loans held-for-sale, commercial
Investments in loans
Total gross loans	$ 153,252		$ 94,117
Carrying amount of commercial loans			47,622
Face Amount	$ 149,428		$ 94,916
Weighted Average Life	10 years		6 years 2 months 12 days
Loans held-for-sale, commercial | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	4.70%		5.40%
Loans Held For Sale Infrastructure
Investments in loans
Total gross loans	$ 303,577		$ 469,775
Face Amount	$ 312,551		$ 486,909
Weighted Average Life	1 year 1 month 6 days		3 months 18 days
Loans Held For Sale Infrastructure | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	4.10%		3.50%
Loans transferred as secured borrowings
Investments in loans
Total gross loans			$ 74,346
Face Amount			$ 74,692
Weighted Average Life			1 year 3 months 18 days
Loans transferred as secured borrowings | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			7.10%
First mortgage loan participation | Total loans held-for-investment
Investments in loans
Total gross loans	$ 6,851,837		$ 6,607,117
Face Amount	$ 6,874,524		$ 6,631,236
Weighted Average Life	2 years 1 month 6 days		2 years
First mortgage loan participation | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	6.70%		6.90%
First priority infrastructure receivables | Total loans held-for-investment
Investments in loans
Total gross loans	$ 1,450,097		$ 1,456,779
Face Amount	$ 1,460,758		$ 1,465,828
Weighted Average Life	5 years 1 month 6 days		4 years 6 months
First priority infrastructure receivables | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	5.80%		5.70%
Subordinated mortgages | Total loans held-for-investment
Investments in loans
Total gross loans	$ 52,849		$ 52,778
Face Amount	$ 54,042		$ 53,996
Weighted Average Life	3 years 6 months		3 years 8 months 12 days
Subordinated mortgages | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	8.90%		8.90%
Mezzanine Loans
Investments in loans
Carrying Value	$ 912,800,000		$ 1,000
Mezzanine Loans | Total loans held-for-investment
Investments in loans
Total gross loans	579,496		393,832
Face Amount	$ 581,557		$ 394,739
Weighted Average Life	1 year 8 months 12 days		2 years
Mezzanine Loans | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	11.60%		10.60%
Other | Total loans held-for-investment
Investments in loans
Total gross loans	$ 61,234		$ 61,001
Face Amount	$ 64,916		$ 64,658
Weighted Average Life	2 years 2 months 12 days		2 years 6 months
Other | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)	8.20%		8.20%

Loans - Ratings (Details)

Loans - Ratings (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Investments in loans
Total gross loans	$ 10,140,777	$ 9,833,405
Total gross loans (as a percent)	100.00%	100.00%
Allowance for impaired loans	$ 29,900
Recorded investment	199,800
Unamortized discount	7,000
Carrying amount of loans 90 days or more past due	29,200
Unfunded commitment	4,900
TDRs for which interest income was recognized	0
New York City
Investments in loans
Allowance for impaired loans	21,600
Greater Chicogo
Investments in loans
Allowance for impaired loans	$ 8,300
Number of impaired individual mortgage loans held-for-investment | item	2
Recorded investment	$ 12,200
Unpaid principal balance	12,000
Montgomery, Alabama
Investments in loans
Recorded investment	9,000
Unpaid principal balance	20,900
Unamortized discount	3,600
Montgomery, Alabama | Maximum
Investments in loans
Allowance for impaired loans	8,300
Orlando, Florida
Investments in loans
Allowance for impaired loans	0
Recorded investment	18,500
Unpaid principal balance	21,900
Unamortized discount	3,400
Rating 1
Investments in loans
Total gross loans	$ 26,238	$ 30,305
Total gross loans (as a percent)	0.30%	0.30%
Rating 1 | Maximum
Investments in loans
LTV (as a percent)	65.00%
Rating 2
Investments in loans
Total gross loans	$ 3,612,192	$ 3,549,546
Total gross loans (as a percent)	35.60%	36.10%
Rating 2 | Maximum
Investments in loans
LTV (as a percent)	70.00%
Rating 3
Investments in loans
Total gross loans	$ 3,657,696	$ 3,334,111
Total gross loans (as a percent)	36.10%	33.90%
Rating 3 | Maximum
Investments in loans
LTV (as a percent)	80.00%
Rating 4
Investments in loans
Total gross loans	$ 62,381	$ 63,094
Total gross loans (as a percent)	0.60%	0.60%
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	$ 1,637,006	$ 1,668,797
Total gross loans (as a percent)	16.10%	17.00%
Total
Investments in loans
Total gross loans	$ 8,995,513	$ 8,645,853
Unsecured promissory note | New York City
Investments in loans
Allowance for impaired loans	0
Recorded investment	6,700
Unpaid principal balance	7,100
First Mortgage Loan and Mezzanine Loan | New York City
Investments in loans
Accrued interest	38,400
Amount of loan impairment charges on individual loans held-for-investment	21,600
Recorded investment	149,900
Unpaid principal balance	118,800
Total loans held-for-investment
Investments in loans
Total gross loans	8,995,513	8,571,507
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 1
Investments in loans
Total gross loans	2,723	6,538
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 2
Investments in loans
Total gross loans	3,329,423	3,356,342
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 3
Investments in loans
Total gross loans	3,289,028	2,987,296
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 4
Investments in loans
Total gross loans	62,381	63,094
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | N/A
Investments in loans
Total gross loans	168,282	193,847
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Total
Investments in loans
Total gross loans	6,851,837	6,607,117
Total loans held-for-investment | First Priority Infrastructure Loans | N/A
Investments in loans
Total gross loans	1,450,097	1,456,779
Total loans held-for-investment | First Priority Infrastructure Loans | Total
Investments in loans
Total gross loans	1,450,097	1,456,779
Total loans held-for-investment | Subordinated mortgages
Investments in loans
Total gross loans	52,849	52,778
Total loans held-for-investment | Subordinated mortgages | Rating 2
Investments in loans
Total gross loans	7,354	7,392
Total loans held-for-investment | Subordinated mortgages | Rating 3
Investments in loans
Total gross loans	33,518	33,410
Total loans held-for-investment | Subordinated mortgages | N/A
Investments in loans
Total gross loans	11,977	11,976
Total loans held-for-investment | Subordinated mortgages | Total
Investments in loans
Total gross loans	52,849	52,778
Total loans held-for-investment | Mezzanine Loans
Investments in loans
Total gross loans	579,496	393,832
Total loans held-for-investment | Mezzanine Loans | Rating 2
Investments in loans
Total gross loans	275,415	111,466
Total loans held-for-investment | Mezzanine Loans | Rating 3
Investments in loans
Total gross loans	304,081	282,366
Total loans held-for-investment | Mezzanine Loans | Total
Investments in loans
Total gross loans	579,496	393,832
Total loans held-for-investment | Other
Investments in loans
Total gross loans	61,234	61,001
Total loans held-for-investment | Other | Rating 1
Investments in loans
Total gross loans	23,515	23,767
Total loans held-for-investment | Other | Rating 3
Investments in loans
Total gross loans	31,069	31,039
Total loans held-for-investment | Other | N/A
Investments in loans
Total gross loans	6,650	6,195
Total loans held-for-investment | Other | Total
Investments in loans
Total gross loans	61,234	$ 61,001
Loans held-for-sale
Investments in loans
Total gross loans	$ 1,145,264
Total gross loans (as a percent)	11.30%	12.10%
Loans held-for-sale | Total
Investments in loans
Total gross loans		$ 1,187,552
Loans held-for-sale, residential
Investments in loans
Total gross loans	$ 688,435	623,660
Carrying amount of loans 90 days or more past due	4,200
Loans held-for-sale, commercial
Investments in loans
Total gross loans	153,252	94,117
Loans Held For Sale Infrastructure
Investments in loans
Total gross loans	303,577	469,775
Carrying amount of loans 90 days or more past due	$ 36,200
Loans transferred as secured borrowings
Investments in loans
Total gross loans		74,346
Loans transferred as secured borrowings | Rating 2
Investments in loans
Total gross loans		74,346
Loans transferred as secured borrowings | Total
Investments in loans
Total gross loans		$ 74,346

Loans - Activity in Portfolio (

Loans - Activity in Portfolio (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)
Activity in allowance for loan losses
Allowance for loan losses at the beginning of the period	$ 39,151	$ 4,330
Loan loss provision, net	(763)	(1,538)
Charge-offs	(8,352)
Allowance for loan losses at the end of the period	31,562	5,868
Recorded investment in loans related to the allowance for loan loss	266,996	245,791
Activity in loan portfolio
Balance at the beginning of the period	9,794,254	7,382,641
Acquisitions/origination/additional funding	2,027,669	1,178,560
Capitalized Interest	22,137	16,253
Basis of loans sold	(1,127,201)	(411,625)
Loan maturities/principal repayments	(630,965)	(1,225,815)
Discount accretion/premium amortization	7,526	12,052
Changes in fair value	11,266	7,800
Unrealized foreign currency translation (loss) gain	14,208	22,552
Loan loss provision, net	(763)	(1,538)
Loan foreclosure	(8,963)
Transfer to/from other asset classifications	47	102
Balance at the end of the period	$ 10,109,215	$ 6,980,982

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Mar. 31, 2019	Dec. 31, 2018
Investment Securities
Investment securities				$ 910,233	$ 906,468
Sales	$ 3,228
Principal collections	7,754	$ 219,230
VIE eliminations
Investment Securities
Purchases	(39,534)	(30,225)
Sales	(33,678)	(7,948)
Principal collections	(11,683)	(14,404)
Before consolidation of securitization VIEs
Investment Securities
Investment securities				$ 2,113,360	$ 2,110,508
Available-for-sale | One-month LIBOR
Investment Securities
Effective variable rate basis (as a percent)				2.495%	2.503%
Fair value option
Investment Securities
Fair Value				$ 1,300
Fair value option | VIE eliminations
Investment Securities
Investment securities				(1,203,127)	$ (1,204,040)
Held-to-maturity
Investment Securities
Principal collections	1,206	208,303
Held-to-maturity | Before consolidation of securitization VIEs
Investment Securities
Investment securities				643,787	644,149
RMBS
Investment Securities
Portion of securities with variable rate				174,300
RMBS | Available-for-sale
Investment Securities
Principal collections	6,360	10,150
Purchase Amortized Cost				161,604	165,461
Credit OTTI				(9,897)	(9,897)
Recorded Amortized Cost				151,707	155,564
Non-Credit OTTI				(35)	(31)
Gross Unrealized Gains				53,163	53,546
Net Fair Value Adjustment				53,128	53,515
Fair Value				$ 204,835	209,079
Portion of securities with variable rate					$ 177,400
Portion of securities with variable rate (as a percent)				85.10%	84.90%
Principal balance				$ 302,229	$ 309,497
Accretable yield	(54,779)		$ (54,779)	(57,391)	(54,779)
Non-accretable difference				(93,131)	(99,154)
Total discount				(150,522)	(153,933)
Amortized cost				151,707	155,564
Credit deteriorated RMBS				284,300	290,800
Accretable yield related to credit deteriorated RMBS				$ 52,400	$ 49,500
Changes to accretable yield
Balance at the beginning of the period	54,779
Accretion of discount	(2,503)
Transfer to/from non-accretable difference	5,115
Balance at the end of the period	57,391		54,779
Changes to non accretable difference
Balance at the beginning of the period	99,154
Principal write-downs, net	(908)
Transfer to/from non-accretable difference	(5,115)
Balance at the end of the period	93,131		$ 99,154
Cost of third party management	$ 400	500
RMBS | Available-for-sale | LIBOR
Investment Securities
Variable rate, weighted average spread (as a percent)	1.22%		1.22%
RMBS | Available-for-sale | B-
Investment Securities
Weighted Average Coupon (as a percent)				3.70%	3.70%
WAL (Years)	6 years 1 month 6 days		6 years
RMBS | Available-for-sale | Before consolidation of securitization VIEs
Investment Securities
Investment securities				$ 204,835	$ 209,079
RMBS | Fair value option
Investment Securities
Purchases	$ 26,272
Principal collections	2,034
Portion of securities with variable rate				0
RMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities				108,816	87,879
CMBS | Fair value option
Investment Securities
Purchases	13,262	30,225
Sales	36,906	7,948
Principal collections	$ 9,837	$ 15,181
Portion of securities with variable rate				150,700
CMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities				1,143,416	1,157,508
Equity security | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities				$ 12,506	$ 11,893

