Starwood Property Trust (STWD) 10-Q 7 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 01, 2019
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2019
Entity File Number	001-34436
Entity Registrant Name	Starwood Property Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-0247747
Entity Address, Address Line One	591 West Putnam Avenue
Entity Address, City or Town	Greenwich
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06830
City Area Code	203
Local Phone Number	422-7700
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	STWD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		281,483,630
Entity Central Index Key	0001465128
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 334,288	$ 239,824
Restricted cash	181,910	248,041
Loans held-for-investment, net	8,764,216	8,532,356
Loans held-for-sale ($1,372,398 and $671,282 held at fair value)	1,586,899	1,187,552
Loans transferred as secured borrowings		74,346
Investment securities ($257,409 and $262,319 held at fair value)	849,572	906,468
Properties, net	2,771,960	2,784,890
Intangible assets ($18,874 and $20,557 held at fair value)	129,477	145,033
Investment in unconsolidated entities	119,876	171,765
Goodwill	259,846	259,846
Derivative assets	53,676	52,691
Accrued interest receivable	61,380	60,355
Other assets	166,655	152,922
Variable interest entity ("VIE") assets, at fair value	57,667,606	53,446,364
Total Assets	72,947,361	68,262,453
Liabilities:
Accounts payable, accrued expenses and other liabilities	221,434	217,663
Related-party payable	21,144	44,043
Dividends payable	136,424	133,466
Derivative liabilities	8,891	15,415
Secured financing agreements, net	9,284,887	8,683,565
Unsecured senior notes, net	1,924,711	1,998,831
Secured borrowings on transferred loans, net		74,239
VIE liabilities, at fair value	56,446,619	52,195,042
Total Liabilities	68,044,110	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, 286,451,361 issued and 281,271,221 outstanding as of June 30, 2019 and 280,839,692 issued and 275,659,552 outstanding as of December 31, 2018	2,864	2,808
Additional paid-in capital	5,103,771	4,995,156
Treasury stock (5,180,140 shares)	(104,194)	(104,194)
Accumulated other comprehensive income	57,124	58,660
Accumulated deficit	(421,858)	(348,998)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,637,707	4,603,432
Non-controlling interests in consolidated subsidiaries	265,544	296,757
Total Equity	4,903,251	4,900,189
Total Liabilities and Equity	$ 72,947,361	$ 68,262,453

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Condensed Consolidated Balance Sheets
Loans-held-for-sale held at fair value	$ 1,372,398	$ 671,282
Investment securities held at fair value	257,409	262,319
Intangible assets held at fair value	$ 18,874	$ 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	286,451,361	280,839,692
Common stock, shares outstanding	281,271,221	275,659,552
Treasury stock, shares	5,180,140	5,180,140

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Interest income from loans	$ 191,466	$ 151,704	$ 374,882	$ 289,324
Interest income from investment securities	22,545	10,790	40,177	26,059
Servicing fees	9,008	17,315	33,441	43,382
Rental income	87,297	88,891	171,130	170,001
Other revenues	865	856	2,031	1,377
Total revenues	311,181	269,556	621,661	530,143
Costs and expenses:
Management fees	22,523	27,494	45,989	58,136
Interest expense	130,126	91,592	264,798	178,775
General and administrative	37,578	35,528	72,508	67,670
Acquisition and investment pursuit costs	74	1,561	416	1,938
Costs of rental operations	30,655	32,897	60,306	62,590
Depreciation and amortization	28,552	37,150	57,806	68,894
Loan loss provision, net	2,518	25,259	3,281	26,797
Other expense	1,443	497	1,654	601
Total costs and expenses	253,469	251,978	506,758	465,401
Other income (loss):
Change in net assets related to consolidated VIEs	55,158	43,946	102,994	96,599
Change in fair value of servicing rights	(916)	(2,203)	(1,683)	(8,017)
Change in fair value of investment securities, net	667	7,702	729	7,553
Change in fair value of mortgage loans held-for-sale, net	21,891	14,833	33,157	22,633
Earnings (loss) from unconsolidated entities	8,817	5,470	(34,383)	4,008
Gain on sale of investments and other assets, net	2,515	13,437	7,000	24,097
(Loss) gain on derivative financial instruments, net	(32)	32,622	(2,239)	15,763
Foreign currency (loss) gain, net	(7,017)	(13,264)	(1,470)	285
Loss on extinguishment of debt	(2,816)	(186)	(6,114)	(186)
Other (loss) income, net		498	(73)	606
Total other income	78,267	102,855	97,918	163,341
Income before income taxes	135,979	120,433	212,821	228,083
Income tax provision	(3,533)	(3,343)	(3,867)	(6,199)
Net income	132,446	117,090	208,954	221,884
Net income attributable to non-controlling interests	(5,430)	(7,860)	(11,555)	(12,722)
Net income attributable to Starwood Property Trust, Inc.	$ 127,016	$ 109,230	$ 197,399	$ 209,162
Earnings per share data attributable to Starwood Property Trust, Inc.:
Basic (in dollars per share)	$ 0.45	$ 0.41	$ 0.70	$ 0.80
Diluted (in dollars per share)	$ 0.45	$ 0.40	$ 0.70	$ 0.77

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 132,446	$ 117,090	$ 208,954	$ 221,884
Other comprehensive (loss) income (net change by component):
Cash flow hedges		(23)		(18)
Available-for-sale securities	(79)	1,023	(466)	2,186
Foreign currency translation	1,405	(8,176)	(1,070)	(3,958)
Other comprehensive (loss) income	1,326	(7,176)	(1,536)	(1,790)
Comprehensive income	133,772	109,914	207,418	220,094
Less: Comprehensive income attributable to non-controlling interests	(5,430)	(7,860)	(11,555)	(12,722)
Comprehensive income attributable to Starwood Property Trust, Inc.	$ 128,342	$ 102,054	$ 195,863	$ 207,372

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) $ in Thousands	Total Starwood Property Trust, Inc. Stockholders' Equity	Common stock	Additional Paid-In Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income	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	314		314					314
Proceeds from DRIP Plan (in shares)		14,982
Equity offering costs	(17)		(17)					(17)
Common stock repurchased	(12,090)			$ (12,090)				$ (12,090)
Common stock repurchased (in shares)				573,255				573,255
Share-based compensation	10,605	$ 8	10,597					$ 10,605
Share-based compensation (in shares)		773,822
Manager incentive fee paid in stock	15,798	$ 7	15,791					15,798
Manager incentive fee paid in stock (in shares)		769,712
Net income	209,162				209,162		12,722	221,884
Dividends declared	(252,612)				(252,612)			(252,612)
Other comprehensive loss, net	(1,790)					(1,790)		(1,790)
VIE non-controlling interests							976	976
Contributions from non-controlling interests							375,292	375,292
Distributions to non-controlling interests	(2,962)		(2,962)				(234,589)	(237,551)
Sale of controlling interest in majority owned property asset							(319)	(319)
Balance at Jun. 30, 2018	4,444,822	$ 2,675	4,738,969	$ (104,194)	(260,762)	68,134	254,869	4,699,691
Balance (in shares) at Jun. 30, 2018		267,541,825		5,180,140
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
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan	155		155					155
Proceeds from DRIP Plan (in shares)		7,331
Equity offering costs	(17)		(17)					(17)
Share-based compensation	5,837	$ 2	5,835					5,837
Share-based compensation (in shares)		175,121
Manager incentive fee paid in stock	4,815	$ 2	4,813					4,815
Manager incentive fee paid in stock (in shares)		224,071
Net income	109,230				109,230		7,860	117,090
Dividends declared	(126,554)				(126,554)			(126,554)
Other comprehensive loss, net	(7,176)					(7,176)		(7,176)
VIE non-controlling interests							407	407
Contributions from non-controlling interests							8,601	8,601
Distributions to non-controlling interests							(8,154)	(8,154)
Balance at Jun. 30, 2018	4,444,822	$ 2,675	4,738,969	$ (104,194)	(260,762)	68,134	254,869	4,699,691
Balance (in shares) at Jun. 30, 2018		267,541,825		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	379		379					$ 379
Proceeds from DRIP Plan (in shares)		17,136
Redemption of Class A Units for common stock	16,373	$ 8	16,365				(16,373)	16,373
Redemption of Class A Units for common stock (in shares)		754,345
Equity offering costs	(8)		(8)					(8)
Conversion of 2019 Convertible Notes	67,562	$ 36	67,526					67,562
Conversion of 2019 Convertible Notes (Shares)		3,611,918
Share-based compensation	13,388	$ 7	13,381					13,388
Share-based compensation (in shares)		732,907
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	197,399				197,399		11,555	208,954
Dividends declared	(270,259)				(270,259)			(270,259)
Other comprehensive loss, net	(1,536)					(1,536)		(1,536)
VIE non-controlling interests							(177)	(177)
Contributions from non-controlling interests							4,636	4,636
Distributions to non-controlling interests							(30,854)	(30,854)
Balance at Jun. 30, 2019	4,637,707	$ 2,864	5,103,771	$ (104,194)	(421,858)	57,124	265,544	$ 4,903,251
Balance (in shares) at Jun. 30, 2019		286,451,361		5,180,140				286,451,361
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
Increase (Decrease) in Stockholders' Equity
Proceeds from DRIP Plan	212		212					212
Proceeds from DRIP Plan (in shares)		9,311
Redemption of Class A Units for common stock	16,373	$ 8	16,365				(16,373)
Redemption of Class A Units for common stock (in shares)		754,345
Equity offering costs	(3)		(3)					(3)
Share-based compensation	7,025	$ 1	7,024					7,025
Share-based compensation (in shares)		206,220
Net income	127,016				127,016		5,430	132,446
Dividends declared	(135,321)				(135,321)			(135,321)
Other comprehensive loss, net	1,326					1,326		1,326
VIE non-controlling interests							(40)	(40)
Contributions from non-controlling interests							4,541	4,541
Distributions to non-controlling interests							(23,902)	(23,902)
Balance at Jun. 30, 2019	$ 4,637,707	$ 2,864	$ 5,103,771	$ (104,194)	$ (421,858)	$ 57,124	$ 265,544	$ 4,903,251
Balance (in shares) at Jun. 30, 2019		286,451,361		5,180,140				286,451,361

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	May 08, 2019	Feb. 02, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Condensed Consolidated Statements of Equity
Dividends declared per common share	$ 0.48	$ 0.48	$ 0.48	$ 0.48	$ 0.96	$ 0.96

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net income	$ 208,954	$ 221,884
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	17,439	11,498
Amortization of discounts and deferred financing costs on senior notes	3,849	6,835
Accretion of net discount on investment securities	(7,857)	(9,583)
Accretion of net deferred loan fees and discounts	(16,112)	(20,961)
Share-based compensation	13,388	10,605
Share-based component of incentive fees	10,977	15,798
Change in fair value of investment securities	(729)	(7,553)
Change in fair value of consolidated VIEs	(11,957)	(18,884)
Change in fair value of servicing rights	1,683	8,017
Change in fair value of loans held-for-sale	(33,157)	(22,633)
Change in fair value of derivatives	4,496	(13,432)
Foreign currency gain, net	1,470	(369)
Gain on sale of investments and other assets	(7,000)	(24,097)
Impairment charges on properties and related intangibles	1,392	412
Loan loss provision, net	3,281	26,797
Depreciation and amortization	57,416	67,857
Loss from unconsolidated entities	34,383	(4,008)
Distributions of earnings from unconsolidated entities	8,056	4,569
Loss on extinguishment of debt	6,114	186
Origination and purchase of loans held-for-sale, net of principal collections	(1,600,100)	(814,154)
Proceeds from sale of loans held-for-sale	928,747	481,765
Changes in operating assets and liabilities:
Related-party payable, net	(22,899)	(17,045)
Accrued and capitalized interest receivable, less purchased interest	(54,261)	(36,218)
Other assets	(18,270)	(15,038)
Accounts payable, accrued expenses and other liabilities	(12,153)	85
Net cash (used in) provided by operating activities	(482,850)	(147,667)
Cash Flows from Investing Activities:
Origination and purchase of loans held-for-investment	(2,051,646)	(2,404,133)
Proceeds from principal collections on loans	1,342,698	1,840,897
Proceeds from loans sold	843,344	194,720
Purchase of investment securities		(20,465)
Proceeds from sales of investment securities	3,978	807
Proceeds from principal collections on investment securities	73,035	321,687
Proceeds from sales and insurance recoveries on properties	1,841	96,147
Purchases and additions to properties and other assets	(10,425)	(36,769)
Investment in unconsolidated entities	(785)	(3,060)
Distribution of capital from unconsolidated entities	10,041	21,287
Payments for purchase or termination of derivatives	(20,212)	(17,373)
Proceeds from termination of derivatives	8,899	13,807
Net cash (used in) provided by investing activities	200,768	7,552
Cash Flows from Financing Activities:
Proceeds from borrowings	3,271,785	3,001,735
Principal repayments on and repurchases of borrowings	(2,679,056)	(2,410,574)
Payment of deferred financing costs	(18,388)	(20,005)
Proceeds from common stock issuances	379	314
Payment of equity offering costs	(8)	(17)
Payment of dividends	(267,301)	(251,671)
Contributions from non-controlling interests	4,636	8,911
Distributions to non-controlling interests	(30,854)	(237,551)
Purchase of treasury stock	0	(12,090)
Issuance of debt of consolidated VIEs	100,224	7,948
Repayment of debt of consolidated VIEs	(91,808)	(98,324)
Distributions of cash from consolidated VIEs	21,411	58,908
Net cash provided by (used in) financing activities	311,020	47,584
Net increase (decrease) in cash, cash equivalents and restricted cash	28,938	(92,531)
Cash, cash equivalents and restricted cash, beginning of period	487,865	418,273
Effect of exchange rate changes on cash	(605)	(529)
Cash, cash equivalents and restricted cash, end of period	516,198	325,213
Supplemental disclosure of cash flow information:
Cash paid for interest	252,392	147,228
Income taxes paid	7,270	6,132
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	135,615	126,555
Consolidation of VIEs (VIE asset/liability additions)	4,104,135	1,815,070
Deconsolidation of VIEs (VIE asset/liability reductions)	303,827	1,022,356
Settlement of 2019 Convertible Notes in shares	75,525
Settlement of loans transferred as secured borrowings	74,692
Net assets acquired through foreclosure	27,416
Redemption of Class A Units for common stock	16,373
Lease liabilities arising from obtaining right-of-use assets	$ 7,092
Net assets acquired from consolidated VIEs		27,737
Contribution of Woodstar II Portfolio net assets from non-controlling interests		$ 366,381

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2019
Business and Organization
Business and Organization	1. Business and Organizatio n ​ Starwood Property Trust, Inc. (“STWD” and, together with its subsidiaries, “we” or the “Company”) is a Maryland corporation that commenced operations in August 2009, upon the completion of our initial public offering. 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 June 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 ​ 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 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 ​ 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 as of January 1, 2019 resulted in the recognition of a ​ 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 (the “Convertible 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 and six months ended June 30, 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 ​ On August 28, 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework ​ On October 31, 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810) – Targeted Improvements to Related Party Guidance for Variable Interest Entities ​

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2019
Acquisitions
Acquisitions	3. Acquisitions ​ During the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average Life ​ ​ Carrying ​ Face ​ Average ​ (“WAL”) June 30, 2019 ​ Value ​ Amount ​ Coupon ​ (years)(1) First mortgages (2) ​ $ 6,879,248 ​ $ 6,905,735 6.4 % 2.0 First priority infrastructure loans ​ ​ 1,356,511 ​ ​ 1,367,336 5.9 % 4.6 Subordinated mortgages (3) ​ 52,926 ​ ​ 54,092 8.8 % 3.2 Mezzanine loans (2) ​ 446,484 ​ ​ 447,537 11.1 % 2.1 Other ​ ​ 61,931 ​ ​ 65,651 ​ 8.2 % 2.0 Total loans held-for-investment ​ 8,797,100 ​ ​ 8,840,351 ​ ​ ​ ​ Loans held-for-sale, fair value option, residential ​ ​ 1,156,778 ​ ​ 1,124,838 ​ 6.2 % 5.0 Loans held-for-sale, fair value option, commercial ​ ​ 215,620 ​ ​ 215,425 ​ 4.2 % 9.7 Loans held-for-sale, infrastructure ​ ​ 214,923 ​ ​ 219,298 ​ 4.1 % 1.5 Total gross loans ​ 10,384,421 ​ 10,399,912 ​ ​ ​ ​ Loan loss allowance ​ (33,306) ​ — ​ ​ ​ ​ Total net loans ​ $ 10,351,115 ​ $ 10,399,912 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $890.0 million and $1.0 billion being classified as first mortgages as of June 30, 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. ​ ​ During the three and six months ended June 30, 2018, the Company received distributions totaling $12.3 million from a profit participation in a mortgage loan that was repaid in 2016. The loan was secured by a retail and hospitality property located in the Times Square area of New York City. The profit participation is accounted for as a loan in accordance with the acquisition, development and construction accounting guidance within ASC 310-10, which resulted in distributions in excess of basis being recognized within interest income in our consolidated statements of operations. There were no distributions from profit participations received during the three and six months ended June 30, 2019. ​ As of June 30, 2019, approximately $8.3 billion, or 94.8%, of our loans held-for-investment were variable rate and carried a coupon of LIBOR plus a weighted-average spread of 4.2%. ​ 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 June 30, 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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 812 ​ $ — ​ $ — ​ $ — ​ $ 23,264 ​ $ — ​ $ 24,076 ​ 0.2 % 2 ​ 3,316,307 ​ — ​ 38,017 ​ 165,910 ​ — ​ — ​ 3,520,234 ​ 33.9 % 3 ​ 3,361,878 ​ — ​ 2,933 ​ 280,574 ​ 31,104 ​ — ​ 3,676,489 ​ 35.4 % 4 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — % 5 ​ 60,637 ​ — ​ — ​ — ​ — ​ — ​ 60,637 ​ 0.6 % N/A ​ 139,614 (1) 1,356,511 (2) 11,976 (1) — ​ 7,563 (1) — ​ 1,515,664 ​ 14.6 % ​ ​ $ 6,879,248 ​ $ 1,356,511 ​ $ 52,926 ​ $ 446,484 ​ $ 61,931 ​ $ — ​ ​ 8,797,100 ​ ​ ​ Loans held-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,587,321 ​ 15.3 % Total gross loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,384,421 ​ 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) Principally 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 June 30, 2019, we concluded that no additional impairment charges or releases thereof were required. During the six months ended June 30, 2019, we charged-off an allowance for impaired loans of million of unamortized discount). In April 2019, we foreclosed on a first mortgage loan on a grocery distribution facility located in Orlando, Florida and obtained physical possession of the underlying collateral property. As of the foreclosure date, the appraised value of the property exceeded the ​ As of June 30, 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 June 30, 2019: (i) $139.6 million first mortgage and contiguous mezzanine loans ($110.1 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 ($7.4 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 June 30, 2019. ​ 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 and six months ended June 30, 2019 was $172.9 million and $186.0 million, respectively. ​ As of June 30, 2019, we held TDRs with unfunded commitments of $4.6 million. There were ​ As of June 30, 2019, the department store loans discussed above were 90 days or greater past due, as were $4.5 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 non-accretable difference. 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 Six Months Ended ​ June 30, ​ 2019 2018 Allowance for loan losses at January 1 $ 39,151 ​ $ 4,330 Provision for (reversal of) loan losses 3,281 ​ (3,055) Provision for impaired loans ​ — ​ ​ 29,852 Charge-offs (9,126) ​ — Recoveries — ​ — Allowance for loan losses at June 30 $ 33,306 ​ $ 31,127 Recorded investment in loans related to the allowance for loan loss $ 303,981 ​ $ 273,020 ​ The activity in our loan portfolio was as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ June 30, ​ 2019 2018 Balance at January 1 $ 9,794,254 ​ $ 7,382,641 Acquisitions/originations/additional funding 3,704,727 ​ 3,315,664 Capitalized interest (1) 52,405 ​ 29,499 Basis of loans sold (2) (1,767,387) ​ (676,214) Loan maturities/principal repayments (1,447,593) ​ (1,964,644) Discount accretion/premium amortization 16,112 ​ 20,961 Changes in fair value 33,157 ​ 22,633 Unrealized foreign currency translation loss (3,903) ​ (8,608) Loan loss provision, net (3,281) ​ (26,797) Loan foreclosure ​ (27,303) ​ ​ — Transfer to/from other asset classifications ​ (73) ​ ​ 27 Balance at June 30 $ 10,351,115 ​ $ 8,095,162 (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	6 Months Ended
	Jun. 30, 2019
Investment Securities
Investment Securities	​ 5. Investment Securities ​ Investment securities were comprised of the following as of June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ June 30, 2019 December 31, 2018 RMBS, available-for-sale ​ $ 200,874 ​ $ 209,079 RMBS, fair value option (1) ​ ​ 63,203 ​ ​ 87,879 CMBS, fair value option (1) ​ 1,160,421 ​ 1,157,508 Held-to-maturity (“HTM”) debt securities, amortized cost ​ 592,163 ​ 644,149 Equity security, fair value ​ 11,833 ​ 11,893 Subtotal — ​ 2,028,494 ​ 2,110,508 VIE eliminations (1) ​ (1,178,922) ​ ​ (1,204,040) Total investment securities ​ $ 849,572 ​ $ 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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ — ​ $ 38,951 ​ $ — ​ $ — ​ $ (38,951) ​ $ — Sales ​ — ​ 41,501 ​ 25,795 ​ — ​ — ​ (66,546) ​ 750 Principal collections ​ 6,417 ​ 3,058 ​ 12,072 ​ 53,462 ​ — ​ (9,728) ​ 65,281 Three Months Ended June 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ — ​ $ 61,683 ​ $ — ​ $ — ​ $ (41,218) ​ $ 20,465 Sales ​ 807 ​ — ​ — ​ — ​ — ​ — ​ 807 Principal collections ​ 8,036 ​ — ​ 45,599 ​ 94,181 ​ — ​ (45,359) ​ 102,457 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS, ​ RMBS, fair ​ CMBS, fair ​ HTM ​ Equity ​ Securitization ​ ​ ​ ​ available-for-sale value option value option Securities Security VIEs (1) Total Six Months Ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 26,272 ​ $ 52,213 ​ $ — ​ $ — ​ $ (78,485) ​ $ — Sales ​ — ​ 41,501 ​ 62,701 ​ — ​ — ​ (100,224) ​ 3,978 Principal collections ​ 12,777 ​ 5,092 ​ 21,909 ​ 54,668 ​ — ​ (21,411) ​ 73,035 Six Months Ended June 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ — ​ $ 91,908 ​ $ — ​ $ — ​ $ (71,443) ​ $ 20,465 Sales ​ 807 ​ — ​ 7,948 ​ — ​ — ​ (7,948) ​ 807 Principal collections ​ 18,186 ​ — ​ 60,780 ​ 302,484 ​ — ​ (59,763) ​ 321,687 (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 June 30, 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 June 30, 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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 157,721 ​ $ (9,897) ​ $ 147,824 ​ $ (22) ​ $ 53,072 ​ $ — ​ $ 53,050 ​ $ 200,874 December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 165,461 ​ $ (9,897) ​ $ 155,564 ​ $ (31) ​ $ 53,546 ​ $ — ​ $ 53,515 ​ $ 209,079 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Coupon (1) Weighted Average WAL June 30, 2019 ​ ​ ​ ​ ​ ​ RMBS 3.6 % BB- 5.9 December 31, 2018 ​ ​ ​ ​ ​ ​ RMBS 3.7 % CCC- ​ 6.0 (1) Calculated using the June 30, 2019 and December 31, 2018 one-month LIBOR rate of 2.398% 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 June 30, 2019, approximately $170.5 million, or 84.9%, of RMBS were variable rate and paid interest at LIBOR plus a weighted average spread of 1.23%. 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 June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 December 31, 2018 Principal balance ​ $ 295,215 ​ $ 309,497 Accretable yield ​ (54,821) ​ (54,779) Non-accretable difference ​ (92,570) ​ (99,154) Total discount ​ (147,391) ​ (153,933) Amortized cost ​ $ 147,824 ​ $ 155,564 ​ The principal balance of credit deteriorated RMBS was $278.1 million and $290.8 million as of June 30, 2019 and December 31, 2018, respectively. Accretable yield related to these securities totaled $50.1 million and $49.5 million as of June 30, 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 and six months ended June 30, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Accretable Three Months Ended June 30, 2019 ​ Accretable Yield ​ Difference Balance as of April 1, 2019 ​ $ 57,391 ​ $ 93,131 Accretion of discount ​ (2,535) ​ — Principal write-downs, net ​ — ​ (596) Transfer to/from non-accretable difference ​ (35) ​ 35 Balance as of June 30, 2019 ​ $ 54,821 ​ $ 92,570 ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ ​ ​ ​ ​ Balance as of January 1, 2019 ​ $ 54,779 ​ $ 99,154 Accretion of discount ​ (5,038) ​ — Principal write-downs, net ​ — ​ (1,504) Transfer to/from non-accretable difference ​ 5,080 ​ (5,080) Balance as of June 30, 2019 ​ $ 54,821 ​ $ 92,570 ​ We have engaged a third party manager who specializes in RMBS to execute the trading of RMBS, the cost of which was $0.4 million for both the three months ended June 30, 2019 and 2018 and $0.8 million and $0.9 million for the six months ended June 30, 2019 and 2018, respectively, for 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 June 30, 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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 2,118 ​ $ — ​ $ (22) ​ $ — ​ As of December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 2,148 ​ $ — ​ $ (31) ​ $ — ​ ​ As of both June 30, 2019 and December 31, 2018, there was one security with unrealized losses reflected in the table above. After evaluating the security and recording adjustments for credit-related OTTI, we concluded that the remaining unrealized losses reflected above were noncredit-related and would be recovered from the 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 June 30, 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 $1.2 billion and $2.9 billion, respectively. As of June 30, 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 $63.2 million and $34.9 million, respectively. The $1.2 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 $44.7 million at June 30, 2019) is eliminated against VIE liabilities before arriving at our GAAP balance for fair value option investment securities. ​ As of June 30, 2019, $145.0 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 June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying Amount ​ Gross Unrealized ​ Gross Unrealized ​ ​ ​ ​ ​ (Amortized Cost) ​ Holding Gains ​ Holding Losses ​ Fair Value June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 361,648 ​ $ 1,534 ​ $ (649) ​ $ 362,533 ​ Preferred interests ​ ​ 175,183 ​ ​ 583 ​ ​ — ​ ​ 175,766 ​ Infrastructure bonds ​ ​ 55,332 ​ ​ 717 ​ ​ (575) ​ ​ 55,474 ​ Total ​ $ 592,163 ​ $ 2,834 ​ $ (1,224) ​ $ 593,773 ​ 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 June 30, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Infrastructure ​ ​ ​ ​ CMBS ​ Interests ​ Bonds ​ Total Less than one year $ 75,204 $ — $ — $ 75,204 One to three years ​ ​ 286,444 ​ ​ — ​ ​ 9,094 ​ ​ 295,538 Three to five years ​ ​ — ​ ​ 175,183 ​ ​ — ​ ​ 175,183 Thereafter ​ — ​ — ​ 46,238 ​ 46,238 Total ​ $ 361,648 ​ $ 175,183 ​ $ 55,332 ​ $ 592,163 ​ As of June 30, 2019 and December 31, 2018, $20.7 million and $21.2 million, respectively, of our infrastructure bonds with an aggregate principal balance of $33.7 million and $34.2 million, respectively, were originally acquired with deteriorated credit quality and had no accretable yield and an aggregate non-accretable difference of $13.0 million. ​ 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 $11.8 million and $11.9 million as of June 30, 2019 and December 31, 2018, respectively. As of June 30, 2019, our shares represent an approximate 2% interest in SEREF.