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) $ in Thousands	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)security
RMBS
Unrealized Losses
Portion of securities with variable rate	$ 174,300
RMBS | Available-for-sale
Estimated Fair Value
Securities with a loss less than 12 months	2,133	$ 2,148
Unrealized Losses
Securities with a loss less than 12 months	(35)	$ (31)
Number of securities with unrealized loss position | security		1
Portion of securities with variable rate		$ 177,400
RMBS | Fair value option
Unrealized Losses
Fair value of investment securities before consolidation of VIEs	108,800
Unpaid principal balance of investment securities before consolidation of VIEs	72,300
Portion of securities with variable rate	0
CMBS | Fair value option
Unrealized Losses
Fair value of investment securities before consolidation of VIEs	1,100,000
Unpaid principal balance of investment securities before consolidation of VIEs	3,000,000
Portion of securities with variable rate	150,700
VIE eliminations
Unrealized Losses
Fair value of investment securities before consolidation of VIEs eliminated against VIE liabilities	$ 49,100

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
HTM Securities
Net Carrying Amount (Amortized Cost)	$ 643,787	$ 644,149
Gross Unrealized Holdings Gains	2,692	3,316
Gross Unrealized Holdings Losses	(3,015)	(3,517)
Fair Value	643,464	643,948
HTM preferred equity interests
Less than one year	75,158
One to three years	318,654
Three to five years	203,134
Thereafter	46,841
Total	643,787	644,149
CMBS
HTM Securities
Net Carrying Amount (Amortized Cost)	409,176	408,556
Gross Unrealized Holdings Gains	1,848	2,435
Gross Unrealized Holdings Losses	(2,470)	(3,349)
Fair Value	408,554	407,642
HTM preferred equity interests
Less than one year	75,158
One to three years	305,885
Three to five years	28,133
Total	409,176	408,556
Preferred interests
HTM Securities
Net Carrying Amount (Amortized Cost)	175,001	174,825
Gross Unrealized Holdings Gains	756	703
Fair Value	175,757	175,528
HTM preferred equity interests
Three to five years	175,001
Total	175,001	174,825
Infrastructure bonds
HTM Securities
Net Carrying Amount (Amortized Cost)	59,610	60,768
Gross Unrealized Holdings Gains	88	178
Gross Unrealized Holdings Losses	(545)	(168)
Fair Value	59,153	60,778
HTM preferred equity interests
One to three years	12,769
Thereafter	46,841
Total	$ 59,610	$ 60,768

Investment Securities - SEREF (

Investment Securities - SEREF (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2012	Dec. 31, 2018
Residential Real Estate
Fair value of the investment	$ 26,153		$ 25,671
Ownership percentage	2.00%
SEREF
Residential Real Estate
Number of shares acquired		9,140,000
Fair value of the investment	$ 12,500		$ 11,900

Properties (Details)

Properties (Details) $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	Dec. 31, 2017item	Mar. 31, 2019USD ($)ft²itemproperty	Mar. 31, 2018property	Mar. 31, 2018	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017itemproperty	Dec. 31, 2016ft²item	Dec. 31, 2015ft²itemproperty
Properties
Number of properties sold			0	5
Proceeds from sale of operating properties		$ 52,300
Gain on sale of property		10,300
Amount of non-controlling interest already held by a purchaser of a property					$ 300
Summary of properties
Properties, cost		2,979,473				$ 2,972,803
Less: accumulated depreciation		(210,099)				(187,913)
Properties, net		2,769,374				2,784,890
Future rental payments due from tenants under existing non-cancellable operating leases
2019 (remainder of)		169,273
2020		131,736
2021		121,826
2022		114,467
2023		98,211
Thereafter		837,401
Total		1,472,914
Non-Controlling Interests
Properties
Amount of non-controlling interest already held by a purchaser of a property					$ 1,300
Property Segment
Summary of properties
Land and land improvements		645,349				648,972
Buildings and building improvements		1,976,121				1,980,283
Furniture & fixtures		$ 47,218				46,048
Property Segment | Minimum
Summary of properties
Land improvements, useful life		0 years
Building and building improvements, useful life		5 years
Furniture & fixtures, useful life		3 years
Property Segment | Maximum
Summary of properties
Land improvements, useful life		15 years
Building and building improvements, useful life		45 years
Furniture & fixtures, useful life		7 years
Investing and Servicing Segment
Summary of properties
Land and land improvements		$ 82,362				82,332
Buildings and building improvements		217,086				213,010
Furniture & fixtures		$ 2,374				$ 2,158
Investing and Servicing Segment | Minimum
Summary of properties
Land improvements, useful life		0 years
Building and building improvements, useful life		3 years
Furniture & fixtures, useful life		2 years
Investing and Servicing Segment | Maximum
Summary of properties
Land improvements, useful life		15 years
Building and building improvements, useful life		40 years
Furniture & fixtures, useful life		5 years
Commercial and Residential Lending Segment
Summary of properties
Land and land improvements		$ 2,508
Buildings		$ 6,455
Building, useful life		23 years
Commercial and Residential Lending Segment | Minimum
Summary of properties
Land improvements, useful life		0 years
Commercial and Residential Lending Segment | Maximum
Summary of properties
Land improvements, useful life		2 years
Ireland Portfolio
Properties
Area of property | ft²									600,000
Total gross properties and lease intangibles		$ 512,000
Total liabilities assumed		$ 353,300
Woodstar Portfolio
Properties
Number of properties in portfolio investment | item		32
Total gross properties and lease intangibles		$ 624,400
Total liabilities assumed		$ 406,800
Number of units acquired | item		8,948
Number of acquired properties closed | item								14	18
Woodstar II Portfolio
Properties
Number of properties in portfolio investment | item		27
Total gross properties and lease intangibles		$ 599,400
Total liabilities assumed		$ 437,500
Number of units in portfolio investment | item		6,109
Number of acquired properties closed | item	8						19
Medical Office Portfolio
Properties
Area of property | ft²								1,900,000
Total gross properties and lease intangibles		$ 760,400
Total liabilities assumed		486,800
Number of acquired properties closed | item								34
Master Lease Mortgages
Properties
Total gross properties and lease intangibles		343,800
Total liabilities assumed		$ 192,200
Number of retail properties acquired | property		16
Number of square feet of properties | ft²		1,900,000
Term of master lease agreements		24 years 7 months 6 days
REIS Equity Portfolio
Properties
Total gross properties and lease intangibles		$ 352,200
Total liabilities assumed		$ 235,500
Number of retail properties acquired | property		19
Number of equity interests in unconsolidated commercial real estate properties | property		1
Number of acquired properties closed | property						3	16
Net Leased Office Property | Ireland Portfolio
Properties
Number of properties in portfolio investment | property									11
Multifamily Property | Ireland Portfolio
Properties
Number of properties in portfolio investment | property									1
Utah, Florida, Texas and Minnesota | Master Lease Mortgages | Minimum
Properties
Concentration risk (as a percent)		50.00%

Investment in Unconsolidated _3

Investment in Unconsolidated Entities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 98,207	$ 146,094
Fair value of the investment	26,153	25,671
Investment in unconsolidated entities	124,360	$ 171,765
Carrying value over (under) equity in net assets	$ 0
Retail Fund
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	33.00%	33.00%
Equity method, Carrying value	$ 70,557	$ 114,362
Number of regional shopping malls | item	4
Decrease in investment	$ 44,900
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	$ 9,380	$ 9,372
Equity interests in commercial real estate
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	50.00%	50.00%
Equity method, Carrying value	$ 2,654	$ 6,294
Equity interest in a residential mortgage originator
Investment in Unconsolidated Entities
Equity method, Carrying value	8,817	9,082
Carrying value over (under) equity in net assets	1,600
Equity interest in a residential mortgage originator | Subordinated Loans
Investment in Unconsolidated Entities
Equity method, Carrying value	2,000
Various - Equity method
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 6,799	$ 6,984
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%
Equity interest in a servicing and advisory business
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	6.00%	6.00%
Fair value of the investment	$ 6,207	$ 6,207
Investment funds which own equity in a loan servicer and other real estate assets
Investment in Unconsolidated Entities
Fair value of the investment	$ 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
Investment in Unconsolidated Entities
Fair value of the investment	$ 10,721	$ 10,239
Various | Minimum
Investment in Unconsolidated Entities
Cost method, Ownership %	0.00%	0.00%
Various | Maximum
Investment in Unconsolidated Entities
Cost method, Ownership %	3.00%	3.00%

Goodwill and Intangibles (Detai

Goodwill and Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Intangible Assets
Goodwill	$ 259,846	$ 259,846
Summary of Intangible Assets
Gross Carrying Value	253,439	255,672
Accumulated Amortization	(116,604)	(110,639)
Net Carrying Value	136,835	145,033
In-place lease
Summary of Intangible Assets
Gross Carrying Value	197,017	198,220
Accumulated Amortization	(106,076)	(100,873)
Net Carrying Value	90,941	97,347
Favorable lease
Summary of Intangible Assets
Gross Carrying Value	36,632	36,895
Accumulated Amortization	(10,528)	(9,766)
Net Carrying Value	26,104	27,129
Domestic Servicing Rights
Summary of Intangible Assets
Gross Carrying Value	19,790	20,557
Net Carrying Value	19,790	20,557
Domestic Servicing Rights | Before consolidation of securitization VIEs
Intangible Assets
Servicing rights intangibles	44,100	44,600
Domestic Servicing Rights | VIE eliminations
Intangible Assets
Servicing rights intangibles	24,300	24,100
Infrastructure Lending Segment
Intangible Assets
Goodwill	119,400	119,400
Investing and Servicing Segment
Intangible Assets
Goodwill	$ 140,400	$ 140,400

Goodwill and Intangibles - Acti

Goodwill and Intangibles - Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Summary of activity within intangible assets
Balance as of beginning of period	$ 145,033
Amortization	(6,611)
Foreign exchange loss	(700)
Impairment	(120)
Changes in fair value due to changes in inputs and assumptions	(767)
Balance as of end of period	136,835
Future rental payments due to us from tenants under existing non-cancellable operating leases
2019 (remainder of)	16,406
2020	17,390
2021	14,950
2022	12,158
2023	8,946
Thereafter	47,195
Total	117,045
In-place lease
Summary of activity within intangible assets
Balance as of beginning of period	97,347
Amortization	(5,736)
Foreign exchange loss	(550)
Impairment	(120)
Balance as of end of period	90,941
Favorable lease
Summary of activity within intangible assets
Balance as of beginning of period	27,129
Amortization	(875)
Foreign exchange loss	(150)
Balance as of end of period	26,104
Domestic Servicing Rights
Summary of activity within intangible assets
Balance as of beginning of period	20,557
Changes in fair value due to changes in inputs and assumptions	(767)
Balance as of end of period	$ 19,790

Secured Financing Agreements (D

Secured Financing Agreements (Details) - USD ($) $ in Thousands	Jan. 31, 2019	Mar. 31, 2019	Feb. 28, 2019	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Secured Financing Agreements
Principal Amount		$ 1,950,000		$ 1,950,000			$ 2,027,969
Unamortized deferred financing costs		(7,473)		(7,473)			(8,078)
Carrying Value		9,234,910		9,234,910			8,683,565
Payment of debt				1,778,819	$ 1,629,449
Loss on extinguishment of debt				(3,298)
Lender 2 Repo 1 Facility
Secured Financing Agreements
Maximum Facility Size		600,000		600,000
Maximum facility size subject to certain conditions		900,000		900,000
Lender 6 Repo 2 Facility
Secured Financing Agreements
Maximum Facility Size	$ 330,900
Maximum facility size subject to certain conditions	429,200
Lender 11 Repo 1 Facility
Secured Financing Agreements
Maximum Facility Size	200,000
Maximum facility size subject to certain conditions			$ 400,000
Lender 7 Secured Financing
Secured Financing Agreements
Maximum facility size subject to certain conditions		650,000		650,000
Maximum borrowing capacity		300,000		$ 300,000
MBS Repo 1 Facility
Secured Financing Agreements
Rolling maturity period				11 months
MBS Repo 3 Facility
Secured Financing Agreements
Rolling maturity period				12 months
MBS Repo 4 Facility
Secured Financing Agreements
Maximum borrowing capacity	$ 110,000		$ 100,000
MBS Repo 4 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)	1.70%		1.25%
Infrastructure Acquisition Facility
Secured Financing Agreements
Increase in pricing margin every year (as a percent)						0.25%
Infrastructure Repo
Secured Financing Agreements
Pricing margin (as a percent)			1.75%
Maximum Facility Size			$ 500,000
Maturity period			1 year
Extended term / option			1 year
FHLB
Secured Financing Agreements
Maximum Facility Size		500,000		$ 500,000
Maximum facility size subject to certain conditions		2,000,000		2,000,000
Secured financing agreements
Secured Financing Agreements
Pledged Asset Carrying Value		13,141,790		13,141,790
Maximum Facility Size		15,257,333		15,257,333
Principal Amount		9,305,605		9,305,605			8,761,624
Unamortized premium (discount), net		(911)		(911)			(963)
Unamortized deferred financing costs		(69,784)		(69,784)			(77,096)
Secured financing agreements | Lender 1 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		1,723,488		1,723,488
Maximum Facility Size		2,000,000		2,000,000
Principal Amount		1,341,314		$ 1,341,314			1,279,979
Secured financing agreements | Lender 1 Repo 1 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)				1.60%
Secured financing agreements | Lender 1 Repo 1 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)				5.75%
Secured financing agreements | Lender 2 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		645,636		$ 645,636
Maximum Facility Size		900,000		900,000
Principal Amount		467,390		$ 467,390			384,791
Secured financing agreements | Lender 2 Repo 1 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)				1.50%
Secured financing agreements | Lender 2 Repo 1 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)				2.50%
Secured financing agreements | Lender 4 Repo 2 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		1,073,533		$ 1,073,533
Maximum Facility Size		1,000,000		1,000,000
Principal Amount		664,637		$ 664,637			552,345
Secured financing agreements | Lender 4 Repo 2 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)				1.70%
Secured financing agreements | Lender 4 Repo 2 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)				3.25%
Secured financing agreements | Lender 6 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		451,409		$ 451,409
Maximum Facility Size		600,000		600,000
Principal Amount		361,291		$ 361,291			507,545
Secured financing agreements | Lender 6 Repo 1 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)				1.50%
Secured financing agreements | Lender 6 Repo 1 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)				2.50%
Secured financing agreements | Lender 6 Repo 2 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		714,538		$ 714,538
Maximum Facility Size		559,524		559,524
Principal Amount		545,880		$ 545,880			312,437
Secured financing agreements | Lender 6 Repo 2 Facility | EURIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.25%
Secured financing agreements | Lender 6 Repo 2 Facility | EURIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)				2.75%
Secured financing agreements | Lender 6 Repo 2 Facility | GBP LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.45%
Secured financing agreements | Lender 7 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		123,071		$ 123,071
Maximum Facility Size		250,000		250,000
Principal Amount		99,064		$ 99,064			71,720
Secured financing agreements | Lender 7 Repo 1 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)				1.50%
Secured financing agreements | Lender 7 Repo 1 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)				2.25%
Secured financing agreements | Lender 10 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		200,455		$ 200,455
Maximum Facility Size		164,840		164,840
Principal Amount		160,480		$ 160,480			160,480
Secured financing agreements | Lender 10 Repo 1 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)				1.50%
Secured financing agreements | Lender 10 Repo 1 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)				2.75%
Secured financing agreements | Lender 11 Repo 1 Facility
Secured Financing Agreements
Maximum Facility Size		400,000		$ 400,000
Secured financing agreements | Lender 11 Repo 1 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.10%
Secured financing agreements | Lender 11 Repo 2 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		354,912		$ 354,912
Maximum Facility Size		500,000		500,000
Principal Amount		220,690		$ 220,690			270,690
Secured financing agreements | Lender 11 Repo 2 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)				2.00%
Secured financing agreements | Lender 11 Repo 2 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)				2.50%
Secured financing agreements | Lender 12 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		233,971		$ 233,971
Maximum Facility Size		250,000		250,000
Principal Amount		176,250		$ 176,250			43,500
Secured financing agreements | Lender 12 Repo 1 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)				2.10%
Secured financing agreements | Lender 12 Repo 1 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)				2.45%
Secured financing agreements | Lender 13 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		137,420		$ 137,420
Maximum Facility Size		200,000		200,000
Principal Amount		106,124		$ 106,124			14,824
Secured financing agreements | Lender 13 Repo 1 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)				1.50%
Secured financing agreements | Lender 7 Secured Financing
Secured Financing Agreements
Maximum Facility Size		650,000		$ 650,000
Secured financing agreements | Lender 7 Secured Financing | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.25%
Secured financing agreements | Lender 8 Secured Financing | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				4.00%
Secured financing agreements | Conduit Repo 2 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		116,967		$ 116,967
Maximum Facility Size		200,000		200,000
Principal Amount		91,280		$ 91,280			35,034
Secured financing agreements | Conduit Repo 2 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.25%
Secured financing agreements | Conduit Repo 3 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		26,158		$ 26,158
Maximum Facility Size		150,000		150,000
Principal Amount		18,884		$ 18,884
Secured financing agreements | Conduit Repo 3 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.10%
Secured financing agreements | MBS Repo 2 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		222,303		$ 222,303
Maximum Facility Size		159,202		159,202
Principal Amount		159,202		$ 159,202			159,202
Secured financing agreements | MBS Repo 2 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)				1.55%
Secured financing agreements | MBS Repo 2 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)				1.75%
Secured financing agreements | MBS Repo 3 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		714,884		$ 714,884
Maximum Facility Size		428,414		428,414
Principal Amount		428,414		$ 428,414			427,942
Secured financing agreements | MBS Repo 3 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)				1.30%
Secured financing agreements | MBS Repo 3 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)				1.85%
Secured financing agreements | MBS Repo 4 Facility
Secured Financing Agreements
Pledged Asset Carrying Value		151,613		$ 151,613
Maximum Facility Size		100,000		100,000
Principal Amount		$ 60,000		$ 60,000			13,824
Current maturity period, relative to when the buyer delivers notice to the seller				270 days
Secured financing agreements | MBS Repo 4 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				1.25%
Secured financing agreements | MBS Repo 5 Facility
Secured Financing Agreements
Interest rate (as a percent)		4.22%		4.22%
Pledged Asset Carrying Value		$ 57,618		$ 57,618
Maximum Facility Size		150,000		150,000
Principal Amount		55,389		55,389			55,437
Secured financing agreements | Investing and Servicing Segment Property Mortgages
Secured Financing Agreements
Pledged Asset Carrying Value		264,146		264,146
Maximum Facility Size		242,499		242,499
Principal Amount		223,465		223,465			219,237
Secured financing agreements | Ireland Mortgage
Secured Financing Agreements
Pledged Asset Carrying Value		448,324		448,324
Maximum Facility Size		354,875		354,875
Principal Amount		354,875		$ 354,875			362,854
Secured financing agreements | Ireland Mortgage | EURIBOR
Secured Financing Agreements
Pricing margin (as a percent)				1.93%
Secured financing agreements | Woodstar I Mortgages
Secured Financing Agreements
Pledged Asset Carrying Value		343,540		$ 343,540
Maximum Facility Size		276,748		276,748
Principal Amount		$ 276,748		$ 276,748			276,748
Secured financing agreements | Woodstar I Mortgages | Minimum
Secured Financing Agreements
Interest rate (as a percent)		3.72%		3.72%
Secured financing agreements | Woodstar I Mortgages | Maximum
Secured Financing Agreements
Interest rate (as a percent)		3.97%		3.97%
Secured financing agreements | Woodstar I Government Financing
Secured Financing Agreements
Pledged Asset Carrying Value		$ 197,385		$ 197,385
Maximum Facility Size		130,607		130,607
Principal Amount		$ 130,607		$ 130,607			131,179
Secured financing agreements | Woodstar I Government Financing | Minimum
Secured Financing Agreements
Interest rate (as a percent)		1.00%		1.00%
Secured financing agreements | Woodstar I Government Financing | Maximum
Secured Financing Agreements
Interest rate (as a percent)		5.00%		5.00%
Secured financing agreements | Woodstar II Mortgages
Secured Financing Agreements
Pledged Asset Carrying Value		$ 526,736		$ 526,736
Maximum Facility Size		417,669		417,669
Principal Amount		$ 417,669		$ 417,669			417,669
Secured financing agreements | Woodstar II Mortgages | Minimum
Secured Financing Agreements
Interest rate (as a percent)		3.81%		3.81%
Secured financing agreements | Woodstar II Mortgages | Maximum
Secured Financing Agreements
Interest rate (as a percent)		3.85%		3.85%
Secured financing agreements | Woodstar II Government Financing
Secured Financing Agreements
Pledged Asset Carrying Value		$ 38,680		$ 38,680
Maximum Facility Size		25,229		25,229
Principal Amount		$ 25,229		$ 25,229			25,311
Secured financing agreements | Woodstar II Government Financing | Minimum
Secured Financing Agreements
Interest rate (as a percent)		1.00%		1.00%
Secured financing agreements | Woodstar II Government Financing | Maximum
Secured Financing Agreements
Interest rate (as a percent)		3.19%		3.19%
Secured financing agreements | Medical Office Mortgages
Secured Financing Agreements
Pledged Asset Carrying Value		$ 672,442		$ 672,442
Maximum Facility Size		524,499		524,499
Principal Amount		492,828		$ 492,828			492,828
Secured financing agreements | Medical Office Mortgages | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.50%
Secured financing agreements | Master Lease Mortgages
Secured Financing Agreements
Pledged Asset Carrying Value		330,998		$ 330,998
Maximum Facility Size		194,900		194,900
Principal Amount		$ 194,900		$ 194,900			194,900
Secured financing agreements | Master Lease Mortgages | Minimum
Secured Financing Agreements
Interest rate (as a percent)		4.38%		4.38%
Secured financing agreements | Infrastructure Acquisition Facility
Secured Financing Agreements
Pricing margin (as a percent)		1.50%
Pledged Asset Carrying Value		$ 1,455,572		$ 1,455,572
Maximum Facility Size		1,528,327		1,528,327
Principal Amount		1,175,677		1,175,677			1,551,148
Secured financing agreements | Infrastructure Repo
Secured Financing Agreements
Pledged Asset Carrying Value		307,636		307,636
Maximum Facility Size		500,000		500,000
Principal Amount		257,318		$ 257,318
Secured financing agreements | Infrastructure Repo | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				1.75%
Secured financing agreements | Term Loan A
Secured Financing Agreements
Pledged Asset Carrying Value		931,519		$ 931,519
Maximum Facility Size		300,000		300,000
Principal Amount		300,000		$ 300,000			300,000
Secured financing agreements | Term Loan A | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.25%
Secured financing agreements | Revolving Secured Financing
Secured Financing Agreements
Maximum Facility Size		100,000		$ 100,000
Secured financing agreements | Revolving Secured Financing | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)				2.25%
Secured financing agreements | FHLB
Secured Financing Agreements
Pledged Asset Carrying Value		676,836		$ 676,836
Maximum Facility Size		2,000,000		2,000,000
Principal Amount		$ 500,000		$ 500,000			$ 500,000