Properties

Properties	6 Months Ended
	Jun. 30, 2019
Properties
Properties	6. Propertie s ​ 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 ​ 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 $626.1 million and federal, state and county sponsored financing and other debt of $406.3 million as of June 30, 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 communities acquired during the year ended December 31, 2018. The Woodstar II Portfolio includes total gross properties and lease intangibles of ​ 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 ​ 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 June 30, 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 million as of June 30, 2019. ​ The table below summarizes our properties held as of June 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciable Life June 30, 2019 December 31, 2018 Property Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ $ 647,568 ​ $ 648,972 Buildings and building improvements ​ 5 – 45 years ​ ​ 1,981,043 ​ ​ 1,980,283 Furniture & fixtures ​ 3 – 7 years ​ ​ 49,198 ​ ​ 46,048 Investing and Servicing Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ ​ 82,480 ​ ​ 82,332 Buildings and building improvements ​ 3 – 40 years ​ ​ 215,573 ​ ​ 213,010 Furniture & fixtures ​ 2 – 5 years ​ ​ 2,470 ​ ​ 2,158 Commercial and Residential Lending Segment (1) ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 7 years ​ ​ 11,386 ​ ​ — Buildings ​ 20 – 23 years ​ ​ 16,030 ​ ​ — Properties, cost ​ ​ ​ ​ 3,005,748 ​ ​ 2,972,803 Less: accumulated depreciation ​ ​ ​ ​ (233,788) ​ ​ (187,913) Properties, net ​ ​ ​ $ 2,771,960 ​ $ 2,784,890 (1) Represents properties acquired through loan foreclosure. Refer to Note 4 for further discussion. ​ During the three and six months ended June 30, 2018, we sold three and eight operating properties for $43.3 million and $95.6 million, respectively, recognizing a gain on sale of $13.4 million and $23.7 million, respectively, within gain on sale of investments and other assets in our condensed consolidated statements of operations. million non-controlling interest in the property. During the three and six months ended June 30, 2018, ​ 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) $ 123,703 2020 ​ 145,473 2021 ​ 119,548 2022 ​ 111,591 2023 ​ ​ 96,183 Thereafter ​ 837,959 Total ​ $ 1,434,457 ​

Investment in Unconsolidated En

Investment in Unconsolidated Entities	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participation / ​ Carrying value as of ​ Ownership % (1) June 30, 2019 December 31, 2018 Equity method: ​ ​ ​ ​ ​ ​ ​ ​ Retail Fund ​ 33% ​ $ 71,601 ​ $ 114,362 Investor entity which owns equity in an online real estate company ​ 50% ​ ​ 9,387 ​ ​ 9,372 Equity interests in commercial real estate ​ 50% ​ ​ 2,366 ​ ​ 6,294 Equity interest in and advances to a residential mortgage originator (2) N/A ​ 9,167 ​ 9,082 Various 25% - 50% ​ 7,673 ​ 6,984 ​ ​ ​ ​ 100,194 ​ 146,094 Other: ​ ​ ​ ​ ​ ​ ​ ​ Equity interest in a servicing and advisory business (3) ​ 4% ​ ​ — ​ 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% ​ 10,457 ​ 10,239 ​ ​ ​ ​ 19,682 ​ 25,671 ​ ​ ​ ​ $ 119,876 ​ $ 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. ​ (3) During the three months ended June 30, 2019, we received a capital distribution of $8.4 million and our equity interest was reduced to 4% . ​ 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 six months ended June 30, 2019, the Retail Fund reported unrealized decreases in the fair value of its real estate properties, which resulted in a ​ As of June 30, 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 differences between the carrying value of our equity method investments and the underlying equity in the net assets of the investees as of June 30, 2019. ​ During the three and six months ended June 30, 2019, we did not become aware of any observable price changes in our other investments accounted for under the fair value practicability exception (whereby we measure those investments at cost, less impairment, plus or minus observable price changes) or any indicators of impairment. ​

Goodwill and Intangibles

Goodwill and Intangibles	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangibles
Goodwill and Intangibles	​ ​ 8. Goodwil l and Intangibles ​ Goodwill ​ Infrastructure Lending Segment ​ The Infrastructure Lending Segment’s goodwill of $119.4 million at both June 30, 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 June 30, 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 both June 30, 2019 and December 31, 2018, the balance of the domestic servicing intangible was net of $24.1 million, 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 June 30, 2019 and December 31, 2018, the domestic servicing intangible had a balance of $43.0 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 June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 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 ​ $ 18,874 ​ $ — ​ $ 18,874 ​ $ 20,557 ​ $ — ​ $ 20,557 In-place lease intangible assets ​ 196,644 ​ (111,271) ​ 85,373 ​ 198,220 ​ (100,873) ​ 97,347 Favorable lease intangible assets ​ ​ 36,645 ​ ​ (11,415) ​ ​ 25,230 ​ ​ 36,895 ​ ​ (9,766) ​ ​ 27,129 Total net intangible assets ​ $ 252,163 ​ $ (122,686) ​ $ 129,477 ​ $ 255,672 ​ $ (110,639) ​ $ 145,033 ​ The following table summarizes the activity within intangible assets for the six months ended June 30, 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 ​ ​ — ​ ​ (10,680) ​ ​ (1,728) ​ ​ (12,408) Foreign exchange loss ​ ​ — ​ ​ (241) ​ ​ (65) ​ ​ (306) Impairment (1) ​ ​ — ​ ​ (1,053) ​ ​ (106) ​ ​ (1,159) Changes in fair value due to changes in inputs and assumptions ​ ​ (1,683) ​ ​ — ​ ​ — ​ ​ (1,683) Balance as of June 30, 2019 ​ $ 18,874 ​ $ 85,373 ​ $ 25,230 ​ $ 129,477 (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) $ 10,350 2020 ​ 17,004 2021 ​ 14,716 2022 ​ 12,208 2023 ​ 8,976 Thereafter ​ 47,349 Total ​ $ 110,603 ​

Secured Financing Agreements

Secured Financing Agreements	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at ​ ​ Current ​ Extended ​ ​ ​ Pledged Asset ​ Maximum ​ June 30, ​ December 31, ​ Maturity Maturity (a) Pricing Carrying Value Facility Size 2019 2018 Lender 1 Repo 1 ​ (b) ​ (b) ​ LIBOR + 1.60% to 2.35% ​ $ 1,529,783 ​ $ 2,000,000 ​ $ 1,198,746 ​ $ 1,279,979 Lender 2 Repo 1 ​ May 2021 ​ May 2024 ​ LIBOR + 1.50% to 2.50% ​ ​ 646,549 ​ ​ 1,100,000 (c) ​ 509,229 ​ ​ 384,791 Lender 4 Repo 2 ​ May 2021 ​ May 2023 ​ LIBOR + 1.70% to 3.50% ​ ​ 1,268,735 ​ ​ 1,000,000 ​ ​ 766,620 ​ ​ 552,345 Lender 6 Repo 1 ​ Aug 2021 ​ N/A ​ LIBOR + 1.50% to 2.50% ​ ​ 548,167 ​ ​ 600,000 ​ ​ 392,790 ​ ​ 507,545 Lender 6 Repo 2 ​ Jan 2024 ​ N/A ​ GBP LIBOR + 2.45% to 2.75%, EURIBOR + 2.25% ​ ​ 702,382 ​ ​ 544,973 ​ ​ 534,598 ​ ​ 312,437 Lender 7 Repo 1 ​ Sep 2021 ​ Sep 2023 ​ LIBOR + 1.50% to 2.25% ​ ​ 152,326 ​ ​ 250,000 ​ ​ 121,758 ​ ​ 71,720 Lender 10 Repo 1 ​ May 2021 ​ May 2023 ​ LIBOR + 1.50% to 2.75% ​ ​ 200,417 ​ ​ 164,840 ​ ​ 160,480 ​ ​ 160,480 Lender 11 Repo 1 ​ Feb 2021 ​ N/A ​ LIBOR + 2.10% ​ ​ 199,105 ​ ​ 400,000 ​ ​ 161,046 ​ ​ — Lender 11 Repo 2 ​ Sep 2019 ​ Sep 2023 ​ LIBOR + 2.00% to 2.50% ​ ​ 355,069 ​ ​ 500,000 ​ ​ 220,690 ​ ​ 270,690 Lender 12 Repo 1 ​ Jun 2021 ​ Jun 2024 ​ LIBOR + 1.50% to 2.45% ​ ​ 237,609 ​ ​ 250,000 ​ ​ 179,940 ​ ​ 43,500 Lender 13 Repo 1 ​ (d) ​ (d) ​ LIBOR + 1.45% to 1.50% ​ ​ 137,599 ​ ​ 200,000 ​ ​ 106,124 ​ ​ 14,824 Lender 14 Repo 1 ​ Jun 2022 ​ Jun 2023 ​ LIBOR + 1.75% to 2.50% ​ ​ — ​ ​ 750,000 (e) ​ — ​ ​ — Lender 7 Secured Financing ​ Apr 2022 ​ Apr 2024 ​ LIBOR + 2.25% (f) ​ — ​ ​ 650,000 (g) ​ — ​ ​ — Conduit Repo 2 ​ Jun 2022 ​ Jun 2023 ​ LIBOR + 2.10% ​ ​ 91,807 ​ ​ 200,000 ​ ​ 70,760 ​ ​ 35,034 Conduit Repo 3 ​ Feb 2020 ​ Feb 2021 ​ LIBOR + 2.10% ​ ​ 110,625 ​ ​ 150,000 ​ ​ 82,988 ​ ​ — MBS Repo 1 ​ (h) ​ (h) ​ N/A ​ ​ — ​ ​ — ​ ​ — ​ ​ — MBS Repo 2 ​ Dec 2020 ​ N/A ​ LIBOR + 1.55% to 1.75% ​ ​ 192,439 ​ ​ 137,651 ​ ​ 137,651 ​ ​ 159,202 MBS Repo 3 ​ (i) ​ (i) ​ LIBOR + 1.30% to 1.85% ​ ​ 650,064 ​ ​ 385,056 ​ ​ 385,056 ​ ​ 427,942 MBS Repo 4 ​ (j) ​ N/A ​ LIBOR + 1.25% ​ ​ 148,819 ​ ​ 100,000 ​ ​ 60,000 ​ ​ 13,824 MBS Repo 5 ​ Dec 2028 ​ Oct 2029 ​ 4.09% ​ ​ 85,080 ​ ​ 150,000 ​ ​ 78,677 ​ ​ 55,437 Investing and Servicing Segment Property Mortgages ​ May 2020 to ​ N/A ​ Various ​ ​ 258,437 ​ ​ 242,499 ​ ​ 224,601 ​ ​ 219,237 Ireland Mortgage ​ Oct 2025 ​ N/A ​ 1.93% ​ ​ 450,129 ​ ​ 359,677 ​ ​ 359,677 ​ ​ 362,854 Woodstar I Mortgages ​ Nov 2025 to ​ N/A ​ 3.72% to 3.97% ​ ​ 341,271 ​ ​ 276,748 ​ ​ 276,748 ​ ​ 276,748 Woodstar I Government Financing ​ Mar 2026 to Jun 2049 ​ N/A ​ 1.00% to 5.00% ​ ​ 196,030 ​ ​ 130,031 ​ ​ 130,031 ​ ​ 131,179 Woodstar II Mortgages ​ Jan 2028 to Apr 2028 ​ N/A ​ 3.81% to 3.85% ​ ​ 523,013 ​ ​ 417,669 ​ ​ 417,669 ​ ​ 417,669 Woodstar II Government Financing ​ Jun 2030 to Aug 2052 ​ N/A ​ 1.00% to 3.19% ​ ​ 38,421 ​ ​ 25,147 ​ ​ 25,147 ​ ​ 25,311 Medical Office Mortgages ​ Dec 2021 ​ Dec 2023 ​ LIBOR + 2.50% ​ ​ 664,205 ​ ​ 524,499 ​ ​ 494,309 ​ ​ 492,828 Master Lease Mortgages ​ Oct 2027 ​ N/A ​ 4.38% ​ ​ 328,890 ​ ​ 194,900 ​ ​ 194,900 ​ ​ 194,900 Infrastructure Acquisition Facility ​ Sep 2021 ​ Sep 2022 ​ Various (k) ​ 1,276,574 ​ ​ 1,265,209 ​ ​ 980,149 ​ ​ 1,551,148 Infrastructure Repo ​ Feb 2020 ​ Feb 2021 ​ LIBOR + 1.75% ​ ​ 328,888 ​ ​ 500,000 ​ ​ 275,472 ​ ​ — Term Loan A ​ Dec 2020 ​ Dec 2021 ​ LIBOR + 2.25% (f) ​ 945,026 ​ ​ 300,000 ​ ​ 300,000 ​ ​ 300,000 Revolving Secured Financing ​ Dec 2020 ​ Dec 2021 ​ LIBOR + 2.25% (f) ​ — ​ ​ 100,000 ​ ​ — ​ ​ — FHLB ​ Feb 2021 ​ N/A ​ Various ​ ​ 957,674 ​ ​ 2,000,000 ​ ​ 513,754 ​ ​ 500,000 ​ ​ ​ ​ ​ ​ ​ ​ $ 13,565,133 ​ $ 15,868,899 ​ ​ 9,359,610 ​ ​ 8,761,624 Unamortized net discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,030) ​ ​ (963) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (72,693) ​ ​ (77,096) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,284,887 ​ $ 8,683,565 (a) Subject to certain conditions as defined in the respective facility agreement. (b) Maturity date for borrowings collateralized by loans is April 2021 with three one-year extension options to April 2024. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions and not to exceed April 2028. (c) The initial maximum facility size of $800.0 million may be increased to $1.1 billion at our option, 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) The initial maximum facility size of $500.0 million may be increased to $750.0 million, subject to certain conditions. (f) Subject to borrower’s option to choose alternative benchmark based rates pursuant to the terms of the credit agreement. (g) The initial maximum facility size of $300.0 million may be increased to $650.0 million, subject to certain conditions. (h) Facility carries a rolling 11 -month term which may reset monthly with the lender’s consent. This facility carries no maximum facility size. (i) Facility carries a rolling 12 -month term which may reset monthly with the lender’s consent. Current maturity is June 2020. This facility carries no maximum facility size. Amounts reflect the outstanding balance as of June 30, 2019. (j) The date that is 270 days after the buyer delivers notice to seller, subject to a maximum date of May 2020. (k) 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 ​ 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. ​ In April 2019, we amended the Lender 1 Repo 1 facility to extend the current maturity from September 2019 to April 2021 with three one-year extension options. ​ In April 2019, we amended the Lender 7 Secured Financing facility to extend the current maturity from February 2021 to April 2022 with two one-year extension options. We also now have the ability to pledge loans from the Infrastructure Lending Segment to this facility. ​ In May 2019, we amended the Lender 2 Repo 1 facility to increase the initial maximum facility size from $600.0 million to $800.0 million and extended the current maturity from April 2020 to May 2021 with three one-year extension options. ​ In June 2019, we modified the Conduit Repo 2 facility with a $950.0 million repurchase facility, of which $750.0 million is specifically designated to finance commercial loans within the Commercial and Residential Lending Segment (“Lender 14 Repo 1”) and $200.0 million is specifically designated to finance conduit loans. The facility carries a ​ Our secured financing agreements contain certain financial tests and covenants. As of June 30, 2019, we were in compliance with all such covenants. ​ 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 following table sets forth our principal repayments schedule for secured financings based on the earlier of (i) the extended contractual maturity of each credit facility or (ii) the extended contractual maturity of each of the investments that have been pledged as collateral under the respective credit facility (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase Other Secured ​ ​ ​ Agreements ​ Financing ​ Total 2019 (remainder of) ​ $ 97,607 ​ $ 179,871 ​ $ 277,478 2020 ​ 824,360 ​ 178,971 ​ 1,003,331 2021 ​ 1,379,216 ​ 823,202 ​ 2,202,418 2022 ​ 760,605 ​ 693,744 ​ 1,454,349 2023 ​ 1,753,224 ​ 566,892 ​ 2,320,116 Thereafter ​ 627,613 ​ 1,474,305 ​ 2,101,918 Total ​ $ 5,442,625 ​ $ 3,916,985 ​ $ 9,359,610 ​ For the three and six months ended June 30, 2019, approximately $8.1 million and $16.8 million, respectively, of amortization of deferred financing costs from secured financing agreements was included in interest expense on our condensed consolidated statements of operations. For the three and six months ended June 30, 2018, approximately $5.8 million and $10.9 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 June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Class of Collateral ​ June 30, 2019 ​ December 31, 2018 Loans held-for-investment $ 4,466,447 $ 3,567,786 Loans held-for-sale ​ 314,794 ​ 65,559 Investment securities ​ 661,384 ​ 656,405 ​ ​ $ 5,442,625 ​ $ 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 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 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	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ Coupon ​ Effective ​ Maturity ​ Period of ​ Carrying Value at ​ ​ Rate ​ Rate (1) ​ Date ​ Amortization ​ June 30, 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 ​ 1.6 years ​ ​ 500,000 ​ ​ 500,000 2021 Senior Notes (December) ​ 5.00 % 5.32 % 12/15/2021 ​ 2.5 years ​ ​ 700,000 ​ ​ 700,000 2023 Convertible Notes ​ 4.38 % 4.86 % 4/1/2023 ​ 3.8 years ​ ​ 250,000 ​ ​ 250,000 2025 Senior Notes ​ 4.75 % 5.04 % 3/15/2025 ​ 5.7 years ​ ​ 500,000 ​ ​ 500,000 Total principal amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,950,000 ​ ​ 2,027,969 Unamortized discount—Convertible Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,118) ​ ​ (4,644) Unamortized discount—Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (14,301) ​ ​ (16,416) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6,870) ​ (8,078) Carrying amount of debt components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,924,711 ​ $ 1,998,831 Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,755 ​ $ 3,755 (1) Effective rate includes the effects of underwriter purchase discount and the adjustment for the conversion option on our Convertible Notes, the value of which reduced the initial liability and was recorded in additional paid-in capital. ​ Convertible Senior Notes ​ During the six months ended June 30, 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 $3.0 million and $6.2 million during the three and six months ended June 30, 2019, respectively, from our unsecured Convertible Notes. We recognized interest expense of $7.6 million and $18.9 million during the three and six months ended June 30, 2018, respectively, from our unsecured Convertible Notes. ​ The following table details the conversion attributes of our Convertible Notes outstanding as of June 30, 2019 (amounts in thousands, except rates): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ Conversion Spread Value - Shares (3) ​ ​ Conversion ​ Conversion ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ Rate (1) ​ Price (2) ​ 2019 ​ 2018 ​ 2019 ​ 2018 2019 Notes ​ N/A ​ N/A — 1,863 — 1,900 2023 Notes ​ 38.5959 $ 25.91 — — ​ — — ​ ​ ​ ​ ​ ​ ​ — ​ 1,863 ​ — ​ 1,900 ​ (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 June 30, 2019 and 2018, the market price of the Company’s common stock was $22.72 and $21.71 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 $30.8 million at June 30, 2019 as the closing market price ​ 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 $219.2 million as of June 30, 2019.

Loan Securitization_Sale Activi

Loan Securitization/Sale Activities	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repayment of ​ ​ ​ ​ ​ ​ repurchase ​ Face Amount Proceeds agreements For the Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 345,221 ​ $ 365,377 ​ $ 270,852 2018 ​ 208,141 ​ 215,133 ​ 157,538 For the Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 524,632 ​ $ 552,218 ​ $ 406,985 2018 ​ 464,959 ​ 481,765 ​ 351,382 ​ ​ 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 six months ended June 30, 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 June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 102,681 ​ $ 102,141 ​ $ 1,635 ​ $ 1,668 ​ $ — ​ $ — 2018 ​ 50,000 ​ 49,477 ​ — ​ — ​ — ​ — For the Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 501,422 ​ $ 498,451 ​ $ 364,053 ​ $ 376,529 ​ $ — ​ $ — 2018 ​ 196,400 ​ 194,720 ​ — ​ — ​ — ​ — ​ During the six months ended June 30, 2019, we recognized a $0.3 million change in fair value of mortgage loans held-for-sale, net in our condensed consolidated statement of operations in connection with a residential mortgage loan securitization. There were no residential mortgage loan securitizations during the three months ended June 30, 2019. During the three and six months ended June 30, 2019, gains recognized by the Commercial and Residential Lending Segment on sales of commercial loans were $0.2 million and $3.0 million, respectively. During the three and six months ended June 30, 2018, gains (losses) recognized by the Commercial and Residential Lending Segment on sales of loans were not material. ​ 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 and six months ended June 30, 2019, the Infrastructure Lending Segment sold loans held-for-sale with an aggregate face amount of $176.5 million and $356.8 million, respectively, for proceeds of $173.6 million and $346.3 million, respectively, recognizing gain on sales of $2.3 million and $3.1 million, respectively. In connection with these sales, we sold an interest rate swap guarantee for cash payment of $3.1 million and recognized a decrease in fair value of $2.7 million within (loss) gain on derivative financial instruments in our condensed consolidated statement of operations during the three months ended June 30, 2019. Refer to Note 12 for further discussion of our interest rate swap guarantees.

Derivatives and Hedging Activit

Derivatives and Hedging Activity	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018, the Company did not have any designated hedges. As of June 30, 2018, the Company had interest rate swap that had been designated as a cash flow hedge of the interest rate risk associated with forecasted interest payments. During the three and six months ended June 30, 2018, the impact of this cash flow hedge 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; and ● 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 June 30, 2019 (notional amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Sell Euros ("EUR") ​ 79 ​ 309,884 ​ EUR ​ July 2019 - November 2022 Fx contracts – Sell Pounds Sterling ("GBP") ​ 105 ​ 303,176 ​ GBP ​ July 2019 – April 2022 Fx contracts – Sell Australian dollar ("AUD") ​ 3 ​ 12,542 ​ AUD ​ July 2019 – November 2021 Interest rate swaps – Paying fixed rates ​ 38 ​ 1,149,539 ​ USD ​ December 2021 – July 2029 Interest rate swaps – Receiving fixed rates ​ 2 ​ 970,000 ​ USD ​ January 2021 – March 2025 Interest rate caps ​ 8 ​ 109,506 ​ USD ​ January 2020 – December 2021 Credit index instruments ​ 4 ​ 39,000 ​ USD ​ November 2054 – August 2061 Interest rate swap guarantees ​ 9 ​ 665,358 ​ USD ​ July 2019 – June 2025 Interest rate swap guarantees ​ 1 ​ 10,263 ​ GBP ​ December 2024 Total ​ 249 ​ ​ ​ ​ ​ ​ ​ The table below presents the fair value of our derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 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 ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ 2019 2018 2019 2018 Interest rate contracts ​ $ 22,851 ​ $ 30,791 ​ $ 7,796 ​ $ 14,457 Interest rate swap guarantees ​ ​ — ​ ​ — ​ ​ 435 ​ ​ 396 Foreign exchange contracts ​ 30,801 ​ 21,346 ​ 511 ​ 562 Credit index instruments ​ 24 ​ 554 ​ 149 ​ — Total derivatives ​ $ 53,676 ​ $ 52,691 ​ $ 8,891 ​ $ 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 and six months ended June 30, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) ​ Amount of Gain (Loss) ​ ​ ​ ​ Recognized in Income for the ​ Recognized in Income for the Derivatives Not Designated ​ Location of Gain (Loss) ​ Three Months Ended June 30, ​ Six Months Ended June 30, as Hedging Instruments Recognized in Income ​ 2019 ​ 2018 ​ 2019 ​ 2018 Interest rate contracts (Loss) gain on derivative financial instruments ​ $ (10,077) ​ $ (128) ​ $ (13,835) ​ $ 6,109 Interest rate swap guarantees ​ (Loss) gain on derivative financial instruments ​ ​ (2,990) ​ ​ — ​ ​ (3,171) ​ ​ — Foreign exchange contracts (Loss) gain on derivative financial instruments ​ 13,245 ​ 32,818 ​ 15,689 ​ 9,675 Credit index instruments (Loss) gain on derivative financial instruments ​ (210) ​ (68) ​ (922) ​ (21) ​ ​ ​ ​ $ (32) ​ $ 32,622 ​ $ (2,239) ​ $ 15,763 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 30, ​ (effective portion) ​ (effective portion) ​ (ineffective portion) ​ Recognized in Income 2019 ​ $ — ​ $ — ​ $ — Interest expense 2018 ​ $ (1) ​ $ 22 ​ $ — Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ — ​ $ — ​ $ — Interest expense 2018 ​ $ 8 ​ $ 26 ​ $ — Interest expense ​

Offsetting Assets and Liabiliti

Offsetting Assets and Liabilities	6 Months Ended
	Jun. 30, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 53,676 ​ $ — ​ $ 53,676 ​ $ 545 ​ $ 13,814 ​ $ 39,317 Derivative liabilities ​ $ 8,891 ​ $ — ​ $ 8,891 ​ $ 545 ​ $ 7,907 ​ $ 439 Repurchase agreements ​ 5,442,625 ​ — ​ 5,442,625 ​ 5,442,625 ​ — ​ — ​ ​ $ 5,451,516 ​ $ — ​ $ 5,451,516 ​ $ 5,443,170 ​ $ 7,907 ​ $ 439 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	6 Months Ended
	Jun. 30, 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 2019. In total, our consolidated non-securitization VIEs had net assets of ​ 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 June 30, 2019, four of our collateralized debt obligation (“CDO”) structures within our Investing and Servicing Segment 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 June 30, 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 June 30, 2019, our maximum risk of loss related to securitization VIEs in which we were not the primary beneficiary was $44.7 million on a fair value basis. ​ As of June 30, 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 $6.4 billion. The corresponding assets are comprised primarily of commercial mortgage loans with unpaid principal balances corresponding to the amounts of the outstanding debt obligations. ​ We also hold passive non-controlling interests in certain unconsolidated entities that are considered VIEs. million as of June 30, 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	6 Months Ended
	Jun. 30, 2019
Related-Party Transactions
Related-Party Transactions	​ ​ 15. Related-Party Transaction s ​ Management Agreement ​ We are party to a management agreement (the “Management Agreement”) with our Manager. Under the Management Agreement, our Manager, subject to the oversight of our board of directors, is required to manage our day to day activities, for which our Manager receives a base management fee and is eligible for an incentive fee and stock awards. Our Manager’s personnel perform certain due diligence, legal, management and other services that outside professionals or consultants would otherwise perform. As such, in accordance with the terms of our Management Agreement, our Manager is paid or reimbursed for the documented costs of performing such tasks, provided that such costs and reimbursements are in amounts no greater than those which would be payable to outside professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. Refer to Note 16 to the consolidated financial statements included in our Form 10-K for further discussion of this agreement. ​ Base Management Fee. ​ Incentive Fee. There were incentive fees incurred during the three months ended June 30, 2019. For the three months ended June 30, 2018, approximately unpaid incentive fees. As of December 31, 2018, approximately ​ Expense Reimbursement. For the three months ended June 30, 2019 and 2018, approximately ​ 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 June 30, 2019, we granted RSAs granted. Expenses related to the vesting of awards to employees of affiliates of our Manager were million during the three months ended June 30, 2019 and 2018, respectively, and are reflected in general and administrative expenses in our condensed consolidated statements of operations. During the six months ended June 30, 2019 and 2018, we granted million during the six months ended June 30, 2019 and 2018, respectively. These shares generally vest over a ​ 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 RSUs to our Manager under the Manager Equity Plan. In May 2015, we granted 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 ​ ​ Investments in Loans ​ In February 2019, the Company acquired a $60.0 million first priority infrastructure term loan participation which bears interest at LIBOR plus 3.75% . In April 2019, the Company acquired an additional million. The loan is secured by 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 and six months ended June 30, 2019, the Company acquired $103.3 million and $175.2 million, respectively, of loans from a residential mortgage originator in which it holds an equity interest. Refer to Note 7 for further discussion. ​ Other Related-Party Arrangements ​ During the three and six months ended June 30, 2019, we engaged Highmark Residential (“Highmark”) (formerly known as Milestone Management), an affiliate of our Manager, to provide property management services for two and 11 additional properties, respectively, within our Woodstar I Portfolio, bringing the total number of our properties managed by Highmark to 21 . Fees paid to Highmark are calculated as a percentage of gross receipts and are at market terms. During the three and six months ended June 30, 2019, property management fees paid to Highmark were ​ 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 June 30, 2019 and 2018 or during the six months ended June 30, 2019. During the six months ended June 30, 2018, we acquired ​ 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	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity and Non-Controlling Interests
Stockholders' Equity and Non-Controlling Interests	16. Stockholders’ Equity and Non-Controlling Interests ​ During the six months ended June 30, 2019, our board of directors declared the following dividends: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Declaration Date Record Date Ex-Dividend Date Payment Date Amount Frequency 5/8/19 6/28/19 6/27/19 ​ 7/15/19 ​ $ 0.48 Quarterly 2/28/19 3/29/19 3/28/19 ​ 4/15/19 ​ $ 0.48 Quarterly ​ During the six months ended June 30, 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 six months ended June 30, 2019 and 2018, there were no shares issued under our At-The-Market Equity Offering Sales Agreement. During the six months ended June 30, 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 share or Convertible Notes repurchases under the repurchase program during the six months ended June 30, 2019. During the six months ended June 30, 2018, we repurchased ​ 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 six months ended June 30, 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 ​ 451,835 ​ — 451,835 ​ 22.59 Vested (402,541) ​ (295,833) (698,374) ​ 21.47 Forfeited (14,761) ​ — (14,761) ​ 22.07 Balance as of June 30, 2019 1,470,978 702,087 2,173,065 ​ 21.75 ​ As of June 30, 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 million of the Class A Units were received and settled in common stock subsequent to June 30, 2019. 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 and six months ended June 30, 2019, we recognized net income attributable to non-controlling interests of

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 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 ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2019 2018 2019 2018 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders $ 127,016 ​ $ 109,230 ​ $ 197,399 ​ $ 209,162 Less: Income attributable to participating shares not already deducted as non-controlling interests (751) ​ (1,034) ​ (1,575) ​ (1,755) Basic earnings $ 126,265 ​ $ 108,196 ​ $ 195,824 ​ $ 207,407 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders $ 127,016 ​ $ 109,230 ​ $ 197,399 ​ $ 209,162 Less: Income attributable to participating shares not already deducted as non-controlling interests (751) ​ (1,034) ​ (1,575) ​ (1,755) Add: Interest expense on Convertible Notes (1) ​ 3,049 ​ ​ 7,593 ​ ​ 6,235 ​ ​ 15,159 Diluted earnings $ 129,314 ​ $ 115,789 ​ $ 202,059 ​ $ 222,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding 279,239 ​ 260,998 ​ 278,396 ​ 260,832 Effect of dilutive securities — Convertible Notes (1) 9,649 ​ 27,134 ​ 9,963 ​ 27,044 Effect of dilutive securities — Contingently issuable shares — ​ 128 ​ ​ — ​ 128 Effect of dilutive securities — Unvested non-participating shares ​ 184 ​ ​ 50 ​ ​ 170 ​ ​ 36 Diluted — Average shares outstanding 289,072 ​ 288,310 ​ 288,529 ​ 288,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to STWD Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic $ 0.45 ​ $ 0.41 ​ $ 0.70 ​ $ 0.80 Diluted $ 0.45 ​ $ 0.40 ​ $ 0.70 ​ $ 0.77 (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 was previously 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 periods presented above 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 June 30, 2019 and 2018, participating shares of 12.8 million and 11.9 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 June 30, 2019 and 2018 included 11.2 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	6 Months Ended
	Jun. 30, 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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at April 1, 2019 ​ $ — ​ $ 53,128 ​ $ 2,670 ​ $ 55,798 OCI before reclassifications ​ — ​ (79) ​ 1,405 ​ 1,326 Amounts reclassified from AOCI ​ — ​ — ​ — ​ — Net period OCI ​ — ​ (79) ​ 1,405 ​ 1,326 Balance at June 30, 2019 ​ $ — ​ $ 53,049 ​ $ 4,075 ​ $ 57,124 Three Months Ended June 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at April 1, 2018 ​ $ 30 ​ $ 59,052 ​ $ 16,228 ​ $ 75,310 OCI before reclassifications ​ (1) ​ ​ 1,052 ​ (8,176) ​ (7,125) Amounts reclassified from AOCI ​ (22) ​ (29) ​ — ​ (51) Net period OCI ​ (23) ​ 1,023 ​ (8,176) ​ (7,176) Balance at June 30, 2018 ​ $ 7 ​ $ 60,075 ​ $ 8,052 ​ $ 68,134 Six Months Ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2019 ​ $ — ​ $ 53,515 ​ $ 5,145 ​ $ 58,660 OCI before reclassifications ​ — ​ (466) ​ (1,070) ​ (1,536) Amounts reclassified from AOCI ​ — ​ — ​ — ​ — Net period OCI ​ — ​ (466) ​ (1,070) ​ (1,536) Balance at June 30, 2019 ​ $ — ​ $ 53,049 ​ $ 4,075 ​ $ 57,124 Six Months Ended June 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2018 ​ $ 25 ​ $ 57,889 ​ $ 12,010 ​ $ 69,924 OCI before reclassifications ​ 8 ​ 2,261 ​ (3,958) ​ (1,689) Amounts reclassified from AOCI ​ (26) ​ (75) ​ — ​ (101) Net period OCI ​ (18) ​ 2,186 ​ (3,958) ​ (1,790) Balance at June 30, 2018 ​ $ 7 ​ $ 60,075 ​ $ 8,052 ​ $ 68,134 ​ The reclassifications out of AOCI impacted the condensed consolidated statements of operations for the three and six months ended June 30, 2019 and 2018 as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from ​ Amounts Reclassified from ​ ​ ​ ​ AOCI during the Three Months ​ AOCI during the Six Months ​ Affected Line Item ​ ​ Ended June 30, ​ Ended June 30, ​ in the Statements Details about AOCI Components 2019 2018 2019 2018 of Operations Gain (loss) on cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ — ​ $ 22 $ — ​ $ 26 ​ Interest expense Unrealized gains (losses) on available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest realized upon collection ​ ​ — ​ ​ — ​ ​ — ​ ​ 46 ​ Interest income from investment securities Net realized gain on sale of investment ​ ​ — ​ ​ 29 ​ ​ — ​ ​ 29 ​ Gain on sale of investments and other assets, net Total ​ ​ — ​ ​ 29 ​ ​ — ​ ​ 75 ​ ​ Total reclassifications for the period ​ $ — ​ $ 51 ​ $ — ​ $ 101 ​ ​ ​