Secured Financing Agreements -

Secured Financing Agreements - Principal Repayments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Repayment of secured financings
Total	$ 1,950,000		$ 2,027,969
Secured financing agreements
Repayment of secured financings
2019 (remainder of)	415,845
2020	1,510,622
2021	1,847,599
2022	1,617,883
2023	2,271,749
Thereafter	1,641,907
Total	9,305,605		$ 8,761,624
Amortization of deferred financing costs from secured financing agreements included in interest expense	8,700	$ 5,100
Repurchase Agreements
Repayment of secured financings
2019 (remainder of)	210,054
2020	970,169
2021	982,706
2022	817,007
2023	1,706,392
Thereafter	527,279
Total	5,213,607
Other Secured Financing
Repayment of secured financings
2019 (remainder of)	205,791
2020	540,453
2021	864,893
2022	800,876
2023	565,357
Thereafter	1,114,628
Total	$ 4,091,998

Secured Financing Agreements _2

Secured Financing Agreements - Repurchase Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Secured Financing Agreements
Principal Amount	$ 1,950,000	$ 2,027,969
Secured financing agreements
Secured Financing Agreements
Principal Amount	9,305,605	8,761,624
Repurchase Agreements
Secured Financing Agreements
Outstanding balance	5,213,607	4,289,750
Principal Amount	$ 5,213,607
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks	73.00%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale	26.00%
Repurchase Agreements | Loans held for investment
Secured Financing Agreements
Outstanding balance	$ 4,400,438	3,567,786
Repurchase Agreements | Loans held-for-sale
Secured Financing Agreements
Outstanding balance	110,164	65,559
Repurchase Agreements | Investment securities.
Secured Financing Agreements
Outstanding balance	$ 703,005	$ 656,405

Unsecured Secured Notes (Detail

Unsecured Secured Notes (Details) $ / shares in Units, shares in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2018USD ($)
Unsecured Senior Notes
Principal Amount	$ 1,950,000,000		$ 2,027,969,000
Unamortized deferred financing costs	(7,473,000)		(8,078,000)
Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes	3,775,000		3,755,000
Carrying amount of debt components	1,922,795,000		1,998,831,000
Interest expense	134,672,000	$ 87,183,000
Loss on extinguishment of debt	3,298,000
Conversion Spread Value - Shares | shares		1,209
Principal amount of notes, basis for conversion	$ 1,000
Closing share price (in dollars per share) | $ / shares	$ 22.35	$ 20.95
2019 Notes
Unsecured Senior Notes
Principal Amount			77,969,000
Shares issued to settle redemption | shares	3,600
Value of shares issued to settle redemption	$ 78,000,000
Conversion Spread Value - Shares | shares		1,209
2021 Senior Notes 3.625%
Unsecured Senior Notes
Coupon Rate (as a percent)	3.63%
Effective Rate (as a percent)	3.89%
Remaining Period of Amortization	1 year 9 months 18 days
Principal Amount	$ 500,000,000		500,000,000
2021 Senior Notes 5.00%
Unsecured Senior Notes
Coupon Rate (as a percent)	5.00%
Effective Rate (as a percent)	5.32%
Remaining Period of Amortization	2 years 8 months 12 days
Principal Amount	$ 700,000,000		700,000,000
2023 Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.38%
Effective Rate (as a percent)	4.86%
Remaining Period of Amortization	4 years
Principal Amount	$ 250,000,000		250,000,000
Conversion Rate	38.5959
Conversion price (in dollars per share) | $ / shares	$ 25.91
Closing share price (in dollars per share) | $ / shares	$ 22.35
If-converted value	$ 215,700,000
Amount by which if-converted value of the Notes are less than principal amount	$ 34,300,000
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.75%
Effective Rate (as a percent)	5.04%
Remaining Period of Amortization	6 years
Principal Amount	$ 500,000,000		500,000,000
Convertible Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (4,367,000)		(4,644,000)
Convertible Senior Notes | 2019 Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.00%
Interest expense	$ 3,200,000	$ 11,300,000
Shares issued to settle redemption | shares	3,600
Cash payments to settle redemptions	$ 12,000,000
Value of shares issued to settle redemption	78,000,000
Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (15,365,000)		$ (16,416,000)

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 300
Investing and Servicing Segment
Loan Transfer Activities
Face Amount	179,411	$ 256,818
Proceeds	186,841	266,632
Repayment of purchase agreements	136,133	193,844
Commercial and Residential Lending Segment
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment	2,800	300
Commercial and Residential Lending Segment | Loans held-for-sale, commercial
Loan Transfers Accounted for as Sales
Face Amount	398,741	146,400
Proceeds	396,310	$ 145,273
Commercial and Residential Lending Segment | Loans held-for-sale, residential
Loan Transfers Accounted for as Sales
Face Amount	362,418
Proceeds	374,861
Infrastructure Lending Segment
Loan Transfer Activities
Face Amount	180,300
Proceeds	172,700
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 800

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Designated and Non-Designated Hedges (Details) € in Thousands, £ in Thousands, $ in Thousands	Mar. 31, 2019GBP (£)instrumentitem	Mar. 31, 2019EUR (€)instrumentitem	Mar. 31, 2019USD ($)instrumentitem	Mar. 31, 2018item
Derivatives
Number of contracts	271	271	271
Foreign exchange contracts | EUR | Short
Derivatives
Number of contracts	56	56	56
Aggregate notional amount | €		€ 281,609
Foreign exchange contracts | CAD | Short
Derivatives
Number of contracts	15	15	15
Aggregate notional amount | $			$ 8,597
Foreign exchange contracts | AUD | Short
Derivatives
Number of contracts	3	3	3
Aggregate notional amount | $			$ 7,521
Foreign exchange contracts | GBP | Short
Derivatives
Number of contracts	142	142	142
Aggregate notional amount | £	£ 320,633
Interest rate swaps | Derivatives designated as hedging instruments
Derivatives
Number of contracts	11	11	11	2
Interest rate swaps - Paying fixed rates | USD
Derivatives
Number of contracts	30	30	30
Aggregate notional amount | $			$ 1,132,992
Interest rate swaps - Receiving fixed rates | USD
Derivatives
Number of contracts	2	2	2
Aggregate notional amount | $			$ 970,000
Interest Rate Swap Guarantees | CAD
Derivatives
Number of contracts	1	1	1
Aggregate notional amount | $			$ 91,374
Interest Rate Swap Guarantees | GBP
Derivatives
Number of contracts	1	1	1
Aggregate notional amount | $			$ 11,091
Interest Rate Swap Guarantees | USD
Derivatives
Number of contracts	9	9	9
Aggregate notional amount | $			$ 658,493
Interest rate caps | USD
Derivatives
Number of contracts	8	8	8
Aggregate notional amount | $			$ 109,584
Credit spread instrument | USD
Derivatives
Number of contracts	4	4	4
Aggregate notional amount | $			$ 39,000

Derivatives and Hedging Activ_4

Derivatives and Hedging Activity - Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 47,410	$ 52,691
Fair Value of Derivatives in a Liability Position	10,163	15,415
Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	47,410	52,691
Fair Value of Derivatives in a Liability Position	10,163	15,415
Interest rate swaps | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	21,412	30,791
Fair Value of Derivatives in a Liability Position	6,973	14,457
Interest Rate Swap Guarantees | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in a Liability Position	577	396
Foreign exchange contracts | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	25,978	21,346
Fair Value of Derivatives in a Liability Position	2,613	562
Credit spread instrument | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 20	$ 554

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivatives
Loss on derivative financial instruments, net	$ (2,207)	$ (16,859)
Interest rate swaps
Derivatives
Loss on derivative financial instruments, net	(3,757)	6,237
Interest rate swap guarantees
Derivatives
Loss on derivative financial instruments, net	(182)
Foreign exchange contracts
Derivatives
Loss on derivative financial instruments, net	2,444	(23,143)
Credit spread instrument
Derivatives
Loss on derivative financial instruments, net	$ (712)	47
Cash flow hedges | Interest rate swaps | Derivatives designated as hedging instruments
Derivatives
Gain (Loss) Recognized in OCI (effective portion)		9
Gain (Loss) Reclassified from AOCI into Income (effective portion)		$ 4

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Net Amounts of Assets Presented in the Statement of Financial Position	$ 47,410	$ 52,691
Liabilities
Gross Amounts of Recognized Liabilities	5,223,770	4,305,165
Net Amounts of Liabilities Presented in the Statement of Financial	5,223,770	4,305,165
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	5,218,056	4,291,158
Cash Collateral Pledged	3,285	8,658
Net Amount	2,429	5,349
Derivatives
Assets
Gross Amounts of Recognized Assets	47,410	52,691
Net Amounts of Assets Presented in the Statement of Financial Position	47,410	52,691
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	4,449	1,408
Net Amount	42,961	51,283
Liabilities
Gross Amounts of Recognized Liabilities	10,163	15,415
Net Amounts of Liabilities Presented in the Statement of Financial	10,163	15,415
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	4,449	1,408
Cash Collateral Pledged	3,285	8,658
Net Amount	2,429	5,349
Repurchase agreements
Liabilities
Gross Amounts of Recognized Liabilities	5,213,607	4,289,750
Net Amounts of Liabilities Presented in the Statement of Financial	5,213,607	4,289,750
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	$ 5,213,607	$ 4,289,750

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Mar. 31, 2019USD ($)item	Dec. 31, 2018USD ($)
Variable interest entities
VIE Assets	$ 56,974,864	$ 53,446,364
VIE Liabilities	55,727,776	52,195,042
Debt obligations to beneficial interest holders, unpaid principal balances	1,950,000	2,027,969
Interest in VIE	124,360	$ 171,765
Primary beneficiary | ASU 2015-02
Variable interest entities
VIE Assets	799,100
VIE Liabilities	531,200
Primary beneficiary | SPT Dolphin | ASU 2015-02
Variable interest entities
VIE assets	692,400
VIE liabilities	$ 445,000
Not primary beneficiary
Variable interest entities
Number of CDO structures currently in default | item	4
Maximum risk of loss related to VIEs, on fair value basis	$ 49,100
Not primary beneficiary | ASU 2015-02 | Measurement Period Adjustments
Variable interest entities
Interest in VIE	88,600
Not primary beneficiary | Securitization SPEs
Variable interest entities
Debt obligations to beneficial interest holders, unpaid principal balances	$ 6,500,000

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended
	Apr. 30, 2018	Mar. 31, 2017	May 31, 2015	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related-Party Transactions
Granted (in shares)				383,190
Ownership percentage				2.00%
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Related-Party Transactions
Granted (in shares)	775,000	1,000,000	675,000
Award vesting period	3 years	3 years	3 years
Share-based compensation expense, before tax				$ 3.2	$ 2.9
Manager
Related-Party Transactions
Base management fee incurred				19.6	17.5
Base management fee payable				19.6		$ 19.2
Incentive fee incurred				0.2	9.6
Incentive fees payable				0		21.8
Executive compensation and other reimbursable expenses				2.2	$ 2.1
Executive compensation and other reimbursable expense payable				$ 4.4		$ 3
Manager | Restricted stock units
Related-Party Transactions
Granted (in shares)				114,216	189,813
Grant date fair value				$ 2.6	$ 4
Award vesting period				3 years	3 years
Share-based compensation expense, before tax				$ 0.8	$ 0.5
CMBS | Investing and Servicing Segment | REO Portfolio
Related-Party Transactions
Purchase price					$ 28

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
	Mar. 31, 2019USD ($)property	Feb. 28, 2019USD ($)Plant	Mar. 31, 2019USD ($)property	Mar. 31, 2018USD ($)	Dec. 31, 2012shares	Dec. 31, 2018USD ($)
Related-Party Transactions
Acquisitions and originations of mortgage financing			$ 2,027,669	$ 1,178,560
Spread on interest rate basis (as a percent)	4.40%		4.40%
Purchase price of notes			$ 1,287,001	900,937
Ownership percentage			2.00%
Equity method, Carrying value	$ 98,207		$ 98,207			$ 146,094
Distribution of capital from unconsolidated entities			886	21,255
Earnings (loss) from unconsolidated entities			(43,200)	(1,462)
Interest in VIE	124,360		124,360			171,765
Contribution			95	310
Purchase of first priority infrastructure term loan participation
Related-Party Transactions
Acquisitions and originations of mortgage financing		$ 60,000
Number of domestic natural gas power plants | Plant		2
Purchase of first priority infrastructure term loan participation | LIBOR
Related-Party Transactions
Spread on interest rate basis (as a percent)		3.75%
Origination of loan to refinance the debt of a commercial real estate partnershi
Related-Party Transactions
Acquisitions and originations of mortgage financing	$ 22,500
Ownership percentage	50.00%
SEREF
Related-Party Transactions
Number of shares acquired | shares					9,140,000
Retail Fund
Related-Party Transactions
Equity method, Carrying value	$ 70,557		$ 70,557			$ 114,362
Equity interest acquired (as a percent)	33.00%		33.00%			33.00%
REO Portfolio | Investing and Servicing Segment | CMBS
Related-Party Transactions
Net real estate assets				27,700
Purchase price				$ 28,000
Highmark Residential
Related-Party Transactions
Number of additional properties under management | property	9
Number of properties under management | property	19		19
Payments to related party			$ 300
Loans held-for-sale, residential | Residential mortgage originator
Related-Party Transactions
Acquisitions and originations of mortgage financing			$ 71,900

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests (Details)	Feb. 28, 2018$ / shares	Mar. 31, 2019USD ($)item$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Feb. 28, 2017USD ($)
Stockholders' Equity
Dividend declared (in dollars per share) | $ / shares	$ 0.48	$ 0.48	$ 0.48
Shares issued under ATM Agreement | shares		0	0
Authorized amount of share repurchases				$ 500,000,000
Common stock repurchased (in shares) | shares			573,255
Repurchase of common stock		$ 0	$ 12,090,000
Net income attributable to non-controlling interests		6,125,000	4,862,000
Non-controlling interest			300,000
Payment to acquire non-controlling interest		$ 6,952,000	229,397,000
2019 Notes
Stockholders' Equity
Shares issued to settle redemption | shares		3,600,000
Value of shares issued to settle redemption		$ 78,000,000
Convertible Senior Notes
Stockholders' Equity
Debt repurchased amount		$ 0
Convertible Senior Notes | 2019 Notes
Stockholders' Equity
Shares issued to settle redemption | shares		3,600,000
Value of shares issued to settle redemption		$ 78,000,000
Woodstar II Portfolio | Class A Units
Stockholders' Equity
Net income attributable to non-controlling interests		$ 5,700,000	$ 2,500,000
Woodstar II Portfolio | Class A Units | SPT Dolphin
Stockholders' Equity
Shares issued | shares		11,900,000
Right to receive additional shares | shares		200,000
Number of common stock per unit | item		1

Stockholders' Equity and Non-_4

Stockholders' Equity and Non-Controlling Interests - Equity Incentive Plans (Details) - USD ($)	1 Months Ended			3 Months Ended
	Apr. 30, 2018	Mar. 31, 2017	May 31, 2015	Mar. 31, 2019	Mar. 31, 2018	May 31, 2017
Equity Incentive Plans
Granted (in shares)				383,190
Starwood Property Trust, Inc. Equity Plan and Manager Equity Plan
Equity Incentive Plans
Number of shares of authorized for issuance						11,000,000
Number of shares available for future grants				8,800,000
Starwood Property Trust, Inc. Equity Plan
Equity Incentive Plans
Granted (in shares)				383,190
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Equity Incentive Plans
Share-based compensation expense, before tax				$ 3,200,000	$ 2,900,000
Granted (in shares)	775,000	1,000,000	675,000
Awards granted, fair value	$ 16,329,000	$ 22,240,000	$ 16,511,000
Award vesting period	3 years	3 years	3 years

Stockholders' Equity and Non-_5

Stockholders' Equity and Non-Controlling Interests - Non-Vested Shares (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	2,434,365
Granted (in shares)	383,190
Vested (in shares)	(550,457)
Forfeited (in shares)	(4,419)
Balance at the end of the period (in shares)	2,262,679
Weighted Average Grant Date Fair Value (per share)
Balance at the beginning of period (in dollars per share) | $ / shares	$ 21.52
Granted (in dollars per share) | $ / shares	22.58
Vested (in dollars per share) | $ / shares	21.41
Forfeited (in dollars per share) | $ / shares	22.67
Balance at the end of period (in dollars per share) | $ / shares	$ 21.72
Starwood Property Trust, Inc. Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	1,436,445
Granted (in shares)	383,190
Vested (in shares)	(402,541)
Forfeited (in shares)	(4,419)
Balance at the end of the period (in shares)	1,412,675
Starwood Property Trust, Inc. Manager Equity Plan
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	997,920
Vested (in shares)	(147,916)
Balance at the end of the period (in shares)	850,004

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Continuing Operations:
Basic - Income attributable to STWD common stockholders	$ 70,383	$ 99,932
Less: Income attributable to participating shares not already deducted as non-controlling interests	(824)	(721)
Basic earnings	69,559	99,211
Continuing Operations:
Basic - Income attributable to STWD common stockholders	70,383	99,932
Less: Income attributable to participating shares not already deducted as non-controlling interests	(824)	(721)
Add: Interest expense on Convertible Notes	134,672	87,183
Add: Loss on extinguishment of debt	3,298
Diluted earnings	$ 69,559	$ 99,211
Number of Shares:
Basic - Average shares outstanding	277,544	260,664
Effect of dilutive securities - Convertible Notes (in shares)		1,209
Effect of dilutive securities - Contingently issuable shares (in shares)		229
Effect of dilutive securities - Unvested non-participating shares	154	22
Diluted - Average shares outstanding	277,698	262,124
Basic:
Basic (in dollars per share)	$ 0.25	$ 0.38
Diluted:
Diluted (in dollars per share)	$ 0.25	$ 0.38

Earnings per Share - Dilutive a

Earnings per Share - Dilutive and Antidilutive securities (Details) shares in Millions, item in Millions	3 Months Ended
	Mar. 31, 2019itemshares	Mar. 31, 2018itemshares
Class A Units
Antidilutive securities and effect of dilutive securities
Potential shares of common stock contingently issuable upon conversion of the Class A units | item	11.9	9.8
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	13.6	11.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Changes in AOCI by component
Beginning balance	$ 58,660	$ 69,924
OCI before reclassifications	(2,862)	5,436
Amounts reclassified from AOCI		(50)
Net period OCI	(2,862)	5,386
Ending balance	55,798	75,310
Effective Portion of Cumulative Loss on Cash Flow Hedges
Changes in AOCI by component
Beginning balance		25
OCI before reclassifications		9
Amounts reclassified from AOCI		(4)
Net period OCI		5
Ending balance		30
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities
Changes in AOCI by component
Beginning balance	53,515	57,889
OCI before reclassifications	(387)	1,209
Amounts reclassified from AOCI		(46)
Net period OCI	(387)	1,163
Ending balance	53,128	59,052
Foreign Currency Translation
Changes in AOCI by component
Beginning balance	5,145	12,010
OCI before reclassifications	(2,475)	4,218
Net period OCI	(2,475)	4,218
Ending balance	$ 2,670	$ 16,228

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Impact of Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income
Interest expense	$ (134,672)	$ (87,183)
Interest income from investment securities	17,632	15,269
Net income	$ 76,508	104,794
Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Net income		50
Effective Portion of Cumulative Loss on Cash Flow Hedges | Interest rate contracts | Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Interest expense		4
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities | Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Interest income from investment securities		$ 46