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 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 ​ Level II ​ Level III ​ 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. In the event that observable inputs are not available, the control processes are designed to assure that the valuation approach utilized is appropriate and consistently applied and the assumptions are reasonable. Pricing Verification —We use recently executed transactions, other observable market data such as exchange data, broker/dealer quotes, third party pricing vendors and aggregation services for validating the fair values generated using valuation models. Pricing data provided by approved external sources is evaluated using a number of approaches; for example, by corroborating the external sources’ prices to executed trades, analyzing the methodology and assumptions used by the external source to generate a price and/or by evaluating how active the third party pricing source (or originating sources used by the third party pricing source) is in the market. Unobservable Inputs —Where inputs are not observable, we review the appropriateness of the proposed valuation methodology to ensure it is consistent with how a market participant would arrive at the unobservable input. The valuation methodologies utilized in the absence of observable inputs may include extrapolation techniques and the use of comparable observable inputs. Any changes to the valuation methodology will be reviewed by our management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while we anticipate that our valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value could result in a different estimate of fair value at the reporting date. Fair Value on a Recurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a recurring basis as follows: Loans held-for-sale, commercial We measure the fair value of our commercial mortgage loans held-for-sale using a discounted cash flow analysis unless observable market data (i.e., securitized pricing) is available. A discounted cash flow analysis requires management to make estimates regarding future interest rates and credit spreads. The most significant of these inputs relates to credit spreads and is unobservable. Thus, we have determined that the fair values of mortgage loans valued using a discounted cash flow analysis should be classified in Level III of the fair value hierarchy, while mortgage loans valued using securitized pricing should be classified in Level II of the fair value hierarchy. Mortgage loans classified in Level III are transferred to Level II if securitized pricing becomes available. Loans held-for-sale, residential ​ We measure the fair value of our residential mortgage loans held-for-sale based on the net present value of expected future cash flows using a combination of observable and unobservable inputs. Observable market participant assumptions include pricing related to trades of residential mortgage loans with similar characteristics. Unobservable inputs include the expectation of future cash flows, which involves judgments about the underlying collateral, the creditworthiness of the borrower, estimated prepayment speeds, estimated future credit losses, forward interest rates, investor yield requirements and certain other factors. At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs, these loans have been classified within Level III. ​ RMBS RMBS are valued utilizing observable and unobservable market inputs. The observable market inputs include recent transactions, broker quotes and vendor prices (“market data”). However, given the implied price dispersion amongst the market data, the fair value determination for RMBS has also utilized significant unobservable inputs in discounted cash flow models including prepayments, default and severity estimates based on the recent performance of the collateral, the underlying collateral characteristics, industry trends, as well as expectations of macroeconomic events (e.g., housing price curves, interest rate curves, etc.). At each measurement date, we consider both the observable and unobservable valuation inputs in the determination of fair value. However, given the significance of the unobservable inputs these securities have been classified within Level III. CMBS CMBS are valued utilizing both observable and unobservable market inputs. These factors include projected future cash flows, ratings, subordination levels, vintage, remaining lives, credit issues, recent trades of similar securities and the spreads used in the prior valuation. We obtain current market spread information where available and use this information in evaluating and validating the market price of all CMBS. Depending upon the significance of the fair value inputs used in determining these fair values, these securities are classified in either Level II or Level III of the fair value hierarchy. CMBS may shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the CMBS become or cease to be observable. Equity security The equity security is publicly registered and traded in the U.S. and its market price is listed on the London Stock Exchange. The security has been classified within Level I. Domestic servicing rights The fair value of this intangible is determined using discounted cash flow modeling techniques which require management to make estimates regarding future net servicing cash flows, including forecasted loan defeasance, control migration, delinquency and anticipated maturity defaults which are calculated assuming a debt yield at which default occurs. Since the most significant of these inputs are unobservable, we have determined that the fair values of this intangible in its entirety should be classified in Level III of the fair value hierarchy. ​ Derivatives The valuation of derivative contracts are determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market based inputs, including interest rate curves, spot and market forward points and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The valuation of over the counter derivatives are determined using discounted cash flows based on Overnight Index Swap (“OIS”) rates. Fully collateralized trades are discounted using OIS with no additional economic adjustments to arrive at fair value. Uncollateralized or partially collateralized trades are also discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. For credit index instruments, fair value is determined based on changes in the relevant indices from the date of initiation of the instrument to the reporting date, as these changes determine the amount of any future cash settlement between us and the counterparty. These indices are considered Level II inputs as they are directly observable. Although we have determined that the majority of the inputs used to value our derivatives fall within Level II of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level III inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of June 30, 2019 and December 31, 2018, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level II of the fair value hierarchy. Liabilities of consolidated VIEs Our consolidated VIE liabilities generally represent bonds that are not owned by us. The majority of these are either traded in the marketplace or can be analogized to similar securities that are traded in the marketplace. For these liabilities, pricing is considered to be Level II, where the valuation is based upon quoted prices for similar instruments traded in active markets. We generally utilize third party pricing service providers for valuing these liabilities. In order to determine whether to utilize the valuations provided by third parties, we conduct an ongoing evaluation of their valuation methodologies and processes, as well as a review of the individual valuations themselves. In evaluating third party pricing for reasonableness, we consider a variety of factors, including market transaction information for the particular bond, market transaction information for bonds within the same trust, market transaction information for similar bonds, the bond’s ratings and the bond’s subordination levels. ​ For the minority portion of our consolidated VIE liabilities which consist of unrated or non-investment grade bonds that are not owned by us, pricing may be either Level II or Level III. If independent third party pricing similar to that noted above is available, we consider the valuation to be Level II. If such third party pricing is not available, the valuation is generated from model-based techniques that use significant unobservable assumptions, and we consider the valuation to be Level III. For VIE liabilities classified as Level III, valuation is determined based on discounted expected future cash flows which take into consideration expected duration and yields based on market transaction information, ratings, subordination levels, vintage and current market spread. VIE liabilities may shift between Level II and Level III of the fair value hierarchy if the significant fair value inputs used to price the VIE liabilities become or cease to be observable. ​ ​ Assets of consolidated VIEs The VIEs in which we invest are “static”; that is, no reinvestment is permitted, and there is no active management of the underlying assets. In determining the fair value of the assets of the VIE, we maximize the use of observable inputs over unobservable inputs. The individual assets of a VIE are inherently incapable of precise measurement given their illiquid nature and the limitations on available information related to these assets. Because our methodology for valuing these assets does not value the individual assets of a VIE, but rather uses the value of the VIE liabilities as an indicator of the fair value of VIE assets as a whole, we have determined that our valuations of VIE assets in their entirety should be classified in Level III of the fair value hierarchy. Fair Value on a Nonrecurring Basis We determine the fair value of our financial assets and liabilities measured at fair value on a nonrecurring basis as follows: Loans held-for-sale, infrastructure We measure the fair value of infrastructure loans held-for-sale, which are carried at the lower of amortized cost or fair value, utilizing bids periodically received from third parties to acquire these assets. As these bids represent observable market data, we have determined that the fair value of these assets would be classified in Level II of the fair value hierarchy. Fair Value Only Disclosed We determine the fair value of our financial instruments and assets where fair value is disclosed as follows: Loans held-for-investment, loans held-for-sale and loans transferred as secured borrowings We estimate the fair values of our loans not carried at fair value on a recurring basis by discounting their expected cash flows at a rate we estimate would be demanded by the market participants that are most likely to buy our loans. The expected cash flows used are generally the same as those used to calculate our level yield income in the financial statements. Since these inputs are unobservable, we have determined that the fair value of these loans in their entirety would be classified in Level III of the fair value hierarchy. HTM debt securities We estimate the fair value of our mandatorily redeemable preferred equity interests in commercial real estate companies and infrastructure bonds using the same methodology described for our loans held-for- investment. We estimate the fair value of our HTM CMBS using the same methodology described for our CMBS carried at fair value on a recurring basis. Secured financing agreements, unsecured senior notes not convertible and secured borrowings on transferred loans The fair value of the secured financing agreements, unsecured senior notes not convertible and secured borrowings on transferred loans are determined by discounting the contractual cash flows at the interest rate we estimate such arrangements would bear if executed in the current market. We have determined that our valuation of these instruments should be classified in Level III of the fair value hierarchy. Convertible Notes The fair value of the debt component of our Convertible Notes is estimated by discounting the contractual cash flows at the interest rate we estimate such notes would bear if sold in the current market without the embedded conversion option which, in accordance with ASC 470, is reflected as a component of equity. We have determined that our valuation of our Convertible Notes should be classified in Level III of the fair value hierarchy. ​ 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 June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held-for-sale, fair value option ​ $ 1,372,398 ​ $ — ​ $ — ​ $ 1,372,398 RMBS ​ 200,874 ​ — ​ — ​ 200,874 CMBS ​ 44,702 ​ — ​ 10,419 ​ 34,283 Equity security ​ 11,833 ​ 11,833 ​ — ​ — Domestic servicing rights ​ 18,874 ​ — ​ — ​ 18,874 Derivative assets ​ 53,676 ​ — ​ 53,676 ​ — VIE assets ​ 57,667,606 ​ — ​ — ​ 57,667,606 Total ​ $ 59,369,963 ​ $ 11,833 ​ $ 64,095 ​ $ 59,294,035 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 8,891 ​ $ — ​ $ 8,891 ​ $ — VIE liabilities ​ 56,446,619 ​ — ​ 54,072,617 ​ 2,374,002 Total ​ $ 56,455,510 ​ $ — ​ $ 54,081,508 ​ $ 2,374,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 and six months ended June 30, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended June 30, 2019 ​ Held - for - sale ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total April 1, 2019 balance ​ $ 841,687 ​ $ 204,835 ​ $ 38,335 ​ $ 19,790 ​ $ 56,974,864 ​ $ (2,046,559) ​ $ 56,032,952 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 21,891 ​ — ​ 1,016 ​ ​ (916) ​ 126,589 ​ 3,492 ​ 152,072 Net accretion ​ — ​ 2,535 ​ — ​ — ​ — ​ — ​ 2,535 Included in OCI ​ — ​ (79) ​ — ​ — ​ — ​ — ​ (79) Purchases / Originations ​ 911,938 ​ — ​ — ​ — ​ — ​ — ​ 911,938 Sales ​ (367,045) ​ — ​ (750) ​ — ​ — ​ — ​ (367,795) Issuances ​ — ​ — ​ — ​ — ​ — ​ (25,045) ​ (25,045) Cash repayments / receipts ​ (36,073) ​ (6,417) ​ (5,402) ​ — ​ — ​ (2,881) ​ (50,773) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (594,399) ​ (594,399) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 294,227 ​ 294,227 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 824,070 ​ (4,541) ​ 819,529 Deconsolidation of VIEs ​ — ​ — ​ 1,084 ​ — ​ (257,917) ​ 1,704 ​ (255,129) June 30, 2019 balance ​ $ 1,372,398 ​ $ 200,874 ​ $ 34,283 ​ $ 18,874 ​ $ 57,667,606 ​ $ (2,374,002) ​ $ 56,920,033 Amount of total gains (losses) included in earnings attributable to assets still held at June 30, 2019 ​ $ 5,547 ​ $ 2,535 ​ $ 410 ​ $ (916) ​ $ 126,589 ​ $ 3,492 ​ $ 137,657 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended June 30, 2018 ​ Held - for - sale ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total April 1, 2018 balance ​ $ 723,733 ​ $ 240,853 ​ $ 23,969 ​ $ 24,945 ​ $ 49,233,307 ​ $ (2,205,734) ​ $ 48,041,073 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 14,833 ​ 141 ​ (542) ​ (2,203) ​ (1,766,507) ​ 297,960 ​ (1,456,318) Net accretion ​ — ​ 2,622 ​ — ​ — ​ — ​ — ​ 2,622 Included in OCI ​ — ​ 1,023 ​ — ​ — ​ — ​ — ​ 1,023 Purchases / Originations ​ ​ 633,433 ​ ​ — ​ ​ 1,463 ​ ​ — ​ ​ — ​ ​ — ​ ​ 634,896 Sales ​ (215,133) ​ (807) ​ — ​ — ​ — ​ — ​ (215,940) Cash repayments / receipts ​ ​ (64,097) ​ (8,036) ​ ​ (240) ​ ​ — ​ ​ — ​ ​ (45,177) ​ (117,550) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (160,071) ​ (160,071) Transfers out of Level III ​ (195,510) ​ — ​ — ​ — ​ — ​ 109,592 ​ (85,918) Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 725,189 ​ — ​ 725,189 Deconsolidation of VIEs ​ — ​ — ​ — ​ — ​ (147,116) ​ 1,315 ​ (145,801) June 30, 2018 balance ​ $ 897,259 ​ $ 235,796 ​ $ 24,650 ​ $ 22,742 ​ $ 48,044,873 ​ $ (2,002,115) ​ $ 47,223,205 Amount of total gain (losses) included in earnings attributable to assets still held at June 30, 2018 ​ $ 2,071 ​ $ 2,623 ​ $ (542) ​ $ (2,203) ​ $ (1,766,507) ​ $ 297,960 ​ $ (1,466,598) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Six Months Ended June 30, 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 ​ 33,157 ​ — ​ 721 ​ (1,683) ​ 420,934 ​ 37,449 ​ 490,578 Net accretion ​ — ​ 5,038 ​ — ​ — ​ — ​ — ​ 5,038 Included in OCI ​ — ​ (466) ​ — ​ — ​ — ​ — ​ (466) Purchases / Originations ​ 1,652,234 ​ — ​ — ​ — ​ — ​ — ​ 1,652,234 Sales ​ (928,747) ​ — ​ (3,978) ​ — ​ — ​ — ​ (932,725) Issuances ​ — ​ — ​ — ​ — ​ — ​ (58,723) ​ (58,723) Cash repayments / receipts ​ (55,528) ​ (12,777) ​ (5,590) ​ — ​ — ​ (3,270) ​ (77,165) Transfers into Level III ​ — ​ — ​ 5,350 ​ — ​ — ​ (1,265,141) ​ (1,259,791) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 430,819 ​ 430,819 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 4,104,135 ​ (107,850) ​ 3,996,285 Deconsolidation of VIEs ​ — ​ — ​ 12,552 ​ — ​ (303,827) ​ 34,160 ​ (257,115) June 30, 2019 balance ​ $ 1,372,398 ​ $ 200,874 ​ $ 34,283 ​ $ 18,874 ​ $ 57,667,606 ​ $ (2,374,002) ​ $ 56,920,033 Amount of total gains (losses) included in earnings attributable to assets still held at June 30, 2019 ​ $ 5,145 ​ $ 5,038 ​ $ (157) ​ $ (1,683) ​ $ 420,934 ​ $ 37,449 ​ $ 466,726 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Six Months Ended June 30, 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 ​ 22,633 ​ ​ 141 ​ ​ 13 ​ ​ (8,017) ​ ​ (3,793,715) ​ ​ 535,050 ​ (3,243,895) Net accretion ​ — ​ ​ 5,441 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 5,441 Included in OCI ​ — ​ ​ 2,186 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 2,186 Purchases / Originations ​ ​ 910,692 ​ ​ — ​ ​ 1,463 ​ ​ — ​ ​ — ​ ​ — ​ ​ 912,155 Sales ​ (481,765) ​ ​ (807) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ (482,572) Issuances ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,948) ​ (7,948) Cash repayments / receipts ​ ​ (104,534) ​ ​ (18,186) ​ ​ (1,017) ​ ​ — ​ ​ — ​ ​ (57,810) ​ (181,547) Transfers into Level III ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (690,959) ​ (690,959) Transfers out of Level III ​ (195,510) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 317,850 ​ 122,340 Consolidation of VIEs ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,815,070 ​ ​ — ​ 1,815,070 Deconsolidation of VIEs ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,022,356) ​ ​ 90,639 ​ (931,717) June 30, 2018 balance ​ $ 897,259 ​ $ 235,796 ​ $ 24,650 ​ $ 22,742 ​ $ 48,044,873 ​ $ (2,002,115) ​ $ 47,223,205 Amount of total gains (losses) included in earnings attributable to assets still held at June 30, 2018 ​ $ 1,482 ​ $ 5,388 ​ $ 13 ​ $ (8,017) ​ $ (3,793,715) ​ $ 535,050 ​ $ (3,259,799) ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 ​ $ 8,978,717 ​ $ 9,026,285 ​ $ 9,122,972 ​ $ 9,178,709 HTM debt securities ​ 592,163 ​ 593,773 ​ 644,149 ​ 643,948 Financial liabilities not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured financing agreements and secured borrowings on transferred loans ​ $ 9,284,887 ​ $ 9,191,375 ​ $ 8,757,804 ​ $ 8,662,548 Unsecured senior notes ​ 1,924,711 ​ 1,973,413 ​ 1,998,831 ​ 1,945,160 ​ ​ 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) ​ June 30, 2019 Technique Input June 30, 2019 December 31, 2018 Loans held-for-sale, fair value option ​ $ 1,372,398 ​ Discounted cash flow ​ Yield (b) ​ 3.8% - 6.1% ​ 4.6% - 6.1% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 2.3 - 11.4 years ​ 2.5 - 14.4 years RMBS ​ 200,874 ​ Discounted cash flow ​ Constant prepayment rate (a) ​ 3.3% - 18.8% ​ 3.2% - 25.2% ​ ​ ​ ​ ​ ​ ​ Constant default rate (b) ​ 0.8% - 4.8% ​ 1.1% - 5.5% ​ ​ ​ ​ ​ ​ ​ Loss severity (b) ​ 0% - 89% (e) ​ 0% - 73% (e) ​ ​ ​ ​ ​ ​ ​ Delinquency rate (c) ​ 4% - 32% ​ 4% - 31% ​ ​ ​ ​ ​ ​ ​ Servicer advances (a) ​ 22% - 85% ​ 21% - 83% ​ ​ ​ ​ ​ ​ ​ Annual coupon deterioration (b) ​ 0% - 1.7% ​ 0% - 1.4% ​ ​ ​ ​ ​ ​ ​ Putback amount per projected total collateral loss (d) ​ 0% - 7% ​ 0% - 7% CMBS ​ 34,283 ​ Discounted cash flow ​ Yield (b) ​ 0% - 254.2% ​ 0% - 473.5% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 9.7 years ​ 0 - 9.7 years Domestic servicing rights ​ 18,874 ​ Discounted cash flow ​ Debt yield (a) ​ 7.75% ​ 7.75% ​ ​ ​ ​ ​ ​ ​ Discount rate (b) ​ 15% ​ 15% ​ ​ ​ ​ ​ ​ ​ Control migration (b) ​ 0% - 80% ​ 0% - 80% VIE assets ​ 57,667,606 ​ Discounted cash flow ​ Yield (b) ​ 0% - 825.9% ​ 0% - 290.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 13.2 years ​ 0 - 20.4 years VIE liabilities ​ (2,374,002) ​ Discounted cash flow ​ Yield (b) ​ 0% - 825.9% ​ 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) 36% and 55% of the portfolio falls within a range of 45% - 80% as of June 30, 2019 and December 31, 2018, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018, approximately $1.7 billion 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 and six months ended June 30, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, For the Six Months Ended June 30, ​ 2019 ​ 2018 2019 ​ 2018 Federal statutory tax rate $ 28,556 21.0 % $ 25,291 21.0 % $ 44,692 ​ 21.0 % $ 47,897 21.0 % REIT and other non-taxable income ​ (26,013) (19.1) % ​ (23,157) ​ (19.2) % ​ (42,172) (19.8) % ​ (43,500) ​ (19.1) % State income taxes ​ 666 0.5 % ​ 558 ​ 0.5 % ​ 660 0.3 % ​ 1,151 ​ 0.5 % Federal benefit of state tax deduction ​ (140) (0.1) % ​ (118) ​ (0.1) % ​ (139) (0.1) % ​ (242) ​ (0.1) % Other ​ 464 0.3 % ​ 769 ​ 0.6 % ​ 826 0.4 % ​ 893 ​ 0.4 % Effective tax rate ​ $ 3,533 ​ 2.6 % ​ $ 3,343 ​ 2.8 % ​ $ 3,867 ​ 1.8 % ​ $ 6,199 ​ 2.7 % ​ ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies.
Commitments and Contingencies	21. Commitments and Contingencie s ​ As of June 30, 2019, our Commercial and Residential Lending Segment had future commercial loan funding commitments totaling $2.2 billion, of which we expect to fund $2.0 billion. These future funding commitments primarily relate to construction projects, capital improvements, tenant improvements and leasing commissions. Additionally, as of June 30, 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 June 30, 2019, our Infrastructure Lending Segment had future infrastructure loan funding commitments totaling $267.5 million, including $184.8 million under revolvers and letters of credit (“LCs”), and $82.7 million under delayed draw term loans. As of June 30, 2019, 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 June 30, 2019, we had 10 outstanding guarantees on interest rate swaps maturing between July 2019 and June 2025. 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 For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2019 2018 2019 2018 Operating lease costs $ 1,272 $ 1,223 $ 2,510 $ 2,476 Short-term lease costs ​ 39 ​ 46 ​ 63 ​ 76 Sublease income ​ (405) ​ (396) ​ (804) ​ (835) Total lease cost ​ $ 906 ​ $ 873 ​ $ 1,769 ​ $ 1,717 ​ 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 June 30, 2019, is as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, 2019 ​ June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities—operating $ 1,303 $ 2,594 ​ ​ ​ ​ ​ ​ June 30, 2019 Weighted-average remaining lease term 5.8 years Weighted-average discount rate ​ 4.5 % ​ ​ ​ ​ ​ Future maturity of operating lease liabilities: ​ ​ 2019 (remainder of) ​ $ 2,620 2020 ​ ​ 5,864 2021 ​ ​ 3,074 2022 ​ ​ 858 2023 ​ ​ 858 Thereafter ​ ​ 5,774 Total ​ ​ 19,048 Less interest component ​ ​ (2,273) Operating lease liability ​ $ 16,775 ​ ​

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events
Subsequent Events	23. Subsequent Events ​ Our significant events subsequent to June 30, 2019 were as follows: ​ In July 2019, we entered into a credit agreement which consists of: (i) a $400.0 million term loan facility that carries a seven-year term and an annual interest rate of LIBOR + 2.50%; and (ii) a $100.0 million revolving credit facility that carries a five-year term and an annual interest rate of LIBOR + 3.00% . A portion of the net proceeds from this facility was used to repay the amount outstanding under our existing Term Loan A. ​ In July 2019, we entered into a $500.0 million repurchase facility and revolving credit facility to finance loans within the Infrastructure Lending Segment. The facility carries a of which is at our discretion. The facility also carries a term-match to the respective collateral for an additional term after the last day of the revolving period. The facility has an ​ In July 2019, we securitized residential mortgage loans held-for-sale with a principal balance of $546.0 million. ​ Dividend Declaration ​ On August 7, 2019, our board of directors declared a dividend of $0.48 per share for the third quarter of 2019, which is payable on October 15, 2019 to common stockholders of record as of September 30, 2019. ​ ​ ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 ​ 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 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 ​ 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 as of January 1, 2019 resulted in the recognition of a ​
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 as of January 1, 2019 resulted in the recognition of a
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 (the “Convertible 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 and six months ended June 30, 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 ​ On August 28, 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework ​ On October 31, 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810) – Targeted Improvements to Related Party Guidance for Variable Interest Entities ​

Loans (Tables)

Loans (Tables)	6 Months Ended
	Jun. 30, 2019
Loans
Summary of investments in mortgages and loans by subordination class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average Life ​ ​ Carrying ​ Face ​ Average ​ (“WAL”) June 30, 2019 ​ Value ​ Amount ​ Coupon ​ (years)(1) First mortgages (2) ​ $ 6,879,248 ​ $ 6,905,735 6.4 % 2.0 First priority infrastructure loans ​ ​ 1,356,511 ​ ​ 1,367,336 5.9 % 4.6 Subordinated mortgages (3) ​ 52,926 ​ ​ 54,092 8.8 % 3.2 Mezzanine loans (2) ​ 446,484 ​ ​ 447,537 11.1 % 2.1 Other ​ ​ 61,931 ​ ​ 65,651 ​ 8.2 % 2.0 Total loans held-for-investment ​ 8,797,100 ​ ​ 8,840,351 ​ ​ ​ ​ Loans held-for-sale, fair value option, residential ​ ​ 1,156,778 ​ ​ 1,124,838 ​ 6.2 % 5.0 Loans held-for-sale, fair value option, commercial ​ ​ 215,620 ​ ​ 215,425 ​ 4.2 % 9.7 Loans held-for-sale, infrastructure ​ ​ 214,923 ​ ​ 219,298 ​ 4.1 % 1.5 Total gross loans ​ 10,384,421 ​ 10,399,912 ​ ​ ​ ​ Loan loss allowance ​ (33,306) ​ — ​ ​ ​ ​ Total net loans ​ $ 10,351,115 ​ $ 10,399,912 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 $890.0 million and $1.0 billion being classified as first mortgages as of June 30, 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 June 30, 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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1 ​ $ 812 ​ $ — ​ $ — ​ $ — ​ $ 23,264 ​ $ — ​ $ 24,076 ​ 0.2 % 2 ​ 3,316,307 ​ — ​ 38,017 ​ 165,910 ​ — ​ — ​ 3,520,234 ​ 33.9 % 3 ​ 3,361,878 ​ — ​ 2,933 ​ 280,574 ​ 31,104 ​ — ​ 3,676,489 ​ 35.4 % 4 ​ — ​ — ​ — ​ — ​ — ​ — ​ — ​ — % 5 ​ 60,637 ​ — ​ — ​ — ​ — ​ — ​ 60,637 ​ 0.6 % N/A ​ 139,614 (1) 1,356,511 (2) 11,976 (1) — ​ 7,563 (1) — ​ 1,515,664 ​ 14.6 % ​ ​ $ 6,879,248 ​ $ 1,356,511 ​ $ 52,926 ​ $ 446,484 ​ $ 61,931 ​ $ — ​ ​ 8,797,100 ​ ​ ​ Loans held-for-sale ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,587,321 ​ 15.3 % Total gross loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,384,421 ​ 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) Principally 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	​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ June 30, ​ 2019 2018 Allowance for loan losses at January 1 $ 39,151 ​ $ 4,330 Provision for (reversal of) loan losses 3,281 ​ (3,055) Provision for impaired loans ​ — ​ ​ 29,852 Charge-offs (9,126) ​ — Recoveries — ​ — Allowance for loan losses at June 30 $ 33,306 ​ $ 31,127 Recorded investment in loans related to the allowance for loan loss $ 303,981 ​ $ 273,020
Schedule of activity in loan portfolio	The activity in our loan portfolio was as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ June 30, ​ 2019 2018 Balance at January 1 $ 9,794,254 ​ $ 7,382,641 Acquisitions/originations/additional funding 3,704,727 ​ 3,315,664 Capitalized interest (1) 52,405 ​ 29,499 Basis of loans sold (2) (1,767,387) ​ (676,214) Loan maturities/principal repayments (1,447,593) ​ (1,964,644) Discount accretion/premium amortization 16,112 ​ 20,961 Changes in fair value 33,157 ​ 22,633 Unrealized foreign currency translation loss (3,903) ​ (8,608) Loan loss provision, net (3,281) ​ (26,797) Loan foreclosure ​ (27,303) ​ ​ — Transfer to/from other asset classifications ​ (73) ​ ​ 27 Balance at June 30 $ 10,351,115 ​ $ 8,095,162 (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)	6 Months Ended
	Jun. 30, 2019
Schedule of investment securities	Investment securities were comprised of the following as of June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value as of ​ ​ June 30, 2019 December 31, 2018 RMBS, available-for-sale ​ $ 200,874 ​ $ 209,079 RMBS, fair value option (1) ​ ​ 63,203 ​ ​ 87,879 CMBS, fair value option (1) ​ 1,160,421 ​ 1,157,508 Held-to-maturity (“HTM”) debt securities, amortized cost ​ 592,163 ​ 644,149 Equity security, fair value ​ 11,833 ​ 11,893 Subtotal — ​ 2,028,494 ​ 2,110,508 VIE eliminations (1) ​ (1,178,922) ​ ​ (1,204,040) Total investment securities ​ $ 849,572 ​ $ 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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ — ​ $ 38,951 ​ $ — ​ $ — ​ $ (38,951) ​ $ — Sales ​ — ​ 41,501 ​ 25,795 ​ — ​ — ​ (66,546) ​ 750 Principal collections ​ 6,417 ​ 3,058 ​ 12,072 ​ 53,462 ​ — ​ (9,728) ​ 65,281 Three Months Ended June 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ — ​ $ 61,683 ​ $ — ​ $ — ​ $ (41,218) ​ $ 20,465 Sales ​ 807 ​ — ​ — ​ — ​ — ​ — ​ 807 Principal collections ​ 8,036 ​ — ​ 45,599 ​ 94,181 ​ — ​ (45,359) ​ 102,457 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS, ​ RMBS, fair ​ CMBS, fair ​ HTM ​ Equity ​ Securitization ​ ​ ​ ​ available-for-sale value option value option Securities Security VIEs (1) Total Six Months Ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ 26,272 ​ $ 52,213 ​ $ — ​ $ — ​ $ (78,485) ​ $ — Sales ​ — ​ 41,501 ​ 62,701 ​ — ​ — ​ (100,224) ​ 3,978 Principal collections ​ 12,777 ​ 5,092 ​ 21,909 ​ 54,668 ​ — ​ (21,411) ​ 73,035 Six Months Ended June 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Purchases ​ $ — ​ $ — ​ $ 91,908 ​ $ — ​ $ — ​ $ (71,443) ​ $ 20,465 Sales ​ 807 ​ — ​ 7,948 ​ — ​ — ​ (7,948) ​ 807 Principal collections ​ 18,186 ​ — ​ 60,780 ​ 302,484 ​ — ​ (59,763) ​ 321,687 (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 June 30, 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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 157,721 ​ $ (9,897) ​ $ 147,824 ​ $ (22) ​ $ 53,072 ​ $ — ​ $ 53,050 ​ $ 200,874 December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 165,461 ​ $ (9,897) ​ $ 155,564 ​ $ (31) ​ $ 53,546 ​ $ — ​ $ 53,515 ​ $ 209,079 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average Coupon (1) Weighted Average WAL June 30, 2019 ​ ​ ​ ​ ​ ​ RMBS 3.6 % BB- 5.9 December 31, 2018 ​ ​ ​ ​ ​ ​ RMBS 3.7 % CCC- ​ 6.0 (1) Calculated using the June 30, 2019 and December 31, 2018 one-month LIBOR rate of 2.398% 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 June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 December 31, 2018 Principal balance ​ $ 295,215 ​ $ 309,497 Accretable yield ​ (54,821) ​ (54,779) Non-accretable difference ​ (92,570) ​ (99,154) Total discount ​ (147,391) ​ (153,933) Amortized cost ​ $ 147,824 ​ $ 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 and six months ended June 30, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-Accretable Three Months Ended June 30, 2019 ​ Accretable Yield ​ Difference Balance as of April 1, 2019 ​ $ 57,391 ​ $ 93,131 Accretion of discount ​ (2,535) ​ — Principal write-downs, net ​ — ​ (596) Transfer to/from non-accretable difference ​ (35) ​ 35 Balance as of June 30, 2019 ​ $ 54,821 ​ $ 92,570 ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ ​ ​ ​ ​ Balance as of January 1, 2019 ​ $ 54,779 ​ $ 99,154 Accretion of discount ​ (5,038) ​ — Principal write-downs, net ​ — ​ (1,504) Transfer to/from non-accretable difference ​ 5,080 ​ (5,080) Balance as of June 30, 2019 ​ $ 54,821 ​ $ 92,570
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 June 30, 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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RMBS ​ $ 2,118 ​ $ — ​ $ (22) ​ $ — ​ 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 June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying Amount ​ Gross Unrealized ​ Gross Unrealized ​ ​ ​ ​ ​ (Amortized Cost) ​ Holding Gains ​ Holding Losses ​ Fair Value June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ CMBS ​ $ 361,648 ​ $ 1,534 ​ $ (649) ​ $ 362,533 ​ Preferred interests ​ ​ 175,183 ​ ​ 583 ​ ​ — ​ ​ 175,766 ​ Infrastructure bonds ​ ​ 55,332 ​ ​ 717 ​ ​ (575) ​ ​ 55,474 ​ Total ​ $ 592,163 ​ $ 2,834 ​ $ (1,224) ​ $ 593,773 ​ 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 June 30, 2019 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred ​ Infrastructure ​ ​ ​ ​ CMBS ​ Interests ​ Bonds ​ Total Less than one year $ 75,204 $ — $ — $ 75,204 One to three years ​ ​ 286,444 ​ ​ — ​ ​ 9,094 ​ ​ 295,538 Three to five years ​ ​ — ​ ​ 175,183 ​ ​ — ​ ​ 175,183 Thereafter ​ — ​ — ​ 46,238 ​ 46,238 Total ​ $ 361,648 ​ $ 175,183 ​ $ 55,332 ​ $ 592,163

Properties (Tables)

Properties (Tables)	6 Months Ended
	Jun. 30, 2019
Properties
Summary of properties	The table below summarizes our properties held as of June 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciable Life June 30, 2019 December 31, 2018 Property Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ $ 647,568 ​ $ 648,972 Buildings and building improvements ​ 5 – 45 years ​ ​ 1,981,043 ​ ​ 1,980,283 Furniture & fixtures ​ 3 – 7 years ​ ​ 49,198 ​ ​ 46,048 Investing and Servicing Segment ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 15 years ​ ​ 82,480 ​ ​ 82,332 Buildings and building improvements ​ 3 – 40 years ​ ​ 215,573 ​ ​ 213,010 Furniture & fixtures ​ 2 – 5 years ​ ​ 2,470 ​ ​ 2,158 Commercial and Residential Lending Segment (1) ​ ​ ​ ​ ​ ​ ​ ​ Land and land improvements ​ 0 – 7 years ​ ​ 11,386 ​ ​ — Buildings ​ 20 – 23 years ​ ​ 16,030 ​ ​ — Properties, cost ​ ​ ​ ​ 3,005,748 ​ ​ 2,972,803 Less: accumulated depreciation ​ ​ ​ ​ (233,788) ​ ​ (187,913) Properties, net ​ ​ ​ $ 2,771,960 ​ $ 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) $ 123,703 2020 ​ 145,473 2021 ​ 119,548 2022 ​ 111,591 2023 ​ ​ 96,183 Thereafter ​ 837,959 Total ​ $ 1,434,457 ​

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2019
Investment in Unconsolidated Entities
Summary of investments in unconsolidated entities	The table below summarizes our investments in unconsolidated entities as of June 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Participation / ​ Carrying value as of ​ Ownership % (1) June 30, 2019 December 31, 2018 Equity method: ​ ​ ​ ​ ​ ​ ​ ​ Retail Fund ​ 33% ​ $ 71,601 ​ $ 114,362 Investor entity which owns equity in an online real estate company ​ 50% ​ ​ 9,387 ​ ​ 9,372 Equity interests in commercial real estate ​ 50% ​ ​ 2,366 ​ ​ 6,294 Equity interest in and advances to a residential mortgage originator (2) N/A ​ 9,167 ​ 9,082 Various 25% - 50% ​ 7,673 ​ 6,984 ​ ​ ​ ​ 100,194 ​ 146,094 Other: ​ ​ ​ ​ ​ ​ ​ ​ Equity interest in a servicing and advisory business (3) ​ 4% ​ ​ — ​ 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% ​ 10,457 ​ 10,239 ​ ​ ​ ​ 19,682 ​ 25,671 ​ ​ ​ ​ $ 119,876 ​ $ 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. ​ (3) During the three months ended June 30, 2019, we received a capital distribution of $8.4 million and our equity interest was reduced to 4% . ​

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 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 ​ $ 18,874 ​ $ — ​ $ 18,874 ​ $ 20,557 ​ $ — ​ $ 20,557 In-place lease intangible assets ​ 196,644 ​ (111,271) ​ 85,373 ​ 198,220 ​ (100,873) ​ 97,347 Favorable lease intangible assets ​ ​ 36,645 ​ ​ (11,415) ​ ​ 25,230 ​ ​ 36,895 ​ ​ (9,766) ​ ​ 27,129 Total net intangible assets ​ $ 252,163 ​ $ (122,686) ​ $ 129,477 ​ $ 255,672 ​ $ (110,639) ​ $ 145,033
Summary of activity within intangible assets	The following table summarizes the activity within intangible assets for the six months ended June 30, 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 ​ ​ — ​ ​ (10,680) ​ ​ (1,728) ​ ​ (12,408) Foreign exchange loss ​ ​ — ​ ​ (241) ​ ​ (65) ​ ​ (306) Impairment (1) ​ ​ — ​ ​ (1,053) ​ ​ (106) ​ ​ (1,159) Changes in fair value due to changes in inputs and assumptions ​ ​ (1,683) ​ ​ — ​ ​ — ​ ​ (1,683) Balance as of June 30, 2019 ​ $ 18,874 ​ $ 85,373 ​ $ 25,230 ​ $ 129,477 (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) $ 10,350 2020 ​ 17,004 2021 ​ 14,716 2022 ​ 12,208 2023 ​ 8,976 Thereafter ​ 47,349 Total ​ $ 110,603 ​

Secured Financing Agreements (T

Secured Financing Agreements (Tables)	6 Months Ended
	Jun. 30, 2019
Secured Financing Agreements
Summary of secured financing agreements	The following table is a summary of our secured financing agreements in place as of June 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value at ​ ​ Current ​ Extended ​ ​ ​ Pledged Asset ​ Maximum ​ June 30, ​ December 31, ​ Maturity Maturity (a) Pricing Carrying Value Facility Size 2019 2018 Lender 1 Repo 1 ​ (b) ​ (b) ​ LIBOR + 1.60% to 2.35% ​ $ 1,529,783 ​ $ 2,000,000 ​ $ 1,198,746 ​ $ 1,279,979 Lender 2 Repo 1 ​ May 2021 ​ May 2024 ​ LIBOR + 1.50% to 2.50% ​ ​ 646,549 ​ ​ 1,100,000 (c) ​ 509,229 ​ ​ 384,791 Lender 4 Repo 2 ​ May 2021 ​ May 2023 ​ LIBOR + 1.70% to 3.50% ​ ​ 1,268,735 ​ ​ 1,000,000 ​ ​ 766,620 ​ ​ 552,345 Lender 6 Repo 1 ​ Aug 2021 ​ N/A ​ LIBOR + 1.50% to 2.50% ​ ​ 548,167 ​ ​ 600,000 ​ ​ 392,790 ​ ​ 507,545 Lender 6 Repo 2 ​ Jan 2024 ​ N/A ​ GBP LIBOR + 2.45% to 2.75%, EURIBOR + 2.25% ​ ​ 702,382 ​ ​ 544,973 ​ ​ 534,598 ​ ​ 312,437 Lender 7 Repo 1 ​ Sep 2021 ​ Sep 2023 ​ LIBOR + 1.50% to 2.25% ​ ​ 152,326 ​ ​ 250,000 ​ ​ 121,758 ​ ​ 71,720 Lender 10 Repo 1 ​ May 2021 ​ May 2023 ​ LIBOR + 1.50% to 2.75% ​ ​ 200,417 ​ ​ 164,840 ​ ​ 160,480 ​ ​ 160,480 Lender 11 Repo 1 ​ Feb 2021 ​ N/A ​ LIBOR + 2.10% ​ ​ 199,105 ​ ​ 400,000 ​ ​ 161,046 ​ ​ — Lender 11 Repo 2 ​ Sep 2019 ​ Sep 2023 ​ LIBOR + 2.00% to 2.50% ​ ​ 355,069 ​ ​ 500,000 ​ ​ 220,690 ​ ​ 270,690 Lender 12 Repo 1 ​ Jun 2021 ​ Jun 2024 ​ LIBOR + 1.50% to 2.45% ​ ​ 237,609 ​ ​ 250,000 ​ ​ 179,940 ​ ​ 43,500 Lender 13 Repo 1 ​ (d) ​ (d) ​ LIBOR + 1.45% to 1.50% ​ ​ 137,599 ​ ​ 200,000 ​ ​ 106,124 ​ ​ 14,824 Lender 14 Repo 1 ​ Jun 2022 ​ Jun 2023 ​ LIBOR + 1.75% to 2.50% ​ ​ — ​ ​ 750,000 (e) ​ — ​ ​ — Lender 7 Secured Financing ​ Apr 2022 ​ Apr 2024 ​ LIBOR + 2.25% (f) ​ — ​ ​ 650,000 (g) ​ — ​ ​ — Conduit Repo 2 ​ Jun 2022 ​ Jun 2023 ​ LIBOR + 2.10% ​ ​ 91,807 ​ ​ 200,000 ​ ​ 70,760 ​ ​ 35,034 Conduit Repo 3 ​ Feb 2020 ​ Feb 2021 ​ LIBOR + 2.10% ​ ​ 110,625 ​ ​ 150,000 ​ ​ 82,988 ​ ​ — MBS Repo 1 ​ (h) ​ (h) ​ N/A ​ ​ — ​ ​ — ​ ​ — ​ ​ — MBS Repo 2 ​ Dec 2020 ​ N/A ​ LIBOR + 1.55% to 1.75% ​ ​ 192,439 ​ ​ 137,651 ​ ​ 137,651 ​ ​ 159,202 MBS Repo 3 ​ (i) ​ (i) ​ LIBOR + 1.30% to 1.85% ​ ​ 650,064 ​ ​ 385,056 ​ ​ 385,056 ​ ​ 427,942 MBS Repo 4 ​ (j) ​ N/A ​ LIBOR + 1.25% ​ ​ 148,819 ​ ​ 100,000 ​ ​ 60,000 ​ ​ 13,824 MBS Repo 5 ​ Dec 2028 ​ Oct 2029 ​ 4.09% ​ ​ 85,080 ​ ​ 150,000 ​ ​ 78,677 ​ ​ 55,437 Investing and Servicing Segment Property Mortgages ​ May 2020 to ​ N/A ​ Various ​ ​ 258,437 ​ ​ 242,499 ​ ​ 224,601 ​ ​ 219,237 Ireland Mortgage ​ Oct 2025 ​ N/A ​ 1.93% ​ ​ 450,129 ​ ​ 359,677 ​ ​ 359,677 ​ ​ 362,854 Woodstar I Mortgages ​ Nov 2025 to ​ N/A ​ 3.72% to 3.97% ​ ​ 341,271 ​ ​ 276,748 ​ ​ 276,748 ​ ​ 276,748 Woodstar I Government Financing ​ Mar 2026 to Jun 2049 ​ N/A ​ 1.00% to 5.00% ​ ​ 196,030 ​ ​ 130,031 ​ ​ 130,031 ​ ​ 131,179 Woodstar II Mortgages ​ Jan 2028 to Apr 2028 ​ N/A ​ 3.81% to 3.85% ​ ​ 523,013 ​ ​ 417,669 ​ ​ 417,669 ​ ​ 417,669 Woodstar II Government Financing ​ Jun 2030 to Aug 2052 ​ N/A ​ 1.00% to 3.19% ​ ​ 38,421 ​ ​ 25,147 ​ ​ 25,147 ​ ​ 25,311 Medical Office Mortgages ​ Dec 2021 ​ Dec 2023 ​ LIBOR + 2.50% ​ ​ 664,205 ​ ​ 524,499 ​ ​ 494,309 ​ ​ 492,828 Master Lease Mortgages ​ Oct 2027 ​ N/A ​ 4.38% ​ ​ 328,890 ​ ​ 194,900 ​ ​ 194,900 ​ ​ 194,900 Infrastructure Acquisition Facility ​ Sep 2021 ​ Sep 2022 ​ Various (k) ​ 1,276,574 ​ ​ 1,265,209 ​ ​ 980,149 ​ ​ 1,551,148 Infrastructure Repo ​ Feb 2020 ​ Feb 2021 ​ LIBOR + 1.75% ​ ​ 328,888 ​ ​ 500,000 ​ ​ 275,472 ​ ​ — Term Loan A ​ Dec 2020 ​ Dec 2021 ​ LIBOR + 2.25% (f) ​ 945,026 ​ ​ 300,000 ​ ​ 300,000 ​ ​ 300,000 Revolving Secured Financing ​ Dec 2020 ​ Dec 2021 ​ LIBOR + 2.25% (f) ​ — ​ ​ 100,000 ​ ​ — ​ ​ — FHLB ​ Feb 2021 ​ N/A ​ Various ​ ​ 957,674 ​ ​ 2,000,000 ​ ​ 513,754 ​ ​ 500,000 ​ ​ ​ ​ ​ ​ ​ ​ $ 13,565,133 ​ $ 15,868,899 ​ ​ 9,359,610 ​ ​ 8,761,624 Unamortized net discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2,030) ​ ​ (963) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (72,693) ​ ​ (77,096) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 9,284,887 ​ $ 8,683,565 (a) Subject to certain conditions as defined in the respective facility agreement. (b) Maturity date for borrowings collateralized by loans is April 2021 with three one-year extension options to April 2024. Borrowings collateralized by loans existing at maturity may remain outstanding until such loan collateral matures, subject to certain specified conditions and not to exceed April 2028. (c) The initial maximum facility size of $800.0 million may be increased to $1.1 billion at our option, 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) The initial maximum facility size of $500.0 million may be increased to $750.0 million, subject to certain conditions. (f) Subject to borrower’s option to choose alternative benchmark based rates pursuant to the terms of the credit agreement. (g) The initial maximum facility size of $300.0 million may be increased to $650.0 million, subject to certain conditions. (h) Facility carries a rolling 11 -month term which may reset monthly with the lender’s consent. This facility carries no maximum facility size. (i) Facility carries a rolling 12 -month term which may reset monthly with the lender’s consent. Current maturity is June 2020. This facility carries no maximum facility size. Amounts reflect the outstanding balance as of June 30, 2019. (j) The date that is 270 days after the buyer delivers notice to seller, subject to a maximum date of May 2020. (k) 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repurchase Other Secured ​ ​ ​ Agreements ​ Financing ​ Total 2019 (remainder of) ​ $ 97,607 ​ $ 179,871 ​ $ 277,478 2020 ​ 824,360 ​ 178,971 ​ 1,003,331 2021 ​ 1,379,216 ​ 823,202 ​ 2,202,418 2022 ​ 760,605 ​ 693,744 ​ 1,454,349 2023 ​ 1,753,224 ​ 566,892 ​ 2,320,116 Thereafter ​ 627,613 ​ 1,474,305 ​ 2,101,918 Total ​ $ 5,442,625 ​ $ 3,916,985 ​ $ 9,359,610
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 June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Class of Collateral ​ June 30, 2019 ​ December 31, 2018 Loans held-for-investment $ 4,466,447 $ 3,567,786 Loans held-for-sale ​ 314,794 ​ 65,559 Investment securities ​ 661,384 ​ 656,405 ​ ​ $ 5,442,625 ​ $ 4,289,750 ​

Unsecured Senior Notes (Tables)

Unsecured Senior Notes (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ ​ ​ Coupon ​ Effective ​ Maturity ​ Period of ​ Carrying Value at ​ ​ Rate ​ Rate (1) ​ Date ​ Amortization ​ June 30, 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 ​ 1.6 years ​ ​ 500,000 ​ ​ 500,000 2021 Senior Notes (December) ​ 5.00 % 5.32 % 12/15/2021 ​ 2.5 years ​ ​ 700,000 ​ ​ 700,000 2023 Convertible Notes ​ 4.38 % 4.86 % 4/1/2023 ​ 3.8 years ​ ​ 250,000 ​ ​ 250,000 2025 Senior Notes ​ 4.75 % 5.04 % 3/15/2025 ​ 5.7 years ​ ​ 500,000 ​ ​ 500,000 Total principal amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,950,000 ​ ​ 2,027,969 Unamortized discount—Convertible Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (4,118) ​ ​ (4,644) Unamortized discount—Senior Notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (14,301) ​ ​ (16,416) Unamortized deferred financing costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (6,870) ​ (8,078) Carrying amount of debt components ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,924,711 ​ $ 1,998,831 Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,755 ​ $ 3,755 (1) Effective rate includes the effects of underwriter purchase discount and the adjustment for the conversion option on our Convertible 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 June 30, 2019 (amounts in thousands, except rates): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ Conversion Spread Value - Shares (3) ​ ​ Conversion ​ Conversion ​ For the Three Months Ended June 30, ​ For the Six Months Ended June 30, ​ ​ Rate (1) ​ Price (2) ​ 2019 ​ 2018 ​ 2019 ​ 2018 2019 Notes ​ N/A ​ N/A — 1,863 — 1,900 2023 Notes ​ 38.5959 $ 25.91 — — ​ — — ​ ​ ​ ​ ​ ​ ​ — ​ 1,863 ​ — ​ 1,900 ​ (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 June 30, 2019 and 2018, the market price of the Company’s common stock was $22.72 and $21.71 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)	6 Months Ended
	Jun. 30, 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Repayment of ​ ​ ​ ​ ​ ​ repurchase ​ Face Amount Proceeds agreements For the Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 345,221 ​ $ 365,377 ​ $ 270,852 2018 ​ 208,141 ​ 215,133 ​ 157,538 For the Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 524,632 ​ $ 552,218 ​ $ 406,985 2018 ​ 464,959 ​ 481,765 ​ 351,382
Real Estate Investment Lending
Summary of loans sold and loans transferred as secured borrowings by the Lending segment net of expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 102,681 ​ $ 102,141 ​ $ 1,635 ​ $ 1,668 ​ $ — ​ $ — 2018 ​ 50,000 ​ 49,477 ​ — ​ — ​ — ​ — For the Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ 501,422 ​ $ 498,451 ​ $ 364,053 ​ $ 376,529 ​ $ — ​ $ — 2018 ​ 196,400 ​ 194,720 ​ — ​ — ​ — ​ —

Derivatives and Hedging Activ_2

Derivatives and Hedging Activity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 (notional amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of Derivative Number of Contracts Aggregate Notional Amount Notional Currency Maturity Fx contracts – Sell Euros ("EUR") ​ 79 ​ 309,884 ​ EUR ​ July 2019 - November 2022 Fx contracts – Sell Pounds Sterling ("GBP") ​ 105 ​ 303,176 ​ GBP ​ July 2019 – April 2022 Fx contracts – Sell Australian dollar ("AUD") ​ 3 ​ 12,542 ​ AUD ​ July 2019 – November 2021 Interest rate swaps – Paying fixed rates ​ 38 ​ 1,149,539 ​ USD ​ December 2021 – July 2029 Interest rate swaps – Receiving fixed rates ​ 2 ​ 970,000 ​ USD ​ January 2021 – March 2025 Interest rate caps ​ 8 ​ 109,506 ​ USD ​ January 2020 – December 2021 Credit index instruments ​ 4 ​ 39,000 ​ USD ​ November 2054 – August 2061 Interest rate swap guarantees ​ 9 ​ 665,358 ​ USD ​ July 2019 – June 2025 Interest rate swap guarantees ​ 1 ​ 10,263 ​ GBP ​ December 2024 Total ​ 249 ​ ​ ​ ​ ​ ​ ​
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 June 30, 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 ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ 2019 2018 2019 2018 Interest rate contracts ​ $ 22,851 ​ $ 30,791 ​ $ 7,796 ​ $ 14,457 Interest rate swap guarantees ​ ​ — ​ ​ — ​ ​ 435 ​ ​ 396 Foreign exchange contracts ​ 30,801 ​ 21,346 ​ 511 ​ 562 Credit index instruments ​ 24 ​ 554 ​ 149 ​ — Total derivatives ​ $ 53,676 ​ $ 52,691 ​ $ 8,891 ​ $ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain (Loss) ​ Amount of Gain (Loss) ​ ​ ​ ​ Recognized in Income for the ​ Recognized in Income for the Derivatives Not Designated ​ Location of Gain (Loss) ​ Three Months Ended June 30, ​ Six Months Ended June 30, as Hedging Instruments Recognized in Income ​ 2019 ​ 2018 ​ 2019 ​ 2018 Interest rate contracts (Loss) gain on derivative financial instruments ​ $ (10,077) ​ $ (128) ​ $ (13,835) ​ $ 6,109 Interest rate swap guarantees ​ (Loss) gain on derivative financial instruments ​ ​ (2,990) ​ ​ — ​ ​ (3,171) ​ ​ — Foreign exchange contracts (Loss) gain on derivative financial instruments ​ 13,245 ​ 32,818 ​ 15,689 ​ 9,675 Credit index instruments (Loss) gain on derivative financial instruments ​ (210) ​ (68) ​ (922) ​ (21) ​ ​ ​ ​ $ (32) ​ $ 32,622 ​ $ (2,239) ​ $ 15,763
Schedule of Gain / (Loss) recognized in Income for Derivatives Not Designated as Hedging Instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 30, ​ (effective portion) ​ (effective portion) ​ (ineffective portion) ​ Recognized in Income 2019 ​ $ — ​ $ — ​ $ — Interest expense 2018 ​ $ (1) ​ $ 22 ​ $ — Interest expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 ​ $ — ​ $ — ​ $ — Interest expense 2018 ​ $ 8 ​ $ 26 ​ $ — Interest expense ​

Offsetting Assets and Liabili_2

Offsetting Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 53,676 ​ $ — ​ $ 53,676 ​ $ 545 ​ $ 13,814 ​ $ 39,317 Derivative liabilities ​ $ 8,891 ​ $ — ​ $ 8,891 ​ $ 545 ​ $ 7,907 ​ $ 439 Repurchase agreements ​ 5,442,625 ​ — ​ 5,442,625 ​ 5,442,625 ​ — ​ — ​ ​ $ 5,451,516 ​ $ — ​ $ 5,451,516 ​ $ 5,443,170 ​ $ 7,907 ​ $ 439 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)	6 Months Ended
	Jun. 30, 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 5/8/19 6/28/19 6/27/19 ​ 7/15/19 ​ $ 0.48 Quarterly 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 six months ended June 30, 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 ​ 451,835 ​ — 451,835 ​ 22.59 Vested (402,541) ​ (295,833) (698,374) ​ 21.47 Forfeited (14,761) ​ — (14,761) ​ 22.07 Balance as of June 30, 2019 1,470,978 702,087 2,173,065 ​ 21.75

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 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 ​ For the Six Months Ended ​ June 30, ​ June 30, ​ 2019 2018 2019 2018 Basic Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders $ 127,016 ​ $ 109,230 ​ $ 197,399 ​ $ 209,162 Less: Income attributable to participating shares not already deducted as non-controlling interests (751) ​ (1,034) ​ (1,575) ​ (1,755) Basic earnings $ 126,265 ​ $ 108,196 ​ $ 195,824 ​ $ 207,407 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income attributable to STWD common stockholders $ 127,016 ​ $ 109,230 ​ $ 197,399 ​ $ 209,162 Less: Income attributable to participating shares not already deducted as non-controlling interests (751) ​ (1,034) ​ (1,575) ​ (1,755) Add: Interest expense on Convertible Notes (1) ​ 3,049 ​ ​ 7,593 ​ ​ 6,235 ​ ​ 15,159 Diluted earnings $ 129,314 ​ $ 115,789 ​ $ 202,059 ​ $ 222,566 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic — Average shares outstanding 279,239 ​ 260,998 ​ 278,396 ​ 260,832 Effect of dilutive securities — Convertible Notes (1) 9,649 ​ 27,134 ​ 9,963 ​ 27,044 Effect of dilutive securities — Contingently issuable shares — ​ 128 ​ ​ — ​ 128 Effect of dilutive securities — Unvested non-participating shares ​ 184 ​ ​ 50 ​ ​ 170 ​ ​ 36 Diluted — Average shares outstanding 289,072 ​ 288,310 ​ 288,529 ​ 288,040 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings Per Share Attributable to STWD Common Stockholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic $ 0.45 ​ $ 0.41 ​ $ 0.70 ​ $ 0.80 Diluted $ 0.45 ​ $ 0.40 ​ $ 0.70 ​ $ 0.77 (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 was previously 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 periods presented above 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)	6 Months Ended
	Jun. 30, 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 June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at April 1, 2019 ​ $ — ​ $ 53,128 ​ $ 2,670 ​ $ 55,798 OCI before reclassifications ​ — ​ (79) ​ 1,405 ​ 1,326 Amounts reclassified from AOCI ​ — ​ — ​ — ​ — Net period OCI ​ — ​ (79) ​ 1,405 ​ 1,326 Balance at June 30, 2019 ​ $ — ​ $ 53,049 ​ $ 4,075 ​ $ 57,124 Three Months Ended June 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at April 1, 2018 ​ $ 30 ​ $ 59,052 ​ $ 16,228 ​ $ 75,310 OCI before reclassifications ​ (1) ​ ​ 1,052 ​ (8,176) ​ (7,125) Amounts reclassified from AOCI ​ (22) ​ (29) ​ — ​ (51) Net period OCI ​ (23) ​ 1,023 ​ (8,176) ​ (7,176) Balance at June 30, 2018 ​ $ 7 ​ $ 60,075 ​ $ 8,052 ​ $ 68,134 Six Months Ended June 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2019 ​ $ — ​ $ 53,515 ​ $ 5,145 ​ $ 58,660 OCI before reclassifications ​ — ​ (466) ​ (1,070) ​ (1,536) Amounts reclassified from AOCI ​ — ​ — ​ — ​ — Net period OCI ​ — ​ (466) ​ (1,070) ​ (1,536) Balance at June 30, 2019 ​ $ — ​ $ 53,049 ​ $ 4,075 ​ $ 57,124 Six Months Ended June 30, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at January 1, 2018 ​ $ 25 ​ $ 57,889 ​ $ 12,010 ​ $ 69,924 OCI before reclassifications ​ 8 ​ 2,261 ​ (3,958) ​ (1,689) Amounts reclassified from AOCI ​ (26) ​ (75) ​ — ​ (101) Net period OCI ​ (18) ​ 2,186 ​ (3,958) ​ (1,790) Balance at June 30, 2018 ​ $ 7 ​ $ 60,075 ​ $ 8,052 ​ $ 68,134
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 and six months ended June 30, 2019 and 2018 as follows (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from ​ Amounts Reclassified from ​ ​ ​ ​ AOCI during the Three Months ​ AOCI during the Six Months ​ Affected Line Item ​ ​ Ended June 30, ​ Ended June 30, ​ in the Statements Details about AOCI Components 2019 2018 2019 2018 of Operations Gain (loss) on cash flow hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ — ​ $ 22 $ — ​ $ 26 ​ Interest expense Unrealized gains (losses) on available-for-sale securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest realized upon collection ​ ​ — ​ ​ — ​ ​ — ​ ​ 46 ​ Interest income from investment securities Net realized gain on sale of investment ​ ​ — ​ ​ 29 ​ ​ — ​ ​ 29 ​ Gain on sale of investments and other assets, net Total ​ ​ — ​ ​ 29 ​ ​ — ​ ​ 75 ​ ​ Total reclassifications for the period ​ $ — ​ $ 51 ​ $ — ​ $ 101 ​ ​ ​