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets and liabilities measured at fair value
Permitted reinvestment under static investment in VIEs	$ 0
Marketable securities	910,233	$ 906,468
Domestic servicing rights	19,790	20,557
Derivative assets	47,410	52,691
VIE Assets	56,974,864	53,446,364
Derivative liabilities	10,163	15,415
VIE Liabilities	55,727,776	52,195,042
Fair value measurements on recurring basis
Assets and liabilities measured at fair value
Derivative assets	47,410	52,691
Total Assets	58,150,197	54,453,213
Derivative liabilities	10,163	15,415
VIE Liabilities		52,195,042
Total Liabilities	55,737,939	52,210,457
Fair value measurements on recurring basis | Loans held-for-sale
Assets and liabilities measured at fair value
Loans held-for-sale, fair value option	841,687	671,282
Fair value measurements on recurring basis | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	204,835	209,079
Fair value measurements on recurring basis | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	49,105	41,347
Fair value measurements on recurring basis | Equity security
Assets and liabilities measured at fair value
Marketable securities	12,506	11,893
Fair value measurements on recurring basis | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	19,790	20,557
Fair value measurements on recurring basis | VIE Assets
Assets and liabilities measured at fair value
VIE Assets	56,974,864	53,446,364
Fair value measurements on recurring basis | VIE liabilities
Assets and liabilities measured at fair value
VIE Liabilities	55,727,776
Fair value measurements on recurring basis | Level I
Assets and liabilities measured at fair value
Total Assets	12,506	11,893
Fair value measurements on recurring basis | Level I | Equity security
Assets and liabilities measured at fair value
Marketable securities	12,506	11,893
Fair value measurements on recurring basis | Level II
Assets and liabilities measured at fair value
Derivative assets	47,410	52,691
Total Assets	58,180	68,810
Derivative liabilities	10,163	15,415
VIE Liabilities		50,753,596
Total Liabilities	53,691,380	50,769,011
Fair value measurements on recurring basis | Level II | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	10,770	16,119
Fair value measurements on recurring basis | Level II | VIE liabilities
Assets and liabilities measured at fair value
VIE Liabilities	53,681,217
Fair value measurements on recurring basis | Level III
Assets and liabilities measured at fair value
Total Assets	58,079,511	54,372,510
VIE Liabilities		1,441,446
Total Liabilities	2,046,559	1,441,446
Fair value measurements on recurring basis | Level III | Loans held-for-sale
Assets and liabilities measured at fair value
Loans held-for-sale, fair value option	841,687	671,282
Fair value measurements on recurring basis | Level III | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	204,835	209,079
Fair value measurements on recurring basis | Level III | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	38,335	25,228
Fair value measurements on recurring basis | Level III | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	19,790	20,557
Fair value measurements on recurring basis | Level III | VIE Assets
Assets and liabilities measured at fair value
VIE Assets	56,974,864	$ 53,446,364
Fair value measurements on recurring basis | Level III | VIE liabilities
Assets and liabilities measured at fair value
VIE Liabilities	$ 2,046,559

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Total realized and unrealized gains (losses):
Included in earnings: Net accretion	$ 2,755	$ 6,841
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	52,931,064	49,904,651
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	338,506	(1,787,577)
Included in earnings: Net accretion	2,503	2,819
Included in OCI	(387)	1,163
Purchases / Originations	740,296	277,259
Sales	(564,930)	(266,632)
Issuances	(33,678)	(7,948)
Cash repayments / receipts	(26,392)	(63,997)
Transfers into Level III	(665,392)	(530,888)
Transfers out of Level III	136,592	208,258
Consolidations of VIEs	3,176,756	1,089,881
Deconsolidations of VIEs	(1,986)	(785,916)
Balance at the end of the period	56,032,952	48,041,073
Amount of total (losses) gains included in earnings attributable to assets still held at period end	332,640	(1,793,245)
Loans held-for-sale | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	671,282	745,743
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	11,266	7,800
Purchases / Originations	740,296	277,259
Sales	(561,702)	(266,632)
Cash repayments / receipts	(19,455)	(40,437)
Balance at the end of the period	841,687	723,733
Amount of total (losses) gains included in earnings attributable to assets still held at period end	3,169	(640)
RMBS | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	209,079	247,021
Total realized and unrealized gains (losses):
Included in earnings: Net accretion	2,503	2,819
Included in OCI	(387)	1,163
Cash repayments / receipts	(6,360)	(10,150)
Balance at the end of the period	204,835	240,853
Amount of total (losses) gains included in earnings attributable to assets still held at period end	2,503	2,772
CMBS | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	25,228	24,191
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(295)	555
Sales	(3,228)
Cash repayments / receipts	(188)	(777)
Transfers into Level III	5,350
Deconsolidations of VIEs	11,468
Balance at the end of the period	38,335	23,969
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(567)	555
Domestic Servicing Rights | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	20,557	30,759
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(767)	(5,814)
Balance at the end of the period	19,790	24,945
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(767)	(5,814)
VIE Assets | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	53,446,364	51,045,874
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	294,345	(2,027,208)
Consolidations of VIEs	3,280,065	1,089,881
Deconsolidations of VIEs	(45,910)	(875,240)
Balance at the end of the period	56,974,864	49,233,307
Amount of total (losses) gains included in earnings attributable to assets still held at period end	294,345	(2,027,208)
VIE liabilities | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	(1,441,446)	(2,188,937)
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	33,957	237,090
Issuances	(33,678)	(7,948)
Cash repayments / receipts	(389)	(12,633)
Transfers into Level III	(670,742)	(530,888)
Transfers out of Level III	136,592	208,258
Consolidations of VIEs	(103,309)
Deconsolidations of VIEs	32,456	89,324
Balance at the end of the period	(2,046,559)	(2,205,734)
Amount of total (losses) gains included in earnings attributable to assets still held at period end	$ 33,957	$ 237,090

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Financial assets not carried at fair value:
HTM securities	$ 643,787	$ 644,149
Financial liabilities not carried at fair value:
Unsecured senior notes	1,922,795	1,998,831
Carrying Value
Financial assets not carried at fair value:
Loans held-for-investment, loans held-for-sale and loans transferred as secured borrowings	9,267,528	9,122,972
HTM securities	643,787	644,149
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	9,234,910	8,757,804
Unsecured senior notes	1,922,795	1,998,831
Fair Value
Financial assets not carried at fair value:
Loans held-for-investment, loans held-for-sale and loans transferred as secured borrowings	9,315,914	9,178,709
HTM securities	643,464	643,948
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	9,139,056	8,662,548
Unsecured senior notes	$ 1,962,208	$ 1,945,160

Fair Value - Significant unobse

Fair Value - Significant unobservable inputs (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	$ 19,790	$ 20,557
VIE Assets	56,974,864	53,446,364
VIE liabilities	(55,727,776)	(52,195,042)
Fair value measurements on recurring basis
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities		(52,195,042)
Fair value measurements on recurring basis | Loans held-for-sale
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, fair value option	841,687	671,282
Fair value measurements on recurring basis | RMBS
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	204,835	209,079
Fair value measurements on recurring basis | CMBS
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	49,105	41,347
Fair value measurements on recurring basis | Domestic Servicing Rights
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	19,790	20,557
Fair value measurements on recurring basis | VIE Assets
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE Assets	56,974,864	53,446,364
Fair value measurements on recurring basis | VIE liabilities
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	(55,727,776)
Fair value measurements on recurring basis | Level III
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities		(1,441,446)
Fair value measurements on recurring basis | Level III | Loans held-for-sale
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, fair value option	$ 841,687	$ 671,282
Loans Held-for-sale, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, duration	2 years 4 months 24 days	2 years 6 months
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, measurement input	4.2	4.6
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, duration	13 years 7 months 6 days	14 years 4 months 24 days
Fair value measurements on recurring basis | Level III | Loans held-for-sale | Maximum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loans held-for-sale, measurement input	6	6.1
Fair value measurements on recurring basis | Level III | RMBS
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	$ 204,835	$ 209,079
Debt Securities, Available-for-sale, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Loss severity for specified percentage of portfolio (as a percent)	41.00%	55.00%
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
Loss severity for specified percentage of portfolio (as a percent)	45.00%	45.00%
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Constant prepayment rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	2	3.2
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Constant default rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	1	1.1
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Delinquency rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	6	4
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Servicer advances
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	21	21
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Annual coupon deterioration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis | Level III | RMBS | Minimum | Putback amount per projected total collateral loss
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis | Level III | RMBS | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Loss severity for specified percentage of portfolio (as a percent)	80.00%	80.00%
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Constant prepayment rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	22.2	25.2
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Constant default rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	4.6	5.5
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Loss severity
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	76	73
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Delinquency rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	31	31
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Servicer advances
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	85	83
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Annual coupon deterioration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	1.8	1.4
Fair value measurements on recurring basis | Level III | RMBS | Maximum | Putback amount per projected total collateral loss
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	7	7
Fair value measurements on recurring basis | Level III | CMBS
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities	$ 38,335	$ 25,228
Debt Securities, Available-for-sale, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value measurements on recurring basis | Level III | CMBS | Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale debt securities, term	0 years	0 years
Fair value measurements on recurring basis | Level III | CMBS | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	0	0
Fair value measurements on recurring basis | Level III | CMBS | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale debt securities, term	9 years 8 months 12 days	9 years 8 months 12 days
Fair value measurements on recurring basis | Level III | CMBS | Maximum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Available-for-sale securities, measurement input	166.3	473.5
Fair value measurements on recurring basis | Level III | Domestic Servicing Rights
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	$ 19,790	$ 20,557
Servicing Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value measurements on recurring basis | Level III | Domestic Servicing Rights | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	7.75	7.75
Fair value measurements on recurring basis | Level III | Domestic Servicing Rights | Discount rate
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	15	15
Fair value measurements on recurring basis | Level III | Domestic Servicing Rights | Minimum | Control migration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	0	0
Fair value measurements on recurring basis | Level III | Domestic Servicing Rights | Maximum | Control migration
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Servicing asset, measurement input	80	80
Fair value measurements on recurring basis | Level III | VIE Assets
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE Assets	$ 56,974,864	$ 53,446,364
Derivative Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Fair value measurements on recurring basis | Level III | VIE Assets | Minimum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	0 years	0 years
Fair value measurements on recurring basis | Level III | VIE Assets | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets, measurement input	0	0
Fair value measurements on recurring basis | Level III | VIE Assets | Maximum
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE duration (in years)	13 years 4 months 24 days	20 years 4 months 24 days
Fair value measurements on recurring basis | Level III | VIE Assets | Maximum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE assets, measurement input	401.4	290.9
Fair value measurements on recurring basis | Level III | VIE liabilities
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities	$ (2,046,559)
Derivative Liability, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
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
VIE duration (in years)	0 years	0 years
Fair value measurements on recurring basis | Level III | VIE liabilities | Minimum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities, measurement input	0	0
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
VIE duration (in years)	13 years 4 months 24 days	13 years 8 months 12 days
Fair value measurements on recurring basis | Level III | VIE liabilities | Maximum | Debt yield
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
VIE liabilities, measurement input	401.4	290.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Income Taxes
Assets	$ 72,165,588	$ 68,262,453
Cash	412,270	239,824
Investing and Servicing Segment | TRS entities
Income Taxes
Assets	$ 980,500	$ 553,500