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2019 ​ Total Level I Level II Level III Financial Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held-for-sale, fair value option ​ $ 1,372,398 ​ $ — ​ $ — ​ $ 1,372,398 RMBS ​ 200,874 ​ — ​ — ​ 200,874 CMBS ​ 44,702 ​ — ​ 10,419 ​ 34,283 Equity security ​ 11,833 ​ 11,833 ​ — ​ — Domestic servicing rights ​ 18,874 ​ — ​ — ​ 18,874 Derivative assets ​ 53,676 ​ — ​ 53,676 ​ — VIE assets ​ 57,667,606 ​ — ​ — ​ 57,667,606 Total ​ $ 59,369,963 ​ $ 11,833 ​ $ 64,095 ​ $ 59,294,035 Financial Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 8,891 ​ $ — ​ $ 8,891 ​ $ — VIE liabilities ​ 56,446,619 ​ — ​ 54,072,617 ​ 2,374,002 Total ​ $ 56,455,510 ​ $ — ​ $ 54,081,508 ​ $ 2,374,002 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 and six months ended June 30, 2019 and 2018 (amounts in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended June 30, 2019 ​ Held - for - sale ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total April 1, 2019 balance ​ $ 841,687 ​ $ 204,835 ​ $ 38,335 ​ $ 19,790 ​ $ 56,974,864 ​ $ (2,046,559) ​ $ 56,032,952 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 21,891 ​ — ​ 1,016 ​ ​ (916) ​ 126,589 ​ 3,492 ​ 152,072 Net accretion ​ — ​ 2,535 ​ — ​ — ​ — ​ — ​ 2,535 Included in OCI ​ — ​ (79) ​ — ​ — ​ — ​ — ​ (79) Purchases / Originations ​ 911,938 ​ — ​ — ​ — ​ — ​ — ​ 911,938 Sales ​ (367,045) ​ — ​ (750) ​ — ​ — ​ — ​ (367,795) Issuances ​ — ​ — ​ — ​ — ​ — ​ (25,045) ​ (25,045) Cash repayments / receipts ​ (36,073) ​ (6,417) ​ (5,402) ​ — ​ — ​ (2,881) ​ (50,773) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (594,399) ​ (594,399) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 294,227 ​ 294,227 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 824,070 ​ (4,541) ​ 819,529 Deconsolidation of VIEs ​ — ​ — ​ 1,084 ​ — ​ (257,917) ​ 1,704 ​ (255,129) June 30, 2019 balance ​ $ 1,372,398 ​ $ 200,874 ​ $ 34,283 ​ $ 18,874 ​ $ 57,667,606 ​ $ (2,374,002) ​ $ 56,920,033 Amount of total gains (losses) included in earnings attributable to assets still held at June 30, 2019 ​ $ 5,547 ​ $ 2,535 ​ $ 410 ​ $ (916) ​ $ 126,589 ​ $ 3,492 ​ $ 137,657 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Three Months Ended June 30, 2018 ​ Held - for - sale ​ RMBS ​ CMBS ​ Rights ​ VIE Assets ​ Liabilities ​ Total April 1, 2018 balance ​ $ 723,733 ​ $ 240,853 ​ $ 23,969 ​ $ 24,945 ​ $ 49,233,307 ​ $ (2,205,734) ​ $ 48,041,073 Total realized and unrealized gains (losses): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value / gain on sale ​ 14,833 ​ 141 ​ (542) ​ (2,203) ​ (1,766,507) ​ 297,960 ​ (1,456,318) Net accretion ​ — ​ 2,622 ​ — ​ — ​ — ​ — ​ 2,622 Included in OCI ​ — ​ 1,023 ​ — ​ — ​ — ​ — ​ 1,023 Purchases / Originations ​ ​ 633,433 ​ ​ — ​ ​ 1,463 ​ ​ — ​ ​ — ​ ​ — ​ ​ 634,896 Sales ​ (215,133) ​ (807) ​ — ​ — ​ — ​ — ​ (215,940) Cash repayments / receipts ​ ​ (64,097) ​ (8,036) ​ ​ (240) ​ ​ — ​ ​ — ​ ​ (45,177) ​ (117,550) Transfers into Level III ​ — ​ — ​ — ​ — ​ — ​ (160,071) ​ (160,071) Transfers out of Level III ​ (195,510) ​ — ​ — ​ — ​ — ​ 109,592 ​ (85,918) Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 725,189 ​ — ​ 725,189 Deconsolidation of VIEs ​ — ​ — ​ — ​ — ​ (147,116) ​ 1,315 ​ (145,801) June 30, 2018 balance ​ $ 897,259 ​ $ 235,796 ​ $ 24,650 ​ $ 22,742 ​ $ 48,044,873 ​ $ (2,002,115) ​ $ 47,223,205 Amount of total gain (losses) included in earnings attributable to assets still held at June 30, 2018 ​ $ 2,071 ​ $ 2,623 ​ $ (542) ​ $ (2,203) ​ $ (1,766,507) ​ $ 297,960 ​ $ (1,466,598) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Six Months Ended June 30, 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 ​ 33,157 ​ — ​ 721 ​ (1,683) ​ 420,934 ​ 37,449 ​ 490,578 Net accretion ​ — ​ 5,038 ​ — ​ — ​ — ​ — ​ 5,038 Included in OCI ​ — ​ (466) ​ — ​ — ​ — ​ — ​ (466) Purchases / Originations ​ 1,652,234 ​ — ​ — ​ — ​ — ​ — ​ 1,652,234 Sales ​ (928,747) ​ — ​ (3,978) ​ — ​ — ​ — ​ (932,725) Issuances ​ — ​ — ​ — ​ — ​ — ​ (58,723) ​ (58,723) Cash repayments / receipts ​ (55,528) ​ (12,777) ​ (5,590) ​ — ​ — ​ (3,270) ​ (77,165) Transfers into Level III ​ — ​ — ​ 5,350 ​ — ​ — ​ (1,265,141) ​ (1,259,791) Transfers out of Level III ​ — ​ — ​ — ​ — ​ — ​ 430,819 ​ 430,819 Consolidation of VIEs ​ — ​ — ​ — ​ — ​ 4,104,135 ​ (107,850) ​ 3,996,285 Deconsolidation of VIEs ​ — ​ — ​ 12,552 ​ — ​ (303,827) ​ 34,160 ​ (257,115) June 30, 2019 balance ​ $ 1,372,398 ​ $ 200,874 ​ $ 34,283 ​ $ 18,874 ​ $ 57,667,606 ​ $ (2,374,002) ​ $ 56,920,033 Amount of total gains (losses) included in earnings attributable to assets still held at June 30, 2019 ​ $ 5,145 ​ $ 5,038 ​ $ (157) ​ $ (1,683) ​ $ 420,934 ​ $ 37,449 ​ $ 466,726 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Domestic ​ ​ ​ ​ ​ ​ ​ ​ Loans ​ ​ ​ ​ ​ ​ ​ Servicing ​ ​ ​ ​ VIE ​ ​ ​ Six Months Ended June 30, 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 ​ 22,633 ​ ​ 141 ​ ​ 13 ​ ​ (8,017) ​ ​ (3,793,715) ​ ​ 535,050 ​ (3,243,895) Net accretion ​ — ​ ​ 5,441 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 5,441 Included in OCI ​ — ​ ​ 2,186 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 2,186 Purchases / Originations ​ ​ 910,692 ​ ​ — ​ ​ 1,463 ​ ​ — ​ ​ — ​ ​ — ​ ​ 912,155 Sales ​ (481,765) ​ ​ (807) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ (482,572) Issuances ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (7,948) ​ (7,948) Cash repayments / receipts ​ ​ (104,534) ​ ​ (18,186) ​ ​ (1,017) ​ ​ — ​ ​ — ​ ​ (57,810) ​ (181,547) Transfers into Level III ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (690,959) ​ (690,959) Transfers out of Level III ​ (195,510) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 317,850 ​ 122,340 Consolidation of VIEs ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,815,070 ​ ​ — ​ 1,815,070 Deconsolidation of VIEs ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1,022,356) ​ ​ 90,639 ​ (931,717) June 30, 2018 balance ​ $ 897,259 ​ $ 235,796 ​ $ 24,650 ​ $ 22,742 ​ $ 48,044,873 ​ $ (2,002,115) ​ $ 47,223,205 Amount of total gains (losses) included in earnings attributable to assets still held at June 30, 2018 ​ $ 1,482 ​ $ 5,388 ​ $ 13 ​ $ (8,017) ​ $ (3,793,715) ​ $ 535,050 ​ $ (3,259,799)
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 ​ $ 8,978,717 ​ $ 9,026,285 ​ $ 9,122,972 ​ $ 9,178,709 HTM debt securities ​ 592,163 ​ 593,773 ​ 644,149 ​ 643,948 Financial liabilities not carried at fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured financing agreements and secured borrowings on transferred loans ​ $ 9,284,887 ​ $ 9,191,375 ​ $ 8,757,804 ​ $ 8,662,548 Unsecured senior notes ​ 1,924,711 ​ 1,973,413 ​ 1,998,831 ​ 1,945,160 ​ ​
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) ​ June 30, 2019 Technique Input June 30, 2019 December 31, 2018 Loans held-for-sale, fair value option ​ $ 1,372,398 ​ Discounted cash flow ​ Yield (b) ​ 3.8% - 6.1% ​ 4.6% - 6.1% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 2.3 - 11.4 years ​ 2.5 - 14.4 years RMBS ​ 200,874 ​ Discounted cash flow ​ Constant prepayment rate (a) ​ 3.3% - 18.8% ​ 3.2% - 25.2% ​ ​ ​ ​ ​ ​ ​ Constant default rate (b) ​ 0.8% - 4.8% ​ 1.1% - 5.5% ​ ​ ​ ​ ​ ​ ​ Loss severity (b) ​ 0% - 89% (e) ​ 0% - 73% (e) ​ ​ ​ ​ ​ ​ ​ Delinquency rate (c) ​ 4% - 32% ​ 4% - 31% ​ ​ ​ ​ ​ ​ ​ Servicer advances (a) ​ 22% - 85% ​ 21% - 83% ​ ​ ​ ​ ​ ​ ​ Annual coupon deterioration (b) ​ 0% - 1.7% ​ 0% - 1.4% ​ ​ ​ ​ ​ ​ ​ Putback amount per projected total collateral loss (d) ​ 0% - 7% ​ 0% - 7% CMBS ​ 34,283 ​ Discounted cash flow ​ Yield (b) ​ 0% - 254.2% ​ 0% - 473.5% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 9.7 years ​ 0 - 9.7 years Domestic servicing rights ​ 18,874 ​ Discounted cash flow ​ Debt yield (a) ​ 7.75% ​ 7.75% ​ ​ ​ ​ ​ ​ ​ Discount rate (b) ​ 15% ​ 15% ​ ​ ​ ​ ​ ​ ​ Control migration (b) ​ 0% - 80% ​ 0% - 80% VIE assets ​ 57,667,606 ​ Discounted cash flow ​ Yield (b) ​ 0% - 825.9% ​ 0% - 290.9% ​ ​ ​ ​ ​ ​ ​ Duration (c) ​ 0 - 13.2 years ​ 0 - 20.4 years VIE liabilities ​ (2,374,002) ​ Discounted cash flow ​ Yield (b) ​ 0% - 825.9% ​ 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) 36% and 55% of the portfolio falls within a range of 45% - 80% as of June 30, 2019 and December 31, 2018, respectively.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended June 30, For the Six Months Ended June 30, ​ 2019 ​ 2018 2019 ​ 2018 Federal statutory tax rate $ 28,556 21.0 % $ 25,291 21.0 % $ 44,692 ​ 21.0 % $ 47,897 21.0 % REIT and other non-taxable income ​ (26,013) (19.1) % ​ (23,157) ​ (19.2) % ​ (42,172) (19.8) % ​ (43,500) ​ (19.1) % State income taxes ​ 666 0.5 % ​ 558 ​ 0.5 % ​ 660 0.3 % ​ 1,151 ​ 0.5 % Federal benefit of state tax deduction ​ (140) (0.1) % ​ (118) ​ (0.1) % ​ (139) (0.1) % ​ (242) ​ (0.1) % Other ​ 464 0.3 % ​ 769 ​ 0.6 % ​ 826 0.4 % ​ 893 ​ 0.4 % Effective tax rate ​ $ 3,533 ​ 2.6 % ​ $ 3,343 ​ 2.8 % ​ $ 3,867 ​ 1.8 % ​ $ 6,199 ​ 2.7 %

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies.
Schedule of lease costs and sublease income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, ​ June 30, ​ 2019 2018 2019 2018 Operating lease costs $ 1,272 $ 1,223 $ 2,510 $ 2,476 Short-term lease costs ​ 39 ​ 46 ​ 63 ​ 76 Sublease income ​ (405) ​ (396) ​ (804) ​ (835) Total lease cost ​ $ 906 ​ $ 873 ​ $ 1,769 ​ $ 1,717 ​ 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 June 30, 2019, is as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended For the Six Months Ended ​ ​ June 30, 2019 ​ June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities—operating $ 1,303 $ 2,594 ​ ​ ​ ​ ​ ​ June 30, 2019 Weighted-average remaining lease term 5.8 years Weighted-average discount rate ​ 4.5 %
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) ​ $ 2,620 2020 ​ ​ 5,864 2021 ​ ​ 3,074 2022 ​ ​ 858 2023 ​ ​ 858 Thereafter ​ ​ 5,774 Total ​ ​ 19,048 Less interest component ​ ​ (2,273) Operating lease liability ​ $ 16,775

Segment Data (Tables)

Segment Data (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Data
Schedule of results of operations by business segment	The table below presents our results of operations for the three months ended June 30, 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 ​ $ 163,071 ​ $ 25,291 ​ $ — ​ $ 3,104 ​ $ — ​ $ 191,466 ​ $ — ​ $ 191,466 Interest income from investment securities ​ 24,367 ​ 868 ​ — ​ 31,163 ​ ​ — ​ 56,398 ​ (33,853) ​ 22,545 Servicing fees ​ 90 ​ — ​ — ​ 15,880 ​ ​ — ​ 15,970 ​ (6,962) ​ 9,008 Rental income ​ ​ — ​ ​ — ​ ​ 72,326 ​ ​ 14,971 ​ ​ — ​ ​ 87,297 ​ ​ — ​ ​ 87,297 Other revenues ​ 252 ​ 7 ​ 88 ​ 515 ​ ​ 6 ​ 868 ​ (3) ​ 865 Total revenues ​ 187,780 ​ 26,166 ​ 72,414 ​ 65,633 ​ 6 ​ 351,999 ​ (40,818) ​ 311,181 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 353 ​ — ​ — ​ 18 ​ 22,107 ​ 22,478 ​ 45 ​ 22,523 Interest expense ​ 58,564 ​ 16,258 ​ 19,132 ​ 8,515 ​ ​ 27,821 ​ 130,290 ​ (164) ​ 130,126 General and administrative ​ 6,754 ​ 4,830 ​ 1,706 ​ 20,177 ​ ​ 4,019 ​ 37,486 ​ 92 ​ 37,578 Acquisition and investment pursuit costs ​ 160 ​ 14 ​ — ​ (100) ​ ​ — ​ 74 ​ — ​ 74 Costs of rental operations ​ ​ 741 ​ ​ — ​ ​ 23,125 ​ ​ 6,789 ​ ​ — ​ ​ 30,655 ​ ​ — ​ ​ 30,655 Depreciation and amortization ​ 285 ​ — ​ 23,076 ​ 5,191 ​ ​ — ​ 28,552 ​ — ​ 28,552 Loan loss provision, net ​ 2,096 ​ 422 ​ — ​ — ​ ​ — ​ 2,518 ​ — ​ 2,518 Other expense ​ 76 ​ — ​ 1,173 ​ 194 ​ ​ — ​ 1,443 ​ — ​ 1,443 Total costs and expenses ​ 69,029 ​ 21,524 ​ 68,212 ​ 40,784 ​ ​ 53,947 ​ 253,496 ​ (27) ​ 253,469 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 55,158 ​ 55,158 Change in fair value of servicing rights ​ — ​ — ​ — ​ (1,159) ​ ​ — ​ (1,159) ​ 243 ​ (916) Change in fair value of investment securities, net ​ (948) ​ — ​ — ​ 15,815 ​ ​ — ​ 14,867 ​ (14,200) ​ 667 Change in fair value of mortgage loans held-for-sale, net ​ 5,363 ​ — ​ — ​ 16,528 ​ ​ — ​ 21,891 ​ — ​ 21,891 Earnings from unconsolidated entities ​ 5,492 ​ — ​ 1,044 ​ 2,754 ​ ​ — ​ 9,290 ​ (473) ​ 8,817 Gain on sale of investments and other assets, net ​ 239 ​ 2,276 ​ — ​ — ​ ​ — ​ 2,515 ​ — ​ 2,515 Gain (loss) on derivative financial instruments, net ​ 5,592 ​ (2,833) ​ (11,147) ​ (6,953) ​ ​ 15,309 ​ (32) ​ — ​ (32) Foreign currency (loss) gain, net ​ (6,927) ​ (83) ​ (8) ​ 1 ​ ​ — ​ (7,017) ​ — ​ (7,017) Loss on extinguishment of debt ​ ​ — ​ ​ (2,816) ​ ​ — ​ ​ — ​ ​ — ​ ​ (2,816) ​ ​ — ​ ​ (2,816) Total other income (loss) ​ 8,811 ​ (3,456) ​ (10,111) ​ 26,986 ​ ​ 15,309 ​ 37,539 ​ 40,728 ​ 78,267 Income (loss) before income taxes ​ 127,562 ​ 1,186 ​ (5,909) ​ 51,835 ​ ​ (38,632) ​ 136,042 ​ (63) ​ 135,979 Income tax (provision) benefit ​ (1,832) ​ 186 ​ — ​ (1,887) ​ ​ — ​ (3,533) ​ — ​ (3,533) Net income (loss) ​ 125,730 ​ 1,372 ​ (5,909) ​ 49,948 ​ ​ (38,632) ​ 132,509 ​ (63) ​ 132,446 Net income attributable to non-controlling interests ​ (21) ​ — ​ (5,355) ​ (117) ​ ​ — ​ (5,493) ​ 63 ​ (5,430) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 125,709 ​ $ 1,372 ​ $ (11,264) ​ $ 49,831 ​ $ (38,632) ​ $ 127,016 ​ $ — ​ $ 127,016 ​ The table below presents our results of operations for the three months ended June 30, 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 ​ $ 148,268 ​ $ — ​ $ 3,436 ​ $ — ​ $ 151,704 ​ $ — ​ $ 151,704 Interest income from investment securities ​ 8,930 ​ — ​ 30,472 ​ ​ — ​ 39,402 ​ (28,612) ​ 10,790 Servicing fees ​ 50 ​ — ​ 24,687 ​ ​ — ​ 24,737 ​ (7,422) ​ 17,315 Rental income ​ ​ — ​ ​ 74,401 ​ ​ 14,490 ​ ​ — ​ 88,891 ​ — ​ 88,891 Other revenues ​ 224 ​ 81 ​ 516 ​ ​ 86 ​ 907 ​ (51) ​ 856 Total revenues ​ 157,472 ​ 74,482 ​ 73,601 ​ 86 ​ 305,641 ​ (36,085) ​ 269,556 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 463 ​ — ​ 18 ​ 26,907 ​ 27,388 ​ 106 ​ 27,494 Interest expense ​ 34,826 ​ 19,380 ​ 5,807 ​ ​ 31,854 ​ 91,867 ​ (275) ​ 91,592 General and administrative ​ 6,251 ​ 1,971 ​ 23,855 ​ ​ 3,367 ​ 35,444 ​ 84 ​ 35,528 Acquisition and investment pursuit costs ​ 1,692 ​ (52) ​ (79) ​ ​ — ​ 1,561 ​ — ​ 1,561 Costs of rental operations ​ ​ — ​ ​ 25,991 ​ ​ 6,906 ​ ​ — ​ 32,897 ​ — ​ 32,897 Depreciation and amortization ​ 16 ​ 31,738 ​ 5,396 ​ ​ — ​ 37,150 ​ — ​ 37,150 Loan loss provision, net ​ 25,259 ​ — ​ — ​ ​ — ​ 25,259 ​ — ​ 25,259 Other expense ​ 77 ​ — ​ 420 ​ ​ — ​ 497 ​ — ​ 497 Total costs and expenses ​ 68,584 ​ 79,028 ​ 42,323 ​ ​ 62,128 ​ 252,063 ​ (85) ​ 251,978 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ 43,946 ​ 43,946 Change in fair value of servicing rights ​ — ​ — ​ (3,255) ​ ​ — ​ (3,255) ​ 1,052 ​ (2,203) Change in fair value of investment securities, net ​ 482 ​ — ​ 15,110 ​ ​ — ​ 15,592 ​ (7,890) ​ 7,702 Change in fair value of mortgage loans held-for-sale, net ​ 184 ​ — ​ 14,649 ​ ​ — ​ 14,833 ​ — ​ 14,833 Earnings (loss) from unconsolidated entities ​ 1,803 ​ 2,933 ​ 1,454 ​ ​ — ​ 6,190 ​ (720) ​ 5,470 Gain on sale of investments and other assets, net ​ 135 ​ 2,941 ​ 10,361 ​ ​ — ​ 13,437 ​ — ​ 13,437 Gain (loss) on derivative financial instruments, net ​ 19,467 ​ 19,920 ​ (398) ​ ​ (6,367) ​ 32,622 ​ — ​ 32,622 Foreign currency (loss) gain, net ​ (13,264) ​ (1) ​ 1 ​ ​ — ​ (13,264) ​ — ​ (13,264) Loss on extinguishment of debt ​ ​ — ​ ​ — ​ ​ (186) ​ ​ — ​ ​ (186) ​ ​ — ​ ​ (186) Other income, net ​ — ​ 489 ​ 9 ​ ​ — ​ 498 ​ — ​ 498 Total other income (loss) ​ 8,807 ​ 26,282 ​ 37,745 ​ ​ (6,367) ​ 66,467 ​ 36,388 ​ 102,855 Income (loss) before income taxes ​ 97,695 ​ 21,736 ​ 69,023 ​ ​ (68,409) ​ ​ 120,045 ​ 388 ​ 120,433 Income tax provision ​ (1,720) ​ ​ (611) ​ (1,012) ​ ​ — ​ (3,343) ​ — ​ (3,343) Net income (loss) ​ 95,975 ​ 21,125 ​ 68,011 ​ ​ (68,409) ​ 116,702 ​ 388 ​ 117,090 Net income attributable to non-controlling interests ​ (361) ​ (4,684) ​ (2,427) ​ ​ — ​ (7,472) ​ (388) ​ (7,860) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 95,614 ​ $ 16,441 ​ $ 65,584 ​ $ (68,409) ​ $ 109,230 ​ $ — ​ $ 109,230 ​ ​ ​ ​ The table below presents our results of operations for the six months ended June 30, 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 ​ $ 317,666 ​ $ 52,206 ​ $ — ​ $ 5,010 ​ $ — ​ $ 374,882 ​ $ — ​ $ 374,882 Interest income from investment securities ​ 44,275 ​ 1,753 ​ — ​ 55,456 ​ ​ — ​ 101,484 ​ (61,307) ​ 40,177 Servicing fees ​ 213 ​ — ​ — ​ 43,123 ​ ​ — ​ 43,336 ​ (9,895) ​ 33,441 Rental income ​ ​ — ​ ​ — ​ ​ 142,847 ​ ​ 28,283 ​ ​ — ​ ​ 171,130 ​ ​ — ​ ​ 171,130 Other revenues ​ 456 ​ 693 ​ 166 ​ 711 ​ ​ 26 ​ 2,052 ​ (21) ​ 2,031 Total revenues ​ 362,610 ​ 54,652 ​ 143,013 ​ 132,583 ​ 26 ​ 692,884 ​ (71,223) ​ 621,661 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 764 ​ — ​ — ​ 36 ​ 45,095 ​ 45,895 ​ 94 ​ 45,989 Interest expense ​ 120,168 ​ 34,835 ​ 38,122 ​ 16,261 ​ ​ 55,736 ​ 265,122 ​ (324) ​ 264,798 General and administrative ​ 13,522 ​ 9,309 ​ 3,224 ​ 39,028 ​ ​ 7,245 ​ 72,328 ​ 180 ​ 72,508 Acquisition and investment pursuit costs ​ 409 ​ 30 ​ — ​ (23) ​ ​ — ​ 416 ​ — ​ 416 Costs of rental operations ​ ​ 760 ​ ​ — ​ ​ 46,062 ​ ​ 13,484 ​ ​ — ​ ​ 60,306 ​ ​ — ​ ​ 60,306 Depreciation and amortization ​ 356 ​ — ​ 46,972 ​ 10,478 ​ ​ — ​ 57,806 ​ — ​ 57,806 Loan loss provision, net ​ 2,085 ​ 1,196 ​ — ​ — ​ ​ — ​ 3,281 ​ — ​ 3,281 Other expense ​ 153 ​ — ​ 1,307 ​ 194 ​ ​ — ​ 1,654 ​ — ​ 1,654 Total costs and expenses ​ 138,217 ​ 45,370 ​ 135,687 ​ 79,458 ​ ​ 108,076 ​ 506,808 ​ (50) ​ 506,758 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ — ​ 102,994 ​ 102,994 Change in fair value of servicing rights ​ — ​ — ​ — ​ (1,674) ​ ​ — ​ (1,674) ​ (9) ​ (1,683) Change in fair value of investment securities, net ​ (2,642) ​ — ​ — ​ 33,955 ​ ​ — ​ 31,313 ​ (30,584) ​ 729 Change in fair value of mortgage loans held-for-sale, net ​ 6,749 ​ — ​ — ​ 26,408 ​ ​ — ​ 33,157 ​ — ​ 33,157 Earnings (loss) from unconsolidated entities ​ 6,069 ​ — ​ (42,761) ​ 3,348 ​ ​ — ​ (33,344) ​ (1,039) ​ (34,383) Gain on sale of investments and other assets, net ​ 2,994 ​ 3,066 ​ — ​ 940 ​ ​ — ​ 7,000 ​ — ​ 7,000 (Loss) gain on derivative financial instruments, net ​ (3,705) ​ (3,228) ​ (9,857) ​ (10,385) ​ ​ 24,936 ​ (2,239) ​ — ​ (2,239) Foreign currency (loss) gain, net ​ (1,688) ​ 217 ​ 1 ​ — ​ ​ — ​ (1,470) ​ — ​ (1,470) (Loss) gain on extinguishment of debt ​ ​ — ​ ​ (6,120) ​ ​ — ​ ​ — ​ ​ 6 ​ ​ (6,114) ​ ​ — ​ ​ (6,114) Other loss, net ​ — ​ — ​ — ​ — ​ ​ (73) ​ (73) ​ — ​ (73) Total other income (loss) ​ 7,777 ​ (6,065) ​ (52,617) ​ 52,592 ​ ​ 24,869 ​ 26,556 ​ 71,362 ​ 97,918 Income (loss) before income taxes ​ 232,170 ​ 3,217 ​ (45,291) ​ 105,717 ​ ​ (83,181) ​ 212,632 ​ 189 ​ 212,821 Income tax (provision) benefit ​ (1,584) ​ 271 ​ (258) ​ (2,296) ​ ​ — ​ (3,867) ​ — ​ (3,867) Net income (loss) ​ 230,586 ​ 3,488 ​ (45,549) ​ 103,421 ​ ​ (83,181) ​ 208,765 ​ 189 ​ 208,954 Net (income) loss attributable to non-controlling interests ​ (392) ​ — ​ (11,072) ​ 98 ​ ​ — ​ (11,366) ​ (189) ​ (11,555) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 230,194 ​ $ 3,488 ​ $ (56,621) ​ $ 103,519 ​ $ (83,181) ​ $ 197,399 ​ $ — ​ $ 197,399 ​ ​ The table below presents our results of operations for the six months ended June 30, 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 ​ $ 283,240 ​ $ — ​ $ 6,084 ​ $ — ​ $ 289,324 ​ $ — ​ $ 289,324 Interest income from investment securities ​ 23,369 ​ — ​ 64,871 ​ ​ — ​ 88,240 ​ (62,181) ​ 26,059 Servicing fees ​ 215 ​ — ​ 58,121 ​ ​ — ​ 58,336 ​ (14,954) ​ 43,382 Rental income ​ — ​ ​ 141,111 ​ ​ 28,890 ​ ​ — ​ 170,001 ​ — ​ 170,001 Other revenues ​ 418 ​ 182 ​ 744 ​ ​ 138 ​ 1,482 ​ (105) ​ 1,377 Total revenues ​ 307,242 ​ 141,293 ​ 158,710 ​ 138 ​ 607,383 ​ (77,240) ​ 530,143 Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ 943 ​ — ​ 36 ​ 56,958 ​ 57,937 ​ 199 ​ 58,136 Interest expense ​ 66,847 ​ 35,914 ​ 10,902 ​ ​ 65,657 ​ 179,320 ​ (545) ​ 178,775 General and administrative ​ 12,946 ​ 3,830 ​ 44,875 ​ ​ 5,849 ​ 67,500 ​ 170 ​ 67,670 Acquisition and investment pursuit costs ​ 1,912 ​ (46) ​ 72 ​ ​ — ​ 1,938 ​ — ​ 1,938 Costs of rental operations ​ ​ — ​ ​ 49,479 ​ ​ 13,111 ​ ​ — ​ 62,590 ​ — ​ 62,590 Depreciation and amortization ​ 33 ​ 58,207 ​ 10,654 ​ ​ — ​ 68,894 ​ — ​ 68,894 Loan loss provision, net ​ 26,797 ​ — ​ — ​ ​ — ​ 26,797 ​ — ​ 26,797 Other expense ​ 154 ​ — ​ 447 ​ ​ — ​ 601 ​ — ​ 601 Total costs and expenses ​ 109,632 ​ 147,384 ​ 80,097 ​ ​ 128,464 ​ 465,577 ​ (176) ​ 465,401 Other income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in net assets related to consolidated VIEs ​ — ​ — ​ — ​ — ​ — ​ 96,599 ​ 96,599 Change in fair value of servicing rights ​ — ​ — ​ (12,423) ​ ​ — ​ (12,423) ​ 4,406 ​ (8,017) Change in fair value of investment securities, net ​ (222) ​ — ​ 29,089 ​ ​ — ​ 28,867 ​ (21,314) ​ 7,553 Change in fair value of mortgage loans held-for-sale, net ​ (1,508) ​ — ​ 24,141 ​ ​ — ​ 22,633 ​ — ​ 22,633 Earnings (loss) from unconsolidated entities ​ 3,247 ​ (582) ​ 3,050 ​ ​ — ​ 5,715 ​ (1,707) ​ 4,008 Gain on sale of investments and other assets, net ​ 414 ​ 6,883 ​ 16,800 ​ ​ — ​ 24,097 ​ — ​ 24,097 Gain (loss) on derivative financial instruments, net ​ 8,649 ​ 21,839 ​ 4,644 ​ ​ (19,369) ​ 15,763 ​ — ​ 15,763 Foreign currency gain (loss), net ​ 286 ​ 1 ​ (2) ​ ​ — ​ 285 ​ — ​ 285 Loss on extinguishment of debt ​ ​ — ​ ​ — ​ ​ (186) ​ ​ — ​ ​ (186) ​ ​ — ​ ​ (186) Other income, net ​ 43 ​ 506 ​ 57 ​ ​ — ​ 606 ​ — ​ 606 Total other income (loss) ​ 10,909 ​ 28,647 ​ 65,170 ​ ​ (19,369) ​ 85,357 ​ 77,984 ​ 163,341 Income (loss) before income taxes ​ 208,519 ​ 22,556 ​ 143,783 ​ ​ (147,695) ​ 227,163 ​ 920 ​ 228,083 Income tax provision ​ (2,667) ​ ​ (1,872) ​ (1,660) ​ ​ — ​ (6,199) ​ — ​ (6,199) Net income (loss) ​ 205,852 ​ 20,684 ​ 142,123 ​ ​ (147,695) ​ 220,964 ​ 920 ​ 221,884 Net income attributable to non-controlling interests ​ (722) ​ (7,137) ​ (3,943) ​ ​ — ​ (11,802) ​ (920) ​ (12,722) Net income (loss) attributable to Starwood Property Trust, Inc . ​ $ 205,130 ​ $ 13,547 ​ $ 138,180 ​ $ (147,695) ​ $ 209,162 ​ $ — ​ $ 209,162
Schedule of condensed consolidated balance sheet by business segment	The table below presents our condensed consolidated balance sheet as of June 30, 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 ​ $ 21,709 ​ $ 126 ​ $ 30,493 ​ $ 27,082 ​ $ 253,779 ​ $ 333,189 ​ $ 1,099 ​ $ 334,288 Restricted cash ​ 34,070 ​ 111,076 ​ 21,598 ​ 15,166 ​ — ​ 181,910 ​ — ​ 181,910 Loans held-for-investment, net ​ 7,406,274 ​ 1,356,511 ​ — ​ 1,431 ​ — ​ 8,764,216 ​ — ​ 8,764,216 Loans held-for-sale ​ 1,156,778 ​ 214,501 ​ — ​ 215,620 ​ — ​ 1,586,899 ​ — ​ 1,586,899 Investment securities ​ 957,783 ​ 55,332 ​ — ​ 1,015,379 ​ — ​ 2,028,494 ​ (1,178,922) ​ 849,572 Properties, net ​ ​ 27,150 ​ ​ — ​ ​ 2,476,175 ​ ​ 268,635 ​ ​ — ​ ​ 2,771,960 ​ ​ — ​ ​ 2,771,960 Intangible assets ​ — ​ — ​ 80,840 ​ 72,720 ​ — ​ 153,560 ​ (24,083) ​ 129,477 Investment in unconsolidated entities ​ 36,336 ​ — ​ 71,601 ​ 34,536 ​ — ​ 142,473 ​ (22,597) ​ 119,876 Goodwill ​ — ​ 119,409 ​ — ​ 140,437 ​ — ​ 259,846 ​ — ​ 259,846 Derivative assets ​ 21,604 ​ 357 ​ 17,857 ​ 44 ​ 13,814 ​ 53,676 ​ — ​ 53,676 Accrued interest receivable ​ 42,644 ​ 5,512 ​ 350 ​ 366 ​ 13,277 ​ 62,149 ​ (769) ​ 61,380 Other assets ​ 15,048 ​ 4,645 ​ 71,166 ​ 66,564 ​ 9,222 ​ 166,645 ​ 10 ​ 166,655 VIE assets, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 57,667,606 ​ 57,667,606 Total Assets ​ $ 9,719,396 ​ $ 1,867,469 ​ $ 2,770,080 ​ $ 1,857,980 ​ $ 290,092 ​ $ 16,505,017 ​ $ 56,442,344 ​ $ 72,947,361 Liabilities and Equity ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable, accrued expenses and other liabilities ​ $ 33,625 ​ $ 4,099 ​ $ 61,947 ​ $ 68,021 ​ $ 53,666 ​ $ 221,358 ​ $ 76 ​ $ 221,434 Related-party payable ​ — ​ — ​ — ​ 11 ​ 21,133 ​ 21,144 ​ — ​ 21,144 Dividends payable ​ — ​ — ​ — ​ — ​ 136,424 ​ 136,424 ​ — ​ 136,424 Derivative liabilities ​ 5,966 ​ 435 ​ — ​ 2,490 ​ — ​ 8,891 ​ — ​ 8,891 Secured financing agreements, net ​ 5,177,123 ​ 1,237,526 ​ 1,882,956 ​ 702,781 ​ 298,451 ​ 9,298,837 ​ (13,950) ​ 9,284,887 Unsecured senior notes, net ​ — ​ — ​ — ​ — ​ 1,924,711 ​ 1,924,711 ​ — ​ 1,924,711 VIE liabilities, at fair value ​ — ​ — ​ — ​ — ​ — ​ — ​ 56,446,619 ​ 56,446,619 Total Liabilities ​ 5,216,714 ​ 1,242,060 ​ 1,944,903 ​ 773,303 ​ 2,434,385 ​ 11,611,365 ​ 56,432,745 ​ 68,044,110 Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Starwood Property Trust, Inc. Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock ​ — ​ — ​ — ​ — ​ 2,864 ​ 2,864 ​ — ​ 2,864 Additional paid-in capital ​ 1,203,757 ​ 624,494 ​ 625,962 ​ 49,768 ​ 2,599,790 ​ 5,103,771 ​ — ​ 5,103,771 Treasury stock ​ — ​ — ​ — ​ — ​ (104,194) ​ (104,194) ​ — ​ (104,194) Accumulated other comprehensive income (loss) ​ 53,050 ​ — ​ 4,139 ​ (65) ​ — ​ 57,124 ​ — ​ 57,124 Retained earnings (accumulated deficit) ​ 3,245,875 ​ 915 ​ (43,051) ​ 1,017,156 ​ (4,642,753) ​ (421,858) ​ — ​ (421,858) Total Starwood Property Trust, Inc. Stockholders’ Equity ​ 4,502,682 ​ 625,409 ​ 587,050 ​ 1,066,859 ​ (2,144,293) ​ 4,637,707 ​ — ​ 4,637,707 Non-controlling interests in consolidated subsidiaries ​ — ​ — ​ 238,127 ​ 17,818 ​ — ​ 255,945 ​ 9,599 ​ 265,544 Total Equity ​ 4,502,682 ​ 625,409 ​ 825,177 ​ 1,084,677 ​ (2,144,293) ​ 4,893,652 ​ 9,599 ​ 4,903,251 Total Liabilities and Equity ​ $ 9,719,396 ​ $ 1,867,469 ​ $ 2,770,080 ​ $ 1,857,980 ​ $ 290,092 ​ $ 16,505,017 ​ $ 56,442,344 ​ $ 72,947,361 ​ ​ 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)	6 Months Ended
	Jun. 30, 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	Jun. 30, 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	$ 16,775
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		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Investments in loans
Total gross loans	$ 10,384,421		$ 10,384,421		$ 9,833,405
Loan loss allowance (loans held-for-investment)	(33,306)	$ (31,127)	(33,306)	$ (31,127)	(39,151)	$ (4,330)
Carrying Value	10,351,115	8,095,162	10,351,115	8,095,162	9,794,254	$ 7,382,641
Proceeds from borrowings			3,271,785	3,001,735
Payment of debt			2,679,056	2,410,574
Face Amount	10,399,912		10,399,912		9,876,545
Loans with variable rates of interest	$ 8,300,000		$ 8,300,000
Loans with variable rates of interest (as a percent)	94.80%		94.80%
Weighted average spread of loans (as a percent)	4.20%		4.20%
Total loans held-for-investment
Investments in loans
Total gross loans	$ 8,797,100		$ 8,797,100		8,571,507
Face Amount	8,840,351		8,840,351		8,610,457
Loans held-for-sale
Investments in loans
Total gross loans	1,587,321		1,587,321
Loans held-for-sale, residential
Investments in loans
Total gross loans	1,156,778		1,156,778		623,660
Face Amount	1,124,838		$ 1,124,838		$ 609,571
Weighted Average Life			5 years		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	215,620		$ 215,620		$ 94,117
Carrying amount of commercial loans					47,622
Face Amount	215,425		$ 215,425		$ 94,916
Weighted Average Life			9 years 8 months 12 days		6 years 2 months 12 days
Loans held-for-sale, commercial | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			4.20%		5.40%
Loans Held For Sale Infrastructure
Investments in loans
Total gross loans	214,923		$ 214,923		$ 469,775
Face Amount	219,298		$ 219,298		$ 486,909
Weighted Average Life			1 year 6 months		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	6,879,248		$ 6,879,248		$ 6,607,117
Face Amount	6,905,735		$ 6,905,735		$ 6,631,236
Weighted Average Life			2 years		2 years
First mortgage loan participation | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			6.40%		6.90%
First priority infrastructure receivables | Total loans held-for-investment
Investments in loans
Total gross loans	1,356,511		$ 1,356,511		$ 1,456,779
Face Amount	1,367,336		$ 1,367,336		$ 1,465,828
Weighted Average Life			4 years 7 months 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)			5.90%		5.70%
Mortgage, Residual Profit Participation | Retail and Hospitality Property
Investments in loans
Total distributions received from residual profit participation	0	$ 12,300	$ 0	$ 12,300
Subordinated mortgages | Total loans held-for-investment
Investments in loans
Total gross loans	52,926		52,926		$ 52,778
Face Amount	54,092		$ 54,092		$ 53,996
Weighted Average Life			3 years 2 months 12 days		3 years 8 months 12 days
Subordinated mortgages | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			8.80%		8.90%
Mezzanine Loans
Investments in loans
Carrying Value	890,000,000		$ 890,000,000		$ 1,000
Mezzanine Loans | Total loans held-for-investment
Investments in loans
Total gross loans	446,484		446,484		393,832
Face Amount	447,537		$ 447,537		$ 394,739
Weighted Average Life			2 years 1 month 6 days		2 years
Mezzanine Loans | Total loans held-for-investment | Weighted-average
Investments in loans
Weighted Average Coupon (as a percent)			11.10%		10.60%
Other | Total loans held-for-investment
Investments in loans
Total gross loans	61,931		$ 61,931		$ 61,001
Face Amount	$ 65,651		$ 65,651		$ 64,658
Weighted Average Life			2 years		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	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2019USD ($)	Jun. 30, 2019USD ($)item	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Investments in loans
Total gross loans		$ 10,384,421	$ 10,384,421		$ 9,833,405
Total gross loans (as a percent)		100.00%	100.00%		100.00%
Allowance for impaired loans		$ 29,900	$ 29,900
Unamortized discount		7,000	7,000
Provision for impaired loans				$ 29,852
Average recorded investment		172,900	186,000
Carrying amount of loans 90 days or more past due		29,200	29,200
Unfunded commitment		4,600	4,600
TDRs for which interest income was recognized		0	0
New York City
Investments in loans
Allowance for impaired loans		21,600	21,600
Greater Chicago
Investments in loans
Allowance for impaired loans		$ 8,300	$ 8,300
Number of impaired individual mortgage loans held-for-investment | item		2	2
Recorded investment		$ 12,200	$ 12,200
Unpaid principal balance		12,000	12,000
Montgomery, Alabama
Investments in loans
Recorded investment		9,000	9,000
Unpaid principal balance		20,900	20,900
Unamortized discount		3,600	3,600
Montgomery, Alabama | Maximum
Investments in loans
Allowance for impaired loans		8,300	8,300
Orlando, Florida
Investments in loans
Recorded investment	$ 18,500
Unpaid principal balance	21,900
Unamortized discount	3,400
Provision for impaired loans	$ 0
Rating 1
Investments in loans
Total gross loans		$ 24,076	$ 24,076		$ 30,305
Total gross loans (as a percent)		0.20%	0.20%		0.30%
Rating 1 | Maximum
Investments in loans
LTV (as a percent)		65.00%	65.00%
Rating 2
Investments in loans
Total gross loans		$ 3,520,234	$ 3,520,234		$ 3,549,546
Total gross loans (as a percent)		33.90%	33.90%		36.10%
Rating 2 | Maximum
Investments in loans
LTV (as a percent)		70.00%	70.00%
Rating 3
Investments in loans
Total gross loans		$ 3,676,489	$ 3,676,489		$ 3,334,111
Total gross loans (as a percent)		35.40%	35.40%		33.90%
Rating 3 | Maximum
Investments in loans
LTV (as a percent)		80.00%	80.00%
Rating 4
Investments in loans
Total gross loans					$ 63,094
Total gross loans (as a percent)					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%	80.00%
Rating 4 | Maximum
Investments in loans
LTV (as a percent)		90.00%	90.00%
Rating 5
Investments in loans
Total gross loans		$ 60,637	$ 60,637
Total gross loans (as a percent)		0.60%	0.60%
Allowance for loan losses as a percent of carrying amount			5.00%
Rating 5 | Minimum
Investments in loans
LTV (as a percent)		90.00%	90.00%
N/A
Investments in loans
Total gross loans		$ 1,515,664	$ 1,515,664		$ 1,668,797
Total gross loans (as a percent)		14.60%	14.60%		17.00%
Total
Investments in loans
Total gross loans		$ 8,797,100	$ 8,797,100		$ 8,645,853
Unsecured promissory note | New York City
Investments in loans
Allowance for impaired loans		0	0
Recorded investment		6,700	6,700
Unpaid principal balance		7,400	7,400
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		139,600	139,600
Unpaid principal balance		110,100	110,100
Total loans held-for-investment
Investments in loans
Total gross loans		8,797,100	8,797,100		8,571,507
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 1
Investments in loans
Total gross loans		812	812		6,538
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 2
Investments in loans
Total gross loans		3,316,307	3,316,307		3,356,342
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 3
Investments in loans
Total gross loans		3,361,878	3,361,878		2,987,296
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 4
Investments in loans
Total gross loans					63,094
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Rating 5
Investments in loans
Total gross loans		60,637	60,637
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | N/A
Investments in loans
Total gross loans		139,614	139,614		193,847
Total loans held-for-investment | First Mortgages, excluding Cost Recovery Loans | Total
Investments in loans
Total gross loans		6,879,248	6,879,248		6,607,117
Total loans held-for-investment | First Priority Infrastructure Loans | N/A
Investments in loans
Total gross loans		1,356,511	1,356,511		1,456,779
Total loans held-for-investment | First Priority Infrastructure Loans | Total
Investments in loans
Total gross loans		1,356,511	1,356,511		1,456,779
Total loans held-for-investment | Subordinated mortgages
Investments in loans
Total gross loans		52,926	52,926		52,778
Total loans held-for-investment | Subordinated mortgages | Rating 2
Investments in loans
Total gross loans		38,017	38,017		7,392
Total loans held-for-investment | Subordinated mortgages | Rating 3
Investments in loans
Total gross loans		2,933	2,933		33,410
Total loans held-for-investment | Subordinated mortgages | N/A
Investments in loans
Total gross loans		11,976	11,976		11,976
Total loans held-for-investment | Subordinated mortgages | Total
Investments in loans
Total gross loans		52,926	52,926		52,778
Total loans held-for-investment | Mezzanine Loans
Investments in loans
Total gross loans		446,484	446,484		393,832
Total loans held-for-investment | Mezzanine Loans | Rating 2
Investments in loans
Total gross loans		165,910	165,910		111,466
Total loans held-for-investment | Mezzanine Loans | Rating 3
Investments in loans
Total gross loans		280,574	280,574		282,366
Total loans held-for-investment | Mezzanine Loans | Total
Investments in loans
Total gross loans		446,484	446,484		393,832
Total loans held-for-investment | Other
Investments in loans
Total gross loans		61,931	61,931		61,001
Total loans held-for-investment | Other | Rating 1
Investments in loans
Total gross loans		23,264	23,264		23,767
Total loans held-for-investment | Other | Rating 3
Investments in loans
Total gross loans		31,104	31,104		31,039
Total loans held-for-investment | Other | N/A
Investments in loans
Total gross loans		7,563	7,563		6,195
Total loans held-for-investment | Other | Total
Investments in loans
Total gross loans		61,931	61,931		$ 61,001
Loans held-for-sale
Investments in loans
Total gross loans		$ 1,587,321	$ 1,587,321
Total gross loans (as a percent)		15.30%	15.30%		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		$ 1,156,778	$ 1,156,778		623,660
Carrying amount of loans 90 days or more past due		4,500	4,500
Loans held-for-sale, commercial
Investments in loans
Total gross loans		215,620	215,620		94,117
Loans Held For Sale Infrastructure
Investments in loans
Total gross loans		214,923	214,923		469,775
Carrying amount of loans 90 days or more past due		$ 36,200	$ 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) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Activity in allowance for loan losses
Allowance for loan losses at the beginning of the period			$ 39,151	$ 4,330
Provision for (reversal of) loan losses			(3,281)	3,055
Provision for impaired loans				29,852
Charge-offs			(9,126)
Allowance for loan losses at the end of the period	$ 33,306	$ 31,127	33,306	31,127
Recorded investment in loans related to the allowance for loan loss	303,981	273,020	303,981	273,020
Activity in loan portfolio
Balance at the beginning of the period			9,794,254	7,382,641
Acquisitions/origination/additional funding			3,704,727	3,315,664
Capitalized Interest			52,405	29,499
Basis of loans sold			(1,767,387)	(676,214)
Loan maturities/principal repayments			(1,447,593)	(1,964,644)
Discount accretion/premium amortization			16,112	20,961
Changes in fair value	21,891	14,833	33,157	22,633
Unrealized foreign currency translation (loss) gain			(3,903)	(8,608)
Loan loss provision, net			(3,281)	(26,797)
Loan foreclosure			(27,303)
Transfer to/from other asset classifications			(73)	27
Balance at the end of the period	$ 10,351,115	$ 8,095,162	$ 10,351,115	$ 8,095,162

Investment Securities (Details)

Investment Securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Jun. 30, 2019	Dec. 31, 2018
Investment Securities
Investment securities						$ 849,572	$ 906,468
Purchases		$ 20,465		$ 20,465
Sales	$ 750	807	$ 3,978	807
Principal collections	65,281	102,457	73,035	321,687
Amortized cost							21,200
Changes to non accretable difference
Cost of third party management			800	900
VIE eliminations
Investment Securities
Purchases	(38,951)	(41,218)	(78,485)	(71,443)
Sales	(66,546)		(100,224)	(7,948)
Principal collections	(9,728)	(45,359)	(21,411)	(59,763)
Before consolidation of securitization VIEs
Investment Securities
Investment securities						$ 2,028,494	$ 2,110,508
Available-for-sale | One-month LIBOR
Investment Securities
Effective variable rate basis (as a percent)						2.398%	2.503%
Fair value option
Investment Securities
Fair Value						$ 1,200
Fair value option | VIE eliminations
Investment Securities
Investment securities						(1,178,922)	$ (1,204,040)
Held-to-maturity
Investment Securities
Principal collections	53,462	94,181	54,668	302,484
Held-to-maturity | Before consolidation of securitization VIEs
Investment Securities
Investment securities						592,163	644,149
RMBS
Investment Securities
Portion of securities with variable rate						170,500
RMBS | Available-for-sale
Investment Securities
Sales		807		807
Principal collections	6,417	8,036	12,777	18,186
Purchase Amortized Cost						157,721	165,461
Credit OTTI						(9,897)	(9,897)
Recorded Amortized Cost						147,824	155,564
Non-Credit OTTI						(22)	(31)
Gross Unrealized Gains						53,072	53,546
Net Fair Value Adjustment						53,050	53,515
Fair Value						$ 200,874	209,079
Portion of securities with variable rate							$ 177,400
Portion of securities with variable rate (as a percent)						84.90%	84.90%
Principal balance						$ 295,215	$ 309,497
Accretable yield	(54,821)		(54,821)		$ (54,779)	(54,821)	(54,779)
Non-accretable difference						(92,570)	(99,154)
Total discount						(147,391)	(153,933)
Amortized cost						147,824	155,564
Credit deteriorated RMBS						278,100	290,800
Accretable yield related to credit deteriorated RMBS						$ 50,100	$ 49,500
Changes to accretable yield
Balance at the beginning of the period	57,391		54,779
Accretion of discount	(2,535)		(5,038)
Transfer to/from non-accretable difference	(35)		5,080
Balance at the end of the period	54,821		54,821		54,779
Changes to non accretable difference
Balance at the beginning of the period		93,131	99,154
Principal write-downs, net	(596)		(1,504)
Transfer to/from non-accretable difference	35		(5,080)
Balance at the end of the period	92,570		$ 92,570		$ 99,154
Cost of third party management	400
RMBS | Available-for-sale | LIBOR
Investment Securities
Variable rate, weighted average spread (as a percent)			1.23%		1.22%
RMBS | Available-for-sale | B-
Investment Securities
Weighted Average Coupon (as a percent)						3.60%	3.70%
WAL (Years)			5 years 10 months 24 days		6 years
RMBS | Available-for-sale | Before consolidation of securitization VIEs
Investment Securities
Investment securities						$ 200,874	$ 209,079
RMBS | Fair value option
Investment Securities
Purchases			$ 26,272
Sales	41,501		41,501
Principal collections	3,058		5,092
Portion of securities with variable rate						0
RMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities						63,203	87,879
CMBS | Fair value option
Investment Securities
Purchases	38,951	61,683	52,213	91,908
Sales	25,795		62,701	7,948
Principal collections	12,072	$ 45,599	21,909	$ 60,780
Portion of securities with variable rate						145,000
CMBS | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities						1,160,421	1,157,508
Equity security | Fair value option | Before consolidation of securitization VIEs
Investment Securities
Investment securities						11,833	11,893
Infrastructure bonds
Investment Securities
Principal balance						33,700	34,200
Accretable yield	0		0		$ 0	0	$ 0
Non-accretable difference						(13,000)
Amortized cost						$ 20,700
Changes to accretable yield
Balance at the beginning of the period			0
Balance at the end of the period	$ 0		$ 0		$ 0

Investment Securities - AFS and

Investment Securities - AFS and Fair Value Option (Details) $ in Thousands	Jun. 30, 2019USD ($)security	Dec. 31, 2018USD ($)
RMBS
Unrealized Losses
Portion of securities with variable rate	$ 170,500
RMBS | Available-for-sale
Estimated Fair Value
Securities with a loss less than 12 months	2,118	$ 2,148
Unrealized Losses
Securities with a loss less than 12 months	$ (22)	(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	$ 63,200
Unpaid principal balance of investment securities before consolidation of VIEs	34,900
Portion of securities with variable rate	0
CMBS | Fair value option
Unrealized Losses
Fair value of investment securities before consolidation of VIEs	1,200,000
Unpaid principal balance of investment securities before consolidation of VIEs	2,900,000
Portion of securities with variable rate	145,000
VIE eliminations
Unrealized Losses
Fair value of investment securities before consolidation of VIEs eliminated against VIE liabilities	$ 44,700

Investment Securities - HTM (De

Investment Securities - HTM (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
HTM Securities
Net Carrying Amount (Amortized Cost)	$ 592,163	$ 644,149
Gross Unrealized Holdings Gains	2,834	3,316
Gross Unrealized Holdings Losses	(1,224)	(3,517)
Fair Value	593,773	643,948
HTM preferred equity interests
Less than one year	75,204
One to three years	295,538
Three to five years	175,183
Thereafter	46,238
Total	592,163	644,149
CMBS
HTM Securities
Net Carrying Amount (Amortized Cost)	361,648	408,556
Gross Unrealized Holdings Gains	1,534	2,435
Gross Unrealized Holdings Losses	(649)	(3,349)
Fair Value	362,533	407,642
HTM preferred equity interests
Less than one year	75,204
One to three years	286,444
Total	361,648	408,556
Preferred interests
HTM Securities
Net Carrying Amount (Amortized Cost)	175,183	174,825
Gross Unrealized Holdings Gains	583	703
Fair Value	175,766	175,528
HTM preferred equity interests
Three to five years	175,183
Total	175,183	174,825
Infrastructure bonds
HTM Securities
Net Carrying Amount (Amortized Cost)	55,332	60,768
Gross Unrealized Holdings Gains	717	178
Gross Unrealized Holdings Losses	(575)	(168)
Fair Value	55,474	60,778
HTM preferred equity interests
One to three years	9,094
Thereafter	46,238
Total	$ 55,332	$ 60,768

Investment Securities - SEREF (

Investment Securities - SEREF (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2012	Dec. 31, 2018
Residential Real Estate
Fair value of the investment	$ 19,682		$ 25,671
Ownership percentage	2.00%
SEREF
Residential Real Estate
Number of shares acquired		9,140,000
Fair value of the investment	$ 11,800		$ 11,900

Properties (Details)

Properties (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2017item	Jun. 30, 2018USD ($)property	Jun. 30, 2019USD ($)ft²propertyitem	Jun. 30, 2018USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2017propertyitem	Dec. 31, 2016ft²item	Dec. 31, 2015ft²propertyitem
Properties
Number of properties sold | property		3	0	8
Proceeds from sale of operating properties		$ 43,300		$ 95,600
Gain on sale of property		13,400		$ 23,700
Number of properties acquired by a third party which already held a non-controlling interest in the property | property				1
Amount of non-controlling interest already held by a purchaser of a property				$ 300
Summary of properties
Properties, cost			$ 3,005,748		$ 2,972,803
Less: accumulated depreciation			(233,788)		(187,913)
Properties, net			2,771,960		2,784,890
Future rental payments due from tenants under existing non-cancellable operating leases
2019 (remainder of)			123,703
2020			145,473
2021			119,548
2022			111,591
2023			96,183
Thereafter			837,959
Total			1,434,457
Non-Controlling Interests
Properties
Amount of non-controlling interest already held by a purchaser of a property		$ 2,400		$ 3,700
Property Segment
Summary of properties
Land and land improvements			647,568		648,972
Buildings and building improvements			1,981,043		1,980,283
Furniture & fixtures			$ 49,198		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			$ 82,480		82,332
Buildings and building improvements			215,573		213,010
Furniture & fixtures			$ 2,470		$ 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			$ 11,386
Buildings			$ 16,030
Commercial and Residential Lending Segment | Minimum
Summary of properties
Land improvements, useful life			0 years
Building, useful life			20 years
Commercial and Residential Lending Segment | Maximum
Summary of properties
Land improvements, useful life			7 years
Building, useful life			23 years
Ireland Portfolio
Properties
Area of property | ft²								600,000
Total gross properties and lease intangibles			$ 519,700
Total liabilities assumed			$ 358,000
Woodstar Portfolio
Properties
Number of properties in portfolio investment | item			32
Total gross properties and lease intangibles			$ 626,100
Total liabilities assumed			$ 406,300
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			27
Total gross properties and lease intangibles			$ 599,900
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			$ 759,300
Total liabilities assumed			488,900
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			$ 350,400
Total liabilities assumed			$ 236,900
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	6 Months Ended
	Jun. 30, 2019USD ($)item	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 100,194	$ 100,194		$ 146,094
Fair value of the investment	19,682	19,682		25,671
Investment in unconsolidated entities	119,876	119,876		171,765
Capital distribution		10,041	$ 21,287
Carrying value over (under) equity in net assets	$ 0	$ 0
Retail Fund
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	33.00%	33.00%
Equity method, Carrying value	$ 71,601	$ 71,601		114,362
Number of regional shopping malls | item	4	4
Decrease in investment		$ 45,200
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	$ 9,387	$ 9,387		9,372
Equity interests in commercial real estate
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	50.00%	50.00%
Equity method, Carrying value	$ 2,366	$ 2,366		6,294
Equity interest in a residential mortgage originator
Investment in Unconsolidated Entities
Equity method, Carrying value	9,167	9,167		9,082
Carrying value over (under) equity in net assets	1,600	1,600
Equity interest in a residential mortgage originator | Subordinated Loans
Investment in Unconsolidated Entities
Equity method, Carrying value	2,000	2,000
Various - Equity method
Investment in Unconsolidated Entities
Equity method, Carrying value	$ 7,673	$ 7,673		$ 6,984
Various - Equity method | Minimum
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	25.00%	25.00%		25.00%
Various - Equity method | Maximum
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	50.00%	50.00%		50.00%
Equity interest in a servicing and advisory business
Investment in Unconsolidated Entities
Equity method, Participation / Ownership %	4.00%	4.00%		4.00%
Fair value of the investment				$ 6,207
Capital distribution	$ 8,400
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		$ 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%		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%		6.00%
Various
Investment in Unconsolidated Entities
Fair value of the investment	$ 10,457	$ 10,457		$ 10,239
Various | Minimum
Investment in Unconsolidated Entities
Cost method, Ownership %	0.00%	0.00%		0.00%
Various | Maximum
Investment in Unconsolidated Entities
Cost method, Ownership %	3.00%	3.00%		3.00%

Goodwill and Intangibles (Detai

Goodwill and Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Intangible Assets
Goodwill	$ 259,846	$ 259,846
Summary of Intangible Assets
Gross Carrying Value	252,163	255,672
Accumulated Amortization	(122,686)	(110,639)
Net Carrying Value	129,477	145,033
In-place lease
Summary of Intangible Assets
Gross Carrying Value	196,644	198,220
Accumulated Amortization	(111,271)	(100,873)
Net Carrying Value	85,373	97,347
Favorable lease
Summary of Intangible Assets
Gross Carrying Value	36,645	36,895
Accumulated Amortization	(11,415)	(9,766)
Net Carrying Value	25,230	27,129
Domestic Servicing Rights
Summary of Intangible Assets
Gross Carrying Value	18,874	20,557
Net Carrying Value	18,874	20,557
Domestic Servicing Rights | Before consolidation of securitization VIEs
Intangible Assets
Servicing rights intangibles	43,000	44,600
Domestic Servicing Rights | VIE eliminations
Intangible Assets
Servicing rights intangibles	24,100	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	6 Months Ended
	Jun. 30, 2019USD ($)
Summary of activity within intangible assets
Balance as of beginning of period	$ 145,033
Amortization	(12,408)
Foreign exchange loss	(306)
Impairment	(1,159)
Changes in fair value due to changes in inputs and assumptions	(1,683)
Balance as of end of period	129,477
Future rental payments due to us from tenants under existing non-cancellable operating leases
2019 (remainder of)	10,350
2020	17,004
2021	14,716
2022	12,208
2023	8,976
Thereafter	47,349
Total	110,603
In-place lease
Summary of activity within intangible assets
Balance as of beginning of period	97,347
Amortization	(10,680)
Foreign exchange loss	(241)
Impairment	(1,053)
Balance as of end of period	85,373
Favorable lease
Summary of activity within intangible assets
Balance as of beginning of period	27,129
Amortization	(1,728)
Foreign exchange loss	(65)
Impairment	(106)
Balance as of end of period	25,230
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	(1,683)
Balance as of end of period	$ 18,874