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 16,137	$ 22,606
REIT and other non-taxable income	(16,160)	(20,343)
State income taxes	(6)	593
Federal benefit of state tax deduction	1	(124)
Other	362	124
Total income tax provision	$ 334	$ 2,856
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate (as a percent)	21.00%	21.00%
REIT and other non-taxable income (as a percent)	(21.00%)	(18.90%)
State income taxes (as a percent)		0.60%
Federal benefit of state tax deduction (as a percent)		(0.10%)
Other (as a percent)	0.40%	0.10%
Effective tax rate (as a percent)	0.40%	2.70%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2019USD ($)instrumentitem	Mar. 31, 2018item
Operating leases
Number of contracts | item	271
Interest rate swaps | Derivatives designated as hedging instruments
Operating leases
Number of contracts	11	2
Commitments | Commercial and Residential Lending Segment
Operating leases
Value of loans with future funding commitments	$ 1,900
Value of loans with future funding commitments expected to fund	1,700
Agreement to purchase	600
Commitments | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	341.8
Revolvers and letters of credit | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	221
Outstanding	20.9
Delayed draw term loans | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	$ 120.8

Commitments and Contingencies -

Commitments and Contingencies - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Commitments and Contingencies.
Operating lease costs	$ 1,238	$ 1,253
Short-term lease costs	24	30
Sublease income	(399)	(439)
Total lease cost	$ 863	$ 844

Commitments and Contingencies_3

Commitments and Contingencies - Cash paid (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Commitments and Contingencies.
Cash paid for amounts included in the measurement of lease liabilities—operating	$ 1,291

Commitments and Contingencies_4

Commitments and Contingencies - Weighted average lease (Details)	Mar. 31, 2019
Commitments and Contingencies.
Weighted-average remaining lease term	2 years 3 months
Weighted-average discount rate	5.00%

Commitments and Contingencies_5

Commitments and Contingencies - Future maturity of lease (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019
Future maturity of operating lease liabilities:
2019 (remainder of)	$ 3,924
2020	5,292
2021	2,216
Total	11,432
Less interest component	(621)
Operating lease liability	$ 10,811	$ 12,000

Segment and Geographic Data - R

Segment and Geographic Data - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Interest income from loans	$ 183,416	$ 137,620
Interest income from investment securities	17,632	15,269
Servicing fees	24,433	26,067
Rental income	83,833	81,110
Other revenues	1,166	521
Total revenues	310,480	260,587
Costs and expenses:
Management fees	23,466	30,642
Interest expense	134,672	87,183
General and administrative	34,930	32,142
Acquisition and investment pursuit costs	342	377
Costs of rental operations	29,651	29,693
Depreciation and amortization	29,254	31,744
Loan loss provision, net	763	1,538
Other expense	211	104
Total costs and expenses	253,289	213,423
Other income (loss):
Change in net assets related to consolidated VIEs	47,836	52,653
Change in fair value of servicing rights	(767)	(5,814)
Change in fair value of investment securities, net	62	(149)
Change in fair value of mortgage loans held-for-sale, net	11,266	7,800
Earnings (loss) from unconsolidated entities	(43,200)	(1,462)
(Loss) gain on derivative financial instruments, net	4,485	10,660
Loss on derivative financial instruments, net	(2,207)	(16,859)
Foreign currency gain (loss), net	5,547	13,549
Loss on extinguishment of debt	(3,298)
Other (loss) income, net	(73)	108
Total other income	19,651	60,486
Income before income taxes	76,842	107,650
Income tax provision	(334)	(2,856)
Net income	76,508	104,794
Net income attributable to Starwood Property Trust, Inc.	(6,125)	(4,862)
Net income attributable to Starwood Property Trust, Inc.	70,383	99,932
Operating Segments and Corporate
Revenues:
Interest income from loans	183,416	137,620
Interest income from investment securities	45,086	48,838
Servicing fees	27,366	33,599
Rental income	83,833	81,110
Other revenues	1,184	575
Total revenues	340,885	301,742
Costs and expenses:
Management fees	23,417	30,549
Interest expense	134,832	87,453
General and administrative	34,842	32,056
Acquisition and investment pursuit costs	342	377
Costs of rental operations	29,651	29,693
Depreciation and amortization	29,254	31,744
Loan loss provision, net	763	1,538
Other expense	211	104
Total costs and expenses	253,312	213,514
Other income (loss):
Change in fair value of servicing rights	(515)	(9,168)
Change in fair value of investment securities, net	16,446	13,275
Change in fair value of mortgage loans held-for-sale, net	11,266	7,800
Earnings (loss) from unconsolidated entities	(42,634)	(475)
(Loss) gain on derivative financial instruments, net	4,485	10,660
Loss on derivative financial instruments, net	(2,207)	(16,859)
Foreign currency gain (loss), net	5,547	13,549
Loss on extinguishment of debt	(3,298)
Other (loss) income, net	(73)	108
Total other income	(10,983)	18,890
Income before income taxes	76,590	107,118
Income tax provision	(334)	(2,856)
Net income	76,256	104,262
Net income attributable to Starwood Property Trust, Inc.	(5,873)	(4,330)
Net income attributable to Starwood Property Trust, Inc.	70,383	99,932
Operating segment | Commercial and Residential Lending Segment
Revenues:
Interest income from loans	154,595	134,972
Interest income from investment securities	19,908	14,439
Servicing fees	123	165
Other revenues	204	194
Total revenues	174,830	149,770
Costs and expenses:
Management fees	411	480
Interest expense	61,604	32,021
General and administrative	6,768	6,695
Acquisition and investment pursuit costs	249	220
Costs of rental operations	19
Depreciation and amortization	71	17
Loan loss provision, net	(11)	1,538
Other expense	77	77
Total costs and expenses	69,188	41,048
Other income (loss):
Change in fair value of investment securities, net	(1,694)	(704)
Change in fair value of mortgage loans held-for-sale, net	1,386	(1,692)
Earnings (loss) from unconsolidated entities	577	1,444
(Loss) gain on derivative financial instruments, net	2,755	279
Loss on derivative financial instruments, net	(9,297)	(10,818)
Foreign currency gain (loss), net	5,239	13,550
Other (loss) income, net		43
Total other income	(1,034)	2,102
Income before income taxes	104,608	110,824
Income tax provision	248	(947)
Net income	104,856	109,877
Net income attributable to Starwood Property Trust, Inc.	(371)	(361)
Net income attributable to Starwood Property Trust, Inc.	104,485	109,516
Operating segment | Infrastructure Lending Segment
Revenues:
Interest income from loans	26,915
Interest income from investment securities	885
Other revenues	686
Total revenues	28,486
Costs and expenses:
Interest expense	18,577
General and administrative	4,479
Acquisition and investment pursuit costs	16
Loan loss provision, net	774
Total costs and expenses	23,846
Other income (loss):
(Loss) gain on derivative financial instruments, net	790
Loss on derivative financial instruments, net	(395)
Foreign currency gain (loss), net	300
Loss on extinguishment of debt	(3,304)
Total other income	(2,609)
Income before income taxes	2,031
Income tax provision	85
Net income	2,116
Net income attributable to Starwood Property Trust, Inc.	2,116
Operating segment | Investing and Servicing Segment
Revenues:
Interest income from loans	1,906	2,648
Interest income from investment securities	24,293	34,399
Servicing fees	27,243	33,434
Rental income	13,312	14,400
Other revenues	196	228
Total revenues	66,950	85,109
Costs and expenses:
Management fees	18	18
Interest expense	7,746	5,095
General and administrative	18,851	21,020
Acquisition and investment pursuit costs	77	151
Costs of rental operations	6,695	6,205
Depreciation and amortization	5,287	5,258
Other expense		27
Total costs and expenses	38,674	37,774
Other income (loss):
Change in fair value of servicing rights	(515)	(9,168)
Change in fair value of investment securities, net	18,140	13,979
Change in fair value of mortgage loans held-for-sale, net	9,880	9,492
Earnings (loss) from unconsolidated entities	594	1,596
(Loss) gain on derivative financial instruments, net	940	6,439
Loss on derivative financial instruments, net	(3,432)	5,042
Foreign currency gain (loss), net	(1)	(3)
Other (loss) income, net		48
Total other income	25,606	27,425
Income before income taxes	53,882	74,760
Income tax provision	(409)	(648)
Net income	53,473	74,112
Net income attributable to Starwood Property Trust, Inc.	215	(1,516)
Net income attributable to Starwood Property Trust, Inc.	53,688	72,596
Operating segment | Property Segment
Revenues:
Rental income	70,521	66,710
Other revenues	78	101
Total revenues	70,599	66,811
Costs and expenses:
Interest expense	18,990	16,534
General and administrative	1,518	1,859
Acquisition and investment pursuit costs		6
Costs of rental operations	22,937	23,488
Depreciation and amortization	23,896	26,469
Other expense	134
Total costs and expenses	67,475	68,356
Other income (loss):
Earnings (loss) from unconsolidated entities	(43,805)	(3,515)
(Loss) gain on derivative financial instruments, net		3,942
Loss on derivative financial instruments, net	1,290	1,919
Foreign currency gain (loss), net	9	2
Other (loss) income, net		17
Total other income	(42,506)	2,365
Income before income taxes	(39,382)	820
Income tax provision	(258)	(1,261)
Net income	(39,640)	(441)
Net income attributable to Starwood Property Trust, Inc.	(5,717)	(2,453)
Net income attributable to Starwood Property Trust, Inc.	(45,357)	(2,894)
Corporate
Revenues:
Other revenues	20	52
Total revenues	20	52
Costs and expenses:
Management fees	22,988	30,051
Interest expense	27,915	33,803
General and administrative	3,226	2,482
Total costs and expenses	54,129	66,336
Other income (loss):
Loss on derivative financial instruments, net	9,627	(13,002)
Loss on extinguishment of debt	6
Other (loss) income, net	(73)
Total other income	9,560	(13,002)
Income before income taxes	(44,549)	(79,286)
Net income	(44,549)	(79,286)
Net income attributable to Starwood Property Trust, Inc.	(44,549)	(79,286)
LNR VIEs
Revenues:
Interest income from investment securities	(27,454)	(33,569)
Servicing fees	(2,933)	(7,532)
Other revenues	(18)	(54)
Total revenues	(30,405)	(41,155)
Costs and expenses:
Management fees	49	93
Interest expense	(160)	(270)
General and administrative	88	86
Total costs and expenses	(23)	(91)
Other income (loss):
Change in net assets related to consolidated VIEs	47,836	52,653
Change in fair value of servicing rights	(252)	3,354
Change in fair value of investment securities, net	(16,384)	(13,424)
Earnings (loss) from unconsolidated entities	(566)	(987)
Total other income	30,634	41,596
Income before income taxes	252	532
Net income	252	532
Net income attributable to Starwood Property Trust, Inc.	$ (252)	$ (532)