Secured Financing Agreements (D

Secured Financing Agreements (Details) $ in Thousands, £ in Millions	1 Months Ended						3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	May 31, 2019USD ($)item	Apr. 30, 2019item	Mar. 31, 2019USD ($)	Feb. 28, 2019USD ($)	Jan. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2019USD ($)item	Dec. 31, 2019	Jan. 31, 2019GBP (£)	Dec. 31, 2018USD ($)
Secured Financing Agreements
Carrying Value	$ 9,284,887							$ 9,284,887			$ 8,683,565
Lender 1 Repo 1 Facility
Secured Financing Agreements
Number of extension options | item			3					3
Extended term / option			1 year					1 year
Lender 2 Repo 1 Facility
Secured Financing Agreements
Maximum Facility Size	800,000	$ 600,000						$ 800,000
Maximum facility size subject to certain conditions	1,100,000	$ 800,000						1,100,000
Number of extension options | item		3
Extended term / option		1 year
Lender 6 Repo 2 Facility
Secured Financing Agreements
Maximum Facility Size | £										£ 330.9
Maximum facility size subject to certain conditions | £										£ 429.2
Lender 11 Repo 1 Facility
Secured Financing Agreements
Maximum Facility Size						$ 200,000
Maximum facility size subject to certain conditions					$ 400,000
Lender 14 Repo 1 Facility
Secured Financing Agreements
Maximum facility size subject to certain conditions	750,000							750,000
Maximum borrowing capacity	500,000							500,000
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
Number of extension options | item			2
Extended term / option			1 year
Conduit Repo 2 Facility
Secured Financing Agreements
Modified amount	950,000							950,000
Maximum facility size subject to certain conditions	$ 200,000							200,000
Maturity period	3 years
MBS Repo 1 Facility
Secured Financing Agreements
Maximum Facility Size	$ 0							$ 0
Rolling maturity period								11 months
MBS Repo 3 Facility
Secured Financing Agreements
Maximum Facility Size	0							$ 0
Rolling maturity period								12 months
MBS Repo 4 Facility
Secured Financing Agreements
Maximum Facility Size						$ 110,000
Maximum facility size subject to certain conditions					$ 100,000
MBS Repo 4 Facility | LIBOR
Secured Financing Agreements
Pricing margin (as a percent)					1.25%	1.70%
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			$ 2,000
Secured financing agreements
Secured Financing Agreements
Pledged Asset Carrying Value	13,565,133							$ 13,565,133
Maximum Facility Size	15,868,899							15,868,899
Principal Amount	9,359,610							9,359,610			8,761,624
Unamortized premium (discount), net	(2,030)							(2,030)			(963)
Unamortized deferred financing costs	(72,693)							(72,693)			(77,096)
Secured financing agreements | Lender 1 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	1,529,783							1,529,783
Maximum Facility Size	2,000,000							2,000,000
Principal Amount	1,198,746							$ 1,198,746			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)								2.35%
Secured financing agreements | Lender 2 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	646,549							$ 646,549
Maximum Facility Size	1,100,000							1,100,000
Principal Amount	509,229							$ 509,229			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	1,268,735							$ 1,268,735
Maximum Facility Size	1,000,000							1,000,000
Principal Amount	766,620							$ 766,620			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)								3.50%
Secured financing agreements | Lender 6 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	548,167							$ 548,167
Maximum Facility Size	600,000							600,000
Principal Amount	392,790							$ 392,790			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	702,382							$ 702,382
Maximum Facility Size	544,973							544,973
Principal Amount	534,598							$ 534,598			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 | GBP LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)								2.45%
Secured financing agreements | Lender 6 Repo 2 Facility | GBP LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)								2.75%
Secured financing agreements | Lender 7 Repo 1 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	152,326							$ 152,326
Maximum Facility Size	250,000							250,000
Principal Amount	121,758							$ 121,758			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	200,417							$ 200,417
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
Pledged Asset Carrying Value	199,105							$ 199,105
Maximum Facility Size	400,000							400,000
Principal Amount	161,046							$ 161,046
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	355,069							$ 355,069
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	237,609							$ 237,609
Maximum Facility Size	250,000							250,000
Principal Amount	179,940							$ 179,940			43,500
Secured financing agreements | Lender 12 Repo 1 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)								1.50%
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	137,599							$ 137,599
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)								1.45%
Secured financing agreements | Lender 13 Repo 1 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)								1.50%
Secured financing agreements | Lender 14 Repo 1 Facility
Secured Financing Agreements
Pricing margin (as a percent)	2.50%						1.75%
Maximum Facility Size	$ 750,000							$ 750,000
Secured financing agreements | Lender 14 Repo 1 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)								1.75%
Secured financing agreements | Lender 14 Repo 1 Facility | LIBOR | Maximum
Secured Financing Agreements
Pricing margin (as a percent)								2.50%
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 | Conduit Repo 2 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	91,807							$ 91,807
Maximum Facility Size	200,000							200,000
Principal Amount	70,760							$ 70,760			35,034
Secured financing agreements | Conduit Repo 2 Facility | LIBOR | Minimum
Secured Financing Agreements
Pricing margin (as a percent)								2.10%
Secured financing agreements | Conduit Repo 3 Facility
Secured Financing Agreements
Pledged Asset Carrying Value	110,625							$ 110,625
Maximum Facility Size	150,000							150,000
Principal Amount	82,988							$ 82,988
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	192,439							$ 192,439
Maximum Facility Size	137,651							137,651
Principal Amount	137,651							$ 137,651			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	650,064							$ 650,064
Maximum Facility Size	385,056							385,056
Principal Amount	385,056							$ 385,056			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	148,819							$ 148,819
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)	4.09%							4.09%
Pledged Asset Carrying Value	$ 85,080							$ 85,080
Maximum Facility Size	150,000							150,000
Principal Amount	78,677							78,677			55,437
Secured financing agreements | Investing and Servicing Segment Property Mortgages
Secured Financing Agreements
Pledged Asset Carrying Value	258,437							258,437
Maximum Facility Size	242,499							242,499
Principal Amount	224,601							224,601			219,237
Secured financing agreements | Ireland Mortgage
Secured Financing Agreements
Pledged Asset Carrying Value	450,129							450,129
Maximum Facility Size	359,677							359,677
Principal Amount	359,677							$ 359,677			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	341,271							$ 341,271
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	$ 196,030							$ 196,030
Maximum Facility Size	130,031							130,031
Principal Amount	$ 130,031							$ 130,031			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	$ 523,013							$ 523,013
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	$ 38,421							$ 38,421
Maximum Facility Size	25,147							25,147
Principal Amount	$ 25,147							$ 25,147			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	$ 664,205							$ 664,205
Maximum Facility Size	524,499							524,499
Principal Amount	494,309							$ 494,309			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	328,890							$ 328,890
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	$ 1,276,574							$ 1,276,574
Maximum Facility Size	1,265,209							1,265,209
Principal Amount	980,149							980,149			1,551,148
Secured financing agreements | Infrastructure Repo
Secured Financing Agreements
Pledged Asset Carrying Value	328,888							328,888
Maximum Facility Size	500,000							500,000
Principal Amount	275,472							$ 275,472
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	945,026							$ 945,026
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	957,674							$ 957,674
Maximum Facility Size	2,000,000							2,000,000
Principal Amount	$ 513,754							$ 513,754			$ 500,000

Secured Financing Agreements -

Secured Financing Agreements - Principal Repayments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Secured financing agreements
Repayment of secured financings
2019 (remainder of)	$ 277,478		$ 277,478
2020	1,003,331		1,003,331
2021	2,202,418		2,202,418
2022	1,454,349		1,454,349
2023	2,320,116		2,320,116
Thereafter	2,101,918		2,101,918
Total	9,359,610		9,359,610		$ 8,761,624
Amortization of deferred financing costs from secured financing agreements included in interest expense	8,100	$ 5,800	16,800	$ 10,900
Repurchase Agreements
Repayment of secured financings
2019 (remainder of)	97,607		97,607
2020	824,360		824,360
2021	1,379,216		1,379,216
2022	760,605		760,605
2023	1,753,224		1,753,224
Thereafter	627,613		627,613
Total	5,442,625		5,442,625
Other Secured Financing
Repayment of secured financings
2019 (remainder of)	179,871		179,871
2020	178,971		178,971
2021	823,202		823,202
2022	693,744		693,744
2023	566,892		566,892
Thereafter	1,474,305		1,474,305
Total	$ 3,916,985		$ 3,916,985

Secured Financing Agreements _2

Secured Financing Agreements - Repurchase Agreements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Secured financing agreements
Secured Financing Agreements
Principal Amount	$ 9,359,610	$ 8,761,624
Repurchase Agreements
Secured Financing Agreements
Outstanding balance	5,442,625	4,289,750
Principal Amount	$ 5,442,625
Percentage of repurchase agreements for which margin calls are limited to collateral specific credit marks	78.00%
Percentage of repurchase agreements containing margin call provisions that pertain to loans held-for-sale	22.00%
Repurchase Agreements | Loans held for investment
Secured Financing Agreements
Outstanding balance	$ 4,466,447	3,567,786
Repurchase Agreements | Loans held-for-sale
Secured Financing Agreements
Outstanding balance	314,794	65,559
Repurchase Agreements | Investment securities.
Secured Financing Agreements
Outstanding balance	$ 661,384	$ 656,405

Unsecured Secured Notes (Detail

Unsecured Secured Notes (Details) $ / shares in Units, shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)$ / shares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Dec. 31, 2018USD ($)
Unsecured Senior Notes
Carrying amount of debt components	$ 1,924,711,000		$ 1,924,711,000		$ 1,998,831,000
Interest expense	130,126,000	$ 91,592,000	264,798,000	$ 178,775,000
Loss on extinguishment of debt	2,816,000	$ 186,000	6,114,000	$ 186,000
Conversion Spread Value - Shares | shares		1,863		1,900
Principal amount of notes, basis for conversion	$ 1,000		$ 1,000
Closing share price (in dollars per share) | $ / shares	$ 22.72	$ 21.71	$ 22.72	$ 21.71
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		1,863		1,900
2021 Senior Notes 3.625%
Unsecured Senior Notes
Coupon Rate (as a percent)	3.63%		3.63%
Effective Rate (as a percent)	3.89%		3.89%
Remaining Period of Amortization			1 year 7 months 6 days
Principal Amount	$ 500,000,000		$ 500,000,000		500,000,000
2021 Senior Notes 5.00%
Unsecured Senior Notes
Coupon Rate (as a percent)	5.00%		5.00%
Effective Rate (as a percent)	5.32%		5.32%
Remaining Period of Amortization			2 years 6 months
Principal Amount	$ 700,000,000		$ 700,000,000		700,000,000
2023 Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.38%		4.38%
Effective Rate (as a percent)	4.86%		4.86%
Remaining Period of Amortization			3 years 9 months 18 days
Principal Amount	$ 250,000,000		$ 250,000,000		250,000,000
Conversion Rate			38.5959
Conversion price (in dollars per share) | $ / shares	$ 25.91		$ 25.91
Closing share price (in dollars per share) | $ / shares	$ 22.72		$ 22.72
If-converted value	$ 219,200,000		$ 219,200,000
Amount by which if-converted value of the Notes are less than principal amount			$ 30,800,000
2025 Senior Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.75%		4.75%
Effective Rate (as a percent)	5.04%		5.04%
Remaining Period of Amortization			5 years 8 months 12 days
Principal Amount	$ 500,000,000		$ 500,000,000		500,000,000
Unsecured Senior Notes
Unsecured Senior Notes
Principal Amount	1,950,000,000		1,950,000,000		2,027,969,000
Unamortized deferred financing costs	(6,870,000)		(6,870,000)		(8,078,000)
Carrying amount of conversion option equity components recorded in additional paid-in capital for outstanding convertible notes	3,755,000		3,755,000		3,755,000
Carrying amount of debt components	1,924,711,000		1,924,711,000		1,998,831,000
Convertible Senior Notes
Unsecured Senior Notes
Unamortized discount	$ (4,118,000)		$ (4,118,000)		(4,644,000)
Convertible Senior Notes | 2019 Notes
Unsecured Senior Notes
Coupon Rate (as a percent)	4.00%		4.00%
Interest expense	$ 3,000,000	$ 7,600,000	$ 6,200,000	$ 18,900,000
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	$ (14,301,000)		$ (14,301,000)		$ (16,416,000)

Loan Securitization_Sale Acti_3

Loan Securitization/Sale Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 0		$ 300
Interest Rate Swap Guarantees
Loan Transfers Accounted for as Sales
Cash consideration			3,100
Investing and Servicing Segment
Loan Transfer Activities
Face Amount	345,221	$ 208,141	524,632	$ 464,959
Proceeds	365,377	215,133	552,218	481,765
Repayment of purchase agreements	270,852	157,538	406,985	351,382
Commercial and Residential Lending Segment
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment	200			3,000
Commercial and Residential Lending Segment | Loans held-for-sale, commercial
Loan Transfers Accounted for as Sales
Face Amount	102,681	50,000	501,422	196,400
Proceeds	102,141	$ 49,477	498,451	$ 194,720
Commercial and Residential Lending Segment | Loans held-for-sale, residential
Loan Transfers Accounted for as Sales
Face Amount	1,635		364,053
Proceeds	1,668		376,529
Infrastructure Lending Segment
Loan Transfer Activities
Face Amount	176,500		356,800
Proceeds	173,600		346,300
Loan Transfers Accounted for as Sales
Net gains (losses) on the sale of loan qualifying for sales treatment	$ 2,300		3,100
Decrease in fair value within (loss) gain on derivative financial instruments			$ 2,700

Derivatives and Hedging Activ_3

Derivatives and Hedging Activity - Designated and Non-Designated Hedges (Details) € in Thousands, £ in Thousands, $ in Thousands	Jun. 30, 2019USD ($)iteminstrument	Jun. 30, 2019GBP (£)iteminstrument	Jun. 30, 2019EUR (€)iteminstrument	Jun. 30, 2018item
Derivatives
Number of contracts	249	249	249
Foreign exchange contracts | EUR | Short
Derivatives
Number of contracts	79	79	79
Aggregate notional amount | €			€ 309,884
Foreign exchange contracts | AUD | Short
Derivatives
Number of contracts	3	3	3
Aggregate notional amount | $	$ 12,542
Foreign exchange contracts | GBP | Short
Derivatives
Number of contracts	105	105	105
Aggregate notional amount | £		£ 303,176
Interest rate swaps | Derivatives designated as hedging instruments
Derivatives
Number of contracts	10	10	10	1
Interest rate swaps - Paying fixed rates | USD
Derivatives
Number of contracts	38	38	38
Aggregate notional amount | $	$ 1,149,539
Interest rate swaps - Receiving fixed rates | USD
Derivatives
Number of contracts	2	2	2
Aggregate notional amount | $	$ 970,000
Interest Rate Swap Guarantees | GBP
Derivatives
Number of contracts	1	1	1
Aggregate notional amount | $	$ 10,263
Interest Rate Swap Guarantees | USD
Derivatives
Number of contracts	9	9	9
Aggregate notional amount | $	$ 665,358
Interest rate caps | USD
Derivatives
Number of contracts	8	8	8
Aggregate notional amount | $	$ 109,506
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	Jun. 30, 2019	Dec. 31, 2018
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	$ 53,676	$ 52,691
Fair Value of Derivatives in a Liability Position	8,891	15,415
Interest rate swaps | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	22,851	30,791
Fair Value of Derivatives in a Liability Position	7,796	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	435	396
Foreign exchange contracts | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	30,801	21,346
Fair Value of Derivatives in a Liability Position	511	562
Credit spread instrument | Derivatives not designated as hedging instruments
Fair value of derivative instruments
Fair Value of Derivatives in an Asset Position	24	$ 554
Fair Value of Derivatives in a Liability Position	$ 149

Derivatives and Hedging Activ_5

Derivatives and Hedging Activity - Effect on Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivatives
(Loss) gain on derivative financial instruments, net	$ (32)	$ 32,622	$ (2,239)	$ 15,763
Interest rate swaps
Derivatives
(Loss) gain on derivative financial instruments, net	(10,077)	(128)	(13,835)	6,109
Interest rate swap guarantees
Derivatives
(Loss) gain on derivative financial instruments, net	(2,990)		(3,171)
Foreign exchange contracts
Derivatives
(Loss) gain on derivative financial instruments, net	13,245	32,818	15,689	9,675
Credit spread instrument
Derivatives
(Loss) gain on derivative financial instruments, net	$ (210)	(68)	$ (922)	(21)
Cash flow hedges | Interest rate swaps | Derivatives designated as hedging instruments
Derivatives
Gain (Loss) Recognized in OCI (effective portion)		(1)		8
Gain (Loss) Reclassified from AOCI into Income (effective portion)		$ 22		$ 26

Offsetting Assets and Liabili_3

Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Net Amounts of Assets Presented in the Statement of Financial Position	$ 53,676	$ 52,691
Liabilities
Gross Amounts of Recognized Liabilities	5,451,516	4,305,165
Net Amounts of Liabilities Presented in the Statement of Financial	5,451,516	4,305,165
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	5,443,170	4,291,158
Cash Collateral Pledged	7,907	8,658
Net Amount	439	5,349
Derivatives
Assets
Gross Amounts of Recognized Assets	53,676	52,691
Net Amounts of Assets Presented in the Statement of Financial Position	53,676	52,691
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	545	1,408
Cash Collateral Received	13,814
Net Amount	39,317	51,283
Liabilities
Gross Amounts of Recognized Liabilities	8,891	15,415
Net Amounts of Liabilities Presented in the Statement of Financial	8,891	15,415
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	545	1,408
Cash Collateral Pledged	7,907	8,658
Net Amount	439	5,349
Repurchase agreements
Liabilities
Gross Amounts of Recognized Liabilities	5,442,625	4,289,750
Net Amounts of Liabilities Presented in the Statement of Financial	5,442,625	4,289,750
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	$ 5,442,625	$ 4,289,750

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2019USD ($)item	Dec. 31, 2018USD ($)
Variable interest entities
VIE Assets	$ 57,667,606	$ 53,446,364
VIE Liabilities	56,446,619	52,195,042
Interest in VIE	119,876	$ 171,765
Primary beneficiary | ASU 2015-02
Variable interest entities
VIE Assets	794,700
VIE Liabilities	530,500
Primary beneficiary | SPT Dolphin | ASU 2015-02
Variable interest entities
VIE assets	686,100
VIE liabilities	$ 445,400
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	$ 44,700
Not primary beneficiary | ASU 2015-02 | Measurement Period Adjustments
Variable interest entities
Interest in VIE	90,000
Not primary beneficiary | Securitization SPEs
Variable interest entities
Debt obligations to beneficial interest holders, unpaid principal balances	$ 6,400,000

Related-Party Transactions (Det

Related-Party Transactions (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended		6 Months Ended
	Apr. 30, 2018	Mar. 31, 2017	May 31, 2015	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Related-Party Transactions
Base management fee incurred						$ 38.5	$ 35.5
Incentive fee incurred						$ 0.2	15.3
Granted (in shares)						451,835
Ownership percentage						2.00%
Restricted stock units
Related-Party Transactions
Share-based compensation expense, before tax						$ 6.4
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	$ 3.3		6.2
Manager
Related-Party Transactions
Base management fee incurred				18.9	18
Base management fee payable				19.2		19.2
Incentive fee incurred				0	5.7
Incentive fees payable				0		0		$ 21.8
Executive compensation and other reimbursable expenses				1.7	$ 1.9	3.9	$ 4
Executive compensation and other reimbursable expense payable				$ 2		$ 2		$ 3
Manager | Restricted stock units
Related-Party Transactions
Granted (in shares)				68,645	0	182,861	189,813
Grant date fair value				$ 1.5		$ 4.1	$ 4
Award vesting period						3 years	3 years
Share-based compensation expense, before tax				$ 1	$ 0.8	$ 1.8	$ 1.3
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		4 Months Ended	6 Months Ended		12 Months Ended
	Apr. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Feb. 28, 2019USD ($)Plant	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)	Apr. 30, 2019USD ($)	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)	Dec. 31, 2012shares	Dec. 31, 2018USD ($)
Related-Party Transactions
Acquisitions and originations of mortgage financing							$ 3,704,727	$ 3,315,664
Spread on interest rate basis (as a percent)				4.20%			4.20%
Purchase price of notes							$ 2,051,646	2,404,133
Ownership percentage							2.00%
Equity method, Carrying value				$ 100,194			$ 100,194			$ 146,094
Distribution of capital from unconsolidated entities							10,041	21,287
Earnings (loss) from unconsolidated entities				8,817	$ 5,470		(34,383)	4,008
Interest in VIE				119,876			119,876			171,765
Contribution							4,636	8,911
Purchase of first priority infrastructure term loan participation
Related-Party Transactions
Acquisitions and originations of mortgage financing	$ 5,000		$ 60,000			$ 65,000
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				$ 71,601			$ 71,601			$ 114,362
REO Portfolio | Investing and Servicing Segment | CMBS
Related-Party Transactions
Net real estate assets					$ 27,700			27,700
Purchase price								$ 28,000
Highmark Residential
Related-Party Transactions
Number of additional properties under management | property				2			11
Number of properties under management | property				21			21
Payments to related party				$ 400			$ 700
Loans held-for-sale, residential | Residential mortgage originator
Related-Party Transactions
Acquisitions and originations of mortgage financing				$ 103,300			$ 175,200

Stockholders' Equity and Non-_3

Stockholders' Equity and Non-Controlling Interests (Details)	May 08, 2019$ / shares	Feb. 02, 2019$ / shares	Jun. 30, 2019USD ($)	May 31, 2019USD ($)	Jun. 30, 2019USD ($)$ / shares	Jun. 30, 2018USD ($)$ / shares	Jun. 30, 2019USD ($)item$ / sharesshares	Jun. 30, 2018USD ($)$ / sharesshares	Feb. 28, 2017USD ($)
Stockholders' Equity
Dividend declared (in dollars per share) | $ / shares	$ 0.48	$ 0.48			$ 0.48	$ 0.48	$ 0.96	$ 0.96
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					$ 5,430,000	$ 7,860,000	11,555,000	12,722,000
Non-controlling interest								300,000
Payment to acquire non-controlling interest							$ 30,854,000	237,551,000
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		0		$ 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
Class A Units
Stockholders' Equity
Value of shares issued to settle redemption			$ 200,000	$ 700,000
Woodstar II Portfolio | Class A Units
Stockholders' Equity
Net income attributable to non-controlling interests					$ 5,400,000	$ 4,600,000	$ 11,100,000	$ 7,100,000
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		6 Months Ended
	Apr. 30, 2018	Mar. 31, 2017	May 31, 2015	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	May 31, 2017
Equity Incentive Plans
Granted (in shares)						451,835
Restricted stock units
Equity Incentive Plans
Share-based compensation expense, before tax						$ 6,400,000
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		8,800,000
Starwood Property Trust, Inc. Equity Plan
Equity Incentive Plans
Granted (in shares)						451,835
Starwood Property Trust, Inc. Manager Equity Plan | Restricted stock units
Equity Incentive Plans
Share-based compensation expense, before tax				$ 3,200,000	$ 3,300,000		$ 6,200,000
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)	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Non-Vested Shares and Share Equivalents activity
Balance at the beginning of the period (in shares)	2,434,365
Granted (in shares)	451,835
Vested (in shares)	(698,374)
Forfeited (in shares)	(14,761)
Balance at the end of the period (in shares)	2,173,065
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	22.59
Vested (in dollars per share) | $ / shares	21.47
Forfeited (in dollars per share) | $ / shares	22.07
Balance at the end of period (in dollars per share) | $ / shares	$ 21.75
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)	451,835
Vested (in shares)	(402,541)
Forfeited (in shares)	(14,761)
Balance at the end of the period (in shares)	1,470,978
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)	(295,833)
Balance at the end of the period (in shares)	702,087

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Continuing Operations:
Basic - Income attributable to STWD common stockholders	$ 127,016	$ 109,230	$ 197,399	$ 209,162
Less: Income attributable to participating shares not already deducted as non-controlling interests	(751)	(1,034)	(1,575)	(1,755)
Basic earnings	126,265	108,196	195,824	207,407
Continuing Operations:
Basic - Income attributable to STWD common stockholders	127,016	109,230	197,399	209,162
Less: Income attributable to participating shares not already deducted as non-controlling interests	(751)	(1,034)	(1,575)	(1,755)
Diluted earnings	$ 129,314	$ 115,789	$ 202,059	$ 222,566
Number of Shares:
Basic - Average shares outstanding	279,239	260,998	278,396	260,832
Effect of dilutive securities - Convertible Notes (in shares)	9,649	27,134	9,963	27,044
Effect of dilutive securities - Contingently issuable shares (in shares)		128		128
Effect of dilutive securities - Unvested non-participating shares	184	50	170	36
Diluted - Average shares outstanding	289,072	288,310	288,529	288,040
Basic:
Basic (in dollars per share)	$ 0.45	$ 0.41	$ 0.70	$ 0.80
Diluted:
Diluted (in dollars per share)	$ 0.45	$ 0.40	$ 0.70	$ 0.77
Convertible Senior Notes
Continuing Operations:
Add: Interest expense on Convertible Notes	$ 3,049	$ 7,593	$ 6,235	$ 15,159

Earnings per Share - Dilutive a

Earnings per Share - Dilutive and Antidilutive securities (Details) shares in Millions, item in Millions	6 Months Ended
	Jun. 30, 2019itemshares	Jun. 30, 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	11.2	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	12.8	11.9

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Changes in AOCI by component
Beginning balance	$ 55,798	$ 75,310	$ 58,660	$ 69,924
OCI before reclassifications	1,326	(7,125)	(1,536)	(1,689)
Amounts reclassified from AOCI		(51)		(101)
Net period OCI	1,326	(7,176)	(1,536)	(1,790)
Ending balance	57,124	68,134	57,124	68,134
Effective Portion of Cumulative Loss on Cash Flow Hedges
Changes in AOCI by component
Beginning balance		30		25
OCI before reclassifications		(1)		8
Amounts reclassified from AOCI		(22)		(26)
Net period OCI		(23)		(18)
Ending balance		7		7
Cumulative Unrealized Gain (Loss) on Available-for-Sale Securities
Changes in AOCI by component
Beginning balance	53,128	59,052	53,515	57,889
OCI before reclassifications	(79)	1,052	(466)	2,261
Amounts reclassified from AOCI		(29)		(75)
Net period OCI	(79)	1,023	(466)	2,186
Ending balance	53,049	60,075	53,049	60,075
Foreign Currency Translation
Changes in AOCI by component
Beginning balance	2,670	16,228	5,145	12,010
OCI before reclassifications	1,405	(8,176)	(1,070)	(3,958)
Net period OCI	1,405	(8,176)	(1,070)	(3,958)
Ending balance	$ 4,075	$ 8,052	$ 4,075	$ 8,052

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income - Impact of Reclassifications out of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Accumulated Other Comprehensive Income
Interest expense	$ (130,126)	$ (91,592)	$ (264,798)	$ (178,775)
Interest income from investment securities	22,545	10,790	40,177	26,059
Gain on sale of investments and other assets, net		29		29
Total		29		75
Net income	$ 132,446	117,090	$ 208,954	221,884
Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Net income		51		101
Effective Portion of Cumulative Loss on Cash Flow Hedges | Interest rate contracts | Amounts Reclassified from AOCI
Accumulated Other Comprehensive Income
Interest expense		$ 22		26
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	Jun. 30, 2019	Dec. 31, 2018
Assets and liabilities measured at fair value
Permitted reinvestment under static investment in VIEs	$ 0
Marketable securities	849,572	$ 906,468
Domestic servicing rights	18,874	20,557
Derivative assets	53,676	52,691
VIE Assets	57,667,606	53,446,364
Derivative liabilities	8,891	15,415
VIE Liabilities	56,446,619	52,195,042
Fair value measurements on recurring basis
Assets and liabilities measured at fair value
Derivative assets	53,676	52,691
Total Assets	59,369,963	54,453,213
Derivative liabilities	8,891	15,415
Total Liabilities	56,455,510	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	1,372,398	671,282
Fair value measurements on recurring basis | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	200,874	209,079
Fair value measurements on recurring basis | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	44,702	41,347
Fair value measurements on recurring basis | Equity security
Assets and liabilities measured at fair value
Marketable securities	11,833	11,893
Fair value measurements on recurring basis | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	18,874	20,557
Fair value measurements on recurring basis | VIE Assets
Assets and liabilities measured at fair value
VIE Assets	57,667,606	53,446,364
Fair value measurements on recurring basis | VIE liabilities
Assets and liabilities measured at fair value
VIE Liabilities	56,446,619	52,195,042
Fair value measurements on recurring basis | Level I
Assets and liabilities measured at fair value
Total Assets	11,833	11,893
Fair value measurements on recurring basis | Level I | Equity security
Assets and liabilities measured at fair value
Marketable securities	11,833	11,893
Fair value measurements on recurring basis | Level II
Assets and liabilities measured at fair value
Derivative assets	53,676	52,691
Total Assets	64,095	68,810
Derivative liabilities	8,891	15,415
Total Liabilities	54,081,508	50,769,011
Fair value measurements on recurring basis | Level II | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	10,419	16,119
Fair value measurements on recurring basis | Level II | VIE liabilities
Assets and liabilities measured at fair value
VIE Liabilities	54,072,617	50,753,596
Fair value measurements on recurring basis | Level III
Assets and liabilities measured at fair value
Total Assets	59,294,035	54,372,510
Total Liabilities	2,374,002	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	1,372,398	671,282
Fair value measurements on recurring basis | Level III | RMBS
Assets and liabilities measured at fair value
Available-for-sale securities	200,874	209,079
Fair value measurements on recurring basis | Level III | CMBS
Assets and liabilities measured at fair value
Available-for-sale securities	34,283	25,228
Fair value measurements on recurring basis | Level III | Domestic Servicing Rights
Assets and liabilities measured at fair value
Domestic servicing rights	18,874	20,557
Fair value measurements on recurring basis | Level III | VIE Assets
Assets and liabilities measured at fair value
VIE Assets	57,667,606	53,446,364
Fair value measurements on recurring basis | Level III | VIE liabilities
Assets and liabilities measured at fair value
VIE Liabilities	$ 2,374,002	$ 1,441,446

Fair Value - Level III (Details

Fair Value - Level III (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Total realized and unrealized gains (losses):
Included in earnings: Net accretion			$ 7,857	$ 9,583
Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	$ 56,032,952	$ 48,041,073	52,931,064	49,904,651
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	152,072	(1,456,318)	490,578	(3,243,895)
Included in earnings: Net accretion	2,535	2,622	5,038	5,441
Included in OCI	(79)	1,023	(466)	2,186
Purchases / Originations	911,938	634,896	1,652,234	912,155
Sales	(367,795)	(215,940)	(932,725)	(482,572)
Issuances	(25,045)		(58,723)	(7,948)
Cash repayments / receipts	(50,773)	(117,550)	(77,165)	(181,547)
Transfers into Level III	(594,399)	(160,071)	(1,259,791)	(690,959)
Transfers out of Level III	294,227	(85,918)	430,819	122,340
Consolidations of VIEs	819,529	725,189	3,996,285	1,815,070
Deconsolidations of VIEs	(255,129)	(145,801)	(257,115)	(931,717)
Balance at the end of the period	56,920,033	47,223,205	56,920,033	47,223,205
Amount of total (losses) gains included in earnings attributable to assets still held at period end	137,657	(1,466,598)	466,726	(3,259,799)
Loans held-for-sale | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	841,687	723,733	671,282	745,743
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	21,891	14,833	33,157	22,633
Purchases / Originations	911,938	633,433	1,652,234	910,692
Sales	(367,045)	(215,133)	(928,747)	(481,765)
Cash repayments / receipts	(36,073)	(64,097)	(55,528)	(104,534)
Transfers out of Level III		(195,510)		(195,510)
Balance at the end of the period	1,372,398	897,259	1,372,398	897,259
Amount of total (losses) gains included in earnings attributable to assets still held at period end	5,547	2,071	5,145	1,482
RMBS | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	204,835	240,853	209,079	247,021
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale		141		141
Included in earnings: Net accretion	2,535	2,622	5,038	5,441
Included in OCI	(79)	1,023	(466)	2,186
Sales		(807)		(807)
Cash repayments / receipts	(6,417)	(8,036)	(12,777)	(18,186)
Balance at the end of the period	200,874	235,796	200,874	235,796
Amount of total (losses) gains included in earnings attributable to assets still held at period end	2,535	2,623	5,038	5,388
CMBS | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	38,335	23,969	25,228	24,191
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	1,016	(542)	721	13
Purchases / Originations		1,463		1,463
Sales	(750)		(3,978)
Cash repayments / receipts	(5,402)	(240)	(5,590)	(1,017)
Transfers into Level III			5,350
Deconsolidations of VIEs	1,084		12,552
Balance at the end of the period	34,283	24,650	34,283	24,650
Amount of total (losses) gains included in earnings attributable to assets still held at period end	410	(542)	(157)	13
Domestic Servicing Rights | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	19,790	24,945	20,557	30,759
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	(916)	(2,203)	(1,683)	(8,017)
Balance at the end of the period	18,874	22,742	18,874	22,742
Amount of total (losses) gains included in earnings attributable to assets still held at period end	(916)	(2,203)	(1,683)	(8,017)
VIE Assets | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	56,974,864	49,233,307	53,446,364	51,045,874
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	126,589	(1,766,507)	420,934	(3,793,715)
Consolidations of VIEs	824,070	725,189	4,104,135	1,815,070
Deconsolidations of VIEs	(257,917)	(147,116)	(303,827)	(1,022,356)
Balance at the end of the period	57,667,606	48,044,873	57,667,606	48,044,873
Amount of total (losses) gains included in earnings attributable to assets still held at period end	126,589	(1,766,507)	420,934	(3,793,715)
VIE liabilities | Level III
Changes in financial assets classified as Level III
Balance at the beginning of the period	(2,046,559)	(2,205,734)	(1,441,446)	(2,188,937)
Total realized and unrealized gains (losses):
Included in earnings: Change in fair value / gain on sale	3,492	297,960	37,449	535,050
Issuances	(25,045)		(58,723)	(7,948)
Cash repayments / receipts	(2,881)	(45,177)	(3,270)	(57,810)
Transfers into Level III	(594,399)	(160,071)	(1,265,141)	(690,959)
Transfers out of Level III	294,227	109,592	430,819	317,850
Consolidations of VIEs	(4,541)		(107,850)
Deconsolidations of VIEs	1,704	1,315	34,160	90,639
Balance at the end of the period	(2,374,002)	(2,002,115)	(2,374,002)	(2,002,115)
Amount of total (losses) gains included in earnings attributable to assets still held at period end	$ 3,492	$ 297,960	$ 37,449	$ 535,050

Fair Value - Financial Instrume

Fair Value - Financial Instruments Not Carried at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financial assets not carried at fair value:
HTM securities	$ 592,163	$ 644,149
Financial liabilities not carried at fair value:
Unsecured senior notes	1,924,711	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	8,978,717	9,122,972
HTM securities	592,163	644,149
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	9,284,887	8,757,804
Unsecured senior notes	1,924,711	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	9,026,285	9,178,709
HTM securities	593,773	643,948
Financial liabilities not carried at fair value:
Secured financing agreements and secured borrowings on transferred loans	9,191,375	8,662,548
Unsecured senior notes	$ 1,973,413	$ 1,945,160

Fair Value - Significant unobse

Fair Value - Significant unobservable inputs (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2019
Quantitative information for Level 3 Fair Value Measurements for assets and liabilities measured at fair value on recurring basis
Domestic servicing rights	$ 18,874	$ 20,557
VIE Assets	57,667,606	53,446,364
VIE liabilities	(56,446,619)	(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	1,372,398	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	200,874	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	44,702	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	18,874	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	57,667,606	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	(56,446,619)	(52,195,042)
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	$ 1,372,398	$ 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 3 months 18 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	3.8	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	11 years 4 months 24 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	6.1	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	$ 200,874	$ 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)	36.00%	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	3.3	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	0.8	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	4	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	22	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	18.8	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	4.8	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	89	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	32	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	1.7	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	$ 34,283	$ 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	254.2	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	$ 18,874	$ 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	$ 57,667,606	$ 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 2 months 12 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	825.9	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	$ (2,374,002)	$ (1,441,446)
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	825.9	290.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Income Taxes
Assets	$ 72,947,361	$ 68,262,453
Cash	334,288	239,824
Investing and Servicing Segment | TRS entities
Income Taxes
Assets	$ 1,700,000	$ 553,500

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Tax Rate (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reconciliation of statutory tax to effective tax
Federal statutory tax rate	$ 28,556	$ 25,291	$ 44,692	$ 47,897
REIT and other non-taxable income	(26,013)	(23,157)	(42,172)	(43,500)
State income taxes	666	558	660	1,151
Federal benefit of state tax deduction	(140)	(118)	(139)	(242)
Other	464	769	826	893
Total income tax provision	$ 3,533	$ 3,343	$ 3,867	$ 6,199
Reconciliation of statutory tax rate to effective tax rate
Federal statutory tax rate (as a percent)	21.00%	21.00%	21.00%	21.00%
REIT and other non-taxable income (as a percent)	(19.10%)	(19.20%)	(19.80%)	(19.10%)
State income taxes (as a percent)	0.50%	0.50%	0.30%	0.50%
Federal benefit of state tax deduction (as a percent)	(0.10%)	(0.10%)	(0.10%)	(0.10%)
Other (as a percent)	0.30%	0.60%	0.40%	0.40%
Effective tax rate (as a percent)	2.60%	2.80%	1.80%	2.70%

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2019USD ($)iteminstrument	Jun. 30, 2018item
Operating leases
Number of contracts | item	249
Interest rate swaps | Derivatives designated as hedging instruments
Operating leases
Number of contracts	10	1
Infrastructure Lending Segment
Operating leases
Outstanding	$ 16.8
Commitments | Commercial and Residential Lending Segment
Operating leases
Value of loans with future funding commitments	2,200
Value of loans with future funding commitments expected to fund	2,000
Outstanding residential mortgage loan purchase commitment	0
Agreement to purchase	600
Commitments | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	267.5
Revolvers and letters of credit | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	184.8
Delayed draw term loans | Infrastructure Lending Segment
Operating leases
Value of loans with future funding commitments	$ 82.7

Commitments and Contingencies -

Commitments and Contingencies - Lease cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Commitments and Contingencies.
Operating lease costs	$ 1,272	$ 1,223	$ 2,510	$ 2,476
Short-term lease costs	39	46	63	76
Sublease income	(405)	(396)	(804)	(835)
Total lease cost	$ 906	$ 873	$ 1,769	$ 1,717

Commitments and Contingencies_3

Commitments and Contingencies - Cash paid (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Commitments and Contingencies.
Cash paid for amounts included in the measurement of lease liabilities-operating	$ 1,303	$ 2,594

Commitments and Contingencies_4

Commitments and Contingencies - Weighted average lease (Details)	Jun. 30, 2019
Commitments and Contingencies.
Weighted-average remaining lease term	5 years 9 months 18 days
Weighted-average discount rate	4.50%

Commitments and Contingencies_5

Commitments and Contingencies - Future maturity of lease (Details) $ in Thousands	Dec. 31, 2019USD ($)
Future maturity of operating lease liabilities:
2019 (remainder of)	$ 2,620
2020	5,864
2021	3,074
2022	858
2023	858
Thereafter	5,774
Total	19,048
Less interest component	(2,273)
Operating lease liability	$ 16,775

Segment and Geographic Data - R

Segment and Geographic Data - Results of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Interest income from loans	$ 191,466	$ 151,704	$ 374,882	$ 289,324
Interest income from investment securities	22,545	10,790	40,177	26,059
Servicing fees	9,008	17,315	33,441	43,382
Rental income	87,297	88,891	171,130	170,001
Other revenues	865	856	2,031	1,377
Total revenues	311,181	269,556	621,661	530,143
Costs and expenses:
Management fees	22,523	27,494	45,989	58,136
Interest expense	130,126	91,592	264,798	178,775
General and administrative	37,578	35,528	72,508	67,670
Acquisition and investment pursuit costs	74	1,561	416	1,938
Costs of rental operations	30,655	32,897	60,306	62,590
Depreciation and amortization	28,552	37,150	57,806	68,894
Loan loss provision, net	2,518	25,259	3,281	26,797
Other expense	1,443	497	1,654	601
Total costs and expenses	253,469	251,978	506,758	465,401
Other income (loss):
Change in net assets related to consolidated VIEs	55,158	43,946	102,994	96,599
Change in fair value of servicing rights	(916)	(2,203)	(1,683)	(8,017)
Change in fair value of investment securities, net	667	7,702	729	7,553
Change in fair value of mortgage loans held-for-sale, net	21,891	14,833	33,157	22,633
Earnings (loss) from unconsolidated entities	8,817	5,470	(34,383)	4,008
(Loss) gain on derivative financial instruments, net	2,515	13,437	7,000	24,097
(Loss) gain on derivative financial instruments, net	(32)	32,622	(2,239)	15,763
Foreign currency gain (loss), net	(7,017)	(13,264)	(1,470)	285
Loss on extinguishment of debt	(2,816)	(186)	(6,114)	(186)
Other (loss) income, net		498	(73)	606
Total other income	78,267	102,855	97,918	163,341
Income before income taxes	135,979	120,433	212,821	228,083
Income tax provision	(3,533)	(3,343)	(3,867)	(6,199)
Net income	132,446	117,090	208,954	221,884
Net income attributable to Starwood Property Trust, Inc.	(5,430)	(7,860)	(11,555)	(12,722)
Net income attributable to Starwood Property Trust, Inc.	127,016	109,230	197,399	209,162
Operating Segments and Corporate
Revenues:
Interest income from loans	191,466	151,704	374,882	289,324
Interest income from investment securities	56,398	39,402	101,484	88,240
Servicing fees	15,970	24,737	43,336	58,336
Rental income	87,297	88,891	171,130	170,001
Other revenues	868	907	2,052	1,482
Total revenues	351,999	305,641	692,884	607,383
Costs and expenses:
Management fees	22,478	27,388	45,895	57,937
Interest expense	130,290	91,867	265,122	179,320
General and administrative	37,486	35,444	72,328	67,500
Acquisition and investment pursuit costs	74	1,561	416	1,938
Costs of rental operations	30,655	32,897	60,306	62,590
Depreciation and amortization	28,552	37,150	57,806	68,894
Loan loss provision, net	2,518	25,259	3,281	26,797
Other expense	1,443	497	1,654	601
Total costs and expenses	253,496	252,063	506,808	465,577
Other income (loss):
Change in fair value of servicing rights	(1,159)	(3,255)	(1,674)	(12,423)
Change in fair value of investment securities, net	14,867	15,592	31,313	28,867
Change in fair value of mortgage loans held-for-sale, net	21,891	14,833	33,157	22,633
Earnings (loss) from unconsolidated entities	9,290	6,190	(33,344)	5,715
(Loss) gain on derivative financial instruments, net	2,515	13,437	7,000	24,097
(Loss) gain on derivative financial instruments, net	(32)	32,622	(2,239)	15,763
Foreign currency gain (loss), net	(7,017)	(13,264)	(1,470)	285
Loss on extinguishment of debt	(2,816)	(186)	(6,114)	(186)
Other (loss) income, net		498	(73)	606
Total other income	37,539	66,467	26,556	85,357
Income before income taxes	136,042	120,045	212,632	227,163
Income tax provision	(3,533)	(3,343)	(3,867)	(6,199)
Net income	132,509	116,702	208,765	220,964
Net income attributable to Starwood Property Trust, Inc.	(5,493)	(7,472)	(11,366)	(11,802)
Net income attributable to Starwood Property Trust, Inc.	127,016	109,230	197,399	209,162
Operating segment | Commercial and Residential Lending Segment
Revenues:
Interest income from loans	163,071	148,268	317,666	283,240
Interest income from investment securities	24,367	8,930	44,275	23,369
Servicing fees	90	50	213	215
Other revenues	252	224	456	418
Total revenues	187,780	157,472	362,610	307,242
Costs and expenses:
Management fees	353	463	764	943
Interest expense	58,564	34,826	120,168	66,847
General and administrative	6,754	6,251	13,522	12,946
Acquisition and investment pursuit costs	160	1,692	409	1,912
Costs of rental operations	741		760
Depreciation and amortization	285	16	356	33
Loan loss provision, net	2,096	25,259	2,085	26,797
Other expense	76	77	153	154
Total costs and expenses	69,029	68,584	138,217	109,632
Other income (loss):
Change in fair value of investment securities, net	(948)	482	(2,642)	(222)
Change in fair value of mortgage loans held-for-sale, net	5,363	184	6,749	(1,508)
Earnings (loss) from unconsolidated entities	5,492	1,803	6,069	3,247
(Loss) gain on derivative financial instruments, net	239	135	2,994	414
(Loss) gain on derivative financial instruments, net	5,592	19,467	(3,705)	8,649
Foreign currency gain (loss), net	(6,927)	(13,264)	(1,688)	286
Other (loss) income, net				43
Total other income	8,811	8,807	7,777	10,909
Income before income taxes	127,562	97,695	232,170	208,519
Income tax provision	(1,832)	(1,720)	(1,584)	(2,667)
Net income	125,730	95,975	230,586	205,852
Net income attributable to Starwood Property Trust, Inc.	(21)	(361)	(392)	(722)
Net income attributable to Starwood Property Trust, Inc.	125,709	95,614	230,194	205,130
Operating segment | Infrastructure Lending Segment
Revenues:
Interest income from loans	25,291		52,206
Interest income from investment securities	868		1,753
Other revenues	7		693
Total revenues	26,166		54,652
Costs and expenses:
Interest expense	16,258		34,835
General and administrative	4,830		9,309
Acquisition and investment pursuit costs	14		30
Loan loss provision, net	422		1,196
Total costs and expenses	21,524		45,370
Other income (loss):
(Loss) gain on derivative financial instruments, net	2,276		3,066
(Loss) gain on derivative financial instruments, net	(2,833)		(3,228)
Foreign currency gain (loss), net	(83)		217
Loss on extinguishment of debt	(2,816)		(6,120)
Total other income	(3,456)		(6,065)
Income before income taxes	1,186		3,217
Income tax provision	186		271
Net income	1,372		3,488
Net income attributable to Starwood Property Trust, Inc.	1,372		3,488
Operating segment | Investing and Servicing Segment
Revenues:
Interest income from loans	3,104	3,436	5,010	6,084
Interest income from investment securities	31,163	30,472	55,456	64,871
Servicing fees	15,880	24,687	43,123	58,121
Rental income	14,971	14,490	28,283	28,890
Other revenues	515	516	711	744
Total revenues	65,633	73,601	132,583	158,710
Costs and expenses:
Management fees	18	18	36	36
Interest expense	8,515	5,807	16,261	10,902
General and administrative	20,177	23,855	39,028	44,875
Acquisition and investment pursuit costs	(100)	(79)	(23)	72
Costs of rental operations	6,789	6,906	13,484	13,111
Depreciation and amortization	5,191	5,396	10,478	10,654
Other expense	194	420	194	447
Total costs and expenses	40,784	42,323	79,458	80,097
Other income (loss):
Change in fair value of servicing rights	(1,159)	(3,255)	(1,674)	(12,423)
Change in fair value of investment securities, net	15,815	15,110	33,955	29,089
Change in fair value of mortgage loans held-for-sale, net	16,528	14,649	26,408	24,141
Earnings (loss) from unconsolidated entities	2,754	1,454	3,348	3,050
(Loss) gain on derivative financial instruments, net		10,361	940	16,800
(Loss) gain on derivative financial instruments, net	(6,953)	(398)	(10,385)	4,644
Foreign currency gain (loss), net	1	1		(2)
Loss on extinguishment of debt		(186)		(186)
Other (loss) income, net		9		57
Total other income	26,986	37,745	52,592	65,170
Income before income taxes	51,835	69,023	105,717	143,783
Income tax provision	(1,887)	(1,012)	(2,296)	(1,660)
Net income	49,948	68,011	103,421	142,123
Net income attributable to Starwood Property Trust, Inc.	(117)	(2,427)	98	(3,943)
Net income attributable to Starwood Property Trust, Inc.	49,831	65,584	103,519	138,180
Operating segment | Property Segment
Revenues:
Rental income	72,326	74,401	142,847	141,111
Other revenues	88	81	166	182
Total revenues	72,414	74,482	143,013	141,293
Costs and expenses:
Interest expense	19,132	19,380	38,122	35,914
General and administrative	1,706	1,971	3,224	3,830
Acquisition and investment pursuit costs		(52)		(46)
Costs of rental operations	23,125	25,991	46,062	49,479
Depreciation and amortization	23,076	31,738	46,972	58,207
Other expense	1,173		1,307
Total costs and expenses	68,212	79,028	135,687	147,384
Other income (loss):
Earnings (loss) from unconsolidated entities	1,044	2,933	(42,761)	(582)
(Loss) gain on derivative financial instruments, net		2,941		6,883
(Loss) gain on derivative financial instruments, net	(11,147)	19,920	(9,857)	21,839
Foreign currency gain (loss), net	(8)	(1)	1	1
Other (loss) income, net		489		506
Total other income	(10,111)	26,282	(52,617)	28,647
Income before income taxes	(5,909)	21,736	(45,291)	22,556
Income tax provision		(611)	(258)	(1,872)
Net income	(5,909)	21,125	(45,549)	20,684
Net income attributable to Starwood Property Trust, Inc.	(5,355)	(4,684)	(11,072)	(7,137)
Net income attributable to Starwood Property Trust, Inc.	(11,264)	16,441	(56,621)	13,547
Corporate
Revenues:
Other revenues	6	86	26	138
Total revenues	6	86	26	138
Costs and expenses:
Management fees	22,107	26,907	45,095	56,958
Interest expense	27,821	31,854	55,736	65,657
General and administrative	4,019	3,367	7,245	5,849
Total costs and expenses	53,947	62,128	108,076	128,464
Other income (loss):
(Loss) gain on derivative financial instruments, net	15,309	(6,367)	24,936	(19,369)
Loss on extinguishment of debt			6
Other (loss) income, net			(73)
Total other income	15,309	(6,367)	24,869	(19,369)
Income before income taxes	(38,632)	(68,409)	(83,181)	(147,695)
Net income	(38,632)	(68,409)	(83,181)	(147,695)
Net income attributable to Starwood Property Trust, Inc.	(38,632)	(68,409)	(83,181)	(147,695)
LNR VIEs
Revenues:
Interest income from investment securities	(33,853)	(28,612)	(61,307)	(62,181)
Servicing fees	(6,962)	(7,422)	(9,895)	(14,954)
Other revenues	(3)	(51)	(21)	(105)
Total revenues	(40,818)	(36,085)	(71,223)	(77,240)
Costs and expenses:
Management fees	45	106	94	199
Interest expense	(164)	(275)	(324)	(545)
General and administrative	92	84	180	170
Total costs and expenses	(27)	(85)	(50)	(176)
Other income (loss):
Change in net assets related to consolidated VIEs	55,158	43,946	102,994	96,599
Change in fair value of servicing rights	243	1,052	(9)	4,406
Change in fair value of investment securities, net	(14,200)	(7,890)	(30,584)	(21,314)
Earnings (loss) from unconsolidated entities	(473)	(720)	(1,039)	(1,707)
Total other income	40,728	36,388	71,362	77,984
Income before income taxes	(63)	388	189	920
Net income	(63)	388	189	920
Net income attributable to Starwood Property Trust, Inc.	$ 63	$ (388)	$ (189)	$ (920)

Segment and Geographic Data - B

Segment and Geographic Data - Balance sheets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 334,288		$ 239,824
Restricted cash	181,910		248,041
Loans held-for-investment, net	8,764,216		8,532,356
Loans held-for-sale	1,586,899		1,187,552
Loans transferred as secured borrowings			74,346
Investment securities	849,572		906,468
Properties, net	2,771,960		2,784,890
Intangible assets	129,477		145,033
Investment in unconsolidated entities	119,876		171,765
Goodwill	259,846		259,846
Derivative assets	53,676		52,691
Accrued interest receivable	61,380		60,355
Other assets	166,655		152,922
VIE assets, at fair value	57,667,606		53,446,364
Total Assets	72,947,361		68,262,453
Liabilities:
Accounts payable, accrued expenses and other liabilities	221,434		217,663
Related-party payable	21,144		44,043
Dividends payable	136,424		133,466
Derivative liabilities	8,891		15,415
Secured financing agreements, net	9,284,887		8,683,565
Unsecured senior notes, net	1,924,711		1,998,831
Secured borrowings on transferred loans, net			74,239
VIE liabilities, at fair value	56,446,619		52,195,042
Total Liabilities	68,044,110		63,362,264
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,864		2,808
Additional paid-in capital	5,103,771		4,995,156
Treasury stock	(104,194)		(104,194)
Accumulated other comprehensive income (loss)	57,124	$ 55,798	58,660	$ 68,134	$ 75,310	$ 69,924
Retained earnings (accumulated deficit)	(421,858)		(348,998)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,637,707		4,603,432
Non-controlling interests in consolidated subsidiaries	265,544		296,757
Total Equity	4,903,251	$ 4,916,967	4,900,189	$ 4,699,691	$ 4,704,687	$ 4,579,201
Total Liabilities and Equity	72,947,361		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	333,189		237,270
Restricted cash	181,910		248,041
Loans held-for-investment, net	8,764,216		8,532,356
Loans held-for-sale	1,586,899		1,187,552
Loans transferred as secured borrowings			74,346
Investment securities	2,028,494		2,110,508
Properties, net	2,771,960		2,784,890
Intangible assets	153,560		169,108
Investment in unconsolidated entities	142,473		193,765
Goodwill	259,846		259,846
Derivative assets	53,676		52,691
Accrued interest receivable	62,149		60,996
Other assets	166,645		152,948
Total Assets	16,505,017		16,064,317
Liabilities:
Accounts payable, accrued expenses and other liabilities	221,358		217,521
Related-party payable	21,144		44,043
Dividends payable	136,424		133,466
Derivative liabilities	8,891		15,415
Secured financing agreements, net	9,298,837		8,697,515
Unsecured senior notes, net	1,924,711		1,998,831
Secured borrowings on transferred loans, net			74,239
Total Liabilities	11,611,365		11,181,030
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,864		2,808
Additional paid-in capital	5,103,771		4,995,156
Treasury stock	(104,194)		(104,194)
Accumulated other comprehensive income (loss)	57,124		58,660
Retained earnings (accumulated deficit)	(421,858)		(348,998)
Total Starwood Property Trust, Inc. Stockholders' Equity	4,637,707		4,603,432
Non-controlling interests in consolidated subsidiaries	255,945		279,855
Total Equity	4,893,652		4,883,287
Total Liabilities and Equity	16,505,017		16,064,317
Operating segment | Commercial and Residential Lending Segment
Assets:
Cash and cash equivalents	21,709		14,385
Restricted cash	34,070		28,324
Loans held-for-investment, net	7,406,274		7,072,220
Loans held-for-sale	1,156,778		670,155
Loans transferred as secured borrowings			74,346
Investment securities	957,783		1,050,920
Properties, net	27,150
Investment in unconsolidated entities	36,336		35,274
Derivative assets	21,604		18,174
Accrued interest receivable	42,644		39,862
Other assets	15,048		13,958
Total Assets	9,719,396		9,017,618
Liabilities:
Accounts payable, accrued expenses and other liabilities	33,625		26,508
Derivative liabilities	5,966		1,290
Secured financing agreements, net	5,177,123		4,405,599
Secured borrowings on transferred loans, net			74,239
Total Liabilities	5,216,714		4,507,636
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	1,203,757		1,430,503
Accumulated other comprehensive income (loss)	53,050		53,516
Retained earnings (accumulated deficit)	3,245,875		3,015,676
Total Starwood Property Trust, Inc. Stockholders' Equity	4,502,682		4,499,695
Non-controlling interests in consolidated subsidiaries			10,287
Total Equity	4,502,682		4,509,982
Total Liabilities and Equity	9,719,396		9,017,618
Operating segment | Infrastructure Lending Segment
Assets:
Cash and cash equivalents	126		13
Restricted cash	111,076		175,659
Loans held-for-investment, net	1,356,511		1,456,779
Loans held-for-sale	214,501		469,775
Investment securities	55,332		60,768
Goodwill	119,409		119,409
Derivative assets	357		1,066
Accrued interest receivable	5,512		6,982
Other assets	4,645		20,472
Total Assets	1,867,469		2,310,923
Liabilities:
Accounts payable, accrued expenses and other liabilities	4,099		26,476
Derivative liabilities	435		477
Secured financing agreements, net	1,237,526		1,524,551
Total Liabilities	1,242,060		1,551,504
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	624,494		761,992
Retained earnings (accumulated deficit)	915		(2,573)
Total Starwood Property Trust, Inc. Stockholders' Equity	625,409		759,419
Total Equity	625,409		759,419
Total Liabilities and Equity	1,867,469		2,310,923
Operating segment | Property Segment
Assets:
Cash and cash equivalents	30,493		27,408
Restricted cash	21,598		25,144
Properties, net	2,476,175		2,512,847
Intangible assets	80,840		90,889
Investment in unconsolidated entities	71,601		114,362
Derivative assets	17,857		32,733
Accrued interest receivable	350		359
Other assets	71,166		67,098
Total Assets	2,770,080		2,870,840
Liabilities:
Accounts payable, accrued expenses and other liabilities	61,947		67,415
Derivative liabilities			37
Secured financing agreements, net	1,882,956		1,884,187
Total Liabilities	1,944,903		1,951,639
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	625,962		645,561
Accumulated other comprehensive income (loss)	4,139		5,208
Retained earnings (accumulated deficit)	(43,051)		13,570
Total Starwood Property Trust, Inc. Stockholders' Equity	587,050		664,339
Non-controlling interests in consolidated subsidiaries	238,127		254,862
Total Equity	825,177		919,201
Total Liabilities and Equity	2,770,080		2,870,840
Operating segment | Investing and Servicing Segment
Assets:
Cash and cash equivalents	27,082		31,449
Restricted cash	15,166		11,679
Loans held-for-investment, net	1,431		3,357
Loans held-for-sale	215,620		47,622
Investment securities	1,015,379		998,820
Properties, net	268,635		272,043
Intangible assets	72,720		78,219
Investment in unconsolidated entities	34,536		44,129
Goodwill	140,437		140,437
Derivative assets	44		718
Accrued interest receivable	366		616
Other assets	66,564		49,363
Total Assets	1,857,980		1,678,452
Liabilities:
Accounts payable, accrued expenses and other liabilities	68,021		75,655
Related-party payable	11		53
Derivative liabilities	2,490		1,423
Secured financing agreements, net	702,781		585,258
Total Liabilities	773,303		662,389
Starwood Property Trust, Inc. Stockholders' Equity:
Additional paid-in capital	49,768		87,779
Accumulated other comprehensive income (loss)	(65)		(64)
Retained earnings (accumulated deficit)	1,017,156		913,642
Total Starwood Property Trust, Inc. Stockholders' Equity	1,066,859		1,001,357
Non-controlling interests in consolidated subsidiaries	17,818		14,706
Total Equity	1,084,677		1,016,063
Total Liabilities and Equity	1,857,980		1,678,452
Corporate
Assets:
Cash and cash equivalents	253,779		164,015
Restricted cash			7,235
Derivative assets	13,814
Accrued interest receivable	13,277		13,177
Other assets	9,222		2,057
Total Assets	290,092		186,484
Liabilities:
Accounts payable, accrued expenses and other liabilities	53,666		21,467
Related-party payable	21,133		43,990
Dividends payable	136,424		133,466
Derivative liabilities			12,188
Secured financing agreements, net	298,451		297,920
Unsecured senior notes, net	1,924,711		1,998,831
Total Liabilities	2,434,385		2,507,862
Starwood Property Trust, Inc. Stockholders' Equity:
Common stock	2,864		2,808
Additional paid-in capital	2,599,790		2,069,321
Treasury stock	(104,194)		(104,194)
Retained earnings (accumulated deficit)	(4,642,753)		(4,289,313)
Total Starwood Property Trust, Inc. Stockholders' Equity	(2,144,293)		(2,321,378)
Total Equity	(2,144,293)		(2,321,378)
Total Liabilities and Equity	290,092		186,484
LNR VIEs
Assets:
Cash and cash equivalents	1,099		2,554
Investment securities	(1,178,922)		(1,204,040)
Intangible assets	(24,083)		(24,075)
Investment in unconsolidated entities	(22,597)		(22,000)
Accrued interest receivable	(769)		(641)
Other assets	10		(26)
VIE assets, at fair value	57,667,606		53,446,364
Total Assets	56,442,344		52,198,136
Liabilities:
Accounts payable, accrued expenses and other liabilities	76		142
Secured financing agreements, net	(13,950)		(13,950)
VIE liabilities, at fair value	56,446,619		52,195,042
Total Liabilities	56,432,745		52,181,234
Starwood Property Trust, Inc. Stockholders' Equity:
Non-controlling interests in consolidated subsidiaries	9,599		16,902
Total Equity	9,599		16,902
Total Liabilities and Equity	$ 56,442,344		$ 52,198,136

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Millions	Aug. 07, 2019$ / shares	May 08, 2019$ / shares	Feb. 02, 2019$ / shares	Jul. 31, 2019USD ($)item	Jun. 30, 2019$ / shares	Jun. 30, 2018$ / shares	Jun. 30, 2019$ / shares	Jun. 30, 2018$ / shares
Subsequent Events
Dividend declared (in dollars per share) | $ / shares		$ 0.48	$ 0.48		$ 0.48	$ 0.48	$ 0.96	$ 0.96
Subsequent event
Subsequent Events
Dividend declared (in dollars per share) | $ / shares	$ 0.48
Subsequent event | RMBS
Subsequent Events
Securitization of loans held for sale				$ 546
Subsequent event | Term loan facility
Subsequent Events
Maximum borrowing capacity				$ 400
Subsequent event | Term loan facility | LIBOR
Subsequent Events
Maturity period				7 years
Spread (as a percent)				2.50%
Subsequent event | Revolving credit facility
Subsequent Events
Maximum borrowing capacity				$ 100
Maturity period				5 years
Subsequent event | Revolving credit facility | LIBOR
Subsequent Events
Spread (as a percent)				3.00%
Subsequent event | Repurchase facility and revolving credit facility
Subsequent Events
Maximum borrowing capacity				$ 500
Maturity period				3 years
Number of extension options | item				2
Number of extension options at Company's discretion | item				1
Extension term				1 year
Additional term-match to respective collateral				5 years
Subsequent event | Repurchase facility and revolving credit facility | LIBOR
Subsequent Events
Spread (as a percent)				2.00%
Interest rate (as a percent)				2.00%