Segment and Geographic Data - B

Segment and Geographic Data - Balance sheets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 412,270	$ 239,824
Restricted cash	133,714	248,041
Loans held-for-investment, net	8,964,725	8,532,356
Loans held-for-sale	1,144,490	1,187,552
Loans transferred as secured borrowings		74,346
Investment securities	910,233	906,468
Properties, net	2,769,374	2,784,890
Intangible assets	136,835	145,033
Investment in unconsolidated entities	124,360	171,765
Goodwill	259,846	259,846
Derivative assets	47,410	52,691
Accrued interest receivable	60,314	60,355
Other assets	227,153	152,922
VIE assets, at fair value	56,974,864	53,446,364
Total Assets	72,165,588	68,262,453
Liabilities:
Accounts payable, accrued expenses and other liabilities	193,143	217,663
Related-party payable	23,945	44,043
Dividends payable	135,889	133,466
Derivative liabilities	10,163	15,415
Secured financing agreements, net	9,234,910	8,683,565
Unsecured senior notes, net	1,922,795	1,998,831
Secured borrowings on transferred loans, net		74,239
VIE liabilities, at fair value	55,727,776	52,195,042
Total Liabilities	67,248,621	63,362,264
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	2,855	2,808
Additional paid-in capital	5,080,173	4,995,156
Treasury stock	(104,194)	(104,194)
Accumulated other comprehensive income (loss)	55,798	58,660	$ 75,310	$ 69,924
Retained earnings (accumulated deficit)	(413,553)	(348,998)
Total Starwood Property Trust, Inc. Stockholders’ Equity	4,621,079	4,603,432
Non-controlling interests in consolidated subsidiaries	295,888	296,757
Total Equity	4,916,967	4,900,189	$ 4,704,687	$ 4,579,201
Total Liabilities and Equity	72,165,588	68,262,453
Infrastructure Lending Segment
Assets:
Goodwill	119,400	119,400
Investing and Servicing Segment
Assets:
Goodwill	140,400	140,400
Operating Segments and Corporate
Assets:
Cash and cash equivalents	392,059	237,270
Restricted cash	133,714	248,041
Loans held-for-investment, net	8,964,725	8,532,356
Loans held-for-sale	1,144,490	1,187,552
Loans transferred as secured borrowings		74,346
Investment securities	2,113,360	2,110,508
Properties, net	2,769,374	2,784,890
Intangible assets	161,162	169,108
Investment in unconsolidated entities	160,159	193,765
Goodwill	259,846	259,846
Derivative assets	47,410	52,691
Accrued interest receivable	61,171	60,996
Other assets	227,169	152,948
Total Assets	16,434,639	16,064,317
Liabilities:
Accounts payable, accrued expenses and other liabilities	193,037	217,521
Related-party payable	23,945	44,043
Dividends payable	135,889	133,466
Derivative liabilities	10,163	15,415
Secured financing agreements, net	9,248,860	8,697,515
Unsecured senior notes, net	1,922,795	1,998,831
Secured borrowings on transferred loans, net		74,239
Total Liabilities	11,534,689	11,181,030
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	2,855	2,808
Additional paid-in capital	5,080,173	4,995,156
Treasury stock	(104,194)	(104,194)
Accumulated other comprehensive income (loss)	55,798	58,660
Retained earnings (accumulated deficit)	(413,553)	(348,998)
Total Starwood Property Trust, Inc. Stockholders’ Equity	4,621,079	4,603,432
Non-controlling interests in consolidated subsidiaries	278,871	279,855
Total Equity	4,899,950	4,883,287
Total Liabilities and Equity	16,434,639	16,064,317
Operating segment | Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	13,206	14,385
Restricted cash	32,156	28,324
Loans held-for-investment, net	7,513,130	7,072,220
Loans held-for-sale	688,435	670,155
Loans transferred as secured borrowings		74,346
Investment securities	1,061,011	1,050,920
Properties, net	8,937
Investment in unconsolidated entities	35,351	35,274
Derivative assets	14,247	18,174
Accrued interest receivable	50,269	39,862
Other assets	11,259	13,958
Total Assets	9,428,001	9,017,618
Liabilities:
Accounts payable, accrued expenses and other liabilities	29,302	26,508
Related-party payable	1
Derivative liabilities	4,608	1,290
Secured financing agreements, net	5,010,958	4,405,599
Secured borrowings on transferred loans, net		74,239
Total Liabilities	5,044,869	4,507,636
Starwood Property Trust, Inc. Stockholders’ Equity:
Additional paid-in capital	1,199,646	1,430,503
Accumulated other comprehensive income (loss)	53,128	53,516
Retained earnings (accumulated deficit)	3,120,166	3,015,676
Total Starwood Property Trust, Inc. Stockholders’ Equity	4,372,940	4,499,695
Non-controlling interests in consolidated subsidiaries	10,192	10,287
Total Equity	4,383,132	4,509,982
Total Liabilities and Equity	9,428,001	9,017,618
Operating segment | Infrastructure Lending Segment
Assets:
Cash and cash equivalents	58
Restricted cash	68,057
Loans held-for-investment, net	1,450,097
Loans held-for-sale	302,803
Investment securities	59,610
Goodwill	119,409
Derivative assets	1,029
Accrued interest receivable	7,135
Other assets	72,720
Total Assets	2,080,918
Liabilities:
Accounts payable, accrued expenses and other liabilities	6,788
Derivative liabilities	772
Secured financing agreements, net	1,410,124
Total Liabilities	1,417,684
Starwood Property Trust, Inc. Stockholders’ Equity:
Additional paid-in capital	663,692
Retained earnings (accumulated deficit)	(458)
Total Starwood Property Trust, Inc. Stockholders’ Equity	663,234
Total Equity	663,234
Total Liabilities and Equity	2,080,918
Operating segment | Property Segment
Assets:
Cash and cash equivalents	36,107	13
Restricted cash	19,671	175,659
Loans held-for-investment, net		1,456,779
Loans held-for-sale		469,775
Investment securities		60,768
Properties, net	2,487,285
Intangible assets	85,356
Investment in unconsolidated entities	70,557
Goodwill		119,409
Derivative assets	32,093	1,066
Accrued interest receivable	392	6,982
Other assets	65,898	20,472
Total Assets	2,797,359	2,310,923
Liabilities:
Accounts payable, accrued expenses and other liabilities	63,644	26,476
Derivative liabilities		477
Secured financing agreements, net	1,876,514	1,524,551
Total Liabilities	1,940,158	1,551,504
Starwood Property Trust, Inc. Stockholders’ Equity:
Additional paid-in capital	631,392	761,992
Accumulated other comprehensive income (loss)	2,734
Retained earnings (accumulated deficit)	(31,787)	(2,573)
Total Starwood Property Trust, Inc. Stockholders’ Equity	602,339	759,419
Non-controlling interests in consolidated subsidiaries	254,862
Total Equity	857,201	759,419
Total Liabilities and Equity	2,797,359	2,310,923
Operating segment | Investing and Servicing Segment
Assets:
Cash and cash equivalents	47,225	27,408
Restricted cash	13,295	25,144
Loans held-for-investment, net	1,498
Loans held-for-sale	153,252
Investment securities	992,739
Properties, net	273,152	2,512,847
Intangible assets	75,806	90,889
Investment in unconsolidated entities	54,251	114,362
Goodwill	140,437
Derivative assets	41	32,733
Accrued interest receivable	296	359
Other assets	75,348	67,098
Total Assets	1,827,340	2,870,840
Liabilities:
Accounts payable, accrued expenses and other liabilities	71,675	67,415
Related-party payable	9
Derivative liabilities	2,739	37
Secured financing agreements, net	653,078	1,884,187
Total Liabilities	727,501	1,951,639
Starwood Property Trust, Inc. Stockholders’ Equity:
Additional paid-in capital	118,760	645,561
Accumulated other comprehensive income (loss)	(64)	5,208
Retained earnings (accumulated deficit)	967,326	13,570
Total Starwood Property Trust, Inc. Stockholders’ Equity	1,086,022	664,339
Non-controlling interests in consolidated subsidiaries	13,817	254,862
Total Equity	1,099,839	919,201
Total Liabilities and Equity	1,827,340	2,870,840
Corporate
Assets:
Cash and cash equivalents	295,463	164,015
Restricted cash	535	7,235
Accrued interest receivable	3,079	13,177
Other assets	1,944	2,057
Total Assets	301,021	186,484
Liabilities:
Accounts payable, accrued expenses and other liabilities	21,628	21,467
Related-party payable	23,935	43,990
Dividends payable	135,889	133,466
Derivative liabilities	2,044	12,188
Secured financing agreements, net	298,186	297,920
Unsecured senior notes, net	1,922,795	1,998,831
Total Liabilities	2,404,477	2,507,862
Starwood Property Trust, Inc. Stockholders’ Equity:
Common stock	2,855	2,808
Additional paid-in capital	2,466,683	2,069,321
Treasury stock	(104,194)	(104,194)
Retained earnings (accumulated deficit)	(4,468,800)	(4,289,313)
Total Starwood Property Trust, Inc. Stockholders’ Equity	(2,103,456)	(2,321,378)
Total Equity	(2,103,456)	(2,321,378)
Total Liabilities and Equity	301,021	186,484
Corporate | Investing and Servicing Segment
Assets:
Cash and cash equivalents		31,449
Restricted cash		11,679
Loans held-for-investment, net		3,357
Loans held-for-sale		47,622
Investment securities		998,820
Properties, net		272,043
Intangible assets		78,219
Investment in unconsolidated entities		44,129
Goodwill		140,437
Derivative assets		718
Accrued interest receivable		616
Other assets		49,363
Total Assets		1,678,452
Liabilities:
Accounts payable, accrued expenses and other liabilities		75,655
Related-party payable		53
Derivative liabilities		1,423
Secured financing agreements, net		585,258
Total Liabilities		662,389
Starwood Property Trust, Inc. Stockholders’ Equity:
Additional paid-in capital		87,779
Accumulated other comprehensive income (loss)		(64)
Retained earnings (accumulated deficit)		913,642
Total Starwood Property Trust, Inc. Stockholders’ Equity		1,001,357
Non-controlling interests in consolidated subsidiaries		14,706
Total Equity		1,016,063
Total Liabilities and Equity		1,678,452
LNR VIEs
Assets:
Cash and cash equivalents	20,211	2,554
Investment securities	(1,203,127)	(1,204,040)
Intangible assets	(24,327)	(24,075)
Investment in unconsolidated entities	(35,799)	(22,000)
Accrued interest receivable	(857)	(641)
Other assets	(16)	(26)
VIE assets, at fair value	56,974,864	53,446,364
Total Assets	55,730,949	52,198,136
Liabilities:
Accounts payable, accrued expenses and other liabilities	106	142
Secured financing agreements, net	(13,950)	(13,950)
VIE liabilities, at fair value	55,727,776	52,195,042
Total Liabilities	55,713,932	52,181,234
Starwood Property Trust, Inc. Stockholders’ Equity:
Non-controlling interests in consolidated subsidiaries	17,017	16,902
Total Equity	17,017	16,902
Total Liabilities and Equity	$ 55,730,949	$ 52,198,136

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	May 08, 2019	Feb. 28, 2018	Mar. 31, 2019	Mar. 31, 2018
Subsequent Events
Dividend declared (in dollars per share)		$ 0.48	$ 0.48	$ 0.48
Subsequent event
Subsequent Events
Dividend declared (in dollars per share)	$ 0.48